Four Corners Property Trust (FCPT)
Market Price (8/12/2026): $24.54 | Market Cap: $2.7 BilSector: Real Estate | Industry: Other Specialized REITs
Four Corners Property Trust (FCPT)
Market Price (8/12/2026): $24.54Market Cap: $2.7 BilSector: Real EstateIndustry: Other Specialized REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 5.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 7.3% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56% Attractive cash flow generationCFO/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 volatilityVol 12M is 18% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Sustainable & Green Buildings. Themes include Experiential Retail, and ESG REITs. | Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -59% | Key risksFCPT 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 5.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 7.3% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 56% |
| Attractive cash flow generationCFO/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 volatilityVol 12M is 18% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Sustainable & Green Buildings. Themes include Experiential Retail, and ESG REITs. |
| Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -59% |
| Key risksFCPT 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. |
Qualitative Assessment
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Four Corners Property Trust (FCPT) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 earnings report presented a cautious investor sentiment despite strong operational fundamentals. Four Corners Property Trust reported diluted earnings per share (EPS) of $0.27 for fiscal Q2 2026, missing Wall Street expectations of $0.30 per share by 10%. Revenue also fell short at $78.42 million against a forecast of $79.11 million, a miss of 0.87%. This earnings and revenue miss initially led to a 3.21% stock price drop in after-hours trading. However, the impact was mitigated by positive operational metrics, including a 1.4% year-over-year increase in Adjusted Funds From Operations (AFFO) per share to $0.45 and an 8.7% rise in cash rental income to $70 million. The company also maintained high portfolio occupancy at 99.5% and collected 99.7% of base rent, indicating underlying business stability.
2. Strategic and record-setting acquisition activity, particularly post-quarter end, underscored the company's diversification efforts. Four Corners Property Trust demonstrated an aggressive growth strategy by acquiring $382 million of properties at a blended 6.6% cash cap rate year-to-date through July 2026, surpassing its previous annual investment record. A key development just after fiscal Q2 2026 was the acquisition of the Mission Pet Health portfolio for $268 million, comprising 102 veterinary properties. This acquisition is a significant step in diversifying the portfolio, reducing Darden exposure to approximately 41% of total rent (pro forma for the Mission Pet acquisition) and expanding into new sectors beyond casual dining, such as automotive service and medical retail.
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Four Corners Property Trust (FCPT) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Mixed fiscal Q2 2026 earnings report presented a cautious investor sentiment despite strong operational fundamentals. Four Corners Property Trust reported diluted earnings per share (EPS) of $0.27 for fiscal Q2 2026, missing Wall Street expectations of $0.30 per share by 10%. Revenue also fell short at $78.42 million against a forecast of $79.11 million, a miss of 0.87%. This earnings and revenue miss initially led to a 3.21% stock price drop in after-hours trading. However, the impact was mitigated by positive operational metrics, including a 1.4% year-over-year increase in Adjusted Funds From Operations (AFFO) per share to $0.45 and an 8.7% rise in cash rental income to $70 million. The company also maintained high portfolio occupancy at 99.5% and collected 99.7% of base rent, indicating underlying business stability.
2. Strategic and record-setting acquisition activity, particularly post-quarter end, underscored the company's diversification efforts. Four Corners Property Trust demonstrated an aggressive growth strategy by acquiring $382 million of properties at a blended 6.6% cash cap rate year-to-date through July 2026, surpassing its previous annual investment record. A key development just after fiscal Q2 2026 was the acquisition of the Mission Pet Health portfolio for $268 million, comprising 102 veterinary properties. This acquisition is a significant step in diversifying the portfolio, reducing Darden exposure to approximately 41% of total rent (pro forma for the Mission Pet acquisition) and expanding into new sectors beyond casual dining, such as automotive service and medical retail.
3. Robust capital structure and enhanced liquidity provided financial stability and supported future growth. The company strengthened its financial position by successfully refinancing and upsizing its unsecured credit facility from $940 million to $1.15 billion, which included a new $400 million term loan maturing in August 2031. This refinancing provides $210 million in incremental proceeds for investments and corporate purposes, while also addressing upcoming debt maturities. Furthermore, FCPT maintains a fully undrawn $350 million revolving credit facility, ensuring substantial liquidity for ongoing and future acquisitions. The announcement of a transition to monthly dividend payments starting in August 2026 also aimed to enhance shareholder returns.
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Stock Movement Drivers
Fundamental Drivers
The -2.2% change in FCPT stock from 4/30/2026 to 8/11/2026 was primarily driven by a -3.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.08 | 24.53 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 301 | 306 | 1.9% |
| Net Income Margin (%) | 38.7% | 38.7% | -0.1% |
| P/E Multiple | 23.5 | 22.7 | -3.7% |
| Shares Outstanding (Mil) | 109 | 109 | -0.2% |
| Cumulative Contribution | -2.2% |
Market Drivers
4/30/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCPT | -2.2% | |
| Market (SPY) | 7.2% | -34.8% |
| Sector (XLRE) | -0.7% | 70.5% |
Fundamental Drivers
The 3.0% change in FCPT stock from 1/31/2026 to 8/11/2026 was primarily driven by a 6.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.81 | 24.53 | 3.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 287 | 306 | 6.8% |
| Net Income Margin (%) | 38.0% | 38.7% | 1.7% |
| P/E Multiple | 22.7 | 22.7 | -0.1% |
| Shares Outstanding (Mil) | 104 | 109 | -5.1% |
| Cumulative Contribution | 3.0% |
Market Drivers
1/31/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCPT | 3.0% | |
| Market (SPY) | 11.7% | -7.2% |
| Sector (XLRE) | 7.1% | 59.9% |
Fundamental Drivers
The 3.7% change in FCPT stock from 7/31/2025 to 8/11/2026 was primarily driven by a 9.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.65 | 24.53 | 3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 279 | 306 | 9.6% |
| Net Income Margin (%) | 37.9% | 38.7% | 2.2% |
| P/E Multiple | 22.5 | 22.7 | 0.5% |
| Shares Outstanding (Mil) | 101 | 109 | -7.9% |
| Cumulative Contribution | 3.7% |
Market Drivers
7/31/2025 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCPT | 3.7% | |
| Market (SPY) | 22.9% | -3.5% |
| Sector (XLRE) | 9.2% | 60.1% |
Fundamental Drivers
The 10.9% change in FCPT stock from 7/31/2023 to 8/11/2026 was primarily driven by a 33.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.12 | 24.53 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 229 | 306 | 33.9% |
| Net Income Margin (%) | 43.1% | 38.7% | -10.2% |
| P/E Multiple | 19.2 | 22.7 | 17.7% |
| Shares Outstanding (Mil) | 86 | 109 | -21.6% |
| Cumulative Contribution | 10.9% |
Market Drivers
7/31/2023 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCPT | 10.9% | |
| Market (SPY) | 74.3% | 21.8% |
| Sector (XLRE) | 26.8% | 70.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FCPT Return | 3% | -7% | 3% | 13% | -10% | 10% | 11% |
| Peers Return | 24% | -7% | 1% | 5% | 10% | 12% | 51% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FCPT Win Rate | 58% | 50% | 58% | 67% | 42% | 62% | |
| Peers Win Rate | 63% | 48% | 47% | 58% | 58% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FCPT Max Drawdown | -14% | -22% | -26% | -12% | -19% | -8% | |
| Peers Max Drawdown | -15% | -25% | -26% | -17% | -11% | -11% | |
| 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 8/11/2026 (YTD)
How Low Can It Go
| Event | FCPT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.1% | -9.5% |
| % Gain to Breakeven | 30.0% | 10.5% |
| Time to Breakeven | 258 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.4% | -6.7% |
| % Gain to Breakeven | 14.2% | 7.1% |
| Time to Breakeven | 447 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.2% | -24.5% |
| % Gain to Breakeven | 23.7% | 32.4% |
| Time to Breakeven | 94 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.5% | -33.7% |
| % Gain to Breakeven | 129.9% | 50.9% |
| Time to Breakeven | 400 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -17.3% | -3.7% |
| % Gain to Breakeven | 21.0% | 3.9% |
| Time to Breakeven | 77 days | 6 days |
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.
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| Event | FCPT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.1% | -9.5% |
| % Gain to Breakeven | 30.0% | 10.5% |
| Time to Breakeven | 258 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.5% | -33.7% |
| % Gain to Breakeven | 129.9% | 50.9% |
| Time to Breakeven | 400 days | 140 days |
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.
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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.
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- 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.
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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.
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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.
- 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.
- 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.
- 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:
- 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.
- 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.
- 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.
- 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.
- 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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.71 |
| Mkt Cap | 7.5 |
| Rev LTM | 698 |
| Op Inc LTM | 386 |
| FCF LTM | 474 |
| FCF 3Y Avg | 409 |
| CFO LTM | 474 |
| CFO 3Y Avg | 409 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.1% |
| Rev Chg 3Y Avg | 17.5% |
| Rev Chg Q | 12.3% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 17.5% |
| Op Inc Chg 3Y Avg | 20.1% |
| Op Mgn LTM | 52.1% |
| Op Mgn 3Y Avg | 52.0% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 67.9% |
| CFO/Rev 3Y Avg | 68.6% |
| FCF/Rev LTM | 67.9% |
| FCF/Rev 3Y Avg | 68.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate operations revenue | 262 | 236 | 217 | 190 | 174 |
| Restaurant operations revenue | 31 | 31 | 31 | 30 | 27 |
| Other | 0 | 1 | 3 | ||
| Intercompany | 3 | -1 | |||
| Total | 294 | 268 | 251 | 223 | 199 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate operations revenue | 112 | 100 | 95 | 98 | 84 |
| Restaurant operations revenue | 0 | 0 | 1 | 0 | 1 |
| Intercompany | 0 | ||||
| Total | 112 | 101 | 95 | 98 | 86 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Real estate operations revenue | 2,899 | 2,631 | 2,429 | 2,176 | 1,880 |
| Restaurant operations revenue | 22 | 22 | 22 | 22 | 23 |
| Total | 2,921 | 2,653 | 2,452 | 2,199 | 1,903 |
Price Behavior
| Market Price | $24.53 | |
| Market Cap ($ Bil) | 2.7 | |
| First Trading Date | 10/29/2015 | |
| Distance from 52W High | -7.0% | |
| 50 Days | 200 Days | |
| DMA Price | $24.92 | $23.95 |
| DMA Trend | up | up |
| Distance from DMA | -1.6% | 2.4% |
| 3M | 1YR | |
| Volatility | 22.6% | 18.1% |
| Downside Capture | -61.66 | -7.85 |
| Upside Capture | -50.34 | -2.05 |
| Correlation (SPY) | -37.8% | -3.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.69 | -0.75 | -0.57 | -0.10 | -0.03 | 0.28 |
| Up Beta | -1.75 | -1.00 | -0.61 | -0.12 | 0.01 | 0.27 |
| Down Beta | 0.38 | -0.41 | -0.50 | -0.02 | -0.02 | 0.20 |
| Up Capture | -33% | -60% | -40% | 0% | -0% | 10% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 21 | 30 | 60 | 122 | 384 |
| Down Capture | -115% | -107% | -81% | -29% | -14% | 58% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 22 | 33 | 66 | 127 | 358 |
[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 | 1.9% | 18.2% | -0.04 | - |
| Sector ETF (XLRE) | 9.6% | 14.1% | 0.42 | 60.4% |
| Equity (SPY) | 22.1% | 12.8% | 1.28 | -3.0% |
| Gold (GLD) | 28.2% | 28.4% | 0.86 | -2.5% |
| Commodities (DBC) | 37.4% | 20.1% | 1.47 | -11.9% |
| Real Estate (VNQ) | 12.5% | 13.8% | 0.61 | 63.4% |
| Bitcoin (BTCUSD) | -45.3% | 42.9% | -1.28 | -6.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCPT | |
|---|---|---|---|---|
| FCPT | 2.5% | 20.0% | 0.04 | - |
| Sector ETF (XLRE) | 2.1% | 19.1% | 0.01 | 72.1% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 36.4% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 12.1% |
| Commodities (DBC) | 9.3% | 19.6% | 0.36 | 6.0% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 74.4% |
| Bitcoin (BTCUSD) | 10.9% | 52.8% | 0.39 | 15.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCPT | |
|---|---|---|---|---|
| FCPT | 6.4% | 30.8% | 0.27 | - |
| Sector ETF (XLRE) | 5.9% | 20.4% | 0.24 | 73.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 51.5% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 10.0% |
| Commodities (DBC) | 7.9% | 18.0% | 0.35 | 16.9% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 77.8% |
| Bitcoin (BTCUSD) | 59.4% | 66.1% | 0.99 | 12.3% |
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Returns Analyses
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -3.0% | -3.6% | |
| 4/29/2026 | 1.0% | 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% |
| 2/12/2025 | 2.4% | -0.1% | 0.9% |
| 10/30/2024 | -1.1% | -1.3% | 6.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 6 | 13 |
| # Negative | 14 | 18 | 10 |
| Median Positive | 1.6% | 2.3% | 3.4% |
| Median Negative | -2.4% | -1.3% | -2.9% |
| Max Positive | 3.1% | 3.4% | 8.8% |
| Max Negative | -4.9% | -5.8% | -6.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -3.0% | -3.6% | |
| 4/29/2026 | 1.0% | 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% |
| 2/12/2025 | 2.4% | -0.1% | 0.9% |
| 10/30/2024 | -1.1% | -1.3% | 6.6% |
| 7/31/2024 | 0.4% | -1.4% | 3.4% |
| 5/1/2024 | 2.2% | 2.1% | 3.6% |
| 2/14/2024 | 2.4% | 3.4% | 6.9% |
| 11/1/2023 | 1.8% | 0.5% | 8.4% |
| 8/1/2023 | -2.6% | -1.2% | -3.3% |
| 5/1/2023 | -1.5% | 2.6% | 1.2% |
| 2/15/2023 | 1.4% | -1.4% | -6.5% |
| 11/1/2022 | -0.5% | 3.3% | 4.7% |
| 7/26/2022 | 0.0% | -0.5% | -2.4% |
| 4/26/2022 | -2.2% | -5.8% | -5.7% |
| 2/16/2022 | 0.3% | -0.2% | 1.1% |
| 10/26/2021 | -0.9% | -2.8% | -4.5% |
| 8/4/2021 | 3.1% | -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 | |||
| # Positive | 10 | 6 | 13 |
| # Negative | 14 | 18 | 10 |
| Median Positive | 1.6% | 2.3% | 3.4% |
| Median Negative | -2.4% | -1.3% | -2.9% |
| Max Positive | 3.1% | 3.4% | 8.8% |
| Max Negative | -4.9% | -5.8% | -6.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Term Loan Draw | 360.00 Mil | ||||||
Insider Activity
Updated 7/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lenehan, William H | President and CEO | Direct | Buy | 5062026 | 25.23 | 3,961 | 99,919 | 19,567,397 | Form |
| 2 | Stewart, Niccole | Chief Accounting Officer | Direct | Sell | 3162026 | 25.97 | 2,427 | 63,018 | 585,989 | Form |
| 3 | Lenehan, William H | President and CEO | Direct | Buy | 3112026 | 25.45 | 3,924 | 99,847 | 19,587,003 | Form |
| 4 | Lenehan, William H | President and CEO | Direct | Buy | 3062026 | 25.49 | 7,865 | 200,487 | 19,522,155 | Form |
| 5 | Lenehan, William H | President and CEO | Direct | Buy | 2182026 | 24.73 | 10,080 | 249,321 | 18,748,029 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Lenehan, William H | President and CEO | Direct | Buy | 5062026 | 25.23 | 3,961 | 99,919 | 19,567,397 | Form |
| 2 | Stewart, Niccole | Chief Accounting Officer | Direct | Sell | 3162026 | 25.97 | 2,427 | 63,018 | 585,989 | Form |
| 3 | Lenehan, William H | President and CEO | Direct | Buy | 3112026 | 25.45 | 3,924 | 99,847 | 19,587,003 | Form |
| 4 | Lenehan, William H | President and CEO | Direct | Buy | 3062026 | 25.49 | 7,865 | 200,487 | 19,522,155 | Form |
| 5 | Lenehan, William H | President and CEO | Direct | Buy | 2182026 | 24.73 | 10,080 | 249,321 | 18,748,029 | Form |
| 6 | Steele, Toni S | Direct | Sell | 2172026 | 24.49 | 815 | 19,959 | 620,653 | Form | |
| 7 | Steele, Toni S | Direct | Sell | 11032025 | 23.90 | 838 | 20,030 | 617,362 | Form | |
| 8 | Hansen, Douglas B | Direct | Buy | 10312025 | 23.64 | 1,984 | 46,902 | 1,849,751 | Form | |
| 9 | Stewart, Niccole | Chief Accounting Officer | Direct | Sell | 9162025 | 25.30 | 3,950 | 99,943 | 695,856 | Form |
| 10 | Lenehan, William H | President and CEO | Direct | Buy | 9122025 | 25.40 | 7,850 | 199,390 | 17,740,020 | Form |
| 11 | Steele, Toni S | Direct | Sell | 8042025 | 25.71 | 778 | 20,001 | 677,298 | Form |
Investor Activity (13F)
Updated Aug 12, 2026Active 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.
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Other Specialized REITs Resources |
| Nareit - Specialty |
| Green Street |
| REITNotes |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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