What Four Corners Property Trust, Inc. told the SEC could break it.

Although FCPT has diversified to 179 unique tenant brands across 1,303 properties, it remains heavily concentrated in its Darden-spinoff roots: Olive Garden branded restaurants are ~31.7% of lease revenue (23.8% of properties). The portfolio is also restaurant-sector-weighted overall. A deterioration in Darden's credit, a decision not to renew Olive Garden leases at expiration, or a casual-dining downturn would have an outsized effect on FCPT's rent stream. The named Darden/Olive Garden relationship is captured as a supply (real-estate) edge; this records the single-brand concentration vulnerability.

“Olive Garden branded restaurants comprise approximately 23.8 % of our properties and approximately 31.7 % of the revenues received under leases.”

FCPT's properties span 48 states, but Texas is its largest single-state concentration at 10.0% of annualized base rent (the only state ≥10% of total revenue) as of 12/31/2025. The company flags that an economic downturn, natural disaster, or other adverse event in Texas (or another future concentration) could disproportionately affect its results. Modest at exactly the 10% threshold, hence low severity.

“Our properties are located throughout the United States with the highest concentration located in the state of Texas, where 10.0% of our annualized base rent was derived as of December 31, 2025.”