# Four Corners Property Trust, Inc.

Summary updated: 2026-10-02T12:20:19.400959Z
Canonical: https://finbar.com/research/companies/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](https://app.finbar.com/go?id=P11455598)[2](https://app.finbar.com/go?id=P57783767)[3](https://app.finbar.com/go?id=P145031959)

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](https://app.finbar.com/go?id=P62301809)[5](https://app.finbar.com/go?id=P1679064)[6](https://app.finbar.com/go?id=P73570126)[7](https://app.finbar.com/go?id=T10659665)[8](https://app.finbar.com/go?id=T16585009)
[1](https://app.finbar.com/go?id=P11455598)[2](https://app.finbar.com/go?id=P57783767)[3](https://app.finbar.com/go?id=P145031959)[4](https://app.finbar.com/go?id=P62301809)[5](https://app.finbar.com/go?id=P1679064)[6](https://app.finbar.com/go?id=P73570126)[7](https://app.finbar.com/go?id=T10659665)[8](https://app.finbar.com/go?id=T16585009)

## 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](https://app.finbar.com/go?id=P145032212)[10](https://app.finbar.com/go?id=P145032213)

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](https://app.finbar.com/go?id=P145031959)[9](https://app.finbar.com/go?id=P145032212) In 2025, restaurant properties generated 74% of total revenues and non-restaurant retail properties generated 26%. [2](https://app.finbar.com/go?id=P57783767)
[9](https://app.finbar.com/go?id=P145032212)[10](https://app.finbar.com/go?id=P145032213)[3](https://app.finbar.com/go?id=P145031959)[2](https://app.finbar.com/go?id=P57783767)

## 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](https://app.finbar.com/go?id=P144455509)[2](https://app.finbar.com/go?id=P57783767) Texas was the only state reported to account for at least 10% of total revenue, at 10.0%. [12](https://app.finbar.com/go?id=P100637025)

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](https://app.finbar.com/go?id=T1202253) FCPT’s executive offices are in Mill Valley, California. [14](https://app.finbar.com/go?id=P70771323)
[11](https://app.finbar.com/go?id=P144455509)[2](https://app.finbar.com/go?id=P57783767)[12](https://app.finbar.com/go?id=P100637025)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[13](https://app.finbar.com/go?id=T1202253)[14](https://app.finbar.com/go?id=P70771323)

## 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](https://app.finbar.com/go?id=P75865974)[16](https://app.finbar.com/go?id=P79441536)

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](https://app.finbar.com/go?id=T9577161)[18](https://app.finbar.com/go?id=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. [19](https://app.finbar.com/go?id=P145032169)[20](https://app.finbar.com/go?id=P145032173)
[15](https://app.finbar.com/go?id=P75865974)[16](https://app.finbar.com/go?id=P79441536)[17](https://app.finbar.com/go?id=T9577161)[18](https://app.finbar.com/go?id=T3413259)[19](https://app.finbar.com/go?id=P145032169)[20](https://app.finbar.com/go?id=P145032173)

## 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](https://app.finbar.com/go?id=P190373911)[22](https://app.finbar.com/go?id=P190374575)[23](https://app.finbar.com/go?id=P190374195)[24](https://investor.darden.com/news/news-details/2015/Darden-Names-Bill-Lenehan-CEO-of-Proposed-REIT-2015-8-17/default.aspx)

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](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. [26](https://app.finbar.com/go?id=P18277798)

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](https://app.finbar.com/go?id=P97307628)[28](https://app.finbar.com/go?id=P99406286) In 2025, it acquired 105 properties and ground leaseholds across 35 brands, and reported 1,303 properties in 48 states at year-end. [29](https://app.finbar.com/go?id=P5183851)[30](https://app.finbar.com/go?id=P91251561)
[21](https://app.finbar.com/go?id=P190373911)[22](https://app.finbar.com/go?id=P190374575)[23](https://app.finbar.com/go?id=P190374195)[26](https://app.finbar.com/go?id=P18277798)[27](https://app.finbar.com/go?id=P97307628)[28](https://app.finbar.com/go?id=P99406286)[29](https://app.finbar.com/go?id=P5183851)[30](https://app.finbar.com/go?id=P91251561)[24](https://investor.darden.com/news/news-details/2015/Darden-Names-Bill-Lenehan-CEO-of-Proposed-REIT-2015-8-17/default.aspx)[25](https://investors.fcpt.com/news/news-details/2017/FCPT-Announces-Agreement-to-Acquire-41-Restaurant-Properties/default.aspx)[24](https://investor.darden.com/news/news-details/2015/Darden-Names-Bill-Lenehan-CEO-of-Proposed-REIT-2015-8-17/default.aspx)[25](https://investors.fcpt.com/news/news-details/2017/FCPT-Announces-Agreement-to-Acquire-41-Restaurant-Properties/default.aspx)

## Sources

1. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P11455598)
2. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P57783767)
3. [Four Corners Property Trust, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145031959)
4. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P62301809)
5. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P1679064)
6. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P73570126)
7. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T10659665)
8. [Four Corners Property Trust, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16585009)
9. [Four Corners Property Trust, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145032212)
10. [Four Corners Property Trust, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145032213)
11. [Four Corners Property Trust, Inc. — Press release (2026 Q 2)](https://app.finbar.com/go?id=P144455509)
12. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P100637025)
13. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T1202253)
14. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P70771323)
15. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P75865974)
16. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P79441536)
17. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T9577161)
18. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T3413259)
19. [Four Corners Property Trust, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145032169)
20. [Four Corners Property Trust, Inc. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P145032173)
21. [Four Corners Property Trust, Inc. — Full financial report (2015 Y)](https://app.finbar.com/go?id=P190373911)
22. [Four Corners Property Trust, Inc. — Full financial report (2015 Y)](https://app.finbar.com/go?id=P190374575)
23. [Four Corners Property Trust, Inc. — Full financial report (2015 Y)](https://app.finbar.com/go?id=P190374195)
24. [investor.darden.com](https://investor.darden.com/news/news-details/2015/Darden-Names-Bill-Lenehan-CEO-of-Proposed-REIT-2015-8-17/default.aspx)
25. [investors.fcpt.com](https://investors.fcpt.com/news/news-details/2017/FCPT-Announces-Agreement-to-Acquire-41-Restaurant-Properties/default.aspx)
26. [Four Corners Property Trust, Inc. — Full financial report (2023 Y)](https://app.finbar.com/go?id=P18277798)
27. [Four Corners Property Trust, Inc. — Full financial report (2024 Y)](https://app.finbar.com/go?id=P97307628)
28. [Four Corners Property Trust, Inc. — Full financial report (2024 Y)](https://app.finbar.com/go?id=P99406286)
29. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P5183851)
30. [Four Corners Property Trust, Inc. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P91251561)

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