NYSE:FCPT

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Four Corners Property Trust

Executive Summary

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties.


Snowflake Analysis

Average dividend payer and fair value.


Similar Companies

Share Price & News

How has Four Corners Property Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FCPT's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

4.1%

FCPT

-0.06%

US REITs

2.2%

US Market


1 Year Return

-8.9%

FCPT

-7.4%

US REITs

16.2%

US Market

Return vs Industry: FCPT matched the US REITs industry which returned -7.9% over the past year.

Return vs Market: FCPT underperformed the US Market which returned 15.9% over the past year.


Shareholder returns

FCPTIndustryMarket
7 Day4.1%-0.06%2.2%
30 Day2.4%1.9%4.9%
90 Day17.8%12.0%17.8%
1 Year-4.2%-8.9%-3.6%-7.4%18.7%16.2%
3 Year17.1%2.1%16.8%3.0%41.1%32.0%
5 Yearn/a44.7%15.0%74.5%55.7%

Price Volatility Vs. Market

How volatile is Four Corners Property Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Four Corners Property Trust undervalued compared to its fair value and its price relative to the market?

35.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FCPT ($24.76) is trading below our estimate of fair value ($38.34)

Significantly Below Fair Value: FCPT is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FCPT is good value based on its PE Ratio (22.9x) compared to the US REITs industry average (28.8x).

PE vs Market: FCPT is poor value based on its PE Ratio (22.9x) compared to the US market (18x).


Price to Earnings Growth Ratio

PEG Ratio: FCPT is poor value based on its PEG Ratio (2.6x)


Price to Book Ratio

PB vs Industry: FCPT is overvalued based on its PB Ratio (2.5x) compared to the US REITs industry average (1.4x).


Next Steps

Future Growth

How is Four Corners Property Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

8.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FCPT's forecast earnings growth (8.7% per year) is above the savings rate (2.2%).

Earnings vs Market: FCPT's earnings (8.7% per year) are forecast to grow slower than the US market (22.4% per year).

High Growth Earnings: FCPT's earnings are forecast to grow, but not significantly.

Revenue vs Market: FCPT's revenue (7.9% per year) is forecast to grow slower than the US market (9.3% per year).

High Growth Revenue: FCPT's revenue (7.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FCPT's Return on Equity is forecast to be low in 3 years time (11%).


Next Steps

Past Performance

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

6.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FCPT has high quality earnings.

Growing Profit Margin: FCPT's current net profit margins (45.6%) are lower than last year (48.3%).


Past Earnings Growth Analysis

Earnings Trend: FCPT's earnings have grown by 6.8% per year over the past 5 years.

Accelerating Growth: FCPT's earnings growth over the past year (1.2%) is below its 5-year average (6.8% per year).

Earnings vs Industry: FCPT earnings growth over the past year (1.2%) underperformed the REITs industry 3%.


Return on Equity

High ROE: FCPT's Return on Equity (10.8%) is considered low.


Next Steps

Financial Health

How is Four Corners Property Trust's financial position?


Financial Position Analysis

Short Term Liabilities: FCPT's short term assets ($57.0M) exceed its short term liabilities ($47.8M).

Long Term Liabilities: FCPT's short term assets ($57.0M) do not cover its long term liabilities ($766.9M).


Debt to Equity History and Analysis

Debt Level: FCPT's debt to equity ratio (110.3%) is considered high.

Reducing Debt: Insufficient data to determine if FCPT's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: FCPT's debt is not well covered by operating cash flow (11.3%).

Interest Coverage: FCPT's interest payments on its debt are well covered by EBIT (3.7x coverage).


Balance Sheet


Next Steps

Dividend

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

4.93%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FCPT's dividend (4.93%) is higher than the bottom 25% of dividend payers in the US market (1.65%).

High Dividend: FCPT's dividend (4.93%) is in the top 25% of dividend payers in the US market (4.54%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, FCPT has been paying a dividend for less than 10 years.

Growing Dividend: FCPT's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (79.9%), FCPT's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FCPT's dividends in 3 years are forecast to be covered by earnings (79% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Bill Lenehan (43 yo)

5yrs

Tenure

US$1,865,788

Compensation

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 o ...


CEO Compensation Analysis

Compensation vs Market: Bill's total compensation ($USD1.87M) is below average for companies of similar size in the US market ($USD4.62M).

Compensation vs Earnings: Bill's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
William Lenehan
President5yrsUS$1.87m0.49%
$ 8.7m
Gerald Morgan
Chief Financial Officer5.58yrsUS$905.72k0.14%
$ 2.4m
James Brat
Chief Transaction Officer4.75yrsUS$678.41k0.080%
$ 1.4m
Niccole Stewart
Chief Accounting Officer2.58yrsno data0.016%
$ 282.3k
Carol Dilts
Vice President of Operations-Kerrow Restaurantsno datano datano data
Evan Dunn
Associate General Counsel2.67yrsno datano data

4.8yrs

Average Tenure

49yo

Average Age

Experienced Management: FCPT's management team is considered experienced (4.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
William Lenehan
President5yrsUS$1.87m0.49%
$ 8.7m
Douglas Hansen
Independent Director4.75yrsUS$143.85k0.052%
$ 920.9k
Paul Szurek
Independent Director5.58yrsUS$135.00k0.040%
$ 714.6k
John Moody
Independent Chairman of the Board4.75yrsUS$215.00k0.067%
$ 1.2m
Marran J. Ogilvie
Independent Director4.75yrsUS$143.85k0.039%
$ 696.4k
Eric Hirschhorn
Independent Director2.75yrsUS$135.00k0.016%
$ 287.4k
Charles Jemley
Independent Director3.17yrsUS$150.00k0.018%
$ 320.7k

4.8yrs

Average Tenure

56yo

Average Age

Experienced Board: FCPT's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FCPT insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.7%.


Top Shareholders

Company Information

Four Corners Property Trust, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Four Corners Property Trust, Inc.
  • Ticker: FCPT
  • Exchange: NYSE
  • Founded:
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: US$1.778b
  • Market Cap: US$1.727b
  • Shares outstanding: 70.54m
  • Website: https://www.fcpt.com

Number of Employees


Location

  • Four Corners Property Trust, Inc.
  • 591 Redwood Highway
  • Suite 1150
  • Mill Valley
  • California
  • 94941
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FCPTNYSE (New York Stock Exchange)YesCommon StockUSUSDOct 2015

Biography

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring add ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/04 23:36
End of Day Share Price2020/08/04 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.