FCPT Posts 13.8% Revenue Growth, Launches Inaugural $100M Buyback
FCPT is trading near its 52-week low of $20.855 (5.6% above the low).
Summary
FCPT reported Q3 2026 rental revenue of $83.7 million, up 13.8% year over year, with AFFO per diluted share of $0.46 (+2.9%) and net income of $28.8 million, or $0.26 per share. The quarter's headline item is capital allocation: the board authorized an inaugural $100 million share repurchase program, and CEO Bill Lenehan said that at the current share price buybacks deliver more value than property purchases. That pivot follows a record quarter of acquisitions — 120 properties for $326.3 million at a 6.6% initial cash yield, funded entirely with debt — which pushed net debt to adjusted EBITDAre to 6.0x. The company also extended all 66 Olive Garden and LongHorn leases maturing in 2027 without landlord concessions, following the master agreement announced October 14, and raised the monthly dividend 3.5% to $0.1265 per share. Portfolio occupancy is 99.5% with rent collection at 99.7%; the buyback is the first signal management sees its own stock as the better use of capital.
At the time of this announcement, FCPT was trading at $22.03 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $20.86 to $26.86. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.