Four Corners Property Trust (NYSE:FCPT) acquired two fully leased, triple‑net Hawaiian Bros fast‑casual restaurant locations in a $5.9 million sale‑leaseback transaction with Stine Enterprises. The deal adds two high‑quality, net‑leased assets to FCPT’s portfolio and expands its presence in the essential‑retail sector.
The transaction was announced on Wednesday, November 26, 2025. Each property is newly constructed, fully leased to a credit‑worthy tenant, and generates stable rental income. The purchase price reflects a cap rate of approximately 7.0 %, in line with FCPT’s recent acquisitions that have ranged from 6.8 % to 7.4 %.
FCPT’s quarterly results for the third quarter of 2025 showed rental revenue up 12.2 % year‑over‑year to $66.5 million and net income attributable to common shareholders of $28.8 million, or $0.28 per diluted share. The new Hawaiian Bros assets reinforce the company’s strategy of diversifying beyond its core restaurant holdings and adding resilient essential‑retail tenants.
Management highlighted the acquisition as part of a disciplined, data‑driven approach to portfolio growth. CEO Bill Lenehan noted that “adding high‑margin, triple‑net properties in the essential‑retail space strengthens our long‑term income stream and supports our dividend policy.” The deal also aligns with FCPT’s goal of maintaining a high occupancy rate and a diversified tenant mix.
Hawaiian Bros, a fast‑growing fast‑casual concept, reported system‑wide sales of $120 million in 2023, up from $99.6 million in 2022, and operates 48 restaurants across six states. Stine Enterprises, the franchisee, has a strong financial profile, providing confidence in the long‑term stability of the lease agreements.
The acquisition demonstrates FCPT’s continued focus on acquiring high‑quality, net‑leased assets with creditworthy tenants, while expanding into sectors that offer defensive characteristics. The $5.9 million purchase price and the properties’ triple‑net leases position FCPT to capture stable, predictable cash flows in a market that remains favorable to buyers.
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