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  "organisationId": "O-a41b601ac4d34453b78f9b05492bfff6",
  "slug": "four-corners-property-trust-inc",
  "name": "Four Corners Property Trust, Inc.",
  "updatedAt": "2026-10-02T12:20:19.400959Z",
  "sections": [
    {
      "type": "OVERVIEW",
      "text": "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. [P11455598][P57783767][P145031959]\n\nFCPT 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. [P62301809][P1679064][P73570126][T10659665][T16585009]\n[P11455598][P57783767][P145031959][P62301809][P1679064][P73570126][T10659665][T16585009]",
      "updatedAt": "2026-10-02T12:20:19.400959Z"
    },
    {
      "type": "PRODUCTS",
      "text": "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. [P145032212][P145032213]\n\nThe 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. [P145031959][P145032212] In 2025, restaurant properties generated 74% of total revenues and non-restaurant retail properties generated 26%. [P57783767]\n[P145032212][P145032213][P145031959][P57783767]",
      "updatedAt": "2026-10-02T12:20:19.400959Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "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. [P144455509][P57783767] Texas was the only state reported to account for at least 10% of total revenue, at 10.0%. [P100637025]\n\nIn 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%. [T1202253] FCPT’s executive offices are in Mill Valley, California. [P70771323]\n[P144455509][P57783767][P100637025][T1202253][T1202253][T1202253][T1202253][T1202253][T1202253][T1202253][T1202253][T1202253][T1202253][P70771323]",
      "updatedAt": "2026-10-02T12:20:19.400959Z"
    },
    {
      "type": "SEGMENTS",
      "text": "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. [P75865974][P79441536]\n\nFor 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. [T9577161][T3413259] The revenue mix was similar in the six months ended June 30, 2026: approximately 89.3% real estate operations and 10.7% restaurant operations. [P145032169][P145032173]\n[P75865974][P79441536][T9577161][T3413259][P145032169][P145032173]",
      "updatedAt": "2026-10-02T12:20:19.400959Z"
    },
    {
      "type": "HISTORY",
      "text": "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. [P190373911][P190374575][P190374195][https://investor.darden.com/news/news-details/2015/Darden-Names-Bill-Lenehan-CEO-of-Proposed-REIT-2015-8-17/default.aspx]\n\nFCPT 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. [https://investors.fcpt.com/news/news-details/2017/FCPT-Announces-Agreement-to-Acquire-41-Restaurant-Properties/default.aspx] Acquisitions continued to build the portfolio: the company acquired 112 properties in 2022 and 92 properties and ground leaseholds in 2023. [P18277798]\n\nIn 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. [P97307628][P99406286] In 2025, it acquired 105 properties and ground leaseholds across 35 brands, and reported 1,303 properties in 48 states at year-end. [P5183851][P91251561]\n[P190373911][P190374575][P190374195][P18277798][P97307628][P99406286][P5183851][P91251561][https://investor.darden.com/news/news-details/2015/Darden-Names-Bill-Lenehan-CEO-of-Proposed-REIT-2015-8-17/default.aspx][https://investors.fcpt.com/news/news-details/2017/FCPT-Announces-Agreement-to-Acquire-41-Restaurant-Properties/default.aspx][https://investor.darden.com/news/news-details/2015/Darden-Names-Bill-Lenehan-CEO-of-Proposed-REIT-2015-8-17/default.aspx][https://investors.fcpt.com/news/news-details/2017/FCPT-Announces-Agreement-to-Acquire-41-Restaurant-Properties/default.aspx]",
      "updatedAt": "2026-10-02T12:20:19.400959Z"
    }
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