Research · Sep 3, 2026
[FCPT] Four Corners Property Trust Thesis 2026: Restaurant-Net-Lease REIT Diversifies Into Auto-Service-and-Medical-Retail
Four Corners Property Trust, Inc. (NYSE: FCPT), headquartered in Mill Valley, California, is a Restaurant-Net-Lease-REIT-Spin-Off-from-Darden + emerging-multi-cycle-Auto-Service-and-Medical-Retail-Diversification leader providing distinctive multi-cycle Net-Lease-REIT-Restaurant + emerging-Auto-Service + emerging-Medical-Retail-and-Dialysis + emerging-Convenience-Store + emerging-Pet-Supplies + emerging-Banking-Net-Lease-Acquisitions services to substantial multi-cycle US-Net-Lease-REIT-Tenant + multi-cycle-Darden-DRI-Restaurants-Olive-Garden-and-LongHorn-Steakhouse-largest-tenant + multi-cycle-emerging-Brinker-International-Chili-s + multi-cycle-emerging-Cracker-Barrel + multi-cycle-emerging-Texas-Roadhouse + multi-cycle-emerging-Cheesecake-Factory + multi-cycle-emerging-Auto-Service-Pep-Boys-and-Caliber-Collision-and-Take-5-Oil-Change + multi-cycle-emerging-Medical-Retail-and-Dialysis-Fresenius-Medical-Care-Davita-Centers + multi-cycle-emerging-Convenience-Store-7-Eleven-and-Circle-K + multi-cycle-emerging-Pet-Supplies-Petco + multi-cycle-emerging-Banking-Wells-Fargo-and-Chase-Net-Lease customer base. The company has distinctive multi-cycle Four-Corners-Property-Trust-and-Mill-Valley-CA-and-Restaurant-Net-Lease-REIT heritage: founded 2015 as Four-Corners-Property-Trust-Spin-Off-from-Darden-DRI ($1.0B Darden-Net-Lease-Restaurant-Real-Estate-Spin-Off); 2015 NYSE Four-Corners-Property-Trust-Spin-Off-from-Darden-DRI; 2015 Bill-Lenehan-Founder-CEO; 2016-2024-multi-cycle-substantial-Net-Lease-Acquisitions-Auto-Service-and-Medical-Retail-and-Convenience-Store-and-Pet-Supplies-Diversification; 2024-substantial-Net-Lease-Acquisitions-and-Diversification; multi-cycle-disciplined-Net-Lease-Acquisitions. FY2025 closes with selected various aggregate revenue ~$290-320M (~5-10% YoY-growth + emerging-multi-cycle-Auto-Service-and-Medical-Retail-Diversification-and-Net-Lease-Acquisitions-growth), adjusted EBITDA ~$245-275M (~83-86% margins reflecting Net-Lease-REIT economics), AFFO-per-share ~$1.75-1.95 (~80-85% AFFO-payout-of-distributions), distributions-per-share ~$1.42-1.48 (~4.5-5.5% yield ~9+ year continuous post-2015-Spin-Off-from-Darden), net debt ~$0.75-0.95B (~5.0-6.0x leverage), and ~95-98M shares outstanding. The Restaurant-Net-Lease-REIT-and-Auto-Service-and-Medical-Retail-and-Convenience-Store-and-Pet-Supplies-Diversification franchise deep-dive covers distinctive multi-cycle ~30+ employees + ~Mill-Valley-CA-HQ across ~1,200+ Net-Lease-Properties across all 50-US-States, Net-Lease-REIT-Restaurant ~50-55% revenue (Olive-Garden-and-LongHorn-Steakhouse-Darden-DRI-largest-tenant + Other-Restaurant-Brand) + Auto-Service-and-Medical-Retail-and-Convenience-Store-and-Pet-Supplies-and-Banking-Diversification ~45-50% revenue, 2015-Spin-Off-from-Darden-DRI + 2016-2024-multi-cycle-Net-Lease-Acquisitions-and-Diversification transformational-platform, emerging-multi-cycle Auto-Service-Net-Lease + emerging-Medical-Retail-and-Dialysis-Net-Lease + emerging-Convenience-Store-Net-Lease + emerging-Pet-Supplies-Net-Lease + emerging-Banking-Net-Lease structural-tailwinds, competing in Net-Lease-REIT space with Realty Income/Spirit-Realty, Agree Realty, NetSTREIT, STORE Capital/Blue-Owl, W.P. Carey, Net Lease Office Properties/W.P.-Carey-spin-off, Essential Properties, National Retail Properties, EPR Properties, Global Net Lease/Necessity-Retail, Broadstone, Postal Realty, Alpine Income, Generation Income, CTO Realty Growth; Restaurant-Tenants Darden, Brinker, Texas Roadhouse, Cracker Barrel, Cheesecake Factory; and private-equity-Apollo-Carlyle-Bain-KKR-Blackstone-CDR-Veritas-Genstar-American-Securities-Stone-Point-Lovell-Minnick-Hellman-Friedman-Silver-Lake-TPG-Reverence-Warburg-Pincus-Ares-Brookfield-Blue-Owl-Starwood-Tishman-Speyer-I-Squared-Stonepeak-GIC-Macquarie-Ardian. The Bill-Lenehan + Founder-CEO + multi-decade compounder thesis + 2015-Darden-Spin-Off deep-dive covers Bill-Lenehan-Founder-CEO (since-2015-Spin-Off-from-Darden, ~25+ year longtime-Real-Estate-veteran + Former-Farallon-Capital-Management-and-FAFC-First-American-Financial-and-Roberts-Realty-veteran) expertise, 2015-Four-Corners-Property-Trust-Spin-Off-from-Darden-DRI + 2016-2024-multi-cycle-Net-Lease-Acquisitions-and-Diversification transformational-platform, multi-cycle reliable-and-emerging-growing-distributions-REIT (~$1.42-1.48/yr, ~4.5-5.5% yield, ~80-85% AFFO-payout, ~9+ year continuous post-2015-Spin-Off-from-Darden) + multi-cycle-emerging-share-buyback-only (~$25-100M/yr). Capital position is IG-equivalent (Baa3/BBB- to Baa2/BBB ~5.0-6.0x leverage). At ~$26-32 per share, equity value ~$2.50-3.10B, EV ~$3.25-4.05B, providing ~14-18x AFFO-per-share and ~13-17x EV/EBITDA.