Four Corners Property Trust Updated Model with No Change to 2026, Minor Increase to 2027

Research evidence excerpt

Four Corners Property Trust Updated Model with No Change to 2026, Minor Increase to 2027

J P M O R G A N North America Equity Research

12 May 2026

Four Corners Property Trust Neutral

FCPT, FCPT US

Updated Model with No Change to 2026, Minor Price (11 May 26):$25.14

Increase to 2027 Price Target (Dec-26):$29.00

We updated our FCPT model and included the announced deal activity so far into REITs & Real Estate Services

AC2Q as well as our view on future deal activity; recall that the company announces Anthony Paolone, CFA

its transactions as they occur. Our company-defined AFFO/share estimates for (1-212) 622-6682

2026 did not change. Specifically, we continue to forecast that FCPT produces anthony.paolone@jpmorgan.com

AFFO/share of $1.84 in 2026, up 3.2% y/y, which is also in line with the Bloomberg Michael W. Mueller, CFA

consensus. We forecast AFFO/share of $0.46 (+2.5% y/y) in 2Q 2026, which is also (1-212) 622-6689

in line with the Bloomberg consensus. Our 2027 AFFO/share estimate is up $0.01 michael.w.mueller@jpmorgan.com

to $1.91 (+4.2% y/y) and is $0.01 above the Bloomberg consensus at $1.90. Hong Zhang

(1-212) 622-6416

For 2026, we assume investment volume of $311 million at a 6.9% cash yield, out hongliang.zhang@jpmorgan.com

of which $26.2 million was already completed in 1Q and $17.9 million completed Nahom Tesfazghi

in 2Q so far and included in our model (we assume $60 million in 2Q); FCPT’s (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

investment volume is usually skewed towards the second half of the year, which

Daniella De Armas Rosales

should give it ample time to reach our estimate. The guidance to utilize the

(1-212) 622-0050

remaining $150 million delayed draw term loan ($50 million already drawn in 2Q) daniella.dearmasrosales@jpmchase.com