Four Corners Property Trust (FCPT) closed a $5.7 million purchase of a Fogo de Chão restaurant location on April 24, 2026. The property is a corporate‑operated, long‑term net‑lease asset with roughly 14 years of lease remaining and was priced at a 7.0 % cap rate.
The transaction adds a single mid‑size asset to FCPT’s 1,303‑property portfolio, which is diversified across restaurant, auto‑service, and medical‑retail sectors. As of December 31, 2025, the portfolio was 37 % auto‑service, 24 % medical‑retail, 22 % quick‑service restaurants, 14 % casual dining restaurants, and 3 % other retail by purchase price. FCPT reported $402 million of available liquidity and a net debt to adjusted EBITDA ratio of 5.1×, and it declared a quarterly dividend of $0.3665 per share in Q4 2025.
The acquisition fits FCPT’s granular strategy of sourcing individual assets directly from tenants and maintaining disciplined capital allocation. In the quarter, the REIT acquired $82 million of properties across its core sectors, a mix that included a National Veterinary Associates property for $4.4 million, a Left Lane Auto property for $3.1 million, and a Chili’s property for $2.3 million. CEO Bill Lenehan said, 'FCPT delivered another strong quarter of portfolio growth. In the quarter, we acquired $82 million of properties, diversified across our core retail sectors and leased to nationally branded, strong operators with rent and pricing aligned to our underwriting objectives.' He also noted, 'We continue to have one of the lowest leverage profiles in our company's history.'
Fogo de Chão, a casual dining Brazilian steakhouse concept with over 90 locations, has been expanding since Bain Capital’s $1.1 billion acquisition in 2023. The new asset strengthens FCPT’s exposure to a high‑quality tenant with a long‑term net lease, reinforcing the REIT’s focus on stable, high‑quality cash flows in the restaurant sector.
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