Four Corners Property Trust, Inc. FCPT

Company Overview

Four Corners Property Trust, Inc. (FCPT) is a publicly traded real estate investment trust (REIT) that owns, acquires, and leases primarily net-leased commercial real estate. The company operates within the retail real estate and single-tenant net lease industries, focusing on properties leased to service-oriented and necessity-based businesses. FCPT’s revenue is generated almost entirely from long-term lease rental income, with tenants responsible for property-level expenses such as taxes, insurance, and maintenance under triple-net lease structures.

FCPT was formed in 2015 through a spin-off from Darden Restaurants, Inc., which transferred ownership of restaurant real estate assets into the newly created REIT. Since its formation, FCPT has evolved from a restaurant-focused landlord into a diversified net lease REIT, while still maintaining a strong concentration in restaurant properties. Its strategic advantage lies in long lease durations, contractual rent escalations, high occupancy rates, and a tenant base that includes nationally recognized operators with established operating histories.