Four Corners Property Trust, Inc.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
FCPT$23.41-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001193125-26-326216
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0001193125-26-437877
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 112 previous paragraphs and 113 current paragraphs.
68 unchanged; 36 reworded; 7 added; 6 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
On October 14, 2026, the Company entered into a master agreement with Darden Restaurants, Inc. and certain of its affiliates providing for the extension of 72 Olive Garden and LongHorn Steakhouse leases, of which 66 were previously scheduled to expire in October 2027 and six were early extensions that were previously expiring in October 2028. The extensions were effected through lease amendments or tenant extension options and generally extended the lease terms by approximately five years. The underlying leases continue to provide for annual rent escalations of 1.5%, and no rent concessions or capital contributions were provided by the Company in connection with the agreement.
Current report
During the three months ended September 30, 2026 and 2025, the Company recorded $298 thousand and $50 thousand for income tax expense and benefit, respectively, primarily due to deferred income tax expense related to the restaurant operations.
Current report
Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025
Current report
During the nine months ended September 30, 2026, and September 30, 2025, the Company recorded $314 thousand and $30 thousand in income tax expense and benefit, respectively, primarily due to deferred income tax expense related to the restaurant operations.
Current report
Note Purchase Agreements
Current report
Capital Markets and Financing Strategy
Current report
In October 2026, the Company's Board of Directors authorized a share repurchase program that would allow the Company to purchase shares of the Company's common stock having an aggregate gross purchase price of up to $100.0 million. Repurchases under the repurchase program may be made at management's discretion from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, Rule 10b5-1 plans or otherwise, all in accordance with the rules of the SEC and other applicable legal requirements. The repurchase program does not obligate us to acquire any particular amount of common stock, and the specific timing, price, and size of purchases will depend on prevailing stock prices, general economic and market conditions and other considerations. The repurchase program does not have a termination date and repurchases may be suspended or discontinued at any time at our discretion. No share repurchases have been made to date under the repurchase program.
Removed paragraphs (6)
Previous report
During the three months ended June 30, 2026 and 2025, the Company recorded income tax expense of less than $50 thousand for either period.
Previous report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Previous report
During the six months ended June 30, 2026, and June 30, 2025, the Company recorded income tax expense of less than $100 thousand for either period.
Previous report
The obligations under the 2026 Credit Agreement are unsecured. Pursuant to a fifth amended and restated parent guaranty (the “2026 Guaranty”) entered into on July 28, 2026, which amends and restates in its entirety the fourth amended and restated parent guaranty dated January 31, 2025, the obligations under the 2026 Credit Agreement are guaranteed, on a joint and several basis, by the Company and its subsidiary, Four Corners GP, LLC.
Previous report
The 2026 Credit Agreement contains customary affirmative and negative covenants that, among other things, require customary reporting obligations, contain obligations to maintain status as a real estate investment trust, and restrict, subject to certain exceptions, incurrence of indebtedness and liens, our ability to enter into mergers, consolidations, sales of assets and similar transactions, limitations on distributions and other restricted payments, and limitations on transactions with affiliates. In addition, we will be subject to the following financial covenants: (1) total leverage ratio not to exceed 60%, subject to an increase to 65% for the four fiscal quarters ending immediately following the occurrence of a material acquisition, (2) mortgage-secured leverage ratio not to exceed 40%, (3) minimum fixed charge coverage ratio of 1.50 to 1.00, (4) maximum unencumbered leverage ratio not to exceed 60%, subject to an increase to 65% for the four fiscal quarters ending immediately following the occurrence of a material acquisition, and (5) minimum unencumbered interest coverage ratio not less than 1.75 to 1.00.
Previous report
Capital Resources and Financing Strategy
Reworded paragraphs (36)
Previous wording
During the six months ended June 30, 2026, FCPT acquired 33 properties for a total investment value of $85.5 million, including transaction costs. These properties are 100% occupied under net leases with a weighted average remaining lease term of 10.2 years.
Current wording
During the nine months ended September 30, 2026, FCPT acquired 154 properties for a total investment value of $416.6 million, including transaction costs. These properties are 100% occupied under net leases with a weighted average remaining lease term of 9.7 years.
Previous wording
1,336 properties located in 48 states and representing an aggregate leasable area of 9.0 million square feet;
Current wording
1,456 properties located in 48 states and representing an aggregate leasable area of 10.0 million square feet;
Previous wording
An average remaining lease term of 6.6 years (weighted by annualized base rent);
Current wording
An average remaining lease term of 6.7 years (weighted by annualized base rent);
Previous wording
An average annual rent escalation of 1.5% through December 31, 2030 (weighted by annualized base rent);
Current wording
An average annual rent escalation of 1.6% through December 31, 2030 (weighted by annualized base rent);
Previous wording
51% investment-grade tenancy (weighted by annualized base rent).
Current wording
48% investment-grade tenancy (weighted by annualized base rent).
Previous wording
The following discussion includes the results of our operations for the three and six months ended June 30, 2026 and 2025 as summarized in the table below:
Current wording
The following discussion includes the results of our operations for the three and nine months ended September 30, 2026 and 2025 as summarized in the table below:
Previous wording
Rental revenue increased $5.2 million, or 8%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This change was due primarily to the acquisition of 91 leased properties during the twelve month period from July 1, 2025 through June 30, 2026. During the three months ended June 30, 2026, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees, within rental revenue of $2.8 million as compared to $2.7 million during the three months ended June 30, 2025. These amounts are also recognized in property expenses.
Current wording
Rental revenue increased $9.2 million, or 14%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This change was due primarily to the acquisition of 184 leased properties during the twelve month period from October 1, 2025 through September 30, 2026. During the three months ended September 30, 2026, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees, within rental revenue of $3.1 million as compared to $3.0 million during the three months ended September 30, 2025. These amounts are also recognized in property expenses.
Previous wording
General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $0.8 million, or 12%, in the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in cash compensation-related expenses and increased non-cash stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the three months ended June 30, 2026 was $4.8 million, compared to $4.4 million of general and administrative expense, after excluding stock-based compensation, for the three months ended June 30, 2025.
Current wording
General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $0.4 million, or 6%, in the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to an increase in cash compensation-related expenses and increased non-cash stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the three months ended September 30, 2026 was $4.7 million, compared to $4.3 million of general and administrative expense, after excluding stock-based compensation, for the three months ended September 30, 2025.
Previous wording
Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $1.9 million, or 13%, for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, due to the acquisition of 91 properties, during the twelve month period from July 1, 2025 through June 30, 2026.
Current wording
Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $3.5 million, or 23%, for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, due to the acquisition of 184 properties during the twelve month period from October 1, 2025 through September 30, 2026.
Previous wording
We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the three months ended June 30, 2026, we recorded property expenses of $3.6 million, of which $2.8 million was reimbursed by tenants. During the three months ended June 30, 2025, we recorded property expenses of $3.4 million, of which $2.7 million was reimbursed by tenants. The increase in property expenses is primarily due to an increase in vacancy-related expenses.
Current wording
We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the three months ended September 30, 2026, we recorded property expenses of $4.0 million, of which $3.1 million was reimbursed by tenants. During the three months ended September 30, 2025, we recorded property expenses of $3.7 million, of which $3.0 million was reimbursed by tenants. The increase in property expenses is primarily due to an increase in vacancy-related expenses and non-reimbursed property expenses.
Previous wording
We incur interest expense on our $640 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $0.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to the net increase in term loans of $50 million in April 2026.
Current wording
We incur interest expense on our $960 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $4.4 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to the net increase in term loan borrowings in 2026.
Previous wording
During the three months ended June 30, 2026 and 2025, our income tax expense was $55 thousand and $112 thousand, respectively. The income tax expense on real estate operations consists of state, and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to modestly increase.
Current wording
During the three months ended September 30, 2026 and 2025, our income tax expense was $156 thousand and $80 thousand, respectively. The income tax expense on real estate operations consists of state and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to modestly increase.
Previous wording
Restaurant revenues increased by $0.4 million, or 4%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily due to increased guest counts and higher average spend per guest.
Current wording
Restaurant revenues increased by $0.4 million, or 5%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to increased guest counts and higher average spend per guest.
Previous wording
Total restaurant expenses increased by $0.4 million during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily attributable to higher commodity costs.
Current wording
Total restaurant expenses increased by $0.5 million during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily attributable to higher commodity costs.
Previous wording
During the six months ended June 30, 2026 and 2025, we operated in two segments: real estate operations and restaurant operations. Our real estate operations generate rental income from leases primarily with restaurant brands, which we recognize on a straight-line basis to include the effect of base rent escalators. Our restaurant operations generate restaurant revenue from operating seven LongHorn Steakhouse restaurants.
Current wording
During the nine months ended September 30, 2026 and 2025, we operated in two segments: real estate operations and restaurant operations. Our real estate operations generate rental income from leases primarily with restaurant brands, which we recognize on a straight-line basis to include the effect of base rent escalators. Our restaurant operations generate restaurant revenue from operating seven LongHorn Steakhouse restaurants.
Previous wording
Rental revenue increased $11.6 million, or 9%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This change was due primarily to the acquisition of 91 leased properties during the twelve month period from July 1, 2025 through June 30, 2026. During the six months ended June 30, 2026, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees, within rental revenue of $5.6 million as compared to $5.5 million during the six months ended June 30, 2025. These amounts are also recognized in property expenses.
Current wording
Rental revenue increased $20.7 million, or 11%, during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This change was due primarily to the acquisition of 184 leased properties during the twelve month period from October 1, 2025 through September 30, 2026. During the nine months ended September 30, 2026, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees, within rental revenue of $8.7 million as compared to $8.4 million during the nine months ended September 30, 2025. These amounts are also recognized in property expenses.
Previous wording
General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $0.6 million, or 5%, in the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an increase in cash compensation-related expenses and increased non-cash stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the six months ended June 30, 2026 was $9.6 million, compared to $9.3 million of general and administrative expense, after excluding stock-based compensation, for the six months ended June 30, 2025.
Current wording
September 30, 2026 compared to the nine months ended September 30, 2025, primarily due to an increase in cash compensation-related expenses and increased non-cash stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the nine months ended September 30, 2026 was $14.4 million, compared to $13.6 million of general and administrative expense, after excluding stock-based compensation, for the nine months ended September 30, 2025.
Previous wording
Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $3.7 million, or 13%, for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, due to the acquisition of 91 properties, during the twelve month period from July 1, 2025 through June 30, 2026.
Current wording
Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $7.2 million, or 16%, for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, due to the acquisition of 184 properties during the twelve month period from October 1, 2025 through September 30, 2026.
Previous wording
We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the six months ended June 30, 2026, we recorded property expenses of $7.0 million, of which $5.6 million was reimbursed by tenants. During the six months ended June 30, 2025, we recorded property expenses of $6.7 million, of which $5.5 million was reimbursed by tenants. The increase in property expenses is primarily due to an increase in vacancy-related expenses.
Current wording
We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the nine months ended September 30, 2026, we recorded property expenses of $11.0 million, of which $8.7 million was reimbursed by tenants. During the nine months ended September 30, 2025, we recorded property expenses of $10.3 million, of which $8.4 million was reimbursed by tenants. The increase in property expenses is primarily due to an increase in vacancy-related expenses and non-reimbursed property expenses.
Previous wording
We incur interest expense on our $640 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $1.1 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to the net increase in term loans of $50 million in April 2026.
Current wording
We incur interest expense on our $960 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $5.5 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily due to the net increase in term loan borrowings in 2026.
Previous wording
During the six months ended June 30, 2026 and 2025, no properties were sold.
Current wording
During the nine months ended September 30, 2026 and 2025, no properties were sold.
Previous wording
During the six months ended June 30, 2026 and 2025, our income tax expense was $0.1 million, respectively. The income tax expense on real estate operations consists of state, and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to modestly increase.
Current wording
During the nine months ended September 30, 2026 and 2025, our income tax expense was $0.3 million and $0.2 million, respectively. The income tax expense on real estate operations consists of state and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to modestly increase.
Previous wording
Restaurant revenues increased by $0.7 million, or 4%, during the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to increased guest counts and higher average spend per guest.
Current wording
Restaurant revenues increased by $1.1 million, or 5%, during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to increased guest counts and higher average spend per guest.
Previous wording
Total restaurant expenses increased by $0.8 million during the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily attributable to higher commodity costs.
Current wording
Total restaurant expenses increased by $1.3 million during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, primarily attributable to higher commodity costs.
Previous wording
At June 30, 2026, we had $24.8 million of cash and cash equivalents and $350 million of borrowing capacity under our revolving credit facility, which expires on February 1, 2029, subject to our ability to extend the term for two additional six-month periods to February 1, 2030. The revolving credit facility provides for a letter of credit sub-limit of $25 million. See Note 6 - Debt, Net of Deferred Financing Costs included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information. As of June 30, 2026, we had no outstanding borrowings under the revolving credit facility. At June 30, 2026, the weighted average interest rate on the term loans, after consideration of the interest rate hedges, was 4.04%.
Current wording
At September 30, 2026, we had $7.2 million of cash and cash equivalents and $350 million of borrowing capacity under our revolving credit facility, which expires on February 1, 2029, subject to our ability to extend the term for two additional six-month periods to February 1, 2030. The revolving credit facility provides for a letter of credit sub-limit of $25 million. See Note 6 - Debt, Net of Deferred Financing Costs included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information. As of September 30, 2026, we had no outstanding borrowings under the revolving credit facility. At September 30, 2026, the weighted average interest rate on the term loans, after consideration of the interest rate hedges, was 4.30%.
Previous wording
On January 31, 2025, the Company and its subsidiary, FCPT OP, entered into a Fourth Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing lenders (the “2025 Credit Agreement”).
Current wording
Revolving Credit and Term Loan Agreement
Previous wording
On April 6, 2026, the Company entered into a new $200 million senior unsecured delayed draw term loan facility (the "Term Loan Facility") with a group of existing lenders from its existing credit facility. The Term Loan Facility has a seven-year tenor and matures on April 6, 2033, and did not impact the Company's debt covenants. $50 million of the Term Loan Facility was drawn at close and was used to fund the Company’s immediate investment pipeline and other general corporate purposes. As of July 30, 2026, the remaining $150 million had been fully drawn. The Term Loan Facility contains a credit margin of 1.25% over SOFR as determined by FCPT’s current investment grade ratings on its senior unsecured debt.
Current wording
On April 6, 2026, the Company entered into a new $200 million senior unsecured delayed draw term loan facility (the "Term Loan Facility") with a group of existing lenders from its existing credit facility. The Term Loan Facility has a seven-year tenor and matures on April 6, 2033, and did not impact the Company's debt covenants. $50 million of the Term Loan Facility was drawn at close and was used to fund the Company’s immediate investment pipeline and other general corporate purposes. The Company has drawn the remaining $150 million. The Term Loan Facility contains a credit margin of 1.25% over SOFR as determined by FCPT’s current investment grade ratings on its senior unsecured debt.
Previous wording
On July 28, 2026, the Company and FCPT OP entered into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing and new lenders (the “2026 Credit Agreement”), which amends and restates in its entirety the 2025 Credit Agreement. The 2026 Credit Agreement increases the overall size of the credit facilities from $940 million under the 2025 Credit Agreement to $1.15 billion. The 2026 Credit Agreement provides for a senior unsecured revolving credit facility in an aggregate principal amount of $350.0 million with a maturity date of February 1, 2029, and a senior unsecured term loan facility in an aggregate principal amount of $800.0 million (the “2026 Term Loan Facility”), comprised of (i) a $90.0 million term loan tranche with a maturity date of February 1, 2028, (ii) a $85.0 million term loan tranche with a maturity date of March 14, 2028 (the “Term Loan A-5 Tranche”), (iii) a $225.0 million term loan tranche with a maturity date of February 1, 2029 (the “Term Loan A-1 Tranche”), and (iv) a $400.0 million term loan tranche with a maturity date of August 1, 2031, of which $360.0 million was drawn at close and $40.0 million consists of delayed draw term loan commitments that may be drawn during the applicable availability period ending no later than January 28, 2027 (the “Term Loan A-2/3 Tranche”). The 2026 Credit Agreement has an accordion feature to increase the revolving commitments or add one or more tranches of new term loans or delayed draw term loan commitments up to an additional aggregate amount not to exceed $550.0 million, subject to certain conditions, including one or more new or existing lenders agreeing to provide commitments for such increased amount. The portion of the Term Loan A-2/3 Tranche that was drawn at close was used to pay down the $100 million and $90 million of term loans maturing in November 2026 and February 2027, respectively, while the incremental proceeds are expected to fund investments and other general corporate purposes.
Current wording
On July 28, 2026, the Company and FCPT OP entered into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement with a group of existing and new lenders (the “2026 Credit Agreement”), which amends and restates in its entirety the Company's Fourth Amended and Restated Revolving Credit and Term Loan Agreement. The 2026 Credit Agreement provides for a senior unsecured revolving credit facility in an aggregate principal amount of $350.0 million with a maturity date of February 1, 2029, and a senior unsecured term loan facility in an aggregate principal amount of $800.0 million (the “2026 Term Loan Facility”), comprised of (i) a $90.0 million term loan tranche with a maturity date of February 1, 2028, (ii) an $85.0 million term loan tranche with a maturity date of March 14, 2028, (iii) a $225.0 million term loan tranche with a maturity date of February 1, 2029, and (iv) a $400.0 million term loan tranche with a maturity date of August 1, 2031, of which $360.0 million was drawn at close and $40.0 million consists of delayed draw term loan commitments that may be drawn during the applicable availability period ending no later than January 28, 2027. The 2026 Credit Agreement has an accordion feature to increase the revolving commitments or add one or more tranches of new term loans or delayed draw term loan commitments up to an additional aggregate amount not to exceed $550.0 million, subject to certain conditions, including one or more new or existing lenders agreeing to provide commitments for such increased amount. The portion of the $400.0 million term loan tranche that was drawn at close was used to pay down the $100 million and $90 million of term loans maturing in November 2026 and February 2027.
Previous wording
Loans under the 2026 Credit Agreement accrue interest at a per annum rate equal to, at our election, either a forward-looking term rate based on the SOFR or daily simple SOFR floating interest rate plus an applicable margin ranging from 0.725% to 1.40%, in the case of the revolving credit facility, and 0.75% to 1.55%, in the case of the 2026 Term Loan Facility, or an alternate base rate determined according to the highest of the prime rate, the federal funds rate plus 0.50% and the one-month term SOFR plus 1.00%, plus a margin ranging from 0.00% to 0.40%, in the case of the revolving credit facility, and 0.00% to 0.55%, in the case of the 2026 Term Loan Facility. In each case, the margin is determined according to the credit rating applicable from time to time with respect to the Company’s senior, unsecured, long-term indebtedness. In the event that all or a portion of the principal amount of any loan borrowed pursuant to the 2026 Credit Agreement is not paid when due, interest will accrue at the rate that would otherwise be applicable thereto plus 2.00%. We are required to pay a facility fee at a rate ranging from 0.125% to 0.30% per annum, depending on our credit rating applicable from time to time with respect to such indebtedness, on the daily amount of the revolving commitments, whether used or unused. Until the delayed draw term loan commitments under the Term Loan A-2/3 Tranche are terminated or expire, we are required to pay a ticking fee at a rate ranging from 0.125% to 0.30% per annum on the average daily balance of unfunded delayed draw term loan commitments under the Term Loan A-2/3 Tranche, which shall accrue beginning on the ninety-first day after July 28, 2026.
Current wording
Loans under the 2026 Credit Agreement accrue interest at a per annum rate equal to, at our election, either a forward-looking term rate based on the SOFR or daily simple SOFR floating interest rate plus an applicable margin ranging from 0.725% to 1.40%, in the case of the revolving credit facility, and 0.75% to 1.55%, in the case of the 2026 Term Loan Facility, or an alternate base rate determined according to the highest of the prime rate, the federal funds rate plus 0.50% and the one-month term SOFR plus 1.00%, plus a margin ranging from 0.00% to 0.40%, in the case of the revolving credit facility, and 0.00% to 0.55%, in the case of the 2026 Term Loan Facility. In each case, the margin is determined according to the credit rating applicable from time to time with respect to the Company’s senior, unsecured, long-term indebtedness. As of September 30, 2026, term loans under the 2026 Credit Agreement accrued interest at a per annum rate equal to a SOFR rate plus a margin of 0.90%, and the revolver accrued interest at a per annum rate equal to a margin of 0.85%.
Previous wording
Amounts owing under the 2026 Credit Agreement may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which a SOFR-based rate election is in effect. No amortization payments are required on any term loan prior to its maturity date. We have the option to extend the maturity date of the revolving credit facility twice by an additional six months, subject to the satisfaction of certain conditions, including the payment of an extension fee of 0.0625% on the aggregate amount of the then-outstanding revolving commitments for such extension. We have the option to extend the maturity date of the Term Loan A-1 Tranche and the Term Loan A-5 Tranche, in each case, by one-year on one occasion subject to the satisfaction of certain conditions, including payment by us of an extension fee that is equal to 0.125% of the then-outstanding principal amount of term loans under the Term Loan A-1 Tranche and the Term Loan A-5 Tranche, as applicable, for each such extension.
Current wording
We have the option to extend the maturity date of the $85.0 million and $225.0 million term loan tranches, in each case, by one-year on one occasion subject to the satisfaction of certain conditions, including payment by us of an extension fee that is equal to 0.125% of the then-outstanding principal amount of term loans, as applicable, for each such extension.
Previous wording
The 2025 Credit Agreement contained, and the 2026 Credit Agreement contains, customary events of default including, among other things, payment defaults, breach of covenants, cross default and cross acceleration to material recourse indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default (after notice and cure periods in certain circumstances) will limit the ability of the Company and FCPT OP to make distributions and may result in the termination of the credit facility and acceleration of repayment obligations.
Current wording
The 2026 Credit Agreement contains customary events of default including, among other things, payment defaults, breach of covenants, cross default and cross acceleration to material recourse indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default (after notice and cure periods in certain circumstances) will limit the ability of the Company and FCPT OP to make distributions and may result in the termination of the credit facility and acceleration of repayment obligations.
Previous wording
During the first six months of 2026, we entered into these interest rate swaps to hedge the interest rate variability associated with the term loan portion of our credit facility
Current wording
During the first nine months of 2026, we entered into these interest rate swaps to hedge the interest rate variability associated with the term loan portion of our credit facility
Previous wording
During the three and six months ended June 30, 2026, the Company had the following activity under its ATM program, the net proceeds of which were employed to fund acquisitions and for general corporate purposes.
Current wording
During the three and nine months ended September 30, 2026, the Company had the following activity under its ATM program, the net proceeds of which were employed to fund acquisitions and for general corporate purposes.
Previous wording
Amount represents non-cash deferred income tax benefit recognized in the three and six months ended June 30, 2026 and 2025 for income tax benefit at the Kerrow Restaurant Business.
Current wording
Amount represents non-cash deferred income tax expense (benefit) recognized in the three and nine months ended September 30, 2026 and 2025 for income tax expense (benefit) at the Kerrow Restaurant Business.
Previous wording
Assumes the issuance of common shares for OP units held by non-controlling partners.
Current wording
Assumes the issuance of common shares for OP units held by noncontrolling partners.
Previous wording
Adjusted Funds from Operations is a non-U.S. GAAP measure that is used as a supplemental operating measure specifically for comparing year-over-year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate AFFO by adding to or subtracting from FFO the following items to the extent present in the applicable period:
Current wording
Adjusted Funds from Operations is a non-U.S. GAAP measure that is used as a supplemental operating measure specifically for comparing year-over-year ability to fund dividend distributions from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate AFFO by adding to or subtracting from FFO the following items to the extent present in the applicable period:
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $1.0 million, or 5%, in the nine months ended
Current report — wording carried from elsewhere
In the event that all or a portion of the principal amount of any loan borrowed pursuant to the 2026 Credit Agreement is not paid when due, interest will accrue at the rate that would otherwise be applicable thereto plus 2.00%. We are required to pay a facility fee at a rate ranging from 0.125% to 0.30% per annum, depending on our credit rating applicable from time to time with respect to such indebtedness, on the daily amount of the revolving commitments, whether used or unused. Until the delayed draw term loan commitments are terminated or expire, we are required to pay a ticking fee at a rate ranging from 0.125% to 0.30% per annum on the average daily balance of unfunded delayed draw term loan commitments, which shall accrue beginning on the ninety-first day after July 28, 2026.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
On August 19, 2025, the Company entered into Amendment No. 1 to the 2025 Credit Agreement which removed the credit spread adjustment applicable to the revolving credit and term loan agreement. Pursuant to the amendment, as of June 30, 2026, term loans under the 2025 Credit Agreement accrued interest at a per annum rate equal to a SOFR rate plus a margin of 0.95% to 1.00%, and the revolver accrued interest at a per annum rate equal to a margin of 0.85%. A facility fee at a rate of 0.20% per annum applied to the total revolving commitments available under the 2025 Credit Agreement.
Previous report — wording carried elsewhere
The 2025 Credit Agreement contains customary events of default including, among other things, payment defaults, breach of covenants, cross default and cross acceleration to material recourse indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default will limit the ability of the Company and FCPT OP to make distributions and may result in the termination of the credit facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the collateral.