Four Corners Property Trust Celebrates 10 Years as Public Company

REIT outlines acquisition strategy focused on granular deal sourcing and diversification beyond casual dining

Published on Feb. 14, 2026

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Four Corners Property Trust (NYSE:FCPT) used its fourth-quarter 2025 earnings call to highlight a decade of growth as a public company, while outlining an acquisition strategy built around granular deal sourcing, a heavily equity-funded balance sheet, and continued diversification beyond casual dining.

Why it matters

As a publicly traded REIT, Four Corners Property Trust's performance and growth strategy provide insights into the broader commercial real estate investment landscape, particularly the net lease sector's ability to generate stable, predictable income streams through long-term, triple-net leases.

The details

CEO Bill Lenehan said November marked FCPT's 10-year anniversary as a public company, during which the company grew from 4 employees and 418 properties leased to a single tenant into a platform with 44 team members and 1,325 leases. FCPT has acquired $2.3 billion of properties and paid over $1 billion in dividends to shareholders. In Q4 2025, FCPT acquired $95 million of net lease properties at a 7% blended cap rate, its highest in 2025. For the full year, FCPT acquired 105 properties for $318 million at a 6.8% blended cap rate, focusing on mid-sized transactions rather than large portfolios. FCPT also made initial acquisitions in new sectors like grocery and equipment rental as it seeks to diversify beyond its 'main three' areas of restaurants, automotive service, and medical retail.

  • In November 2025, FCPT celebrated its 10-year anniversary as a public company.
  • In Q4 2025, FCPT acquired $95 million of net lease properties at a 7% blended cap rate.
  • For the full year 2025, FCPT acquired 105 properties for $318 million at a 6.8% blended cap rate.

The players

Bill Lenehan

CEO of Four Corners Property Trust.

Josh Rogers

Chief Investment Officer of Four Corners Property Trust.

Patrick Wernig

CFO of Four Corners Property Trust.

Four Corners Property Trust

A publicly traded real estate investment trust focused on acquiring and managing single-tenant commercial properties subject to long-term, triple-net leases.

Darden

The parent company of restaurant brands like Olive Garden, LongHorn Steakhouse, and Bahama Breeze.

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What they’re saying

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.