olivLaw · US equity research
Four Corners Property Trust, Inc. FCPT
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Four Corners Property Trust is a REIT that owns and leases restaurant and retail properties across the United States on net lease terms. The company is expanding its portfolio to reduce its reliance on Darden, with total investment in fiscal 2025 of 325.5 million USD, and 1336 properties at 30 June 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Four Corners Property Trust, Inc. (FCPT) stock was 23.69 USD (+2.33% on the day), with market capitalisation 2.6 bn USD, P/E 21.8 on diluted EPS of 1.09 USD over the last 12 months, dividend yield 6.19%, beta 0.14, 52-week range 21.03–26.49 USD. Latest reported quarter (Q3 2026): revenue of 83.7 m USD (+12.9% YoY), net income of 28.8 m USD (+0.0% YoY), diluted EPS 0.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.4
- strong (55–70)
- Bollinger (20, 2)
- 20.70 – 23.39
- above the upper band · %B 1.11 · band width 12.2%
- SMA 50 / 200
- 22.76 / 24.46
- mixed trend
- MACD (12, 26, 9)
- 0.18 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.6% | −1.1% | +12.7 pp | — |
| 3 months | −6.3% | −0.5% | −5.8 pp | — |
| 6 months | −6.8% | +4.4% | −11.2 pp | — |
| Year to date | +2.7% | +12.3% | −9.6 pp | — |
| 1 year | −0.6% | +13.5% | −14.1 pp | +3.2% |
| 3 years | +6.1% | +76.4% | −70.3 pp | +13.6% |
| 5 years | −19.9% | +63.7% | −83.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 68.3 m | 71.5 m | 72.8 m | 74.1 m | 75.7 m | 78.2 m | 78.4 m | 83.7 m |
| Depreciation & amortisation | 14.1 m | 14.4 m | 14.6 m | 15.1 m | 15.5 m | 16.2 m | 16.6 m | 18.6 m |
| Interest expense | 12.3 m | 12.7 m | 13.1 m | 13.0 m | 13.1 m | 13.1 m | 13.8 m | 17.4 m |
| Income tax | 105.0 k | 63.0 k | 112.0 k | 30.0 k | 98.0 k | 98.0 k | 67.0 k | 454.0 k |
| Net income | 26.2 m | 26.2 m | 27.9 m | 28.8 m | 29.4 m | 30.3 m | 30.0 m | 28.8 m |
| Diluted EPS | 0.27 ≈ | 0.26 | 0.28 | 0.28 | 0.28 ≈ | 0.28 | 0.27 | 0.26 |
| Operating cash flow | 33.4 m | 51.6 m | 43.8 m ≈ | 48.9 m ≈ | 48.0 m | 47.2 m | 50.7 m ≈ | 61.1 m ≈ |
| Dividends paid | 33.2 m | 35.4 m | 35.4 m ≈ | 36.2 m ≈ | 37.0 m | 39.6 m | 40.1 m ≈ | 66.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 38 percentile of its own 40-quarter history (min 7.7, median 22.7, max 27.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 143.6 m | 160.2 m | 170.9 m | 199.4 m | 223.2 m | 250.6 m | 268.1 m | 294.1 m |
| Revenue YoY | +7.8% | +11.6% | +6.7% | +16.6% | +11.9% | +12.3% | +7.0% | +9.7% |
| Net income | 82.4 m | 72.6 m | 77.3 m | 85.6 m | 97.8 m | 95.3 m | 100.5 m | 112.4 m |
| Net income YoY | +15.4% | −11.9% | +6.5% | +10.7% | +14.2% | −2.5% | +5.4% | +11.8% |
| Diluted EPS | 1.28 | 1.06 | 1.08 | 1.11 | 1.20 | 1.07 | 1.07 | 1.09 |
| Diluted EPS YoY | +8.5% | −17.2% | +1.9% | +2.8% | +8.1% | −10.8% | 0.0% | +1.9% |
| net % | 57.4% | 45.3% | 45.2% | 42.9% | 43.8% | 38.0% | 37.5% | 38.2% |
| Free cash flow | -187.4 m | -100.5 m | -139.1 m | -146.0 m | -154.3 m | unavailable | unavailable | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 12.1 m USD
- Financial debt
- 1.2 bn USD
- Net debt
- 1.2 bn USD
- Equity
- 1.6 bn USD
- Total assets
- 2.9 bn USD
- Debt / equity
- 0.74x
- Current ratio
- unavailable
- ROE
- 7.3%
- ROA
- 4.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 170.9 m | 199.4 m | 223.2 m | 250.6 m | 268.1 m | 294.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 29.4 m | 34.8 m | 41.5 m | 50.7 m | 54.5 m | 59.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Interest expense | 29.2 m | 32.6 m | 36.4 m | 44.6 m | 49.2 m | 51.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 247.0 k | -534.0 k | 237.0 k | 130.0 k | 308.0 k | 303.0 k | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 77.3 m | 85.6 m | 97.8 m | 95.3 m | 100.5 m | 112.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 1.08 | 1.11 | 1.20 | 1.07 | 1.07 | 1.09 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 71.6 m | 76.8 m | 81.8 m | 88.7 m | 94.1 m | 102.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 1.23 | 1.29 | 1.34 | 1.37 | 1.39 | 1.43 | SEC (XBRL)· 12 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 11.1 m | 6.3 m | 26.3 m | 16.3 m | 4.1 m | 12.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 183.0 k | 252.0 k | 274.0 k | 238.0 k | 221.0 k | 246.0 k | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 96.3 m | 104.3 m | 106.2 m | 118.0 m | 123.6 m | 129.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 1.7 bn | 1.9 bn | 2.2 bn | 2.5 bn | 2.7 bn | 2.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | — | — | — | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 823.7 m | 939.1 m | 1.1 bn | 1.2 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 844.5 m | 963.9 m | 1.1 bn | 1.3 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 91.5 m | 122.4 m | 142.0 m | 165.1 m | 144.1 m | 192.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 230.5 m | 268.4 m | 296.3 m | — | — | — | SEC (XBRL)· 17 Feb 2023verified |
| Free cash flow | -139.1 m ≈ | -146.0 m ≈ | -154.3 m ≈ | — | — | — | SEC (XBRL)· 17 Feb 2023derived |
| Investing cash flow | -229.1 m | -264.9 m | -270.9 m | -312.8 m | -272.9 m | -325.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | 143.6 m | 137.7 m | 148.9 m | 146.2 m | 108.1 m | 141.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 86.3 m | 96.9 m | 107.5 m | 119.7 m | 128.1 m | 144.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 63 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth96
- Valuation59
- Quality54
- Returns56
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.88 – 41.39 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)18.81 – 25.30 (Mid 21.58)
- Peers: P/B14.88 – 41.39 (Mid 23.86)32 companies used · median multiple 1.6x · quartiles 1.0x – 2.8xABR, ACRE, ADC, APLE, ARI, ARR, BRX, CDP, CMCT, CUBE, DLR, EPR, EPRT, ESS, EXR, FSP, HST, IHT, ILPT, KIM, LINE, LTC, O, OLP, PINE, PLD, PSA, RYN, VICI, VMRK, VTR, WELL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 63/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 7.5% | 54 (vs peers) | 10% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.6% | 96 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | 1.6x | 53 (vs peers) | 31% |
| P/E (TTM) · Valuation | 21.8x | 73 (vs peers) | 14% |
| Dividend yield · Returns | 6.2% | 72 (vs peers) | 24% |
| Payout ratio (EPS) · Returns | 134.9% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/2 factors with a value
- Growth96/100 · 1/1 factors with a value
- Quality· partial54/100 · 1/2 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation59/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Four Corners Property Trust, Inc. (FCPT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 294.1 m USD in 2025; YoY growth 9.7%; net margin 37.5%; ROE 7.5%.
The estimated value range is 16.84–33.35 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 22.72 USD, the price of 23.69 USD leaves a potential of -4.1% (value / price − 1) and a margin of safety of -4.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 63/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.6%
- P/E (TTM): 21.8x
- Dividend yield: 6.2%
What contradicts it
- Payout ratio (EPS): 134.9%
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 181.9 bn | 106.2 | 4.0% | 12.7% | +35.6% | +19% / +178% |
| PLDPrologis, Inc. | 122.5 bn | 33.1 | 7.1% | 42.5% | +7.2% | +2% / +14% |
| EQIXEquinix Inc | 104.3 bn | 63.3 | 11.5% | 16.4% | +5.4% | +40% / +29% |
| AMTAmerican Tower Corporation | 90.4 bn | 27.3 | 90.6% | 30.7% | +5.1% | +7% / −7% |
| DLRDigital Realty Trust, Inc. | 65.0 bn | 48.3 | 6.2% | 21.7% | +10.0% | +15% / +33% |
| PSAPublic Storage | 64.0 bn | 34.9 | 16.0% | 37.8% | +2.7% | +25% / +32% |
| ORealty Income Corporation | 56.3 bn | 40.8 | 3.6% | 22.9% | +9.1% | +3% / +10% |
| VTRVentas, Inc. | 47.2 bn | 167.8 | 1.9% | 4.0% | +18.5% | +11% / +95% |
| CCICrown Castle Inc. | 39.2 bn | 48.6 | — | 20.1% | −4.4% | +1% / −21% |
| IRMIron Mountain Inc | 35.3 bn | 84.0 | — | 5.7% | +12.2% | +37% / +85% |
| EXRExtra Space Storage Inc. | 33.6 bn | 32.7 | 7.9% | 29.9% | +3.7% | +21% / +24% |
| VICIVICI Properties Inc. | 27.8 bn | 11.6 | 8.3% | 56.5% | +4.1% | −12% / −16% |
| VMRKVivmark Residential | 23.9 bn | 27.9 | 8.1% | — | +4.8% | +3% / +12% |
| SBACSba Communications Corporation | 20.7 bn | 21.1 | — | 34.5% | +5.1% | +1% / −21% |
| HSTHost Hotels & Resorts, Inc. | 17.9 bn | 17.5 | 15.8% | 16.5% | +7.6% | +48% / +49% |
| ESSEssex Property Trust, Inc. | 17.5 bn | 41.7 | 8.0% | 22.7% | +6.4% | +3% / +27% |
| KIMKimco Realty Corporation | 17.4 bn | 28.6 | 5.8% | 27.8% | +5.1% | +25% / +34% |
| CUBECubesmart | 10.4 bn | 32.3 | 11.8% | 28.7% | +5.3% | +23% / +15% |
| BRXBrixmor Property Group Inc. | 9.3 bn | 22.0 | 14.2% | 30.0% | +6.7% | +16% / +40% |
| ADCAgree Realty Corporation | 9.1 bn | 35.8 | 3.8% | 29.8% | +16.4% | −7% / +18% |
| LINELineage, Inc. | 8.8 bn | — | -2.0% | -3.1% | +0.3% | +8% / unavailable |
| EPRTEssential Properties Realty Trust, Inc. | 6.2 bn | 22.9 | 6.3% | 41.0% | +24.8% | −11% / +18% |
| RYNRayonier Inc. | 6.1 bn | 6.7 | 12.8% | 68.6% | −51.0% | −9% / −34% |
| EPREpr Properties | 4.7 bn | 16.8 | 12.7% | 38.8% | +2.9% | +16% / +36% |
| APLEApple Hospitality REIT, Inc. | 4.4 bn | 25.6 | 5.5% | 12.2% | −1.3% | +58% / +13% |
1- and 3-year price returns: for FCPT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.64 Total return -34% · Per year -34% | 25.83 Total return 14% · Per year 14% | 38.82 Total return 70% · Per year 70% |
| 3 years | 15.72 Total return -22% · Per year -8% | 31.04 Total return 48% · Per year 14% | 51.01 Total return 136% · Per year 33% |
| 5 years | 16.87 Total return -8% · Per year -2% | 37.31 Total return 88% · Per year 13% | 67.04 Total return 223% · Per year 26% |
- Exit P/E± 7.76
- Net margin± 5.43
- Annual revenue growth± 4.25
- Annual dilution± 0.46
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Four Corners Property Trust is a REIT that owns and leases restaurant and retail properties across the United States on net lease terms. The company is expanding its portfolio to reduce its reliance on Darden, with total investment in fiscal 2025 of 325.5 million USD 1, and 1336 properties at 30 June 2026 2.
SWOT
Strengths
- A geographically spread portfolio with near-full occupancy and long-term leases provides stable revenue 12.
- Investment grade ratings from Fitch and Moody's make it easier to access financing at lower cost 13.
- High available liquidity and an undrawn revolving facility give flexibility for acquisitions 3.
Weaknesses
- Revenue is highly concentrated in a single major tenant, with a large share of rent coming from Darden 13.
- Dependence on restaurants, a sector sensitive to consumer demand and regulation, exposes the company to specific risks 1.
- Leverage is high, and higher interest rates could raise financing costs and limit flexibility 3.
Opportunities
- Diversification into retail and other categories could reduce concentration and open new revenue sources 23.
- Large portfolio purchases, such as the July 2026 acquisition, could accelerate growth if integrated well 3.
- Better credit terms could support new investment if market conditions remain favourable 3.
Threats
- Financial difficulties among tenants could lead to unpaid rent or the need to re-lease properties 1.
- Changes in consumer preferences could reduce demand for tenants' products and affect property values 1.
- Rising interest rates could affect both financing costs and tenants' ability to refinance their debt 1.
Risks
- Dependence on Dardenhigh
Darden accounts for most rental income, and financial difficulties at Darden could affect rent payments and dividends 1.
- Concentration on the Olive Garden brandmedium
A large number of properties are leased to Olive Garden, and reduced brand reputation could affect the value of these assets 1.
- Interest rate riskmedium
Higher rates could raise the cost of debt and make refinancing harder, affecting acquisition capacity 1.
- Real estate illiquiditymedium
Real estate is hard to sell quickly, and lease provisions can limit sales, which could reduce the price obtained 1.
- Environmental and liability riskslow
The company may be held liable for contamination on its properties, and tenant indemnities could exceed the tenants' financial capacity 1.
Investment thesis
What would need to be true (bull case)
- Near-full occupancy, long leases and a higher pace of acquisitions in 2026 could support revenue growth if the market stays favourable 23.
- Gradually reducing dependence on Darden through diversified acquisitions could improve revenue stability over the long term 3.
- Investment grade ratings and better credit terms could help the company finance new investments at lower cost 3.
What would break the thesis
- High concentration on one tenant could expose revenue to that tenant's financial problems, with effects on dividends 1.
- High leverage and rising interest rates could compress margins if financing costs grow faster than rental income 3.
- Dependence on the restaurant sector remains a risk factor, and a slowdown in consumer spending could affect tenants and occupancy 1.
What to watch
- Pace of acquisitions and integration of the Mission Pet Health portfolioQ3 2026
- Change in Darden's share of rental incomenext 10-K
- Rent collection rate and portfolio occupancyQ3 2026
- Use of the new credit terms and cost of financing after the new facilityQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
The company was incorporated in Maryland in 2015 as a subsidiary of Darden Restaurants and became independent after its separation in November 2015 1. Revenue comes mainly from rents paid by tenants under net lease contracts, under which tenants are typically responsible for utilities, taxes, insurance and maintenance 1. The company also operates the Kerrow Restaurant Operating Business, seven LongHorn Steakhouse restaurants in the San Antonio, Texas area, under franchise agreements with Darden 1.
At 31 December 2025 the portfolio included 1303 properties in 48 states, with 99.6% occupancy and an average remaining lease term of 6.9 years 1. About 53% of tenants were investment grade 1. In 2026 the company also made significant acquisitions, including the Mission Pet Health portfolio in July 2026 3.
The UPREIT structure allows the company to acquire properties in exchange for units in Four Corners Operating Partnership, which may facilitate acquisitions that owners would otherwise not sell 1. Funding relies on operating cash flow, the revolving credit facility and issuances of equity or debt 1.
Segments
Real estate operations
The real estate segment generates rental income from leasing restaurant and retail properties on net lease terms 1. In the second quarter of 2026, rental revenue rose 8% year over year, mainly from acquisitions 2.
Restaurant operations
The restaurant segment runs through a taxable REIT subsidiary and includes the Kerrow restaurants, with revenue of about 31.5 million USD in fiscal 2025 1. This segment is a small part of total revenue, and in 2025 its revenue rose slightly on higher net pricing while foot traffic was hurt by city construction 1.
Market context
The company operates in the US net lease real estate market, where institutional investors, private equity funds and other REITs compete to acquire restaurant and retail properties 1. The restaurant sector is sensitive to general economic conditions and shifts in consumer preferences, which can affect rents and tenants' ability to pay 1.
Interest rates affect both the company's financing costs and tenants' ability to refinance debt, and these conditions can change the attractiveness of acquisitions 1. In 2026 the company improved its credit terms and expanded its credit facility, which could support growth if market conditions remain favourable 3.
Trends
- Diversification beyond restaurantstailwind
Acquisitions of retail and other property types, such as auto service and medical retail, are gradually reducing dependence on Darden and on the restaurant sector 23. This could support revenue stability if the new categories keep performing.
- Refinancing and cost of debtmixed
The company extended its credit facility and obtained lower margins over SOFR based on its investment grade ratings, which could reduce financing costs 3. However, high leverage and changing interest rates could pressure margins if conditions worsen.
- Pressure on the restaurant sectorheadwind
The restaurant industry is exposed to changes in consumption, regulation and economic conditions, and a weaker sector could affect tenants and their ability to pay 1. This remains a risk factor for rental income.
- Occupancy and acquisition yieldsmixed
High occupancy and initial yields on recent acquisitions suggest solid demand for the company's properties, but this depends on current market conditions continuing 23.
Competitive position
The company competes with other REITs, institutional investors, private equity funds, sovereign funds and restaurant or retail operators, some of which are much larger and have lower costs of capital 1. They may accept greater risk or lower returns, allowing them to offer more attractive terms to tenants.
In restaurants, Kerrow competes with national and regional chains as well as locally owned restaurants for guests and staff 1. Competition for net lease property acquisitions is intense, and the company's edge lies in its relationships with operators and its restaurant sector experience 1.
- Other net lease REITs
Compete for restaurant and retail property acquisitions, sometimes with larger resources and lower capital costs, according to the company 1.
- Institutional investors and private funds
May accept greater risk or lower returns, offering tenants more attractive terms 1.
- Sovereign funds
Named among competitors for real estate acquisitions in the company's description 1.
- National and regional restaurant chains
Compete with Kerrow restaurants for guests, management and hourly staff 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Severe flooding hits Four Corners region, more expected through the weekendNPR News · 24 Oct 2026 · EN
- Australia news live: Watchdog criticises ‘culture of secrecy’ and fact-checking at ABC’s Four CornersThe Guardian World · 22 Sept 2026 · EN
- Four Corners reporter Mahmood Fazal no longer working for the ABC after external podcast appearanceThe Guardian World · 28 May 2026 · RO
The latest news item in our archive is from 24 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report28 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report08 Jun 2026Shareholder vote
- Current report01 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Four Corners Property Trust, Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Four Corners Property Trust, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Four Corners Property Trust, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.