Four Corners Property Trust Inc
fcpt.comFour Corners Property Trust (NYSE: FCPT) is a real estate investment trust that acquires and leases restaurant and retail properties across the United States. It makes money through net lease agreements, collecting rent from tenants who bear most property-level operating costs including taxes, insurance, and maintenance. FCPT was spun off from Darden Restaurants and retains a meaningful concentration of properties leased back to Darden-affiliated brands, while also diversifying its tenant base through acquisitions of non-Darden restaurant and retail properties. The REIT operates under an UPREIT structure, which allows property owners to contribute assets in exchange for operating partnership units on a tax-deferred basis. Based on the 10-K filed 2026-02-12 (accession 000119312526048898), the portfolio includes leases with Darden as well as franchise agreement arrangements. FCPT is a dividend-paying, debt-carrying REIT with capital structure typical of net lease peers.
Products & Services
Net lease real estate for restaurant and retail tenants; UPREIT structure for tax-deferred property contributions; leases with Darden Restaurants and franchise operators.
Revenue Model
Net lease rental income collected from restaurant and retail tenants; tenants pay property-level operating expenses, making revenue relatively predictable.
Customers & Markets
Restaurant operators including Darden Restaurants brands and franchisees; retail tenants; end markets are casual and quick-service dining and retail.
Geographic Exposure
United States
Financial Snapshot
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