Four Corners Property Trust (FCPT) closed a $3.4 million purchase of a Carrabba’s Italian Grill location in Florida on March 11, 2026, following an announcement on March 12. The property sits in a high‑traffic retail corridor and is leased to the restaurant under a triple‑net lease with roughly six years remaining on the term.
The transaction was priced at a 6.6% cap rate, reflecting the strong credit profile of the tenant and the stability of the lease structure. FCPT’s portfolio already includes a mix of essential‑retail and service‑sector assets, and the Carrabba’s acquisition adds a new income‑generating property that aligns with the company’s disciplined, data‑driven acquisition strategy.
The deal comes after FCPT reported Q4 2025 earnings that slightly missed expectations—EPS of $0.28 versus a consensus of $0.29 and revenue of $75.66 million versus $75.69 million. The modest miss prompted a 2.85% drop in the company’s stock price in after‑hours trading, underscoring investors’ sensitivity to earnings guidance. The new acquisition, however, reinforces FCPT’s confidence in its long‑term cash‑flow model and its ability to deploy capital into high‑quality, net‑leased restaurant assets.
Management highlighted the strategic fit of the Carrabba’s property in recent commentary. CEO Bill Lenehan noted that the company has invested nearly $318 million in 105 properties during 2025, targeting “high‑value new investments” in strong retail corridors. CFO Patrick Wernig emphasized FCPT’s liquidity, citing a $350 million revolver and a net debt‑to‑adjusted EBITDA ratio of 4.9x, which supports continued acquisitions.
The acquisition also fits within FCPT’s broader diversification strategy. While the restaurant sector remains a core focus, the company has expanded into grocery, equipment rental, and other service‑sector assets. The Carrabba’s property adds geographic breadth and strengthens the company’s portfolio of triple‑net leases, which shift property taxes, insurance, and maintenance responsibilities to the tenant.
Overall, the $3.4 million purchase demonstrates FCPT’s ongoing commitment to acquiring stable, net‑leased restaurant properties and reinforces its position as a leading owner of high‑quality, income‑generating real‑estate assets.
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