Four Corners Property Trust Inc

Four Corners Property Trust (FCPT) is a real estate investment trust primarily engaged in the ownership, acquisition, and leasing of restaurant, auto service, and medical retail properties under long-term, triple-net lease structures. Originally spun off from Darden Restaurants in 2015, FCPT has diversified its portfolio to over 1,300 properties across 48 states leased to approximately 182 brands, with Darden now representing roughly 41% of annualized base rent (down from 100% at inception). The company focuses on small-box, fungible retail real estate with low investment basis per property, targeting credit-worthy tenants in e-commerce and recession-resistant service sectors. FCPT's tenant base includes national casual dining chains (Olive Garden, LongHorn Steakhouse), quick service restaurants, auto service brands (Christian Brothers Automotive), and medical retail operators including the recently acquired Mission Pet Health veterinary portfolio. The company maintains an investment-grade credit profile rated BBB by Fitch and Baa3 by Moody's, with 100% unencumbered assets and a conservative leverage target of 5.0x–6.0x net debt to adjusted EBITDAre. Approximately 51% of its annualized base rent comes from investment-grade-rated tenants, with portfolio-wide EBITDAR rent coverage of 5.2x. Updated Jul 29, 2026