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Net-lease REIT owning restaurant and retail real estate leased back to operators, spun off from Darden.
Net-lease REIT owning restaurant and retail real estate leased back to operators, spun off from Darden.
Buys restaurant and retail sites and leases them back under long triple-net leases, where the tenant pays taxes, insurance and upkeep, with rent rising by set amounts each year. Darden, its former parent, remains the largest tenant, so one customer carries a large share. It spun off from Darden in 2015.
Moat: narrow (scale, switching costs). Long triple-net leases and diversified tenant base give predictable, sticky cash flow.
Headquarters: Mill Valley, California, US · Founded: 2015 · Employees: 496
Size Four Corners Property Trust (FCPT) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $2.57B, the 1635th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.41 on 6 Nov 2026.
Performance Over six months the shares fell 7.0%, against -2.1% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median +6.0%); the operating margin is 55.5% (peer median 38.3%).
Valuation It trades at 21.4× forward earnings against a peer median of 21.5× (10th cheapest of 20).
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $316M | $294M | $268M | $251M | $223M |
| Revenue growth | — | +10% | +7% | +12% | — |
| Gross profit | $203M | $191M | $173M | $131M | $146M |
| EBITDA | $243M | $224M | $204M | $159M | $167M |
| Net income | $119M | $112M | $100M | $95.3M | $97.8M |
| Free cash flow | $207M | $192M | $144M | $165M | $142M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $1.58B | $1.21B | $1.14B | $1.12B | $1.00B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Four Corners Property Trust FCPT | $2.57B | -7% | +10% | 56% | 21.4× | n/a |
| Realty Income O | $56.1B | -4% | +11% | 46% | 36.0× | n/a |
| NNN REIT NNN | $7.89B | -7% | +7% | 61% | 19.6× | n/a |
| NETSTREIT NTST | $2.37B | -9% | +27% | 37% | 44.6× | n/a |
| Agree Realty ADC | $9.09B | -8% | +18% | 48% | 35.9× | n/a |
| Getty Realty GTY | $1.92B | -14% | +11% | 59% | 20.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FCPT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.2% | +6.5% | 8th highest of 21 |
| 6-month return | -7.0% | -2.1% | 6th lowest of 21 |
| Distance from 52-week high | -12.8% | -13.5% | 10th highest of 21 |
| Revenue growth (TTM) | +10.2% | +6.0% | 8th highest of 21 |
| Operating margin | 55.5% | 38.3% | 6th highest of 21 |
| Forward P/E | 21.4× | 21.5× | 10th cheapest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Four Corners Property Trust FCPT | United States | $2.57B | -7% | +10% | 56% | 21.4× | n/a | n/a |
| Urban Edge Properties UE | United States | $2.58B | -6% | +6% | 31% | 41.4× | n/a | n/a |
| Dream Industrial Real Estate Investment Trust DIR-UN.TO | Canada | $2.58B | -8% | +6% | 70% | 15.0× | n/a | n/a |
| CapitaLand Ascott Trust HMN.SI | Singapore | $2.55B | -6% | +5% | 34% | 18.9× | n/a | n/a |
| LTC Properties LTC | United States | $2.52B | +14% | +69% | 31% | 22.6× | n/a | n/a |
| Big Yellow BYG.L | United Kingdom | $2.50B | +11% | +2% | 62% | 16.5× | n/a | n/a |
| InvenTrust Properties IVT | United States | $2.46B | +1% | +13% | 16% | 393.9× | n/a | n/a |
| Advance Residence Investment 3269.T | Japan | $2.42B | -18% | -4% | 45% | 22.7× | n/a | n/a |
| Acadia Realty Trust AKR | United States | $2.74B | -9% | 0% | 19% | 65.9× | n/a | n/a |
| Frasers Logistics & Commercial Trust BUOU.SI | Singapore | $2.76B | -6% | 0% | 64% | 18.1× | n/a | n/a |
| Dynex Capital DX | United States | $2.77B | -20% | +142% | 65% | 6.6× | n/a | n/a |
| Japan Prime Realty Investment 8955.T | Japan | $2.37B | -7% | -13% | 39% | 21.2× | n/a | n/a |
| NETSTREIT NTST | United States | $2.37B | -9% | +27% | 37% | 44.6× | n/a | n/a |
| Pebblebrook Hotel Trust PEB | United States | $2.36B | +43% | +3% | 9% | n/a | n/a | n/a |
| Hammerson HMSO.L | United Kingdom | $2.80B | +13% | +92% | 49% | 15.2× | n/a | n/a |
| Sunstone Hotel Investors SHO | United States | $2.33B | +19% | +7% | 10% | 59.0× | n/a | n/a |
| SmartStop Self Storage REIT SMA | United States | $2.31B | +20% | +21% | 22% | 56.3× | n/a | n/a |
| Derwent London DLN.L | United Kingdom | $2.87B | +15% | +45% | 40% | 20.0× | n/a | n/a |
| DiamondRock Hospitality DRH | United States | $2.88B | +30% | +2% | 17% | 21.5× | n/a | n/a |
| Invincible Investment 8963.T | Japan | $2.94B | -1% | +10% | 57% | 15.3× | n/a | n/a |
| Crombie Real Estate Investment Trust CRR-UN.TO | Canada | $2.22B | -3% | +4% | 42% | 26.3× | n/a | n/a |