Four Corners Property Trust, Inc.
Four Corners Property Trust, Inc. (NYSE: FCPT) operates as a real estate investment trust focused on acquiring, owning, and leasing restaurant and retail properties across the United States. The company conducts substantially all business through Four Corners Operating Partnership, LP, structured as an UPREIT that… From the company’s description.
Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.
What Four Corners Property Trust, Inc. does
In the company’s own words
Four Corners Property Trust, Inc. (NYSE: FCPT) operates as a real estate investment trust focused on acquiring, owning, and leasing restaurant and retail properties across the United States. The company conducts substantially all business through Four Corners Operating Partnership, LP, structured as an UPREIT that provides flexibility in acquiring properties through various transaction types including sale-leasebacks, portfolio acquisitions, and outparcel purchases.
As of December 31, 2025, FCPT's portfolio comprises 1,303 free-standing rental properties located in 48 states, representing approximately 8.8 million square feet of leasable space with 99.6% occupancy. The company's properties are leased primarily on a net lease basis, where tenants assume responsibility for operating expenses including utilities, property taxes, insurance, and maintenance. The portfolio features an average remaining lease term of 6.9 years and average annual rent escalations of 1.5% through 2030. Investment-grade tenants represent 53% of the portfolio by annualized base rent.
FCPT operates two reportable segments: real estate operations and restaurant operations. Real estate operations generate revenues through property leasing arrangements and represent the primary business focus. Restaurant operations, conducted through a taxable REIT subsidiary, comprise the Kerrow Restaurant Operating Business, which operates seven properties under franchise agreements with Darden Restaurants, Inc.
The company's tenant base includes 179 unique brands, with significant concentration in Darden-operated properties. Darden represents approximately 44.7% of annual cash base rent, with Olive Garden restaurants comprising 316 properties or 31.7% of total cash base rent. Brinker International accounts for 6.6% of annual cash base rent. Texas represents the largest geographic concentration at 10.0% of annual base rent, with no other individual state exceeding 10%.
FCPT was incorporated in Maryland in July 2015 as a wholly owned subsidiary of Darden Restaurants and became an independent publicly traded company following its separation from Darden in November 2015. The company maintains investment-grade credit ratings from Fitch Ratings (BBB) and Moody's Investor Service (Baa3). As of February 12, 2026, FCPT employed 496 individuals, with 451 employed at the Kerrow Restaurant Operating Business. The company's website is www.fcpt.com.
Company details
- Sector
- Real Estate
- Industry
- REITs
- Headquarters
- MILL VALLEY, CA
- Fiscal year end
- December
- CIK
- 1650132
- SIC
- 6798
Financial performance, year by year
Fiscal 2015–2025 · USDThe full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.
Who owns Four Corners Property Trust, Inc. — and what changed
Funds as of 2026Q2 · superinvestors as of 2026-06-30
Largest fund holders · Four Corners Property Trust, Inc.’s weight in each
Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.
Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.
Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.
Recent filings
All filings →Each filing opens into its own statements and disclosures here.
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