Four 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.

Revenue model

Net lease rental income collected from restaurant and retail tenants; tenants pay property-level operating expenses, making revenue relatively predictable.

Products and services

Net lease real estate for restaurant and retail tenants; UPREIT structure for tax-deferred property contributions; leases with Darden Restaurants and franchise operators.

Customers and end markets

Restaurant operators including Darden Restaurants brands and franchisees; retail tenants; end markets are casual and quick-service dining and retail.

Value-chain role

Property owner and landlord; capital provider to restaurant and retail operators via sale-leaseback and acquisition transactions.

Geographic exposure

United States

Source: SEC 10-K, filed 2026-02-12

Industry: Real Estate Investment Trusts Peers: American Tower Corp OUTFRONT Media Inc Uniti Group LLC EPR Properties Farmland Partners Inc Rayonier Inc National Storage Affiliates Trust POTLATCHDELTIC CORP Safehold Inc. /MD