Four Corners Property Trust, In (FCPT) Stock Price & How to Invest
Last updated July 2026
Short answer
FCPT (Four Corners Property Trust) is a single-tenant net-lease REIT spun out of Darden in 2015, so investing in it is a bet on durable, monthly-paying rent from restaurant and essential-service properties rather than on price appreciation. It behaves like a bond-proxy income stock whose fate is tied to interest rates and to how fast it can diversify away from its heavy Darden (Olive Garden, LongHorn) concentration.
FCPT stock price
As of 2026-07-20, Four Corners Property Trust, In (FCPT) last closed at $26.49, up 0.5% over the past year. Over the past 52 weeks it has traded between $22.89 and $26.89.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Four Corners Property Trust, In's investor relations page. Walnut is informational, not investment advice.
What does Four Corners Property Trust, In (FCPT) do?
Four Corners Property Trust owns freestanding, single-tenant properties leased on long-term triple-net terms, meaning tenants pay taxes, insurance, and maintenance while FCPT collects contractually growing rent. It was created in 2015 when Darden Restaurants separated its owned real estate into a standalone REIT, giving FCPT an initial portfolio anchored by Olive Garden and LongHorn Steakhouse. As of Q1 2026 the portfolio spanned roughly 1,313 properties across 48 states at about 99.6% occupancy with a weighted-average remaining lease term near 6.7 years. Darden remains the largest tenant, with Olive Garden alone around 31.7% of cash base rent and total Darden leases generating roughly $118 million of annual rent.
The investment picture is a classic net-lease income story: predictable rent, a monthly dividend, modest but steady per-share FFO growth, and an acquisition engine that recycles capital into new properties at cash yields well above its cost of debt. Management has been deliberately diversifying beyond casual dining into auto service, medical retail (including a large Mission Pet Health veterinary deal), quick-service restaurants, and grocery, adding tenant brands to reduce Darden dependence. The stock trades more on interest-rate expectations and the acquisition pace than on any single quarter, so returns tend to come from the dividend plus low-single-digit growth rather than large capital gains.
What's driving Four Corners Property Trust, In (FCPT)?
1. Acquisition-driven external growth
FCPT funds most of its growth by buying net-lease properties at initial cash yields around 6.8% to 7% versus a lower cost of capital, creating positive investment spreads. In Q1 2026 it acquired ten properties for about $26 million at a 6.8% initial cash yield. Its small size relative to peers leaves a long runway to keep compounding FFO through disciplined deals.
2. Tenant and sector diversification
Management is steadily reducing Darden reliance by adding auto service, medical retail, quick-service restaurants, and grocery tenants. 2025 acquisitions skewed toward auto service (~37%) and medical retail (~24%), and a pending Mission Pet Health veterinary portfolio (up to ~$268 million) would make it a top-three brand and lift medical retail toward ~16% of rent. This broadening lowers concentration risk over time.
3. Durable, well-covered monthly dividend
FCPT pays a monthly dividend (annualized around $1.44 to $1.47 per share) that is comfortably covered by AFFO, which reached about $0.45 per diluted share in Q1 2026, up mid-single-digits year over year. The long-lease, high-occupancy structure gives income investors predictable cash flow with periodic rent escalators.
4. Conservative balance sheet
Leverage sat near 5.0x net debt to adjusted EBITDAre with roughly $380 million of liquidity as of March 2026, giving FCPT capacity to keep acquiring without stretching. A disciplined balance sheet is central to a net-lease REIT's ability to grow through cycles.
What are the risks to Four Corners Property Trust, In (FCPT)?
The dominant risk is tenant concentration: casual dining, led by Darden, still contributes more than half of rent, so a downturn in restaurant traffic or a Darden operational stumble would pressure FCPT's cash flows. As a REIT, its valuation is highly sensitive to interest rates, since higher rates raise its borrowing costs, compress acquisition spreads, and make its dividend yield less attractive versus bonds. External-growth dependence means FFO growth can slow sharply if capital markets tighten or cap rates move unfavorably. Diversification into new sectors like veterinary and auto service introduces underwriting risk on less-seasoned tenants. Finally, its relatively short 6.7-year average lease term means renewal and re-leasing risk is a recurring consideration.
How is Four Corners Property Trust, In (FCPT) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Four Corners Property Trust, In's investor relations page or your broker.
- Market cap: ~$2.8B
- Share price: ~$25
- Revenue (TTM): ~$300M
- Q1 2026 rental revenue: ~$70M (+10% YoY)
- AFFO / share (Q1 2026): ~$0.45
- Dividend yield: ~5.7%
- Net debt / EBITDAre: ~5.0x
FCPT trades around 14 times expected 2026 FFO per share, below its multi-year average multiple, which some observers view as reasonable given tenant concentration. Valuation is best judged on FFO and AFFO multiples and dividend coverage rather than GAAP earnings, as depreciation understates a REIT's cash flow. As with most net-lease REITs, the yield and rate environment drive the price more than any single quarter's beat.
Who competes with Four Corners Property Trust, In (FCPT)?
Restaurant and single-tenant net-lease REITs
Agree Realty (ADC), NNN REIT (NNN), and Getty Realty compete for the same freestanding retail and restaurant properties; larger diversified net-lease peers like Realty Income (O) and Broadstone Net Lease (BNL) set the benchmark for cost of capital and acquisition scale.
Broad net-lease and retail REITs
Spirit-style and Essential Properties Realty Trust (EPRT) target service-oriented, e-commerce-resistant tenants (auto, medical, QSR), overlapping directly with FCPT's diversification push and competing for deals at similar cap rates.
Income alternatives
For yield-seeking investors, FCPT competes against other high-dividend REITs, bonds, and dividend equities; its relative appeal rises or falls with interest rates and how its yield stacks up against safer fixed income.
How to invest in Four Corners Property Trust, In (FCPT)
There are three common ways to get FCPT exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so FCPT sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where FCPT fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
The bottom line on Four Corners Property Trust, In (FCPT)
FCPT is an income-oriented net-lease REIT whose appeal rests on a well-covered dividend and steady acquisition-driven growth, weighed against restaurant tenant concentration and rate sensitivity.
More on Four Corners Property Trust, In (FCPT)
Whether FCPT is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is FCPT a buy?, and where the stock could go from here in the FCPT stock forecast.
For income investors, whether FCPT pays a dividend and how the payout looks is covered in does FCPT pay a dividend?
Build a basket around FCPT with Walnut
Use Four Corners Property Trust, In as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Four Corners Property Trust do?
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FCPT is a real estate investment trust that owns freestanding, single-tenant properties leased on long-term triple-net terms, mostly to restaurant operators and increasingly to auto service, medical retail, and other essential-service tenants. Tenants pay taxes, insurance, and upkeep while FCPT collects contractual rent.
Why is FCPT so tied to Darden?
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FCPT was spun off from Darden Restaurants in 2015, inheriting a portfolio of Olive Garden and LongHorn Steakhouse sites. Darden remains its largest tenant, with Olive Garden alone around 31.7% of cash base rent, though management has been steadily adding other tenants to reduce that concentration.
Does FCPT pay a dividend?
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Yes. FCPT pays a dividend, and in 2025 it shifted to a monthly payout. The annualized dividend has been roughly $1.44 to $1.47 per share, translating to a yield near 5.7%, and it has generally been well covered by adjusted funds from operations (AFFO).
How does FCPT grow?
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It grows mainly by acquiring net-lease properties at initial cash yields around 6.8% to 7%, above its cost of capital, creating positive spreads. It also benefits from contractual rent escalators built into its leases. Growth therefore depends on continued access to reasonably priced capital.
What are the main risks with FCPT?
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The biggest risks are tenant concentration in casual dining (over half of rent, led by Darden), sensitivity to interest rates that affects both borrowing costs and valuation, dependence on acquisitions for growth, and re-leasing risk given a relatively short average lease term near 6.7 years.
How is FCPT diversifying its portfolio?
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FCPT is expanding beyond restaurants into auto service, medical retail, quick-service restaurants, and grocery. A pending Mission Pet Health veterinary deal (up to about $268 million) would become a top-three brand and lift medical retail exposure toward roughly 16% of cash rent.
How is FCPT valued?
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Net-lease REITs are typically valued on funds from operations (FFO) and AFFO multiples and dividend coverage rather than GAAP earnings. FCPT has traded around 14 times expected 2026 FFO per share, below its historical average, which some view as reasonable given its concentration profile.
Is FCPT a growth or income investment?
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It is primarily an income investment. Returns tend to come from a well-covered monthly dividend plus low-single-digit per-share FFO growth rather than large capital appreciation, and the stock trades largely on interest-rate expectations. Walnut is not an investment adviser, so treat this as descriptive context, not a recommendation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Four Corners Property Trust, In's investor relations page or your broker before making investment decisions.