Four Corners Property Trust (FCPT)
NYSE:FCPT
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Four Corners Property
(NYSE:FCPT)
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Rating:72Outperform
Price Target:
$26.00
▲(1.36% Upside)
Action:ReiteratedDate:04/08/26
The score is driven primarily by solid financial performance and a positive earnings outlook supported by very high occupancy/collections, steady AFFO growth, and conservative leverage/liquidity. Valuation is helped by the strong dividend yield, but near-term technicals are notably weak (below key moving averages with negative MACD and low RSI), tempering the overall rating.
Positive Factors
Portfolio quality & collections
Near‑perfect occupancy and rent collections underpin durable cash flows for a NNN-focused REIT. High collections and long WALE reduce vacancy and cash‑flow volatility, supporting predictable dividend coverage, maintenance of capex reserves, and stable underwriting for acquisitions over the medium term.
Negative Factors
Tenant concentration
More than half of base rent concentrated in a small group of casual‑dining brands increases idiosyncratic risk: brand exits, category downturns, or operational issues at a major tenant could materially hit cash flow and re‑leasing risk, constraining portfolio resiliency during stress cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Portfolio quality & collections
Near‑perfect occupancy and rent collections underpin durable cash flows for a NNN-focused REIT. High collections and long WALE reduce vacancy and cash‑flow volatility, supporting predictable dividend coverage, maintenance of capex reserves, and stable underwriting for acquisitions over the medium term.
Read all positive factors
Four Corners Property (FCPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.79B
Dividend Yield6.1%
Average Volume (3M)740.67K
Price to Earnings (P/E)21.1
Beta (1Y)0.29
Revenue Growth9.72%
EPS Growth1.98%
CountryUS
Employees536
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.28
Shares Outstanding109,749,200
10 Day Avg. Volume900,962
30 Day Avg. Volume740,670
Financial Highlights & Ratios
PEG Ratio11.28
Price to Book (P/B)1.45
Price to Sales (P/S)8.05
P/FCF Ratio12.32
Enterprise Value/Market Cap1.43
Enterprise Value/Revenue13.60
Enterprise Value/Gross Profit14.26
Enterprise Value/Ebitda17.77
Forecast
1Y Price Target
$28.17Price Target Upside9.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.19
Revenue Forecast (FY)$300.08M
Four Corners Property Business Overview & Revenue Model
Company Description
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net bas...
How the Company Makes Money
FCPT makes money primarily by collecting rental income from tenants under long-term net leases, most commonly structured as triple-net (NNN) leases. Under NNN leases, tenants are generally responsible for property-level operating costs such as rea...
Four Corners Property Key Performance Indicators (KPIs)
Four Corners Property Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial strengths: accelerated, granular acquisition activity (+20% YoY), strong portfolio metrics (99.6% occupancy, 99.8% collections for the year, rent coverage ~5.1x), modest AFFO growth (+2.9% YoY), and a conservative/liquid balance sheet (net leverage ~4.9–5.1x, ~98% fixed debt, ~4% blended interest). Management also highlighted measured diversification into grocery and equipment rental. Primary risks discussed were tenant concentration (over 51% of rent tied to a few Darden/Brinker brands), a small exposure to Darden's Bahama Breeze conversions (~1.3% of ABR), a public valuation gap versus private comps, and a minor Q4 cap-rate uptick. Overall, positives around portfolio quality, liquidity, disciplined underwriting, and growth pipeline materially outweigh the limited and addressable negative items.Positive Updates
Strong Acquisition Activity and Scale
Completed $318,000,000 of net lease acquisitions in 2025 (105 properties) at a 6.8% blended cap rate; Q4 acquisitions totaled $95,000,000 (~7% blended cap rate). Acquisition volume increased ~20% versus 2024, across 53 unique transactions, with an average basis of ~$3,000,000 per property.
Negative Updates
Tenant Concentration Risk
A large portion of rent is concentrated in a few major casual-dining tenants (Olive Garden, Longhorn, Chili's) which together represent over 51% of portfolio rent on a combined basis, creating material tenant concentration exposure despite strong tenant performance.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Acquisition Activity and Scale
Completed $318,000,000 of net lease acquisitions in 2025 (105 properties) at a 6.8% blended cap rate; Q4 acquisitions totaled $95,000,000 (~7% blended cap rate). Acquisition volume increased ~20% versus 2024, across 53 unique transactions, with an average basis of ~$3,000,000 per property.
Read all positive updates
Company Guidance
Management guided 2026 cash generation of $19.2M–$19.7M, reminded investors Q4 AFFO was $0.45 and full‑year 2025 AFFO $1.78 (up 2.9% YoY), and highlighted a conservative balance sheet with net debt/adjusted EBITDAre at 4.9x (5.1x excl. forward equity), six consecutive quarters below 5.5x and well inside the 5–6x target, a fully available $350M revolver, and >$220M of additional liquidity before hitting 5.0x; they noted no material maturities until Dec‑2026 aside from $50M of private notes. Management said 98% of the debt stack is fixed (95% of floating fixed through Nov‑2027 at ~3%), blended cash interest ~4%, five‑year term loans pricing ~95 bps over SOFR (~4.6% all‑in), and fixed‑charge coverage ~4.8x. Operating metrics and portfolio health underpinning the outlook include 99.6% occupancy, base rent collection of 99.5% in Q4 (99.8% for the year), annualized base rent in place of $264.2M, a weighted five‑year cash rent escalator of 1.5%, cash G&A $18.0M (6.9% of cash rental income vs 7.1% prior year), and recent 2025 investment activity of $318M at a 6.8% blended cap rate (Q4 $95M at ~7.0%), supporting continued accretive acquisitions given current funding costs.Four Corners Property Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
75
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 294.13M | 268.07M | 250.61M | 223.19M | 199.38M |
| Gross Profit | 280.57M | 227.47M | 210.35M | 187.38M | 169.78M |
| EBITDA | 225.09M | 204.65M | 190.93M | 176.02M | 152.16M |
| Net Income | 112.36M | 100.47M | 95.34M | 97.77M | 85.58M |
Balance Sheet | |||||
| Total Assets | 2.92B | 2.65B | 2.45B | 2.20B | 1.90B |
| Cash, Cash Equivalents and Short-Term Investments | 12.14M | 4.08M | 16.32M | 26.30M | 6.30M |
| Total Debt | 1.21B | 1.14B | 1.12B | 1.00B | 885.15M |
| Total Liabilities | 1.29B | 1.20B | 1.19B | 1.06B | 939.09M |
| Stockholders Equity | 1.63B | 1.45B | 1.26B | 1.14B | 961.67M |
Cash Flow | |||||
| Free Cash Flow | 192.28M | 144.10M | 165.10M | 142.00M | 122.42M |
| Operating Cash Flow | 192.28M | 144.10M | 165.10M | 142.00M | 122.42M |
| Investing Cash Flow | -325.25M | -272.92M | -312.79M | -270.90M | -264.92M |
| Financing Cash Flow | 141.03M | 108.11M | 146.18M | 148.90M | 137.74M |
Four Corners Property Technical Analysis
Positive
25.65
Price Trends
24.67
Positive
23.96
Positive
24.07
Positive
Market Momentum
0.21
Negative
66.57
Neutral
88.97
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCPT, the sentiment is Positive. The current price of 25.65 is above the 20-day moving average (MA) of 24.20, above the 50-day MA of 24.67, and above the 200-day MA of 24.07, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 66.57 is Neutral, neither overbought nor oversold. The STOCH value of 88.97 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCPT.
Four Corners Property Risk Analysis
Four Corners Property disclosed 2 risk factors in its most recent earnings report. Four Corners Property reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Four Corners Property Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.02B | 17.87 | 8.76% | 6.77% | 8.23% | 24.98% | |
75 Outperform | $2.53B | 19.65 | 6.22% | 3.26% | 9.40% | 681.28% | |
72 Outperform | $2.79B | 21.07 | 7.40% | 6.10% | 9.72% | 1.98% | |
70 Outperform | $1.95B | 14.09 | 11.37% | 3.97% | 4.00% | 33.58% | |
67 Neutral | $2.01B | 79.09 | 0.78% | 4.61% | 20.51% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $2.79B | 198.19 | 0.75% | 3.83% | 14.20% | -48.97% |
* Real Estate Sector Average
FCPT
Four Corners Property
25.52
-0.73
-2.80%
GTY
Getty Realty
33.14
7.04
26.95%
WSR
Whitestone REIT
18.92
6.31
50.04%
AKR
Acadia Realty
21.20
2.45
13.04%
IVT
InvenTrust Properties
32.64
5.61
20.75%
NTST
NETSTREIT
20.61
5.40
35.53%
Four Corners Property Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Four Corners Property Trust Secures New Term Loan Facility
Positive
Apr 7, 2026
On April 6, 2026, Four Corners Property Trust entered into a new $200 million senior unsecured delayed draw term loan facility led by The Huntington National Bank, with a seven-year tenor maturing April 6, 2033, of which $50 million was funded at ...
Business Operations and StrategyExecutive/Board Changes
Four Corners Property Trust Adds Veteran Finance Leader
Positive
Apr 1, 2026
On April 1, 2026, Four Corners Property Trust appointed veteran real estate finance executive Michael Friedland to its Board of Directors, with his term running until the 2026 annual meeting of stockholders. Friedland, a former Vice Chair of Globa...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Four Corners Property Trust Posts Strong Q4 2025 Results
Positive
Feb 11, 2026
Four Corners Property Trust reported solid financial and operating performance for the fourth quarter and full year 2025, highlighted by 11.6% year-over-year growth in quarterly rental revenue to $67.8 million and an increase in net income attribu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.