Four Corners Property Trust (FCPT) is a net lease REIT that owns and leases freestanding properties to restaurant and retail tenants across the U.S. FCPT owns 1,303 properties across 48 states and runs at nearly full occupancy. The portfolio originated as entirely Darden-leased when FCPT was spun off in 2015, and Darden brands still account for roughly half of annual base rent, with Olive Garden alone representing about 32%. Beyond Darden, FCPT has diversified into other restaurant tenants and non-restaurant retail, including automotive service, medical retail, and more recently grocery and equipment rental, which together now account for about 37% of rent. FCPT also operates seven franchise LongHorn Steakhouse locations in San Antonio through its Kerrow subsidiary, a small secondary business kept primarily for operational insight. Under FCPT's net lease structure, tenants pay base rent plus property taxes, insurance, and maintenance costs, keeping FCPT's property-level operating costs minimal and revenues predictable. FCPT grows by acquiring individual properties or small portfolios, typically averaging around $3M per property, which avoids the premiums and quality tradeoffs of larger portfolio deals. FCPT funds acquisitions through ATM forward equity programs and corporate debt, targeting net leverage of 5–6x EBITDAre. A key discipline is modulating acquisition pace based on the spread between acquisition cap rates and cost of capital, pausing when spreads are unattractive and accelerating when they improve.