Four Corners Property Trust, In (FCPT) Stock Price & How to Invest

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. On October 14, 2026 FCPT announced that Darden had extended all 66 Olive Garden and LongHorn leases set to expire in October 2027 by about five years, keeping the 1.5% annual rent escalators and with no landlord concessions; the agreement also gives early extension options on six leases expiring in 2028.

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. Trailing-twelve-month revenue is about $306 million, up roughly 8% year over year in the latest quarter, with net income near $119 million. Management has been deliberately diversifying beyond casual dining into auto service, medical retail (including a large Mission Pet Health veterinary deal announced earlier in 2026), quick-service restaurants, and grocery, adding tenant brands to reduce Darden dependence; small auto-service sale-leasebacks and restaurant purchases continued through September and October 2026. 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.

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; the stock has fallen about 17% in three months and 10% over one year. External-growth dependence means FFO growth can slow sharply if capital markets tighten or cap rates move unfavorably, and analysts expect GAAP EPS to be roughly flat to slightly lower in 2027. 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, though the 2027 Darden maturities are now resolved.

9 analysts publish price targets on FCPT, averaging $27.78 against a $21.99 price as of October 2026, or +26.3%. The published targets run from $26.00 to $30.00, a narrow spread, and the ratings split 4 buy, 5 hold, 0 sell. Over the last six months there have been 3 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full FCPT forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Four Corners Property Trust, In. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. 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. The most optimistic published target, $30.00, assumes this works close to its best case.

The case against. 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. The most pessimistic target, $26.00, is roughly what FCPT is worth if this bites instead.

Read the full bull and bear case on FCPT, including what would have to change to break either one. Walnut is not an investment adviser.

No. Four Corners Property Trust, In (FCPT) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

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 / price: ~$2.4B (~$21.89, October 16, 2026)
• Revenue (TTM): ~$306M (latest quarter up ~7.7% YoY)
• Q2 2026 revenue: ~$78M
• Net income (TTM): ~$119M
• GAAP EPS (Q2 2026 vs estimate): ~$0.27 vs ~$0.28
• Dividend yield: ~7.0% (~$1.52 annualized)
• P/E (trailing GAAP): ~20x

FCPT trades near 20 times trailing GAAP earnings, but valuation is best judged on FFO and AFFO multiples and dividend coverage rather than GAAP earnings, as depreciation understates a REIT's cash flow (GAAP payout looks above 100% for that reason). The yield has risen to about 7% as the price fell toward its 52-week low of about $20.86, while the average analyst target is near $27.78. Q3 2026 results are due October 28, with consensus revenue near $84 million.

Other names that sit close to FCPT: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

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 portfolio, so FCPT sits alongside other stocks that express the same thesis.

Walnut takes the portfolio 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.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

FCPT is an income-oriented net-lease REIT whose appeal rests on a monthly dividend and steady acquisition-driven growth, weighed against restaurant tenant concentration and rate sensitivity. In October 2026 Darden extended 100% of the 66 Olive Garden and LongHorn leases expiring in 2027 by about five years with no rent concessions, which eases the biggest near-term renewal question, yet the stock has fallen about 17% over three months to near its 52-week low.

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 or a sell?, 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? And to weigh FCPT against a peer, read the full side-by-side comparisons: FCPT vs ADC and FCPT vs NNN.