Four Corners Property Trust Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 delivered 3.4% AFFO per share growth and 10% higher rental income year-over-year, with strong tenant performance and disciplined acquisitions. Portfolio diversification and a new $200 million term loan support continued growth, while occupancy and rent collection remain near 100%.
Fiscal Year 2025
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Achieved 2.9% AFFO growth in 2025 with $318M in acquisitions, strong tenant performance, and 99.6% occupancy. Entered new sectors, maintained low leverage, and expect continued growth in 2026 with ample liquidity and favorable debt markets.
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Q3 saw 12.6% rental income growth and 3% AFO per share increase, with strong portfolio occupancy and industry-leading rent coverage. $270M in dry powder and improved debt markets support a positive outlook for continued disciplined acquisitions.
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Q2 saw $84M in acquisitions at a 6.7% cap rate, with AFFO per share up 2.8% year-over-year and cash rental income up 11%. Portfolio occupancy is 99.4%, leverage remains low, and the company maintains strong liquidity and defensive sector exposure.
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Record Q1 acquisitions and strong rent collections highlight robust portfolio performance, with AFFO per share up 2.3% and leverage at a seven-year low. Liquidity remains high, and the pipeline is strong, supported by disciplined investment and sector diversification.
Fiscal Year 2024
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AFFO per share grew 3.6% in 2024, with $265M in acquisitions and 99.6% occupancy. Liquidity stands at $500M, supporting a robust pipeline and continued portfolio diversification across restaurant, medical retail, and auto service sectors.
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AFFO per share rose 2.4% year-over-year, with strong rent collections and 99.6% occupancy. Over $224 million in equity was raised, leverage hit a five-year low, and Q4 is expected to be highly active for acquisitions.
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AFFO per share rose 2.4% year-over-year, with strong rent collections and 99.6% occupancy. Q2 saw $45.5 million in acquisitions, improved cost of capital, and minimal risk from tenant bankruptcies. Portfolio remains well-diversified and conservatively financed.