Four Corners Property Trust (FCPT)
Net-lease owner of restaurant, medical-retail, and auto-service properties across the United States.
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Owns and acquires restaurant, medical-retail, auto-service, and other service-oriented properties across the United States, earning most revenue from tenant rent under net leases. A smaller Kerrow restaurant operation adds franchise sales, while Olive Garden and other Darden concepts remain major rent exposures.
Owns, acquires, and leases freestanding restaurant and service-oriented retail properties across the continental United States. Real Estate Operations generates most revenue through long-term net leases that place taxes, insurance, maintenance, and other property costs primarily on tenants. The acquisition program targets nationally recognized brands and fungible sites, while expansion into medical retail and auto service broadens a portfolio still centered on restaurants.
Restaurant Operations runs Kerrow restaurants under Darden franchise agreements through a taxable REIT subsidiary. Olive Garden remains the largest brand exposure, and Darden concepts collectively account for a substantial share of rent. Growth depends on sourcing properties at lease economics above financing costs, tenant credit and renewal performance, and access to debt and equity capital. Maintaining REIT status also requires distributing most taxable income.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 25, 2026 | Jefferies | Target | Target: — | Target: $28 |
| Jul 22, 2026 | Barclays | Reiterate | Rating: —Target: $30 | Target: $29 |
| Jul 9, 2026 | UBS | Reiterate | Rating: —Target: $33 | Target: $30 |
| Apr 21, 2026 | Barclays | Reiterate | Rating: —Target: $28 | Target: $30 |
| Apr 17, 2026 | BMO Capital | Target | Target: — | Target: $27 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $24.8M · Total debt $1.26B · Total assets $3.00B · Shareholders' equity $1.62B
- Revenue
- $78.4M
- Operating income
- $43.1M
- Net income
- $30.0M
HistoryDividendAnnual yieldUpcoming
| Institutions | 104.56% | 114.76M shares | |
|---|---|---|---|
| 352 holders · as of Jun 30, 2026 | |||
| Insiders | 1.31% | 1.44M shares | |
| 12 holders · as of Sep 16, 2026 | |||
| Adds to | 105.87% | ||
109.76M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 105.87%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 18.20% | 19.98M | as of Jun 30, 2026 |
FMR LLCInstitution | 6.48% | 7.11M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.47% | 7.10M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.73% | 6.28M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.48% | 4.92M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 5, 2026 | William H. Lenehan | director, officer: President and CEO | +3,961 | $25.23 |
| Mar 13, 2026 | Niccole Stewart | officer: Chief Accounting Officer | −2,427 | $25.97 |
| Mar 11, 2026 | William H. Lenehan | director, officer: President and CEO | +3,924 | $25.45 |
| Mar 6, 2026 | William H. Lenehan | director, officer: President and CEO | +7,865 | $25.49 |
| Feb 18, 2026 | William H. Lenehan | director, officer: President and CEO | +10,080 | $24.73 |
- Essential Properties Realty Trust
Service-retail sale-leaseback overlap in restaurants and car washes
- NNN REIT
Direct net-lease overlap in auto service, convenience, and restaurants
- Realty Income
Scale benchmark for net-lease retail, restaurants, and auto service
- Agree Realty
Retail net-lease capital rival with auto, convenience, and QSR exposure
- Getty Realty
Focused overlap in automotive retail, convenience, car wash, and QSR
- NETSTREIT
Defensive retail net-lease rival across QSR and convenience assets
- Alpine Income Property Trust
Smaller single-tenant net-lease peer with casual dining exposure
- Broadstone Net Lease
Diversified net-lease peer with retail and restaurant exposure
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Four Corners Property Trust | $22.09 | −1.56% | $2.46B | 20.2 | 19.9 | 8.0 | +7.7% |
| Essential Properties Realty Trust | $26.68 | −1.39% | $5.85B | 21.0 | 20.9 | 8.8 | +10.3% |
| NNN REIT | $41.18 | −1.02% | $7.91B | 20.4 | 19.6 | 8.3 | +7.2% |
| Realty Income | $55.53 | −1.78% | $52.71B | 41.3 | 34.4 | 8.9 | +1.1% |
| Agree Realty | $66.87 | −0.68% | $8.09B | 36.2 | 34.4 | 10.4 | +16.9% |
| Getty Realty | $29.04 | −1.39% | $1.82B | 17.7 | 21.0 | 7.8 | +11.9% |
| NETSTREIT | $18.14 | −0.96% | $1.78B | 131.0 | 51.3 | 8.2 | +19.8% |
| Alpine Income Property Trust | $17.02 | −1.82% | $286.4M | 89.6 | 26.3 | 4.1 | +34.6% |
| Broadstone Net Lease | $18.87 | −1.33% | $3.67B | 25.8 | 26.7 | 7.7 | +8.3% |
| Median | 31.0 | 26.5 | 8.3 | +11.1% |