The REIT attributed the increase in revenue, funds from operations and cash net operating income primarily to properties acquired during and after the first quarter of 2025, as well as contractual rent increases.
The increase is attributed to organic baseline restaurant growth, alongside increased restaurant count, which reached 87 operating restaurants at the end of Q1 2026.
Q1 Revenue was recorded at $557.2 million, a decrease of 3.8%, driven primarily by timing of delivered sales in the furniture category as compared to Q1 last year, a challenging macro environment and unfavourable weather.