Four Corners Property Trust generates free cash flow well in excess of reported net income and runs operating margins near 39%, but a 74% concentration in restaurant properties represents a meaningful single-sector exposure risk, and the current price is essentially at its near-term resistance target, leaving almost no upside headroom from here.
Thesis pillars
- Strong Cash Conversion Quality→Stable
- Restaurant Property Concentration Risk↓Deteriorating
- Consistent Earnings Delivery↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 12, 2026
Four Corners Property Trust, In (FCPT) Stock Analysis
Recovery setup
Real Estate · REIT - Retail
Sell if holding. At $22.03, A.R:R 0.9:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 4.9%; Concentration risk — Property Type: restaurant properties (74.0%).
Four Corners Property Trust is a net-lease REIT owning 1,303 restaurant and retail properties in 48 states with 8.8 million square feet and 99.6% occupancy at December 31, 2025. Darden Restaurants constituted 44.7% of annual cash base rent and Brinker International 6.6%, with... Read more
Sell if holding. At $22.03, A.R:R 0.9:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 4.9%; Concentration risk — Property Type: restaurant properties (74.0%). Chart setup: Death cross but MACD improving, RSI 60. Score 5.2/10, high confidence.
Passes 6/9 gates (positive momentum, clean insider activity, news events none recent, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Four Corners Property Trust, In
About Four Corners Property Trust, In
Four Corners Property Trust's net-lease portfolio generated $264.2 million in annual cash base rent at December 31, 2025, with Darden Restaurants representing 44.7% and Brinker International 6.6% of that total across 1,303 properties in 48 states. Restaurant properties accounted for 74% of total revenues; 99.6% of leasable square footage was occupied, and 53% of annualized base rent came from investment-grade tenants. In 2025, the company acquired 105 properties for a total investment of $325.5 million.
Four Corners earns revenue under net lease arrangements that obligate tenants to pay substantially all property operating costs—taxes, insurance, utilities, and maintenance—with contractual rent escalations averaging 1.5% annually through December 31, 2030. The weighted average remaining lease term was 6.9 years at year-end 2025. The Olive Garden brand—316 properties, 31.7% of total cash base rent—is the single largest component of the portfolio, followed by other restaurant brands at 29.3%, retail properties at 26.0%, LongHorn Steakhouse at 9.0%, and other Darden brands at 4.0%. Darden's leases carry a weighted average remaining initial term of approximately 4.8 years with no purchase options; Darden holds a right of first offer on any property sale. The company also operates seven Kerrow LongHorn Steakhouse restaurants under Darden franchise agreements, generating restaurant operations revenue alongside rent income. Four Corners held $590 million of variable-rate debt at year-end 2025, with $560 million effectively fixed through interest rate swaps.
Show full overview
Darden's 44.7% share of annual cash base rent makes it the primary revenue source, and the 10-K explicitly calls it the primary lessee and primary source of revenues. The Darden leases carry a weighted average remaining initial term of approximately 4.8 years as of December 31, 2025—shorter than the portfolio average of 6.9 years—creating earlier renewal risk for the dominant tenant. The 10-K flags risks associated with having a highly concentrated property brand base from the 316 Olive Garden properties, while Brinker International at 6.6% adds a secondary dependency. Four Corners holds BBB from Fitch Ratings and Baa3 from Moody's, providing investment-grade access to debt markets for continued portfolio expansion.
See also: Real Estate · REIT - Retail
From Four Corners Property Trust, In's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-10-29Recent Developments — Four Corners Property Trust, In
Latest news
- NEWS Four Corners Property Trust (NYSE:FCPT) Releases Earnings Results, Beats Expectations By $0.17 EPS - MarketBeat — MarketBeat positive
- NEWS Four Corners Property Trust (NYSE:FCPT) Q3 2026 Beats Estimates as Acquisitions and Buyback Take Center Stage - ChartMil — ChartMill positive
- NEWS Earnings Flash (FCPT) Four Corners Property Trust, Inc. Posts Q3 AFFO $0.46 per Share, vs. FactSet Est of $0.47 - www.ma — www.marketscreener.com negative
- NEWS Earnings Flash (FCPT) Four Corners Property Trust, Inc. Posts Q3 AFFO $0.46 per Share, vs. FactSet Est of $0.47 - market — marketscreener.com negative
- NEWS Four Corners Property Trust, Inc. announces an Equity Buyback for $100 million worth of its shares. - www.marketscreener — www.marketscreener.com positive
Generated 2026-10-29T11:14:32Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- MEDIUMTenantDarden45%10-K Item 1A: 'Darden and Brinker International, Inc. ("Brinker") constituted approximately 44.7% and 6.6%, respectively, of our annual cash base rent'
- LOWTenantBrinker6.6%10-K Item 1A: 'Darden and Brinker International, Inc. ("Brinker") constituted approximately 44.7% and 6.6%, respectively, of our annual cash base rent'
- HIGHPropertyrestaurant properties74%10-K Item 1: 'restaurant properties and non-restaurant retail properties accounted for 74% and 26%, respectively, of our total revenues'
- MEDIUMTenantOlive Garden properties32%10-K Item 1: 'Olive Garden | | 316 | | 2,689 | | $83,748 | | 31.7%'
- LOWGeographicTexas10%10-K Item 1: 'our properties in only one state, Texas, individually accounted for 10% or more of our total revenue at 10.0% of our total revenue'
Material Events(8-K, last 90d)
- 2026-04-01Item 5.02LOWMichael Friedland, age 66, elected to Board effective April 1, 2026; term expires at 2026 annual stockholders meeting. Former JPMorgan Chase Bank employee; Board determined independence not impaired by banking relationship. Board will comprise 8 members, 7 independent.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
3 floor-breakers
Growth below the gate floor. Component breakdown shows what dragged the score down.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $22.03, A.R:R 0.9:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 4.9%; Concentration risk — Property Type: restaurant properties (74.0%). Chart setup: Death cross but MACD improving, RSI 60. Prior stop was $21.13. Score 5.2/10, high confidence.
Analyst target: $23.10 (+4.9% upside). Prior stop was $21.13. Stop-loss: $21.13.
Concentration risk — Property Type: restaurant properties (74.0%); Thin upside margin: 4.9%; Sector modifier (Real Estate): -1.2.
Four Corners Property Trust, In trades at a P/E of 20.0 (forward 20.5). TrendMatrix value score: 5.0/10. Verdict: Sell.
16 analysts cover FCPT with a consensus score of 3.8/5. Average price target: $27.
What does Four Corners Property Trust, In do?Four Corners Property Trust is a net-lease REIT owning 1,303 restaurant and retail properties in 48 states with 8.8...
Four Corners Property Trust is a net-lease REIT owning 1,303 restaurant and retail properties in 48 states with 8.8 million square feet and 99.6% occupancy at December 31, 2025. Darden Restaurants constituted 44.7% of annual cash base rent and Brinker International 6.6%, with restaurant properties generating 74% of total revenues under NNN leases averaging 6.9 years of remaining term.