Four Corners Property Trust, Inc.
- Open
- 24.73
- Day high
- 24.86
- Day low
- 24.60
- Prev close
- 24.55
- Volume
- 417K
- Mkt cap
- $2.6B
- P/E (TTM)
- 22.0
- EPS (TTM)
- $1.12
- P/B
- 1.6
- P/S
- 8.7
- Yield
- 5.89%
- Per share
- $1.45
- ▲Insiders net buying $100K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Four Corners Property Trust, Inc. (FCPT) is a Real Estate company listed on NYSE. The stock is down 10% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Four Corners Property Trust, Inc. (FCPT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FCPT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.30 | $0.45 | +51.5% | $78M | +6.6% |
| Feb 11, 2026 | $0.45 | $0.45 | +0.0% | $76M | -3.1% |
| Apr 30, 2025 | $0.44 | $0.44 | +0.0% | $71M | +5.2% |
| Feb 12, 2025 | $0.28 | $0.44 | +57.1% | $68M | +2.3% |
| Oct 30, 2024 | $0.43 | $0.43 | +0.0% | $67M | -0.5% |
| Jul 31, 2024 | $0.43 | $0.43 | +0.0% | $66M | +1.8% |
| May 1, 2024 | $0.42 | $0.43 | +2.4% | $66M | +3.8% |
| Feb 14, 2024 | $0.42 | $0.43 | +2.4% | $65M | +2.2% |
| Nov 1, 2023 | $0.43 | $0.42 | -2.3% | $65M | +1.0% |
| Aug 1, 2023 | $0.42 | $0.42 | +0.0% | $61M | -3.8% |
| May 1, 2023 | $0.41 | $0.41 | +0.0% | $60M | +1.8% |
| Feb 15, 2023 | $0.41 | $0.41 | +0.0% | $57M | +0.2% |
FCPT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 8, 2026 | Friedland Michael Lawrencedirector | Grant | 5,222 | — |
| Jun 8, 2026 | Jesuele Barbara Angelica Faylonadirector | Grant | 5,222 | — |
| Jun 8, 2026 | Tennican Elizabethdirector | Grant | 5,222 | — |
| Jun 8, 2026 | Ogilvie Marran H.director | Grant | 5,222 | — |
| Jun 8, 2026 | Jemley Charlesdirector | Grant | 5,222 | — |
| Jun 8, 2026 | Steele Toni Sdirector | Grant | 5,222 | — |
| Jun 8, 2026 | HANSEN DOUGLAS Bdirector | Grant | 7,728 | — |
| May 6, 2026 | Lenehan William Hdirector, officer: President and CEO | Buy | 3,961 | $25.23 |
| Apr 13, 2026 | Friedland Michael Lawrencedirector | Grant | 959 | — |
| Mar 16, 2026 | Stewart Niccoleofficer: Chief Accounting Officer | Sell | 2,427 | $25.97 |
| Mar 11, 2026 | Lenehan William Hdirector, officer: President and CEO | Buy | 3,924 | $25.45 |
| Mar 6, 2026 | Lenehan William Hdirector, officer: President and CEO | Buy | 7,865 | $25.49 |
| Feb 18, 2026 | Lenehan William Hdirector, officer: President and CEO | Buy | 10,080 | $24.73 |
| Feb 17, 2026 | Steele Toni Sdirector | Sell | 815 | $24.49 |
| Jan 28, 2026 | Stewart Niccoleofficer: Chief Accounting Officer | Grant | 3,917 | — |
Source: FCPT SEC Form 4 filings, latest Jun 8, 2026. For informational purposes only — not investment advice.
See the full FCPT insider & 13F page →Four Corners Property Trust, Inc. company profile
Overview
Four Corners Property Trust, Inc. (NYSE:FCPT) is a real estate investment trust founded in 2015 and headquartered in Mill Valley, California. The company was established as a spin-off from Darden Restaurants to own and lease restaurant properties back to the restaurant operator. Since its inception, FCPT has evolved from a single-tenant REIT focused exclusively on Darden properties to a diversified net lease REIT with over 1,150 properties across multiple sectors including restaurants, automotive services, and medical retail facilities.
Business
Four Corners Property Trust operates as a net lease real estate investment trust (REIT) that acquires, owns, and leases commercial properties to tenants under long-term lease agreements. A net lease structure means tenants are responsible for property taxes, insurance, and maintenance costs in addition to base rent, providing predictable income streams for the REIT while transferring property operating risks to tenants. The company's portfolio consists of three primary business segments: 1. Restaurant Properties (79% of portfolio): This includes casual dining restaurants like Olive Garden, LongHorn Steakhouse, and Chili's, as well as quick-service restaurants. The restaurant segment represents approximately 68% of annual base rent, with casual dining comprising 67% and quick-service restaurants contributing 11%. Notable tenants include Darden Restaurants (which operates Olive Garden and LongHorn Steakhouse) representing about 51% of annual base rent, and Brinker International (Chili's parent company). 2. Automotive Service Properties (10-11% of portfolio): These properties house automotive service businesses such as tire shops, oil change facilities, and auto repair centers. Companies like Mavis Tire represent significant tenants in this segment. 3. Medical Retail Properties (8-9% of portfolio): This segment includes outpatient medical facilities, urgent care centers, and other healthcare-related retail properties that serve local communities. The company focuses on properties leased to nationally recognized brands with strong credit profiles and proven business models. FCPT's strategy emphasizes acquiring properties with initial lease terms typically ranging from 10-20 years, with built-in rent escalations and multiple renewal options to provide long-term cash flow visibility.
Revenue model
Four Corners Property Trust generates revenue primarily through rental income from its triple-net lease agreements. Under these arrangements, tenants pay base rent plus all property operating expenses including taxes, insurance, and maintenance. The company's revenue model is subscription-like in nature, providing predictable monthly rental payments with built-in annual rent escalations averaging 1.4% across the portfolio. The company's paying customers are restaurant operators, automotive service providers, and medical practitioners who lease the properties for their business operations. Major tenants include large public restaurant companies like Darden Restaurants ($51 million annual rent) and Brinker International, as well as automotive chains like Mavis Tire and various medical practice groups. FCPT's business model benefits from several factors that can increase margins and profitability. Rent escalations built into lease agreements provide organic growth, while the company's focus on high-quality tenants with strong rent coverage ratios (averaging 4.9x) reduces credit risk. The triple-net lease structure transfers property operating cost inflation to tenants, protecting FCPT's margins. Additionally, the company's strategy of acquiring properties in strong demographic areas with limited competition helps maintain tenant stability and renewal rates. Factors that could pressure margins include tenant bankruptcies or closures, particularly in the restaurant sector which can be sensitive to economic downturns and changing consumer preferences. Rising interest rates increase the company's cost of capital for acquisitions and refinancing, potentially compressing returns. Competition from other REITs and private investors for quality properties can drive up acquisition costs and reduce available cap rates. Economic recessions that impact tenant sales and ability to pay rent represent the primary risk to the business model.
Competitive moat
Four Corners Property Trust operates in a moderately competitive industry with limited structural moats. The company's primary competitive advantages stem from its established tenant relationships and operational expertise in the net lease sector, particularly with restaurant properties where it has deep knowledge of site selection, tenant underwriting, and lease structuring. The REIT benefits from scale advantages in capital markets access, allowing it to raise equity and debt more efficiently than smaller competitors. With over $617 million in available acquisition capacity and relationships with major restaurant brands, FCPT can compete effectively for larger portfolio transactions that smaller players cannot handle. The company's focus on high-quality, nationally branded tenants also provides some defensive characteristics, as these operators typically have stronger balance sheets and more resilient business models compared to independent operators. However, the net lease REIT industry faces significant competitive pressures. Barriers to entry are relatively low - any investor with sufficient capital can acquire properties and lease them to tenants. The company competes with numerous other public REITs (Realty Income, NNN REIT, EPR Properties), private REITs, pension funds, and institutional investors for the same pool of quality properties. This competition can drive down cap rates and reduce available investment opportunities. The most significant competitive threat comes from well-capitalized competitors with lower costs of capital, particularly during periods of rising interest rates when FCPT's acquisition capacity becomes constrained. Additionally, direct sale-leaseback transactions between tenants and institutional investors can bypass REITs entirely. The company's heavy concentration in restaurant properties also creates vulnerability to sector-specific disruptions, changing consumer preferences, or economic downturns that disproportionately impact dining establishments.
Risks & safety
Four Corners Property Trust demonstrates a moderate margin of safety with improving financial metrics but some liquidity concerns. • Debt and Solvency: Net debt-to-adjusted EBITDA of 4.9x represents the lowest leverage in 7 years. Total debt-to-equity ratio of 0.84x is reasonable for a REIT. Over 95% of debt is fixed-rate through Q3 2027, providing interest rate protection. • Liquidity Position: Current ratio of 0.48x indicates potential short-term liquidity pressure, though this is partially mitigated by $617 million in available acquisition capacity and strong operating cash flow generation of $51.6 million quarterly. • Valuation Metrics: Trading at 18.9x EV/EBITDA and 27.4x P/E ratio, which appears elevated for a REIT. Price-to-book ratio of 2.0x suggests limited asset value protection. • Operational Strength: 99.4% occupancy rate and 99.5% rent collection demonstrate strong tenant quality and cash flow reliability. Portfolio rent coverage of 4.9x provides tenant financial cushion. • Other Considerations: Strong free cash flow generation ($51.6 million quarterly) and successful equity raises ($475 million since July 2024) provide financial flexibility, though dependence on capital markets for growth creates some risk.
Recent development
Over the past few years, Four Corners Property Trust has undergone significant strategic evolution and capital structure optimization. The company resumed active acquisition activities in Q3 2024 after pausing during the high interest rate environment of 2023 and early 2024. This strategic pause demonstrated disciplined capital allocation, with management waiting for improved cost of capital conditions before deploying investor funds. The REIT has successfully diversified beyond its original Darden-centric portfolio, reducing Darden's contribution from over 90% at IPO to approximately 51% of annual base rent currently. This diversification strategy has expanded into automotive service and medical retail sectors, with recent acquisitions showing 42% restaurants, 30% medical retail, and 28% automotive service properties. Capital structure improvements represent a major strategic achievement, with the company raising $475 million in equity since July 2024 and achieving its lowest leverage ratio in seven years at 4.9x net debt-to-EBITDA. The extension and upsizing of the credit facility provides additional acquisition capacity of over $617 million. The company has also enhanced its acquisition capabilities by building relationships with sale-leaseback partners and expanding beyond individual property purchases to include larger portfolio transactions, such as the $66 million Bloomin' Brands portfolio acquisition in Q3 2024. Management has promoted Jim Bratt to Chief Operating Officer, strengthening operational oversight capabilities. Recent strategic focus has emphasized quality over quantity in acquisitions, targeting properties with cap rates above 7% and tenants with strong credit profiles and rent coverage ratios. The company has also been selectively disposing of underperforming assets, including Red Lobster properties, to improve overall portfolio quality.
FCPT company profile · for informational purposes only — not investment advice.
Track FCPT with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free