FCPT · Four Corners Property Trust, Inc.

Four Corners Property Trust reported Q1 2026 AFFO per share of $0.45, reflecting 3.4% year-over-year growth amid a portfolio of 1,333 leases across 180 brands generating $266.1 million in annualized base rent. The company maintained high occupancy at 99.6%, 52% investment grade tenants, and robust 5.1x tenant EBITDAR coverage, with a 1.5% average annual rent escalator supporting revenue visibility. Investments totaled $26 million at attractive 6.8% cash and 7.3% GAAP cap rates, focusing on granular acquisitions averaging $2.6 million per property in restaurant, auto service, and medical retail sectors. Balance sheet strength is evident with $380 million liquidity, including $30 million cash and a fully undrawn $350 million revolver, and conservative 5.0x net leverage. On April 6, 2026, FCPT closed a $200 million incremental 7-year delayed draw term loan, drawing $50 million immediately for the investment pipeline; the remaining $150 million is slated for Q2/Q3 acquisitions. At SOFR + 1.25% (estimated 4.9% all-in), this provides 200+ bps spread to historical yields, with 100% hedging achieving a 3.1% blended rate on term loans and fully fixed debt through November 2027. Pro forma for full draw and deployment, leverage rises modestly to ~5.4x, underscoring disciplined capital allocation and growth optionality while prioritizing essential, re-usable real estate assembled largely post-COVID.