Four Corners Property (FCPT) - Hoya Hotseat
Hoya Capital
Four Corners Property Trust (NYSE: FCPT) is a small-cap Net Lease REIT focused on restaurant properties which owns over 1,100 properties across 48 states. Initially spun-out from Darden Restaurants in 2015, FCPT has diversified its tenant base to 156 brands. Approximately 75% of its portfolio is invested in restaurants, with the balance invested in auto service and medical retail properties.
FCPT’s CEO William Lenehan joins the Hoya Hotseat to discuss the evolution of FCPT’s portfolio since its spin-off from Darden, the impact of interest rates on acquisitions and cap rates, demand for “small-box” single-tenant retail and restaurant space, and the importance of balance sheet management and cost of capital for net lease REITs.