Four Corners Property Trust, Inc. (NYSE: FCPT) announced its financial results for the quarter ended September 30, 2026, and disclosed a record acquisition volume alongside a new capital allocation strategy.
For the third quarter, the company reported rental revenue of $75.7 million, a 13.8% increase compared to the prior year. Net income attributable to common shareholders was $28.8 million, or $0.26 per diluted share. The company also reported Funds from Operations (FFO) per diluted share of $0.43 for the quarter, representing 2.4% growth year-over-year.
During the quarter, FCPT acquired 120 properties for a combined purchase price of $326.3 million. The company noted this was a record volume for the firm and funded the acquisitions entirely with low-cost debt. The properties were approximately 87% medical retail, 5% casual dining and quick service restaurants, 5% auto, and 4% other retail by purchase price.
In a significant update to its capital structure, FCPT entered into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement on July 28, 2026. The amendment increased the facility size to $1.15 billion and extended the maturity profile. As of September 30, 2026, the company had $1,585 million of outstanding debt and a leverage ratio of 6.0x net debt to adjusted EBITDAre.
FCPT also announced its inaugural share repurchase program, authorizing the Board of Directors to purchase up to $100 million of the company’s outstanding common stock. Management stated that at the current share price, share repurchases are viewed as delivering more value than property purchases. Additionally, the company declared monthly dividends of $0.1265 per common share for October, November, and December, representing a 3.5% increase from the prior quarter.
