Four Corners Property Trust Q2 rental revenue rises helped by the acquisition of 23 properties

Overview

• U.S. restaurant and retail REIT's Q2 rental revenue rose 8% year-over-year to $70 mln

• AFFO per diluted share grew 1.4% to $0.45 in Q2

• Company completed largest-ever acquisition and shifted to monthly dividends

Outlook

• Company says it remains well positioned to pursue growth objectives with undrawn $350 mln revolver

Result Drivers

• PROPERTY ACQUISITIONS - Co said Q2 revenue growth was driven by acquisition of 23 properties for $57.2 mln, with a weighted average lease term of 10.5 years

• PORTFOLIO DIVERSIFICATION - Co said recent acquisitions, including The Mission Pet Health portfolio, reduced Darden exposure to about 41% of total rent

• HIGH RENT COLLECTION - Co reported rent collections of 99.7% of contractual base rent for Q2

Company press release: ID:nBw59Bv2Va

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 $28.00, about 7.7% above its July 28 closing price of $25.99

• The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 20 three months ago

Reuters Recommended Reads

• July 28 - WP Carey Q2 revenue beats estimates on higher leases; AFFO outlook raised

• July 28 - CTO Realty Growth Q2 core FFO rises; lifts 2026 outlook

• July 28 - Acadia Realty Trust Q2 revenue up; raises FY2026 net earnings forecast

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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.)