Four Corners Property Trust
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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
1 Year Returns
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.
Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Four Corners Property Trust.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Four Corners Property Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Four Corners Property Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
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.
| 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).
Past performance checks
We assess Four Corners Property Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Four Corners Property Trust Company Filings, last reported 1 month ago.
| 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).
Financial health checks
We assess Four Corners Property Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Four Corners Property Trust has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
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
- 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.
| 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.
| 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 |
| 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).
- Dividends after 3 years are expected to be thoroughly covered by earnings (99.7x coverage).
Income/ dividend checks
We assess Four Corners Property Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the Four Corners Property Trust management team is about average.
Management Team
Bill Lenehan
President
$3M
41
3.8 yrs
Gerry Morgan
Chief Financial Officer
$1M
55
4.3 yrs
James Brat
General Counsel & Secretary
$800K
47
4.3 yrs
Niccole Stewart
Chief Accounting Officer
1.3 yrs
Josh Zhang
Vice President of Acquisitions
Pat Wernig
Vice President of Acquisitions
3.3 yrs
Carol Dilts
Vice President of Operations-Kerrow Restaurants
Carlos Mosqueda
Senior Manager of Finance & Accounting
Evan Dunn
Associate General Counsel
1.4 yrs
Board of Directors Tenure
Average tenure and age of the Four Corners Property Trust board of directors in years:
- The tenure for the Four Corners Property Trust board of directors is about average.
Board of Directors
John Moody
Chairman of the Board
$175K
69
3.5 yrs
Bill Lenehan
President
$3M
41
4.3 yrs
Doug Hansen
Director
$123K
60
3.5 yrs
Marran J. Ogilvie
Director
$134K
50
3.5 yrs
Charles Jemley
Director
$119K
54
1.9 yrs
Paul Szurek
Director
$115K
57
4.3 yrs
Eric Hirschhorn
Director
$115K
36
1.5 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | 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 | ||
Management checks
We assess Four Corners Property Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleIs 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 - – Full articleHow 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 - – Full articleNeed 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 - – Full articleIs 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 - – Full articleInvesting 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 - – Full articleCan 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 - – Full articleBefore 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 - – Full articleWhy 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 - – Full articleIs 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 - – Full articleCompany 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
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.
