Four Corners Property Trust: No Change to ‘26/‘27 Estimates After Updating Model for 2Q Activity

Research evidence excerpt

Four Corners Property Trust: No Change to ‘26/‘27 Estimates After Updating Model for 2Q Activity

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

06 July 2026

Four Corners Property Trust Neutral

FCPT, FCPT US

No Change to ’26/’27 Estimates After Updating Model Price (02 Jul 26):$25.11

for 2Q Activity Price Target (Dec-26):$29.00

We updated our FCPT model and included all announced deal activity for 2Q; REITs & Real Estate Services

ACrecall that the company announces its transactions as they occur, and we include Anthony Paolone, CFA

the transaction details in our published model. Our 2026 company-defined AFFO/ (1-212) 622-6682

share estimate remains at $1.84 (+3.6% y/y), which is $0.01 below Bloomberg anthony.paolone@jpmorgan.com

consensus of $1.85. For 2027, our company-defined AFFO/share estimate remains Michael W. Mueller, CFA

at $1.92 (+4.4% y/y), which is in line with Bloomberg consensus. For 2Q 2026 (1-212) 622-6689

itself, we forecast AFFO/share of $0.46 (+2.7% y/y), which is in line with michael.w.mueller@jpmorgan.com

Bloomberg consensus. Nahom Tesfazghi

(1-212) 622 4884

FCPT completed $57.2 million in transactions in the second quarter at a going-in nahom.tesfazghi@jpmchase.com

cash yield that we estimate to have been 7.0%, including the purchase of fourteen Daniella De Armas Rosales

Sun Auto Tire & Service locations for a combined $26 million. We now expect (1-212) 622-0050

daniella.dearmasrosales@jpmchase.com

2026 deal volume to reach $431 million, which is slightly ahead of our initial J.P. Morgan Securities LLC

estimate. Over 60% of our assumed 2026 deal volume is comprised of the $268

million Mission Pet Health portfolio, which is expected to close in early 3Q26. For

2027, we assume investment volume of $250 million at a 6.75% cash yield.