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Four Corners Property Trust

NYSE:FCPT
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FCPT
NYSE
$2B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

FCPT is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The last earnings update was 29 days ago. More info.


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FCPT Share Price and Events
7 Day Returns
-0.2%
NYSE:FCPT
-0.3%
US REITs
0.2%
US Market
1 Year Returns
29.9%
NYSE:FCPT
13.3%
US REITs
2.9%
US Market
FCPT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Four Corners Property Trust (FCPT) -0.2% 3.8% 4.7% 29.9% 49.3% -
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • FCPT outperformed the REITs industry which returned 13.3% over the past year.
  • FCPT outperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
FCPT
Industry
5yr Volatility vs Market

Value

 Is Four Corners Property Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Four Corners Property Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Four Corners Property Trust.

NYSE:FCPT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:FCPT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (31.11%))
0.772
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:FCPT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Four Corners Property Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Four Corners Property Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:FCPT DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 95.03 Analyst x4 88.41
2020 107.04 Analyst x4 92.63
2021 117.04 Analyst x3 94.22
2022 130.48 Analyst x1 97.71
2023 141.52 Analyst x1 98.59
2024 152.02 Est @ 7.42% 98.51
2025 161.16 Est @ 6.01% 97.15
2026 169.26 Est @ 5.03% 94.92
2027 176.61 Est @ 4.34% 92.13
2028 183.42 Est @ 3.86% 89.01
Present value of next 10 years cash flows $943.28
NYSE:FCPT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $183.42 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$3,951.83
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $3,951.83 ÷ (1 + 7.5%)10
$1,917.76
NYSE:FCPT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $943.28 + $1,917.76
$2,861.04
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,861.04 / 68.70
$41.66
NYSE:FCPT Discount to Share Price
Calculation Result
Value per share (USD) From above. $41.66
Current discount Discount to share price of $29.18
= -1 x ($29.18 - $41.66) / $41.66
30%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Four Corners Property Trust is available for.
Intrinsic value
30%
Share price is $29.18 vs Future cash flow value of $41.66
Current Discount Checks
For Four Corners Property Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Four Corners Property Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Four Corners Property Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Four Corners Property Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Four Corners Property Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:FCPT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.27
NYSE:FCPT Share Price ** NYSE (2019-05-23) in USD $29.18
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Four Corners Property Trust.

NYSE:FCPT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:FCPT Share Price ÷ EPS (both in USD)

= 29.18 ÷ 1.27

22.94x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Four Corners Property Trust is good value based on earnings compared to the US REITs industry average.
  • Four Corners Property Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Four Corners Property Trust's expected growth come at a high price?
Raw Data
NYSE:FCPT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
7.8%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:FCPT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.94x ÷ 7.8%

2.93x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Four Corners Property Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Four Corners Property Trust's assets?
Raw Data
NYSE:FCPT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $10.00
NYSE:FCPT Share Price * NYSE (2019-05-23) in USD $29.18
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:FCPT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:FCPT Share Price ÷ Book Value per Share (both in USD)

= 29.18 ÷ 10.00

2.92x

* Primary Listing of Four Corners Property Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Four Corners Property Trust is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Four Corners Property Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Four Corners Property Trust has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Four Corners Property Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Four Corners Property Trust expected to grow at an attractive rate?
  • Four Corners Property Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Four Corners Property Trust's earnings growth is positive but not above the United States of America market average.
  • Four Corners Property Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:FCPT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:FCPT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 7.8%
NYSE:FCPT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 12.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:FCPT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:FCPT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 269 106 1
2022-12-31 242 99 1
2021-12-31 203 89 2
2020-12-31 183 81 3
2019-12-31 164 73 4
NYSE:FCPT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 148 92 84
2018-12-31 144 81 82
2018-09-30 139 85 80
2018-06-30 137 81 81
2018-03-31 135 82 72
2017-12-31 133 79 71
2017-09-30 131 79 86
2017-06-30 128 77 82
2017-03-31 126 74 78
2016-12-31 124 71 157
2016-09-30 112 72 130
2016-06-30 86 55 115

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Four Corners Property Trust's earnings are expected to grow by 7.8% yearly, however this is not considered high growth (20% yearly).
  • Four Corners Property Trust's revenue is expected to grow by 12.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:FCPT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Four Corners Property Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FCPT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 1.19 1.19 1.19 1.00
2021-12-31 1.16 1.17 1.15 2.00
2020-12-31 1.12 1.12 1.12 2.00
2019-12-31 1.05 1.07 1.01 3.00
NYSE:FCPT Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.27
2018-12-31 1.29
2018-09-30 1.28
2018-06-30 1.33
2018-03-31 1.18
2017-12-31 1.18
2017-09-30 1.42
2017-06-30 1.36
2017-03-31 1.30
2016-12-31 2.75
2016-09-30 2.16
2016-06-30 1.91

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Four Corners Property Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Four Corners Property Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Four Corners Property Trust has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Four Corners Property Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Four Corners Property Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Four Corners Property Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Four Corners Property Trust's 1-year earnings growth is less than its 5-year average (16% vs 28%)
  • Four Corners Property Trust's earnings growth has not exceeded the US REITs industry average in the past year (16% vs 16%).
Earnings and Revenue History
Four Corners Property Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Four Corners Property Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:FCPT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 148.43 83.65 14.00
2018-12-31 143.64 82.40 13.64
2018-09-30 139.44 79.55 13.06
2018-06-30 136.83 81.26 12.73
2018-03-31 135.31 72.13 12.98
2017-12-31 133.21 71.39 12.26
2017-09-30 130.64 85.53 11.76
2017-06-30 127.93 81.56 11.47
2017-03-31 125.67 78.04 10.52
2016-12-31 124.02 156.81 10.98
2016-09-30 112.28 129.63 10.29
2016-06-30 85.89 114.50 7.68
2016-03-31 59.62 99.84 5.17
2015-12-31 33.46 5.70 1.86
2015-09-30 18.26 0.31 -1.64
2015-06-30 18.18 0.22 -1.06
2015-03-31 17.93 0.10 -0.57
2014-12-31 17.70 0.03
2013-12-31 16.91 0.03
2012-12-31 16.52 -0.04 2.15

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Four Corners Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Four Corners Property Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Four Corners Property Trust has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Four Corners Property Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Four Corners Property Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Four Corners Property Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Four Corners Property Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Four Corners Property Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Four Corners Property Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Four Corners Property Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Four Corners Property Trust Company Filings, last reported 1 month ago.

NYSE:FCPT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 689.22 623.45 84.01
2018-12-31 698.96 615.89 98.02
2018-09-30 685.08 516.90 39.52
2018-06-30 575.74 516.45 100.66
2018-03-31 527.99 515.99 63.20
2017-12-31 522.27 515.54 69.46
2017-09-30 513.68 518.57 85.16
2017-06-30 508.14 518.02 82.96
2017-03-31 477.55 439.29 20.14
2016-12-31 470.12 438.90 27.48
2016-09-30 439.36 400.09 18.87
2016-06-30 435.83 402.39 38.73
2016-03-31 437.20 399.85 36.09
2015-12-31 441.64 392.78 98.24
2015-09-30 8.64 0.00 0.01
2015-06-30 8.97 0.00 0.01
2015-03-31 9.31 0.00 0.01
2014-12-31 9.00 0.00 0.01
2013-12-31 9.87 0.00 0.01
2012-12-31
  • Four Corners Property Trust's level of debt (90.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 90.5% today).
  • Debt is not well covered by operating cash flow (14.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).
X
Financial health checks
We assess Four Corners Property Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Four Corners Property Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Four Corners Property Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.94%
Current annual income from Four Corners Property Trust dividends. Estimated to be 4.2% next year.
If you bought $2,000 of Four Corners Property Trust shares you are expected to receive $79 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Four Corners Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Four Corners Property Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:FCPT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:FCPT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.32 1.00
2022-12-31 1.28 1.00
2021-12-31 1.26 2.00
2020-12-31 1.21 2.00
2019-12-31 1.16 3.00
NYSE:FCPT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-05 1.150 3.998
2018-11-28 1.150 4.239
2018-09-20 1.100 4.218
2018-06-18 1.100 4.303
2018-03-15 1.100 4.852
2017-11-10 1.100 4.552
2017-09-15 0.970 3.853
2017-06-14 0.970 3.859
2017-03-15 0.970 4.166
2016-12-14 0.970 4.620
2016-09-13 0.970 4.890
2016-06-14 0.970 4.653
2016-03-22 0.970 5.221
2016-03-10 0.200 1.120

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Four Corners Property Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Four Corners Property Trust only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Four Corners Property Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (99.7x coverage).
X
Income/ dividend checks
We assess Four Corners Property Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Four Corners Property Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Four Corners Property Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Four Corners Property Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bill Lenehan
COMPENSATION $2,721,963
AGE 41
TENURE AS CEO 3.8 years
CEO Bio

Mr. William Howard Lenehan IV, also known as Bill, has been the Chief Executive Officer of Four Corners Property Trust, Inc. since joining it on August 17, 2015 and has also been its President and Member of the Board of Directors since 2015. Mr. Lenehan has extensive experience in real estate and has been active in assembling portfolios of triple net retail properties. He is also an independent real estate industry consultant. Mr. Lenehan previously served as a Special Advisor to the Board of Directors of EVOQ Properties, Inc. from June 2012 to 2014. Prior to that, he was the Interim Chief Executive Officer and Director of Granite Real Estate Inc. and Granite Real Estate Investment Trust from March 2011 to December 2011. Before that, Mr. Lenehan spent ten years in the Real Estate Group at Farallon Capital Management, L.L.C. from August 2001 to February 2011. He was involved with numerous private equity investments in the real estate sector at the firm. Mr. Lenehan has also worked at CIBC World Markets Corp.'s Leveraged Finance group. He specialized in providing debt capital and advisory services to financial buyers and companies in the gaming, lodging and leisure industries at this firm. Mr. Lenehan has been an Independent Director of Macy's, Inc. since April 1, 2016. He previously served as an Independent Director of Gramercy Property Trust Inc. since January 20, 2014. Mr. Lenehan was a Director of Stratus Properties Inc. until May 7, 2015. He served as a Director of Darden Restaurants, Inc. from 2014 to November 9, 2015. Mr. Lenehan holds a BA degree with Honors from Claremont McKenna College with a double major in Economics and Classics.

CEO Compensation
  • Bill's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bill's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Four Corners Property Trust management team in years:

3.5
Average Tenure
47
Average Age
  • The tenure for the Four Corners Property Trust management team is about average.
Management Team

Bill Lenehan

TITLE
President
COMPENSATION
$3M
AGE
41
TENURE
3.8 yrs

Gerry Morgan

TITLE
Chief Financial Officer
COMPENSATION
$1M
AGE
55
TENURE
4.3 yrs

James Brat

TITLE
General Counsel & Secretary
COMPENSATION
$800K
AGE
47
TENURE
4.3 yrs

Niccole Stewart

TITLE
Chief Accounting Officer
TENURE
1.3 yrs

Josh Zhang

TITLE
Vice President of Acquisitions

Pat Wernig

TITLE
Vice President of Acquisitions
TENURE
3.3 yrs

Carol Dilts

TITLE
Vice President of Operations-Kerrow Restaurants

Carlos Mosqueda

TITLE
Senior Manager of Finance & Accounting

Evan Dunn

TITLE
Associate General Counsel
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the Four Corners Property Trust board of directors in years:

3.5
Average Tenure
54
Average Age
  • The tenure for the Four Corners Property Trust board of directors is about average.
Board of Directors

John Moody

TITLE
Chairman of the Board
COMPENSATION
$175K
AGE
69
TENURE
3.5 yrs

Bill Lenehan

TITLE
President
COMPENSATION
$3M
AGE
41
TENURE
4.3 yrs

Doug Hansen

TITLE
Director
COMPENSATION
$123K
AGE
60
TENURE
3.5 yrs

Marran J. Ogilvie

TITLE
Director
COMPENSATION
$134K
AGE
50
TENURE
3.5 yrs

Charles Jemley

TITLE
Director
COMPENSATION
$119K
AGE
54
TENURE
1.9 yrs

Paul Szurek

TITLE
Director
COMPENSATION
$115K
AGE
57
TENURE
4.3 yrs

Eric Hirschhorn

TITLE
Director
COMPENSATION
$115K
AGE
36
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. Feb 19 Sell James Brat Individual 21. Feb 19 21. Feb 19 -6,000 $27.41 $-164,460
21. Feb 19 Sell Gerald Morgan Individual 21. Feb 19 21. Feb 19 -3,000 $27.41 $-82,230
13. Nov 18 Sell Gerald Morgan Individual 13. Nov 18 13. Nov 18 -3,400 $27.03 $-91,902
02. Nov 18 Sell Niccole Stewart Individual 02. Nov 18 02. Nov 18 -518 $25.90 $-13,416
X
Management checks
We assess Four Corners Property Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Four Corners Property Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Have Insiders Been Selling Four Corners Property Trust, Inc. (NYSE:FCPT) Shares This Year?

So shareholders might well want to know whether insiders have been buying or selling shares in Four Corners Property Trust, Inc. … In the last year Four Corners Property Trust insiders didn't buy any company stock. … Insiders at Four Corners Property Trust Have Sold Stock Recently The last three months saw significant insider selling at Four Corners Property Trust.

Simply Wall St -

Is Four Corners Property Trust, Inc. (NYSE:FCPT) A High Quality Stock To Own?

To keep the lesson grounded in practicality, we'll use ROE to better understand Four Corners Property Trust, Inc. … Over the last twelve months Four Corners Property Trust has recorded a ROE of 12%. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Should Investors React To Four Corners Property Trust, Inc.'s (NYSE:FCPT) CEO Pay?

Bill Lenehan has been the CEO of Four Corners Property Trust, Inc. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Bill Lenehan's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Need To Know: Four Corners Property Trust, Inc. (NYSE:FCPT) Insiders Have Been Selling Shares

So shareholders might well want to know whether insiders have been buying or selling shares in Four Corners Property Trust, Inc. … Four Corners Property Trust Insider Transactions Over The Last Year. … That means that even when the share price was below the current price of US$28.24, an insider wanted to cash in some shares

Simply Wall St -

Is It Time To Consider Buying Four Corners Property Trust, Inc. (NYSE:FCPT)?

Four Corners Property Trust, Inc. … A question to answer is whether Four Corners Property Trust's current trading price of $25.29 reflective of the actual value of the? … Let’s take a look at Four Corners Property Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Investing In Property Through Four Corners Property Trust, Inc. (NYSE:FCPT)

Four Corners Property Trust, Inc. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … Check out our latest analysis for Four Corners Property Trust

Simply Wall St -

Can Four Corners Property Trust Inc's (NYSE:FCPT) ROE Continue To Surpass The Industry Average?

Four Corners Property Trust has a ROE of 14%, based on the last twelve months. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.14 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Before You Buy Four Corners Property Trust Inc's (NYSE:FCPT), Consider This

Modern finance theory considers volatility to be a measure of risk, and there are two main types of price volatility. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Why Four Corners Property Trust Inc (NYSE:FCPT) Could Be A Buy

Four Corners Property Trust Inc (NYSE:FCPT), a reits company based in United States,. … Let’s take a look at Four Corners Property Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change … Check out our latest analysis for Four Corners Property Trust

Simply Wall St -

Is Four Corners Property Trust Inc (NYSE:FCPT) A Healthy REIT?

Four Corners Property Trust Inc is a US$1.41B small-cap real estate investment trust (REIT) based in Mill Valley, United States. … Check out our latest analysis for Four Corners Property Trust A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … Four Corners Property Trust can bring about diversification for your portfolio, but before you decide to invest, take a look at the other aspects you must consider before investing: Future Outlook: What are well-informed industry analysts predicting for FCPT’s future growth?

Simply Wall St -

Company Info

Description

FCPT is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio primarily by acquiring additional real estate to lease, on a net basis, for use in the restaurant and food industry.

Details
Name: Four Corners Property Trust, Inc.
FCPT
Exchange: NYSE
Founded:
$2,003,914,971
$1,995,983,403
68,697,805
Website: http://www.fcpt.com
Address: Four Corners Property Trust, Inc.
591 Redwood Highway,
Suite 1150,
Mill Valley,
California, 94941,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE FCPT Common Stock New York Stock Exchange US USD 30. Oct 2015
Number of employees
Current staff
Staff numbers
361
Four Corners Property Trust employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 00:43
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.