HIGHBuilt-inProperty_type
74%
restaurant properties
“10-K Item 1: 'restaurant properties and non-restaurant retail properties accounted for 74% and 26%, respectively, of our total revenues'”
FCPT · Concentration risk · 10-K extracted
Four Corners Property Trust, In (FCPT) concentration risks
Updated
The most significant concentration Four Corners Property Trust, In discloses is restaurant properties at 74%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Four Corners Property Trust, In’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH1
MEDIUM2
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyTenant
44.7%
Darden
“10-K Item 1A: 'Darden and Brinker International, Inc. ("Brinker") constituted approximately 44.7% and 6.6%, respectively, of our annual cash base rent'”
MEDIUMOutside partyTenant
31.7%
Olive Garden properties
“10-K Item 1: 'Olive Garden | | 316 | | 2,689 | | $83,748 | | 31.7%'”
LOWBuilt-inGeographic
10%
Texas
“10-K Item 1: 'our properties in only one state, Texas, individually accounted for 10% or more of our total revenue at 10.0% of our total revenue'”
LOWOutside partyTenant
6.6%
Brinker
“10-K Item 1A: 'Darden and Brinker International, Inc. ("Brinker") constituted approximately 44.7% and 6.6%, respectively, of our annual cash base rent'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is layered across property type, tenant, and geography, with a dominant restaurant orientation and a meaningful single-tenant dependency. Restaurant properties and non-restaurant retail properties accounted for 74% and 26% of total revenues, respectively, a high-share property-type concentration by disclosed size that is structural — the trust was purpose-built around net-leased restaurant real estate, so this tilt is intrinsic to the strategy. Within the tenant base, Darden and Brinker International together constituted approximately 44.7% and 6.6% of annual cash base rent, respectively. Darden's share alone is a moderate exposure by disclosed size but represents the single largest tenant relationship in the portfolio; a default, significant lease renegotiation, or unit-closure program at Darden would have a direct and material effect on base rent collections. The Olive Garden brand, the largest Darden concept within the portfolio, individually accounted for 31.7% of revenue based on the disclosed filing data — a moderate share tied to a single restaurant brand's unit-level economics and traffic trends. A fourth exposure is geographic: Texas individually accounted for 10% of total revenue, a small share by disclosed size that crossed the reporting threshold. The exposures are interconnected — the property-type concentration amplifies the tenant dependency because both risks reside within the restaurant real estate category. Darden's operating performance and lease coverage are therefore the highest-priority single-name variable within an already restaurant-concentrated portfolio.
For the engine’s reasoning on FCPT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| FCPT● | Four Corners Property Trust, In | 1 | 2 | 2 | 5 |
| AKR | Acadia Realty Trust | 1 | 0 | 0 | 1 |
| BRX | Brixmor Property Group Inc. | 1 | 0 | 0 | 1 |
| EPRT | Essential Properties Realty Tru | 0 | 0 | 2 | 2 |
| ADC | Agree Realty Corporation | 0 | 0 | 1 | 1 |
| CURB | Curbline Properties Corp. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.