Four Corners Property Trust (FCPT)


Market Price (9/26/2026): $22.21 | Market Cap: $2.4 BilSector: Real Estate | Industry: Other Specialized REITs

Four Corners Property Trust (FCPT)


Market Price (9/26/2026): $22.21
Market Cap: $2.4 Bil
Sector: Real Estate
Industry: Other Specialized REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 8.0%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 64%

Low stock price volatility
Vol 12M is 18%

Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and Sustainable & Green Buildings. Themes include Experiential Retail, and ESG REITs.

Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -66%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 51%

Key risks
FCPT key risks include [1] high portfolio concentration in the casual dining and restaurant sector and [2] significant reliance on a few major tenants within that industry.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 6.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 8.0%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 64%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 64%
3 Low stock price volatility
Vol 12M is 18%
4 Megatrend and thematic drivers
Megatrends include Experience Economy & Premiumization, and Sustainable & Green Buildings. Themes include Experiential Retail, and ESG REITs.
5 Weak multi-year price returns
2Y Excs Rtn is -52%, 3Y Excs Rtn is -66%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 51%
7 Key risks
FCPT key risks include [1] high portfolio concentration in the casual dining and restaurant sector and [2] significant reliance on a few major tenants within that industry.

FCPT in ETFs

Weight = FCPT's share of each fund

VTI0.00%
ITOT0.00%
IWM0.08%
IJR0.15%
USRT0.22%
SCHH0.18%
VNQ0.17%
VIOV0.16%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/23/2026

Four Corners Property Trust (FCPT) stock has lost about 10% since 5/31/2026 because of the following key factors:

1. Four Corners Property Trust (FCPT) reported a revenue miss for its fiscal Q2 2026, which ended June 30, 2026, despite beating earnings per share (EPS) estimates. The company announced revenues of $78.42 million, which fell below analysts' consensus expectations of $79.02 million to $79.11 million. While EPS of $0.45 surpassed the $0.29 consensus, the revenue shortfall contributed to negative investor sentiment.

2. Concerns over dividend sustainability arose due to an elevated payout ratio. As of September 23, 2026, FCPT's dividend payout ratio stood at 132.43% (or 1.32), indicating that the company is distributing more in dividends than its net income. This high ratio, despite an attractive annualized dividend yield of approximately 6.9% declared for fiscal Q4 2026, raised questions about the long-term sustainability of its payouts, which could deter income-focused investors.

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Updated on 9/23/2026

Four Corners Property Trust (FCPT) stock has lost about 10% since 5/31/2026 because of the following key factors:

1. Four Corners Property Trust (FCPT) reported a revenue miss for its fiscal Q2 2026, which ended June 30, 2026, despite beating earnings per share (EPS) estimates. The company announced revenues of $78.42 million, which fell below analysts' consensus expectations of $79.02 million to $79.11 million. While EPS of $0.45 surpassed the $0.29 consensus, the revenue shortfall contributed to negative investor sentiment.

2. Concerns over dividend sustainability arose due to an elevated payout ratio. As of September 23, 2026, FCPT's dividend payout ratio stood at 132.43% (or 1.32), indicating that the company is distributing more in dividends than its net income. This high ratio, despite an attractive annualized dividend yield of approximately 6.9% declared for fiscal Q4 2026, raised questions about the long-term sustainability of its payouts, which could deter income-focused investors.

3. Broader macroeconomic headwinds, particularly rising interest rates and surging Treasury yields, negatively impacted rate-sensitive Real Estate Investment Trusts (REITs) like FCPT. Increases in interest rates elevate borrowing costs for companies and make fixed-income investments more appealing relative to dividend yields from REITs. The overall "risk-off tone across equities" and the Federal Reserve's actions to raise interest rates pressured the real estate sector.

4. The stock experienced significant negative market sentiment, culminating in new 52-week lows. FCPT shares dropped to a 52-week low of $22.75 on September 17, 2026, and further to $22.15 on September 23, 2026, trading below its 50-day and 200-day moving averages of approximately $25.17 and $25.00, respectively. This decline signals strong selling pressure and a bearish outlook from investors, despite a "Moderate Buy" consensus rating from analysts with an average price target of $27.90.

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Stock Movement Drivers

Fundamental Drivers

The -8.7% change in FCPT stock from 5/31/2026 to 9/25/2026 was primarily driven by a -10.1% change in the company's P/E Multiple.
(LTM values as of)53120269252026Change
Stock Price ($)24.3022.20-8.7%
Change Contribution By: 
Total Revenues ($ Mil)3013061.9%
Net Income Margin (%)38.7%38.7%-0.1%
P/E Multiple22.820.5-10.1%
Shares Outstanding (Mil)109109-0.2%
Cumulative Contribution-8.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/25/2026
ReturnCorrelation
FCPT-8.7% 
Market (SPY)2.2%-31.0%
Sector (XLRE)-4.7%68.4%

Fundamental Drivers

The -9.5% change in FCPT stock from 2/28/2026 to 9/25/2026 was primarily driven by a -11.7% change in the company's P/E Multiple.
(LTM values as of)22820269252026Change
Stock Price ($)24.5322.20-9.5%
Change Contribution By: 
Total Revenues ($ Mil)2943064.2%
Net Income Margin (%)38.2%38.7%1.3%
P/E Multiple23.220.5-11.7%
Shares Outstanding (Mil)106109-2.9%
Cumulative Contribution-9.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/25/2026
ReturnCorrelation
FCPT-9.5% 
Market (SPY)13.0%-4.2%
Sector (XLRE)-3.7%65.7%

Fundamental Drivers

The -8.0% change in FCPT stock from 8/31/2025 to 9/25/2026 was primarily driven by a -10.9% change in the company's P/E Multiple.
(LTM values as of)83120259252026Change
Stock Price ($)24.1422.20-8.0%
Change Contribution By: 
Total Revenues ($ Mil)2793069.6%
Net Income Margin (%)37.9%38.7%2.2%
P/E Multiple23.020.5-10.9%
Shares Outstanding (Mil)101109-7.9%
Cumulative Contribution-8.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/25/2026
ReturnCorrelation
FCPT-8.0% 
Market (SPY)20.9%-2.0%
Sector (XLRE)1.6%59.1%

Fundamental Drivers

The 5.4% change in FCPT stock from 8/31/2023 to 9/25/2026 was primarily driven by a 30.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239252026Change
Stock Price ($)21.0622.205.4%
Change Contribution By: 
Total Revenues ($ Mil)23430630.9%
Net Income Margin (%)40.2%38.7%-3.8%
P/E Multiple19.520.54.9%
Shares Outstanding (Mil)87109-20.2%
Cumulative Contribution5.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/25/2026
ReturnCorrelation
FCPT5.4% 
Market (SPY)77.8%21.0%
Sector (XLRE)24.4%70.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FCPT Return3%-7%3%13%-10%-0%1%
Peers Return24%-7%1%5%10%1%36%
S&P 500 Return27%-19%24%23%16%13%105%

Monthly Win Rates [3]
FCPT Win Rate58%50%58%67%42%56% 
Peers Win Rate63%48%47%58%58%56% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
FCPT Max Drawdown-14%-22%-26%-12%-19%-16% 
Peers Max Drawdown-15%-25%-26%-17%-11%-18% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, NNN, ADC, EPRT, NTST.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/25/2026 (YTD)

How Low Can It Go

EventFCPTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.1%-9.5%
  % Gain to Breakeven30.0%10.5%
  Time to Breakeven258 days24 days
2023 SVB Regional Banking Crisis
  % Loss-12.4%-6.7%
  % Gain to Breakeven14.2%7.1%
  Time to Breakeven447 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-19.2%-24.5%
  % Gain to Breakeven23.7%32.4%
  Time to Breakeven94 days427 days
2020 COVID-19 Crash
  % Loss-56.5%-33.7%
  % Gain to Breakeven129.9%50.9%
  Time to Breakeven400 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-17.3%-3.7%
  % Gain to Breakeven21.0%3.9%
  Time to Breakeven77 days6 days

Compare to O, NNN, ADC, EPRT, NTST

In The Past

Four Corners Property Trust's stock fell -4.7% during the 2025 US Tariff Shock. Such a loss loss requires a 5.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFCPTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-23.1%-9.5%
  % Gain to Breakeven30.0%10.5%
  Time to Breakeven258 days24 days
2020 COVID-19 Crash
  % Loss-56.5%-33.7%
  % Gain to Breakeven129.9%50.9%
  Time to Breakeven400 days140 days

Compare to O, NNN, ADC, EPRT, NTST

In The Past

Four Corners Property Trust's stock fell -4.7% during the 2025 US Tariff Shock. Such a loss loss requires a 5.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Four Corners Property Trust (FCPT)

Four Corners Property Trust (FCPT) is a real estate investment trust (REIT) primarily engaged in owning and leasing properties. The company's core business model involves acquiring real estate assets and then leasing these properties, predominantly on a net basis, to operators in the restaurant and broader retail sectors. As a REIT, FCPT provides investors with exposure to income-generating real estate.

FCPT's main offering is the provision of real estate for businesses, specifically focusing on established restaurant properties. While restaurants form the foundation of its portfolio, the company is also strategically expanding its acquisitions to include other types of retail real estate. Its primary customers are restaurant chains and various retail businesses that occupy these properties through long-term lease agreements, allowing FCPT to generate consistent rental income.

AI Analysis | Feedback

Here are a few analogies to describe Four Corners Property Trust (FCPT):

  • Like Realty Income (O), but focused on restaurant properties.
  • Like Simon Property Group (SPG), but for individual restaurant locations instead of entire malls.

AI Analysis | Feedback

  • Leasing of Restaurant Properties: FCPT acquires real estate to lease to restaurant operators, primarily under net leases.
  • Leasing of Retail Properties: FCPT acquires real estate to lease to retail businesses, primarily under net leases.

AI Analysis | Feedback

Four Corners Property Trust (FCPT) primarily leases its properties to other companies in the restaurant and retail industries. Its major customers are the restaurant and retail chains that lease its properties. These include:

  • Darden Restaurants (DRI)
  • Brinker International (EAT)
  • Bloomin' Brands (BLMN)
  • McDonald's Corporation (MCD)
  • Chipotle Mexican Grill (CMG)

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William H. Lenehan President, Chief Executive Officer, and Director

William H. Lenehan was appointed CEO of Four Corners Property Trust (FCPT) in August 2015. He played a pivotal role in the creation and spin-off of FCPT from Darden Restaurants in 2015. Mr. Lenehan possesses extensive experience in real estate, particularly in assembling portfolios of triple net retail properties. His prior experience includes serving as a Special Advisor to the Board of Directors of EVOQ Properties, Inc. from June 2012 to 2014, and as Interim CEO and Director of Granite Real Estate Inc. (now Granite REIT) from March 2011 to December 2011. He spent ten years (August 2001 to February 2011) in the Real Estate Group at Farallon Capital Management, L.L.C., where he was involved with numerous private equity real estate investments. He also worked in CIBC World Markets Corp.'s Leveraged Finance group, providing debt capital and advisory services to financial buyers and companies. Mr. Lenehan has served on the board of directors for other publicly traded REITs, including Gramercy Property Trust Inc..

Patrick Wernig Chief Financial Officer and Treasurer

Patrick Wernig was promoted to Chief Financial Officer of FCPT in 2024, succeeding Gerry Morgan. He joined FCPT in 2016 as one of the company's initial hires for the real estate acquisitions team and has led this team since 2018. During his tenure, FCPT has acquired over $1.3 billion in net lease retail properties. Before joining FCPT, Mr. Wernig worked in J.P. Morgan's investment banking group for several years, concentrating on clients in the real estate and gaming sectors. Notably, while at J.P. Morgan, he contributed to Darden Restaurants' real estate monetization efforts, which culminated in the establishment and spin-off of FCPT.

James L. Brat Chief Operating Officer, General Counsel & Secretary

James L. Brat serves as the Chief Operating Officer, General Counsel, and Secretary for Four Corners Property Trust. In his role, he is responsible for managing the company's operations and overseeing its legal structure, which is vital for a complex real estate investment trust.

Niccole Stewart Chief Accounting Officer

Niccole Stewart is the Chief Accounting Officer at Four Corners Property Trust. She was acknowledged by the outgoing CFO, Gerry Morgan, for her expertise and partnership during the leadership transition.

Joshua Zhang Director of Investments

Joshua Zhang holds the position of Director of Investments at Four Corners Property Trust. He contributes to the company's investment activities.

AI Analysis | Feedback

The key risks to Four Corners Property Trust (FCPT) primarily revolve around its real estate investment trust model, particularly its focus on restaurant and retail properties.

  1. Tenant Concentration Risk: FCPT faces a significant risk due to its dependence on a limited number of tenants for a substantial portion of its rental income. For instance, Darden and Brinker International, Inc. contribute significantly to its revenue. Any adverse impact on the business operations or financial health of these key tenants could materially affect FCPT's rental income and overall financial performance. While FCPT is actively pursuing portfolio diversification to mitigate this risk, a large share of its rent still comes from dine-in restaurant concepts.
  2. Interest Rate and External Capital Costs: As a real estate investment trust, FCPT's business model relies on acquiring properties, which is often financed through external capital. Increases in interest rates directly impact FCPT's borrowing costs, making new acquisitions more expensive and potentially less accretive. Elevated interest rates can also indirectly affect FCPT by increasing operating costs for its tenants, potentially impacting their ability to meet rent obligations.
  3. Real Estate Ownership Risks and Changes in Consumer Trends: FCPT is exposed to inherent risks associated with real estate ownership. These include the potential inability to collect rent from tenants due to financial hardship or bankruptcy. Furthermore, changes in consumer behavior and preferences within the restaurant and retail industries, such as shifts towards different dining formats or online retail, could adversely affect the profitability of FCPT's tenants and, consequently, their capacity to pay rent.

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The proliferation of "ghost kitchens" or "cloud kitchens" and the accelerating shift towards off-premise dining models.

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The addressable market for Four Corners Property Trust (FCPT) in the United States, which focuses on the acquisition and leasing of restaurant and retail properties on a net basis, can be estimated by the size of the U.S. net lease retail inventory.

The U.S. net lease retail inventory, encompassing properties suitable for net leasing within the retail sector (including restaurants), has expanded to over $24 billion as of October 2024.

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Four Corners Property Trust (FCPT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Strategic Acquisitions and Portfolio Expansion: FCPT's primary growth driver is its consistent acquisition of new restaurant and retail properties, particularly those with long-term, triple-net leases. In 2025, the company acquired 105 properties for $317.9 million, representing a 20% year-over-year increase in investment volume, and it anticipates another strong year of acquisitions in 2026 with over $220 million in liquidity. This ongoing expansion of its asset base is designed to directly increase rental income.
  2. Portfolio Diversification into Essential Service Sectors: The company is actively diversifying its portfolio beyond casual dining restaurants into "e-commerce resistant" retail and essential service properties. This includes new tenant relationships and acquisitions in subsectors such as automotive services, medical retail, quick-service restaurants, grocery, and equipment rental. This strategy aims to broaden its investment funnel, enhance lease durability, and create new, stable revenue streams.
  3. Built-in Rental Increases from Triple-Net Leases: FCPT's business model leverages long-term, triple-net leases that often include contractual annual rent escalators. These pre-determined increases provide a stable and predictable source of organic revenue growth, contributing consistently to the company's top line.
  4. Sustained High Occupancy Rates and Rent Collection: Maintaining consistently high occupancy rates and strong rent collection is crucial for maximizing revenue from the existing portfolio. FCPT reported a portfolio occupancy rate of 99.6% and collected 99.8% of base rent for the full year 2025, ensuring reliable and predictable cash flows that underpin further investment and growth.
  5. Disciplined Capital Allocation and Strong Financial Position: FCPT's ability to maintain a strong balance sheet with low leverage (4.9x net debt to adjusted EBITDAre at the end of 2025) and ample liquidity positions it to continue funding opportunistic acquisitions efficiently. This disciplined financial management supports its ongoing growth objectives by ensuring capital availability for new investments.

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Share Issuance

  • In 2025, Four Corners Property Trust (FCPT) sold 6,108,008 shares of Common Stock through an at-the-market (ATM) program, generating gross proceeds of $172.7 million.
  • The company utilized equity issued at accretive pricing to fund acquisitions and for general corporate purposes.
  • As of February 11, 2026, no shares remained to be settled under existing forward sale agreements.

Outbound Investments

  • In 2025, FCPT invested approximately $318 million to acquire 105 properties and ground leaseholds.
  • This investment volume represented a 20% year-over-year increase compared to 2024.
  • Acquisitions in 2025 were diversified across auto service (37%), medical retail (24%), quick service restaurants (22%), casual dining restaurants (14%), and other retail (3%).

Capital Expenditures

  • For the fiscal year ended December 31, 2025, Four Corners Property Trust reported Capital Expenditures of -$364.6 million.
  • The company's strategy involves triple-net leases, where tenants are responsible for property-level operating expenses, including maintenance, which generally leads to lower capital expenditures for FCPT itself.
  • The primary focus of capital expenditures is the acquisition of additional restaurant and retail properties to grow its portfolio.

Better Bets vs. Four Corners Property Trust (FCPT)

Peer Outperformance in Other Specialized REITs

FCPT has trailed 70% of its 10 Other Specialized REITs peers over 5Y. Among the peers that beat it is IRM. Other Specialized REITs ranks 4th of 12 industries in Real Estate by median 5Y return.
Share of Other Specialized REITs constituents that FCPT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
30%
of 10 industry peers · -2.6% return
3Y
40%
of 10 industry peers · 17.6% return
5Y
30%
of 10 industry peers · 6.8% return
Other Specialized REITs peers with revenue growth within 4pp of FCPT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
FCPT Four Corners Property Trust 9.4% 20.5x -2.6%17.6%6.8% —
IRM Iron Mountain 13.1% 79.2x 14.2%104.7%204.0% +197pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Real Estate sector, ranked by 5Y. Other Specialized REITs is FCPT's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 16.2%60.4%59.3% WELL 213% · DHC 156% · CTRE 126%
Retail REITs 22 8.7%39.4%30.6% IVT 1490% · SKT 150% · SPG 100%
Real Estate Development 6 -16.8%22.6%19.1% JOE 63% · AXR 49% · FOR 39%
Other Specialized REITs ← 11 6.8%23.9%13.5% IRM 204% · EPR 60% · LAMR 58%
Industrial REITs 11 17.1%27.6%4.7% EGP 38% · FR 32% · PLD 21%
Hotel & Resort REITs 16 35.3%38.2%3.8% HST 68% · RHP 64% · DRH 50%
Diversified REITs 12 10.0%36.7%-6.8% CTO 72% · LXP 23% · WPC 20%
Single-Family Residential REITs 4 -3.7%-0.1%-17.8% AMH -10% · ELS -15% · INVH -20%
Multi-Family Residential REITs 13 -3.7%6.9%-22.0% AIV 4% · ESS -1% · BRT -6%
Real Estate Services 26 -18.7%-0.1%-30.1% REAX 783% · CHCI 289% · MLP 56%
Office REITs 18 -11.4%29.0%-33.5% PSTL 72% · CDP 52% · SLG -3%
Telecom Tower REITs 3 -12.8%-11.6%-47.6% AMT -30% · SBAC -48% · CCI -52%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FCPTONNNADCEPRTNTSTMedian
NameFour Cor.Realty I.NNN REIT Agree Re.Essentia.Netstreit 
Mkt Price22.2055.5441.3067.4826.5318.2133.91
Mkt Cap2.451.87.88.15.71.86.8
Rev LTM3065,970953780615206698
Op Inc LTM1712,73258437839469386
FCF LTM1954,166673534414120474
FCF 3Y Avg1713,693648473345103409
CFO LTM1954,166673534414120474
CFO 3Y Avg1713,693648473345103409

Growth & Margins

FCPTONNNADCEPRTNTSTMedian
NameFour Cor.Realty I.NNN REIT Agree Re.Essentia.Netstreit 
Rev Chg LTM9.6%10.0%6.5%18.2%22.3%24.1%14.1%
Rev Chg 3Y Avg9.4%17.6%6.1%17.3%25.0%24.2%17.5%
Rev Chg Q7.7%6.6%7.7%16.8%18.1%29.7%12.3%
QoQ Delta Rev Chg LTM1.9%1.5%1.9%3.9%4.2%6.9%2.9%
Op Inc Chg LTM9.6%15.5%5.9%19.5%23.3%49.9%17.5%
Op Inc Chg 3Y Avg10.0%22.9%5.8%17.2%28.5%59.3%20.1%
Op Mgn LTM55.7%45.8%61.2%48.4%64.1%33.4%52.1%
Op Mgn 3Y Avg55.6%44.0%61.8%48.4%63.5%28.0%52.0%
QoQ Delta Op Mgn LTM-0.3%0.5%0.2%0.1%-0.2%1.5%0.2%
CFO/Rev LTM63.6%69.8%70.6%68.5%67.3%58.2%67.9%
CFO/Rev 3Y Avg60.3%69.0%72.0%70.4%68.3%60.8%68.6%
FCF/Rev LTM63.6%69.8%70.6%68.5%67.3%58.2%67.9%
FCF/Rev 3Y Avg60.3%69.0%72.0%70.4%68.3%60.7%68.6%

Valuation

FCPTONNNADCEPRTNTSTMedian
NameFour Cor.Realty I.NNN REIT Agree Re.Essentia.Netstreit 
Mkt Cap2.451.87.88.15.71.86.8
P/S7.98.78.210.49.38.68.6
P/Op Inc14.219.013.421.414.525.716.7
P/EBIT14.120.213.121.614.726.517.5
P/E20.540.820.336.021.4127.428.7
P/CFO12.512.411.615.213.914.813.2
Total Yield11.2%8.2%10.7%7.3%9.1%5.2%8.7%
Dividend Yield6.3%5.8%5.8%4.5%4.4%4.5%5.1%
FCF Yield 3Y Avg6.7%7.1%7.9%6.1%5.9%6.8%6.8%
D/E0.50.60.60.50.50.80.6
Net D/E0.50.60.60.50.50.80.5

Returns

FCPTONNNADCEPRTNTSTMedian
NameFour Cor.Realty I.NNN REIT Agree Re.Essentia.Netstreit 
1M Rtn-11.8%-10.4%-9.5%-8.1%-13.6%-11.3%-10.8%
3M Rtn-11.1%-10.9%-11.9%-11.5%-12.4%-13.1%-11.7%
6M Rtn-2.6%-6.1%1.2%-7.4%-10.8%-0.2%-4.3%
12M Rtn-2.6%-2.0%4.0%-0.3%-6.2%6.4%-1.1%
3Y Rtn17.6%30.6%39.1%39.7%38.9%33.3%36.1%
1M Excs Rtn-12.7%-11.3%-10.4%-8.9%-14.5%-12.1%-11.7%
3M Excs Rtn-16.4%-16.2%-17.2%-16.8%-17.7%-18.4%-17.0%
6M Excs Rtn-22.8%-25.0%-18.8%-26.9%-31.4%-20.2%-23.9%
12M Excs Rtn-19.2%-19.0%-12.6%-17.0%-22.9%-7.8%-18.0%
3Y Excs Rtn-66.0%-53.9%-47.8%-44.6%-48.1%-51.1%-49.6%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Real estate operations revenue262236217190174
Restaurant operations revenue3131313027
Other013  
Intercompany   3-1
Total294268251223199


Net Income by Segment
$ Mil20252024202320222021
Real estate operations revenue112100959884
Restaurant operations revenue00101
Intercompany    0
Total112101959886


Assets by Segment
$ Mil20252024202320222021
Real estate operations revenue2,8992,6312,4292,1761,880
Restaurant operations revenue2222222223
Total2,9212,6532,4522,1991,903


Price Behavior

Price Behavior
Market Price$22.20 
Market Cap ($ Bil)2.4 
First Trading Date10/29/2015 
Distance from 52W High-15.4% 
   50 Days200 Days
DMA Price$24.67$24.09
DMA Trendindeterminateindeterminate
Distance from DMA-10.0%-7.8%
 3M1YR
Volatility18.9%18.1%
Downside Capture37.494.51
Upside Capture-29.140.61
Correlation (SPY)-20.7%-1.9%
FCPT Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.18-0.50-0.65-0.10-0.050.26
Up Beta-0.79-1.19-0.94-0.15-0.110.25
Down Beta-1.41-0.31-0.70-0.27-0.020.18
Up Capture6%-13%-39%-1%-1%9%
Bmk +ve Days10213268138427
Stock +ve Days10213159120383
Down Capture75%-45%-70%-6%-9%55%
Bmk -ve Days11213259113324
Stock -ve Days11213368128357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FCPT
FCPT-2.5%18.1%-0.29-
Sector ETF (XLRE)2.7%14.1%-0.0561.0%
Equity (SPY)17.7%13.0%0.98-1.9%
Gold (GLD)14.7%29.3%0.46-0.6%
Commodities (DBC)46.8%20.7%1.75-11.7%
Real Estate (VNQ)4.5%13.6%0.0764.2%
Bitcoin (BTCUSD)-25.5%44.8%-0.53-4.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FCPT
FCPT1.4%19.9%-0.02-
Sector ETF (XLRE)1.0%19.1%-0.0572.1%
Equity (SPY)13.3%17.2%0.5936.4%
Gold (GLD)19.2%18.8%0.8311.9%
Commodities (DBC)11.2%19.5%0.455.4%
Real Estate (VNQ)0.9%18.9%-0.0674.4%
Bitcoin (BTCUSD)12.3%52.6%0.4114.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FCPT
FCPT6.3%30.7%0.27-
Sector ETF (XLRE)6.2%20.4%0.2573.6%
Equity (SPY)15.5%17.9%0.7351.4%
Gold (GLD)12.1%16.4%0.619.9%
Commodities (DBC)8.7%18.1%0.3916.5%
Real Estate (VNQ)4.8%20.7%0.1977.7%
Bitcoin (BTCUSD)63.9%66.2%1.0412.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity4.5 Mil
Short Interest: % Change Since 83120269.7%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest5.3 days
Basic Shares Quantity109.5 Mil
Short % of Basic Shares4.2%

Earnings Returns History

Updated 8/31/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-3.0%-3.6%-3.9%
4/29/20261.0%0.4%-1.7%
2/11/2026-3.3%-0.8%1.5%
10/28/2025-1.7%-0.1%0.6%
7/29/2025-3.0%-3.5%-2.2%
4/30/2025-0.2%-0.7%-1.2%
2/12/20252.4%-0.1%0.9%
10/30/2024-1.1%-1.3%6.6%
...
SUMMARY STATS   
# Positive10613
# Negative141811
Median Positive1.6%2.3%3.4%
Median Negative-2.4%-1.3%-3.3%
Max Positive3.1%3.4%8.8%
Max Negative-4.9%-5.8%-6.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-3.0%-3.6%-3.9%
4/29/20261.0%0.4%-1.7%
2/11/2026-3.3%-0.8%1.5%
10/28/2025-1.7%-0.1%0.6%
7/29/2025-3.0%-3.5%-2.2%
4/30/2025-0.2%-0.7%-1.2%
2/12/20252.4%-0.1%0.9%
10/30/2024-1.1%-1.3%6.6%
7/31/20240.4%-1.4%3.4%
5/1/20242.2%2.1%3.6%
2/14/20242.4%3.4%6.9%
11/1/20231.8%0.5%8.4%
8/1/2023-2.6%-1.2%-3.3%
5/1/2023-1.5%2.6%1.2%
2/15/20231.4%-1.4%-6.5%
11/1/2022-0.5%3.3%4.7%
7/26/20220.0%-0.5%-2.4%
4/26/2022-2.2%-5.8%-5.7%
2/16/20220.3%-0.2%1.1%
10/26/2021-0.9%-2.8%-4.5%
8/4/20213.1%-2.4%1.8%
4/27/2021-4.9%-3.7%-5.7%
2/17/2021-4.3%-0.1%-0.3%
10/27/2020-3.4%-2.0%8.8%
SUMMARY STATS   
# Positive10613
# Negative141811
Median Positive1.6%2.3%3.4%
Median Negative-2.4%-1.3%-3.3%
Max Positive3.1%3.4%8.8%
Max Negative-4.9%-5.8%-6.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/13/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/15/202410-K
09/30/202311/02/202310-Q
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/17/202310-K
09/30/202211/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202502/12/202610-K
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202505/01/202510-Q
12/31/202402/13/202510-K
09/30/202410/31/202410-Q
06/30/202408/01/202410-Q
03/31/202405/02/202410-Q
12/31/202302/15/202410-K
09/30/202311/02/202310-Q
06/30/202308/02/202310-Q
03/31/202305/02/202310-Q
12/31/202202/17/202310-K
09/30/202211/02/202210-Q
06/30/202207/28/202210-Q
03/31/202204/29/202210-Q
12/31/202102/23/202210-K
09/30/202110/28/202110-Q
06/30/202108/06/202110-Q
03/31/202104/29/202110-Q
12/31/202002/19/202110-K
09/30/202010/30/202010-Q
06/30/202008/03/202010-Q
03/31/202005/08/202010-Q
12/31/201902/27/202010-K
09/30/201910/31/201910-Q

Recent Forward Guidance

Updated 7/30/2026

Latest: Q2 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Term Loan DrawReported 360.00 Mil    

null

Insider Activity

Updated 8/19/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lenehan, William HPresident and CEODirectBuy506202625.233,96199,91919,567,397Form
2Stewart, NiccoleChief Accounting OfficerDirectSell316202625.972,42763,018585,989Form
3Lenehan, William HPresident and CEODirectBuy311202625.453,92499,84719,587,003Form
4Lenehan, William HPresident and CEODirectBuy306202625.497,865200,48719,522,155Form
5Lenehan, William HPresident and CEODirectBuy218202624.7310,080249,32118,748,029Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Lenehan, William HPresident and CEODirectBuy506202625.233,96199,91919,567,397Form
2Stewart, NiccoleChief Accounting OfficerDirectSell316202625.972,42763,018585,989Form
3Lenehan, William HPresident and CEODirectBuy311202625.453,92499,84719,587,003Form
4Lenehan, William HPresident and CEODirectBuy306202625.497,865200,48719,522,155Form
5Lenehan, William HPresident and CEODirectBuy218202624.7310,080249,32118,748,029Form
6Steele, Toni S DirectSell217202624.4981519,959620,653Form
7Steele, Toni S DirectSell1103202523.9083820,030617,362Form
8Hansen, Douglas B DirectBuy1031202523.641,98446,9021,849,751Form
9Stewart, NiccoleChief Accounting OfficerDirectSell916202525.303,95099,943695,856Form
10Lenehan, William HPresident and CEODirectBuy912202525.407,850199,39017,740,020Form
11Steele, Toni S DirectSell804202525.7177820,001677,298Form

Investor Activity (13F)

Updated Sep 26, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sophron Capital Management L.P.$13.9 Mil4.1%41TRIM -12.4%13F
B&I Capital AG$8.5 Mil2.9%24ADD +12.3%13F
Lasalle Investment Management Securities LLC$60.7 Mil2.4%48ADD +79.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lasalle Investment Management Securities LLC$60.7 Mil2.4%48ADD +79.9%13F
B&I Capital AG$8.5 Mil2.9%24ADD +12.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sophron Capital Management L.P.$13.9 Mil4.1%41TRIM -12.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Lasalle Investment Management Securities LLC$60.7 Mil2.4%48ADD +79.9%13F
Sophron Capital Management L.P.$13.9 Mil4.1%41TRIM -12.4%13F
B&I Capital AG$8.5 Mil2.9%24ADD +12.3%13F
Core Cache Last Updated: 9/25/2026