Four Corners Property Trust Q3 rental revenue rises 13.8%

Overview

• US net lease REIT's Q3 rental revenue rose 13.8% yr/yr

• AFFO per diluted share grew 2.9% yr/yr in Q3

• Company announced inaugural $100 mln share repurchase program

Outlook

• Company has authorized a share repurchase program of up to $100 mln of common stock

• Company expects to draw remaining $40 mln of term loan by end of Q4 2026

Result Drivers

• RECORD ACQUISITIONS - FCPT acquired $326 mln in net lease properties in Q3, a record volume for the company, funded with low-cost debt

• LEASE EXTENSIONS - FCPT extended 100% of Olive Garden and LongHorn leases maturing in 2027 without landlord concessions

• HIGH RENT COLLECTION - FCPT received 99.7% of portfolio contractual base rent for Q3

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Four Corners Property Trust Inc is $26.50, about 19.6% above its October 27 closing price of $22.16

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 19 three months ago

Reuters Recommended Reads

• Oct 27 - WP Carey Q3 revenue beats estimates, raises annual AFFO forecast on strong investment activity

• Oct 28 - Broadstone Net Lease Q3 revenue and EPS miss estimates

• Oct 28 - Urban Edge Q3 profit rises on higher rental revenues, lifts outlook

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)