The $100M buyback signals management views shares as undervalued relative to property acquisitions, but leverage at the top of the 5.0x-6.0x target range limits further debt-funded growth. Watch for execution on the buyback and whether acquisition cap rates continue to improve, which could shift capital allocation toward property purchases.
Price Chart
Executive Summary
FCPT reported Q3 2026 AFFO per share of $0.46, in line with the $0.45 consensus, and total revenue of $83.7M slightly below the $84.4M estimate. The company announced a $100M share repurchase program and a 3.5% dividend increase, while leverage rose to 6.0x net debt/EBITDAre from 5.0x in Q1 2026, reflecting record acquisition volume funded with debt.
Key Financial Metrics
Key Facts
- Q3 2026 AFFO per share of $0.46 vs consensus $0.45 (beat by 2.2%)
- Total revenue of $83.7M vs consensus $84.4M (miss by 0.8%)
- Rental revenue grew 13.8% YoY to $75.7M
- Net income attributable to common shareholders was $28.8M, flat YoY; diluted EPS $0.26 vs $0.28 a year ago
- Board authorized a $100M share repurchase program, the company's inaugural buyback
- Quarterly dividend increased 3.5% to $0.1265 per month ($1.518 annualized)
- Acquired 120 properties for $326.3M in Q3, a record quarter, funded entirely with debt
- Net debt to adjusted EBITDAre rose to 6.0x from 5.0x at Q1 2026
- 100% of Olive Garden and LongHorn 2027 lease maturities extended for ~5 years with 1.5% annual increases, no landlord concessions
- No ATM sales in Q3; no shares remain to be settled under forward sale agreements
Financial Impact
AFFO per share grew 2.9% YoY to $0.46; rental revenue +13.8% YoY; net income flat YoY; leverage increased to 6.0x; $100M buyback authorized
Risk Factors
- Leverage at 6.0x net debt/EBITDAre, at the high end of the stated 5.0x-6.0x target range
- Interest expense rose 34% YoY to $17.4M due to higher debt balances and rates
- Net income per share declined to $0.26 from $0.28 YoY due to higher depreciation and interest costs from the acquisition program
- The buyback program is discretionary and may not be executed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-436301 |
| Document: fcpt-ex99_3.htm | 0001193125-26-436301 |
| Document: fcpt-20261028.htm | 0001193125-26-436301 |
| Document: fcpt-ex99_2.htm | 0001193125-26-436301 |
| Document: 0001193125-26-436301-index-headers.html | 0001193125-26-436301 |
| Document: 0001193125-26-436301-index.html | 0001193125-26-436301 |
| Document: 0001193125-26-436301.txt | 0001193125-26-436301 |
| 8-K Data (Synthetic) | 0001193125-26-436301 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 3d ago | 8-K | $22.33 | awaiting T+5 | awaiting T+5 | $22.47 (+0.63%) |
Oct 27, 2026 4d ago | SC 13G/A | $22.03 | awaiting T+5 | awaiting T+5 | $22.47 (+2.00%) |
Oct 14, 2026 17d ago | 8-K | $21.80 $22.05 | ▲ +1.15% | ▲ +2.16% | $22.47 (+3.07%) |
Aug 21, 2026 10w ago | Institutional Cluster | $25.23 $25.23 | · 0.00% | ▼ −0.47% | $22.47 (−10.94%) |
Jun 1, 2026 21w ago | 8-K | $24.28 $24.70 | ▲ +1.73% | ▲ +4.48% | $22.47 (−7.45%) |
Apr 29, 2026 26w ago | 8-K | $25.57 $25.47 | ▼ −0.39% | ▼ −2.12% | $22.47 (−12.12%) |
Mar 6, 2026 34w ago | Insider Cluster | $25.67 $25.63 | ▼ −0.16% | ▲ +1.21% | $22.47 (−12.47%) |
US Market Status
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