Citizens reiterated its Market Outperform rating and $28 price target for Four Corners Property Trust (NYSE: FCPT) following a meeting with the company’s chief financial officer, citing confidence in operational growth and disciplined balance sheet management.
The analyst also pointed to FCPT’s third-quarter 2026 investment volume of approximately $312 million, bringing total deployment in 2025 to about $318 million. Since its spin-off, the company has expanded its property portfolio by roughly 3.5 times, while maintaining a dividend yield of 5.75%.
FCPT shares were trading at $25.54 on August 25, 2026, representing a valuation of 13.8 times estimated 2026 adjusted funds from operations (AFFO). This multiple is slightly above the net-lease segment peer average of 13.1 times but below the company’s historical premium. The real estate investment trust has a market capitalization of $2.8 billion.
The analyst’s outlook follows FCPT’s second-quarter 2026 results, which reported earnings per share of $0.27, missing Wall Street expectations by $0.03, and revenue of $78.42 million, falling short of the $79.11 million estimate by 0.87%. Despite the miss, Citizens emphasized renewed confidence in the company’s diversification efforts and acquisition strategy.
Concerns related to Red Lobster’s financial position have reportedly eased, while the repositioning of former Bahama Breeze locations is described as progressing successfully.
