Monitor the company's acquisition pipeline deployment using the new $200M term loan. The delayed draw feature suggests management expects strong investment opportunities. Watch Q2 results for acceleration in AFFO growth as deployed capital begins to accrue.
Price Chart
Executive Summary
FCPT reported Q1 2026 results with AFFO per share of $0.45 (beat $0.42 consensus by 7.1%) and total revenue of $78.2M (beat $76.2M consensus by 2.6%). Revenue grew 9.4% YoY driven by acquisitions, while AFFO grew 3.4%. Portfolio remains strong with 99.6% occupancy and 99.7% rent collection. Post-quarter, the company closed a $200M term loan to fund the investment pipeline.
Key Financial Metrics
Key Facts
- Q1 2026 AFFO per share $0.45 vs $0.42 consensus (beat 7.1%)
- Q1 2026 total revenue $78.2M vs $76.2M consensus (beat 2.6%), up 9.4% YoY
- Rental revenue $69.8M, up 10% YoY
- FFO per share $0.42, up 4.7% YoY
- Portfolio 99.6% occupied, 99.7% rent collected
- Acquired 10 properties for $26.2M at 6.8% cash yield/7.3% GAAP yield
- Closed $200M 7-year term loan post-quarter at SOFR+1.25%
- Net debt/EBITDAre at 5.0x, at low end of 5-6x target range
- $380M liquidity available
- Dividend maintained at $0.3665 per share
Financial Impact
Positive earnings beat with AFFO 7% above consensus, but growth remains moderate at 3.4% AFFO per share YoY
Risk Factors
- Interest rate increases could widen cap rates and slow acquisition accretion
- Tenant credit risk, particularly for non-investment grade restaurant operators
- Execution risk in deploying $200M term loan at accretive returns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-192152 |
| Document: fcpt-ex99_3.htm | 0001193125-26-192152 |
| Document: fcpt-20260429.htm | 0001193125-26-192152 |
| Document: fcpt-ex99_2.htm | 0001193125-26-192152 |
| Document: 0001193125-26-192152-index-headers.html | 0001193125-26-192152 |
| Document: 0001193125-26-192152-index.html | 0001193125-26-192152 |
| Document: 0001193125-26-192152.txt | 0001193125-26-192152 |
| 8-K Data (Synthetic) | 0001193125-26-192152 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 11d ago | 8-K | $21.80 $22.05 | ▲ +1.15% | ▲ +2.16% | $22.37 (+2.61%) |
Aug 21, 2026 9w ago | Institutional Cluster | $25.23 $25.23 | · 0.00% | ▼ −0.47% | $22.37 (−11.34%) |
Jun 1, 2026 21w ago | 8-K | $24.28 $24.70 | ▲ +1.73% | ▲ +4.48% | $22.37 (−7.87%) |
Apr 29, 2026 25w ago | 8-K | $25.57 $25.47 | ▼ −0.39% | ▼ −2.12% | $22.37 (−12.51%) |
Mar 6, 2026 33w ago | Insider Cluster | $25.67 $25.63 | ▼ −0.16% | ▲ +1.21% | $22.37 (−12.86%) |
US Market Status
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