Updated:
Four Corners Property Trust
Bill Lenehan-led REIT spun from Darden in 2015 with a $2.8B net-lease portfolio concentrated in restaurant properties.
Four Corners Property Trust
Four Corners Property Trust (FCPT) was created in November 2015 when Darden Restaurants spun off a portfolio of 418 restaurant properties into a standalone publicly traded REIT. Bill Lenehan, who joined the trust as CEO at inception, brought experience from his prior role as interim CEO of American Realty Capital Properties. The spin-off was structured to let Darden unlock real estate value while giving FCPT a diversified tenant base from day one — primarily Olive Garden, LongHorn Steakhouse, and other Darden concepts that remain the trust's largest tenants. FCPT operates in the net-lease sector, acquiring and owning single-tenant commercial properties with long-term leases. The portfolio is heavily concentrated in the restaurant industry, which accounts for roughly 80% of base rent (per public filings, 2024). Beyond Darden concepts, the trust has added brands such as Chili's, McDonald's, and Starbucks. The balance of the portfolio spans auto service, medical retail, and other service-oriented retail — a deliberate diversification strategy that has accelerated since 2021. The trust typically targets lease terms of 10–20 years with annual rent escalators, and it acquires both individual properties and small portfolios through sale-leaseback transactions. As of September 2023, FCPT owned more than 1,000 properties across 47 states, with total real estate investments valued at approximately $2.8 billion (per FCPT Q3 2023 earnings supplement). The trust maintains a presence with professionals across two offices — the headquarters in Mill Valley, California, and a Chicago office focused on acquisitions. In January 2024, FCPT completed its largest non-Darden acquisition to date, purchasing a $46 million portfolio of Tractor Supply Company stores — a signal of the trust's growing comfort with retail-adjacent sectors beyond restaurants. FCPT's structural differentiator is its origin story. Most net-lease REITs — like Realty Income or W.P. Carey — have always been third-party aggregators. FCPT was purpose-built from a single corporate parent's operating portfolio, giving it an unusually concentrated but deeply understood tenant base. The trust has since expanded beyond Darden, but its restaurant-sector expertise and operator relationships remain the engine of its deal-pipeline advantage.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Mill Valley
Corporate office
Mill Valley, CA, United States
Principals
William Lenehan
Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Four Corners Property Trust?
William "Bill" Lenehan has served as CEO since the trust was formed in 2015. Prior to FCPT, Lenehan was interim CEO of American Realty Capital Properties and held senior roles at W.P. Carey & Co. The acquisition team operates under Lenehan's direction from the Mill Valley, California headquarters with a Chicago-based acquisitions office.
How does FCPT source its property acquisitions?
FCPT sources deals through a combination of direct sale-leaseback negotiations with restaurant operators, broker-advised transactions, and portfolio purchases from other net-lease owners. The trust's restaurant-industry relationships — inherited from the Darden spin-off and expanded over time — provide a proprietary pipeline that generalist net-lease REITs do not typically access.
What is FCPT's relationship with Darden Restaurants today?
Darden Restaurants spun off FCPT in November 2015, and Darden concepts — primarily Olive Garden and LongHorn Steakhouse — remain FCPT's largest tenants by rent contribution. However, the two companies operate independently. FCPT has increasingly diversified its tenant roster beyond Darden, which now represents less than half of the trust's annual base rent, down from over 60% at the time of the spin-off (per FCPT public filings, 2024).
What types of properties does FCPT own?
The trust focuses on single-tenant net-lease properties, with approximately 80% of base rent coming from the restaurant sector. Key brands include Olive Garden, LongHorn Steakhouse, Chili's, McDonald's, and Starbucks. The remaining 20% spans auto service, medical retail, and other service-oriented retail properties, including recent additions like Tractor Supply Company stores.
Is FCPT structured as a family office or does it operate more like a traditional REIT?
FCPT is a publicly traded Real Estate Investment Trust (REIT) listed on the New York Stock Exchange under the ticker FCPT. It is not a family office and has no connection to the "Four Corners" family-office network. The trust is institutionally owned and operates under standard REIT governance with an independent board of directors.
How does FCPT differentiate itself from larger net-lease peers like Realty Income or W.P. Carey?
FCPT is significantly smaller than generalist net-lease REITs, with roughly 1,000 properties versus Realty Income's 15,000-plus. The trust's differentiation lies in its restaurant-sector concentration and deep operator knowledge — a direct inheritance from the Darden spin-off. This sector focus permits more informed underwriting of restaurant-unit economics than larger peers typically apply to individual properties.
What is FCPT's known posture on lease structures and tenant quality?
FCPT structures leases as triple-net, meaning the tenant pays property taxes, insurance, and maintenance. The trust targets 10- to 20-year lease terms with annual rent escalators. Tenant credit quality is a central underwriting criterion; FCPT prefers national and strong regional restaurant brands with established unit-level economics, a discipline that reflects the trust's Darden-origin DNA.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: