Tenant Concentration Risk: FCPT derives a significant portion of its rental income from a relatively small number of tenants, notably Darden Restaurants. Any adverse development affecting these key tenants, such as financial distress or changes in their business strategy, could materially impact FCPT's revenue and financial condition.

Restaurant Industry Volatility Risk: As FCPT primarily invests in properties leased to restaurant operators, its performance is highly sensitive to the overall health and trends within the restaurant industry. This sector is susceptible to economic downturns, changing consumer preferences, increased competition, rising food and labor costs, and public health concerns.

Interest Rate Sensitivity Risk: FCPT utilizes debt to finance property acquisitions and operations. Fluctuations in interest rates can increase borrowing costs, affecting profitability and cash flow, and may also impact the valuation of its properties and its ability to raise capital.