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Four Corners Property
(NYSE:FCPT)
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Rating:68Neutral
Price Target:
$27.00
▲(5.26% Upside)
Action:Downgraded
Date:06/09/26
The score is driven primarily by solid financial performance (high profitability and steady expansion, with leverage improving but debt still meaningful) and a constructive earnings call (strong operating metrics and liquidity with contained risks). These positives are tempered by only moderate valuation support and neutral-to-soft technical momentum.
Positive Factors
High Occupancy & Rent Collection
Near-perfect occupancy and rent collection drive highly predictable cash flows for a net-lease REIT. Persistent low vacancy reduces leasing downtime and capitalized leasing costs, supporting AFFO stability, dividend coverage and long-term resilience through economic cycles.
Negative Factors
Elevated Absolute Debt Load
Despite improving leverage metrics, a high absolute debt burden increases exposure to adverse rate moves or tighter credit markets. Elevated debt can constrain strategic flexibility, amplify refinancing risk at maturity, and pressure returns should property yields compress.
Read all positive and negative factors
Positive Factors
Negative Factors
High Occupancy & Rent Collection
Near-perfect occupancy and rent collection drive highly predictable cash flows for a net-lease REIT. Persistent low vacancy reduces leasing downtime and capitalized leasing costs, supporting AFFO stability, dividend coverage and long-term resilience through economic cycles.
Read all positive factors
Four Corners Property Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is split across the company’s business lines—typically rental income from leased properties versus other property-related revenue. Reveals which segments drive growth, whether income is concentrated in a few tenants or property types, and where future cash-flow risk or upside may come from rent escalations, renewals, or new lease activity.
Shows how revenue is split across the company’s business lines—typically rental income from leased properties versus other property-related revenue. Reveals which segments drive growth, whether income is concentrated in a few tenants or property types, and where future cash-flow risk or upside may come from rent escalations, renewals, or new lease activity.
Data provided by:
The Fly
The FlyFour Corners Property (FCPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.81B
Dividend Yield6.1%
Average Volume (3M)815.99K
Price to Earnings (P/E)22.6
Beta (1Y)0.25
Revenue Growth10.16%
EPS Growth3.37%
CountryUS
Employees536
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.12
Shares Outstanding109,749,200
10 Day Avg. Volume919,216
30 Day Avg. Volume815,985
Financial Highlights & Ratios
PEG Ratio11.32
Price to Book (P/B)1.45
Price to Sales (P/S)8.05
P/FCF Ratio12.32
Enterprise Value/Market Cap1.38
Enterprise Value/Revenue12.84
Enterprise Value/Gross Profit13.11
Enterprise Value/Ebitda16.69
Forecast
1Y Price Target
$28.00Price Target Upside9.16% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)1.17
Revenue Forecast (FY)$320.68M
Four Corners Property Business Overview & Revenue Model
Company Description
Four Corners Property Trust (FCPT), a real estate investment trust based in Mill Valley, California, specializes in acquiring and leasing properties primarily for restaurant operations. The company's strategy involves expanding its portfolio throu...
How the Company Makes Money
FCPT makes money primarily by leasing its properties to tenants and collecting contractual rent. Its core revenue stream is rental income generated from long-term, single-tenant net leases (often structured so that the tenant is responsible for pr...
Four Corners Property Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed generally positive momentum: steady AFFO/net flow growth, strong rent collection and occupancy, continued disciplined acquisitions (albeit seasonally light in Q1), strengthened liquidity (new $200M term loan) and conservative leverage/coverage metrics. Portfolio quality and tenant performance are highlighted as durable strengths, with ongoing efforts to diversify into new subsectors. The primary negatives are limited: modestly lower Q1 deal volume versus early-2025, seller pricing friction in new sectors, and transactional/transition uncertainty around 10 Bahama Breeze locations. On balance, the positive operational and balance-sheet metrics materially outweigh the contained risks.Positive Updates
AFFO and Net Flow Growth
AFFO per share grew 3.4% year-over-year; net flow per share was $0.45, representing 3.4% growth versus the prior year.
Negative Updates
Q1 Acquisition Volume Modestly Lower than Early 2025
Q1 acquisitions of $26 million were marginally lower versus the start of 2025; management notes Q1 is seasonally lighter and expects a typical ramp in Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
AFFO and Net Flow Growth
AFFO per share grew 3.4% year-over-year; net flow per share was $0.45, representing 3.4% growth versus the prior year.
Read all positive updates
Company Guidance
The company reiterated 2026 cash G&A guidance of $19.2–$19.7 million (Q1 cash G&A was $4.9 million, 7.0% of cash rental income vs 7.7% a year ago), and highlighted capital and liquidity metrics including a new $200 million seven‑year term loan (all‑in ~4.9%, margin 125 bps over SOFR; $50 million funded in April with the balance to be drawn in Q2–Q3), a fully available $350 million revolver, and $640 million of existing term debt fully hedged at a blended SOFR of 3.1% (≈4.0% all‑in) through Nov‑2027; leverage was 5.0x net debt/adjusted EBITDAre at quarter end (estimated run‑rate 5.4x after investing proceeds) with fixed charge coverage of 4.8x and no material maturities until December ($50 million private notes). Operationally they reaffirmed portfolio strength: occupancy 99.6%, 99.7% of base rent collected in Q1, cash rental income $70 million (+10% YoY), annualized cash‑based rent $266 million, weighted five‑year annual cash rent escalator 1.5%, AFFO per share +3.4% YoY (net flow per share $0.45, +3.4%). On investing/leasing activity they noted Q1 acquisitions of $26 million for 10 properties at a 6.8% blended cash cap (7.3% GAAP cap) with $2.6 million average basis (46% restaurant / 28% auto service / 26% medical retail), 27 of 42 2026 expirations extended with recapture ~+6% rent (remaining expirations now ~1% of ABR), and a small Bahama Breeze exposure (10 stores = 1.3% of ABR; four stores = 50 bps ABR) with Darden obligated to pay rent for 1.5–4 years while backfill negotiations proceed.Four Corners Property Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 300.82M | 294.13M | 268.07M | 250.61M | 223.19M | 199.38M |
| Gross Profit | 294.71M | 280.57M | 227.47M | 210.35M | 187.38M | 169.78M |
| EBITDA | 231.45M | 225.09M | 204.65M | 190.93M | 176.02M | 152.16M |
| Net Income | 116.54M | 112.36M | 100.47M | 95.34M | 97.77M | 85.58M |
Balance Sheet | ||||||
| Total Assets | 2.95B | 2.92B | 2.65B | 2.45B | 2.20B | 1.90B |
| Cash, Cash Equivalents and Short-Term Investments | 29.65M | 12.14M | 4.08M | 16.32M | 26.30M | 6.30M |
| Total Debt | 1.21B | 1.21B | 1.14B | 1.12B | 1.00B | 885.15M |
| Total Liabilities | 1.29B | 1.29B | 1.20B | 1.19B | 1.06B | 939.09M |
| Stockholders Equity | 1.66B | 1.63B | 1.45B | 1.26B | 1.14B | 961.67M |
Cash Flow | ||||||
| Free Cash Flow | 187.89M | 192.28M | 144.10M | 165.10M | 142.00M | 122.42M |
| Operating Cash Flow | 187.89M | 192.28M | 144.10M | 165.10M | 142.00M | 122.42M |
| Investing Cash Flow | -294.43M | -325.25M | -272.92M | -312.79M | -270.90M | -264.92M |
| Financing Cash Flow | 113.93M | 141.03M | 108.11M | 146.18M | 148.90M | 137.74M |
Four Corners Property Technical Analysis
Positive
25.65
Price Trends
24.98
Positive
24.80
Positive
24.09
Positive
Market Momentum
0.07
Negative
59.60
Neutral
83.80
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 24.74, above the 50-day MA of 24.98, and above the 200-day MA of 24.09, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 59.60 is Neutral, neither overbought nor oversold. The STOCH value of 83.80 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 | $1.98B | 21.49 | 8.76% | 6.77% | 8.23% | 24.98% | |
76 Outperform | $2.82B | 25.49 | 6.10% | 3.26% | 9.91% | 518.94% | |
72 Outperform | $1.95B | 19.14 | 11.26% | 3.97% | 5.91% | 59.55% | |
69 Neutral | $2.97B | 69.79 | 2.03% | 3.83% | 9.83% | 80.92% | |
68 Neutral | $2.81B | 22.64 | 7.39% | 6.10% | 10.16% | 3.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $1.88B | 168.34 | 0.78% | 4.61% | 20.51% | ― |
* Real Estate Sector Average
FCPT
Four Corners Property
25.36
-0.59
-2.28%
GTY
Getty Realty
33.64
7.38
28.11%
WSR
Whitestone REIT
18.96
6.84
56.45%
AKR
Acadia Realty
21.44
3.38
18.69%
IVT
InvenTrust Properties
36.25
9.56
35.82%
NTST
NETSTREIT
21.39
5.10
31.29%
Four Corners Property Corporate Events
Executive/Board ChangesShareholder Meetings
Four Corners Property Shareholders Reaffirm Board and Governance
Positive
Jun 8, 2026
On June 4, 2026, Four Corners Property held its annual meeting of stockholders, at which investors re-elected eight directors, including President and CEO William H. Lenehan, to one-year terms expiring in 2027, with strong support reflected in sub...
Business Operations and StrategyM&A Transactions
Four Corners Property Trust Expands Into Veterinary Real Estate
Positive
Jun 1, 2026
On May 29, 2026, Four Corners Property Trust announced it had signed a definitive agreement to acquire up to 102 veterinary properties operated by Mission Pet Health from Shore Capital Real Estate Partners Fund I for up to $268 million. The portfo...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Four Corners Property Trust Delivers Strong Q1 2026 Results
Positive
Apr 29, 2026
Four Corners Property Trust reported strong first-quarter 2026 results on April 29, 2026, with rental revenue up 10% year over year to $69.8 million, net income attributable to common shareholders rising to $30.3 million, and NAREIT FFO and AFFO p...
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...
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.