Core Insights - Four Corners Property Trust (FCPT) has announced the acquisition of an Applebee's property for $4.3 million, indicating its expansion and diversification strategy [1] - The property is located in a strong retail corridor in California and is operated by Flynn Group under a triple-net lease with seven years remaining, priced at a 6.2% cap rate on base rent and a 7.4% cap rate including estimated percentage rent [2] - FCPT also acquired a National Veterinary Associates property for $4.4 million in Georgia, with a 6.7% cap rate and a long-term net lease of 15 years remaining [3] Company Overview - FCPT is a real estate investment trust (REIT) focused on owning and acquiring high-quality, net-leased restaurant and retail properties, with a history of successful acquisitions [4] - In mid-December, FCPT acquired multiple properties totaling $11.6 million, and in Q3 2025, it acquired 28 properties for $82 million, with a weighted-average remaining lease term of 11.6 years [5] - The acquired properties span diverse industries, including 39% medical, 36% auto service, 16% quick service restaurants, and 9% casual dining restaurants by purchase price, enhancing revenue stability [5] Strategic Positioning - The recent acquisitions align with FCPT's strategy to build a resilient portfolio capable of withstanding various economic cycles [6] - However, the company faces challenges due to a significant debt load of $1.21 billion, which may lead to high borrowing costs [6] - Over the past three months, FCPT's shares have declined by 4.1%, compared to a 0.9% decline in the industry [6]