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Four Corners Property Trust (FCPT): Tenant Map, Concentration Risks, and Recent Acquisitions

Four Corners Property Trust is a net-lease REIT that owns and acquires single-tenant retail, restaurant and service properties and monetizes them through long‑term, net lease agreements that shift operating expense responsibility to tenants while generating stable base rent and modest contractual escalators. The company supplements that model with opportunistic sale‑leaseback transactions and selective franchise‑related operations, producing a high-occupancy, cash-flow-oriented portfolio that is sensitive to a small number of large tenants. For a faster look at how we source and verify tenant relationships, visit https://nullexposure.com/.

How the business operates in plain English

Four Corners focuses on corporate‑operated and franchise‑operated net leases across the continental United States, holding a large portfolio (1,303 properties across 48 states) and converting acquisitions into income-producing assets immediately. The company’s lease book is predominantly long‑term (weighted average remaining lease term ~6.9 years) with triple‑net structures and modest annual escalators (about 1.5% weighted through 2030), which produces predictable cash flows but creates exposure to tenant performance and concentration risk. Occupancy is extremely high (reported 99.6% based on leasable square footage), demonstrating portfolio maturity and active asset management.

  • Contracting posture: long-term, net leases with tenant responsibility for taxes, insurance and maintenance.
  • Geography: focused in North America (continental U.S.).
  • Concentration and materiality: rental revenue is the primary revenue stream; a few large tenants drive a material share of base rent. For additional context on portfolio concentration and tenant-level news, see https://nullexposure.com/.

Relationship-by-relationship: what public filings and news reveal

Below I list every customer/tenant relationship captured in the public results and summarize the substance and source for each.

Darden

Darden is the largest single tenant in FCPT’s portfolio; the 2025 Form 10‑K states Darden represented approximately 44.7% of annual cash base rent for the year ended December 31, 2025, and the company also notes franchise agreements tied to Kerrow restaurant operations. (Source: FCPT Form 10‑K, FY2025 filing, cited 2026‑02‑14.)

Brinker International, Inc.

Brinker accounted for about 6.6% of FCPT’s annual cash base rent in FY2025, underlining a meaningful second concentration behind Darden. (Source: FCPT Form 10‑K, FY2025, cited 2026‑02‑14.)

Olive Garden

FCPT announced the acquisition of an Olive Garden property for $2.2 million, corporate‑operated and triple‑net with roughly eight years remaining on the lease, reflecting the strategy of buying corporate‑operated restaurants. (Source: MarketScreener / FinancialContent press release, December 2025.)

Longhorn

Longhorn is listed as a core anchor tenant alongside Olive Garden and Chili’s in FCPT’s Q4 commentary, reinforcing exposure to major branded casual‑dining operators. (Source: Q4 2025 earnings call transcript, published 2026.)

Chili’s

Chili’s is cited as a core anchor tenant in the same class as Olive Garden and Longhorn, confirming concentrated exposure to national casual‑dining portfolios. (Source: Q4 2025 earnings call transcript, 2026.)

Brinker / Chili’s (operational update)

FCPT’s earnings commentary referenced Chili’s same‑store sales growth of 9% for the quarter ended December 2025, a positive operating signal for rent coverage on those assets. (Source: Q4 2025 earnings call transcript, 2026.)

Bahama Breeze

Bahama Breeze exposure is small but tracked: management reported Bahama Breeze represents roughly 1.3% of base rent across 10 properties, averaging approximately $341k rent per property. (Source: Q4 2025 earnings call transcript, 2026.)

Red Lobster

Management described Red Lobster locations as predominantly under a master lease that was reaffirmed in restructuring, with rent maintained, signaling stable contractual rights despite earlier operational concerns. (Source: Q4 2025 earnings call transcript, 2026.)

GreatWater 360 Auto Care

FCPT completed a sale‑leaseback acquisition of a GreatWater 360 Auto Care property for $2.3 million (corporate‑operated, long‑term triple‑net) in early 2026, illustrating expansion into auto‑service sale‑leasebacks. (Source: MarketBeat/Barchart press release and Marketscreener reports, March 2026.)

McAlister’s Deli

FCPT bought a newly constructed McAlister’s Deli in Michigan for $2.3 million, operated by a franchisee under a long‑term net lease, consistent with the company’s acquisition cadence. (Source: Finviz / Intellectia news, January 2026.)

Sprouts

FCPT reported the acquisition of a Sprouts Farmers Market property for $8.6 million, signaling targeted grocery exposure that is resilient to e‑commerce. (Source: Finviz / The Globe and Market news coverage, FY2026.)

Sprouts Farmers Market (separate coverage)

Multiple press items confirmed Sprouts Farmers Market as an $8.6M purchase during the active acquisition year, explicitly called out in investor commentary. (Source: Finviz / Intellectia, FY2026.)

United Rentals

FCPT expanded beyond its restaurant core with the acquisition of a United Rentals property—its first equipment rental acquisition—highlighted in Q4 remarks, broadening sector diversification. (Source: Q4 2025 earnings call transcript and SahmCapital coverage, 2026.)

Buffalo Wild Wings

FCPT acquired Buffalo Wild Wings locations (one reported at ~$2.8 million) as part of several transactions, adding casual‑dining franchise exposure. (Source: The Globe and Market news compilation, FY2026.)

Crash Champions

FCPT added an auto body shop (Crash Champions) property for $2.6 million, another example of growth in auto‑service and essential on‑site services. (Source: MarketScreener / trading news, FY2025/2026 coverage.)

Jiffy Lube

The company purchased a newly constructed Jiffy Lube automotive property for $2.7 million, consistent with the auto‑service expansion theme. (Source: Eastern Progress local reporting, December 2025.)

Mission Pet Health

FCPT acquired four Mission Pet Health facilities for $9.3 million across Illinois and Wisconsin, extending its healthcare/services footprint. (Source: Eastern Progress / Finviz aggregated reporting, FY2025/2026.)

Tires Plus

FCPT purchased a Tires Plus property in Georgia for approximately $2.3 million, another automotive services addition in strong retail corridors. (Source: Eastern Progress / aggregated news, FY2025.)

National Veterinary Associates

The company acquired a newly constructed National Veterinary Associates property for $4.4 million in Georgia, expanding veterinary and pet‑care service holdings. (Source: trading news / MarketScreener coverage, FY2025.)

VCA Animal Hospital

One VCA Animal Hospital site in New York was acquired for $5.8 million, adding to the portfolio’s healthcare and animal services concentration. (Source: Finviz acquisition summary, FY2026.)

Heartland Dental

FCPT purchased a Heartland Dental location in Michigan for roughly $3.3 million, demonstrating selective investments in dental/service real estate. (Source: Finviz acquisition list, FY2026.)

Applebee’s

News coverage recorded an Applebee’s acquisition for approximately $4.3 million in California, continuing the trend of buying single‑tenant branded restaurants. (Source: trading press/Zacks aggregation, FY2025.)

What these relationships imply for investors

The tenant list confirms a portfolio strategy that prioritizes long‑term, corporate‑operated and franchised net leases across restaurants, automotive services, healthcare and groceries—assets chosen for rent stability and e‑commerce resistance. The primary operating constraint for investors is concentration: Darden alone provides nearly half of base rent, creating a single‑counterparty risk that elevates portfolio sensitivity to that operator’s performance. At the same time, high occupancy and steady lease economics give predictable cash flow, while sale‑leasebacks and smaller acquisitions show an active pipeline to replenish or diversify rent sources.

Key takeaways and next steps

  • Concentration is the headline risk—Darden (~44.7%) and Brinker (~6.6%) are material. (Source: FCPT Form 10‑K, FY2025.)
  • Lease economics are conservative and long‑dated (weighted average remaining term ~6.9 years; triple‑net structures with ~1.5% annual escalators through 2030). (Source: FCPT Form 10‑K disclosures.)
  • Acquisition activity in 2025–2026 broadens sector exposure to auto service, veterinary, grocery, and specialty services through sale‑leasebacks and new purchases reported across multiple press outlets. (Sources: Marketscreener, Finviz, SahmCapital, March 2026.)

For investors evaluating tenant credit, lease structure and concentration risk, FCPT’s public filings and recent acquisition announcements provide a clear playbook—steady cash flow from long‑term net leases coupled with dependence on a handful of large restaurant operators. If you want continuous monitoring and annotated tenant intelligence for FCPT, learn more at https://nullexposure.com/.

If you prefer a tailored tenant‑risk briefing or a portfolio concentration heat map, schedule a review at https://nullexposure.com/ — we map filings, earnings commentary and news into a single customer view for investors and operators.