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Four Corners Property
(NYSE:FCPT)
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Rating:76Outperform
Price Target:
$29.00
▲(11.24% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial performance (strong profitability and steady cash generation) and a constructive, positive earnings call highlighting strong portfolio operations and improved liquidity. Valuation is helped by a high dividend yield but moderated by a mid-20s P/E, while technical indicators show a longer-term uptrend with near-term softness and neutral momentum.
Positive Factors
High occupancy and rent collection
Near-perfect occupancy and very high rent collection support predictable rental cash flow and durability of distributable income. Over a 2–6 month horizon this lowers vacancy risk, stabilizes AFFO, and cushions the REIT against cyclical tenant disruptions.
Negative Factors
Elevated leverage and rising run-rate
Net debt to adjusted EBITDAre sits near the top of stated targets and is expected to rise to an estimated 5.4x after deploying term-loan proceeds. Higher leverage reduces financial flexibility, raises refinancing sensitivity, and increases interest burden risk if rates or margins shift.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and rent collection
Near-perfect occupancy and very high rent collection support predictable rental cash flow and durability of distributable income. Over a 2–6 month horizon this lowers vacancy risk, stabilizes AFFO, and cushions the REIT against cyclical tenant disruptions.
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
$2.81B
Dividend Yield6.16%
Average Volume (3M)829.98K
Price to Earnings (P/E)23.1
Beta (1Y)0.24
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
$28.33Price Target Upside8.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.17
Revenue Forecast (FY)$320.98M
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed generally positive momentum: steady AFFO/net flow growth, strong rent collection and occupancy, continued disciplined acquisitions (albeit seasonally light in Q1), strengthened liquidity (new $200M term loan) and conservative leverage/coverage metrics. Portfolio quality and tenant performance are highlighted as durable strengths, with ongoing efforts to diversify into new subsectors. The primary negatives are limited: modestly lower Q1 deal volume versus early-2025, seller pricing friction in new sectors, and transactional/transition uncertainty around 10 Bahama Breeze locations. On balance, the positive operational and balance-sheet metrics materially outweigh the contained risks.Positive Updates
AFFO and Net Flow Growth
AFFO per share grew 3.4% year-over-year; net flow per share was $0.45, representing 3.4% growth versus the prior year.
Negative Updates
Q1 Acquisition Volume Modestly Lower than Early 2025
Q1 acquisitions of $26 million were marginally lower versus the start of 2025; management notes Q1 is seasonally lighter and expects a typical ramp in Q2.
Read all updates
Q1-2026 Updates
Positive
Negative
AFFO and Net Flow Growth
AFFO per share grew 3.4% year-over-year; net flow per share was $0.45, representing 3.4% growth versus the prior year.
Read all positive updates
Company Guidance
The company reiterated 2026 cash G&A guidance of $19.2–$19.7 million (Q1 cash G&A was $4.9 million, 7.0% of cash rental income vs 7.7% a year ago), and highlighted capital and liquidity metrics including a new $200 million seven‑year term loan (all‑in ~4.9%, margin 125 bps over SOFR; $50 million funded in April with the balance to be drawn in Q2–Q3), a fully available $350 million revolver, and $640 million of existing term debt fully hedged at a blended SOFR of 3.1% (≈4.0% all‑in) through Nov‑2027; leverage was 5.0x net debt/adjusted EBITDAre at quarter end (estimated run‑rate 5.4x after investing proceeds) with fixed charge coverage of 4.8x and no material maturities until December ($50 million private notes). Operationally they reaffirmed portfolio strength: occupancy 99.6%, 99.7% of base rent collected in Q1, cash rental income $70 million (+10% YoY), annualized cash‑based rent $266 million, weighted five‑year annual cash rent escalator 1.5%, AFFO per share +3.4% YoY (net flow per share $0.45, +3.4%). On investing/leasing activity they noted Q1 acquisitions of $26 million for 10 properties at a 6.8% blended cash cap (7.3% GAAP cap) with $2.6 million average basis (46% restaurant / 28% auto service / 26% medical retail), 27 of 42 2026 expirations extended with recapture ~+6% rent (remaining expirations now ~1% of ABR), and a small Bahama Breeze exposure (10 stores = 1.3% of ABR; four stores = 50 bps ABR) with Darden obligated to pay rent for 1.5–4 years while backfill negotiations proceed.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
Neutral
26.07
Price Trends
24.90
Positive
24.59
Positive
23.93
Positive
Market Momentum
0.09
Positive
45.71
Neutral
21.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCPT, the sentiment is Neutral. The current price of 26.07 is above the 20-day moving average (MA) of 25.63, above the 50-day MA of 24.90, and above the 200-day MA of 23.93, indicating a neutral trend. The MACD of 0.09 indicates Positive momentum. The RSI at 45.71 is Neutral, neither overbought nor oversold. The STOCH value of 21.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.81B | 23.06 | 7.36% | 5.58% | 9.65% | 2.28% | |
73 Outperform | $9.04B | 23.07 | 8.70% | 4.86% | 5.77% | -4.61% | |
72 Outperform | $9.68B | 41.83 | 3.58% | 3.90% | 18.06% | 10.08% | |
71 Outperform | $2.11B | 20.44 | 9.27% | 5.53% | 9.28% | 41.75% | |
68 Neutral | $2.76B | 24.90 | 0.85% | 2.68% | 9.91% | 518.94% | |
66 Neutral | $59.56B | 52.35 | 2.86% | 4.94% | 9.49% | 10.53% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
FCPT
Four Corners Property
25.06
0.79
3.23%
ADC
Agree Realty
76.35
5.54
7.82%
GTY
Getty Realty
33.25
6.61
24.79%
NNN
NNN REIT
47.00
7.36
18.56%
O
Realty Income
62.36
8.24
15.21%
IVT
InvenTrust Properties
33.30
6.98
26.51%
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.