Four Corners Property Trust (FCPT) has added two net leased properties to its portfolio, acquiring a GreatWater 360 Auto Care site in Minnesota and a McAlister's Deli location in Michigan for about US$4.6 million combined.

These two net lease deals come after a period where Four Corners Property Trust's share price return has been relatively steady, with a 30 day share price return of 3.8% and a year to date share price return of 4.65%. The 1 year total shareholder return of 7.48% and 3 year total shareholder return close to flat suggest momentum has softened over a longer stretch, even as the latest acquisitions keep the growth story for its property portfolio moving.

If this kind of gradual portfolio expansion interests you, it could be a good moment to broaden your search and check out fast growing stocks with high insider ownership.

With FCPT trading at US$24.32 and metrics like a value score of 4 and an indicated intrinsic discount of about 48%, you have to ask: is this a quiet mispricing, or is the market already baking in future growth?

Most Popular Narrative: 13.5% Undervalued

With Four Corners Property Trust last closing at $24.32 against a widely followed fair value of $28.13, the current price sits below that narrative anchor and puts more attention on the assumptions sitting underneath it.

The company's focus on acquiring and expanding high-quality, e-commerce resistant retail and essential service properties (such as quick service restaurants, automotive services, and medical retail) positions FCPT's tenant base to benefit from long-term growth in physical service retail, supporting future rental income and revenue stability.

Curious what kind of revenue climb and margin profile are baked into that fair value, and what profit multiple ties it all together? The most followed narrative leans on specific growth rates, margin expansion and a richer future earnings multiple to arrive at $28.13, and the full breakdown shows exactly how those moving parts connect to that number.

Result: Fair Value of $28.13 (UNDERVALUED)

However, concentration in casual dining and modest rent escalators could pressure rental income and margins if tenant performance or inflation trends move against those assumptions.

Build Your Own Four Corners Property Trust Narrative

If you look at the numbers and come to a different conclusion, or prefer to test your own assumptions, you can build a custom view in just a few minutes with Do it your way.

A great starting point for your Four Corners Property Trust research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.