Four Corners Property Trust (FCPT), NNN REIT (NYSE:NNN), has an 18% dividend buffer and a 2029 debt wall. The company, which owns over 1,270 properties across 48 states, operates a simple model with occupancy at 99.5% and a weighted-average remaining lease term of approximately 7.1 years. Full-year 2025 AFFO was $1.78 per share, a growth of roughly 2.9% year over year, leaving a payout ratio of about 82% and leaving a buffer of roughly 18%. The company's credit profile remains investment grade, with fixed charge coverage at 4.8x and approximately 98% of the debt stack is fixed rate. Following a January 2025 credit facility restructuring, FCPT now has a $350 million revolver and a $225 million term loan, both maturing in February 2029, alongside unsecured notes with staggered maturities. However, this concentration of debt leaves less room for future refinancing.