Four Corners Property Trust, Inc. (NYSE: FCPT) is a specialized real estate investment trust (REIT) focused on acquiring and leasing freestanding restaurant and retail properties across the United States. The company was formed in 2015 as a spin-off from Darden Restaurants, initially inheriting a large portfolio of Olive Garden, LongHorn Steakhouse, and Bahama Breeze locations. FCPT operates primarily through triple-net leases, where the tenant is responsible for most property-level expenses including taxes, insurance, and maintenance, thereby providing the company with a highly predictable and stable cash flow.
While Darden Restaurants remains its largest tenant, FCPT has actively diversified its portfolio to reduce concentration risk. The company has expanded into other casual dining and quick-service restaurant brands, as well as non-restaurant retail sectors such as automotive service and medical retail. FCPT generates the vast majority of its revenue from rental income derived from its real estate operations segment. The company also maintains a small restaurant operations segment through a taxable REIT subsidiary (Kerrow Restaurant Operating Business). With a portfolio of over 500 properties spread across more than 40 states, FCPT maintains high occupancy rates and focuses on properties with strong rent coverage and investment-grade or highly creditworthy tenants.
