Four Corners Property Trust, Inc.

Overview

Four Corners Property Trust, Inc. (FCPT) is a real estate investment trust that owns, acquires, and leases properties, primarily to restaurant and retail tenants. Its business is centered on net-leased real estate, with a restaurant operating business that runs under Darden franchise agreements. At year-end 2025, restaurants accounted for 74% of revenue and non-restaurant retail properties for 26%; its portfolio covered 48 U.S. states.[1]+2

FCPT was incorporated in 2015 as a Darden subsidiary and became an independent, publicly traded company that November. It describes its primary goal as creating long-term shareholder value through asset management and acquisitions, alongside attractive and growing quarterly cash dividends. The company reported 1,303 free-standing properties at year-end 2025; total revenue was $294.1 million for 2025 and $156.6 million for the six months ended June 30, 2026.[4]+4 [1]+7

Products & services

Four Corners Property Trust’s core property offering is leased restaurant and retail real estate, primarily under net leases. Tenants generally pay utilities, property taxes, insurance, common-area maintenance, and property maintenance and repair costs. Its portfolio includes properties associated with Olive Garden, LongHorn Steakhouse, other restaurant brands, other Darden brands, and non-restaurant retail tenants.[9][10]

The portfolio includes 317 Olive Garden locations, representing 23.4% of leased properties and approximately 31.1% of lease revenues as of June 30, 2026. The company also operates a separate restaurant business comprising seven LongHorn Steakhouse restaurants in the San Antonio area under franchise agreements with Darden.[3][9] In 2025, restaurant properties generated 74% of total revenues and non-restaurant retail properties generated 26%.[2] [9]+3

Geographic presence

Four Corners Property Trust, Inc. (FCPT) reported 1,336 rental properties across 48 states as of June 30, 2026; its 2025 annual report describes its footprint as the continental United States.[11][2] Texas was the only state reported to account for at least 10% of total revenue, at 10.0%.[12]

In the December 31, 2025 state-level breakdown of annual base rent, Texas accounted for 10.0%, Florida 8.3%, Ohio 6.7%, Illinois 6.6%, Georgia 6.0%, Indiana and Tennessee 5.0% each, Michigan 3.8%, and Alabama 3.5%; the remaining states collectively accounted for 45.2%.[13] FCPT’s executive offices are in Mill Valley, California.[14] [11]+13

Business segments

Four Corners Property Trust, Inc. reports two operating segments. **Real estate operations** consists of properties leased to tenants, who primarily bear ongoing property costs; **restaurant operations** comprises seven company-operated LongHorn Steakhouse restaurants in the San Antonio area.[15][16]

For FY2025, real estate operations generated $262.248 million and restaurant operations $31.484 million in segment revenue—approximately **89.3%** and **10.7%**, respectively, of their combined revenue. These percentages are calculated from reported segment revenues.[17][18] The revenue mix was similar in the six months ended June 30, 2026: approximately 89.3% real estate operations and 10.7% restaurant operations.[19][20] [15]+5

Company history

Four Corners Property Trust, Inc. was incorporated on July 2, 2015, as a Darden Restaurants subsidiary to hold restaurant real estate. Darden completed the spin-off on November 9, 2015, transferring interests in entities that owned 418 restaurant properties, along with the Kerrow Restaurant Operating Business and related real estate; FCPT began trading independently on the NYSE the following day. Bill Lenehan was named CEO effective August 17, 2015.[21]+3

FCPT expanded beyond its original Darden-related portfolio in 2017, when it announced an agreement to acquire 41 restaurant properties from Washington Prime Group for approximately $67.2 million.[25] Acquisitions continued to build the portfolio: the company acquired 112 properties in 2022 and 92 properties and ground leaseholds in 2023.[26]

In 2024, FCPT invested $273 million, including transaction costs, in 87 properties; by year-end, its properties spanned 47 states and 163 tenant brands, with non-restaurant retail contributing 22.7% of revenue.[27][28] In 2025, it acquired 105 properties and ground leaseholds across 35 brands, and reported 1,303 properties in 48 states at year-end.[29][30] [21]+11

Sources

• Four Corners Property Trust, Inc. — Full financial report (2025 Y)
  15 citations

  [1][2][4][5][6][7][12][13][14][15][16][17][18][29][30]
• Four Corners Property Trust, Inc. — Full financial report (2026 Q 2)
  6 citations

  [3][8][9][10][19][20]
• Four Corners Property Trust, Inc. — Press release (2026 Q 2)[11]
• Four Corners Property Trust, Inc. — Full financial report (2015 Y)
  3 citations

  [21][22][23]
• investor.darden.com[24]
• investors.fcpt.com[25]
• Four Corners Property Trust, Inc. — Full financial report (2023 Y)[26]
• Four Corners Property Trust, Inc. — Full financial report (2024 Y)[27][28]