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Four Corners Property
(NYSE:FCPT)
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Rating:73Outperform
Price Target:
$28.00
▲(7.40% Upside)
Action:Reiterated
Date:08/18/26
FCPT scores well on operating/financial stability and a constructive earnings-call backdrop (strong occupancy/collections, improved liquidity and debt profile, and accretive acquisition activity). The overall score is held back by leverage/cash-coverage sensitivity noted in the latest TTM, only modest per-share earnings growth, and a mixed technical setup with limited momentum.
Positive Factors
High Occupancy and Rent Collection
Near-full occupancy and reliable collections support predictable rental cash flow, reduce vacancy and credit-loss exposure, and demonstrate durable tenant demand across FCPT's net-leased portfolio.
Negative Factors
Leverage and Cash Coverage Sensitivity
Although cash generation remains positive, weaker obligation coverage and meaningful leverage could limit acquisition capacity or increase refinancing pressure if operating conditions or financing costs deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
High Occupancy and Rent Collection
Near-full occupancy and reliable collections support predictable rental cash flow, reduce vacancy and credit-loss exposure, and demonstrate durable tenant demand across FCPT's net-leased portfolio.
Read all positive factors
Four Corners Property Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is split across the company’s business lines—typically rental income from leased properties versus other property-related revenue. Reveals which segments drive growth, whether income is concentrated in a few tenants or property types, and where future cash-flow risk or upside may come from rent escalations, renewals, or new lease activity.
Shows how revenue is split across the company’s business lines—typically rental income from leased properties versus other property-related revenue. Reveals which segments drive growth, whether income is concentrated in a few tenants or property types, and where future cash-flow risk or upside may come from rent escalations, renewals, or new lease activity.
Data provided by:
The Fly
The FlyFour Corners Property (FCPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.77B
Dividend Yield6.25%
Average Volume (3M)829.98K
Price to Earnings (P/E)22.7
Beta (1Y)0.23
Revenue Growth9.65%
EPS Growth2.28%
CountryUS
Employees496
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)1.11
Shares Outstanding109,756,410
10 Day Avg. Volume684,185
30 Day Avg. Volume829,976
Financial Highlights & Ratios
PEG Ratio11.32
Price to Book (P/B)1.45
Price to Sales (P/S)8.05
P/FCF Ratio12.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$28.50Price Target Upside9.32% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)1.15
Revenue Forecast (FY)$323.16M
Four Corners Property Business Overview & Revenue Model
Company Description
Four Corners Property Trust (FCPT), a real estate investment trust based in Mill Valley, California, specializes in acquiring and leasing properties primarily for restaurant operations. The company's strategy involves expanding its portfolio throu...
How the Company Makes Money
FCPT makes money primarily by leasing its properties to tenants and collecting contractual rent. Its core revenue stream is rental income generated from long-term, single-tenant net leases (often structured so that the tenant is responsible for pr...
Four Corners Property Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive operational and strategic picture: record investment activity (YTD $382M), a transformative large acquisition (102-property Mission Pet Health portfolio), strengthened liquidity and attractive low-cost debt ($600M), very strong occupancy and collections (99%+ occupancy; 99.7% rent collected), and modest improvement in operating leverage. Challenges noted are relatively limited in scale: a small Bahama Breeze closure exposure (~0.5% ABR), timing around Darden extension notices, a remaining $50M private note maturity, and management concern over equity cost of capital (stock undervaluation) that may temper near-term acquisition cadence. AFFO per share growth was modest (+1.4% YoY). Overall, positive fundamentals and capital improvements outweigh the limited and manageable headwinds.Positive Updates
Record Investment Pace and Scale
Year-to-date through July the company acquired $382 million of properties at a blended 6.6% cash cap rate, exceeding its prior record annual investment volume within the first 7 months. FCPT has now acquired over 1,000 properties since inception and the original spin portfolio represents just 29% of total properties.
Negative Updates
Bahama Breeze Store Closures (Small Exposure)
Darden is closing 4 of 10 Bahama Breeze properties (the other 6 converting to other Darden brands). The 4 properties represent ~0.5% of ABR and leases expire 1–4 years out; management expects committed rent through expiration and minimal AFFO disruption given strong backfill demand, but it is an incremental near-term headwind to monitor.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Investment Pace and Scale
Year-to-date through July the company acquired $382 million of properties at a blended 6.6% cash cap rate, exceeding its prior record annual investment volume within the first 7 months. FCPT has now acquired over 1,000 properties since inception and the original spin portfolio represents just 29% of total properties.
Read all positive updates
Company Guidance
The company affirmed its 2026 cash G&A guidance of $19.2M–$19.7M and reiterated its targeted leverage range of 5x–6x (pro forma run‑rate leverage remains below the 6x upper bound), with a pro forma weighted average debt tenor of 4.3 years and a fully undrawn $350M revolver; since April it closed $600M of new debt (a $200M 7‑year term at SOFR+125bps and a $400M 5‑year term at SOFR+90bps, all‑in ≈4.5%–4.9% at current SOFR) that represents over one‑third of in‑place debt, pushed out maturities (only a $50M private note remains near‑term), and reduced interest expense via a 5–10bps spread refresh (≈$450k annual savings on the $800M facility). Management announced a move to a monthly dividend (first payment in August), said it will not provide acquisition/earnings guidance, and urged analysts to update models to reflect YTD investment activity (YTD acquisitions $382M at a blended 6.6% cash cap; Q2 acquisitions 23 properties for $57M at a 6.8% cash cap/7.5% GAAP cap) and the July Mission Pet Health close ($268M, 102 properties, $17.4M annualized cash rent with ~2% annual rent growth). Results and operational context cited to support the guidance include Q2 AFFO per share $0.45 (up 1.4% YoY), Q2 cash rental income $70M (up 8.7% YoY), annualized base rent $270.5M, a 5‑year annual cash rent escalator of 1.5%, fixed charge coverage 4.6x, occupancy 99.5%, 99.7% of base rent collected in Q2, and portfolio rent coverage of ~5.2x (Darden 6.0x).Four Corners Property Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
71
Positive
Cash Flow
76
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 306.40M | 294.13M | 268.07M | 250.61M | 223.19M | 199.38M |
| Gross Profit | 284.56M | 280.57M | 227.47M | 210.35M | 187.38M | 169.78M |
| EBITDA | 234.93M | 225.09M | 204.65M | 190.93M | 176.02M | 152.16M |
| Net Income | 118.58M | 112.36M | 100.47M | 95.34M | 97.77M | 85.58M |
Balance Sheet | ||||||
| Total Assets | 3.00B | 2.92B | 2.65B | 2.45B | 2.20B | 1.90B |
| Cash, Cash Equivalents and Short-Term Investments | 24.79M | 12.14M | 4.08M | 16.32M | 26.30M | 6.30M |
| Total Debt | 1.26B | 1.21B | 1.14B | 1.12B | 1.00B | 885.15M |
| Total Liabilities | 1.37B | 1.29B | 1.20B | 1.19B | 1.06B | 939.09M |
| Stockholders Equity | 1.62B | 1.63B | 1.45B | 1.26B | 1.14B | 961.67M |
Cash Flow | ||||||
| Free Cash Flow | 194.79M | 192.28M | 144.10M | 165.10M | 142.00M | 122.42M |
| Operating Cash Flow | 194.79M | 192.28M | 144.10M | 165.10M | 142.00M | 122.42M |
| Investing Cash Flow | -270.69M | -325.25M | -272.92M | -312.79M | -270.90M | -264.92M |
| Financing Cash Flow | 94.71M | 141.03M | 108.11M | 146.18M | 148.90M | 137.74M |
Four Corners Property Technical Analysis
Positive
26.07
Price Trends
25.09
Positive
24.74
Positive
24.04
Positive
Market Momentum
-0.03
Positive
50.66
Neutral
83.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCPT, the sentiment is Positive. The current price of 26.07 is above the 20-day moving average (MA) of 25.24, above the 50-day MA of 25.09, and above the 200-day MA of 24.04, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 50.66 is Neutral, neither overbought nor oversold. The STOCH value of 83.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCPT.
Four Corners Property Risk Analysis
Four Corners Property disclosed 2 risk factors in its most recent earnings report. Four Corners Property reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Four Corners Property Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.77B | 22.73 | 7.36% | 5.58% | 9.65% | 2.28% | |
73 Outperform | $9.19B | 39.72 | 3.61% | 3.90% | 18.06% | 10.08% | |
73 Outperform | $8.80B | 22.47 | 8.70% | 4.86% | 6.54% | -3.45% | |
71 Outperform | $2.05B | 19.83 | 9.27% | 5.53% | 9.28% | 41.75% | |
68 Neutral | $2.55B | 161.91 | 0.85% | 2.68% | 10.76% | -86.42% | |
66 Neutral | $59.23B | 45.69 | 3.36% | 4.94% | 10.76% | 33.50% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
FCPT
Four Corners Property
25.23
1.18
4.90%
ADC
Agree Realty
73.88
4.39
6.32%
GTY
Getty Realty
33.11
6.34
23.66%
NNN
NNN REIT
45.83
6.09
15.33%
O
Realty Income
62.60
7.41
13.43%
IVT
InvenTrust Properties
32.69
4.21
14.77%
Four Corners Property Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Four Corners Property Trust Boosts Portfolio With Major Acquisition
Positive
Jul 29, 2026
Four Corners Property Trust reported solid second-quarter 2026 results, with rental revenue up 8.0% year over year to $70.0 million and net income attributable to common shareholders rising to $30.0 million, despite a slight decline in diluted EPS...
Business Operations and StrategyPrivate Placements and Financing
Four Corners Property Expands and Refinances Credit Facilities
Positive
Jul 28, 2026
On July 28, 2026, Four Corners Property Trust announced it had entered into a Fifth Amended and Restated Revolving Credit and Term Loan Agreement with a syndicate of existing and new lenders, expanding its unsecured credit facility from $940 milli...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Four Corners Property expands portfolio with veterinary acquisitions
Positive
Jul 17, 2026
On July 16, 2026, Four Corners Property Trust closed the acquisition of 102 properties operated as veterinary facilities by Mission Pet Health for $268 million, based on approximately $17.37 million in next twelve months’ cash rent and inclu...
Executive/Board ChangesShareholder Meetings
Four Corners Property Shareholders Reaffirm Board and Governance
Positive
Jun 8, 2026
On June 4, 2026, Four Corners Property held its annual meeting of stockholders, at which investors re-elected eight directors, including President and CEO William H. Lenehan, to one-year terms expiring in 2027, with strong support reflected in sub...
Business Operations and StrategyM&A Transactions
Four Corners Property Trust Expands Into Veterinary Real Estate
Positive
Jun 1, 2026
On May 29, 2026, Four Corners Property Trust announced it had signed a definitive agreement to acquire up to 102 veterinary properties operated by Mission Pet Health from Shore Capital Real Estate Partners Fund I for up to $268 million. The portfo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.