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Four Corners Property Trust
FCPT
#4263
Rank
$2.67 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$24.37
Share price
-0.20%
Change (1 day)
-10.07%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Four Corners Property Trust
  2. Annual Reports (10-K)
  3. Financial Year 2019

Four Corners Property Trust - 10-K annual report 2019


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
___________________________________________
FORM 10-K
___________________________________________
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934       For the fiscal year ended December 31, 2019
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934             For the transition period from      to     
Commission File Number: 1-37538
FOUR CORNERS PROPERTY TRUST, INC.
(Exact name of Registrant as specified in its charter)
Maryland
 
47-4456296
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)
591 Redwood Highway,
Suite 1150,
Mill Valley,
CA
94941
(Address of principal executive offices)
Registrant’s telephone number, including area code: (415) 965-8030
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.0001 par value per share
FCPT
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.   Yes  ☒  No ☐
Indicate by check mark if Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.   Yes ☐  No ☒
Indicate by check mark if the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒   No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).   Yes ☒   No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer  ☒         Non-accelerated filer ☐    Emerging growth company ☐
Accelerated filer ☐          Smaller reporting company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes ☐   No ☒
The aggregate market value of Common Stock held by non-affiliates of the Registrant, computed by reference to the closing sales price of such shares on the New York Stock Exchange as of the last business day of the Registrant’s most recently completed second fiscal quarter was approximately: $1,857,193,397.
Number of shares of Common Stock, par value $0.0001, outstanding as of February 25, 2020: 70,184,797
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s Definitive Proxy Statement for its Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than April 30, 2020 are incorporated by reference into Part III of this Report.


FOUR CORNERS PROPERTY TRUST, INC.
FORM 10 - K
YEAR ENDED DECEMBER 31, 2019
TABLE OF CONTENTS
 
 
Page
Part 1
 
 
Item 1.
Business
1
Item 1A.
Risk Factors
8
Item 1B.
Unresolved Staff Comments
27
Item 2.
Properties
27
Item 3.
Legal Proceedings
27
Item 4.
Mine Safety Disclosure
27
 
 
 
Part II
 
 
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
28
Item 6.
Selected Financial Data
30
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
32
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
43
Item 8.
Financial Statements and Supplementary Data
44
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosures
44
Item 9A.
Controls and Procedures
44
Item 9B.
Other Information
44
 
 
 
Part III
 
 
Item 10.
Directors, Executive Officers and Corporate Governance
45
Item 11.
Executive Compensation
45
Item 12.
Security Ownership of Certain Owners and Management and Related Stockholder Matters
45
Item 13.
Certain Relationships and Related Transactions, and Director Independence
45
Item 14.
Principal Accounting Fees and Services
45
 
 
 
Part IV
 
 
Item 15.
Exhibits, Financial Statement Schedules
46
Item 16.
Form 10-K Summary
47
 
Signatures
 





PART I
Forward-Looking Statements
Statements contained in this Annual Report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Also, when Four Corners Property Trust, Inc. uses any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, Four Corners Property Trust, Inc. is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those anticipated or projected are described in “Item 1A. Risk Factors.” of this Annual Report on Form 10-K.
Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. Four Corners Property Trust, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K.
Item 1. Business.
Unless the context indicates otherwise, all references to “FCPT,” the “Company,” “we,” “our” or “us” include Four Corners Property Trust, Inc. and all of its consolidated subsidiaries.
History
We were incorporated as a Maryland corporation on July 2, 2015 as a wholly owned indirect subsidiary of Darden Restaurants, Inc. (together with its consolidated subsidiaries “Darden”), for the purpose of owning, acquiring and leasing properties on a net basis, for use in the restaurant and related food service industries. On November 9, 2015, Darden completed a spin-off of FCPT pursuant to which Darden contributed to us (i) 100% of the equity interest in entities that owned 418 properties in which Darden operates Olive Garden, LongHorn Steakhouse and other branded restaurants (the “Properties” or “Property”) and (ii) six LongHorn Steakhouse restaurants, including the properties or interests associated with such restaurants, located in the San Antonio, Texas area (the “Kerrow Restaurant Operating Business”). In exchange, we issued to Darden all of our common stock and paid to Darden $315.0 million in cash. Subsequently, Darden distributed all of our outstanding shares of common stock pro rata to holders of Darden common stock whereby each Darden shareholder received one share of our common stock for every three shares of Darden common stock held at the close of business on the record date as well as cash in lieu of any fractional shares of our common stock which they would have otherwise received (the “Spin-Off”).
Business Overview
We are a Maryland corporation and a real estate investment trust (“REIT”) which owns, acquires and leases properties for use in the restaurant and retail industries. Substantially all of our business is conducted through Four Corners Operating Partnership, LP (“FCPT OP”), a Delaware limited partnership of which we are a majority limited partner and our wholly owned subsidiary, Four Corners GP, LLC (“FCPT GP”), is its sole general partner. We believe that we have operated in conformity with the requirements for qualification and taxation as a REIT for the taxable year ended December 31, 2019, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT.
Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarily responsible for ongoing costs relating to the properties, including utilities, property taxes, insurance, common area maintenance charges, and maintenance and repair costs. We focus on income producing properties leased to high quality tenants in major markets across the United States. We also generate revenues by operating the Kerrow Restaurant Operating Business pursuant to franchise agreements with Darden.
In addition to managing our existing properties, our strategy includes investing in additional restaurant and retail properties to grow and diversify our existing portfolio. We expect this acquisition strategy will decrease our reliance on Darden over time.

1

We intend to purchase properties that are well located, occupied by durable concepts, with creditworthy tenants whose operating cash flows are expected to meaningfully exceed their lease payments to us. We seek to improve the probability of successful tenant renewal at the end of initial lease terms by acquiring properties that have high levels of operator profitability compared to rent payments and have absolute rent levels that generally reflect market rates.
In 2019, FCPT engaged in various real estate transactions for a total investment of $205.2 million, including capitalized transaction costs. Pursuant to these transactions, we acquired an additional 90 properties and ground leasehold interests, aggregating 494 thousand square feet, and representing 41 unique brands.
As of December 31, 2019, our lease portfolio had the following characteristics:
•
699 free-standing properties located in 46 states and representing an aggregate leasable area of 4.6 million square feet;
•
99.7% occupancy (based on leasable square footage);
•
An average remaining lease term of 11.1 years (weighted by annualized base rent);
•
An average annual rent escalation of 1.5% through December 31, 2029 (weighted by annualized base rent); and
•
72% investment-grade tenancy (weighted by annualized base rent).
Segments
We operate in two segments, real estate operations and restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed.
Our real estate operations segment consists of rental revenues primarily generated by leasing restaurant and retail properties to tenants through net lease arrangements under which the tenant is primarily responsible for ongoing costs relating to the properties. Our real estate operations segment also includes expenses associated with continuing efforts to invest in additional restaurant and retail properties and our corporate operating expenses.
Our restaurant operations segment is conducted through a taxable REIT subsidiary (“TRS”) and consists of our Kerrow Restaurant Operating Business. The associated sales revenues, restaurant expenses and overhead on Kerrow Restaurant Operating Business’s six buildings and equipment comprise our restaurant operations.
Our shares of common stock are listed on the New York Stock Exchange under the ticker symbol “FCPT”.
Our executive offices are located at 591 Redwood Highway, Suite 1150, Mill Valley, California 94941, and our telephone number is (415) 965-8030.
Our Business Objectives and Strategy
Our primary goal is to create long-term stockholder value by executing our investment objectives to maximize the value of our assets, to acquire assets with growth and diversification opportunities due to favorable lease structures and attractive submarket demographics, to actively manage our existing portfolio, and to provide attractive and growing quarterly cash dividends. We do not currently have a fixed schedule of the number of acquisitions we intend to make over a particular time period, but rather, we intend to pursue those acquisitions that meet our investing and financing objectives where we can earn a return above our weighted-average cost of capital adjusted to reflect counterparty risk.
The key components of our business strategy, beyond managing our properties in accordance with our leases, include:
Investment Strategy
Acquire Additional Restaurant and Retail Properties: Our investment strategy is primarily to acquire restaurant and retail properties that are occupied at well-located sites by nationally recognized brands with quality operators subject to long-term net leases. These acquisitions may take many forms including, sale-leaseback transactions, one-off acquisitions or acquisitions of portfolios of properties from other REITs, and other public and private real estate owners. We will employ a disciplined, opportunistic acquisition strategy and price transactions appropriately based on, among other things, the mix of assets acquired, length and terms of the lease, location and submarket attractiveness, and the credit worthiness of the existing tenant.

2

Acquire Additional Outparcel Properties: We plan to continue to seek out opportunities to leverage our experience in past transactions and acquire additional outparcel properties from mall and shopping center companies, providing the mall and shopping center companies with capital to expand or reinvest into their existing operations.
Increase Diversity of Portfolio: We seek to develop a diverse asset portfolio as we continue to expand. As of December 31, 2019, properties in our leasing portfolio were located in 46 different states across the continental United States, comprised of 58 unique tenant brands, and our properties in only two states, Texas and Florida, individually accounted for more than 10% of our total revenue with 12.5% and 10.8% of our total revenue, respectively. Additionally, by virtue of its large scale, we believe that the U.S. restaurant industry offers a sizable pool of attractive property acquisition targets across different types of restaurant properties, including quick service, take-out, casual dining, fast casual, and fine dining, to enable diversified growth for us and, in doing so, reduce our concentration with Darden.
Operating Strategy
Long-Term, Net Lease Structure: We intend to hold our properties for long-term investment. Our properties are leased to our tenants on a net lease basis with a weighted average remaining lease term of approximately 11.1 years before any renewals and an average annual rent escalation of 1.5% through December 31, 2029 (weighted by annualized base rent), thereby providing a long-term, stable income stream. Under the leases, the tenant is responsible for maintaining the properties in accordance with prudent industry practice and in compliance with all federal and state standards. The maintenance responsibilities include, among others, maintaining the building, building systems including roofing systems and other improvements. In addition to maintenance requirements, the tenant is also generally responsible for insurance required to be carried under the leases, taxes levied on or with respect to the properties, payment of common area maintenance charges and all utilities and other services necessary or appropriate for the properties and the business conducted on the properties. At the option of the tenant, the leases will generally allow extensions for a certain number of multi-year renewal terms beyond the initial term and the tenant can elect which of the properties then subject to the leases to renew. The number and duration of the renewal terms for any given property may vary, however, based on the initial term of the relevant lease and other factors.
Re-lease Properties: Over time we will face re-tenanting risk and opportunity. If our tenants elect to cease operations at any of our properties, we will need to find a replacement tenant at the end of the lease term or earlier if a tenant abandons one of our properties prior to the end of the lease term. We plan to use leasing expertise and relationships developed through our national operations to replace tenants under any expiring or abandoned leases.
Operate the Kerrow Restaurant Operating Business: We operate the Kerrow Restaurant Operating Business through Kerrow Holdings, LLC (“Kerrow”). Although we intend to derive the majority of our revenue from leasing properties on a net basis to restaurant and retail operators, the Kerrow Restaurant Operating Business will provide us with a diversified revenue stream and equip us with the expertise to better analyze other restaurant properties that could serve as expansion opportunities.
Financing Strategy
Maintain Balance Sheet Strength and Liquidity: We intend to maintain a capital structure that provides the resources and financial flexibility to support the growth of our business. Our principal sources of liquidity will be our cash generated through operations, our revolving credit facility which has an undrawn capacity as of December 31, 2019 of $198 million, our ability to access the public equity markets, and our ability to access bank and private placement debt markets. Through disciplined capital spending and working capital management, we intend to maximize our cash flows and maintain our targeted balance sheet and leverage ratios.
Investment and Financing Policies
Our investment objectives are to increase cash flow, provide quarterly cash dividends, maximize the value of our assets and acquire assets with cash flow growth potential. We intend to continue to invest primarily in restaurant properties. However, over time, we believe we have the potential to diversify into other retail property types beyond the restaurant industry.
We expect that future investments in properties, including any improvements or renovations of currently owned or newly-acquired restaurant properties, will be financed, in whole or in part, with cash flow from our operations, borrowings under our $250 million revolving credit facility, or the proceeds from issuances of common stock, preferred stock, debt or other securities.

3

Our investment and financing policies and objectives are subject to change periodically at the discretion of our Board of Directors without a vote of stockholders. We also have an effective shelf registration statement on file with the SEC under which we may issue equity financing through the instruments and on the terms most attractive to us at such time. In November 2019, the Company renewed its “At-the-Market” (“ATM”) program under which it can sell common stock with an aggregate value of up to $210 million through broker-dealers. In January 2017, we achieved an investment grade rating of BBB- from Fitch Ratings.
Flexible UPREIT Structure
We operate in what is commonly referred to as an UPREIT structure, in which substantially all of our properties and assets are held through FCPT OP. It is managed by FCPT GP, which accordingly controls the management and decisions of FCPT OP. Conducting business through FCPT OP allows us flexibility in the manner in which we structure and acquire properties. In particular, an UPREIT structure enables us to acquire additional properties from sellers in exchange for limited partnership units in FCPT OP. As a result, this structure potentially may facilitate our acquisition of assets in a more efficient manner and may allow us to acquire assets that the owner would otherwise be unwilling to sell to us.
Our Portfolio
At December 31, 2019, our investment portfolio included 705 properties, all within the continental United States. Of these properties, 699 were held for investment, with an aggregate leasable area of approximately 4.6 million square feet, were located in 46 states, and had a weighted average remaining lease term of 11.1 years before any lease renewals. The remaining six properties, representing the Kerrow Restaurant Operating Business, are operated by Kerrow subject to franchise agreements with Darden (“Franchise Agreements”). Two of these restaurants are subject to ground leases to third parties.
The following table summarizes the rental properties by brand as of December 31, 2019:
Brand
Number of FCPT Properties and Leasehold Interests
Total Square Feet (000s)
Annual Cash Base Rent $(000s)
% Total Cash Base Rent (1)
Avg. Rent Per Square Foot ($)
Tenant EBITDAR Coverage (2)
Lease Term Remaining (Yrs) (3)
Olive Garden
304

2,593

$
74,171

53.2
%
$
29

5.4x
10.7

Longhorn Steakhouse
109

608

20,471

14.7
%
34

4.6x
9.6

Other Brands - non-Darden
273

1,313

40,606

29.1
%
31

3.1x
12.9

Other Brands - Darden
13

120

4,167

3.0
%
35

3.9x
8.9

Total
699

4,634

$
139,415

100.0
%
$
30

4.7x
11.1

(1)  
Current scheduled minimum contractual rent as of December 31, 2019.
(2)
EBITDAR Coverage is calculated by dividing our tenants estimated trailing 12-month EBITDAR by annual contractual cash rent paid to FCPT. EBITDAR is defined as earnings before interest, income taxes, depreciation, amortization, and rent. EBITDAR is derived from the most recent data from tenants who disclose this information, representing approximately 90% of our run-rate rental income. FCPT does not independently verify financial information provided by its tenants.
(3)
Lease term remaining is defined as the lease term weighted by the annual cash base rent.

4

The following table summarizes the diversification of FCPT’s lease portfolio by state as of December 31, 2019:
State
 
# of Leases
 
% of Annual Base Rent
Texas
 
72
 
12.5%
Florida
 
63
 
10.8%
Ohio
 
50
 
6.9%
Georgia
 
43
 
6.3%
Michigan
 
38
 
4.3%
Tennessee
 
28
 
3.6%
Indiana
 
42
 
4.0%
Illinois
 
32
 
3.4%
Pennsylvania
 
19
 
3.0%
California
 
14
 
2.8%
North Carolina
 
18
 
2.6%
Virginia
 
19
 
2.4%
Mississippi
 
18
 
2.4%
Maryland
 
16
 
2.2%
South Carolina
 
14
 
2.1%
Colorado
 
20
 
2.2%
New York
 
13
 
2.0%
Iowa
 
22
 
2.3%
Wisconsin
 
18
 
2.0%
Alabama
 
15
 
1.7%
Kentucky
 
11
 
1.7%
Arizona
 
11
 
1.7%
Minnesota
 
9
 
1.6%
Nevada
 
8
 
1.6%
Oklahoma
 
10
 
1.7%
Louisiana
 
9
 
1.5%
West Virginia
 
6
 
1.1%
Missouri
 
8
 
1.2%
Kansas
 
5
 
1.0%
17 other states (none greater than 1%)
 
51
 
7.7%
Total
 
702
 
100.0%
Leases with Darden
The estimated annual cash rent based on current rates for the leases in place with Darden is approximately $98.8 million, with average annual rent escalations of 1.5% through December 31, 2029. Darden also entered into guaranties, pursuant to which it guarantied the obligations of the tenants under substantially all of the leases entered into in respect of the Properties. The Properties are leased to one or more of Darden’s operating subsidiaries pursuant to the leases, which are net leases. The leases in place with Darden provide for a weighted average remaining initial term of approximately 10.4 years as of December 31, 2019, with no purchase options provided that Darden will have a right of first offer with respect to our sale of any property, if there is no default under the lease, and we will be prohibited from selling any Properties to (i) any nationally recognized casual or fine dining brand restaurant or entity operating the same or (ii) any other regionally recognized casual or fine dining brand restaurant or entity operating the same, with 25 or more units. At the option of Darden, the leases will generally allow extensions for a certain number of renewal terms of five years each beyond the initial term and Darden can elect which of our properties then subject to the leases to renew. The number and duration of the renewal terms for any given Property may vary, however, based on the initial term of the relevant lease and other factors.
Darden is currently the source of a majority of our revenues, and its financial condition and ability and willingness to satisfy its obligations under the leases and its willingness to renew the leases upon expiration of the initial base term thereof significantly

5

impacts our revenues and our ability to service our indebtedness and make distributions to our stockholders. There can be no assurance that Darden will have sufficient assets, income and access to financing to enable it to satisfy its obligations under its leases with us, and any inability or unwillingness on its part to do so would have a material adverse effect on our business, financial condition, results of operations and liquidity, on our ability to service our indebtedness and other obligations and on our ability to pay dividends to our shareholders. We also cannot assure you that Darden will elect to renew the lease arrangements with us upon expiration of the initial base terms or any renewal terms thereof or, if such leases are not renewed, that we can re-market the affected properties on the same or better terms. See “Risk Factors - Risks Related to Our Business - We are dependent on our major tenants successfully operating their businesses, and a failure to do so could have a material adverse effect on our business, financial position or results of operations.”
Franchise Agreements
Pursuant to the Franchise Agreements, Darden grants the right and license to our subsidiary, Kerrow, to operate the Kerrow Restaurant Operating Business. The Franchise Agreements include, among other things, a license to display trademarks, utilize trade secrets and purchase proprietary products from Darden. Other services to be included pursuant to the Franchise Agreements are marketing services, training and access to certain LongHorn® operating procedures. The Franchise Agreements also contain provisions under which Darden may provide certain technical support for the Kerrow Restaurant Operating Business. The fees and conditions of these franchising services are on terms comparable to similar franchising services negotiated on an arm’s length basis and consistent with industry standard provisions.
Competition
We operate in a highly competitive market and face competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, restaurant and retail operators, lenders and other investors, some of whom are significantly larger and have greater resources and lower costs of capital. These institutions may accept greater risk or lower returns, allowing them to offer more attractive terms to prospective tenants or for the acquisition of restaurant and other retail properties. The Kerrow Restaurant Operating Business also faces active competition with national and regional chains and locally-owned restaurants for guests, management and hourly personnel.
Governmental Regulations Affecting Properties
Property Environmental Considerations
As an owner and operator of real property, we are subject to various federal, state and local environmental, health and safety laws and regulations. Although we do not operate or manage most of our properties, we may be held primarily or jointly and severally liable for costs relating to the investigation and clean-up of any of our current or former properties at or from which there has been a release or threatened release of hazardous material, as well as other affected properties, regardless of whether we knew of or caused the contamination.
In addition to these costs, which are typically not limited by law or regulation and could exceed the property’s value, we or our tenants could be subject to other liabilities, including governmental penalties for violation of environmental, health and safety laws, liabilities for injuries to persons for exposure to hazardous materials, and damages to property or natural resources. Furthermore, some environmental laws can create a lien on the contaminated site in favor of the government for damages and the costs the government incurs in connection with such contamination or can restrict the manner in which a property may be used because of contamination. We also could be liable for the costs of remediating contamination at third party sites, e.g., landfills, where we send waste for disposal without regard to whether we comply with environmental laws in doing so.
Although the leases require our tenants to indemnify us for environmental liabilities, and although we intend to require our operators and tenants to undertake to indemnify us for certain environmental liabilities, including environmental liabilities they cause, the amount of such liabilities could exceed the financial ability of our operators and tenants to indemnify us. The presence of contamination or the failure to remediate contamination may adversely affect our ability to sell, develop or lease the real estate or to borrow using the real estate as collateral.

6

As of February 26, 2020, we have not been notified by any governmental authority of, nor is management aware of, any non-compliance or liability with respect to environmental laws that management believes would have a material adverse effect on our business, financial position or results of operations.
Americans with Disabilities Act of 1990
The properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively the “ADA”). Investigation of a property may reveal non-compliance with the ADA. The tenant has the primary responsibility for complying with the ADA, but we may incur costs if the tenant does not comply. As of February 26, 2020, we have not been notified by any governmental authority of, nor is management aware of, any non-compliance with the ADA that management believes would have a material adverse effect on our business, financial position or results of operations.
Other Regulations
State and local fire, life-safety and similar entities regulate the use of the properties. The tenant has the primary responsibility for complying with regulations but failure to comply could result in fines by governmental authorities, awards of damages to private litigants, or restrictions to conduct business on such properties.
Insurance
Our current lease agreements generally require, and new lease agreements that we enter are expected to require, that our tenants maintain all customary lines of insurance on our properties and their operations, including comprehensive insurance and hazard insurance. The tenants under our leases may have the ability to self-insure or use a captive provider with respect to its insurance obligations. We believe that the amount and scope of insurance coverage provided by our policies and the policies maintained by our tenants are customary for similarly situated companies in our industry. However, we cannot make any assurances that Darden or any other tenants in the future will maintain the required insurance coverages, and the failure by any of them to do so could have a material adverse effect on us.
Employees
As of February 14, 2020, we had 361 employees, of which 343 were employed at our Kerrow Restaurant Operating Business. None of these employees are represented by a labor union.
Available Information
All filings we make with the Securities and Exchange Commission (the “SEC”), including this Annual Report on Form 10-K, our quarterly reports on Form 10-Q, and our current reports on Form 8-K, and any amendments to those reports are available for free on our website, www.fcpt.com, as soon as reasonably practicable after they are filed with, or furnished to, the SEC. We do not intend our website to be an active link or to otherwise incorporate the information contained on our website into this report or other filings with the SEC. Our filings can also be obtained for free on the SEC’s Internet website at www.sec.gov. We are providing our website address solely for the information of investors.

7

Item 1A. Risk Factors.
Various risks and uncertainties could affect our business. Any of the risks described below or elsewhere in this report or our other filings with the SEC could have a material impact on our business, financial condition or results of operations. It is not possible to predict or identify all risk factors. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations.
Risks Related to Our Business
Risks related to real estate ownership could reduce the value of our properties, which could materially and adversely affect us.  
Our core business is the ownership of real estate that is leased to tenants on a net basis. Accordingly, our performance is subject to risks inherent to the ownership of real estate, including:
•
inability to collect rent from tenants due to financial hardship, including bankruptcy;
•
changes in consumer trends and preferences that reduce demand for the products or services of our tenants;
•
inability to lease at or above the current rental rates, or at all, or sell properties upon expiration or termination of existing leases;
•
needing to make capital expenditures to renovate vacant properties;
•
environmental risks related to the presence of hazardous or toxic substances or materials on our properties;
•
subjectivity of real estate valuations and changes in such valuations over time;
•
illiquid nature of real estate compared to most other financial assets;
•
changes in laws and regulations, including those governing real estate usage and zoning;
•
changes in interest rates and the availability of financing; and
•
changes in the general economic and business climate.
The occurrence of any of the risks described above may cause the value of our real estate to decline, which could materially and adversely affect us.
We are dependent on Darden to make payments to us and fulfill its obligations under its leases, as well as to provide services to us under the Franchise Agreements, and an event that materially and adversely affects Darden’s business, financial position or results of operations could materially and adversely affect our business, financial position or results of operations.
Currently, Darden is our primary lessee in our lease portfolio and, therefore, is the source of a majority of our revenues. Additionally, because Darden’s leases with us are net leases, we depend on Darden to pay all insurance, taxes, utilities, common area maintenance charges, maintenance and repair expenses and to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with its business, including any environmental liabilities. There can be no assurance that Darden will have sufficient assets, income and access to financing to enable it to satisfy its payment obligations to us under its leases. The inability or unwillingness of Darden to meet its rent obligations to us under any of its leases could materially adversely affect our business, financial position or results of operations, including our ability to pay dividends to our stockholders as required to maintain our status as a REIT. The inability of Darden to satisfy its other obligations under its leases with us, such as the payment of insurance, taxes and utilities could materially and adversely affect the condition of our properties.
Since Darden Restaurants, Inc. is a holding company, it is dependent to an extent on distributions from its direct and indirect subsidiaries in order to satisfy the payment obligations under its leases with us, and the ability of Darden to make such distributions may be adversely impacted in the event of the insolvency or bankruptcy of such entities or by covenants in its debt agreements or otherwise that restrict the amount of the distributions that may be made by such entities. For these reasons, if Darden were to experience a material and adverse effect on its business, financial position or results of operations, our business, financial position or results of operations could also be materially and adversely affected.

8

Due to our dependence on rental payments from Darden, we may be limited in our ability to enforce our rights under, or to terminate, our leases with Darden. Failure by Darden to comply with the terms of its leases with us could require us to find other lessees for some or all of the properties and there could be a decrease or cessation of rental payments by Darden.
There is no assurance that we would be able to lease any of our properties to other lessees on substantially equivalent or better terms than any of our leases with Darden, or at all, successfully reposition our properties for other uses or sell our properties on terms that are favorable to us. It may be more difficult to find a replacement tenant for a restaurant or retail property than it would be to find a replacement tenant for a general commercial property due to the specialized nature of the business.
In addition, our operation of the Kerrow Restaurant Operating Business depends on the provision of services to us by Darden pursuant to the Franchise Agreements. The Franchise Agreements provide that Darden agrees to provide certain franchising services to our subsidiary, Kerrow. The franchising services include licensing the right to use and display certain trademarks, utilize trade secrets and purchase proprietary products from Darden in connection with the operation of the Kerrow Restaurant Operating Business. Other services provided pursuant to the Franchise Agreements are marketing services, training and access to certain LongHorn operating procedures. The Franchise Agreements also contain provisions under which Darden may provide certain technical support for the Kerrow Restaurant Operating Business.
Additional information about Darden can be found in Darden’s public filings with the SEC. Darden’s filings with the SEC can be found on the SEC’s Internet website at www.sec.gov. Reference to Darden’s filings with the SEC is solely for the information of investors. We do not intend the SEC’s website to be an active link or to otherwise incorporate the information contained on its website (including Darden’s filings with the SEC) into this report or other filings with the SEC.
We are dependent on our major tenants successfully operating their businesses, and a failure to do so could have a material adverse effect on our business, financial position or results of operations.
For the year ended December 31, 2019, Darden and Brinker International, Inc. (“Brinker”) constituted approximately 71% and 9%, respectively, of our annual cash base rent. As a result, we are dependent on Darden and Brinker successfully operating their businesses and fulfilling their obligations to us that depend, in part, on the overall performance and profitability of Darden and Brinker. Factors which may impact the business, financial position or results of operations of Darden and Brinker include the following:
•
food safety and food-borne illness concerns throughout the supply chain; health concerns arising from food-related pandemics, outbreaks of flu viruses or other diseases;
•
litigation, including allegations of illegal, unfair or inconsistent employment practices;
•
unfavorable publicity, or a failure to respond effectively to adverse publicity;
•
labor and insurance costs;
•
insufficient guest or employee facing technology, or a failure to maintain a continuous and secure cyber network, free from material failure, interruption or security breach;
•
inability or failure to execute a comprehensive business continuity plan following a major natural disaster such as a hurricane or man-made disaster, including terrorism;
•
failure to drive both short-term and long-term profitable sales growth through brand relevance, operating excellence, opening new restaurants of existing brands and developing or acquiring new dining brands;
•
a lack of suitable new restaurant locations or a decline in the quality of the locations of Darden’s or Brinker’s current restaurants;
•
a failure to identify and execute innovative marketing and guest relationship tactics and ineffective or improper use of social media or other marketing initiatives; an inability or failure to recognize, respond to and effectively manage the accelerated impact of social media;
•
a failure to address cost pressures, including rising costs for commodities, health care and utilities used by Darden’s and Brinker’s restaurants, and a failure to effectively deliver cost management activities and achieve economies of scale in purchasing;
•
the impact of shortages or interruptions in the delivery of food and other products from third-party vendors and suppliers;

9

•
disruptions in the financial markets that may impact consumer spending patterns, affect the availability and cost of credit and increase pension plan expenses;
•
economic and business factors specific to the restaurant industry and other general macroeconomic factors including energy prices and interest rates that are largely out of Darden’s or Brinker’s control; and
•
a failure of Darden’s or Brinker’s internal controls over financial reporting and future changes in accounting standards.
We intend to continue to pursue acquisitions of additional properties and seek other strategic opportunities, which may result in the use of a significant amount of management resources or significant costs, including the cost of accessing debt or equity markets, and we may not fully realize the potential benefits of such transactions.
In 2019, we acquired 90 properties and ground leasehold interests for a total investment of $205.2 million, including capitalized transaction costs, which were added to our leasing portfolio. We intend to continue to pursue acquisitions of additional properties and seek acquisitions and other strategic opportunities, including, but not limited to, continuing to expand our tenant base to third parties other than Darden and acquiring non-restaurant properties. Accordingly, we may often be engaged in evaluating potential transactions, potential new tenants and other strategic alternatives. In addition, from time to time, we may engage in discussions that may result in one or more transactions. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transaction, we may devote a significant amount of our management resources to such a transaction, which could negatively impact our operations. We may incur significant costs in connection with seeking acquisitions or other strategic opportunities regardless of whether the transaction is completed and in combining our operations if such a transaction is completed. In addition, properties we acquire may be leased to unrated tenants, and the tools we use to measure credit quality may not be accurate. In the event that we consummate an acquisition or strategic alternative in the future, there is no assurance that we would fully realize the potential benefits of such a transaction.
We operate in a highly competitive market and face competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, restaurant and retail operators, lenders and other investors, some of whom are significantly larger and have greater resources and lower costs of capital. Increased competition will make it more challenging to identify and successfully capitalize on acquisition opportunities that meet our investment objectives. Our Board of Directors may change our investment objectives at any time without stockholder approval. If we cannot identify and purchase a sufficient quantity of suitable properties at favorable prices or if we are unable to finance acquisitions on commercially favorable terms, our business, financial position or results of operations could be materially and adversely affected. Additionally, the fact that we must distribute 90% of our net taxable income in order to maintain our qualification as a REIT may limit our ability to rely upon rental payments from our leased properties or subsequently acquired properties in order to finance acquisitions and other strategic opportunities. In addition, to pursue acquisitions we may have to access debt or equity markets and if financing is not available on acceptable terms, our ability to pursue further acquisitions might be limited or curtailed.
Acquisitions of properties we might seek to acquire entail risks associated with real estate investments generally, including that the investment’s performance will fail to meet expectations or that the tenant, operator or manager will underperform.
A significant portion of our restaurant properties are Olive Garden properties. Therefore, we are subject to risks associated with having a highly concentrated property brand base.
As of December 31, 2019, our restaurant properties include 304 Olive Garden restaurants. As a result, our success, at least in the short-term, is dependent on the continued success of the Olive Garden brand and, to a lesser extent, Darden’s other restaurant brands. We believe that building brand value is critical to increasing demand and building customer loyalty. Consequently, if market recognition or the positive perception of the Olive Garden or other Darden brands is reduced or compromised, the value associated with Olive Garden or other Darden-branded properties in our portfolio may be adversely affected.
Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms.
We have entered into a $650 million term loan and revolving credit facility providing for a $400 million term loan, $150 million of which matures on November 9, 2022, $150 million of which matures on November 9, 2023, and $100 million of which

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matures on March 9, 2024 and providing for a $250 million revolving credit facility with an available facility amount through November 2021, each of which are provided by a syndicate of banks and other financial institutions. As of December 31, 2019, the term loan facility is fully drawn and the undrawn revolving credit facility had $198 million remaining capacity. In addition, we have issued $225.0 million of senior unsecured fixed rate notes (the “Notes”). The Notes consist of $50.0 million of notes due in June 2024 priced at a fixed interest rate of 4.68%, $75.0 million of notes due in June 2027 priced at a fixed interest rate of 4.93%, $50 million of notes due in December 2026 priced at a fixed interest rate of 4.63%, and $50 million of notes due in December 2028 priced at a fixed interest rate of 4.76%. We may incur additional indebtedness in the future to refinance our existing indebtedness, to finance newly-acquired assets or for other purposes. Our governing documents do not contain any limitations on the amount of debt we may incur and we do not have a formal policy limiting the amount of debt we may incur in the future. Subject to the restrictions, if any, set forth in our debt agreements, our Board of Directors may establish and change our leverage policy at any time without stockholder approval. Any significant additional indebtedness could require a substantial portion of our cash flow to make interest and principal payments due on our indebtedness. Greater demands on our cash resources may reduce funds available to us to pay dividends, make capital expenditures and acquisitions, or carry out other aspects of our business strategy. Increased indebtedness can also limit our ability to adjust rapidly to changing market conditions, make us more vulnerable to general adverse economic and industry conditions and create competitive disadvantages for us compared to other companies with relatively lower debt levels. Increased future debt service obligations may limit our operational flexibility, including our ability to acquire assets, finance or refinance our assets, contribute assets to joint ventures or sell assets as needed.
Moreover, our ability to obtain additional financing and satisfy our financial obligations under our indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to then prevailing general economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. A worsening of credit market conditions could materially and adversely affect our ability to obtain financing on favorable terms, if at all.
We also may be unable to obtain additional financing or financing on favorable terms or our operating cash flow may be insufficient to satisfy our financial obligations under our indebtedness outstanding from time to time. Among other things, although we received an investment grade credit rating of BBB- from Fitch Ratings in January 2017, any credit rating downgrade could increase our financing costs and could limit our access to financing sources. If financing is not available when needed, or is available on unfavorable terms, we may be unable to complete acquisitions or otherwise take advantage of business opportunities or respond to competitive pressures, any of which could materially and adversely affect our business, financial condition and results of operations.
Covenants in our debt agreements may limit our operational flexibility, and a covenant breach or default could materially and adversely affect our business, financial position or results of operations.
The agreements governing our indebtedness contain customary covenants that may limit our operational flexibility. The Credit Agreement (defined below) and the terms of the Notes contain customary affirmative and negative covenants that, among other things, restrict, subject to certain exceptions, the incurrence of debt, the incurrence of secured debt, the ability of FCPT OP and the guarantors to enter into mergers, consolidations, sales of assets and similar transactions, limitations on distributions and other restricted payments, and limitations on transactions with affiliates and customary reporting obligations.
In addition, we are required to comply with the following financial covenants: (1) total indebtedness to consolidated capitalization value not to exceed 60%; (2) mortgage-secured leverage ratio not to exceed 40%; (3) total secured recourse indebtedness not to exceed 5% of consolidated capitalization value; (4) minimum fixed charge coverage ratio of 1.50 to 1.00; (5) minimum consolidated tangible net worth; (6) maximum unencumbered leverage ratio not to exceed 60%; and (7) minimum unencumbered interest coverage ratio of 1.75 to 1.00. As of December 31, 2019, we are in compliance with our existing financial covenants.
The Credit Agreement and the terms of the Notes contain customary events of default including, without limitation, payment defaults, violation of covenants and other performance defaults, defaults on payment of indebtedness and monetary obligations, bankruptcy-related defaults, judgment defaults, REIT status default and the occurrence of certain change of control events. Breaches of certain covenants may result in defaults and cross-defaults under certain of our other indebtedness, even if we satisfy our payment obligations to the respective obligee.

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Covenants that limit our operational flexibility, as well as covenant breaches or defaults under our debt instruments, could materially and adversely affect our business, financial position or results of operations, or our ability to incur additional indebtedness or refinance existing indebtedness.
An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price, and a decrease in market interest rates could lead to additional competition for the acquisition of real estate, which could adversely affect our results of operations.
If interest rates increase, so could our interest costs for any new debt and our variable rate debt obligations pursuant to the Credit Agreement. This increased cost could make the financing of any acquisition more expensive as well as lower our current period earnings. Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease the access third parties have to credit, thereby decreasing the amount they are willing to pay to lease our assets and consequently limiting our ability to reposition our portfolio promptly in response to changes in economic or other conditions. Furthermore, the dividend yield on our common stock, as a percentage of the price of such common stock, will influence the price of such common stock. Thus, an increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, which could adversely affect the market price of our common stock. In addition, decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments. Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate we have targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations will be adversely affected.
Hedging transactions could have a negative effect on our results of operations.
We have entered into hedging transactions with respect to interest rate exposure on our term loan and we may enter into other hedging transactions, with respect to one or more of our assets or other liabilities. The use of hedging transactions involves certain risks, including: (1) the possibility that the market will move in a manner or direction that would have resulted in a gain for us had a hedging transaction not been used, in which case our performance would have been better had we not engaged in the hedging transaction; (2) the risk of an imperfect correlation between the risk sought to be hedged and the hedging transaction used; (3) the potential illiquidity for the hedging instrument used, which may make it difficult for us to close out or unwind a hedging transaction; (4) the possibility that our counterparty fails to honor its obligations; and (5) the possibility that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. Our election to be subject to tax as a REIT will also result in limitations on our income sources, and the hedging strategies available to us will be more limited than those available to companies that are not REITs.
Uncertainty relating to the LIBOR calculation process may adversely impact us.
Certain of our existing debt instruments and other financial arrangements (including our revolving credit facility and term loan facility) provide for borrowings to be made at variable interest rates that use the London Interbank Offered Rate, or LIBOR (or metrics derived from or related to LIBOR), as a benchmark for establishing the interest rate applicable to outstanding borrowings thereunder, and we may incur additional indebtedness or enter into new financial arrangements that use LIBOR as a benchmark for establishing the interest rate for borrowing thereunder. LIBOR is the subject of recent proposals for reform. In 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021. These reforms may cause LIBOR to cease to exist, new methods of calculating LIBOR to be established or the establishment of alternative reference rates. These consequences cannot be entirely predicted and could have an adverse impact on the market value for or value of LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us and could also affect interest rates and other financing costs under our debt instruments and other financial arrangements, any of which could adversely affect our results of operations and financial condition.
Our pursuit of investments in, and acquisitions or development of, additional properties may be unsuccessful or fail to meet our expectations.
Investments in and acquisitions of restaurant, retail and other properties we might seek to acquire entail risks associated with real estate investments generally, including that the investment’s performance will fail to meet expectations, that the cost estimates

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for necessary property improvements will prove inaccurate or that the tenant, operator or manager will underperform or become insolvent. Real estate development projects present other risks, including construction delays or cost overruns that increase expenses, the inability to obtain required zoning, occupancy and other governmental approvals and permits on a timely basis, the incurrence of significant development costs prior to completion of the project, abandonment of development activities after expending significant resources, and exposure to fluctuations in the general economy due to the significant time lag between commencement and completion of redevelopment projects.
Inflation may materially and adversely affect us and our tenants.
Increased inflation could have a negative impact on variable-rate debt we currently have or that we may incur in the future. Our leases typically contain provisions, such as rent escalators, designed to mitigate the adverse impact of inflation on our results of operations. Because tenants are typically required to pay all property operating expenses, increases in property-level expenses at our leased properties generally do not affect us. However, increased operating expenses at vacant properties and the limited number of properties that are not subject to full triple-net leases could cause us to incur additional operating expenses, which could increase our exposure to inflation. Additionally, the increases in rent provided by many of our leases may not keep up with the rate of inflation. Increased costs may also have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue, which may adversely affect the tenants’ ability to pay rent owed to us.
Our charter restricts the ownership and transfer of our outstanding stock, which may have the effect of delaying, deferring or preventing a transaction or change of control of our company.
In order for us to qualify as a REIT, not more than 50% in value of our outstanding shares of stock may be owned, beneficially or constructively, by five or fewer individuals at any time during the last half of each taxable year after the first year for which we elect to be subject to tax and qualify as a REIT. Additionally, at least 100 persons must beneficially own our stock during at least 335 days of a taxable year (other than the first taxable year for which we elect to be subject to tax and qualify as a REIT). Our charter, with certain exceptions, authorizes our Board of Directors to take such actions as are necessary or advisable to preserve our qualification as a REIT. Our charter also provides that, unless exempted by the Board of Directors, no person may own more than 9.8% in value or in number, whichever is more restrictive, of the outstanding shares of our common stock or more than 9.8% in value of the aggregate of the outstanding shares of all classes and series of our stock. The constructive ownership rules are complex and may cause shares of stock owned directly or constructively by a group of related individuals or entities to be constructively owned by one individual or entity. These ownership limits could delay or prevent a transaction or a change in control of us that might involve a premium price for shares of our stock or otherwise be in the best interests of our stockholders. The acquisition of less than 9.8% of our outstanding stock by an individual or entity could cause that individual or entity to own constructively in excess of 9.8% in value of our outstanding stock, and thus violate our charter’s ownership limit. Our charter also prohibits any person from owning shares of our stock that would result in our being “closely held” under Section 856(h) of the Internal Revenue Code of 1986, as amended (the “Code”) or otherwise cause us to fail to qualify as a REIT. In addition, our charter provides that (i) no person shall beneficially own shares of stock to the extent such beneficial ownership of stock would result in us failing to qualify as a “domestically controlled qualified investment entity” within the meaning of Section 897(h) of the Code, and (ii) no person shall beneficially or constructively own shares of stock to the extent such beneficial or constructive ownership would cause us to own, beneficially or constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in a tenant of our real property. Subject to certain exceptions, rents received or accrued by us from a tenant will not be treated as qualifying rent for purposes of the REIT gross income requirements if we or a beneficial or constructive owner of 10% or more of our stock beneficially or constructively owns 10% or more of the total combined voting power of all classes of the tenant’s stock entitled to vote or 10% or more of the total value of all classes of the tenant’s stock. Any attempt to own or transfer shares of our stock in violation of these restrictions may result in the transfer being automatically void. Our charter also provides that shares of our capital stock acquired or held in excess of the ownership limit will be transferred to a trust for the benefit of a charitable beneficiary that we designate, and that any person who acquires shares of our capital stock in violation of the ownership limit will not be entitled to any dividends on the shares or be entitled to vote the shares or receive any proceeds from the subsequent sale of the shares in excess of the lesser of the market price on the day the shares were transferred to the trust or the amount realized from the sale. We or our designee will have the right to purchase the shares from the trustee at this calculated price as well. A transfer of shares of our capital stock in violation of the limit may be void under certain circumstances. Our 9.8% ownership limitation may have the effect of delaying, deferring or preventing a change in control, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for our stockholders.

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Maryland law and provisions in our charter and bylaws may delay or prevent takeover attempts by third parties and therefore inhibit our stockholders from realizing a premium on their stock.
Our charter and bylaws contain, and Maryland law contains, provisions that may deter coercive takeover practices and inadequate takeover bids and encourage prospective acquirors to negotiate with our Board of Directors, rather than to attempt a hostile takeover. Our charter and bylaws, among other things, (1) contain transfer and ownership restrictions on the percentage by number and value of outstanding shares of our stock that may be owned or acquired by any stockholders; (2) permit the Board of Directors, without further action of the stockholders, to increase or decrease the authorized number of shares, issue additional shares, classify or reclassify unissued shares, and issue and fix the terms of one or more classes or series of preferred stock, which may have rights senior to those of the common stock; (3) establish certain advance notice procedures for stockholder proposals and director nominations; and (4) provide that special meetings of stockholders may only be called by the company or upon written request of ten percent in voting power of our outstanding common stock.
Under Maryland law, any written consent of our stockholders must be unanimous. In addition, Maryland law allows a Maryland corporation with a class of equity securities registered under the Exchange Act to amend its charter without stockholder approval to effect a reverse stock split at a ratio of not more than ten shares of stock into one share of stock in any twelve-month period.
If we are not able to hire, or if we lose, key management personnel, we may not be able to successfully manage our business and achieve our objectives.
Our success depends in large part upon the leadership and performance of our executive management team and other key employees and our ability to attract other key personnel to our business. If we are unable to hire, or if we lose the services of, our executive management team or we are not able to hire or we lose other key employees, we may not be able to successfully manage our business or achieve our business objectives.
Failure by our tenants to make rental payments to us, because of a deterioration of their financial condition or otherwise, would have a material adverse effect on us.
We derive substantially all of our revenue from tenants who lease space from us at our properties. Therefore, our ability to generate cash from operations is dependent on the rents that we are able to charge and collect from our tenants. At any time, our tenants may experience a downturn in their respective businesses that may significantly weaken their financial condition, particularly during periods of economic uncertainty. As a result, our tenants may delay lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close a number of restaurants or declare bankruptcy. Any of these actions could result in the loss of rental income attributable to the terminated leases and write-downs of certain of our assets. In that event, we may be unable to re-lease the vacated space at attractive rents or at all. The occurrence of any of the situations described above would have a material adverse effect on our results of operations and our financial condition.
Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases.
If a tenant becomes bankrupt or insolvent, that could diminish the income we receive from that tenant’s leases. We may not be able to evict a tenant solely because of its bankruptcy. On the other hand, a bankruptcy court might authorize the tenant to terminate its leasehold with us.  If that happens, our claim against the bankrupt tenant for unpaid future rent would be an unsecured pre-petition claim subject to statutory limitations, and therefore any amounts received in bankruptcy are likely to be substantially less valuable than the remaining rent we otherwise were owed under the leases. In addition, any claim we have for unpaid past rent could be substantially less than the amount owed. 
The failure of any of our tenants to fulfill its maintenance obligations may have a materially adverse effect on our ability to operate and grow our business.
The failure of any of our tenants to fulfill its maintenance obligations may cause us to incur significant and unexpected expenses to remediate any resulting damage to the property. Furthermore, the failure by Darden, any other tenant or any future tenant to adequately maintain a leased property could adversely affect our ability to timely re-lease the property to a new tenant or otherwise monetize our investment in the property if we are forced to make significant repairs or changes to the property as a result of the tenant’s neglect. If we incur significant additional expenses or are delayed in being able to pursue returns on our real

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estate investments, it may have a materially adverse effect on our ability to operate and grow our business and our ability to achieve our strategic objectives.
We or our tenants may experience uninsured or underinsured losses, which could result in a significant loss of the capital we have invested in a property, decrease anticipated future revenues or cause us to incur unanticipated expense.
Our current lease agreements generally require, and new lease agreements that we enter into are expected to require, that the tenant maintain comprehensive insurance and hazard insurance or self-insure its obligations. However, we cannot assure you that we will continue to require the same levels of insurance coverage under our lease agreements, that such insurance will be available at a reasonable cost in the future or that the insurance coverage provided will fully cover all losses on our properties upon the occurrence of a catastrophic event, nor can we assure you of the future financial viability of the insurers. Certain types of losses, generally of a catastrophic nature, such as earthquakes, hurricanes and floods, may be uninsurable or not economically insurable by us or by our tenants. Insurance coverage may not be sufficient to pay the full current market value or current replacement cost of a loss. Inflation, changes in building codes and ordinances, environmental considerations and other factors might also make it unfeasible to use insurance proceeds to replace the property after such property has been damaged or destroyed. Under such circumstances, the insurance proceeds received might not be adequate to restore the economic position with respect to such property. While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease.
Properties in our leasing portfolio and the Kerrow Restaurant Operating Business are located in 46 states, and if one of our properties experiences a loss that is uninsured or that exceeds policy coverage limits, we could lose the capital invested in the damaged property as well as the anticipated future cash flows from the property. If the damaged property is subject to recourse indebtedness, we could continue to be liable for the indebtedness even if the property is irreparably damaged.
In addition, even if damage to our properties is covered by insurance, a disruption of business caused by a casualty event may result in loss of revenue for our tenants or us. Any business interruption insurance may not fully compensate them or us for such loss of revenue. If one of our tenants experiences such a loss, it may be unable to satisfy its payment obligations to us under its lease with us.
We are dependent on the restaurant industry and may be susceptible to the risks associated with it, which could materially adversely affect our business, financial position or results of operations.
As the owner of properties serving the restaurant industry, we are impacted by the risks associated with the restaurant industry. Therefore, our success is to some degree dependent on the restaurant industry, which could be adversely affected by economic conditions in general, changes in consumer trends and preferences and other factors over which we and any of our tenants in the restaurant industry have no control. As we are subject to risks inherent in substantial investments in a single industry, a decrease in the restaurant business would likely have a greater adverse effect on our revenues than if we owned a more diversified real estate portfolio.
The restaurant industry is characterized by a high degree of competition among a large number of participants. Competition is intense between national and regional restaurant chains and locally-owned restaurants in most of the markets where our properties are located. As competing properties are constructed, the lease rates we assess for our properties may be negatively impacted upon renewal or new tenant pricing events.
Our portfolio has some geographic concentration, which makes us more susceptible to adverse events in these areas.  
Our properties are located throughout the United States with the highest concentrations located in the states of Texas and Florida, where 12.5% and 10.8% of our annualized base rent was derived as of December 31, 2019, respectively. An economic downturn or other adverse events or conditions such as natural disasters in these areas, or any other area where we may have significant concentration in the future, could result in a material reduction of our cash flows or material losses to our company.

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Our tenants’ businesses and our business through the operation of Kerrow are subject to government regulations and changes in current or future laws or regulations could restrict their ability to operate both their and our business in the manner currently contemplated.
The restaurant industry is subject to extensive federal, state and local and international laws and regulations. The development and operation of restaurants depend to a significant extent on the selection and acquisition of suitable sites, which are subject to building, zoning, land use, environmental, traffic and other regulations and requirements. Our tenants and Kerrow are subject to licensing and regulation by state and local authorities relating to wages and hours, health care, health, sanitation, safety and fire standards, the sale of alcoholic beverages, and information security. Our tenants and Kerrow are also subject to, among other laws and regulations, laws and regulations relating to the preparation and sale of food, including regulations regarding product safety, nutritional content and menu labeling. The impact of current laws and regulations, the effect of future changes in laws or regulations that impose additional requirements and the consequences of litigation relating to current or future laws and regulations, or an insufficient or ineffective response to significant regulatory or public policy issues, could have an adverse effect on our tenants’ results of operations, which could also adversely affect our business, results of operations or financial condition as we depend on our tenants for almost the entirety of our revenue.
Environmental compliance costs and liabilities associated with real estate properties owned by us may materially impair the value of those investments.
As an owner and operator of real property, we are subject to various federal, state and local environmental, health and safety laws and regulations. We may be held primarily or jointly and severally liable for costs relating to the investigation and clean-up of any of our current or former properties at or from which there has been a release or threatened release of hazardous materials as well as other affected properties, regardless of whether we knew of or caused the contamination.
In addition to these costs, which are typically not limited by law or regulation and could exceed the property’s value, we or our tenants could be subject to other liabilities, including governmental penalties for violation of environmental, health and safety laws, liabilities for injuries to persons for exposure to hazardous materials, and damages to property or natural resources. Furthermore, some environmental laws can create a lien on the contaminated site in favor of the government for damages and the costs the government incurs in connection with such contamination or can restrict the manner in which a property may be used because of contamination. We also could be liable for the costs of remediating contamination at third party sites, e.g., landfills, where we send waste for disposal without regard to whether we comply with environmental laws in doing so.
The presence of contamination or the failure to remediate contamination may adversely affect our ability to sell, develop or lease the real estate or to borrow using the real estate as collateral.
In addition, regulations in response to climate change could result in increased compliance and energy costs.
While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease.
Our relationship with Darden may adversely affect our ability to do business with third-party restaurant operators and other tenants.
Darden is our primary tenant in our lease portfolio, and a majority of our revenues consist of rental payments from Darden. We may be viewed by third-party restaurant operators and other potential tenants or parties to sale-leaseback transactions as being closely affiliated with Darden. As these third-party restaurant operators and other potential transaction parties may compete with Darden within the restaurant industry, our perceived affiliation with Darden could make it difficult for us to attract tenants and other transaction partners beyond Darden, particularly in the restaurant industry. If we are unable to diversify our tenant and transaction partner base further beyond Darden, it may have a materially adverse effect on our ability to operate and grow our business and our ability to achieve our strategic objectives.

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The ownership by our executive officers and directors of common stock, options or other equity awards of Darden may create, or may create the appearance of, conflicts of interest.
As a result of his former positions with Darden, Mr. Lenehan owns common stock, including restricted stock, in both Darden and FCPT. In addition, there is no restriction on our executive officers and directors acquiring Darden common stock in the future, and, therefore, this ownership of common stock of both Darden and FCPT may be significant. Equity interests in Darden may create, or appear to create, conflicts of interest when any such director or executive officer is faced with decisions that could benefit or affect the equity holders of Darden in ways that do not benefit or affect us in the same manner. As of December 31, 2019, no other executive officer or director of FCPT owns common stock of Darden.
Real estate investments are relatively illiquid and provisions in our lease agreements may adversely impact our ability to sell properties and could adversely impact the price at which we can sell the properties.
Properties in our leasing portfolio and the properties leased to Kerrow represent a substantial portion of our total consolidated assets, and these investments are relatively illiquid. As a result, our ability to sell one or more of our properties or other investments in real estate we may make in response to any changes in economic or other conditions may be limited. If we want to sell a property, we cannot assure you that we will be able to dispose of it in the desired time period, or at all, or that the sale price of a property will exceed the cost of our investment in that property.
In addition, the properties subject to leases with Darden provide them a right of first offer with respect to our sale of any such Property, provided there is no default under the lease, and we are prohibited from selling any of our properties to (i) any nationally recognized casual or fine dining brand restaurant or entity operating the same or (ii) any other regionally recognized casual or fine dining brand restaurant or entity operating the same, with 25 or more units. The existence of these provisions in our leases with Darden, which survive for the full term of the relevant lease, could adversely impact our ability to sell any of the Properties and could adversely impact our ability to obtain the highest possible price for any of the Properties. If we seek to sell any of our properties, we would not be able to offer the properties to potential purchasers through a competitive bid process or in a similar manner designed to maximize the value obtained without first offering to sell to Darden and we would be restricted in the potential purchasers who could buy the properties, which may adversely impact our ability to sell any of the properties in a timely manner, or at all, or adversely impact the price we can obtain from such sale.
We may be subject to liabilities and costs associated with the impacts of climate change.
The potential physical impacts of climate change on our properties or operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate, including Florida, Georgia and Texas. Such impacts may result from increased frequency of natural disasters, changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, rising energy and environmental costs, and changing temperatures. These impacts may adversely impact our business, results of operations and financial condition, including our or our tenants’ ability to obtain property insurance on acceptable terms. While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease.
Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unanticipated expenditures that materially adversely impact our cash flow.
All of our properties are required to comply with Title III of the Americans with Disabilities Act, or the ADA. The ADA generally requires that buildings be made accessible to people with disabilities. Compliance with the ADA requirements could require, for example, removal of access barriers and non-compliance could result in the imposition of fines by the U.S. Government or an award of damages to private litigants, or both. While the tenants to whom we lease properties are obligated by law to comply with the ADA provisions, under the law we are also legally responsible for our properties’ ADA compliance. If required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of our tenants to cover costs could be adversely affected and we could be required to expend our own funds to comply with the provisions of the ADA, which could have an adverse effect on our financial condition and our ability to make distributions. State and local laws may also require modifications to our properties related to access by disabled persons. In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations,

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as they may be adopted by governmental agencies and bodies and become applicable to our properties. We may be required to make substantial capital expenditures to comply with those requirements and these expenditures could have a material adverse effect on our cash flow and ability to make distributions to our security holders.
While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease.
Our active management and operation of a restaurant business may expose us to potential liabilities beyond those traditionally associated with REITs.
In addition to our real estate investment activities, we also manage and operate the Kerrow Restaurant Operating Business, which consists of six LongHorn Steakhouse restaurants located in the San Antonio, Texas area. Managing and operating the Kerrow Restaurant Operating Business requires us to employ significantly more people than a REIT that does not operate a business of such type and scale. In addition, managing and operating an active restaurant business exposes us to potential liabilities associated with the operation of restaurants. Such potential liabilities are not typically associated with REITs and include potential liabilities for wage and hour violations, guest discrimination, food safety issues including poor food quality, food-borne illness, food tampering, food contamination, workplace injury, cyber-attacks, and violation of “dram shop” laws (providing an injured party with recourse against an establishment that serves alcoholic beverages to an intoxicated party who then causes injury to himself or a third party). In the event that one or more of the potential liabilities associated with managing and operating an active restaurant business materializes, such liabilities could damage the reputation of the Kerrow Restaurant Operating Business as well as the reputation of FCPT, and could adversely affect our financial position and results of operations, possibly to a material degree.
We may be vulnerable to security breaches or cyber-attacks which could disrupt our operations and have a material adverse effect on our financial performance and operating results.
Security breaches, cyber-attacks, or disruption, of our physical or information technology infrastructure, networks and related management systems could result in, among other things, a breach of our networks and information technology infrastructure, the misappropriation of our or our tenants’ proprietary or confidential information, interruptions or malfunctions in our or our tenants’ operations, delays or interruptions to our ability to meet tenant needs, breach of our legal, regulatory or contractual obligations, inability to access or rely upon critical business records, unauthorized access to our facilities or other disruptions in our operations. Numerous sources can cause these types of incidents, including: physical or electronic security breaches; viruses, ransomware or other malware; hardware vulnerabilities such as Meltdown and Spectre; accident or human error by our own personnel or third parties; criminal activity or malfeasance (including by our own personnel); fraud or impersonation scams perpetrated against us or our partners or tenants; or security events impacting our third-party service providers or our partners or tenants. Our exposure to cybersecurity threats and negative consequences of cybersecurity breaches will likely increase as we store increasing amounts of tenant data.
We recognize the increasing volume of cyber-attacks and employ commercially practical efforts to provide reasonable assurance such attacks are appropriately mitigated. We may be required to expend significant financial resources to protect against or respond to such breaches. Cyber criminals are increasingly using powerful new tactics including evasive applications, proxies, tunneling, encryption techniques, vulnerability exploits, buffer overflows, distributed denial of service attacks, or distributed denial-of-service or DDoS attacks, botnets and port scans. Techniques used to breach security change frequently, and are generally not recognized until launched against a target, so we may not be able to promptly detect that a security breach or unauthorized access has occurred. We also may not be able to implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. As we provide assurances to our tenants that we provide a high level of security, if an actual or perceived security breach occurs, the market’s perception of our security measures could be harmed and we could lose current and potential tenants, and such a breach could be harmful to our brand and reputation. Any breaches that may occur could expose us to increased risk of lawsuits, material monetary damages, potential violations of applicable privacy and other laws, penalties and fines, harm to our reputation and increases in our security and insurance costs, which could have a material adverse effect on our business, financial condition and results of operations. In the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks

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despite not handling the data. We cannot guarantee that any backup systems, regular data backups, security protocols, network protection mechanisms and other procedures currently in place, or that may be in place in the future, will be adequate to prevent network and service interruption, system failure, damage to one or more of our systems or data loss in the event of a security breach or attack.
In addition, the regulatory framework around data custody, data privacy and breaches varies by jurisdiction and is an evolving area of law with increasingly complex and rigorous regulatory standards enacted to protect business and personal data in the United States. We may not be able to limit our liability or damages in the event of such a loss. Data protection legislation is becoming increasingly common in the United States at both the federal and state level and may require us to further modify our data processing practices and policies. For example, the state of California recently adopted the California Consumer Privacy Act of 2018, which is currently set to take effect on January 1, 2020 and expected to provide California residents with increased privacy rights and protections with respect to their personal information. Compliance with existing, proposed and recently enacted laws and regulations can be costly; any failure to comply with these regulatory standards could subject us to legal and reputational risks. Misuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or others, fines and penalties, damage to our reputation and credibility and could have a negative impact on our business and results of operations.
Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could materially and adversely affect our business and the market price of our common stock.
Under the Sarbanes-Oxley Act, we must maintain effective disclosure controls and procedures and internal control over financial reporting, which requires significant resources and management oversight. Internal control over financial reporting is complex and may be revised over time to adapt to changes in our business, or changes in applicable accounting rules. We cannot assure you that our internal control over financial reporting will be effective in the future or that a material weakness will not be discovered with respect to a prior period for which we had previously believed that internal controls were effective. Matters impacting our internal controls may cause us to be unable to report our financial data on a timely basis, or may cause us to restate previously issued financial data, and thereby subject us to adverse regulatory consequences, including sanctions or investigations by the SEC, or violations of applicable stock exchange listing rules. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements is also likely to suffer if we or our independent registered public accounting firm reports a material weakness in our internal control over financial reporting. This could materially adversely affect us by, for example, leading to a decline in the market price for our common stock and impairing our ability to raise capital.
If our reputation or our tenants’ reputation are damaged, our business and operating results may be harmed.
Our reputation and our tenants’ reputations are important to our business. Our reputation affects our ability to access capital, acquire additional properties and recruit and retain talented employees. Our tenants’ reputations affect their ability to continue to operate profitably and make payments under their lease agreements with us on time. There are numerous ways our reputation or our tenants’ reputation could be damaged. These include unethical behavior or misconduct, workplace safety incidents, environmental impact, corporate governance issues, data breaches or human rights records. We or our tenants may experience backlash from customers, government entities, advocacy groups, employees, and other stakeholders that disagree with our operating decisions or public policy positions. The proliferation of social media may increase the likelihood, speed, and magnitude of negative events. If our or our tenants’ reputation is damaged, it could adversely affect our business, results of operations, financial condition or ability to attract the most highly qualified employees.
Risks Related to Our Common Stock
The market price and trading volume of our common stock may be volatile and may face negative pressure including as a result of future sales or distributions of our common stock.
The market price of our common stock may be volatile in the future. In addition, the trading volume in our common shares may fluctuate and cause significant price variations to occur. It is not possible to accurately predict how investors in our common stock will behave.

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Any disposition by a significant stockholder of our common stock, or the perception in the market that such dispositions could occur, may cause the price of our common stock to fall. Any such decline could impair our ability to raise capital through future sales of our common stock. Furthermore, our common stock may not qualify for investment indices, including indices specific to REITs, and any such failure may discourage new investors from investing in our common stock.
If and when additional funds are raised through the issuance of equity securities, including our common stock, our stockholders may experience significant dilution.
We cannot assure shareholders of our ability to pay dividends in the future.
Our current dividend rate is $1.22 per share per annum. We may pay a portion of our dividends in common stock. In no event will the annual dividend be less than 90% of our REIT taxable income on an annual basis, determined without regard to the dividends paid deduction and excluding any net capital gains. Our ability to pay dividends may be adversely affected by a number of factors, including the risk factors described in this Annual Report on Form 10-K. Dividends will be authorized by our Board of Directors and declared by us based upon a number of factors, including actual results of operations, restrictions under Maryland law or applicable debt covenants, our financial condition, our taxable income, the annual distribution requirements under the REIT provisions of the Code, our operating expenses and other factors our directors deem relevant. We cannot assure shareholders that we will achieve investment results that will allow us to make a specified level of cash dividends or year-to-year increases in cash dividends in the future.
Furthermore, while we are required to pay dividends in order to maintain our REIT status (as described below in the risk factor “--REIT distribution requirements could adversely affect our ability to execute our business plan”), we may elect not to maintain our REIT status, in which case we would no longer be required to pay such dividends. Moreover, even if we do elect to maintain our REIT status, after completing various procedural steps, we may elect to comply with the applicable distribution requirements by distributing, under certain circumstances, a portion of the required amount in the form of shares of our common stock in lieu of cash. If we elect not to maintain our REIT status or to satisfy any required distributions in shares of common stock in lieu of cash, such action could negatively affect our business and financial condition as well as the market price of our common stock. No assurance can be given that we will pay any dividends on shares of our common stock in the future.
Risks Related to Our Taxation as a REIT
If we do not qualify as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.
We believe that we were organized and have operated and we intend to continue to operate in a manner that will enable us to qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2016. Qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”), for which only limited judicial and administrative authorities exist. Even a technical or inadvertent violation could jeopardize our REIT qualification. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. Our qualification as a REIT depends on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. Our ability to satisfy the asset requirements depends upon our analysis of the fair market values of our assets, some of which are not susceptible to a precise determination, and for which we do not obtain independent appraisals. Our compliance with the REIT income and asset requirements also depends upon our ability to successfully manage the composition of our income and assets on an ongoing basis. Moreover, the proper classification of one or more of our investments may be uncertain in some circumstances, which could affect the application of the REIT qualification requirements. In addition, our ability to satisfy the requirements to qualify as a REIT may depend in part on the actions of third parties over which we have no control or only limited influence. Accordingly, there can be no assurance that the Internal Revenue Service (the “IRS”) will not contend that our investments violate the REIT requirements.
If we were to fail to qualify as a REIT in any taxable year, we would be subject to U.S. federal income tax, including (for taxable years beginning before December 31, 2017) any applicable alternative minimum tax, on our taxable income at the regular corporate rate, and distributions to stockholders would not be deductible by us in computing our taxable income. Any such corporate

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tax liability could be substantial and would reduce the amount of cash available for distribution to our stockholders, which in turn could have an adverse impact on the value of, and trading prices for, our common stock. Unless entitled to relief under certain provisions of the Code, we also would be disqualified from taxation as a REIT for the four taxable years following the year during which we initially ceased to qualify as a REIT.
The rule against re-electing REIT status following a loss of such status could also apply to us if it were determined that a former subsidiary of Darden failed to qualify as a REIT for certain taxable years and we were treated as a successor to such entity for U.S. federal income tax purposes. Although Darden has represented to us that it has no knowledge of any fact or circumstance that would cause us to fail to qualify as a REIT and covenanted to use its reasonable best efforts to cure any issue with respect to the REIT status of any such predecessor entity, no assurance can be given that such representation and covenant would prevent us from failing to qualify as a REIT. If we fail to qualify as a REIT due to the REIT status of a predecessor, we would be subject to corporate income tax as described in the preceding paragraph.
We could fail to qualify as a REIT if income we receive from Darden and other tenants is not treated as qualifying income.
Under applicable provisions of the Code, we will not be treated as a REIT unless we satisfy various requirements, including requirements relating to the sources of our gross income. Rents received or accrued by us from Darden and other tenants will not be treated as qualifying rent for purposes of these requirements if our leases are not respected as true leases for U.S. federal income tax purposes and are instead treated as service contracts, joint ventures or other types of arrangements. If our leases are not respected as true leases for U.S. federal income tax purposes, we may fail to qualify as a REIT.
In addition, subject to certain exceptions, rents received or accrued by us from Darden will not be treated as qualifying rent for purposes of the REIT gross income requirements if we or a beneficial or constructive owner of 10% or more of our stock beneficially or constructively owns 10% or more of the total combined voting power of all classes of Darden stock entitled to vote or 10% or more of the total value of all classes of Darden stock. Our charter provides for restrictions on ownership and transfer of our shares of stock, including restrictions on such ownership or transfer that would cause the rents received or accrued by us from Darden to be treated as non-qualifying rent for purposes of the REIT gross income requirements. Nevertheless, there can be no assurance that such restrictions will be effective in ensuring that rents received or accrued by us from Darden will not be treated as qualifying rent for purposes of REIT qualification requirements.
Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
The maximum U.S. federal income tax rate applicable to income from “qualified dividends” payable by non-REIT “C” corporations to certain non-corporate U.S. stockholders is currently 23.8% (taking into account the 3.8% Medicare tax applicable to net investment income). Dividends payable by REITs, however, generally are not qualified dividends. Effective for taxable years beginning after December 31, 2017 and before January 1, 2026, non-corporate U.S. stockholders may deduct 20% of their dividends from REITs (excluding qualified dividend income and capital gains dividends). For non-corporate U.S. stockholders in the top marginal tax bracket of 37%, the deduction for REIT dividends yields an effective income tax rate of 29.6% on REIT dividends, which is higher than the 20% tax rate on qualified dividend income paid by “C” corporations. This does not adversely affect the taxation of REITs; however, the more favorable rates applicable to regular corporate qualified dividends could cause certain non-corporate investors to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT “C” corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our common stock.
REIT distribution requirements could adversely affect our ability to execute our business plan.
We generally must distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, in order for us to qualify as a REIT (assuming that certain other requirements are also satisfied). To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains, we will be subject to U.S. federal corporate income tax on our undistributed net taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we distribute to our stockholders in a calendar year is less than

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a minimum amount specified under U.S. federal tax laws. We intend to continue to make distributions to our stockholders to comply with the REIT requirements of the Code.
Currently our funds from operations are generated primarily by rents paid under our lease agreements. From time to time, we may generate taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves or required debt or amortization payments. Further, income must be accrued for U.S. federal income tax purposes no later than when such income is taken into account as revenue in our financial statements, subject to certain exceptions, which could also create mismatches between REIT taxable income and the receipt of cash attributable to such income. If we do not have other funds available in these situations, we could be required to borrow funds on unfavorable terms, sell assets at disadvantageous prices or distribute amounts that would otherwise be invested in future acquisitions to make distributions sufficient to enable us to pay out enough of our taxable income to satisfy the REIT distributions requirement and to avoid corporate income tax and the 4% excise tax in a particular year. These alternatives could increase our costs or reduce our equity or adversely impact our ability to raise short and long-term debt. Furthermore, the REIT distribution requirements may increase the financing needed to fund capital expenditures, further growth and expansion initiatives. Thus, compliance with the REIT requirements may hinder our ability to grow, which could adversely affect the value of our common stock.
Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
Even if we qualify for taxation as a REIT, we may be subject to certain U.S. federal, state, and local taxes on our income and assets, including taxes on any undistributed income and state or local income, property and transfer taxes. Moreover, if we have net income from “prohibited transactions,” that income will be subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we will undertake sales of assets if those assets become inconsistent with our long-term strategic or return objectives, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. The need to avoid prohibited transactions could cause us to forego or defer sales of properties that might otherwise be in our best interest to sell. In addition, any net taxable income earned directly by our TRSs will be subject to U.S. federal, state, and local corporate-level income taxes and we may incur a 100% excise tax on transactions with a TRS if they are not conducted on an arm’s-length basis. Any of these taxes would decrease cash available for distribution to our stockholders.
Complying with the REIT requirements may cause us to forego otherwise attractive acquisition and business opportunities or liquidate otherwise attractive investments.
To qualify as a REIT for U.S. federal income tax purposes, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and “real estate assets” (as defined in the Code). The remainder of our investments (other than government securities, qualified real estate assets and securities issued by a TRS) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, and no more than 20% (25% effective for taxable years beginning before January 1, 2018) of the value of our total assets can be represented by securities of one or more TRSs and no more than 25% of the value of our assets can be represented by certain debt instruments issued by “publicly offered REITs.” If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within thirty days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate or forego otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.
In addition to the asset tests set forth above, to qualify as a REIT we must continually satisfy tests concerning, among other things, the sources of our income, the amounts we distribute to our stockholders and the ownership of our stock. We may be unable to pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying as a REIT. Thus, compliance with the REIT requirements may hinder our ability to make certain attractive investments.

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We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.
We have in the past and may in the future acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership units in an operating partnership, which could result in stockholder dilution through the issuance of operating partnership units that, under certain circumstances, may be exchanged for shares of our common stock.  This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to restrictions on our ability to dispose of, or refinance the debt on, the acquired properties in order to protect the contributors’ ability to defer recognition of taxable gain.  Similarly, we may be required to incur or maintain debt we would otherwise not incur so we can allocate the debt to the contributors to maintain their tax bases.  These restrictions could limit our ability to sell or refinance an asset at a time, or on terms, that would be favorable absent such restrictions. See “Our tax protection agreement could limit our ability to sell or otherwise dispose of certain properties.”
There are uncertainties relating to the Purging Distribution.
Darden has allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the Spin-Off between Darden and FCPT in a manner that, in its best judgment, is in accordance with the provisions of the Code. The amount of earnings and profits to be distributed is a complex factual and legal determination. We believe that our Purging Distribution (defined below) made on March 2, 2016 has satisfied the requirements relating to the distribution of our pre-REIT accumulated earnings and profits. No assurance can be given, however, that the IRS will agree with our calculation or Darden’s allocation of earnings and profits to FCPT. If the IRS finds additional amounts of pre-REIT earnings and profits, there are procedures generally available to cure any failure to distribute all of our pre-REIT earnings and profits, but there can be no assurance that we will be able to successfully implement such procedures.
We may pay dividends on our common stock in common stock and/or cash. Our stockholders may sell shares of our common stock to pay tax on such dividends, placing downward pressure on the market price of our common stock.
In connection with our qualification as a REIT, we are required to annually distribute to its stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain. Although we do not currently intend to do so, in order to satisfy this requirement, we are permitted, subject to certain conditions and limitations, to make distributions that are in part payable in shares of our common stock. Taxable stockholders receiving such distributions will be required to report dividend income as a result of such distribution for both the cash and stock components of the distribution and even though we distributed no cash or only nominal amounts of cash to such shareholder.
If we make any taxable dividend payable in cash and common stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend as ordinary income to the extent of our current and accumulated earnings and profits, as determined for U.S. federal income tax purposes. As a result, stockholders may be required to pay income tax with respect to such dividends in excess of the cash dividends received. If a U.S. stockholder sells shares of our stock that it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of the stock at the time of the sale. Furthermore, with respect to certain non-U.S. stockholders, we may be required to withhold federal income tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in our stock. If, in any taxable dividend payable in cash and stock, a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may be viewed as economically equivalent to a dividend reduction and put downward pressure on the market price of our stock.
If the Spin-Off were to fail to qualify as a tax-free transaction for U.S. federal income tax purposes, Darden and Darden’s shareholders could be subject to significant tax liabilities and, pursuant to indemnification obligations under the Tax Matters Agreement that we entered into with Darden, we could be required to indemnify Darden for material taxes.
Darden has received a private letter ruling (the “IRS Ruling”) from the IRS on certain specific issues relevant to the qualification of the Spin-Off as tax-free under Sections 368(a)(1)(D) and 355 of the Code, based on certain facts and representations set forth in such request. Although a private letter ruling from the IRS generally is binding on the IRS, if the factual representations made in the ruling request are untrue or incomplete in any material respect, then Darden will not be able to rely on the IRS Ruling. The IRS Ruling does not address all of the requirements for tax-free treatment of the Spin-Off under Sections 355 and 368(a)(1)(D)

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of the Code; however, Darden has received an opinion from Skadden, Arps, Slate, Meagher & Flom LLP (the “Spin-Off Tax Opinion”) to the effect that the Spin-Off qualifies as tax-free under Sections 368(a)(1)(D) and 355 of the Code. The Spin-Off Tax Opinion relies on the IRS Ruling as to matters covered by such ruling and is based on, among other things, current law and certain assumptions and representations as to factual matters made by Darden and us. Any change in currently applicable law, which may or may not be retroactive, or the failure of any factual representation or assumption to be true, correct and complete in all material respects, could adversely affect the conclusions reached by counsel in the Spin-Off Tax Opinion. The Spin-Off Tax Opinion is not binding on the IRS or the courts, and the IRS or the courts may not agree with the opinion. The Spin-Off Tax Opinion is expressed as of the date issued and does not cover subsequent periods. An opinion of counsel represents counsel’s best legal judgment based on current law and is not binding on the IRS or any court. We cannot assure you that the IRS will agree with the conclusions set forth in the Spin-Off Tax Opinion, and it is possible that the IRS or another tax authority could adopt a position contrary to one or all of those conclusions and that a court could sustain that contrary position. If any of the facts, representations, assumptions, or undertakings described or made in connection with the IRS Ruling or the Spin-Off Tax Opinion are not correct, are incomplete or have been violated, the IRS Ruling could be revoked retroactively or modified by the IRS, and our ability to rely on the Spin-Off Tax Opinion could be jeopardized. We are not aware of any facts or circumstances, however, that would cause these facts, representations, or assumptions to be untrue or incomplete, or that would cause any of these undertakings to fail to be complied with, in any material respect.
If the Spin-Off ultimately were determined to be taxable, then a shareholder of Darden that received shares of our common stock in the Spin-Off would be treated as having received a distribution of property in an amount equal to the fair market value of such shares on the distribution date and could incur significant income tax liabilities. Such distribution would be taxable to such shareholder as a dividend to the extent of Darden’s current and accumulated earnings and profits (including earnings and profits resulting from the recognition of gain by Darden in the Spin-Off). Any amount that exceeded Darden’s earnings and profits would be treated first as a non-taxable return of capital to the extent of such shareholder’s tax basis in its shares of Darden stock with any remaining amount being taxed as a capital gain. In addition, if the Spin-Off were determined to be taxable, in general, Darden would be required to recognize a taxable gain as if it had sold our common stock in a taxable sale for its fair market value.
Under the terms of the tax matters agreement that we entered into with Darden (the “Tax Matters Agreement”), we generally will be responsible for any taxes imposed on Darden that arise from the failure of the Spin-Off to qualify as tax-free for U.S. federal income tax purposes to the extent such failure to qualify is attributable to certain actions, events or transactions relating to our stock, assets or business, or a breach of the relevant representations or any covenants made by us in the Tax Matters Agreement, the materials submitted to the IRS in connection with the request for the IRS Ruling or the representations provided in connection with the Spin-Off Tax Opinion. Our indemnification obligations to Darden will not be limited by any maximum amount. If we are required to indemnify Darden under the circumstances set forth in the Tax Matters Agreement, we may also be subject to substantial tax liabilities.
Complying with the REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
The REIT provisions of the Code substantially limit our ability to hedge our assets and liabilities. Income from certain hedging transactions that we may enter into to manage risk of interest rate changes with respect to borrowings made or to be made to acquire or carry real estate assets or manages the risk of certain currency fluctuations does not constitute “gross income” for purposes of the 75% or 95% gross income tests that apply to REITs, provided that certain identification requirements are met. To the extent that we enter into other types of hedging transactions or fail to properly identify such transaction as a hedge, the income is likely to be treated as non-qualifying income for purposes of both of the gross income tests. As a result of these rules, we may be required to limit our use of advantageous hedging techniques or implement those hedges through a TRS. This could increase the cost of our hedging activities because the TRS may be subject to tax on gains or expose us to greater risks associated with changes in interest rates that we would otherwise want to bear. In addition, losses in the TRS will generally not provide any tax benefit, except that such losses could theoretically be carried forward against future taxable income in the TRS.
The ability of our Board of Directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders.
Our charter provides our Board of Directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular corporation, without the approval of our stockholders. If we cease to qualify

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as a REIT, we would become subject to U.S. federal income tax on our net taxable income and we generally would no longer be required to distribute any of our net taxable income to our stockholders, which may have adverse consequences on our total return to our stockholders.
Even if we qualify to be subject to tax as a REIT, we could be subject to tax on any unrealized net built-in gains in our assets held before electing to be treated as a REIT.
Following our REIT election, we owned appreciated assets that were previously held by Darden, a C corporation, and were acquired by us in the Spin-Off in a transaction in which the adjusted tax basis of the assets in our hands was determined by reference to the adjusted basis of the assets in the hands of the C corporation. If we dispose of any such appreciated assets during the five-year period following the effective date of our REIT election, we will be subject to tax at the highest corporate tax rates on the lesser of (i) the amount of gain that we recognize at the time of the sale or disposition; and (ii) the amount of gain that we would have recognized if we had sold the assets at the time we acquired them (i.e., the effective date of our REIT election ) (such gain referred to as “built-in gains”). We would be subject to this tax liability even if we qualify and maintain our status as a REIT. Any recognized built-in gain will retain its character as ordinary income or capital gain and will be taken into account in determining REIT taxable income and our distribution requirement. Any tax on the recognized built-in gain will reduce REIT taxable income. We may choose not to sell in a taxable transaction appreciated assets we might otherwise sell during the five-year period in which the built-in gain tax applies in order to avoid the built-in gain tax. However, there can be no assurances that such a taxable transaction will not occur. If we sell such assets in a taxable transaction, the amount of corporate tax that we will pay will vary depending on the actual amount of net built-in gain or loss present in those assets as of the time we became a REIT. The amount of tax could be significant. The same rules would apply to any assets we acquire in the future from a C corporation in a carryover basis transaction with built-in gain at the time of the acquisition by us. If we choose to dispose of any assets within the specified period, we will attempt to utilize various tax planning strategies, including Section 1031 of the Code like-kind exchanges, to mitigate the exposure to the built-in-gains tax. Gain from a sale of an asset occurring after the specified period ends will not be subject to this corporate level tax.
Our tax protection agreement could limit our ability to sell or otherwise dispose of certain properties.
In connection with the acquisition of ten properties from U.S. Restaurant Properties, Inc. (“USRP”) in November 2016 and four additional properties from USRP in January 2017, in exchange for FCPT OP units, we entered into a tax protection agreement with affiliates of USRP. The tax protection agreement provides that, if we dispose of any of those 14 properties in a taxable transaction through November 2023 for the initial ten properties or January 2024 for the additional four properties, we will indemnify the USRP partners for their tax liabilities attributable to the built-in gain that existed with respect to those properties as of the time of the acquisition of those properties in November 2016 or January 2017, respectively (and tax liabilities incurred as a result of the reimbursement payment). Consequently, although it otherwise may be in our best interest to sell one of those properties, these obligations may make it prohibitive for us to do so.
Legislative or other actions affecting REITs could have a negative effect on us.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the Treasury Department. Changes to the tax laws, with or without retroactive application, could adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT or the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.
The Tax Cuts and Jobs Act of 2017 ("TCJA") significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders.
The TCJA is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the Treasury Department and IRS, any of which could lessen or increase the impact of the legislation. In addition, it is unclear how these U.S. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities.

25

While some of the changes made by the TCJA may adversely affect the Company in one or more reporting periods and prospectively, other changes may be beneficial on a going forward basis.

26

Item 1B. Unresolved Staff Comments.
Not applicable.
Item 2. Properties.
Please refer to “Item1. Business.”
Item 3. Legal Proceedings.
In the ordinary course of our business, we are party to various claims and legal proceedings that management believes are routine in nature and incidental to the operation of our business. Management believes that the outcome of these proceedings will not have a material adverse effect upon our operations, financial condition or liquidity.
Item 4. Mine Safety Disclosures.
Not applicable.

27

PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Information for Common Stock
Our common stock has been listed on the New York Stock Exchange under the ticker symbol “FCPT” since November 10, 2015.
Dividends
The following table presents the characterizations for tax purposes of such common stock dividends for the year ended December 31, 2019.
Record Date
 
Payment Date
 
Total Distribution
($ per share)
 
Form 1099
Box 1a
Ordinary Taxable Dividend
($ per share)
 
Form 1099
Box 1b
Qualified Taxable Dividend
($ per share)
 
Form 1099
Box 3
Return of Capital
($ per share)
 
Form 1099
Box 5
Section 199A Dividends
($ per share)
1/4/2019
 
1/14/2019
 
$
0.2875

 
$
0.2226

 
$
—

 
$
0.0649

 
$
0.2226

3/29/2019
 
4/15/2019
 
0.2875

 
0.2226

 
—

 
0.0649

 
0.2226

6/28/2019
 
7/15/2019
 
0.2875

 
0.2226

 
—

 
0.0649

 
0.2226

9/27/2019
 
10/15/2019
 
0.2875

 
0.2226

 
—

 
0.0649

 
0.2226

Totals
 
 
 
$
1.1500

 
$
0.8904

 
$
—

 
$
0.2596

 
$
0.8904

We intend to pay regular quarterly dividends to our stockholders, although future distributions will be declared and paid at the discretion of the Board of Directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provision of the Code and such other factors as the Board of Directors deems relevant.
Holders
As of February 24, 2020, there were approximately 6,833 registered holders of record of our common stock.
Sales of Unregistered Securities
None.
Purchases of Equity Securities by the Company and Affiliated Purchasers
None.
Equity Compensation Plan
For information about our equity compensation plan, please see Note 11 of our consolidated financial statements, included in Part II, Item 8 of this Annual Report on Form 10-K.

28

Performance Graph
The following performance graph compares, for the period from November 10, 2015, the date the Company’s shares of common stock began trading on the New York Stock Exchange, through December 31, 2019, the cumulative total stockholder return on the Company’s common stock, based on the market price of the common stock and assuming reinvestments of dividends, with (i) the cumulative total return of the S&P 500 Index, (ii) the cumulative total return of the MSCI US REIT Index (“RMZ”) and (iii) the cumulative total return of Dow Jones Industrial Average.

fcptstockpricesincespin.jpg


29

Item 6. Selected Financial Data.
The following selected historical financial information should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the historical consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018, and 2017, and the related notes included elsewhere in this Annual Report on Form 10-K.
The Company completed the Spin-Off on November 9, 2015. Due to the timing of the Spin-off, the Company presents herein consolidated financial data for the Company from the date of consummation of the Spin-off through December 31, 2015 and for the Kerrow Restaurant Operating Business for all periods. Our real estate operations business was not operated by Darden as a stand-alone business and, accordingly, there are no historical results of operations related to that business. The Kerrow Restaurant Operating Business and our real estate operations business were not legal entities, but rather a portion of the real estate assets, liabilities and operations of Darden. The historical financial data for Kerrow Restaurant Operating Business is not necessarily indicative of the Company’ results of operations, cash flows or financial position following the completion of the Spin-Off.
The selected historical financial information as of and for the years ended December 31, 2019, 2018, 2017, 2016, and 2015 has been derived from our audited historical financial statements. The Comprehensive Income Statement for the years ended December 31, 2016 and 2015 include allocations of certain costs from Darden incurred on the Kerrow Restaurants Operating Business’ behalf. Management considers the allocation methodologies used to be reasonable and appropriate reflections of the historical Darden expenses allocable to the Kerrow Restaurants Operating Business for purposes of the combined financial statements. However, the expenses reflected in the combined financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if the Kerrow Restaurants Operating Business had operated as a separate, stand-alone entity. The results of operations for the years ended December 31, 2019, 2018, 2017, 2016, and 2015 reflect the financial condition and results of operations of the Company.
Operating Data
 
 
Year Ended December 31,
(In thousands, except per share data)
 
2019
 
2018
 
2017
 
2016
 
2015
Revenues
 
$
160,233

 
$
143,635

 
$
133,209

 
$
124,018

 
$
33,456

Net income available to common shareholders (1)
 
$
72,616

 
$
82,398

 
$
71,394

 
$
156,809

 
$
5,699

Earnings per share:
 
 
 
 
 
 
 
 
 
 
Basic
 
$
1.06

 
$
1.29

 
$
1.18

 
$
2.75

 
—

Diluted
 
$
1.06

 
$
1.28

 
$
1.18

 
$
2.63

 
—

Cash dividends declared per share of common stock
 
$
1.1675

 
$
1.1125

 
$
1.0025

 
NA

 
NA

(1)
For the year ended December 31, 2016, net income available to common shareholders includes a deferred tax benefit of $80.4 million resulting from our REIT election.

30

Balance Sheet Data
 
 
At December 31,
(In thousands)
 
2019
 
2018
 
2017
 
2016
 
2015
Real estate investments:
 
 
 
 
 
 
 
 
 
 
Land
 
$
690,575

 
$
569,057

 
$
449,331

 
$
421,941

 
$
404,812

Buildings, equipment and improvements
 
1,277,159

 
1,236,224

 
1,115,624

 
1,055,624

 
992,418

Total real estate investments
 
1,967,734

 
1,805,281

 
1,564,955

 
1,477,565

 
1,397,230

Less: accumulated depreciation
 
(635,630
)
 
(614,584
)
 
(598,846
)
 
(583,307
)
 
(568,539
)
Total real estate investments, net
 
$
1,332,104

 
$
1,190,697

 
$
966,109

 
$
894,258

 
$
828,691

 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
1,446,070

 
$
1,343,098

 
$
1,068,659

 
$
937,151

 
$
929,437

Total liabilities
 
719,329

 
644,134

 
546,391

 
467,034

 
487,795

Total equity
 
726,741

 
698,964

 
522,268

 
470,117

 
441,642


Other Statistics
 
 
Year Ended December 31,
(In thousands)
 
2019
 
2018
 
2017
 
2016
 
2015
Cash flows provided by operating activities
 
$
104,673

 
$
80,883

 
$
78,945

 
$
70,939

 
$
21,693

Cash flows used in investing activities
 
(207,353
)
 
(247,046
)
 
(80,414
)
 
(59,322
)
 
(556
)
Cash flows provided by (used in) financing activities
 
14,521

 
190,034

 
44,197

 
(83,047
)
 
76,929


31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Statements contained in this Annual Report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Also, when Four Corners Property Trust, Inc. uses any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, Four Corners Property Trust, Inc. is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those anticipated or projected are described in the section entitled “Risk Factors”. These factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. Four Corners Property Trust, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K. Any references to “FCPT,” “the Company,” “we,” “us,” or “our” refer to Four Corners Property Trust, Inc. as an independent, publicly traded, self-administered company.
Overview
We are a Maryland corporation and a real estate investment trust (“REIT”) which owns, acquires and leases properties for use in the restaurant and food-service related industries. Substantially all of our business is conducted through Four Corners Operating Partnership, LP (“FCPT OP”), a Delaware limited partnership of which we are a majority limited partner and our wholly owned subsidiary, Four Corners GP, LLC (“FCPT GP”), is its sole general partner. We believe that we have operated in conformity with the requirements for qualification and taxation as a REIT for the taxable year ended December 31, 2019, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT.
Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarily responsible for ongoing costs relating to the properties, including utilities, property taxes, insurance, common area maintenance charges, and maintenance and repair costs. We focus on income producing properties leased to high quality tenants in major markets across the United States. We also generate revenues by operating six LongHorn Steakhouse restaurants located in the San Antonio, Texas area (the “Kerrow Restaurant Operating Business”) pursuant to franchise agreements with Darden.
In addition to managing our existing properties, our strategy includes investing in additional restaurant and retail properties to grow and diversify our existing restaurant portfolio. We expect this acquisition strategy will decrease our reliance on Darden over time. We intend to purchase properties that are well located, occupied by durable concepts, with creditworthy tenants whose operating cash flows are expected to meaningfully exceed their lease payments to us. We seek to improve the probability of successful tenant renewal at the end of initial lease terms by acquiring properties that have high levels of operator profitability compared to rent payments and have absolute rent levels that generally reflect market rates.
In 2019, FCPT engaged in various real estate transactions for a total investment of $205.2 million, including capitalized transaction costs. Pursuant to these transactions, we acquired an additional 90 properties and ground leaseholds, aggregating 494 thousand square feet, and representing forty-one brands, including Chili’s Grill & Bar, Red Lobster, Buffalo Wild Wings, Starbucks, Chick-Fil-A, McDonald’s, Taco Bell, Texas Roadhouse, and BJ’s Restaurants.
As of December 31, 2019, our lease portfolio had the following characteristics:
•
699 free-standing properties located in 46 states and representing an aggregate leasable area of 4.6 million square feet;
•
99.7% occupancy (based on leasable square footage);
•
An average remaining lease term of 11.1 years (weighted by annualized base rent);
•
An average annual rent escalation of 1.5% through December 31, 2029 (weighted by annualized base rent); and
•
72% investment-grade tenancy (weighted by annualized base rent).

32

Results of Operations
The results of operations for the accompanying consolidated financial statements discussed below are derived from our consolidated statements of comprehensive income (“Comprehensive Income Statement”) found elsewhere in this Annual Report on Form 10-K. The following discussion includes the results of our continuing operations as summarized in the table below.
 
 
Year Ended December 31,
(In thousands)
 
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
 
Rental
 
$
139,682

 
$
123,665

 
$
113,937

Restaurant
 
20,551

 
19,970

 
19,272

Total revenues
 
160,233

 
143,635

 
133,209

Operating expenses:
 
 
 
 
 
 
General and administrative
 
13,934

 
13,206

 
11,976

Depreciation and amortization
 
26,312

 
23,884

 
21,811

Property
 
1,579

 
433

 
283

Restaurant
 
19,632

 
19,014

 
18,652

Total operating expenses
 
61,457

 
56,537

 
52,722

Interest expense
 
(26,516
)
 
(19,959
)
 
(19,469
)
Other income, net
 
944

 
781

 
324

Realized gain on sale, net
 
—

 
15,271

 
10,532

Income tax (expense) benefit
 
(265
)
 
(262
)
 
18

Net income
 
72,939

 
82,929

 
71,892

Net income attributable to noncontrolling interest
 
(323
)
 
(531
)
 
(498
)
Net Income Available to Common Shareholders
 
$
72,616

 
$
82,398

 
$
71,394

Analysis of Results of Operations
We operate in two segments, real estate operations and restaurant operations. Our real estate operations generate rental income from leases primarily with restaurant brands, which we recognize on a straight-line basis to include the effect of base rent escalators. Our restaurant operations generate restaurant revenue from operating six Longhorn Steakhouse restaurants.
In this section, we discuss the results of our operations for the year ended December 31, 2019 compared to the year ended December 31, 2018. For a discussion of the year ended December 31, 2018 compared to the year ended December 31, 2017, please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2018.
Real Estate Operations
Rental Revenue
Rental revenue increased $16.0 million during the year ended December 31, 2019 compared to the year ended December 31, 2018. This increase is due to recognizing a full year of revenue from the 97 properties acquired in 2018 during 2019, and the acquisition of 90 restaurant properties and ground leaseholds in 2019. During the year ended December 31, 2019, we recognized costs paid by the lessor and reimbursed by the lessees within rental revenue of $0.9 million. These amounts are also recognized in property expenses.
We recognize rental income on a straight-line basis to include the effect of base rent escalators, and free rent periods, if any.
General and Administrative Expense
General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expense increased $0.7 million in the year ended December

33

31, 2019 compared to the year ended December 31, 2018, primarily as a result of a $1.1 million increase in compensation and employee benefits due to increased headcount, offset by a $0.4 million decrease in non-cash stock compensation expense.
Depreciation and Amortization Expense
Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization expense increased by approximately $2.4 million for the year ended December 31, 2019 compared to the year ended December 31, 2018, primarily due to impairment expense of $1.5 million recorded in the year ended December 31, 2018 as well as the acquisition of 97 properties acquired in 2018 that incurred a full year of depreciation and the depreciation on 90 properties acquired in 2019.
Property Expense
Upon adoption of ASC 842, we record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, and franchise taxes. Franchise tax and other non-reimbursable property and transaction costs were previously recognized in general and administrative. During the year ended December 31, 2019, we recorded property expenses of $1.6 million, of which $0.9 million was reimbursed by tenants. During the year ended December 31, 2018, we recorded property expenses of $433 thousand, none of which was reimbursed by tenants. The increase in non-reimbursed property expenses relates to an increase in franchise taxes and the recognition of previously capitalizable lease expenses.
Interest Expense
We incur interest expense on our $400 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $225 million of senior unsecured fixed rate notes.
Interest expense increased by approximately $6.5 million for the year ended December 31, 2019 compared to the year ended December 31, 2018. This was primarily due to an increase of $4.6 million in interest expense for the full year on the $100 million of 4.63% senior unsecured fixed rate notes due 2026 and 4.76% senior unsecured fixed rate notes due 2028 issued in December 2018 and an increase of $1.7 million of term loan interest expense.
Interest expense, excluding deferred financing costs, on the $400 million of term loans and the interest rate swaps we entered into to hedge the variability associated with the term loans was $12.9 million and $11.2 million for the years ended December 31, 2019 and 2018, respectively. This interest expense includes hedge ineffectiveness incurred during the periods and the reclassification of other comprehensive income into interest expense. Interest expense from term loans increased from 2018 to 2019 as a result of the Credit Agreement (defined below). Interest expense and fees on our revolving credit facility was $0.8 million, for both the years ended December 31, 2019 and 2018. Amortization of deferred financing costs was $2.1 million and $1.8 million, respectively, for the years ended December 31, 2019 and 2018.
For additional information on the Company’s debt instruments, see “Liquidity and Financial Condition” below.
Realized Gain on Sale, Net
Realized gain on sale, net decreased by approximately $15.3 million for the year ended December 31, 2019 compared to the year ended December 31, 2018. The Company did not sell any assets during the year ended December 31, 2019. During the year ended December 31, 2018, the Company sold two properties leased to Darden for total consideration of $21.7 million exclusive of $0.6 million costs to sell. The sales were the result of unsolicited offers and resulted in net gains of $15.3 million after costs to sell. These sales qualified as 1031 exchanges, and the consideration received was used to purchase other properties during 2018.
Income Taxes
During the years ended December 31, 2019 and 2018, our income tax expense on Real Estate Operations was $152 thousand and a benefit of $156 thousand, respectively. Income tax expense on Real Estate Operations consists of state and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to increase.

34

Restaurant Operations
The following table sets forth our restaurant operating segment revenues and expenses data for the periods indicated.
 
 
Year Ended December 31,
 
 
2019
 
2018
(Dollars in thousands)
 
$
 
% of Segment Revenues
 
$
 
% of Segment Revenues
Restaurant revenues
 
$
20,551

 
100.0
%
 
$
19,970

 
100.0
%
Restaurant expenses:
 
 
 
 
 
 
 
 
Food and beverage
 
7,837

 
38.1
%
 
7,594

 
38.0
%
Restaurant labor
 
6,570

 
32.0
%
 
6,180

 
30.9
%
Other restaurant expenses (1)
 
5,635

 
27.4
%
 
5,641

 
28.2
%
Total restaurant expenses
 
20,042

 
97.5
%
 
19,415

 
97.2
%
Restaurant Operations, Net
 
$
509

 
 

$
555

 
 
(1)    Other restaurant expenses include $410 thousand and $401 thousand, respectively, of intercompany rent paid to FCPT for the years ended December 31, 2019 and 2018, which is eliminated for financial reporting purposes.
Restaurant revenues increased approximately $0.6 million in the year ended December 31, 2019 compared to the year ended December 31, 2018, driven primarily by an increase in the average meal check and an increase in average guest counts.
Total restaurant expenses increased approximately $0.6 million in the year ended December 31, 2019 compared to the year ended December 31, 2018, primarily due to increased administrative overhead. Food and beverage costs increased approximately $0.2 million in the year ended December 31, 2019 compared to the year ended December 31, 2018, primarily due to increased sales year over year.
Critical Accounting Policies and Estimates
The preparation of FCPT’s consolidated financial statements in conformance with accounting principles generally accepted in the United States of America requires management to make estimates on assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as other disclosures in the financial statements. On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on our financial statements. Estimates and assumptions include, among other things, subjective judgments regarding the fair values and useful lives of our properties for depreciation and lease classification purposes, and asset impairment analysis.
A summary of FCPT’s accounting policies and procedures are included in Note 2 of our consolidated financial statements, included in Part II, Item 8 of this Annual Report on Form 10-K. Management believes the following critical accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of our consolidated financial statements.
Real Estate Investments, Net
Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives using the straight-line method. Leasehold improvements, which are reflected on our Consolidated Balance Sheets as a component of buildings, within land, buildings and equipment, net, are amortized over the lesser of the non-cancelable lease term or the estimated useful lives of the related assets using the straight-line method. Equipment is depreciated over estimated useful lives also using the straight-line method. Real estate development and construction costs for newly constructed restaurants are capitalized in the period in which they are incurred. Gains and losses on the disposal of land, buildings and equipment are included in our accompanying consolidated statements of income (“Income Statement”).
Our accounting policies regarding land, buildings and equipment, including leasehold improvements, include our judgments regarding the estimated useful lives of these assets, the residual values to which the assets are depreciated or amortized, the determination of what constitutes a reasonably assured lease term, and the determination as to what constitutes enhancing the

35

value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of reported depreciation and amortization expense if different assumptions were used. As discussed further below, these judgments may also impact our need to recognize an impairment charge on the carrying amount of these assets as the cash flows associated with the assets are realized, or as our expectations of estimated future cash flows change.
Acquisition of Real Estate
The Company evaluates acquisitions to determine whether transactions should be accounted for as asset acquisitions or business combinations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2017-01. The Company has determined the land, building, site improvements, and in-places leases (if any) of assets acquired were each single assets as the building and property improvements are attached to the land and cannot be physically removed and used separately from the land without incurring significant costs or reducing their fair value. Additionally, the Company has not acquired a substantive process used to generate outputs. As substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset and there were no processes acquired, the acquisitions do not qualify as businesses and are accounted for as asset acquisitions. Related transaction costs are generally capitalized and amortized over the useful lives of the acquired assets.
The Company allocates the purchase price (including acquisition and closing costs) of real estate acquisitions to land, building, and improvements based on their relative fair values, as-if-vacant, and lease intangibles (if any). In making estimates of fair values for this purpose, the Company uses a third-party specialist that obtains various information about each property, as well as the pre-acquisition due diligence of the Company and prior leasing activities at the site.
Lease Intangibles
Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, acquired lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the asset carrying costs, including lost revenue, that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above-market and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease. 
In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are generally amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is likely the tenant will exercise the renewal option. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized as an impairment loss included in depreciation and amortization expense. To date, the Company has not had significant early terminations.
Impairment of Long-Lived Assets
Land, buildings and equipment and certain other assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Events or changes in circumstances may include, but are not limited to, changes in market conditions including factors impacting tenant credit quality and changes in estimated time we expect to own the long-lived asset. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If these assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined by appraisals or sales prices of comparable assets.
The judgments we make related to the estimated period of time we expect to own the long-lived assets and our ability to realize undiscounted cash flows in excess of the carrying amounts of these assets identified as potentially not recoverable are

36

affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions, changes in usage or operating performance, desirability of the restaurant sites and other factors, such as our ability or intent to sell our assets. As we assess the ongoing expected cash flows and carrying amounts of our long-lived assets, significant adverse changes in these factors could cause us to realize a material impairment loss.
Exit or disposal activities include the cost of disposing of the assets and are generally expensed as incurred. Upon disposal of the assets, any gain or loss is recorded in the same caption within our Income Statements as the original impairment. Provisions for impairment are included in depreciation and amortization expense in the accompanying Income Statements.
Revenue Recognition
Effective January 1, 2018, the Company adopted FASB ASU No. 2014-09, “Revenue from Contracts with Customers” using the modified retrospective method. The standard outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. Effective January 1, 2018, the Company also adopted FASB ASU No. 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” Through the evaluation and implementation process, we have determined FCPT’s key revenue stream that could be impacted by FASB ASU No. 2014-09, as amended by FASB ASU No. 2017-05, is the gain on disposition of real estate reported on the Income Statements and Comprehensive Income Statement. We previously recognized revenue from asset sales, upon satisfaction of the criteria set forth in ASC 360, usually at the time of closing (i.e., transfer of asset). After adoption of FASB No. ASU 2014-09, as amended by FASB ASU No. 2017-05, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of revenue recognition, as well as transaction price allocation. Adoption of this guidance did not have a material impact on our Consolidated Financial Statements or related disclosures.
Rental Revenue
For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on a straight-line basis over the applicable lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a deferred rent receivable. Lease origination fees are deferred and amortized over the related lease term as an adjustment to depreciation expense. Taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental revenue in our Income Statements.
For those leases that provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met, the increased rental revenue is recognized as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term.
We assess the collectability of our lease receivables, including deferred rent receivables. We base our assessment of the collectability of rent receivables on several factors including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we derecognize the deferred rent receivable asset and any outstanding accounts receivable as a reduction to rental revenue and record future rental revenue on a cash basis. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the cash lease receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered.
New Accounting Standards
A discussion of new accounting standards and the possible effects of these standards on our Consolidated Financial Statements is included in Note 2 of our consolidated financial statements, included in Part II, Item 8 of this Annual Report on Form 10-K.

37

Liquidity and Financial Condition
At December 31, 2019, we had $5.1 million of cash and cash equivalents and $198 million of borrowing capacity under our revolving credit facility. The revolving credit facility provides for a letter of credit sub-limit of $25 million. As of February 13, 2020, we had $169 million of borrowing capacity under the revolving credit facility.
Debt Instruments
At December 31, 2019 and 2018, our long-term debt consisted of $400 million of non-amortizing term loans, $52 million in outstanding borrowings under the revolving credit facility, and $225 million aggregate principal amount of senior unsecured fixed rate notes issued by FCPT OP.
The Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 2, 2017, as amended (the “Credit Agreement”), by and among the Company, FCPT OP, the Agent, the Lenders and the other agents party thereto, provides for a revolving credit facility in an aggregate principal amount of $250.0 million and a term loan facility in an aggregate principal amount of $400.0 million. The Credit Agreement has an accordion feature allowing the facility to be increased by an additional aggregate amount not to exceed $250.0 million subject to obtaining lender commitments and other customary conditions.
The Credit Agreement provides that $150 million will mature on November 9, 2022, $150 million will mature on November 9, 2023, and $100 million will mature on March 9, 2024. The revolving credit facility portion will mature on November 9, 2021 with a one year extension option.
At December 31, 2019 and 2018, the weighted average interest rate on the term loans, after consideration of the interest rate hedges, was 2.99% and 3.14%, respectively. At December 31, 2019 there were outstanding borrowings of $52 million and no outstanding letters of credit. At December 31, 2018, there were no outstanding borrowings under the revolving credit facility and no outstanding letters of credit.
We have entered into interest rate swaps to hedge the interest rate variability associated with the Credit Agreement. On November 9, 2015, we entered into a interest rate swap with a fixed notional value of $200 million that matures on November 9, 2020, where the fixed rate paid by FCPT OP is 1.56% and the variable rate received resets monthly to the one month LIBOR rate. On July 12, 2017, we entered into a swap with a fixed notional value of $100 million, an effective date of November 9, 2018, and a maturity date of November 9, 2021, where the fixed rate paid by FCPT OP is 1.960% and the variable rate received resets monthly to the one month LIBOR rate. On July 12, 2017, we entered into a swap with a fixed notional value of $100 million, an effective date of November 9, 2020, a maturity date of November 9, 2023, where the fixed rate paid by FCPT OP is 2.302% and the variable rate received resets monthly to the one-month LIBOR rate. A fourth swap, which was entered into on August 29, 2017, is a 10-year swap with a fixed notional value of $100 million for its first twelve months and $200 million for its second twelve months with an effective date of November 9, 2020, a maturity date of November 9, 2022 and where the fixed rate paid by FCPT is 2.002% and the variable rate received resets monthly to the one month LIBOR rate. On June 11, 2019, we entered into a a swap with a fixed notional value of $150 million, an effective date of November 9, 2022 and a maturity of November 9, 2024 and where the fixed rate paid by FCPT is 1.913% and the variable rate received resets monthly to the one-month LIBOR rate. On August 9, 2019, we entered into a a swap with a fixed notional value of $50 million, an effective date of July 31, 2020 and a maturity of July 31, 2030 and where the fixed rate paid by FCPT is 1.625% and the variable rate received resets ever 3 months to the three-month LIBOR rate.
These six hedging agreements were entered into to mitigate the interest rate risk inherent in FCPT OP’s variable rate debt and not for trading purposes. These swaps are accounted for as cash flow hedges with all interest income and expense recorded as a component of net income and other valuation changes recorded as a component of other comprehensive income.
On June 7, 2017 and December 20, 2018, FCPT OP issued $125 million and $100 million, respectively, of senior unsecured fixed rate notes (together, the “Notes”) in private placements pursuant to note purchase agreements with the various purchasers. The Notes issued on June 7, 2017 consist of $50 million of notes with a term ending in June 2024 and priced at a fixed interest rate of 4.68%, $75 million of notes with a term ending in June 2027 and priced at a fixed interest rate of 4.93%. The Notes issued on December 20, 2018 consist of $50 million of notes with a term ending in December 2026 and priced at a fixed interest rate of 4.63% and $50 million of notes with a term ending in December 2028 and priced at a fixed interest rate of 4.76%.

38

Financing Strategy
On a short-term basis, our principal demands for funds will be for operating expenses, distributions to stockholders and interest and principal on current and any future debt financings. We expect to fund our operating expenses and other short-term liquidity requirements, capital expenditures, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common stockholders, primarily through cash provided by operating activities, and, for acquisitions, investments, and other capital expenditures, from borrowings under our $250 million revolving credit facility.
In August 2018, the Company completed a stock offering pursuant to which we sold 4,025,000 shares of our common stock, par value $0.01 per share, at a price of $25.00 per share. We raised $100.6 million in aggregate gross proceeds.
We have an effective shelf registration statement on file with the SEC under which we may issue equity financing through the instruments and on the terms most attractive to us at such time. On March 22, 2019, the Company amended its existing at-the-market equity program (as amended, the “ATM program”) and increased the maximum sales under ATM offerings to $210.0 million, thus adding an additional $160.0 million to the maximum sales under ATM program. The ATM program contemplates that, in addition to the issuance and sale by the Company of shares of common stock to or through the agents, the Company may enter into separate forward sale agreements with one of the agents or one of their respective affiliates (in such capacity, each, a “forward purchaser” and, collectively, the “forward purchasers”). When the Company enters into a forward sale agreement with any forward purchaser, we expect that such forward purchaser will attempt to borrow from third parties and sell, through the relevant agent, acting as sales agent for such forward purchaser, shares of our common stock to hedge such forward purchaser's exposure under such forward sale agreement. The Company will not initially receive any proceeds from any sale of shares of our common stock borrowed by a forward purchaser and sold through a forward seller. The use of forward sale agreements allows the Company to lock in a share price on the sale of shares of common stock at the time the respective forward sale agreements are executed but defer settling the forward sale agreements and receiving the proceeds from the sale of shares until a later date.
We currently expect to fully physically settle any future forward sale agreement with the relevant forward purchaser on one or more dates specified by us on or prior to the maturity date of such forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied by the relevant forward price per share. However, subject to certain exceptions, we may also elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which case we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser.
During 2019, we sold 1,663,116 shares under the ATM program at a weighted-average selling price of $28.99 per share, for net proceeds of approximately $47.2 million (after issuance costs). The net proceeds were employed to fund acquisitions and for general corporate purposes. At December 31, 2019, there was $161.8 million available for issuance under the ATM program.
On a long-term basis, our principal demands for funds include payment of dividends, financing of property acquisitions and scheduled debt maturities. We plan to meet our long-term capital needs by issuing debt or equity securities or by obtaining asset level financing, subject to market conditions. In addition, we may issue common stock to permanently finance properties that were financed on an intermediate basis by our revolving credit facility or other indebtedness. In the future, we may also acquire properties by issuing partnership interests of our operating partnership in exchange for property owned by third parties. Our common partnership interests would be redeemable for cash or shares of our common stock. In addition, we plan to use the proceeds from any future sales we may make for subsequent acquisitions via a 1031 exchange.
We continually evaluate alternative financing and believe that we can obtain financing on reasonable terms. However, we cannot assure you that we will have access to the capital markets at times and at terms that are acceptable to us.
Because the properties in our portfolio are generally leased to tenants under net leases, where the tenant is responsible for property operating costs and expenses, our exposure to rising property operating costs due to inflation is mitigated. Interest rates and other factors, such as occupancy, rental rate and the financial condition of our tenants, influence our performance more so than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. As described above, we currently offer leases that provide for payments of base rent with scheduled annual fixed increases.

39

Contractual Obligations
The following table provides information with respect to our commitments as of December 31, 2019. The table does not reflect available debt or operating lease extensions.
(In millions)
 
Less than 1 Year
 
1 – 3 Years
 
3 – 5 Years
 
More than 5 Years
 
Total
Long-term debt (1)
 
$
—

 
$
202.0

 
$
300.0

 
$
175.0

 
$
677.0

Interest payments on long-term obligations (2)
 
24.9

 
46.7

 
27.5

 
23.0

 
122.1

Commitments under non-cancellable operating leases
 
0.4

 
0.1

 
—

 
—

 
0.5

Total Contractual Obligations and Commitments
 
$
25.3

 
$
248.8

 
$
327.5

 
$
198.0

 
$
799.6

(1)    Long-term debt includes the $400 million of term loans, $52 million of borrowings under the revolving credit facility, and $225 million of senior unsecured fixed rate notes.    
(2)    Interest payments computed using the all-in rate as of December 31, 2019 of 2.99% for $300 million of the term loan that is hedged; 2.97% for the $100 million of the term loan that is unhedged using the December 31, 2019 LIBOR rate; and 3.25% using the December 31 LIBOR rate for the $52 million of revolving credit facility borrowings. The payments also assume on undrawn commitment fee of 0.30% on the $198 million revolving credit facility. Interest on private placement notes is calculated at 4.68%, 4.93%, 4.63%, and 4.76% on the $50 million June 2024, $75 million June 2027, $50 million December 2026, and $50 million December 2028 senior unsecured fixed rate notes, respectively.
Off-Balance Sheet Arrangements
At December 31, 2019, we had no off-balance sheet arrangements.

40

Supplemental Financial Measures
The following table presents a reconciliation of GAAP net income to Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”) for the years ended December 31, 2019, 2018, and 2017.
 
 
Year Ended December 31,
(In thousands, except share and per share data)
 
2019
 
2018
 
2017
Net income
 
$
72,939

 
$
82,929

 
$
71,892

Depreciation and amortization
 
26,158

 
22,287

 
21,547

Realized gain on sales of real estate
 
—

 
(15,271
)
 
(10,532
)
Provision for impairment
 
—

 
1,530

 
228

Realized gain on exchange of real estate (1)
 
—

 
(228
)
 
—

Funds from Operations (FFO) (as defined by NAREIT)
 
99,097

 
91,247

 
83,135

Straight-line rent adjustment
 
(9,207
)
 
(9,288
)
 
(9,536
)
Stock-based compensation expense
 
3,602

 
3,967

 
2,676

Non-cash amortization of deferred financing costs
 
2,050

 
1,834

 
2,144

Other non-cash interest expense (income)
 
(4
)
 
29

 
145

Non-real estate investment depreciation
 
154

 
67

 
36

Amortization of above and below market leases, net
 
158

 
64

 
—

Adjusted Funds from Operations (AFFO)
 
$
95,850

 
$
87,920

 
$
78,600

 
 
 
 
 
 
 
Fully diluted shares outstanding (2)
 
68,937,263

 
64,798,250

 
61,014,256

 
 
 
 
 
 
 
FFO per diluted share
 
$
1.44

 
$
1.41

 
$
1.36

 
 
 
 
 
 
 
AFFO per diluted share
 
$
1.39

 
$
1.36

 
$
1.29

 
 
 
 
 
 
 
(1) Non-cash gain recognized for GAAP purposes on the transfer of nonfinancial assets related to an excess land parcel exchange.
(2) Assumes the issuance of common shares for OP units held by non-controlling interests.
Non-GAAP Definitions
The certain non-GAAP financial measures included above management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, and to cash flows from operating, investing or financing activities as a measure of profitability and/or liquidity, computed in accordance with U.S. GAAP.
FFO is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by the NAREIT. FFO represents net income (loss) computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition.
Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating

41

performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any U.S. GAAP measure, including net income.
Adjusted Funds from Operations is a non-U.S. GAAP measure that is used as a supplemental operating measure specifically for comparing year-over-year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate AFFO by adding to or subtracting from FFO:
1.
Transaction costs incurred in connection with business combinations
2.
Straight-line rent revenue adjustment
3.
Stock-based compensation expense
4.
Non-cash amortization of deferred financing costs
5.
Other non-cash interest expense (income)
6.
Non-real estate investment depreciation
7.
Merger, restructuring and other related costs
8.
Impairment charges
9.
Amortization of above and below market leases
10.
Amortization of capitalized leasing costs
11.
Debt extinguishment gains and losses
12.
Recurring capital expenditures and tenant improvements
AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs.


42

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
We are exposed to financial market risks, especially interest rate risk. Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and global economic and political conditions, and other factors which are beyond our control. Our operating results will depend heavily on the difference between the revenue from our assets and the interest expense incurred on our borrowings. We may incur additional variable rate debt in the future, including amounts that we may borrow under our revolving credit facility. We consider certain risks associated with the use of variable rate debt, including those described under “Item 1A. Risk Factors - Risks Related to Our Business - An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price, and a decrease in market interest rates could lead to additional competition for the acquisition of real estate, which could adversely affect our results of operations.” The objective of our interest rate risk management policy is to match fund fixed-rate assets with fixed-rate liabilities and variable-rate assets with variable-rate liabilities. As of December 31, 2019, our assets were primarily long-term, fixed-rate leases (though most have scheduled rental increases during the terms of the leases).
As of December 31, 2019, $225 million of our total indebtedness consisted of senior unsecured fixed rated notes. The remaining $452 million of our total indebtedness consisted of three to five-year variable-rate obligations for which we have entered into swaps that effectively fix $300 million through November 2020. We intend to continue our practice of employing interest rate derivative contracts, such as interest rate swaps and futures, to reduce our exposure, on specific transactions or on a portfolio basis, to changes in cash flows as a result of interest rate changes. We do not intend to enter into derivative contracts for speculative or trading purposes. We generally intend to utilize derivative instruments to hedge interest rate risk on our liabilities and not use derivatives for other purposes, such as hedging asset-related risks. We consider certain risks associated with the use of derivative instruments, including those described under “Item 1A. Risk Factors - Risks Related to Our Business - Hedging transactions could have a negative effect on our results of operations.”
Due to the fixed rate nature of $225 million of our indebtedness and the hedging transactions described above, a hypothetical one percentage point decline in interest rates would not have materially affected our consolidated financial position, results of operations or cash flows as of December 31, 2019.


43

Item 8. Financial Statements and Supplementary Data.
Financial Statements and Supplementary Data consist of financial statements as indexed on page F-1.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.
None.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We have established and maintain disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers as appropriate, to allow timely decisions regarding required disclosure.
Our management, with participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2019. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of December 31, 2019. 
Management Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system is designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2019. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in Internal Control-Integrated Framework. Based on its assessment and those criteria, our management concluded that, as of December 31, 2019 our internal control over financial reporting is effective.
KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this annual report on Form 10-K and, as part of their audit, has issued a report, included herein, on the effectiveness of the Company's internal control over financial reporting.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2019 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information.
Our discussion of federal income tax considerations in Exhibit 99.2 attached hereto, which is incorporated herein by reference, supersedes and replaces, in its entirety, the disclosure under the heading “United States Federal Income Tax Considerations” in Exhibit 99.1 to our Current Report on Form 8-K, filed with the SEC on October 31, 2018 (File No. 001-37538).

44

PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The information required by Item 10 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Item 11. Executive Compensation.
The information required by Item 11 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Item 12. Security Ownership of Certain Owners and Management and Related Stockholder Matters.
The information required by Item 12 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information required by Item 13 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Item 14. Principal Accounting Fees and Services.
The information required by Item 14 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

45

PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) For Financial Statements, see Index to Financial Statements on page F-1.
(b) For Exhibits, see Index to Exhibits on page E-1.

46

Item 16. Form 10-K Summary
None.

47

FOUR CORNERS PROPERTY TRUST, INC.
INDEX TO FINANCIAL STATEMENTS

Audited Consolidated Financial Statements

 
 
Reports of Independent Registered Public Accounting Firm
F-2
 
 
 
 
Consolidated Balance Sheets as of December 31, 2019 and 2018
F-6
 
 
 
 
Consolidated Statements of Income for the Years Ended December 31, 2019, 2018, and 2017
F-7
 
 
 
 
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2019, 2018, and 2017
F-8
 
 
 
 
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2019, 2018, and 2017
F-9
 
 
 
 
Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018, and 2017
F-10
 
 
 
 
Notes to Consolidated Financial Statements
F-11


F-1

Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors
Four Corners Property Trust, Inc.:

Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Four Corners Property Trust, Inc. and subsidiaries (the Company) as of December 31, 2019 and 2018, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2019, and the related notes and financial statement schedule III - Real Estate Assets and Accumulated Depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2019, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2020 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Change in Accounting Principle
As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2019 due to the adoption of Financial Accounting Standards Board Accounting Standards Codification 842, Leases including effective amendments.

Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgment. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial

F-2

statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of Impairment of Long-Lived Assets
As discussed in Note 2 to the consolidated financial statements, the Company is required to test their long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The Company’s long-lived assets primarily consist of the total real estate investment and the related intangible lease assets, net of accumulated depreciation and amortization, which had a balance of $1.4 billion as of December 31, 2019.
We identified the assessment of the events or changes in circumstances which indicate that the carrying amount of long-lived assets may not be recoverable as a critical audit matter. Specifically, the factors that required a higher degree of auditor judgment were the identification and evaluation of changes in market conditions including factors impacting tenant credit quality and the period of time the Company expects to own the long-lived assets. Significant adverse changes in market conditions or a decrease in the period of time the Company expects to own the long-lived asset could indicate that the carrying amount of long-lived assets may not be recoverable.
The primary procedures we performed to address this critical audit matter included the following. We tested certain internal controls over the Company’s impairment process, including controls over the identification of changes in market conditions including factors impacting tenant credit quality and the assessment of the period of time the Company expects to own long-lived assets. We evaluated the market conditions impacting the Company’s real estate investment portfolio based on our understanding of the entity and the industry by reading third party market reports. We tested the tenant’s performance of their lease obligation by evaluating the Company’s accounts receivable balance and collection of rental payments to identify any indicators of impairment related to tenant credit quality. For certain tenants, we read publicly available information including the tenant’s financial statements, analyst reports, recent public filings and news articles which may identify events or changes in circumstances that may indicate potential impairment. We examined the Company’s ability to evaluate events or changes in circumstances that may indicate potential impairment by assessing the timeliness of historically recognized impairment charges. We also read board of directors meeting minutes, inspected other internal documentation such as strategic plans and property marketing information and inquired to assess the period of time the Company expects to own the long-lived assets.



/s/ KPMG LLP
We have served as the Company’s auditor since 2015.
San Francisco, California
February 26, 2020

F-3

Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors
Four Corners Property Trust, Inc.:

Opinion on Internal Control Over Financial Reporting
We have audited Four Corners Property Trust, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2019 and 2018, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2019, and the related notes and financial statement schedule III - Real Estate Assets and Accumulated Depreciation (collectively, the consolidated financial statements), and our report dated February 26, 2020 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

F-4

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.



/s/ KPMG LLP
San Francisco, California
February 26, 2020

F-5

FOUR CORNERS PROPERTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
 
 
December 31,
 
 
2019
 
2018
ASSETS
 
 
 
 
Real estate investments:
 
 
 
 
Land
 
$
690,575

 
$
569,057

Buildings, equipment and improvements
 
1,277,159

 
1,236,224

Total real estate investments
 
1,967,734

 
1,805,281

Less: Accumulated depreciation
 
(635,630
)
 
(614,584
)
Real estate investments, net
 
1,332,104

 
1,190,697

Intangible real estate assets, net
 
57,917

 
18,998

Total real estate investments and intangible real estate assets, net
 
1,390,021

 
1,209,695

Cash and cash equivalents
 
5,083

 
92,041

Straight-line rent adjustment
 
39,350

 
30,141

Derivative assets
 
1,451

 
5,982

Other assets
 
10,165

 
5,239

Total Assets
 
$
1,446,070

 
$
1,343,098

 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
Liabilities:
 
 
 
 
Long-term debt, net of deferred financing costs
 
$
669,940

 
$
615,892

Dividends payable
 
21,325

 
19,580

Rent received in advance
 
10,463

 
1,609

Derivative liabilities
 
5,005

 
—

Other liabilities
 
12,596

 
7,053

Total liabilities
 
719,329

 
644,134

Equity:
 
 
 
 
Preferred stock, par value $0.0001 per share, 25,000,000 authorized, zero shares issued and outstanding.
 
—

 
—

Common stock, par value $0.0001 per share; 500,000,000 shares authorized, 70,020,660 and 68,204,045 shares issued and outstanding at December 31, 2019 and 2018, respectively
 
7

 
7

Additional paid-in capital
 
686,181

 
639,116

Retained earnings
 
38,401

 
46,018

Accumulated other comprehensive (loss) income
 
(3,539
)
 
5,956

Noncontrolling interests
 
5,691

 
7,867

Total equity
 
726,741

 
698,964

Total Liabilities and Equity
 
$
1,446,070

 
$
1,343,098

The accompanying notes are an integral part of this financial statement.

F-6

FOUR CORNERS PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)

 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Revenues:
 
 
 
 
 
 
Rental
 
$
139,682

 
$
123,665

 
$
113,937

Restaurant
 
20,551

 
19,970

 
19,272

Total revenues
 
160,233

 
143,635

 
133,209

Operating expenses:
 
 
 
 
 
 
General and administrative
 
13,934

 
13,206

 
11,976

Depreciation and amortization
 
26,312

 
23,884

 
21,811

Property
 
1,579

 
433

 
283

Restaurant
 
19,632

 
19,014

 
18,652

Total operating expenses
 
61,457

 
56,537

 
52,722

Interest expense
 
(26,516
)
 
(19,959
)
 
(19,469
)
Other income, net
 
944

 
781

 
324

Realized gain on sale, net
 
—

 
15,271

 
10,532

Income tax (expense) benefit
 
(265
)
 
(262
)
 
18

Net income
 
72,939

 
82,929

 
71,892

Net income attributable to noncontrolling interest
 
(323
)
 
(531
)
 
(498
)
Net Income Available to Common Shareholders
 
$
72,616

 
$
82,398

 
$
71,394

 
 
 
 
 
 
 
Basic net income per share:
 
$
1.06

 
$
1.29

 
$
1.18

Diluted net income per share:
 
$
1.06

 
$
1.28

 
$
1.18

Weighted average number of common shares outstanding:
 
 
 
 
 
 
Basic
 
68,430,841

 
64,041,255

 
60,627,423

Diluted
 
68,632,010

 
64,388,929

 
60,695,834

Dividends declared per common share
 
$
1.1675

 
$
1.1125

 
$
1.0025

 
 
 
 
 
 
 

The accompanying notes are an integral part of this financial statement.

F-7

FOUR CORNERS PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)

 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Net income
 
$
72,939

 
$
82,929

 
$
71,892

Realized and unrealized (loss) gain on hedging instruments
 
(9,540
)
 
1,022

 
4,297

Comprehensive income
 
63,399

 
83,951

 
76,189

Less: comprehensive income attributable to noncontrolling interest
 
(278
)
 
(542
)
 
(524
)
Comprehensive Income Attributable to Common Shareholders
 
$
63,121

 
$
83,409

 
$
75,665

 
 
 
 
 
 
 

The accompanying notes are an integral part of this financial statement.

F-8

FOUR CORNERS PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands, except share data)

 
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Noncontrolling Interest
 
Total
 
 
Shares
 
Amount
Balance at December 31, 2016
 
59,923,557

 
6

 
$
438,864

 
$
25,943

 
$
207

 
$
5,097

 
$
470,117

Issuance of OP units
 
—

 
—

 
—

 
—

 
—

 
2,620

 
2,620

Net income
 
—

 
—

 
—

 
71,394

 
—

 
498

 
71,892

Realized and unrealized gain on derivative instruments
 
—

 
—

 
—

 
—

 
4,271

 
26

 
4,297

Dividends and distributions paid and declared on common stock and OP units
 
—

 
—

 
—

 
(61,019
)
 
—

 
(460
)
 
(61,479
)
ATM proceeds, net of issuance costs
 
1,347,010

 
—

 
32,145

 
—

 
—

 
—

 
32,145

Stock-based compensation, net
 
58,922

 
—

 
2,676

 
—

 
—

 
—

 
2,676

Balance at December 31, 2017
 
61,329,489

 
6

 
473,685

 
36,318

 
4,478

 
7,781

 
522,268

ASU 2017-12 Transition Adjustment
 
—

 
—

 
—

 
(467
)
 
467

 
—

 
—

Net income
 
—

 
—

 
 
 
82,398

 
—

 
531

 
82,929

Realized and unrealized gain on derivative instruments
 
—

 
—

 
—

 
—

 
1,011

 
11

 
1,022

Equity offering, net of issuance costs
 
4,025,000

 
1

 
96,324

 
—

 
 
 
 
 
96,325

Dividends and distributions paid and declared on common stock and OP units
 
—

 
—

 
—

 
(72,231
)
 
—

 
(456
)
 
(72,687
)
ATM proceeds, net of issuance costs
 
2,716,090

 
—

 
65,533

 
 
 
—

 
—

 
65,533

Stock-based compensation, net
 
133,466

 
—

 
3,574

 
—

 
—

 
—

 
3,574

Balance at December 31, 2018
 
68,204,045

 
7

 
639,116

 
46,018

 
5,956

 
7,867

 
698,964

Net income
 
—

 
—

 
—

 
72,616

 
—

 
323

 
72,939

Realized and unrealized loss on derivative instruments
 
—

 
—

 
—

 
—

 
(9,495
)
 
(45
)
 
(9,540
)
Redemption of OP units
 
5,966

 
—

 
(1,068
)
 
—

 
—

 
(2,099
)
 
(3,167
)
Dividends paid and declared on common stock
 
—

 
—

 
—

 
(80,233
)
 
—

 
(355
)
 
(80,588
)
ATM proceeds, net of issuance costs
 
1,663,116

 
—

 
47,233

 
—

 
—

 
—

 
47,233

Stock-based compensation, net
 
147,533

 
—

 
900

 
—

 
—

 
—

 
900

Balance at December 31, 2019
 
70,020,660

 
7

 
$
686,181

 
$
38,401

 
$
(3,539
)
 
$
5,691

 
$
726,741


The accompanying notes are an integral part of this financial statement.

F-9

FOUR CORNERS PROPERTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Cash flows - operating activities
 
 
 
 
 
 
Net income
 
$
72,939

 
$
82,929

 
71,892

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
 
 
Depreciation and amortization
 
26,312

 
23,884

 
21,811

Gain on disposal of land, building, and equipment
 
—

 
(15,271
)
 
(10,532
)
Gain on exchange of non-financial assets
 
—

 
(228
)
 
—

Non-cash revenue adjustments
 
158

 
64

 
—

Amortization of financing costs
 
2,050

 
1,834

 
2,144

Stock-based compensation expense
 
3,602

 
3,967

 
2,676

Deferred income taxes
 
—

 
—

 
(196
)
Changes in assets and liabilities:
 
 
 
 
 
 
Derivative assets and liabilities
 
(4
)
 
29

 
145

Straight-line rent adjustment
 
(9,207
)
 
(9,288
)
 
(9,536
)
Rent received in advance
 
8,854

 
(6,686
)
 
321

Other assets and liabilities
 
(31
)
 
(351
)
 
220

Net cash provided by operating activities
 
104,673

 
80,883

 
78,945

Cash flows - investing activities
 
 
 
 
 
 
Investments in real estate
 
(205,154
)
 
(268,266
)
 
(95,112
)
Net proceeds from sale of operating real estate
 
—

 
21,139

 
15,645

Advance deposits on acquisition of operating real estate
 
(2,199
)
 
81

 
(947
)
Net cash used in investing activities
 
(207,353
)
 
(247,046
)
 
(80,414
)
Cash flows - financing activities
 
 
 
 
 
 
Net proceeds from ATM equity issuance
 
47,233

 
65,533

 
32,145

Net proceeds from equity offering
 
—

 
96,325

 
—

Proceeds from issuance of senior notes
 
—

 
100,000

 
125,000

Payment of deferred financing costs
 
—

 
(1,481
)
 
(5,500
)
Proceeds from revolving credit facility
 
52,000

 
25,000

 
36,000

Repayment of revolving credit facility
 
—

 
(25,000
)
 
(81,000
)
Payment of dividend to shareholders
 
(78,488
)
 
(69,494
)
 
(58,695
)
Distribution to non-controlling interests
 
(355
)
 
(456
)
 
(460
)
Redemption of non-controlling interests
 
(3,167
)
 
—

 
(988
)
Repayment of debt assumed in purchase of real estate investments
 
—

 
—

 
(2,305
)
Shares withheld for taxes upon vesting
 
(2,702
)
 
(393
)
 
—

Net cash provided by financing activities
 
14,521

 
190,034

 
44,197

Net (decrease) increase in cash and cash equivalents, including restricted cash
 
(88,159
)
 
23,871

 
42,728

Cash and cash equivalents, including restricted cash, beginning of year
 
93,242

 
69,371

 
26,643

Cash and cash equivalents, including restricted cash, ending of year
 
$
5,083

 
$
93,242

 
$
69,371

Supplemental disclosures:
 
 
 
 
 
 
Interest paid
 
$
25,948

 
$
20,218

 
$
14,102

Taxes paid
 
$
589

 
$
470

 
$
561

Operating lease payments received (lessor)
 
$
129,699

 
$
—

 
$
—

Operating lease payments remitted (lessee)
 
$
415

 
$
—

 
$
—

Non - cash investing and financing activities:
 
 
 
 
 
 
Dividends declared but not paid
 
$
21,325

 
$
19,580

 
$
16,843

Debt assumed in acquisition of real estate investments
 
$
—

 
$
—

 
$
2,305

Change in fair value of derivative instruments
 
$
(9,536
)
 
$
993

 
$
4,152

Operating partner units issued in exchange for real estate investments
 
$
—

 
$
—

 
$
3,609

The accompanying notes are an integral part of this financial statement.

F-10
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 – ORGANIZATION
Four Corners Property Trust, Inc. (together with its subsidiaries, “FCPT”) is an independent, publicly traded, self-administered company, primarily engaged in the ownership, acquisition and leasing of restaurant properties. Substantially all of our business is conducted through Four Corners Operating Partnership, LP (“FCPT OP”), a Delaware limited partnership of which we are the initial and substantial limited partner. Our wholly owned subsidiary, Four Corners GP, LLC (“FCPT GP”), is its sole general partner.
FCPT was incorporated as a Maryland corporation on July 2, 2015 as a wholly owned indirect subsidiary of Darden Restaurants, Inc., (together with its consolidated subsidiaries “Darden”), for the purpose of owning, acquiring and leasing properties on a triple-net basis, for use in the restaurant and related food service industries. On November 9, 2015, Darden completed a spin-off of FCPT whereby Darden contributed to us 100% of the equity interest in entities that own 418 properties in which Darden operates restaurants, representing five of their brands, and six LongHorn Steakhouse restaurants located in the San Antonio, Texas area (the “Kerrow Restaurant Operating Business”) along with the underlying properties or interests therein associated with the Kerrow Restaurant Operating Business. In exchange, we issued to Darden all of our common stock and paid to Darden $315.0 million in cash. Subsequently, Darden distributed all of our outstanding shares of common stock pro-rata to holders of Darden common stock whereby each Darden shareholder received one share of our common stock for every three shares of Darden common stock held at the close of business on the record date, which was November 2, 2015, as well as cash in lieu of any fractional shares of our common stock which they would have otherwise received (the “Spin-Off”).
We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2016, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our adjusted taxable income to our shareholders, subject to certain adjustments and excluding any net capital gain. As a REIT, we will not be subject to federal corporate income tax on that portion of net income that is distributed to our shareholders.  However, FCPT’s taxable REIT subsidiaries (“TRS”) will generally be subject to federal, state, and local income taxes. We made our REIT election upon the filing of our 2016 tax return.
Any references to “the Company,” “we,” “us,” or “our,” refer to FCPT as an independent, publicly traded, self-administered company.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation
The accompanying consolidated financial statements (“the Consolidated Financial Statements”) include the accounts of Four Corners Property Trust, Inc. and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
The Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary to a fair presentation of the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature.
Use of Estimates
The preparation of these Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. The estimates and assumptions used in the accompanying Consolidated Financial Statements are based on management’s evaluation of the relevant facts and circumstances. Actual results may differ from the estimates and assumptions used in preparing the accompanying Consolidated Financial Statements, and such differences could be material.

F-11
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Real Estate Investments, Net
Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from seven to fifty-five years using the straight-line method. Leasehold improvements, which are reflected on our Consolidated Balance Sheets as a component of buildings, equipment, and improvements, net, are amortized over the lesser of the non-cancelable lease term or the estimated useful lives of the related assets using the straight-line method. Equipment is depreciated over estimated useful lives ranging from two to fifteen years also using the straight-line method. Real estate development and construction costs for newly constructed restaurants are capitalized in the period in which they are incurred. Gains and losses on the disposal of land, buildings and equipment are included in realized gain on sale, net in our accompanying Consolidated Statements of Income (“Income Statements”).
Our accounting policies regarding land, buildings, equipment, and improvements, include our judgments regarding the estimated useful lives of these assets, the residual values to which the assets are depreciated or amortized, the determination of what constitutes a reasonably assured lease term, and the determination as to what constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of reported depreciation and amortization expense if different assumptions were used. As discussed further below, these judgments may also impact our need to recognize an impairment charge on the carrying amount of these assets as the cash flows associated with the assets are realized, or as our expectations of estimated future cash flows change.
Acquisition of Real Estate
The Company evaluates acquisitions to determine whether transactions should be accounted for as asset acquisitions or business combinations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2017-01. The Company has determined the land, building, site improvements, and in-places leases (if any) of assets acquired were each single assets as the building and property improvements are attached to the land and cannot be physically removed and used separately from the land without incurring significant costs or reducing their fair value. Additionally, the Company has not acquired a substantive process used to generate outputs. As substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset and there were no processes acquired, the acquisitions do not qualify as businesses and are accounted for as asset acquisitions. Related transaction costs are generally capitalized and amortized over the useful lives of the acquired assets.
The Company allocates the purchase price (including acquisition and closing costs) of real estate acquisitions to land, building, and improvements based on their relative fair values. The determination of the building fair value is on an ‘as-if-vacant’ basis. Value is allocated to acquired lease intangibles (if any) based on the costs avoided and revenue recognized by acquiring the property subject to lease and avoiding an otherwise ‘dark period’. In making estimates of fair values for this purpose, the Company uses a third-party specialist that obtains various information about each property, as well as the pre-acquisition due diligence of the Company and prior leasing activities at the site.
Lease Intangibles
Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, acquired lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the asset carrying costs, including lost revenue, that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above-market and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease. 
In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are generally amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is likely the tenant will exercise the renewal option. Should a lease terminate early, the unamortized portion of any

F-12
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

related lease intangible is immediately recognized as an impairment loss included in depreciation and amortization expense. To date, the Company has not had significant early terminations.
Finance ground lease assets are also included in lease intangible assets, net on the Consolidated Balance Sheets. See Leases below for additional information.
Impairment of Long-Lived Assets
Land, buildings and equipment and certain other assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Events or changes in circumstances may include, but are not limited to, changes in market conditions including factors impacting tenant credit quality and changes in estimated time we expect to own the long-lived asset. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If these assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined by appraisals or sales prices of comparable assets.
The judgments we make related to the estimated period of time we expect to own the long-lived assets and our ability to realize undiscounted cash flows in excess of the carrying amounts of these assets identified as potentially not recoverable are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions, changes in usage or operating performance, desirability of the restaurant sites and other factors, such as our ability or intent to sell our assets. As we assess the ongoing expected cash flows and carrying amounts of our long-lived assets, significant adverse changes in these factors could cause us to realize a material impairment loss.
Exit or disposal activities include the cost of disposing of the assets and are generally expensed as incurred. Upon disposal of the assets, any gain or loss is recorded in the same caption within our Income Statements as the original impairment. Provisions for impairment are included in depreciation and amortization expense in the accompanying Consolidated Income Statements.
During the year ended December 31, 2019, we did not record provisions for impairment. During the years ended December 31, 2018 and 2017 we recorded impairment expense of $1.5 million, and $228 thousand, respectively, due to the bankruptcy and court ordered termination of a lease by one tenant. These amounts are included in depreciation and amortization in the accompanying Income Statements.
Real Estate Held for Sale
Real estate is classified as held for sale when the sale is probable, will be completed within one year, purchase agreements are executed, the buyer has a significant deposit at risk, and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. Restaurant sites and certain other assets to be disposed of are included in assets held for sale when the likelihood of disposing of these assets within one year is probable. Assets whose disposal is not probable within one year remain in land, buildings, equipment and improvements until their disposal within one year is probable. Disposals of assets that have a major effect on our operations and financial results or that represent a strategic shift in our operating businesses meet the requirements to be reported as discontinued operations. Real estate held for sale is reported at the lower of carrying amount or fair value, less estimated costs to sell. There was no real estate held for sale at December 31, 2019 or 2018.
Leases
Effective January 1, 2019, the Company adopted FASB Accounting Standards Codification 842, Leases, including effective amendments (“ASC 842”), using the effective date method. Consolidated Financial Statements for reporting periods beginning on or after January 1, 2019, are presented under the new guidance, while prior periods amounts are not adjusted and continue to be reported in accordance with previous guidance. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported Consolidated Financial Statements and did not result in a cumulative adjustment to equity.

F-13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

All significant lease arrangements are generally recognized at lease commencement. For leases where the Company is the lessee upon adoption of ASC 842, operating or finance lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset during the reasonably certain lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. As part of certain real estate investment transactions, the Company may enter into long-term ground leases as a lessee. The Company recognizes a ground lease (or right-of-use) asset and related lease liability for each of these ground leases. Ground lease assets and lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments.
For leases where Company is the lessor, we determine the classification upon commencement. At December 31, 2019, all such leases are classified as operating leases. These operating leases may contain both lease and non-lease components. The Company accounts for lease and non-lease components as a single component. Prior to adoption of ASC 842, lease origination fees were deferred and amortized over the related lease term as an adjustment to depreciation expense. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company expenses certain initial direct costs that are not incremental in obtaining a lease.
See Note 5 - Leases for additional information.
Cash, Cash Equivalents, and Restricted Cash
We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents can consist of cash and money market accounts. Restricted cash consists of 1031 exchange proceeds and is included in Other assets on our Consolidated Balance Sheets.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our Consolidated Balance Sheets to the total amount shown in our Consolidated Statements of Cash Flows.
 
 
December 31,
(In thousands)
 
2019
 
2018
 
2017
Cash and cash equivalents
 
$
5,083

 
$
92,041

 
$
64,466

Restricted cash (included in Other assets)
 
—

 
1,201

 
4,905

Total Cash, Cash Equivalents, and Restricted Cash
 
$
5,083

 
$
93,242

 
$
69,371


Long-term Debt
Long-term debt is carried at unpaid principal balance, net of deferred financing costs. All of our long-term debt is currently unsecured and interest is paid monthly on our non-amortizing term loans and revolving credit facility and semi-annually on our senior unsecured fixed rate notes.
Deferred Financing Costs
Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from their related liabilities on the Consolidated Balance Sheets.
See Note 6 - Long-term Debt, Net of Deferred Financing Costs for additional information.
Derivative Instruments and Hedging Activities
We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments as required by FASB ASC Topic 815, Derivatives and Hedging, and those utilized as economic hedges. Our use of derivative instruments is currently limited to interest rate hedges. These instruments are generally structured as hedges of the variability of cash flows related to forecasted transactions (cash flow hedges). We do not enter into derivative instruments for trading or speculative purposes, where changes in the cash flows of the derivative are not expected to offset changes in cash flows of the hedged item. All derivatives are recognized on the balance sheet at fair value. For those derivative instruments for which

F-14
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

we intend to elect hedge accounting, at the time the derivative contract is entered into, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.
To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria in accordance with GAAP, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss), net of tax. These changes in fair value will be reclassified into earnings at the time of the forecasted transaction. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.
See Note 7 - Derivative Financial Instruments for additional information.
Other Assets and Liabilities
Other assets primarily consist of pre-acquisition costs, prepaid assets, food and beverage inventories for use by our Kerrow operating subsidiary, escrow deposits, lease origination fees, and accounts receivable. Other liabilities primarily consist of accrued compensation, accrued interest, accrued operating expenses, derivative liabilities, and deferred rent obligations on certain operating leases.
See Note 8 - Supplemental detail for certain components of the Consolidated Balance Sheets
Revenue Recognition
Effective January 1, 2018, the Company adopted FASB ASU No. 2014-09, “Revenue from Contracts with Customers” using the modified retrospective method. The standard outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. Effective January 1, 2018, the Company also adopted FASB ASU No. 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” Through the evaluation and implementation process, we have determined FCPT’s key revenue stream that could be impacted by FASB ASU No. 2014-09, as amended by FASB ASU No. 2017-05, is the gain on disposition of real estate reported on the Consolidated Income Statements. We previously recognized revenue from asset sales upon satisfaction of the criteria set forth in ASC 360, usually at the time of closing (i.e., transfer of asset). After adoption of FASB No. ASU 2014-09, as amended by FASB ASU No. 2017-05, we will evaluate the transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of revenue recognition, as well as transaction price allocation. Adoption of this guidance did not have a material impact on our Consolidated Financial Statements or related disclosures.
Rental revenue
For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on a straight-line basis over the applicable lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a deferred rent receivable. Lease origination fees are deferred and amortized over the related lease term as an adjustment to depreciation expense. Taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental revenue in our Income Statements and Comprehensive Income Statement.
For those leases that provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met, the increased rental revenue is recognized as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term.
We assess the collectability of our lease receivables, including deferred rent receivables. We base our assessment of the collectability of rent receivables on several factors including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property, the

F-15
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we derecognize the deferred rent receivable asset and any outstanding accounts receivable as a reduction to rental revenue and record future rental revenue on a cash basis. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the cash lease receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. Refer to the Application of New Accounting Standards section below for discussion of FASB ASU 2016-02, “Leases (Topic 842)”.
Restaurant revenue
Restaurant revenue represents food, beverage, and other products sold and is presented net of the following discounts: coupons, employee meals, complimentary meals and gift cards. Revenue from restaurant sales, whether received in cash or by credit card, is recognized when food and beverage products are sold. At December 31, 2019 and 2018, credit card receivables, included in other assets, totaled $81 thousand and $82 thousand, respectively. We recognize sales from our gift cards when the gift card is redeemed by the customer. Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis within restaurant revenue on our Income Statements.
Restaurant Expenses
Restaurant expenses include restaurant labor, general and administrative expenses, and food and beverage costs. Food and beverage costs include inventory, warehousing, related purchasing and distribution costs. Vendor allowances received in connection with the purchase of a vendor’s products are recognized as a reduction of the related food and beverage costs as earned.
Earnings Per Share
Basic earnings per share (“EPS”) are computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. No effect is shown for any securities that are anti-dilutive. Net income allocated to common shareholders represents net income less income allocated to participating securities and non-controlling interests. None of the Company’s equity awards are participating securities.
See Note 9 - Equity for additional information.
Noncontrolling Interest
Noncontrolling interest represents the aggregate limited partnership interests in FCPT OP held by third parties. In accordance with GAAP, the noncontrolling interest of FCPT OP is shown as a component of equity on our Consolidated Balance Sheets, and the portion of income allocable to third parties is shown as net income attributable to noncontrolling interests in our Income Statements and consolidated statements of comprehensive income (“Comprehensive Income Statement”). The Company follows the guidance issued by the FASB regarding the classification and measurement of redeemable securities. At FCPT OP’s option, it may satisfy this redemption with cash or by exchanging non-registered shares of FCPT common stock on a one-for-one basis. Accordingly, the Company has determined that the common OP units meet the requirements to be classified as permanent equity. A reconciliation of equity attributable to noncontrolling interest is disclosed in our consolidated statement of changes in equity.
See Note 9 - Equity for additional information.
Income Taxes
We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT commencing with our taxable year ended December 31, 2016, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income. To maintain our qualification as a REIT, we are required under the Code to distribute at least 90% of our REIT taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our shareholders and meet certain other requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Even if we qualify as a REIT, we are subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on our undistributed taxable income.
The Kerrow Restaurant Operating Business is a TRS and is taxed as a C corporation.

F-16
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

We provide for federal and state income taxes currently payable as well as for those deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits are recorded as a reduction of income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Interest recognized on reserves for uncertain tax positions is included in interest, net in our Comprehensive Income Statement. A corresponding liability for accrued interest is included as a component of other liabilities on our Consolidated Balance Sheets. Penalties, when incurred, are recognized in general and administrative expenses.
We estimate certain components of our provision for income taxes. These estimates include, among other items, depreciation and amortization expense allowable for tax purposes, allowable tax credits for items such as taxes paid on reported employee tip income, effective rates for state and local income taxes and the valuation and tax deductibility of certain other items. We adjust our annual effective income tax rate as additional information on outcomes or events becomes available.
We base our estimates on the best available information at the time that we prepare the provision. We will generally file our annual income tax returns several months after our year end. Income tax returns are subject to audit by state and local governments, generally years after the returns are filed. These returns could be subject to material adjustments or differing interpretations of the tax laws. The major jurisdictions in which we will file income tax returns are the U.S. federal jurisdiction and all states in the U.S. in which we own properties that have an income tax.
U.S. GAAP requires that a position taken or expected to be taken in a tax return be recognized (or derecognized) in the financial statements when it is more likely than not (i.e., a likelihood of more than 50 percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We include within our current tax provision the balance of unrecognized tax benefits related to tax positions for which it is reasonably possible that the total amounts could change during the next 12 months based on the outcome of examinations.
See Note 10 - Income Taxes for additional information.
Stock-Based Compensation
The Company’s stock-based compensation plan provides for the grant of restricted stock awards (“RSAs”), deferred stock units (“DSUs”), performance-based awards including performance stock units (“PSUs”), dividend equivalents (“DEUs”), restricted stock units (“RSUs”), and other types of awards to eligible participants. DEUs are earned during the vesting period and received upon vesting of award. Upon forfeiture of an award, DEUs earned during the vesting period are also forfeited. We classify stock-based payment awards either as equity awards or liability awards based upon cash settlement options. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. We recognize costs resulting from the Company’s stock-based compensation awards on a straight-line basis over their vesting periods, which range between one and five years, less forfeitures. No compensation cost is recognized for awards for which employees do not render the requisite services.
See Note 11 - Stock-based Compensation for additional information.
Fair Value of Financial Instruments
We use a fair value approach to value certain assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. We use a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The hierarchy consists of three levels:
•
Level 1 - Quoted market prices in active markets for identical assets or liabilities;
•
Level 2 - Inputs other than level 1 inputs that are either directly or indirectly observable; and

F-17
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

•
Level 3 - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.
NOTE 3 – CONCENTRATION OF CREDIT RISK
Our tenant base and the restaurant brands operating our properties are highly concentrated. With respect to our tenant base, Darden leases represent approximately 71% of the scheduled base rents of the properties we own. As our revenues predominately consist of rental payments, we are dependent on Darden for a significant portion of our leasing revenues. The audited and unaudited financial statements for Darden are included in its filings with the SEC, which can be found on the SEC’s internet website at www.sec.gov. Reference to Darden’s filings with the SEC is solely for the information of investors. We do not intend this website to be an active link or to otherwise incorporate the information contained on such website (including Darden’s filings with the SEC) into this report or our other filings with the SEC.
We are also subject to concentration risk in terms of restaurant brands that occupy our properties. With 304 locations in our portfolio, Olive Garden branded restaurants comprise approximately 43% of our leased properties and approximately 53% of the revenues received under leases. Our properties, including the Kerrow Operating Business, are located in 46 states with lease revenue concentrations of 10% or greater in two states: Texas (12.5%) and Florida (10.8%).
We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At December 31, 2019, our exposure to risk related to amounts due to us on our derivative instruments totaling $3.6 million, and the counterparty to such instruments is an investment grade financial institution. Our credit risk exposure with regard to our cash deposits and the $198 million available capacity under the revolver portion of our credit facility is spread among a diversified group of investment grade financial institutions.
NOTE 4 – REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET
Real Estate Investments
Real estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business is summarized as follows:
 
 
December 31,
(In thousands)
 
2019
 
2018
Land
 
$
690,575

 
$
569,057

Buildings and improvements
 
1,142,275

 
1,099,591

Equipment
 
134,884

 
136,633

Total gross real estate investments
 
1,967,734

 
1,805,281

Less: accumulated depreciation
 
(635,630
)
 
(614,584
)
Real estate investments, net
 
1,332,104

 
1,190,697

Intangible real estate assets, net
 
57,917

 
18,998

Total Real Estate Investments and Intangible Real Estate Assets, Net
 
$
1,390,021

 
$
1,209,695


During the year ended December 31, 2019, the Company invested $205.2 million, including transaction costs, in 90 restaurant properties located in twenty-seven states, and allocated the investment as follows: $121.5 million to land, $42.7 million to buildings and improvements, and $41.0 million to intangible assets, including finance ROU assets. There was no contingent consideration associated with these acquisitions. These properties are 100% occupied under net leases, with a weighted average remaining lease term of 10.0 years as of December 31, 2019. During the year ended December 31, 2019, the Company did not sell any properties.
During the year ended December 31, 2018, the Company invested $268.3 million, including transaction costs, in 97 restaurant properties located in twenty-eight states, and allocated the investment as follows: $122.6 million to land, $130.1 million to buildings and improvements, and $15.6 million to intangible assets principally related to the value of the in-place leases acquired. There was no contingent consideration associated with these acquisitions. These properties were 100% occupied under net leases,

F-18

with a weighted average remaining lease term of 13.7 years as of December 31, 2018. During the year ended December 31, 2018, the Company sold two properties with a net book value of $5.8 million for a realized gain on sale of $15.3 million.
Intangible Lease Assets and Liabilities, Net
The following tables detail intangible lease assets and liabilities. Intangible lease liabilities are included in Other liabilities on our Consolidated Balance Sheets. Acquired in-place lease intangibles are amortized over the remaining lease term as depreciation and amortization expense. Above-market and below-market leases are amortized over the initial term of the respective leases as an adjustment to rental revenue.
 
 
December 31,
(In thousands)
 
2019
 
2018
Acquired in-place lease intangibles
 
$
38,844

 
$
19,079

Above-market leases
 
7,754

 
1,318

Finance lease - right of use assets
 
16,063

 
—

Total
 
62,661

 
20,397

Less: accumulated amortization
 
(4,744
)
 
(1,399
)
Intangible Lease Assets, Net
 
$
57,917

 
$
18,998


 
 
December 31,
(In thousands)
 
2019
 
2018
Below-market leases
 
$
1,923

 
$
610

Less: accumulated amortization
 
(155
)
 
(33
)
Intangible Lease Liabilities, Net
 
$
1,768

 
$
577


The value of acquired in-place leases amortized and included in depreciation and amortization expense was $3.1 million, and $970 thousand, for the years ended December 31, 2019, and 2018, respectively. The value of above-market and below-market leases amortized as a net adjustment to revenue was $157 thousand and $62 thousand for the year ended December 31, 2019, and 2018, respectively. There was no amortization for adjustments to revenue for the year ended December 31, 2017. At December 31, 2019, the total weighted average amortization period remaining for our intangible lease assets and liabilities was 11.1 years, and the individual weighted average amortization period remaining for acquired in-place lease intangibles, above-market leases and below-market leases was 11.3 years, 9.8 years, and 10.7 years, respectively.
Based on the balance of intangible assets at December 31, 2019, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows:
(In thousands)
 
December 31, 2019
2020
 
$
5,347

2021
 
4,960

2022
 
4,655

2023
 
3,893

2024
 
3,494

Thereafter
 
17,737

Total Future Amortization Expense
 
$
40,086


NOTE 5 – LEASES
Operating Leases as Lessee
Upon adoption of ASC 842, as a lessee we recorded ROU assets and lease liabilities for the three ground leases at our Kerrow Restaurant Operating Business. These ground leases have extension options, which we believe will be exercised and are included

F-19

in the calculation of our lease liabilities and ROU assets. In calculating the lease obligations under the ground leases, we used discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.
Impact of Adoption
The table below presents the impact of adoption of the lease standard on our Consolidated Balance Sheet as of January 1, 2019.
(In thousands)
 
December 31, 2018
 
Upon Adoption (January 1, 2019)
 
As Adjusted
Operating lease right-of-use asset (included in other assets)
 
$
—

 
$
5,723

 
$
5,723

Operating lease liability (included in other liabilities)
 
—

 
6,425

 
6,425

Deferred rent payable
 
702

 
(702
)
 
—


Operating Lease Liability
During the year ended December 31, 2019, the Company acquired the land and lease of one of the Kerrow Operating Businesses. The acquisition resulted in an intercompany lease which is eliminated in consolidation, and removed as an operating lease liability for financial reporting purposes. As of December 31, 2019, maturities of operating lease liabilities were as follows:
(In thousands)
 
December 31, 2019
2020
 
$
265

2021
 
282

2022
 
290

2023
 
290

2024
 
290

Thereafter
 
5,671

Total Payments
 
7,088

Less: Interest
 
(2,685
)
Operating Lease Liability
 
$
4,403
The weighted-average discount rate for operating leases at December 31, 2019 was 4.52%. The weighted-average remaining lease term was 21.3 years.
As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting standard, the following table presents future minimum lease commitments under non-cancelable operating leases. The table does not reflect available operating lease extensions.
(In thousands)
 
December 31, 2018
2019
 
$
550

2020
 
400

2021
 
103

2022 and thereafter
 
—

Total Future Lease Commitments
 
$
1,053


Rent expense was $663 thousand, $716 thousand, and $608 thousand for the years ended December 31, 2019, 2018, and 2017, respectively.

F-20

Operating Leases as Lessor
Our leases consist primarily of single-tenant, net leases, in which the tenants are responsible for making payments to third parties for operating expenses such as property taxes, insurance, and other costs associated with the properties leased to them. In leases where costs are paid by the Company and reimbursed by lessees, such payments are considered variable lease payments and recognized in rental revenue.
The following table shows the components of rental revenue for the year ended December 31, 2019.
(In thousands)
 
Year Ended December 31, 2019
Lease revenue - operating leases
 
$
138,746

Variable lease revenue (tenant reimbursements)
 
936

Total Rental Revenue
 
$
139,682


Future Minimum Lease Payments to be Received
The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. The table presents future minimum lease payments due during the initial lease term only as lease renewal periods are exercisable at the option of the lessee.
(In thousands)
 
December 31, 2019
2020
 
$
140,395

2021
 
141,993

2022
 
143,263

2023
 
143,987

2024
 
145,732

Thereafter
 
1,010,660

Total Future Minimum Lease Payments
 
$
1,726,030


Ground Leases as Lessee
As of December 31, 2019, the Company had finance ground lease assets aggregating $16.1 million. These assets are included in intangible lease assets, net on the Consolidated Balance Sheets. The Company did not recognize a lease liability as no payments are due in the future under the leases. The Company’s ground lease assets have remaining terms of ninety-nine years, with options to extend the lease terms for additional ninety-nine years terms, and the option to purchase the assets once certain conditions and contingencies are met. The weighted average remaining non-cancelable lease term for the ground leases was ninety-nine years at December 31, 2019.
NOTE 6 – LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS
At December 31, 2019, our long-term debt consisted of $400 million in non-amortizing term loans, $52 million in outstanding borrowings under the revolving credit facility, and $225 million of senior unsecured fixed rate notes. At December 31, 2018, our long-term debt consisted of a $400 million, non-amortizing term loan, no outstanding borrowings under the revolving credit facility and $225 million of senior unsecured fixed rate notes.
At December 31, 2019 and 2018, the net unamortized deferred financing costs were approximately $7.1 million and $9.1 million, respectively. The weighted average interest rate on the term loan before consideration of the interest rate hedges described below was 3.01% and 3.68% at December 31, 2019 and 2018, respectively.
During the years ended December 31, 2019, 2018 and 2017, amortization of deferred financing costs was $2.0 million, $1.8 million, and $2.1 million, respectively. Amortization in the year ended December 31, 2017 includes a one-time charge of $424 thousand for deferred financing costs expensed as a result of the execution of the Credit Agreement in December 2017.

F-21

At December 31, 2019, and December 31, 2018, there was $52 million and no balance outstanding under the $250 million revolving credit facility, respectively, and no any outstanding letters of credit.
Credit Agreement
On December 13, 2018, the Company and its subsidiary, FCPT OP, entered into Amendment No. 2 to Amended and Restated Revolving Credit and Term Loan Agreement (the “Credit Facility Amendment”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”), and the lenders (the “Lenders”) and other agents party thereto, which amended the existing Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 2, 2017, as amended (the “Credit Agreement”), by and among the Company, FCPT OP, the Agent, the Lenders and the other agents party thereto. Prior to the Credit Facility Amendment, $400 million aggregate principal amount outstanding under the Company's term loan facility was scheduled to mature on November 9, 2022. The Credit Facility Amendment extends the maturity date of certain of the Company's term loan facility such that $150 million, the non-extended portion of the term loan facility, will mature on November 9, 2022, $150 million will mature on November 9, 2023, and $100 million will mature on March 9, 2024. The interest rate charged on the non-extended portion of the term loan facility remained unchanged; however, as of the date of the Credit Facility Amendment, the interest rate charged on the extended portions of the term loan facility will be reduced by ten basis points from the interest rate charged prior to the Credit Facility Amendment. The aggregate principal amount of $400 million outstanding under the term loan facility prior to the Credit Facility Amendment as well as the lenders and allocation by lender remained unchanged. The revolving credit facility portion of the Credit Agreement was not amended and remained unchanged.
The following table presents the Term Loan balances as of December 31, 2019, and 2018.
 
 
 
 
 
 
Outstanding Balance
 
 
Maturity
 
Interest
 
December 31,
(Dollars in thousands)
 
Date
 
Rate
 
2019
 
2018
Term Loans:
 
 
 
 
 
 
 
 
Term Loan 2022, amended and restated October 2017 & December 2018
 
Nov 2022
 
3.07
%
(a)
$
150,000

 
$
150,000

Term Loan 2023, extended December 2018
 
Nov 2023
 
2.97
%
(a)
150,000

 
150,000

Term Loan 2024, extended December 2018
 
Mar 2024
 
2.97
%
(a)
100,000

 
100,000

Total Term Loans
 
 
 


 
$
400,000

 
$
400,000

(a) Loan is a variable‑rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.25%-1.35% at December 31, 2019.

Note Purchase Agreements
The Company has entered into note purchase agreements with institutional purchasers to provide for the private placement of four series of senior unsecured fixed rate notes aggregating to $225 million. The following table presents the senior unsecured fixed rate notes balance as of December 31, 2019 and 2018.
 
 
 
 
 
 
Outstanding Balance
 
 
Maturity
 
Interest
 
December 31,
(Dollars in thousands)
 
Date
 
Rate
 
2019
 
2018
Notes Payable:
 
 
 
 
 
 
 
 
Senior unsecured fixed rate note, issued June 2017
 
Jun 2024
 
4.68
%
 
$
50,000

 
$
50,000

Senior unsecured fixed rate note, issued June 2017
 
Jun 2027
 
4.93
%
 
75,000

 
75,000

Senior unsecured fixed rate note, issued December 2018
 
Dec 2026
 
4.63
%
 
50,000

 
50,000

Senior unsecured fixed rate note, issued December 2018
 
Dec 2028
 
4.76
%
 
50,000

 
50,000

Total Notes
 
 
 
 
 
$
225,000

 
$
225,000



F-22

For the December 2018 notes, the all-in pricing represented 182 basis points and 192 basis points above the 8-year interpolated U.S. Treasury rate and the 10-year U.S. Treasury rate, respectively, at the time of pricing. For the June 2017 notes, the all-in pricing represented 235 basis points and 240 basis points above the 7-year and 10-year U.S. Treasury rates, respectively, at the time of pricing. 
The Note Purchase Agreements contains customary events of default, including payment defaults, cross defaults with certain other indebtedness, breaches of covenants and bankruptcy events. In the case of an event of default, the purchasers may, among other remedies, accelerate the payment of all obligations.
The Note Purchase Agreements have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States or any other jurisdiction absent registration or an applicable exemption from the registration requirements of the Securities Act and the applicable securities laws of any state or other jurisdiction. FCPT OP offered and sold the Note Purchase Agreements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.
Debt Covenants
Under the terms of the Note Purchase Agreement and Credit Agreement (the “Agreements”), the Agreements have the same guarantors. The Agreements contain customary financial covenants, including a total leverage ratio, a mortgage-secured leverage ratio, a secured recourse leverage ratio, a fixed charge coverage ratio, a minimum net worth requirement, an unencumbered leverage ratio and an unencumbered interest coverage ratio status. They also contain restrictive covenants that, among other things, restrict the ability of FCPT OP, the Company and their subsidiaries to enter into transactions with affiliates, merge, consolidate, create liens or make certain restricted payments. In addition, the Agreements include provisions providing that certain of such covenants will be automatically amended in the Note Purchase Agreement to conform to certain amendments that may from time to time be implemented to corresponding covenants under the Credit Agreement. At December 31, 2019, the Company was in compliance with all debt covenants.
NOTE 7 – DERIVATIVE FINANCIAL INSTRUMENTS
Risk Management Objective of Using Derivatives
We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in our payment of future cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.
Cash Flow Hedges of Interest Rate Risk
Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded on our Consolidated Balance Sheets in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

F-23

We have entered into interest rate swaps to hedge the variability associated with the Credit Agreement. The following table presents the swaps held as of December 31, 2019.
Product
 
Fixed Rate
 
Notional
(in thousands)
 
Index
 
Effective Date
 
Maturity Date
Swap
 
1.56
%
 
200,000

 
1 mo. USD-LIBOR-BBA
 
11/12/2015
 
11/9/2020
Swap
 
1.96
%
 
100,000

 
1 mo. USD-LIBOR-BBA
 
11/9/2018
 
11/9/2021
Swap
 
2.30
%
 
100,000

 
1 mo. USD-LIBOR-BBA
 
11/9/2020
 
11/9/2023
Swap (1)
 
2.00
%
 
100,000

 
1 mo. USD-LIBOR-BBA
 
11/9/2020
 
11/9/2022
Swap
 
1.91
%
 
150,000

 
1 mo. USD-LIBOR-BBA
 
11/9/2022
 
11/9/2024
Swap
 
1.63
%
 
50,000

 
3 mo. USD-LIBOR-BBA
 
7/31/2020
 
7/31/2030
(1) In November 2021, the notional amount of the swap increases to $200 million.

For the years ended December 31, 2019, 2018, and 2017, we recorded approximately $0, $0, and $54 thousand of income, respectively, related to hedge ineffectiveness in earnings. The hedge ineffectiveness is attributable to zero-percent floor and rounding mismatches in the hedging relationships.
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We estimate that during 2019 an additional $0.4 million will be reclassified to earnings as a increase to interest expense.
As of December 31, 2019, we had two interest rate swaps outstanding with current notionals of $300 million that were designated as cash flow hedges of interest rate risk.
Non-designated Hedges
We do not use derivatives for trading or speculative purposes. During the years ended December 31, 2019 and 2018, we did not have any derivatives that were not designated as cash flow hedges for accounting purposes.
Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets
The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2019 and 2018.
 
 
Derivative Assets
 
Derivative Liabilities
 
 
Balance Sheet Location
 
Fair Value at December 31,
 
Balance Sheet Location
 
Fair Value at December 31,
(Dollars in thousands)
 
 
2019
 
2018
 
 
2019
 
2018
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Interest rate swaps
 
Derivative assets
 
$
1,451

 
$
5,982

 
Derivative liabilities
 
$
5,005

 
$
—

Total
 
 
 
$
1,451

 
$
5,982

 
 
 
$
5,005

 
$
—



F-24

Tabular Disclosure of the Effect of Derivative Instruments on the Comprehensive Income Statement
The table below presents the effect of our interest rate swaps on the Comprehensive Income Statement for the years ending December 31, 2019, 2018, and 2017.
(Dollars in thousands)
 
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing)
 
Total Amount of Interest Expense Presented in the Consolidated Income Statements
Interest rate swaps
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
December 31, 2019
 
$
(7,818
)
 
Interest expense
 
$
1,722

 
Interest expense
 
$
—

 
$
26,516

Year Ended
December 31, 2018
 
3,257

 
Interest expense
 
2,235

 
Interest expense
 
—

 
19,959

Year Ended
December 31, 2017
 
2,942

 
Interest expense
 
(1,355
)
 
Interest expense
 
54

 
19,469


Tabular Disclosure Offsetting Derivatives
The table below presents a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of December 31, 2019 and 2018. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value which provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheets.
Offsetting of Derivative Assets
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts of Recognized Assets
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Assets Presented in the Consolidated Balance Sheets
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
(In thousands)
 
 
 
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
December 31, 2019
 
$
1,451

 
$
—

 
$
1,451

 
$
(1,451
)
 
$
—

 
$
—

December 31, 2018
 
5,982

 
—

 
5,982

 
—

 
—

 
5,982

Offsetting of Derivative Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Gross Amounts of Recognized Liabilities
 
Gross Amounts Offset in the Consolidated Balance Sheets
 
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets
 
Gross Amounts Not Offset in the Consolidated Balance Sheets
 
 
(In thousands)
 
 
 
 
Financial Instruments
 
Cash Collateral Posted
 
Net Amount
December 31, 2019
 
$
5,005

 
$
—

 
$
5,005

 
$
(1,451
)
 
$
—

 
$
3,554

December 31, 2018
 
—

 
—

 
—

 
—

 
—

 
—


Credit-risk-related Contingent Features
The agreement with our derivative counterparties provides that if we default on any of our indebtedness, including default for which repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations.
At December 31, 2019 the fair value of derivative in a net liability position related to these agreements was approximately $3.6 million and at December 31, 2018 the fair value of the derivative in a net asset position related to these agreements was $6.1 million. As of December 31, 2019, we have not posted any collateral related to these agreements. If we or our counterparty had

F-25

breached any of these provisions at December 31, 2019, we could have been required to settle our obligations under the agreements at their termination value of approximately $3.6 million.
NOTE 8 – SUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETS
Other Assets
The components of Other assets were as follows:
 
 
December 31,
(In thousands)
 
2019
 
2018
Prepaid acquisition costs
 
$
4,219

 
$
1,802

Operating lease right-of-use asset
 
3,810

 
—

Prepaid assets
 
845

 
815

Accounts receivable
 
380

 
782

Inventories
 
196

 
183

Escrow deposits
 
—

 
1,201

Other
 
715

 
456

Total Other Assets
 
$
10,165

 
$
5,239


Other Liabilities
The components of Other liabilities were as follows:
 
 
December 31,
(In thousands)
 
2019
 
2018
Operating lease liability
 
$
4,403

 
$
—

Accrued compensation
 
1,913

 
1,714

Intangible lease liabilities, net
 
1,768

 
577

Accrued interest expense
 
1,572

 
1,586

Accounts payable
 
799

 
986

Accrued operating expenses
 
396

 
486

Other
 
1,745

 
1,704

Total Other Liabilities
 
$
12,596

 
$
7,053


NOTE 9 – EQUITY
Preferred Stock
At December 31, 2019, the Company was authorized to issue 25,000,000 shares of $0.0001 par value per share of preferred stock. There were no shares issued and outstanding at December 31, 2019 or December 31, 2018.
Common Stock
At December 31, 2019, the Company was authorized to issue 500,000,000 shares of $0.0001 par value per share of common stock. Each holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held.
In August 2018, the Company completed a stock offering pursuant to which we sold 4,025,000 shares of our common stock, par value $0.01 per share, at a price of $25.00 per share. We raised $100.6 million in gross proceeds, resulting in net proceeds of approximately $96.3 million.

F-26

In March 2019, we declared a dividend of $0.2875 per share, which was paid in April 2019 to common stockholders of record as of March 29, 2019. In June 2019, we declared a dividend of $0.2875 per share, which was paid in July 2019 to common stockholders of record as of June 28, 2019. In September 2019, we declared a dividend of $0.2875 per share, which was paid in October 2019 to common stockholders of record as of September 27, 2019. In November 2019 we declared a dividend of $0.305 per share, which was payable on January 15, 2020 to common stockholders of record as of January 3, 2020.
As of December 31, 2019, there were 70,020,660 shares of the Company's common stock issued and outstanding.
Common Stock Issuance Under the At-The-Market Program
In December 2016, the Company entered into an “At-the-Market” (“ATM”) equity issuance program under which the Company may, at its discretion, issue and sell its common stock with a sales value of up to a maximum of $150.0 million through ATM offerings on the New York Stock Exchange through broker-dealers. During the year ended December 31, 2016, we sold 32,513 shares under the ATM program at a weighted-average selling price of $20.01 per share, for net proceeds of approximately $640 thousand (after issuance costs). During the year ended December 31, 2017, we sold 1,347,010 shares under the ATM program at a weighted-average selling price of $24.35 per share, for net proceeds of approximately $32.1 million (after issuance costs). During the year ended December 31, 2018, we sold 2,716,090 shares under the ATM program at a weighted-average selling price of $24.68 per share, for net proceeds of approximately $65.5 million (after issuance costs).
On March 22, 2019, the Company amended its ATM program and increased the maximum sales under ATM offerings to $210.0 million, thus adding an additional $160.0 million to the maximum sales under ATM offerings. In connection with the amended ATM program, the Company may enter into forward sale agreements with certain financial institutions acting as forward purchasers whereby, at the Company's discretion, the forward purchasers may borrow and sell shares of common stock under the amended ATM program. The use of forward sale agreements allows the Company to lock in a share price on the sale of shares of common stock at the time the respective forward sale agreements are executed but defer settling the forward sale agreements and receiving the proceeds from the sale of shares until a later date. During the year ended December 31, 2019, the Company executed and settled a forward sale agreement with a financial institution acting as forward purchaser under the ATM program to sell 1,603,478 shares of common stock at a sales price of $29.30 per share before sales commissions and offering expenses.
During the year ended December 31, 2019, we sold 1,663,116 shares shares under the amended ATM program, including the forward sale agreement, at a weighted-average selling price of $28.99 per share, for net proceeds of approximately $47.2 million (after issuance costs). At December 31, 2019, there was $161.8 million available for issuance under the ATM program.
Noncontrolling Interest
At December 31, 2019, there were 289,392 FCPT OP units (“OP units”) outstanding held by third parties. During the year ended December 31, 2019, FCPT OP did not issue any OP units for consideration in real estate transactions. Generally, OP Units participate in net income allocations and distributions and entitle their holder the right, subject to the terms set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the OP Units held by such limited partner. At FCPT OP’s option, it may satisfy this redemption with cash or by exchanging non-registered shares of FCPT common stock on a one-for-one basis. Prior to the redemption of units, the limited partners participate in net income allocations and distributions in a manner equivalent to the common stock holders. The redemption value of outstanding non-controlling interest OP units was $7.9 million, $10.8 million, and $10.6 million as of December 31, 2019, 2018, and 2017, respectively.
As of December 31, 2019, FCPT is the owner of approximately 99.59% of FCPT’s OP units. The remaining 0.41%, or 289,392, of FCPT’s OP units are held by unaffiliated limited partners. For the year ended December 31, 2019, FCPT OP distributed $355 thousand to limited partners and settled redemptions of 119,928 OP units: 113,962 OP units for cash, at a weighted average price per unit of $27.78 for $3.2 million; and 5,966 OP units for shares of common stock.

F-27

Earnings Per Share
The following table presents the computation of basic and diluted net earnings per common share for the years ended December 31, 2019, 2018, and 2017.
 
 
Year Ended December 31,
(In thousands except share and per share data)
 
2019
 
2018
 
2017
Average common shares outstanding – basic
 
68,430,841

 
64,041,255

 
60,627,423

Effect of dilutive stock based compensation
 
201,169

 
347,674

 
68,411

Average common shares outstanding – diluted
 
68,632,010

 
64,388,929

 
60,695,834

Net income
 
$
72,939

 
$
82,929

 
$
71,892

Basic net earnings per share
 
$
1.06

 
$
1.29

 
$
1.18

Diluted net earnings per share
 
$
1.06

 
$
1.28

 
$
1.18


For the years ended December 31, 2019, 2018, and 2017, the number of outstanding equity awards that were anti-dilutive totaled 324,246, 176,945, and 320,332, respectively. Exchangeable OP units have been omitted from the denominator for the purpose of computing diluted earnings per share since FCPT OP, at its option, may satisfy a redemption with cash or by exchanging non-registered shares of FCPT common stock. The weighted average exchangeable OP units outstanding for the year ended December 31, 2019, 2018, and 2017 totaled 289,392, 305,253, 409,320, respectively.
NOTE 10 – INCOME TAXES
The income tax expense (benefit) was composed as follows:
 
 
Year Ended December 31,
(In thousands)
 
2019
 
2018
 
2017
Current:
 
 
 
 
 
 
Federal
 
$
3

 
$
—

 
$
—

Current state and local
 
262

 
262

 
178

Total current
 
265

 
262

 
178

Deferred:
 
 
 
 
 
 
Federal deferred
 
—

 
—

 
(196
)
State deferred
 
—

 
—

 
—

Total deferred
 
—

 
—

 
(196
)
Total Income Tax Expense (Benefit)
 
$
265

 
$
262

 
$
(18
)

The following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate included in the accompanying consolidated statements of operations:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
U.S. statutory rate
 
21.0
 %
 
21.0
 %
 
34.0
 %
Current benefit
 
(21.0
)
 
(21.0
)
 
(34.1
)
State and local income taxes, net of federal tax benefits
 
0.8

 
0.7

 
0.1

Benefit of federal income tax credits
 
—

 
—

 
(0.5
)
Valuation allowance
 
—

 
—

 
0.4

Permanent differences
 
—

 
—

 
0.1

Effective Income Tax Rate
 
0.8
 %
 
0.7
 %
 
—
 %


F-28

In December 2017, the Tax Cuts and Jobs Act lowered the federal corporate income tax rate to 21% effective for taxable years after December 31, 2017. Due to FCPT’s REIT status, we did not recognize a significant impact to our reported results resulting from this change.
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses of the Kerrow Restaurants Operating Business, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2019. Changes in estimates of deferred tax asset realizability are included in Income tax expense in the Income Statements.
The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows:
 
 
December 31,
(In thousands)
 
2019
 
2018
 
2017
Compensation and employee benefits
 
$
40

 
$
37

 
$
30

Charitable contribution and credit carryforwards
 
636

 
484

 
366

Net operating losses
 
—

 
—

 
26

Lease payable
 
139

 
148

 
137

UNICAP
 
13

 
12

 
13

Gross deferred tax assets
 
828

 
681

 
572

Prepaid expenses
 
(25
)
 
(24
)
 
(23
)
Straight-line rent
 
 
 
—

 
—

Buildings and equipment (1)
 
(275
)
 
(284
)
 
(273
)
Gross deferred tax liabilities
 
(300
)
 
(308
)
 
(296
)
Valuation allowance
 
(528
)
 
(373
)
 
(276
)
Net Deferred Tax Assets (Liabilities)
 
$
—

 
$
—

 
$
—

(1)    These buildings and equipment in 2019, 2018 and 2017 relate to the Kerrow Restaurant Operating Business.
NOTE 11 – STOCK-BASED COMPENSATION
On October 20, 2015, the Board of Directors of FCPT adopted, and FCPT’s sole shareholder, Rare Hospitality International, Inc., approved, the Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan (the “Plan”). The Plan provides for the grant of awards of nonqualified stock options, stock appreciation rights, RSAs, RSUs, DSUs, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards (each, an “Award” and collectively, the “Awards”) to eligible participants. Subject to adjustment, the maximum number of shares of stock reserved for issuance under the Plan is equal to 2,100,000 shares.

F-29

At December 31, 2019, 1,475,745 shares of common stock were available for award under the Plan. The unamortized compensation cost of awards issued under the Incentive Plan totaled $3.12 million at December 31, 2019 as shown in the following table.
Equity Compensation Costs by Award Type
(In thousands)
 
Restricted Stock Units
 
Restricted Stock Awards
 
Performance Stock Units
 
Total
Unrecognized compensation cost at January 1, 2019
 
$
188

 
$
1,269

 
$
1,611

 
$
3,068

Equity grants
 
1,834

 
1,850

 
—

 
3,684

Equity grant forfeitures
 
—

 
(27
)
 
—

 
(27
)
Equity compensation expense
 
(732
)
 
(1,665
)
 
(1,205
)
 
(3,602
)
Unrecognized Compensation Cost at December 31, 2019
 
$
1,290

 
$
1,427

 
$
406

 
$
3,123


At December 31, 2019, the weighted average amortization period remaining for all of our equity awards was 2.1 years.
Restricted Stock Units
RSUs are granted at a value equal to the five-day average closing market price of our common stock on the date of grant and are settled in stock at the end of their vesting periods, which range between one and three years, at the then market price of our common stock.
The following table summarizes the activities related to RSUs for the years ended December 31, 2019, 2018, and 2017.
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
 
Units
 
Weighted Average Grant Date Fair Value
 
Units
 
Weighted Average Grant Date Fair Value
 
Units
 
Weighted Average Grant Date Fair Value
Outstanding at beginning of period
 
33,592

 
$
22.88

 
64,983

 
$
23.34

 
65,207

 
$
22.64

Units granted
 
67,368

 
$
27.17

 
17,896

 
$
23.19

 
9,379

 
$
25.78

Units vested
 
(9,487
)
 
$
23.19

 
(49,287
)
 
$
23.60

 
(9,603
)
 
$
20.96

Units forfeited
 
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Outstanding at End of Period
 
91,473

 
$
26.00

 
33,592

 
$
22.88

 
64,983

 
$
23.34


Expenses related to RSUs were $732 thousand, $750 thousand, and $695 thousand for the years ended December 31, 2019 2018, and 2017, respectively. Remaining unrecognized compensation cost related to RSU will be recognized over a weighted average period of less than five years. Restrictions on shares of restricted stock outstanding lapse through 2024. The Company expects all RSUs to vest.

F-30

Restricted Stock Awards
The following table summarizes the activities related to RSAs for the years ended December 31, 2019, 2018, and 2017.
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
 
 
Units
 
Weighted Average Grant Date Fair Value
 
Units
 
Weighted Average Grant Date Fair Value
 
Units
 
Weighted Average Grant Date Fair Value
Outstanding at beginning of period
 
100,402

 
$
21.76

 
81,909

 
$
19.40

 
53,280

 
$
16.55

Units granted
 
69,547

 
$
26.60

 
67,845

 
$
23.76

 
48,378

 
$
21.58

Units vested
 
(67,621
)
 
$
22.08

 
(47,292
)
 
$
20.45

 
(19,749
)
 
$
16.55

Units forfeited
 
(1,061
)
 
$
25.16

 
(2,060
)
 
$
23.87

 
—

 
$
—

Outstanding at End of Period
 
101,267

 
$
24.83

 
100,402

 
$
21.76

 
81,909

 
$
19.40


Expenses related to RSAs were $1.7 million, $1.3 million, and $617 thousand for the years ended December 31, 2019, 2018, and 2017, respectively. The remaining unrecognized compensation cost will be recognized over a weighted average period of less than three years. Restrictions on shares of RSAs outstanding lapse through 2022. The Company expects all RSAs to vest.
Performance-Based Restricted Stock Awards
During the years ended December 31, 2019, 2018, and 2017, there were 69,370, 68,490, and 63,538 PSUs as well as dividend equivalent rights granted under the Plan, respectively. The performance period of these grants runs from January 1, 2019 through December 31, 2021, January 1, 2018 through December 31, 2020, and from January 1, 2017 through December 31, 2019, respectively. Pursuant to the performance share award agreement, each participant is eligible to vest in and receive shares of the Company's common stock based on the initial target number of shares granted multiplied by a percentage range between 0% and 200%. The percentage range is based on the attainment of a total shareholder return of the Company compared to certain specified peer groups of companies during the performance period. The fair value of the performance shares were estimated on the date of grant using a Monte Carlo Simulation model.
During the years ended December 31, 2019, 2018, and 2017, PSUs were granted at a weighted average fair value of $26.57, $23.64, and $21.55 per unit, respectively. During the year ended December 31, 2019, 72,040 PSUs vested at 200%, resulting in the issuance of 144,080 shares. There were no target number of PSUs forfeited due to employee departures during the year ended December 31, 2019. The Company expects all PSUs to vest.
The grant date fair values of PSUs were determined through Monte-Carlo simulations using the following assumptions: our common stock closing price at the grant date, the average closing price of our common stock price for the 20 trading days prior to the grant date and a range of performance-based vesting based on estimated total stockholder return over three years from the grant date. For the 2019 PSU grant, the Company used an implied volatility assumption of 20.6% (based on historical volatility), and the risk free rate of 2.6% (the three-year Treasury rate on the grant date), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three-year performance period as is consistent with the terms of the PSUs). For the 2018 PSU grant, the Company used an implied volatility assumption of 20.4% (based on historical volatility), risk free rates of 2.20%, 2.26%, and 2.33% (the one-year Treasury rates on the grant dates), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three-year performance period as is consistent with the terms of the PSUs). For the 2017 PSU grant, the Company used an implied volatility assumption of 19.9% (based on historical volatility), risk free rates of 1.52% and 1.67% (the one-year and three-year Treasury rates on the grant date), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three-year performance period as is consistent with the terms of the PSUs).
Expenses related to PSUs were $1.2 million, 1.9 million and $1.4 million for the year ended December 31, 2019, 2018, and 2017, respectively.

F-31

NOTE 12 – FAIR VALUE MEASUREMENTS
The carrying amounts of certain of the Company’s financial instruments including cash equivalents, accounts receivable, accounts payable, accrued liabilities, and derivative financial instruments approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates.
Determining which category an asset or liability falls within the hierarchy requires significant judgment. We evaluate hierarchy disclosures each reporting period. The following table presents the derivative assets recorded that are reported at fair value on our Consolidated Balance Sheets on a recurring basis.
Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis
 
 
 
 
 
 
 
 
 
(In thousands)
 
Level 1
 
Level 2
 
Level 3
 
Total
Derivative Assets
 
 
 
 
 
 
 
 
December 31, 2019
 
$
—

 
$
1,451

 
$
—

 
$
1,451

December 31, 2018
 
—

 
5,982

 
—

 
5,982

Derivative Liabilities
 
 
 
 
 
 
 
 
December 31, 2019
 
$
—

 
$
5,005

 
$
—

 
$
5,005

December 31, 2018
 
—

 
—

 
—

 
—

Derivative Financial Instruments
Currently, we use interest rate swaps to manage our interest rate risk associated with our note payable. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.
The fair values of interest rate options will be determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.
To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to our derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of our derivatives held as of December 31, 2018 were classified as Level 2 of the fair value hierarchy.

F-32

The following table presents the carrying value and fair value of certain financial liabilities that are recorded on our Consolidated Balance Sheets.
Fair Value of Certain Financial Liabilities
December 31, 2019
 
 
 
 
(In thousands)
 
Carrying Value
 
Fair Value
Liabilities
 
 
 
 
Term loan due 2022, excluding deferred financing costs
 
$
150,000

 
$
150,834

Term loan due 2023, excluding deferred financing costs
 
150,000

 
150,510

Term loan due 2024, excluding deferred financing costs
 
100,000

 
100,352

Senior note due June 2024, excluding deferred financing costs
 
50,000

 
52,496

Senior note due June 2027, excluding deferred financing costs
 
75,000

 
81,176

Senior note due June 2026, excluding deferred financing costs
 
50,000

 
52,946

Senior note due June 2028, excluding deferred financing costs
 
50,000

 
53,902


December 31, 2018
 
 
 
 
(In thousands)
 
Carrying Value
 
Fair Value
Liabilities
 
 
 
 
Term loan due 2022, excluding deferred financing costs
 
$
150,000

 
$
151,042

Term loan due 2023, excluding deferred financing costs
 
150,000

 
150,651

Term loan due 2024, excluding deferred financing costs
 
100,000

 
100,453

Senior note due June 2024, excluding deferred financing costs
 
50,000

 
50,834

Senior note due June 2027, excluding deferred financing costs
 
75,000

 
77,471

Senior note due June 2026, excluding deferred financing costs
 
50,000

 
50,533

Senior note due June 2028, excluding deferred financing costs
 
50,000

 
50,917


The fair value of the Notes payable (Level 2) is determined using the present value of the contractual cash flows, discounted at the current market cost of debt.
NOTE 13 – COMMITMENTS AND CONTINGENCIES
Litigation
We are subject to private lawsuits, administrative proceedings and claims that arise in the ordinary course of our business. A number of these lawsuits, proceedings and claims may exist at any given time. These matters typically involve claims from guests, employee wage and hour claims and others related to operational issues common to the restaurant industry. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits, proceedings or claims. While the resolution of a lawsuit, proceeding or claim may have an impact on our financial results for the period in which it is resolved, we believe that the maximum liability related to probable lawsuits, proceedings and claims in which we are currently involved, individually and in the aggregate, will not have a material adverse effect on our financial position, results of operations or liquidity.
NOTE 14 – SEGMENTS
During 2019, 2018, and 2017, we operated in two segments: real estate operations and restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed. The accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies.

F-33

The following tables present financial information by segment for the years ended December 31, 2019, 2018, and 2017.
For the Year Ended December 31, 2019
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Intercompany
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental
 
$
139,682

 
—

 
$
—

 
$
139,682

Intercompany rental
 
410

 
—

 
(410
)
 
—

Restaurant
 
—

 
20,551

 
—

 
20,551

Total revenues
 
140,092

 
20,551

 
(410
)
 
160,233

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
13,934

 
—

 
—

 
13,934

Depreciation and amortization
 
25,780

 
532

 
—

 
26,312

Property
 
1,579

 
 
 
 
 
1,579

Restaurant
 
—

 
20,042

 
(410
)
 
19,632

Total operating expenses
 
41,293

 
20,574

 
(410
)
 
61,457

Interest expense
 
(26,516
)
 
—

 
—

 
(26,516
)
Other income, net
 
944

 
—

 
—

 
944

Realized gain on sale, net
 
—

 
—

 
—

 
—

Income tax expense
 
(152
)
 
(113
)
 
—

 
(265
)
Net Income (Loss)
 
$
73,075

 
$
(136
)
 
$
—

 
$
72,939

For the Year Ended December 31, 2018
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Intercompany
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental
 
$
123,665

 
$
—

 
$
—

 
$
123,665

Intercompany rental
 
401

 
—

 
(401
)
 
—

Restaurant
 
—

 
19,970

 
—

 
19,970

Total revenues
 
124,066

 
19,970

 
(401
)
 
143,635

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
13,206

 
—

 
—

 
13,206

Depreciation and amortization
 
23,373

 
511

 
—

 
23,884

Property
 
433

 
 
 
 
 
433

Restaurant
 
—

 
19,415

 
(401
)
 
19,014

Total operating expenses
 
37,012

 
19,926

 
(401
)
 
56,537

Interest expense
 
(19,959
)
 
—

 
—

 
(19,959
)
Other income, net
 
781

 
—

 
—

 
781

Realized gain on sale, net
 
15,271

 
—

 
—

 
15,271

Income tax expense
 
(156
)
 
(106
)
 
—

 
(262
)
Net Income (Loss)
 
$
82,991

 
$
(62
)
 
$
—

 
$
82,929


F-34

For the Year Ended December 31, 2017
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Intercompany
 
Total
Revenues:
 
 
 
 
 
 
 
 
Rental
 
$
113,937

 
$
—

 
$
—

 
$
113,937

Intercompany rental
 
395

 
—

 
(395
)
 
—

Restaurant
 
—

 
19,272

 
—

 
19,272

Total revenues
 
114,332

 
19,272

 
(395
)
 
133,209

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
11,976

 
—

 
—

 
11,976

Depreciation and amortization
 
21,237

 
574

 
—

 
21,811

Property
 
283

 
 
 
 
 
283

Restaurant
 
—

 
19,047

 
(395
)
 
18,652

Total operating expenses
 
33,496

 
19,621

 
(395
)
 
52,722

Interest expense
 
(19,469
)
 
—

 
—

 
(19,469
)
Other income, net
 
324

 
—

 
—

 
324

Realized gain on sale, net
 
10,532

 
—

 
—

 
10,532

Income tax (expense) benefit
 
(77
)
 
95

 
—

 
18

Net Income (Loss)
 
$
72,146

 
$
(254
)
 
$
—

 
$
71,892

The following table presents supplemental information by segment at December 31, 2019 and 2018.
December 31, 2019
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Total
Total real estate investments
 
$
1,952,855

 
$
14,879

 
$
1,967,734

Accumulated depreciation
 
(630,250
)
 
(5,380
)
 
(635,630
)
Total real estate investments, net
 
1,322,605

 
9,499

 
1,332,104

Cash and cash equivalents
 
4,032

 
1,051

 
5,083

Total assets
 
1,431,003

 
15,067

 
1,446,070

Long-term debt, net of deferred financing costs
 
669,940

 
—

 
669,940

December 31, 2018
(In thousands)
 
Real Estate Operations
 
Restaurant Operations
 
Total
Total real estate investments
 
$
1,788,462

 
$
16,819

 
$
1,805,281

Accumulated depreciation
 
(607,556
)
 
(7,028
)
 
(614,584
)
Total real estate investments, net
 
1,180,906

 
9,791

 
1,190,697

Cash and cash equivalents
 
90,690

 
1,351

 
92,041

Total assets
 
1,331,213

 
11,885

 
1,343,098

Long-term debt, net of deferred financing costs
 
615,892

 
—

 
615,892


NOTE 15 – SUBSEQUENT EVENTS
In the first quarter through February 25, 2020, the Company invested $27.3 million, net of transaction costs, in acquisitions of 17 restaurant and retail properties and ground leasehold interests located in nine states. These properties are 100% occupied under net leases. The Company funded the acquisitions using the revolving credit facility and cash on hand. The Company

F-35

anticipates accounting for these acquisitions as asset acquisitions in accordance with GAAP. There were no material contingent liabilities associated with these transactions at December 31, 2019.

F-36

NOTE 16 – SELECTED QUARTERLY FINANCIAL DATA
(In thousands, except per share amounts)
 
January 1, 2019 - March 31, 2019
 
April 1, 2019 - June 30, 2019
 
July 1, 2019 - September 30, 2019
 
October 1, 2019 - December 31, 2019
Revenues:
 
 
 
 
 
 
 
 
Rental
 
$
34,208

 
$
34,415

 
$
35,209

 
$
35,850

Restaurant
 
5,393

 
5,153

 
4,974

 
5,031

Total revenues
 
39,601

 
39,568

 
40,183

 
40,881

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
3,946

 
3,431

 
3,389

 
3,168

Depreciation and amortization
 
6,361

 
6,518

 
6,653

 
6,780

Property expenses
 
308

 
417

 
346

 
508

Restaurant expense
 
4,983

 
4,954

 
4,805

 
4,890

Total operating expenses
 
15,598

 
15,320

 
15,193

 
15,346

Interest expense
 
(6,747
)
 
(6,557
)
 
(6,665
)
 
(6,547
)
Other income
 
413

 
306

 
153

 
72

Realized gain on sale, net
 
—

 
—

 
—

 
—

Income tax expense
 
$
(68
)
 
$
(61
)
 
$
(69
)
 
$
(67
)
Net Income
 
$
17,601

 
$
17,936

 
$
18,409

 
$
18,993

Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.26

 
$
0.26

 
$
0.27

 
$
0.27

Diluted
 
0.26

 
0.26

 
0.27

 
0.27

Distributions declared per share
 
$
0.2875

 
$
0.2875

 
$
0.2875

 
$
0.3050


F-37

(In thousands, except per share amounts)
 
January 1, 2018 - March 31, 2018
 
April 1, 2018 - June 30, 2018
 
July 1, 2018 - September 30, 2018
 
October 1, 2018 - December 31, 2018
Revenues:
 
 
 
 
 
 
 
 
Rental
 
$
29,589

 
$
29,596

 
$
31,324

 
$
33,156

Restaurant
 
5,214

 
5,079

 
4,798

 
4,879

Total revenues
 
34,803

 
34,675

 
36,122

 
38,035

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
3,567

 
3,093

 
3,099

 
3,447

Depreciation and amortization
 
5,345

 
5,225

 
5,743

 
7,571

Property expense
 
86

 
95

 
109

 
143

Restaurant expense
 
4,870

 
4,786

 
4,713

 
4,645

Total operating expenses
 
13,868

 
13,199

 
13,664

 
15,806

Interest expense
 
(4,855
)
 
(4,877
)
 
(4,934
)
 
(5,293
)
Other income
 
342

 
215

 
147

 
77

Realized gain on sale, net
 
—

 
10,879

 
—

 
4,392

Income tax expense
 
(58
)
 
(66
)
 
(64
)
 
(74
)
Net Income
 
$
16,364

 
$
27,627

 
$
17,607

 
$
21,331

Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.27

 
$
0.44

 
$
0.27

 
$
0.31

Diluted
 
0.26

 
0.44

 
0.27

 
0.31

Distributions declared per share
 
$
0.2750

 
$
0.2750

 
$
0.2750

 
$
0.2875

(In thousands, except per share amounts)
 
January 1, 2017 - March 31, 2017
 
April 1, 2017 - June 30, 2017
 
July 1, 2017 - September 30, 2017
 
October 1, 2017 - December 31, 2017
Revenues:
 
 
 
 
 
 
 
 
Rental
 
$
27,764

 
$
28,327

 
$
28,835

 
$
29,011

Restaurant
 
4,943

 
4,826

 
4,676

 
4,827

Total revenues
 
32,707

 
33,153

 
33,511

 
33,838

Operating expenses:
 
 
 
 
 
 
 
 
General and administrative
 
2,779

 
3,379

 
2,828

 
2,990

Depreciation and amortization
 
5,409

 
5,420

 
5,425

 
5,557

Property expense
 
78

 
80

 
71

 
54

Restaurant expense
 
4,668

 
4,583

 
4,572

 
4,829

Total operating expenses
 
12,934

 
13,462

 
12,896

 
13,430

Interest expense
 
(4,094
)
 
(4,509
)
 
(5,463
)
 
(5,403
)
Other income
 
5

 
34

 
172

 
113

Realized gain on sale, net
 
—

 
3,292

 
4,042

 
3,198

Income tax (expense) benefit
 
(45
)
 
(61
)
 
(33
)
 
157

Net Income
 
$
15,639

 
$
18,447

 
$
19,333

 
$
18,473

Earnings per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.26

 
$
0.30

 
$
0.31

 
$
0.30

Diluted
 
0.26

 
0.30

 
0.31

 
0.30

Distributions declared per share
 
$
0.2425

 
$
0.2425

 
$
0.2425

 
$
0.2750




F-38

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
APB
Tracy, CA
1,267
—
—
 
—
—
—
 
1,267
—
—
1,267
—
2004
11/20/2018
—
ARB
Rocky Mount, NC
261
1,405
—
 
—
—
—
 
261
1,405
—
1,666
125
2004
9/6/2016
 10 - 45
ARB
Roanoke Rapids, NC
288
1,563
—
 
—
—
—
 
288
1,563
—
1,851
146
2003
9/6/2016
 10 - 45
ARB
South Hill, VA
538
1,283
—
 
—
—
—
 
538
1,283
—
1,821
109
2002
11/3/2016
 10 - 50
ARB
Wake Forest, NC
805
1,344
—
 
—
—
—
 
805
1,344
—
2,149
140
2005
11/3/2016
 9 - 49
ARB
Birch Run, MI
590
777
—
 
—
—
—
 
590
777
—
1,367
97
1991
11/9/2016
 10 - 40
ARB
Brighton, MI
456
990
—
 
—
—
—
 
456
990
—
1,446
100
1987
11/9/2016
 10 - 40
ARB
Cedar Rapids, IA
485
—
—
 
—
—
—
 
485
—
—
485
—
1987
1/12/2018
—
ARB
Plainwell, MI
696
837
—
 
—
—
—
 
696
837
—
1,533
57
1999
8/6/2018
 3 - 36
ARB
Logan, UT
827
1,157
—
 
—
—
—
 
827
1,157
—
1,984
25
1980
5/1/2019
 5 - 40
ARB
Spring Lake, MI
317
762
—
 
—
—
—
 
317
762
—
1,079
14
1986
6/21/2019
 5 - 30
ARB
Holland, MI
735
735
—
 
—
—
—
 
735
735
—
1,469
18
1988
6/21/2019
 5 - 30
ARB
Muskegon, MI
486
919
—
 
—
—
—
 
486
919
—
1,405
15
1979
6/21/2019
 5 - 40
ARB
Kokomo, IN
902
—
—
 
—
—
—
 
902
—
—
902
—
2003
8/1/2019
—
BB
Raleigh, NC
2,507
3,230
155
 
—
918
314
 
2,507
4,148
469
7,124
3,061
1999
5/17/1999
 2 - 38
BB
Duluth, GA
1,292
2,362
254
 
—
1,378
274
 
1,292
3,740
528
5,560
2,959
1999
5/24/1999
 2 - 38
BB
Miami, FL
1,731
3,427
222
 
—
1,162
422
 
1,731
4,589
644
6,964
3,313
2000
4/4/2000
 2 - 35
BB
Fort Myers, FL
1,914
2,863
186
 
—
916
398
 
1,914
3,779
584
6,277
2,637
2000
5/16/2000
 2 - 35
BB
Pembroke Pines, FL
1,808
2,999
207
 
—
1,039
382
 
1,808
4,038
589
6,435
2,777
2000
12/18/2000
 2 - 35
BB
Livonia, MI
2,105
3,856
286
 
—
362
138
 
2,105
4,218
424
6,747
3,034
2001
2/6/2001
 2 - 36
BB
Sunrise, FL
1,515
3,251
138
 
—
450
224
 
1,515
3,701
362
5,578
2,320
2002
10/22/2002
 2 - 37
BB
Jacksonville, FL
2,235
2,295
344
 
—
50
13
 
2,235
2,345
357
4,937
1,125
2010
3/29/2010
 2 - 45
BB
Orlando, FL
1,659
2,340
356
 
—
324
41
 
1,659
2,664
397
4,720
980
2012
2/27/2012
 2 - 47
BE
Dover, DE
591
1,713
—
 
—
—
—
 
591
1,713
—
2,304
129
1993
4/28/2017
 10 - 50
BE
Indianapolis, IN
603
1,701
—
 
—
—
—
 
603
1,701
—
2,304
124
1991
4/28/2017
 10 - 50
BE
Bowie, MD
506
1,940
—
 
—
—
—
 
506
1,940
—
2,446
144
1995
4/28/2017
 10 - 50
BE
Catonsville, MD
170
1,091
—
 
—
—
—
 
170
1,091
—
1,261
87
2003
4/28/2017
 10 - 50
BE
Midland, MI
1,060
1,567
—
 
—
—
—
 
1,060
1,567
—
2,627
116
1998
4/28/2017
 10 - 50
BE
Niagara Falls, NY
304
1,892
—
 
—
—
—
 
304
1,892
—
2,196
141
1992
4/28/2017
 10 - 50
BE
Independence, OH
1,161
1,847
—
 
—
—
—
 
1,161
1,847
—
3,008
128
1994
4/28/2017
 11 - 51
BE
Centerville, OH
947
1,209
—
 
—
—
—
 
947
1,209
—
2,156
106
1997
4/28/2017
 7 - 45
BE
Blacklick, OH
1,178
1,269
—
 
—
—
—
 
1,178
1,269
—
2,447
123
1999
4/28/2017
 7 - 45
BE
Celina, OH
944
1,431
—
 
—
—
—
 
944
1,431
—
2,375
110
2005
4/28/2017
 9 - 49


F-39

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
BE
Canton, OH
755
1,441
—
 
—
—
—
 
755
1,441
—
2,196
101
2005
4/28/2017
 10 - 50
BE
Kent, OH
814
1,215
—
 
—
—
—
 
814
1,215
—
2,029
90
1994
4/28/2017
 10 - 50
BE
Waynesburg, PA
389
1,758
—
 
—
—
—
 
389
1,758
—
2,147
143
2006
4/28/2017
 10 - 50
BE
Fredericksburg, VA
218
1,068
—
 
—
—
—
 
218
1,068
—
1,286
90
2006
4/28/2017
 7 - 45
BE
Kanawha City, WV
405
1,899
—
 
—
—
—
 
405
1,899
—
2,304
136
2000
4/28/2017
 10 - 50
BE
Lima, OH
1,382
1,461
—
 
—
—
—
 
1,382
1,461
—
2,843
121
1988
4/28/2017
 9 - 49
BE
Englewood, OH
958
—
—
 
—
—
—
 
958
—
—
958
—
2004
10/18/2019
—
BJ
Youngstown, OH
1,125
—
—
 
—
—
—
 
1,125
—
—
1,125
—
2017
1/12/2018
—
BJ
Longview, TX
1,508
—
—
 
—
—
—
 
1,508
—
—
1,508
—
2015
11/16/2018
—
BJ
Livonia, MI
638
3,259
—
 
—
—
—
 
638
3,259
—
3,897
62
2018
12/28/2018
 14 - 54
BJ
Ft. Wayne, IN
2,878
—
—
 
—
—
—
 
2,878
—
—
2,878
—
2016
12/24/2019
—
BJ
Little Rock, AR
3,646
—
—
 
—
—
—
 
3,646
—
—
3,646
—
2014
12/27/2019
—
BK
Keysville, VA
571
1,424
—
 
—
—
—
 
571
1,424
—
1,995
122
1996
10/28/2016
 10 - 50
BK
Roxboro, NC
601
2,089
—
 
—
—
—
 
601
2,089
—
2,690
162
1989
10/28/2016
 10 - 50
BK
Oxford, NC
449
1,892
—
 
—
—
—
 
449
1,892
—
2,341
152
1982
10/28/2016
 10 - 50
BK
Huntsville, AL
460
1,549
—
 
—
—
—
 
460
1,549
—
2,009
136
2000
10/28/2016
 10 - 50
BK
Amory, MS
570
2,159
—
 
—
—
—
 
570
2,159
—
2,729
150
2016
10/28/2016
 14 - 54
BK
Madisonville, KY
1,071
1,257
—
 
—
—
—
 
1,071
1,257
—
2,328
135
1986
11/9/2016
 10 - 45
BK
Monterey, TN
429
1,611
—
 
—
—
—
 
429
1,611
—
2,040
122
2000
12/28/2016
 10 - 50
BK
Crossville, TN
397
1,873
—
 
—
—
—
 
397
1,873
—
2,270
139
1987
12/28/2016
 10 - 50
BK
Livingston, TN
481
1,354
—
 
—
—
—
 
481
1,354
—
1,835
102
2015
12/28/2016
 13 - 53
BK
Mount Juliet, TN
683
1,101
—
 
—
—
—
 
683
1,101
—
1,784
138
1988
12/28/2016
 7 - 40
BK
Herkimer, NY
308
1,460
—
 
—
—
—
 
308
1,460
—
1,768
94
2002
1/12/2017
 13 - 53
BK
Chattanooga, TN
485
894
—
 
—
—
—
 
485
894
—
1,379
80
1998
1/12/2017
 10 - 45
BK
Salem, IN
534
1,608
—
 
—
—
—
 
534
1,608
—
2,142
97
2016
6/30/2017
 14 - 54
BK
Tupelo, MS
772
1,765
—
 
—
—
—
 
772
1,765
—
2,537
104
2016
6/30/2017
 14 - 54
BK
Booneville, MS
448
1,253
—
 
—
—
—
 
448
1,253
—
1,701
76
2016
6/30/2017
 14 - 54
BK
Tupelo, MS
953
1,418
—
 
—
—
—
 
953
1,418
—
2,371
101
1998
6/30/2017
 10 - 50
BK
Memphis, TN
739
1,708
—
 
—
—
—
 
739
1,708
—
2,447
95
1996
6/30/2017
 15 - 55
BK
Columbus, MS
922
1,633
—
 
—
—
—
 
922
1,633
—
2,555
108
2000
6/30/2017
 12 - 52
BK
Tupelo, MS
826
1,774
—
 
—
—
—
 
826
1,774
—
2,600
114
1998
6/30/2017
 10 - 50
BK
Olive Branch, MS
521
1,317
—
 
—
—
—
 
521
1,317
—
1,838
72
2016
12/19/2017
 14 - 54
BK
Holly Springs, MS
335
1,253
—
 
—
—
—
 
335
1,253
—
1,588
62
2016
12/19/2017
 14 - 54
BK
Waldorf, MD
747
1,214
—
 
—
—
—
 
747
1,214
—
1,961
30
1989
4/3/2019
 10 - 40


F-40

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
BWW
Burlington, IA
137
2,530
—
 
—
—
—
 
137
2,530
—
2,667
211
2010
9/15/2016
 10 - 49
BWW
Galesburg, IL
157
2,510
—
 
—
—
—
 
157
2,510
—
2,667
226
2009
9/15/2016
 10 - 46
BWW
Macomb, IL
138
2,528
—
 
—
—
—
 
138
2,528
—
2,666
215
2009
9/15/2016
 10 - 48
BWW
Springfield, IL
825
2,352
—
 
—
—
—
 
825
2,352
—
3,177
127
2006
1/10/2018
 10 - 50
BWW
Quincy, IL
676
2,378
—
 
—
—
—
 
676
2,378
—
3,054
120
2007
1/10/2018
 10 - 50
BWW
Orange Park, FL
1,768
—
—
 
—
—
—
 
1,768
—
—
1,768
—
1997
1/12/2018
—
BWW
Florence, SC
1,638
—
—
 
—
—
—
 
1,638
—
—
1,638
—
2011
6/29/2018
—
BWW
Austin, TX
1,250
—
—
 
—
—
—
 
1,250
—
—
1,250
—
2010
7/16/2018
—
BWW
Hendersonville, TN
1,401
—
—
 
—
—
—
 
1,401
—
—
1,401
—
2009
8/8/2018
—
BWW
Grand Junction, CO
1,182
—
—
 
—
—
—
 
1,182
—
—
1,182
—
2004
1/18/2019
—
BWW
Loredo, TX
1,287
1,923
—
 
—
—
—
 
1,287
1,923
—
3,210
55
2001
2/8/2019
 10 - 45
BWW
Rockaway, NJ
787
—
—
 
—
—
—
 
787
—
—
787
—
2013
2/11/2019
—
BWW
Centerville, GA
1,001
—
—
 
—
—
—
 
1,001
—
—
1,001
—
2011
8/1/2019
—
BWW
Mansfield, TX
1,438
845
—
 
—
—
—
 
1,438
845
—
2,282
7
2007
10/21/2019
 10 - 25
BWW
Fort Worth, TX
1,484
922
—
 
—
—
—
 
1,484
922
—
2,405
8
2007
11/4/2019
 10 - 25
BWW
Racine, WI
1,898
—
—
 
—
—
—
 
1,898
—
—
1,898
—
2013
11/12/2019
—
BWW
Suffolk, VA
602
1,779
—
 
—
—
—
 
602
1,779
—
2,381
45
2012
12/31/2018
 9 - 49
CB
Bloomingdale, IL
1,328
—
—
 
—
—
—
 
1,328
—
—
1,328
—
1991
10/18/2019
—
CFA
Cedar Rapids, IA
1,894
—
—
 
—
—
—
 
1,894
—
—
1,894
—
2012
1/12/2018
—
CFA
Sioux City, IA
1,162
—
—
 
—
—
—
 
1,162
—
—
1,162
—
2012
6/28/2019
—
CFA
Rehoboth Beach, DE
2,081
—
—
 
—
—
—
 
2,081
—
—
2,081
—
2013
12/24/2019
—
CFA
Ft. Wayne, IN
2,251
—
—
 
—
—
—
 
2,251
—
—
2,251
—
2019
12/24/2019
—
CGR
Bloomingdale, IL
1,111
—
—
 
—
—
—
 
1,111
—
—
1,111
—
1990
1/12/2018
—
CGR
Baton Rouge, LA
1,146
1,077
—
 
—
—
—
 
1,146
1,077
—
2,223
67
1985
8/8/2018
 5 - 30
CGR
Mesquite, TX
2,180
2,938
—
 
—
—
—
 
2,180
2,938
—
5,118
98
2012
8/8/2018
 13 - 53
CGR
Palm Bay, FL
1,666
2,881
—
 
—
—
—
 
1,666
2,881
—
4,547
101
1994
8/8/2018
 12 - 52
CGR
Madison, TN
1,178
2,372
—
 
—
—
—
 
1,178
2,372
—
3,550
85
1989
8/8/2018
 11 - 51
CGR
Ocala, FL
2,017
2,216
—
 
—
—
—
 
2,017
2,216
—
4,233
86
1989
8/8/2018
 11 - 51
CGR
Palmdale, CA
1,234
2,573
—
 
—
—
—
 
1,234
2,573
—
3,807
91
1991
8/8/2018
 9 - 49
CGR
Sebring, FL
1,568
2,275
—
 
—
—
—
 
1,568
2,275
—
3,843
84
1992
8/8/2018
 11 - 51
CGR
Tarpon Springs, FL
1,394
2,232
—
 
—
—
—
 
1,394
2,232
—
3,626
88
1994
8/8/2018
 10 - 50
CGR
Peoria, AZ
867
1,199
—
 
—
—
—
 
867
1,199
—
2,066
76
1993
8/8/2018
 5 - 31


F-41

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
CGR
The Woodlands, TX
1,445
1,218
—
 
—
—
—
 
1,445
1,218
—
2,663
71
1995
8/8/2018
 5 - 35
CGR
Orlando, FL
2,106
1,376
—
 
—
—
—
 
2,106
1,376
—
3,482
78
1994
8/8/2018
 5 - 35
CGR
Kissimmee, FL
2,101
2,052
—
 
—
—
—
 
2,101
2,052
—
4,153
86
1994
8/8/2018
 7 - 47
CGR
Mesa, AZ
1,295
1,628
—
 
—
—
—
 
1,295
1,628
—
2,923
82
1994
8/8/2018
 5 - 40
CGR
Katy, TX
1,930
1,907
—
 
—
—
—
 
1,930
1,907
—
3,837
82
1995
8/8/2018
 10 - 45
CGR
McAllen, TX
759
1,691
—
 
—
—
—
 
759
1,691
—
2,450
86
1994
8/8/2018
 5 - 35
CGR
Winter Haven, FL
922
1,926
—
 
—
—
—
 
922
1,926
—
2,848
81
1995
8/8/2018
 7 - 47
CGR
Ormond Beach, FL
545
1,104
—
 
—
—
—
 
545
1,104
—
1,649
70
1995
8/8/2018
 3 - 32
CGR
Pembroke Pines, FL
1,757
1,514
—
 
—
—
—
 
1,757
1,514
—
3,271
88
1996
8/8/2018
 5 - 40
CGR
High Point, NC
955
1,446
—
 
—
—
—
 
955
1,446
—
2,401
62
1996
8/8/2018
 5 - 55
CGR
Anderson, SC
1,647
2,252
—
 
—
—
—
 
1,647
2,252
—
3,899
79
1995
8/8/2018
 13 - 53
CGR
Burleson, TX
2,612
2,321
—
 
—
—
—
 
2,612
2,321
—
4,933
107
1998
8/8/2018
 5 - 45
CGR
Brownsville, TX
2,111
2,868
—
 
—
—
—
 
2,111
2,868
—
4,979
101
1999
8/8/2018
 12 -52
CGR
Hermitage, TN
1,226
1,564
—
 
—
—
—
 
1,226
1,564
—
2,790
80
2000
8/8/2018
 5 - 39
CGR
Reno, NV
723
2,496
—
 
—
—
—
 
723
2,496
—
3,219
82
2002
8/8/2018
 10 - 50
CGR
Bartlesville, OK
1,497
1,571
—
 
—
—
—
 
1,497
1,571
—
3,068
66
2002
8/8/2018
 10 - 50
CGR
Gallatin, TN
821
1,613
—
 
—
—
—
 
821
1,613
—
2,434
65
2002
8/8/2018
 10 - 50
CGR
Tampa, FL
920
1,839
—
 
—
—
—
 
920
1,839
—
2,759
83
2002
8/8/2018
 7 - 40
CGR
Atascocita, TX
1,953
2,256
—
 
—
—
—
 
1,953
2,256
—
4,209
83
2002
8/8/2018
 12 - 52
CGR
Canon City, CO
709
1,928
—
 
—
—
—
 
709
1,928
—
2,637
72
2002
8/8/2018
 10 - 50
CGR
Chattanooga, TN
350
1,852
—
 
—
—
—
 
350
1,852
—
2,202
57
2003
8/8/2018
 11 - 51
CGR
Hobbs, NM
1,424
1,746
—
 
—
—
—
 
1,424
1,746
—
3,170
69
2003
8/8/2018
 10 - 50
CGR
Gonzales, LA
1,681
2,292
—
 
—
—
—
 
1,681
2,292
—
3,973
84
2003
8/8/2018
 10 - 50
CGR
Tupelo, MS
890
1,514
—
 
—
—
—
 
890
1,514
—
2,404
77
2003
8/8/2018
 5 - 40
CGR
Las Cruces, NM
1,645
1,720
—
 
—
—
—
 
1,645
1,720
—
3,365
78
1991
8/8/2018
 7 - 45
CGR
Carson City, NV
775
467
—
 
—
—
—
 
775
467
—
1,242
35
2004
8/8/2018
 5 - 41
CGR
Lady Lake, FL
2,474
2,618
—
 
—
—
—
 
2,474
2,618
—
5,092
101
2004
8/8/2018
 12 - 52
CGR
Lone Tree, CO
753
1,511
—
 
—
—
—
 
753
1,511
—
2,264
75
2004
8/8/2018
 5 - 41
CGR
Bristol, VA
1,059
1,563
—
 
—
—
—
 
1,059
1,563
—
2,622
81
2004
8/8/2018
 5 - 41
CGR
Trinity, FL
1,701
2,613
—
 
—
—
—
 
1,701
2,613
—
4,314
92
2004
8/8/2018
 13 - 53
CGR
Kingsville, TX
1,254
1,719
—
 
—
—
—
 
1,254
1,719
—
2,973
67
2004
8/8/2018
 9 - 49
CGR
Conroe, TX
1,224
1,661
—
 
—
—
—
 
1,224
1,661
—
2,885
77
2004
8/8/2018
 7 - 45
CGR
Portland, TX
1,537
2,089
—
 
—
—
—
 
1,537
2,089
—
3,626
86
2005
8/8/2018
 10 - 45
CGR
Plainview, TX
657
1,302
—
 
—
—
—
 
657
1,302
—
1,959
58
2005
8/8/2018
 5 - 45


F-42

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
CGR
Pinellas Park, FL
2,857
2,352
—
 
—
—
—
 
2,857
2,352
—
5,209
88
2005
8/8/2018
 10 - 50
CGR
Conyers, GA
1,049
2,168
—
 
—
—
—
 
1,049
2,168
—
3,217
87
2000
8/8/2018
 7 - 45
CGR
Eagle Pass, TX
1,338
1,859
—
 
—
—
—
 
1,338
1,859
—
3,197
84
2007
8/8/2018
 5 - 45
CGR
Enid, OK
1,712
2,805
—
 
—
—
—
 
1,712
2,805
—
4,517
104
1996
9/14/2018
 10 - 45
CGR
Lawton, OK
1,072
1,197
—
 
—
—
—
 
1,072
1,197
—
2,269
64
1999
9/14/2018
 3 - 36
CGR
Austin, TX
988
1,330
—
 
—
—
—
 
988
1,330
—
2,318
61
2003
9/14/2018
 1 - 41
CGR
Greenville, TX
1,495
1,431
—
 
—
—
—
 
1,495
1,431
—
2,926
58
2002
9/28/2018
 10 - 45
CGR
Arcadia, FL
1,575
1,408
—
 
—
—
—
 
1,575
1,408
—
2,983
61
2005
9/28/2018
 5 - 45
CGR
Aurora, CO
649
1,534
—
 
—
—
—
 
649
1,534
—
2,183
58
1990
10/23/2018
 5 - 40
CGR
Coralville, IA
1,628
—
—
 
—
—
—
 
1,628
—
—
1,628
—
1998
12/26/2019
—
CGR
Alamosa, CO
1,992
1,206
—
 
—
—
—
 
1,992
1,206
—
3,199
—
2007
12/27/2019
 10 - 35
CGR
Pueblo, CO
800
1,694
—
 
—
—
—
 
800
1,694
—
2,494
—
2005
12/27/2019
 10 - 35
CGR
Lafayette, LA
3,183
1,579
—
 
—
—
—
 
3,183
1,579
—
4,761
—
2005
12/27/2019
 10 - 35
CGR
Southaven, MS
2,332
1,770
—
 
—
—
—
 
2,332
1,770
—
4,102
—
2000
12/27/2019
 10 - 35
CGR
Shawnee, OK
2,077
1,370
—
 
—
—
—
 
2,077
1,370
—
3,448
—
2001
12/27/2019
 10 - 35
CGR
Harlingen, TX
3,054
1,630
—
 
—
—
—
 
3,054
1,630
—
4,684
—
1998
12/27/2019
 10 - 35
CGR
Seguin, TX
2,350
1,778
—
 
—
—
—
 
2,350
1,778
—
4,129
—
2004
12/27/2019
 10 - 35
CJ
Logan, UT
848
—
—
 
—
—
—
 
848
—
—
848
—
1997
6/7/2019
—
CRB
Palm Coast , FL
2,146
—
—
 
—
—
—
 
2,146
—
—
2,146
—
2012
6/13/2019
—
CSK
Pensacola, FL
1,530
—
—
 
—
—
—
 
1,530
—
—
1,530
—
1991
6/29/2018
—
DEN
Amherst, OH
460
998
—
 
—
—
—
 
460
998
—
1,458
111
1971
11/9/2016
 10 - 40
DQ
Tulsa, OK
485
388
—
 
—
—
—
 
485
388
—
873
114
2015
10/20/2016
 14 - 54
DT/MP
New Baltimore, MI
435
2,351
—
 
—
—
—
 
435
2,351
—
2,786
119
2016
9/15/2017
 14 - 54
DTC
Coralville, IA
2,142
—
—
 
—
—
—
 
2,142
—
—
2,142
—
1998
12/26/2019
—
FAZ
Lafayette, IN
244
522
—
 
—
—
—
 
244
522
—
766
70
1996
11/9/2016
 5 - 40
HAR
Gadsden, AL
464
1,064
—
 
—
—
—
 
464
1,064
—
1,528
118
1985
12/15/2016
 10 - 40
HAR
Baxley, GA
644
1,258
—
 
—
—
—
 
644
1,258
—
1,902
150
1983
12/15/2016
 10 - 40
HAR
Vidalia, GA
364
1,232
—
 
—
—
—
 
364
1,232
—
1,596
96
2007
12/15/2016
 10 - 50
HAR
Hazlehurst, GA
461
1,516
—
 
—
—
—
 
461
1,516
—
1,977
116
2013
12/15/2016
 12 - 52
HAR
Sioux City, IA
901
—
—
 
—
—
—
 
901
—
—
901
—
1979
6/28/2019
—
HIE
Coralville, IA
1,318
—
—
 
—
—
—
 
1,318
—
—
1,318
—
2000
12/26/2019
—
IHOP
Grand Junction, CO
853
—
—
 
—
—
—
 
853
—
—
853
—
2002
1/18/2019
—
IHOP
Christiansburg, VA
739
—
—
 
250
—
—
 
989
—
—
989
—
1998
4/19/2019
—
KFC
Detroit, MI
294
916
—
 
—
—
—
 
294
916
—
1,210
84
1997
9/14/2016
 5 - 43


F-43

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
KFC
Auburn Hills, MI
98
925
—
 
—
—
—
 
98
925
—
1,023
93
2002
9/14/2016
 5 - 43
KFC
Detroit, MI
75
732
—
 
—
—
—
 
75
732
—
807
75
1984
9/14/2016
 5 - 40
KFC
Detroit, MI
323
635
—
 
—
—
—
 
323
635
—
958
78
1984
9/14/2016
 5 - 40
KFC
Altoona, WI
195
1,714
—
 
—
—
—
 
195
1,714
—
1,909
143
1993
11/10/2016
 10 - 45
KFC
LaCrosse, WI
216
893
—
 
—
—
—
 
216
893
—
1,109
107
1979
11/10/2016
 5 - 40
KFC
Rice Lake, WI
215
1,045
—
 
—
—
—
 
215
1,045
—
1,260
123
1991
11/10/2016
 5 - 40
KFC
Chippewa Falls, WI
167
924
—
 
—
—
—
 
167
924
—
1,091
95
2003
11/10/2016
 5 - 40
KFC
LaCrosse, WI
245
1,042
—
 
—
—
—
 
245
1,042
—
1,287
117
1972
11/10/2016
 5 - 40
KFC
Stevens Point, WI
92
697
—
 
—
—
—
 
92
697
—
789
74
1984
11/10/2016
 5 - 40
KFC
Wisconsin Rapids, WI
179
1,928
—
 
—
—
—
 
179
1,928
—
2,107
158
1991
11/10/2016
 10 - 45
KFC
Wausau, WI
126
1,387
—
 
—
—
—
 
126
1,387
—
1,513
113
1979
11/10/2016
 10 - 45
KFC
Escanaba, MI
143
1,362
—
 
—
—
—
 
143
1,362
—
1,505
118
1985
11/10/2016
 10 - 43
KFC
Menominee, MI
93
862
—
 
—
—
—
 
93
862
—
955
92
1995
11/10/2016
 10 - 40
KFC
Goshen, IN
95
1,041
—
 
—
—
—
 
95
1,041
—
1,136
108
1976
11/10/2016
 5 - 40
KFC
South Bend, IN
141
868
—
 
—
—
—
 
141
868
—
1,009
105
1970
11/10/2016
 5 - 40
KFC
South Bend, IN
155
774
—
 
—
—
—
 
155
774
—
929
99
1973
11/10/2016
 5 - 40
KFC
Mishawaka, IN
72
1,510
—
 
—
—
—
 
72
1,510
—
1,582
117
1978
11/10/2016
 10 - 45
KFC
Kokomo, IN
118
1,093
—
 
—
—
—
 
118
1,093
—
1,211
104
1994
11/10/2016
 10 - 40
KFC
Kokomo, IN
141
1,798
—
 
—
—
—
 
141
1,798
—
1,939
148
1994
11/10/2016
 10 - 45
KK
Troy, MI
1,480
—
—
 
—
—
—
 
1,480
—
—
1,480
—
2003
12/24/2019
—
KRYS
Gardendale, AL
723
376
—
 
—
—
—
 
723
376
—
1,099
7
1976
9/27/2019
 5 - 20
KRYS
Lenoir City, TN
1,124
338
—
 
—
—
—
 
1,124
338
—
1,462
6
1998
10/10/2019
 5 - 20
KRYS
Pratville, AL
1,077
385
—
 
—
—
—
 
1,077
385
—
1,462
7
1998
10/11/2019
 5 - 20
LH
Tucker, GA
1,407
923
10
 
—
339
214
 
1,407
1,262
224
2,893
993
1986
10/1/2007
 2 - 43
LH
Snellville, GA
1,911
925
76
 
—
422
147
 
1,911
1,347
223
3,481
1,023
1992
10/1/2007
 2 - 43
LH
Macon, GA
1,249
718
30
 
—
420
204
 
1,249
1,138
234
2,621
1,055
1992
10/1/2007
 2 - 44
LH
Augusta, GA
1,631
845
46
 
—
300
103
 
1,631
1,145
149
2,925
932
1993
10/1/2007
 2 - 42
LH
Ocala, FL
1,210
1,100
17
 
—
579
112
 
1,210
1,679
129
3,018
1,347
1993
10/1/2007
 2 - 42
LH
Altamonte Springs, FL
1,649
974
22
 
—
450
135
 
1,649
1,424
157
3,230
969
1994
10/1/2007
 2 - 44
LH
Florence, KY
—
741
52
 
1,191
347
165
 
1,191
1,088
217
2,496
833
1994
10/1/2007
 2 - 47
LH
Gainesville, GA
1,537
965
19
 
—
348
140
 
1,537
1,313
159
3,009
963
1995
10/1/2007
 2 - 43


F-44

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
LH
Peachtree City, GA
1,485
1,080
9
 
—
457
159
 
1,485
1,537
168
3,190
1,112
1995
10/1/2007
 2 - 43
LH
Lawrenceville, GA
1,865
1,116
17
 
—
451
117
 
1,865
1,567
134
3,566
1,048
1996
10/1/2007
 2 - 42
LH
Jensen Beach, FL
1,322
1,082
33
 
—
347
153
 
1,322
1,429
186
2,937
1,046
1996
10/1/2007
 2 - 42
LH
Destin, FL
2,053
793
16
 
—
357
224
 
2,053
1,150
240
3,443
914
1996
10/1/2007
 2 - 42
LH
Albany, GA
1,500
988
34
 
—
422
126
 
1,500
1,410
160
3,070
929
1997
10/1/2007
 2 - 42
LH
Dublin, OH
1,572
1,205
18
 
—
510
259
 
1,572
1,715
277
3,564
1,144
1997
10/1/2007
 2 - 42
LH
Columbia, SC
1,677
1,291
23
 
—
495
176
 
1,677
1,786
199
3,662
1,188
1997
10/1/2007
 2 - 42
LH
Pineville, NC
1,262
879
11
 
—
495
195
 
1,262
1,374
206
2,842
888
1998
10/1/2007
 2 - 44
LH
Johns Creek, GA
1,694
1,089
18
 
—
203
123
 
1,694
1,292
141
3,127
837
1998
10/1/2007
 2 - 42
LH
Greensboro, NC
1,438
1,017
16
 
—
270
152
 
1,438
1,287
168
2,893
781
1999
10/1/2007
 2 - 44
LH
Huntsville, AL
1,443
983
7
 
—
350
194
 
1,443
1,333
201
2,977
817
1999
10/1/2007
 2 - 44
LH
Hickory, NC
1,333
1,029
7
 
—
313
166
 
1,333
1,342
173
2,848
766
1999
10/1/2007
 2 - 44
LH
Tampa, FL
1,488
1,078
6
 
—
297
189
 
1,488
1,375
195
3,058
917
2000
10/1/2007
 2 - 35
LH
Clarksville, TN
1,662
1,097
15
 
—
449
112
 
1,662
1,546
127
3,335
833
1999
10/1/2007
 2 - 43
LH
Orlando, FL
1,165
749
21
 
—
264
137
 
1,165
1,013
158
2,336
683
2000
10/1/2007
 2 - 35
LH
Concord, NH
1,329
935
7
 
—
359
172
 
1,329
1,294
179
2,802
698
2000
10/1/2007
 2 - 35
LH
Orlando, FL
1,492
1,277
52
 
—
297
150
 
1,492
1,574
202
3,268
918
2000
10/1/2007
 2 - 35
LH
Medina, OH
1,189
820
12
 
—
268
168
 
1,189
1,088
180
2,457
666
2000
10/1/2007
 2 - 35
LH
Hoover, AL
1,401
966
17
 
—
350
160
 
1,401
1,316
177
2,894
786
2001
10/1/2007
 2 - 36
LH
Boardman, OH
954
673
17
 
—
285
151
 
954
958
168
2,080
566
2001
10/1/2007
 2 - 36
LH
Prattville, AL
1,481
1,016
27
 
—
336
134
 
1,481
1,352
161
2,994
794
2001
10/1/2007
 2 - 36
LH
Bensalem, PA
1,645
600
17
 
—
346
160
 
1,645
946
177
2,768
561
2001
10/1/2007
 2 - 36
LH
Lee’s Summit, MO
1,705
1,219
34
 
—
285
88
 
1,705
1,504
122
3,331
751
2002
10/1/2007
 2 - 37
LH
Germantown, MD
1,439
1,069
27
 
—
306
138
 
1,439
1,375
165
2,979
775
2002
10/1/2007
 2 - 37
LH
Independence, OH
1,241
686
26
 
—
231
106
 
1,241
917
132
2,290
515
2002
10/1/2007
 2 - 37
LH
Hiram, GA
1,639
1,033
25
 
—
374
130
 
1,639
1,407
155
3,201
775
2002
10/1/2007
 2 - 37
LH
Louisville, KY
1,405
980
18
 
—
238
113
 
1,405
1,218
131
2,754
639
2002
10/1/2007
 2 - 37
LH
Bowie, MD
1,871
1,230
21
 
—
257
147
 
1,871
1,487
168
3,526
799
2002
10/1/2007
 2 - 37
LH
Waldorf, MD
1,929
1,167
26
 
—
245
162
 
1,929
1,412
188
3,529
786
2002
10/1/2007
 2 - 37
LH
West Palm Beach, FL
1,781
1,228
27
 
—
297
132
 
1,781
1,525
159
3,465
804
2002
10/1/2007
 2 - 37
LH
Columbia, MD
1,918
1,439
40
 
—
268
161
 
1,918
1,707
201
3,826
894
2003
10/1/2007
 2 - 38
LH
East Point, GA
1,052
1,232
21
 
—
291
143
 
1,052
1,523
164
2,739
816
2003
10/1/2007
 2 - 38
LH
Lexington, KY
1,251
874
16
 
—
238
162
 
1,251
1,112
178
2,541
641
2003
10/1/2007
 2 - 42


F-45

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
LH
Winter Haven, FL
1,285
1,149
39
 
—
276
124
 
1,285
1,425
163
2,873
768
2003
10/1/2007
 2 - 38
LH
Jacksonville, FL
795
1,302
32
 
—
210
128
 
795
1,512
160
2,467
779
2003
10/1/2007
 2 - 38
LH
Daphne, AL
1,130
757
30
 
—
308
111
 
1,130
1,065
141
2,336
642
2003
10/1/2007
 2 - 38
LH
Anderson, SC
1,445
990
41
 
—
240
111
 
1,445
1,230
152
2,827
660
2004
10/1/2007
 2 - 39
LH
Palm Harbor, FL
1,406
917
32
 
—
263
93
 
1,406
1,180
125
2,711
677
2004
10/1/2007
 2 - 39
LH
West Chester, OH
1,371
927
31
 
—
248
79
 
1,371
1,175
110
2,656
649
2004
10/1/2007
 2 - 39
LH
Jefferson City, MO
1,342
875
60
 
—
196
68
 
1,342
1,071
128
2,541
588
2004
10/1/2007
 2 - 39
LH
Chantilly, VA
1,568
882
50
 
—
262
66
 
1,568
1,144
116
2,828
592
2004
10/1/2007
 2 - 39
LH
Dawsonville, GA
1,084
1,321
51
 
—
188
100
 
1,084
1,509
151
2,744
766
2004
10/1/2007
 2 - 39
LH
Opelika, AL
1,427
1,244
36
 
—
202
58
 
1,427
1,446
94
2,967
740
2004
10/1/2007
 2 - 39
LH
Indianapolis, IN
1,298
854
55
 
—
211
51
 
1,298
1,065
106
2,469
584
2005
10/1/2007
 2 - 40
LH
Grove City, OH
1,566
1,067
53
 
—
191
61
 
1,566
1,258
114
2,938
655
2005
10/1/2007
 2 - 40
LH
Springfield, IL
1,573
1,451
65
 
—
182
79
 
1,573
1,633
144
3,350
844
2005
10/1/2007
 2 - 40
LH
Covington, GA
887
1,212
70
 
—
45
49
 
887
1,257
119
2,263
640
2005
10/1/2007
 2 - 40
LH
West Homestead, PA
1,418
947
79
 
—
33
91
 
1,418
980
170
2,568
553
2005
10/1/2007
 2 - 40
LH
Carrollton, GA
1,192
1,227
75
 
—
15
49
 
1,192
1,242
124
2,558
650
2005
10/1/2007
 2 - 40
LH
Tarentum, PA
1,414
931
91
 
—
84
46
 
1,414
1,015
137
2,566
557
2005
10/1/2007
 2 - 40
LH
Commerce, GA
647
1,476
60
 
—
57
84
 
647
1,533
144
2,324
725
2006
10/1/2007
 2 - 41
LH
East Ellijay, GA
1,126
1,272
70
 
—
21
82
 
1,126
1,293
152
2,571
669
2006
10/1/2007
 2 - 41
LH
Acworth, GA
1,941
1,255
70
 
—
23
82
 
1,941
1,278
152
3,371
646
2006
10/1/2007
 2 - 41
LH
Peoria, IL
1,299
848
81
 
—
143
46
 
1,299
991
127
2,417
563
2006
10/1/2007
 2 - 41
LH
Hixson, TN
1,676
1,263
84
 
—
40
44
 
1,676
1,303
128
3,107
649
2006
10/1/2007
 2 - 41
LH
Fredericksburg, VA
1,734
1,174
89
 
—
42
35
 
1,734
1,216
124
3,074
669
2006
10/1/2007
 2 - 41
LH
Morgantown, WV
1,223
812
89
 
—
27
44
 
1,223
839
133
2,195
513
2006
10/1/2007
 2 - 41
LH
Florence, SC
1,628
1,352
90
 
—
28
35
 
1,628
1,380
125
3,133
649
2006
10/1/2007
 2 - 41
LH
Portage, IN
901
1,652
105
 
—
59
26
 
901
1,711
131
2,743
799
2006
10/1/2007
 2 - 41
LH
Macon, GA
1,052
1,840
97
 
—
135
38
 
1,052
1,975
135
3,162
955
2007
10/1/2007
 2 - 42
LH
Panama City Beach, FL
1,379
1,736
99
 
—
47
95
 
1,379
1,783
194
3,356
924
2007
10/1/2007
 2 - 42
LH
LaGrange, GA
979
1,527
111
 
—
36
52
 
979
1,563
163
2,705
804
2007
10/1/2007
 2 - 42
LH
Calhoun, GA
765
1,760
109
 
—
(4)
36
 
765
1,756
145
2,666
863
2007
10/1/2007
 2 - 42
LH
Dublin, GA
389
1,910
140
 
—
27
23
 
389
1,937
163
2,489
871
2008
1/14/2008
 2 - 43
LH
Monroe, GA
966
1,549
164
 
—
30
13
 
966
1,579
177
2,722
742
2008
4/28/2008
 2 - 43


F-46

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
LH
Denham Springs, LA
1,306
2,049
283
 
—
35
12
 
1,306
2,084
295
3,685
1,168
2008
8/25/2008
 2 - 43
LH
Cornelia, GA
106
1,542
281
 
282
52
8
 
388
1,594
289
2,271
897
2008
12/1/2008
 2 - 43
LH
Richmond, VA
1,442
1,758
207
 
—
24
9
 
1,442
1,782
216
3,440
884
2009
2/23/2009
 2 - 44
LH
San Antonio, TX
907
1,504
—
 
—
699
535
 
907
2,203
535
3,645
1,145
2010
1/18/2010
 2 - 40
LH
Orlando, FL
1,406
1,701
253
 
—
23
6
 
1,406
1,724
259
3,389
785
2010
3/8/2010
 2 - 45
LH
Thomasville, GA
730
1,688
229
 
—
19
5
 
730
1,707
234
2,671
815
2010
4/19/2010
 2 - 45
LH
San Antonio, TX
947
1,436
—
 
—
444
543
 
947
1,880
543
3,370
1,079
2010
5/10/2010
 2 - 40
LH
San Antonio, TX
1,206
1,583
—
 
—
245
540
 
1,206
1,828
540
3,574
1,029
2010
7/5/2010
 2 - 40
LH
Jackson, TN
1,398
1,257
204
 
—
16
8
 
1,398
1,273
212
2,883
614
2010
7/19/2010
 2 - 45
LH
Conyers, GA
589
1,797
198
 
—
30
21
 
589
1,827
219
2,635
805
2010
8/2/2010
 2 - 45
LH
San Antonio, TX
—
1,382
735
 
1,990
249
(230)
 
1,990
1,631
505
4,126
980
2010
10/11/2010
 2 - 40
LH
Fort Smith, AR
953
1,610
252
 
—
23
10
 
953
1,633
262
2,848
762
2010
11/1/2010
 2 - 45
LH
Whitehall, PA
1,307
1,901
270
 
—
24
7
 
1,307
1,925
277
3,509
849
2010
12/6/2010
 2 - 45
LH
New Braunfels, TX
—
1,330
681
 
—
145
(210)
 
—
1,475
471
1,946
856
2011
1/24/2011
 2 - 40
LH
McAllen, TX
1,128
1,600
284
 
—
13
13
 
1,128
1,613
297
3,038
728
2011
3/28/2011
 2 - 46
LH
Kingsland, GA
849
1,564
236
 
—
13
5
 
849
1,577
241
2,667
663
2011
4/25/2011
 2 - 46
LH
Jonesboro, AR
902
1,704
234
 
—
15
1
 
902
1,719
235
2,856
724
2011
4/25/2011
 2 - 46
LH
Hanover, MD
1,437
2,258
252
 
—
45
2
 
1,437
2,303
254
3,994
853
2011
5/16/2011
 2 - 46
LH
Council Bluffs, IA
869
1,827
236
 
—
31
7
 
869
1,858
243
2,970
754
2011
5/31/2011
 2 - 46
LH
San Antonio, TX
—
278
383
 
—
35
(302)
 
—
313
81
394
330
2011
6/20/2011
 2 - 40
LH
Tupelo, MS
771
1,717
236
 
—
13
1
 
771
1,730
237
2,738
652
2011
8/29/2011
 2 - 46
LH
Champaign, IL
1,499
1,725
267
 
—
4
3
 
1,499
1,729
270
3,498
691
2011
10/10/2011
 2 - 46
LH
Rapid City, SD
965
1,869
252
 
—
2
3
 
965
1,871
255
3,091
767
2011
10/10/2011
 2 - 46
LH
West Melbourne, FL
1,144
1,858
266
 
—
4
3
 
1,144
1,862
269
3,275
732
2011
11/21/2011
 2 - 46
LH
Flowood, MS
1,088
1,803
327
 
34
—
2
 
1,122
1,803
329
3,254
770
2012
2/6/2012
 2 - 47
LH
McAllen, TX
1,339
1,775
319
 
—
3
12
 
1,339
1,778
331
3,448
734
2012
2/27/2012
 2 - 47
LH
Deptford, NJ
1,799
1,694
287
 
—
3
(2)
 
1,799
1,697
285
3,781
660
2012
3/26/2012
 2 - 47
LH
Athens, GA
970
1,744
289
 
—
35
13
 
970
1,779
302
3,051
636
2012
10/29/2012
 2 - 47
LH
Morehead City, NC
975
1,941
340
 
—
2
1
 
975
1,943
341
3,259
679
2013
1/14/2013
 2 - 48
LH
Columbus, MS
1,155
1,993
256
 
—
4
4
 
1,155
1,997
260
3,412
608
2013
2/18/2013
 2 - 48



F-47

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
LH
Sandusky, OH
1,081
2,027
263
 
—
—
2
 
1,081
2,027
265
3,373
621
2013
4/22/2013
 2 - 48
LH
Coralville, IA
953
2,135
288
 
—
—
(3)
 
953
2,135
285
3,373
664
2013
5/13/2013
 2 - 48
LH
Cleveland, TN
1,054
1,776
337
 
—
—
1
 
1,054
1,776
338
3,168
593
2013
5/13/2013
 2 - 48
LH
Cincinnati, OH
1,205
1,758
291
 
—
—
3
 
1,205
1,758
294
3,257
543
2013
8/26/2013
 2 - 48
LH
Minot, ND
887
2,230
314
 
—
15
17
 
887
2,245
331
3,463
640
2013
9/23/2013
 2 - 48
LH
Bethlehem, GA
936
1,684
286
 
—
—
—
 
936
1,684
286
2,906
472
2014
1/20/2014
 2 - 49
LH
Wilkes Barre, PA
859
2,227
278
 
—
6
—
 
859
2,233
278
3,370
584
2014
1/27/2014
 2 - 49
LH
Columbia, SC
1,407
—
—
 
—
—
—
 
1,407
—
—
1,407
—
1997
12/7/2017
 0 0
LH
Gadsden, AL
1,580
—
—
 
—
—
—
 
1,580
—
—
1,580
—
2018
4/19/2019
—
LH
Salisbury, MD
1,514
—
—
 
—
—
—
 
1,514
—
—
1,514
—
2011
10/21/2019
—
LH
Watertown, NY
1,437
—
—
 
—
—
—
 
1,437
—
—
1,437
—
2015
12/6/2019
—
LH/RT/ADB
Auburn, ME
3,355
—
—
 
—
—
—
 
3,355
—
—
3,355
—
2005
10/31/2019
—
MCA
Andrews, TX
283
1,772
—
 
—
—
—
 
283
1,772
—
2,055
117
2014
1/27/2017
 14 - 54
MCA
San Angelo, TX
248
1,913
—
 
—
—
—
 
248
1,913
—
2,161
119
2014
1/27/2017
 14 - 54
MCA
Shavano Park, TX
486
1,915
—
 
—
—
—
 
486
1,915
—
2,401
142
2014
2/16/2017
 14 - 54
MCA
New Braunfels, TX
472
1,932
—
 
—
—
—
 
472
1,932
—
2,404
137
2017
3/16/2017
 14 - 54
MCD
Altamonte Springs, FL
1,489
—
—
 
—
—
—
 
1,489
—
—
1,489
—
1991
1/12/2018
—
MCD
Kokoma, IN
1,671
—
—
 
—
—
—
 
1,671
—
—
1,671
—
2016
6/29/2018
—
MCD
Grand Junction, CO
1,163
—
—
 
—
—
—
 
1,163
—
—
1,163
—
1985
1/18/2019
—
MVS
Camp Hill, PA
1,148
—
—
 
—
—
—
 
1,148
—
—
1,148
—
2019
12/30/2019
—
OG
Greenwood, IN
400
749
1
 
—
1,883
625
 
400
2,632
626
3,658
2,254
1985
7/15/1985
 2 - 49
OG
Indianapolis, IN
333
755
15
 
—
1,839
541
 
333
2,594
556
3,483
2,063
1985
7/15/1985
 2 - 49
OG
Kissimmee, FL
400
710
2
 
—
1,803
615
 
400
2,513
617
3,530
2,446
1985
8/5/1985
 2 - 42
OG
Huntsville, AL
317
719
1
 
—
1,092
338
 
317
1,811
339
2,467
1,724
1986
3/3/1986
 2 - 36
OG
Las Vegas, NV
597
557
12
 
—
1,108
316
 
597
1,665
328
2,590
1,726
1986
3/31/1986
 2 - 42
OG
Ocala, FL
470
416
11
 
—
2,112
383
 
470
2,528
394
3,392
2,071
1986
7/14/1986
 2 - 48
OG
Granger, IN
220
650
15
 
—
1,309
348
 
220
1,959
363
2,542
2,019
1986
9/8/1986
 2 - 42
OG
Toledo, OH
275
343
6
 
—
1,146
244
 
275
1,489
250
2,014
1,558
1986
9/15/1986
 2 - 35
OG
Bradenton, FL
207
837
4
 
—
1,779
602
 
207
2,616
606
3,429
2,230
1986
11/3/1986
 2 - 48
OG
Clearwater, FL
717
593
17
 
—
1,521
446
 
717
2,114
463
3,294
1,955
1986
12/2/1986
 2 - 47
OG
North Richland Hills, TX
468
1,187
19
 
—
1,414
342
 
468
2,601
361
3,430
2,434
1986
12/15/1986
 2 - 42
OG
Austin, TX
492
1,183
6
 
—
1,690
440
 
492
2,873
446
3,811
2,642
1987
1/12/1987
 2 - 46


F-48

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Morrow, GA
446
813
10
 
—
1,448
423
 
446
2,261
433
3,140
2,247
1987
3/23/1987
 2 - 42
OG
Mobile, AL
698
872
31
 
—
1,209
479
 
698
2,081
510
3,289
1,964
1987
5/18/1987
 2 - 42
OG
Fort Worth, TX
654
626
29
 
—
1,273
403
 
654
1,899
432
2,985
1,854
1987
5/25/1987
 2 - 46
OG
Fort Myers, FL
289
1,124
14
 
—
1,786
550
 
289
2,910
564
3,763
2,479
1987
5/25/1987
 2 - 48
OG
Bakersfield, CA
529
861
54
 
—
1,294
264
 
529
2,155
318
3,002
2,070
1987
5/25/1987
 2 - 36
OG
Tulsa, OK
702
637
23
 
—
1,137
291
 
702
1,774
314
2,790
1,699
1987
6/22/1987
 2 - 42
OG
Mesquite, TX
721
772
10
 
238
1,650
435
 
959
2,422
445
3,826
2,148
1987
7/20/1987
 2 - 46
OG
Indianapolis, IN
526
82
2
 
—
2,534
406
 
526
2,616
408
3,550
1,832
1987
7/20/1987
 2 - 49
OG
Canton, OH
275
834
8
 
—
829
426
 
275
1,663
434
2,372
1,742
1987
9/21/1987
 2 - 40
OG
Duluth, GA
675
906
18
 
351
1,247
313
 
1,026
2,153
331
3,510
2,065
1987
11/2/1987
 2 - 42
OG
Reno, NV
—
639
29
 
1,215
1,581
560
 
1,215
2,220
589
4,024
2,427
1988
1/18/1988
 2 - 35
OG
Orlando, FL
—
894
6
 
1,585
1,792
614
 
1,585
2,686
620
4,891
2,643
1988
2/1/1988
 2 - 42
OG
Middleburg Heights, OH
555
882
18
 
—
1,285
400
 
555
2,167
418
3,140
2,163
1988
3/7/1988
 2 - 42
OG
Knoxville, TN
375
1,397
33
 
—
700
220
 
375
2,097
253
2,725
2,030
1988
3/14/1988
 2 - 40
OG
Fairfield, OH
325
1,230
15
 
—
1,303
276
 
325
2,533
291
3,149
2,323
1988
3/21/1988
 2 - 46
OG
Akron, OH
577
1,048
6
 
—
879
281
 
577
1,927
287
2,791
1,802
1988
4/4/1988
 2 - 40
OG
Fairview Heights, IL
735
1,162
19
 
—
1,163
518
 
735
2,325
537
3,597
2,366
1988
5/9/1988
 2 - 35
OG
Grand Rapids, MI
—
959
14
 
749
753
288
 
749
1,712
302
2,763
1,757
1988
5/9/1988
 2 - 35
OG
Toledo, OH
—
891
38
 
652
726
201
 
652
1,617
239
2,508
1,668
1988
5/23/1988
 2 - 35
OG
Chattanooga, TN
604
760
19
 
—
937
405
 
604
1,697
424
2,725
1,740
1988
6/6/1988
 2 - 35
OG
Lansing, IL
—
814
18
 
912
1,200
379
 
912
2,014
397
3,323
1,929
1988
6/20/1988
 2 - 42
OG
Bloomington, MN
525
1,779
20
 
—
1,212
393
 
525
2,991
413
3,929
3,404
1988
6/28/1988
 2 - 41
OG
Livonia, MI
—
459
25
 
890
2,624
331
 
890
3,083
356
4,329
2,936
1988
8/1/1988
 2 - 37
OG
Irving, TX
710
647
33
 
—
1,603
309
 
710
2,250
342
3,302
1,971
1988
8/22/1988
 2 - 46
OG
Montclair, CA
—
873
44
 
1,231
736
238
 
1,231
1,609
282
3,122
1,696
1988
9/5/1988
 2 - 40
OG
Flint, MI
426
1,089
14
 
—
882
234
 
426
1,971
248
2,645
1,889
1988
9/5/1988
 2 - 35
OG
Sarasota, FL
1,136
725
24
 
—
1,427
570
 
1,136
2,152
594
3,882
2,040
1988
10/10/1988
 2 - 48
OG
Sterling Heights, MI
855
1,158
32
 
—
984
403
 
855
2,142
435
3,432
2,260
1988
10/17/1988
 2 - 37
OG
Vernon Hills, IL
750
1,252
17
 
—
1,289
474
 
750
2,541
491
3,782
2,372
1988
10/24/1988
 2 - 47
OG
Columbus, OH
740
909
38
 
—
1,057
232
 
740
1,966
270
2,976
1,808
1988
11/14/1988
 2 - 40
OG
North Olmsted, OH
931
1,060
63
 
—
925
343
 
931
1,985
406
3,322
1,910
1988
12/5/1988
 2 - 40
OG
West Des Moines, IA
—
377
24
 
1,130
2,047
338
 
1,130
2,424
362
3,916
2,173
1988
12/12/1988
 2 - 36


F-49

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Oklahoma City, OK
280
1,043
58
 
—
1,095
371
 
280
2,138
429
2,847
1,893
1989
1/16/1989
 2 - 42
OG
San Antonio, TX
400
783
17
 
—
1,458
449
 
400
2,241
466
3,107
2,126
1989
2/13/1989
 2 - 41
OG
York, PA
555
931
31
 
—
1,048
462
 
555
1,979
493
3,027
1,992
1989
3/6/1989
 2 - 42
OG
Brandon, FL
700
967
24
 
—
1,566
577
 
700
2,533
601
3,834
2,269
1989
3/27/1989
 2 - 47
OG
Kennesaw, GA
754
824
32
 
—
1,233
390
 
754
2,057
422
3,233
1,824
1989
5/1/1989
 2 - 47
OG
Plantation, FL
888
982
27
 
—
1,189
392
 
888
2,171
419
3,478
1,997
1989
5/8/1989
 2 - 42
OG
San Antonio, TX
—
720
1
 
677
1,330
395
 
677
2,050
396
3,123
1,906
1989
5/22/1989
 2 - 41
OG
Saint Peters, MO
697
930
134
 
—
1,034
292
 
697
1,964
426
3,087
1,896
1989
7/3/1989
 2 - 35
OG
Corpus Christi, TX
—
713
21
 
880
1,463
553
 
880
2,176
574
3,630
2,051
1989
7/3/1989
 2 - 36
OG
Houston, TX
616
746
40
 
—
1,228
492
 
616
1,974
532
3,122
1,914
1989
7/10/1989
 2 - 39
OG
Saginaw, MI
828
813
22
 
—
787
340
 
828
1,600
362
2,790
1,661
1989
7/31/1989
 2 - 40
OG
Portage, MI
325
1,290
32
 
—
892
266
 
325
2,182
298
2,805
2,072
1989
7/31/1989
 2 - 35
OG
Beaumont, TX
608
721
33
 
—
1,163
375
 
608
1,884
408
2,900
1,814
1989
8/14/1989
 2 - 40
OG
Winter Haven, FL
—
832
49
 
563
1,673
543
 
563
2,505
592
3,660
2,311
1989
8/14/1989
 2 - 47
OG
West Dundee, IL
828
1,167
32
 
—
964
325
 
828
2,131
357
3,316
2,035
1989
8/28/1989
 2 - 40
OG
Champaign, IL
521
1,158
26
 
—
1,009
343
 
521
2,167
369
3,057
2,094
1989
10/30/1989
 2 - 35
OG
North Little Rock, AR
—
437
94
 
766
1,623
293
 
766
2,060
387
3,213
1,956
1989
10/30/1989
 2 - 42
OG
Fort Wayne, IN
700
1,045
23
 
—
927
320
 
700
1,972
343
3,015
1,869
1989
12/11/1989
 2 - 42
OG
Fargo, ND
313
864
20
 
—
680
264
 
313
1,544
284
2,141
1,508
1989
12/11/1989
 2 - 40
OG
Southgate, MI
476
1,138
31
 
—
1,103
242
 
476
2,241
273
2,990
2,069
1990
1/22/1990
 2 - 37
OG
Orlando, FL
787
998
17
 
—
1,877
431
 
787
2,875
448
4,110
2,426
1990
1/29/1990
 2 - 48
OG
Fayetteville, NC
637
856
56
 
—
879
461
 
637
1,735
517
2,889
1,780
1990
2/26/1990
 2 - 35
OG
Chesapeake, VA
506
863
44
 
—
1,046
344
 
506
1,909
388
2,803
1,897
1990
3/5/1990
 2 - 40
OG
Las Vegas, NV
1,085
1,191
47
 
—
967
310
 
1,085
2,158
357
3,600
2,114
1990
3/26/1990
 2 - 42
OG
Naples, FL
992
677
40
 
—
1,201
526
 
992
1,878
566
3,436
1,877
1990
3/26/1990
 2 - 40
OG
Maplewood, MN
556
1,009
86
 
—
1,126
250
 
556
2,135
336
3,027
2,088
1990
4/16/1990
 2 - 40
OG
Jacksonville, FL
—
755
39
 
905
1,137
487
 
905
1,892
526
3,323
1,895
1990
4/30/1990
 2 - 42
OG
Rochester, NY
1,104
1,113
61
 
—
1,102
376
 
1,104
2,215
437
3,756
2,089
1990
5/14/1990
 2 - 36
OG
Columbia, MO
602
983
53
 
—
1,070
327
 
602
2,053
380
3,035
1,917
1990
6/4/1990
 2 - 42
OG
Greenfield, WI
956
802
29
 
114
1,174
295
 
1,070
1,976
324
3,370
1,850
1990
8/13/1990
 2 - 42
OG
Lynnwood, WA
875
1,132
66
 
—
855
316
 
875
1,987
382
3,244
1,886
1990
8/20/1990
 2 - 35



F-50

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Victorville, CA
603
985
31
 
—
888
271
 
603
1,873
302
2,778
1,689
1990
9/10/1990
 2 - 42
OG
Richmond, VA
467
1,363
93
 
—
966
399
 
467
2,329
492
3,288
2,264
1990
9/17/1990
 2 - 42
OG
Wichita, KS
779
802
80
 
—
1,022
274
 
779
1,824
354
2,957
1,763
1990
10/1/1990
 2 - 42
OG
Antioch, TN
—
811
61
 
892
628
241
 
892
1,439
302
2,633
1,471
1990
10/15/1990
 2 - 40
OG
Topeka, KS
701
812
18
 
—
1,658
381
 
701
2,470
399
3,570
2,162
1990
10/22/1990
 2 - 47
OG
Orange City, FL
551
727
16
 
—
1,163
479
 
551
1,890
495
2,936
1,687
1990
10/29/1990
 2 - 48
OG
Terre Haute, IN
560
1,128
34
 
—
872
355
 
560
2,000
389
2,949
1,917
1990
12/3/1990
 2 - 35
OG
Columbia, SC
613
782
35
 
—
1,055
230
 
613
1,837
265
2,715
1,678
1990
12/3/1990
 2 - 42
OG
Littleton, CO
750
859
79
 
—
1,324
359
 
750
2,183
438
3,371
2,076
1991
1/21/1991
 2 - 40
OG
Colorado Springs, CO
—
690
87
 
571
2,173
415
 
571
2,863
502
3,936
2,715
1991
1/21/1991
 2 - 41
OG
Miami, FL
1,059
879
89
 
—
1,413
549
 
1,059
2,292
638
3,989
2,244
1991
1/28/1991
 2 - 42
OG
Parkersburg, WV
454
1,096
60
 
—
723
323
 
454
1,819
383
2,656
1,787
1991
2/11/1991
 2 - 42
OG
Clovis, CA
489
796
62
 
—
787
300
 
489
1,583
362
2,434
1,623
1991
2/18/1991
 2 - 42
OG
Dallas, TX
750
776
36
 
70
1,001
305
 
820
1,777
341
2,938
1,657
1991
2/25/1991
 2 - 41
OG
Roseville, MN
754
1,106
90
 
—
784
178
 
754
1,890
268
2,912
1,742
1991
3/25/1991
 2 - 40
OG
Eastpointe, MI
897
1,367
75
 
—
598
244
 
897
1,965
319
3,181
1,903
1991
3/25/1991
 2 - 40
OG
Aurora, CO
803
1,169
14
 
—
1,368
343
 
803
2,537
357
3,697
2,234
1991
4/1/1991
 2 - 41
OG
Talleyville, DE
737
1,278
95
 
—
805
377
 
737
2,083
472
3,292
2,137
1991
4/22/1991
 2 - 40
OG
Boise, ID
627
839
76
 
—
858
386
 
627
1,697
462
2,786
1,702
1991
4/29/1991
 2 - 42
OG
McAllen, TX
803
857
76
 
—
1,160
476
 
803
2,017
552
3,372
1,870
1991
4/29/1991
 2 - 42
OG
Houston, TX
723
960
87
 
—
1,234
498
 
723
2,194
585
3,502
2,202
1991
5/20/1991
 2 - 40
OG
Boardman, OH
675
993
48
 
—
1,208
329
 
675
2,201
377
3,253
2,103
1991
8/5/1991
 2 - 38
OG
Jacksonville, FL
1,124
863
74
 
—
1,185
438
 
1,124
2,048
512
3,684
1,926
1991
8/12/1991
 2 - 42
OG
West Melbourne, FL
983
953
22
 
—
1,390
578
 
983
2,343
600
3,926
2,125
1991
8/19/1991
 2 - 47
OG
Omaha, NE
315
1,230
51
 
—
1,642
341
 
315
2,872
392
3,579
2,317
1991
10/28/1991
 2 - 42
OG
Columbia, MD
1,283
1,199
92
 
—
1,020
297
 
1,283
2,219
389
3,891
2,135
1991
11/4/1991
 2 - 42
OG
Houston, TX
627
947
68
 
—
1,084
435
 
627
2,031
503
3,161
1,992
1991
11/11/1991
 2 - 40
OG
Provo, UT
702
714
128
 
—
805
284
 
702
1,519
412
2,633
1,529
1991
11/11/1991
 2 - 40
OG
Roanoke, VA
607
714
33
 
—
783
350
 
607
1,497
383
2,487
1,450
1991
12/9/1991
 2 - 42
OG
Pittsburgh, PA
1,125
1,170
65
 
—
1,202
279
 
1,125
2,372
344
3,841
2,083
1991
12/9/1991
 2 - 38
OG
Harrisburg, PA
769
837
108
 
—
1,117
328
 
769
1,954
436
3,159
1,873
1991
12/9/1991
 2 - 35
OG
Pineville, NC
1,018
972
71
 
—
950
281
 
1,018
1,922
352
3,292
1,872
1992
1/27/1992
 2 - 42
OG
Palm Desert, CA
607
987
100
 
—
617
185
 
607
1,604
285
2,496
1,559
1992
1/27/1992
 2 - 40
OG
Lafayette, LA
555
751
69
 
—
997
304
 
555
1,748
373
2,676
1,688
1992
1/27/1992
 2 - 42


F-51

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Woodbridge, VA
1,228
1,071
56
 
—
1,163
444
 
1,228
2,234
500
3,962
2,130
1992
2/3/1992
 2 - 41
OG
Elkhart, IN
381
724
145
 
—
683
281
 
381
1,407
426
2,214
1,513
1992
2/3/1992
 2 - 40
OG
San Bernardino, CA
1,393
1,210
83
 
—
756
301
 
1,393
1,966
384
3,743
1,920
1992
3/9/1992
 2 - 42
OG
Little Rock, AR
335
895
105
 
—
749
265
 
335
1,644
370
2,349
1,636
1992
3/9/1992
 2 - 40
OG
Cincinnati, OH
842
953
107
 
—
986
344
 
842
1,939
451
3,232
1,947
1992
3/16/1992
 2 - 38
OG
Myrtle Beach, SC
520
872
51
 
—
845
386
 
520
1,717
437
2,674
1,676
1992
3/16/1992
 2 - 42
OG
Highlands Ranch, CO
813
980
49
 
—
1,177
380
 
813
2,157
429
3,399
1,938
1992
5/11/1992
 2 - 41
OG
Novi, MI
866
1,629
31
 
—
867
296
 
866
2,496
327
3,689
2,271
1992
5/25/1992
 2 - 42
OG
Louisville, KY
492
1,571
76
 
—
869
254
 
492
2,440
330
3,262
2,187
1992
6/15/1992
 2 - 42
OG
Palmdale, CA
679
1,080
109
 
—
1,093
315
 
679
2,173
424
3,276
1,966
1992
8/3/1992
 2 - 39
OG
Clarksville, TN
302
771
101
 
—
443
207
 
302
1,214
308
1,824
1,225
1992
8/3/1992
 2 - 38
OG
Cincinnati, OH
917
939
62
 
—
1,041
360
 
917
1,980
422
3,319
1,855
1992
8/17/1992
 2 - 38
OG
Greensburg, PA
579
1,272
143
 
—
1,026
352
 
579
2,298
495
3,372
1,944
1992
8/31/1992
 2 - 40
OG
Sioux Falls, SD
247
1,325
78
 
—
917
217
 
247
2,242
295
2,784
1,975
1992
9/7/1992
 2 - 40
OG
Roswell, GA
838
897
79
 
—
764
339
 
838
1,661
418
2,917
1,678
1992
9/14/1992
 2 - 40
OG
Green Bay, WI
453
789
97
 
—
675
260
 
453
1,464
357
2,274
1,515
1992
9/14/1992
 2 - 40
OG
Harlingen, TX
453
803
107
 
—
1,013
426
 
453
1,816
533
2,802
1,605
1992
10/19/1992
 2 - 42
OG
Erie, PA
1,078
1,412
91
 
—
1,129
408
 
1,078
2,541
499
4,118
2,342
1992
11/2/1992
 2 - 42
OG
Chico, CA
984
923
95
 
—
850
308
 
984
1,773
403
3,160
1,673
1992
11/9/1992
 2 - 40
OG
Las Vegas, NV
1,055
1,005
108
 
—
849
297
 
1,055
1,854
405
3,314
1,855
1992
12/14/1992
 2 - 42
OG
Laurel, MD
1,241
1,552
121
 
—
1,403
388
 
1,241
2,955
509
4,705
2,752
1993
1/25/1993
 2 - 42
OG
Racine, WI
608
1,247
140
 
—
914
198
 
608
2,161
338
3,107
1,982
1993
2/1/1993
 2 - 40
OG
Fort Collins, CO
809
1,105
97
 
—
1,011
350
 
809
2,116
447
3,372
2,083
1993
2/8/1993
 2 - 41
OG
Longview, TX
505
816
90
 
—
1,133
290
 
505
1,949
380
2,834
1,720
1993
2/22/1993
 2 - 45
OG
Raleigh, NC
855
877
76
 
—
855
318
 
855
1,732
394
2,981
1,743
1993
3/8/1993
 2 - 42
OG
Yakima, WA
—
1,296
124
 
409
568
294
 
409
1,864
418
2,691
1,966
1993
3/22/1993
 2 - 40
OG
Lafayette, IN
455
875
98
 
—
635
221
 
455
1,510
319
2,284
1,541
1993
3/22/1993
 2 - 40
OG
Arlington, TX
782
766
70
 
—
795
441
 
782
1,561
511
2,854
1,627
1993
3/29/1993
 2 - 44
OG
Mesa, AZ
551
888
97
 
—
803
274
 
551
1,691
371
2,613
1,605
1993
4/12/1993
 2 - 40
OG
Dover, DE
614
1,055
127
 
—
656
279
 
614
1,711
406
2,731
1,650
1993
4/19/1993
 2 - 38
OG
Addison, TX
1,221
1,746
79
 
—
1,032
374
 
1,221
2,778
453
4,452
2,582
1993
4/26/1993
 2 - 41
OG
Appleton, WI
424
956
117
 
—
646
216
 
424
1,602
333
2,359
1,543
1993
5/17/1993
 2 - 40
OG
Duncanville, TX
835
1,057
91
 
—
945
370
 
835
2,002
461
3,298
1,862
1993
6/28/1993
 2 - 40


F-52

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Kenner, LA
695
969
86
 
—
1,112
361
 
695
2,081
447
3,223
2,036
1993
7/5/1993
 2 - 40
OG
Texas City, TX
732
1,093
97
 
—
871
319
 
732
1,964
416
3,112
1,838
1993
7/19/1993
 2 - 44
OG
Muncie, IN
454
1,003
92
 
—
1,065
296
 
454
2,068
388
2,910
1,576
1993
8/23/1993
 2 - 49
OG
Panama City, FL
465
957
84
 
—
1,082
400
 
465
2,039
484
2,988
1,786
1993
10/11/1993
 2 - 42
OG
Billings, MT
479
1,107
89
 
—
775
301
 
479
1,882
390
2,751
1,763
1993
10/18/1993
 2 - 42
OG
Whitehall, PA
936
1,291
90
 
—
1,025
331
 
936
2,316
421
3,673
2,174
1993
11/8/1993
 2 - 36
OG
Paducah, KY
452
1,083
82
 
—
700
288
 
452
1,783
370
2,605
1,666
1993
11/8/1993
 2 - 40
OG
Rochester, NY
974
1,108
101
 
—
824
243
 
974
1,932
344
3,250
1,659
1993
11/15/1993
 2 - 42
OG
Poughkeepsie, NY
873
1,613
108
 
—
823
174
 
873
2,436
282
3,591
2,000
1993
11/29/1993
 2 - 40
OG
Bangor, ME
357
1,120
96
 
—
1,027
282
 
357
2,147
378
2,882
1,888
1993
12/13/1993
 2 - 42
OG
Dearborn, MI
542
1,219
59
 
—
713
242
 
542
1,932
301
2,775
1,746
1994
1/10/1994
 2 - 40
OG
Newington, NH
915
1,051
103
 
—
803
355
 
915
1,854
458
3,227
1,782
1994
1/17/1994
 2 - 42
OG
Tyler, TX
485
1,041
92
 
—
1,279
340
 
485
2,320
432
3,237
2,003
1994
1/17/1994
 2 - 47
OG
Grand Rapids, MI
804
866
87
 
—
637
257
 
804
1,503
344
2,651
1,493
1994
1/24/1994
 2 - 40
OG
Peoria, IL
668
1,204
81
 
—
914
323
 
668
2,118
404
3,190
1,888
1994
2/14/1994
 2 - 42
OG
Concord, NH
469
1,284
115
 
—
594
194
 
469
1,878
309
2,656
1,661
1994
2/14/1994
 2 - 38
OG
Janesville, WI
370
1,069
86
 
—
712
287
 
370
1,781
373
2,524
1,582
1994
3/7/1994
 2 - 40
OG
Las Vegas, NV
879
1,344
95
 
—
596
317
 
879
1,940
412
3,231
1,801
1994
3/7/1994
 2 - 40
OG
Middletown, OH
424
1,044
95
 
—
863
318
 
424
1,907
413
2,744
1,817
1994
3/7/1994
 2 - 42
OG
Branson, MO
1,056
1,893
69
 
—
785
295
 
1,056
2,678
364
4,098
2,303
1994
5/16/1994
 2 - 40
OG
Coon Rapids, MN
514
1,248
67
 
—
588
245
 
514
1,836
312
2,662
1,686
1994
9/26/1994
 2 - 40
OG
Dallas, TX
764
1,212
55
 
—
811
281
 
764
2,023
336
3,123
1,871
1994
10/10/1994
 2 - 44
OG
Asheville, NC
2,651
1,198
94
 
—
655
292
 
2,651
1,853
386
4,890
1,747
1994
10/31/1994
 2 - 40
OG
Cedar Rapids, IA
510
1,148
105
 
—
608
311
 
510
1,756
416
2,682
1,669
1994
12/5/1994
 2 - 40
OG
Amherst, NY
1,215
1,394
88
 
—
891
307
 
1,215
2,285
395
3,895
2,036
1994
12/12/1994
 2 - 38
OG
Joplin, MO
654
1,219
102
 
—
662
323
 
654
1,881
425
2,960
1,763
1995
1/9/1995
 2 - 40
OG
Eau Claire, WI
600
1,193
110
 
—
538
268
 
600
1,731
378
2,709
1,643
1995
1/23/1995
 2 - 40
OG
Middletown, NY
807
1,581
97
 
—
592
345
 
807
2,173
442
3,422
1,974
1995
1/30/1995
 2 - 40
OG
Fairborn, OH
804
1,290
82
 
—
681
221
 
804
1,971
303
3,078
1,760
1995
2/20/1995
 2 - 40
OG
VooRDIees, NJ
804
1,696
101
 
—
600
303
 
804
2,296
404
3,504
2,053
1995
2/20/1995
 2 - 38
OG
Henderson, NV
1,109
1,289
74
 
—
826
383
 
1,109
2,115
457
3,681
2,001
1995
2/20/1995
 2 - 42
OG
Barboursville, WV
1,139
1,062
84
 
—
731
203
 
1,139
1,793
287
3,219
1,552
1995
2/27/1995
 2 - 40
OG
Norman, OK
596
1,246
96
 
—
449
172
 
596
1,695
268
2,559
1,516
1995
3/7/1995
 2 - 38
OG
Hampton, VA
1,074
1,061
86
 
—
674
225
 
1,074
1,735
311
3,120
1,573
1995
3/13/1995
 2 - 40


F-53

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Jackson, MI
699
1,156
73
 
—
764
320
 
699
1,920
393
3,012
1,675
1995
3/20/1995
 2 - 42
OG
Clay, NY
782
1,705
98
 
—
866
356
 
782
2,571
454
3,807
2,135
1995
4/24/1995
 2 - 42
OG
Onalaska, WI
603
1,283
102
 
—
339
197
 
603
1,622
299
2,524
1,503
1995
4/24/1995
 2 - 38
OG
Grapevine, TX
752
1,026
99
 
—
793
404
 
752
1,819
503
3,074
1,827
1995
5/8/1995
 2 - 40
OG
Tempe, AZ
703
1,131
75
 
—
746
353
 
703
1,877
428
3,008
1,842
1995
5/15/1995
 2 - 40
OG
Waldorf, MD
779
1,152
81
 
—
1,258
357
 
779
2,410
438
3,627
2,196
1995
5/22/1995
 2 - 42
OG
Heath, OH
599
1,353
65
 
—
971
331
 
599
2,324
396
3,319
1,975
1995
5/22/1995
 2 - 46
OG
Waterloo, IA
466
891
79
 
—
873
331
 
466
1,764
410
2,640
1,560
1995
5/22/1995
 2 - 42
OG
Peoria, AZ
551
1,294
81
 
—
623
242
 
551
1,917
323
2,791
1,717
1995
5/22/1995
 2 - 38
OG
Spring, TX
780
1,329
80
 
—
1,289
327
 
780
2,618
407
3,805
2,206
1995
9/11/1995
 2 - 40
OG
Midland, TX
400
1,340
88
 
—
566
314
 
400
1,906
402
2,708
1,721
1995
10/16/1995
 2 - 40
OG
Colonie, NY
966
1,862
57
 
—
984
273
 
966
2,846
330
4,142
2,236
1995
11/27/1995
 2 - 42
OG
Fort Smith, AR
527
893
113
 
—
427
187
 
527
1,320
300
2,147
1,187
1996
2/19/1996
 2 - 38
OG
Jackson, MS
641
1,195
110
 
—
846
268
 
641
2,041
378
3,060
1,798
1996
3/25/1996
 2 - 42
OG
Lancaster, OH
372
846
115
 
—
603
284
 
372
1,449
399
2,220
1,355
1996
5/6/1996
 2 - 40
OG
Lima, OH
471
930
67
 
—
387
282
 
471
1,317
349
2,137
1,252
1996
5/20/1996
 2 - 38
OG
Dubuque, IA
518
1,103
76
 
—
391
221
 
518
1,494
297
2,309
1,160
1996
5/20/1996
 2 - 38
OG
Zanesville, OH
707
1,065
25
 
—
673
323
 
707
1,738
348
2,793
1,480
1996
8/5/1996
 2 - 40
OG
Williamsburg, VA
673
1,268
31
 
—
743
202
 
673
2,011
233
2,917
1,600
1996
8/19/1996
 2 - 40
OG
Frederick, MD
638
1,276
79
 
—
787
344
 
638
2,063
423
3,124
1,734
1996
10/21/1996
 2 - 40
OG
Hyannis, MA
664
2,097
90
 
—
665
175
 
664
2,762
265
3,691
2,241
1997
11/17/1997
 2 - 35
OG
Westminster, MD
595
1,741
124
 
—
452
204
 
595
2,193
328
3,116
1,704
1998
4/20/1998
 2 - 38
OG
Wyomissing, PA
963
1,926
109
 
—
498
206
 
963
2,424
315
3,702
1,941
1998
5/11/1998
 2 - 38
OG
Eugene, OR
761
1,486
91
 
—
356
200
 
761
1,842
291
2,894
1,582
1998
5/11/1998
 2 - 38
OG
Savannah, GA
952
1,781
189
 
—
660
147
 
952
2,441
336
3,729
1,847
2000
4/10/2000
 2 - 35
OG
Douglasville, GA
1,189
1,978
144
 
—
406
248
 
1,189
2,384
392
3,965
1,907
2000
5/1/2000
 2 - 35
OG
Mentor, OH
—
1,955
138
 
1,474
288
241
 
1,474
2,243
379
4,096
1,791
2000
5/22/2000
 2 - 35
OG
Buford, GA
1,493
1,688
179
 
—
542
203
 
1,493
2,230
382
4,105
1,741
2000
5/22/2000
 2 - 35
OG
Maple Grove, MN
807
1,924
176
 
—
227
124
 
807
2,151
300
3,258
1,630
2000
5/22/2000
 2 - 35



F-54

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Coeur D’Alene, ID
681
1,661
131
 
—
278
305
 
681
1,939
436
3,056
1,522
2001
1/29/2001
 2 - 36
OG
Olathe, KS
796
2,121
109
 
—
489
256
 
796
2,610
365
3,771
1,925
2001
3/12/2001
 2 - 36
OG
Kennewick, WA
763
1,980
149
 
—
259
158
 
763
2,239
307
3,309
1,672
2001
5/14/2001
 2 - 36
OG
Frisco, TX
1,029
2,038
139
 
—
279
218
 
1,029
2,317
357
3,703
1,820
2001
6/25/2001
 2 - 36
OG
Bolingbrook, IL
1,006
2,424
147
 
—
253
129
 
1,006
2,677
276
3,959
1,914
2001
7/23/2001
 2 - 36
OG
Muskegon, MI
691
1,704
168
 
—
108
41
 
691
1,812
209
2,712
1,310
2001
10/8/2001
 2 - 36
OG
Memphis, TN
1,142
1,790
100
 
—
246
171
 
1,142
2,036
271
3,449
1,466
2001
10/8/2001
 2 - 36
OG
Round Rock, TX
953
2,090
149
 
—
335
153
 
953
2,425
302
3,680
1,640
2002
3/25/2002
 2 - 37
OG
Killeen, TX
806
1,705
187
 
—
322
118
 
806
2,027
305
3,138
1,551
2002
8/5/2002
 2 - 37
OG
Austin, TX
1,239
2,295
154
 
—
168
96
 
1,239
2,463
250
3,952
1,702
2002
9/3/2002
 2 - 37
OG
Omaha, NE
1,202
1,778
120
 
—
217
147
 
1,202
1,995
267
3,464
1,418
2002
10/7/2002
 2 - 37
OG
Bloomington, IN
947
1,747
150
 
—
419
94
 
947
2,166
244
3,357
1,479
2002
11/18/2002
 2 - 37
OG
Lithonia, GA
1,403
1,872
174
 
—
306
122
 
1,403
2,178
296
3,877
1,496
2002
11/18/2002
 2 - 37
OG
Fayetteville, AR
849
1,845
160
 
—
138
79
 
849
1,983
239
3,071
1,388
2002
12/11/2002
 2 - 37
OG
Rochester, MN
829
1,889
192
 
—
146
140
 
829
2,035
332
3,196
1,466
2002
12/16/2002
 2 - 37
OG
Los Angeles, CA
1,701
2,558
202
 
—
170
70
 
1,701
2,728
272
4,701
1,794
2003
3/24/2003
 2 - 38
OG
Dayton, OH
677
1,675
172
 
—
210
72
 
677
1,885
244
2,806
1,288
2003
5/1/2003
 2 - 38
OG
Newport News, VA
796
1,989
172
 
—
88
63
 
796
2,077
235
3,108
1,413
2003
5/5/2003
 2 - 38
OG
Albuquerque, NM
771
1,716
179
 
—
131
104
 
771
1,847
283
2,901
1,280
2003
5/19/2003
 2 - 38
OG
Denton, TX
869
1,946
177
 
—
182
94
 
869
2,128
271
3,268
1,512
2003
6/9/2003
 2 - 38
OG
Duluth, MN
886
2,043
173
 
—
123
58
 
886
2,166
231
3,283
1,429
2003
11/10/2003
 2 - 38
OG
Fort Gratiot, MI
604
2,246
186
 
—
132
57
 
604
2,378
243
3,225
1,535
2003
11/17/2003
 2 - 38
OG
Lynchburg, VA
771
2,304
125
 
—
103
54
 
771
2,407
179
3,357
1,466
2004
2/16/2004
 2 - 39
OG
Visalia, CA
1,151
1,830
151
 
—
133
46
 
1,151
1,963
197
3,311
1,221
2004
3/15/2004
 2 - 39
OG
Anderson, SC
903
1,841
133
 
226
181
111
 
1,129
2,022
244
3,395
1,368
2004
3/29/2004
 2 - 39
OG
Lake Charles, LA
806
2,070
161
 
—
174
87
 
806
2,244
248
3,298
1,495
2004
4/5/2004
 2 - 39
OG
Tucson, AZ
1,019
2,073
104
 
—
121
135
 
1,019
2,194
239
3,452
1,371
2004
9/20/2004
 2 - 39
OG
College Station, TX
581
2,236
173
 
—
42
44
 
581
2,278
217
3,076
1,454
2005
1/24/2005
 2 - 40
OG
Tupelo, MS
823
2,102
193
 
—
127
82
 
823
2,229
275
3,327
1,445
2005
1/31/2005
 2 - 40
OG
Jackson, TN
874
1,964
151
 
—
175
36
 
874
2,139
187
3,200
1,310
2005
2/7/2005
 2 - 40
OG
Houma, LA
736
2,190
150
 
—
185
148
 
736
2,375
298
3,409
1,516
2005
2/14/2005
 2 - 40
OG
Oklahoma City, OK
925
2,053
158
 
—
128
43
 
925
2,181
201
3,307
1,369
2005
3/14/2005
 2 - 40
OG
Columbia, SC
1,119
2,175
161
 
—
110
85
 
1,119
2,285
246
3,650
1,411
2005
4/5/2005
 2 - 40
OG
Newnan, GA
829
2,239
157
 
—
152
55
 
829
2,391
212
3,432
1,429
2005
5/23/2005
 2 - 40


F-55

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Owensboro, KY
762
2,134
173
 
—
70
57
 
762
2,204
230
3,196
1,435
2005
5/23/2005
 2 - 40
OG
San Antonio, TX
932
2,582
191
 
—
190
103
 
932
2,772
294
3,998
1,655
2005
6/27/2005
 2 - 40
OG
Mesa, AZ
598
1,844
132
 
—
110
129
 
598
1,954
261
2,813
1,229
2005
10/3/2005
 2 - 40
OG
Garland, TX
903
2,271
156
 
—
115
94
 
903
2,386
250
3,539
1,486
2005
10/31/2005
 2 - 40
OG
Southaven, MS
1,048
2,209
158
 
—
117
50
 
1,048
2,326
208
3,582
1,347
2005
11/21/2005
 2 - 40
OG
Yuma, AZ
842
2,037
160
 
—
62
87
 
842
2,099
247
3,188
1,245
2005
12/5/2005
 2 - 40
OG
Oakdale, MN
956
2,355
185
 
—
30
35
 
956
2,385
220
3,561
1,408
2005
12/5/2005
 2 - 40
OG
Tarentum, PA
1,119
2,482
148
 
—
179
47
 
1,119
2,661
195
3,975
1,455
2006
2/20/2006
 2 - 41
OG
Texarkana, TX
871
2,279
151
 
—
90
87
 
871
2,369
238
3,478
1,414
2006
3/27/2006
 2 - 41
OG
Florence, SC
—
1,817
169
 
1,503
119
84
 
1,503
1,936
253
3,692
1,191
2006
8/21/2006
 2 - 41
OG
Dothan, AL
850
2,242
131
 
—
62
92
 
850
2,304
223
3,377
1,301
2006
8/28/2006
 2 - 41
OG
San Angelo, TX
360
2,020
157
 
—
74
104
 
360
2,094
261
2,715
1,277
2006
9/11/2006
 2 - 41
OG
New Braunfels, TX
1,049
2,162
147
 
—
32
83
 
1,049
2,194
230
3,473
1,244
2006
9/25/2006
 2 - 41
OG
Grove City, OH
1,200
2,271
140
 
—
63
55
 
1,200
2,334
195
3,729
1,299
2006
9/25/2006
 2 - 41
OG
Hot Springs, AR
797
2,415
186
 
—
84
73
 
797
2,499
259
3,555
1,361
2006
10/23/2006
 2 - 41
OG
West Wichita, KS
1,227
1,801
154
 
—
84
86
 
1,227
1,885
240
3,352
1,056
2006
11/6/2006
 2 - 41
OG
Opelika, AL
878
2,255
154
 
—
54
43
 
878
2,309
197
3,384
1,273
2006
11/13/2006
 2 - 41
OG
Sioux City, IA
1,304
2,114
137
 
—
89
99
 
1,304
2,203
236
3,743
1,247
2006
12/11/2006
 2 - 41
OG
Victoria, TX
782
2,327
240
 
—
39
30
 
782
2,366
270
3,418
1,388
2007
1/15/2007
 2 - 42
OG
Pueblo, CO
770
2,330
212
 
—
51
76
 
770
2,381
288
3,439
1,385
2007
2/5/2007
 2 - 42
OG
Phoenix, AZ
753
2,153
246
 
—
97
72
 
753
2,250
318
3,321
1,336
2007
4/23/2007
 2 - 42
OG
Detroit, MI
1,400
2,956
234
 
—
81
87
 
1,400
3,037
321
4,758
1,555
2007
5/21/2007
 2 - 42
OG
Mount Juliet, TN
873
2,294
212
 
—
76
47
 
873
2,370
259
3,502
1,312
2007
10/22/2007
 2 - 42
OG
Jacksonville, NC
1,174
2,287
239
 
—
32
81
 
1,174
2,319
320
3,813
1,338
2007
11/19/2007
 2 - 42
OG
Columbus, OH
995
2,286
184
 
—
61
27
 
995
2,347
211
3,553
1,216
2007
12/17/2007
 2 - 42
OG
Triadelphia, WV
970
2,342
225
 
—
58
76
 
970
2,400
301
3,671
1,347
2007
12/17/2007
 2 - 42
OG
Reynoldsburg, OH
1,208
2,183
242
 
—
48
37
 
1,208
2,231
279
3,718
1,218
2008
4/21/2008
 2 - 43
OG
Cincinnati, OH
1,072
2,170
236
 
—
57
43
 
1,072
2,227
279
3,578
1,243
2008
4/28/2008
 2 - 43
OG
Florence, KY
1,007
2,099
155
 
—
52
88
 
1,007
2,151
243
3,401
1,191
2008
8/4/2008
 2 - 43
OG
Bismarck, ND
1,156
2,319
263
 
—
31
38
 
1,156
2,350
301
3,807
1,257
2008
11/24/2008
 2 - 43
OG
Spring Hill, TN
1,295
2,269
228
 
—
29
45
 
1,295
2,298
273
3,866
1,143
2009
2/16/2009
 2 - 44
OG
San Antonio, TX
1,359
2,492
230
 
—
23
33
 
1,359
2,515
263
4,137
1,189
2009
3/30/2009
 2 - 44
OG
Broken Arrow, OK
1,461
2,261
231
 
—
73
57
 
1,461
2,334
288
4,083
1,138
2009
5/25/2009
 2 - 44
OG
Michigan City, IN
762
2,646
238
 
—
17
39
 
762
2,663
277
3,702
1,261
2009
7/13/2009
 2 - 44


F-56

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OG
Bossier City, LA
1,006
2,405
264
 
—
51
32
 
1,006
2,456
296
3,758
1,167
2009
7/27/2009
 2 - 44
OG
Richmond, KY
1,054
1,974
236
 
—
14
32
 
1,054
1,988
268
3,310
990
2009
9/14/2009
 2 - 44
OG
Jacksonville, FL
1,006
2,001
263
 
—
21
30
 
1,006
2,022
293
3,321
1,010
2009
10/5/2009
 2 - 44
OG
Manhattan, KS
791
2,253
237
 
—
33
69
 
791
2,286
306
3,383
1,082
2010
4/26/2010
 2 - 45
OG
Kingsport, TN
1,071
1,840
282
 
—
11
22
 
1,071
1,851
304
3,226
872
2010
5/3/2010
 2 - 45
OG
Las Cruces, NM
839
2,201
297
 
—
15
34
 
839
2,216
331
3,386
1,040
2010
5/10/2010
 2 - 45
OG
Morehead City, NC
853
1,864
315
 
—
62
23
 
853
1,926
338
3,117
950
2010
7/19/2010
 2 - 45
OG
Pleasant Prairie, WI
1,101
2,134
303
 
—
36
—
 
1,101
2,170
303
3,574
977
2010
9/27/2010
 2 - 45
OG
Wilson, NC
528
1,948
268
 
—
24
29
 
528
1,972
297
2,797
929
2010
10/11/2010
 2 - 45
OG
Council Bluffs, IA
955
2,051
254
 
—
4
32
 
955
2,055
286
3,296
923
2010
10/25/2010
 2 - 45
OG
Louisville, KY
—
2,072
266
 
904
12
38
 
904
2,084
304
3,292
985
2010
11/1/2010
 2 - 45
OG
Ankeny, IA
704
2,218
248
 
—
9
17
 
704
2,227
265
3,196
934
2011
1/10/2011
 2 - 46
OG
Queen Creek, AZ
875
2,377
307
 
—
30
(1)
 
875
2,407
306
3,588
938
2011
1/10/2011
 2 - 46
OG
Gainesville, GA
985
1,915
274
 
—
—
5
 
985
1,915
279
3,179
802
2011
6/20/2011
 2 - 46
OG
Niagara Falls, NY
1,057
2,187
327
 
—
38
15
 
1,057
2,225
342
3,624
927
2011
9/19/2011
 2 - 46
OG
Cleveland, TN
962
1,941
324
 
—
14
6
 
962
1,955
330
3,247
839
2011
11/28/2011
 2 - 46
OG
Chicago, IL
942
2,626
337
 
—
(484)
—
 
942
2,142
337
3,421
933
2012
3/26/2012
 2 - 47
OG
Katy, TX
1,602
2,170
285
 
—
—
5
 
1,602
2,170
290
4,062
825
2012
4/9/2012
 2 - 47
OG
Beckley, WV
1,013
2,105
314
 
—
25
1
 
1,013
2,130
315
3,458
754
2012
10/1/2012
 2 - 47
OG
Columbus, OH
954
2,236
324
 
—
4
—
 
954
2,240
324
3,518
714
2013
3/18/2013
 2 - 48
OG
Oklahoma City, OK
1,204
2,370
403
 
—
(221)
—
 
1,204
2,149
403
3,756
761
2013
4/29/2013
 2 - 48
OG
Utica, NY
908
2,728
362
 
—
(470)
—
 
908
2,258
362
3,528
745
2013
8/12/2013
 2 - 48
OG
Bloomingdale, IL
1,601
—
—
 
—
—
—
 
1,601
—
—
1,601
—
1986
1/12/2018
—
OG
El Paso, TX
1,833
—
—
 
—
—
—
 
1,833
—
—
1,833
—
1990
6/29/2018
—
OG
Manchester, CT
1,669
—
—
 
—
—
—
 
1,669
—
—
1,669
—
1993
7/27/2018
—
OG
Tracy, CA
1,313
—
—
 
—
—
—
 
1,313
—
—
1,313
—
2003
11/20/2018
—
OG
Grand Junction, CO
1,480
—
—
 
—
—
—
 
1,480
—
—
1,480
—
2002
1/18/2019
—
OG
Logan, UT
1,505
—
—
 
—
—
—
 
1,505
—
—
1,505
—
2003
5/1/2019
—
OG
Watertown, NY
1,722
—
—
 
—
—
—
 
1,722
—
—
1,722
—
2010
12/6/2019
—
OG
Coralville, IA
1,811
—
—
 
—
—
—
 
1,811
—
—
1,811
—
2001
12/26/2019
—



F-57

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
OS
Grand Junction, CO
947
—
—
 
—
—
—
 
947
—
—
947
—
1999
1/18/2019
—
OS
Sante Fe, NM
1,074
2,914
—
 
—
—
—
 
1,074
2,914
—
3,988
53
2018
1/23/2019
 14 - 54
OS
Mentor, OH
1,576
—
—
 
—
—
—
 
1,576
—
—
1,576
—
2018
9/27/2019
—
OS
Camp Hill, PA
1,288
—
—
 
—
—
—
 
1,288
—
—
1,288
—
2020
12/30/2019
—
OSG/SS/JJ
San Antonio, TX
6,941
4,049
—
 
—
—
—
 
6,941
4,049
—
10,990
—
1970
12/24/2019
 14 - 54
PB
Beavercreek, OH
851
—
—
 
—
—
—
 
851
—
—
851
—
2000
6/29/2018
—
PB
Carpentersville, IL
326
514
—
 
—
—
—
 
326
514
—
840
28
1992
11/20/2018
 5 - 30
PB
Carbondale, IL
534
1,633
—
 
—
—
—
 
534
1,633
—
2,167
31
2004
5/31/2019
 10 - 40
PE
Cedar Rapids, IA
1,252
—
—
 
—
—
—
 
1,252
—
—
1,252
—
2016
1/12/2018
—
PH
Joliet, IL
173
890
—
 
—
—
—
 
173
890
—
1,063
75
1970
7/18/2016
 5 - 45
PH
Morris, IL
248
533
—
 
—
—
—
 
248
533
—
781
72
1972
7/18/2016
 5 - 40
PH
Yorkville, IL
200
581
—
 
—
—
—
 
200
581
—
781
72
1976
7/18/2016
 5 - 40
PH
Lowell, IN
258
611
—
 
—
—
—
 
258
611
—
869
80
1978
7/18/2016
 5 - 40
PH
Schereville, IN
243
942
—
 
—
—
—
 
243
942
—
1,185
100
1975
7/18/2016
 5 - 40
PH
Portage, IN
330
1,016
—
 
—
—
—
 
330
1,016
—
1,346
117
2002
7/18/2016
 5 - 40
PLK
Kingsport, TN
496
1,221
—
 
—
—
—
 
496
1,221
—
1,717
51
2013
4/30/2018
 11 - 51
PLK
Morristown, TN
552
1,167
—
 
—
—
—
 
552
1,167
—
1,719
53
2014
6/15/2018
 11 - 51
PLK/USC/GC
Moline, IL
1,298
1,396
—
 
—
—
—
 
1,298
1,396
—
2,694
3
2017
12/10/2019
 14 - 54
PNCB
Beavercreek, OH
1,537
—
—
 
—
—
—
 
1,537
—
—
1,537
—
1994
10/18/2019
—
PNCB
Muskegon, MI
1,373
—
—
 
—
—
—
 
1,373
—
—
1,373
—
1970
12/5/2019
—
PTO
Ft. Wayne, IN
3,829
—
—
 
—
—
—
 
3,829
—
—
3,829
—
2019
12/24/2019
—
RDI
Greenwood, IN
653
—
—
 
—
—
—
 
653
—
—
653
—
1989
10/31/2018
—
RL
Canton, GA
761
2,323
—
 
—
—
—
 
761
2,323
—
3,084
130
1999
11/2/2017
 10 - 50
RL
Grandville, MI
1,119
2,462
—
 
—
—
—
 
1,119
2,462
—
3,581
154
2001
11/2/2017
 10 - 50
RL
Cincinnati, OH
1,394
2,348
—
 
—
—
—
 
1,394
2,348
—
3,742
151
1975
11/2/2017
 10 - 45
RL
Toledo, OH
1,355
2,514
—
 
—
—
—
 
1,355
2,514
—
3,869
159
1974
11/2/2017
 10 - 45
RL
Erie, PA
978
2,948
—
 
—
—
—
 
978
2,948
—
3,926
180
1987
11/2/2017
 10 - 45
RL
Cedar Rapids, IA
654
—
—
 
—
—
—
 
654
—
—
654
—
1997
1/12/2018
—
RL
Uniontown, PA
1,682
—
—
 
—
—
—
 
1,682
—
—
1,682
—
1992
5/29/2018
—
RL
Louisville, KY
1,188
2,087
—
 
—
—
—
 
1,188
2,087
—
3,275
67
1991
12/17/2018
 5 - 40
RL
Grand Forks, ND
1,357
2,435
—
 
—
—
—
 
1,357
2,435
—
3,792
74
1992
12/17/2018
 10 - 45
RL
Talleyville, DE
1,222
3,402
—
 
—
—
—
 
1,222
3,402
—
4,624
94
1991
12/17/2018
 10 - 45
RL
Southaven, MS
1,967
2,521
—
 
—
—
—
 
1,967
2,521
—
4,488
75
2005
12/17/2018
 10 - 50

F-58

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
RL
St. Cloud, MN
1,490
3,665
—
 
—
—
—
 
1,490
3,665
—
5,155
95
1990
12/17/2018
 10 - 45
RL
Columbus, IN
1,220
1,575
—
 
—
—
—
 
1,220
1,575
—
2,795
55
1991
12/17/2018
 5 -40
RL
Grand Junction, CO
751
—
—
 
—
—
—
 
751
—
—
751
—
1993
1/18/2019
—
RL
Louisville, KY
764
1,420
—
 
—
—
—
 
764
1,420
—
2,184
37
1991
6/6/2019
 10 - 30
RL
Grand Forks, ND
1,970
2,203
—
 
—
—
—
 
1,970
2,203
—
4,174
57
1992
6/6/2019
 10 - 30
RL
Talleyville, DE
1,337
1,418
—
 
—
—
—
 
1,337
1,418
—
2,755
41
1991
6/6/2019
 10 - 30
RL
Southaven, MS
936
2,119
—
 
—
—
—
 
936
2,119
—
3,055
34
2005
6/6/2019
 5 - 40
RL
St. Cloud, MN
1,813
2,675
—
 
—
—
—
 
1,813
2,675
—
4,488
48
1990
6/6/2019
 5 - 45
RL
Sioux City, IA
806
—
—
 
—
—
—
 
806
—
—
806
—
1990
6/28/2019
—
RL
Coralville, IA
2,078
—
—
 
—
—
—
 
2,078
—
—
2,078
—
2001
12/26/2019
—
S52
Naples, FL
2,912
3,619
447
 
—
7
37
 
2,912
3,626
484
7,022
1,448
2011
10/10/2011
 2 - 46
S52
Jacksonville, FL
2,216
2,729
416
 
—
6
3
 
2,216
2,735
419
5,370
1,148
2011
10/24/2011
 2 - 46
SDI
Tracy, CA
979
—
—
 
—
—
—
 
979
—
—
979
—
2004
11/20/2018
—
SNS
Peru, IL
560
813
—
 
—
—
—
 
560
813
—
1,373
108
1996
11/9/2016
 5 - 40
SNS
Vero Beach, FL
435
930
—
 
—
—
—
 
435
930
—
1,365
105
1998
11/9/2016
 10 - 40
SNS
Indianapolis, IN
571
1,050
—
 
—
—
—
 
571
1,050
—
1,621
105
1989
1/12/2017
 10 -40
SNS
 Carmel, IN
887
—
—
 
—
—
—
 
887
—
—
887
—
1992
12/30/2019
—
STB
Beavercreek, OH
582
710
—
 
—
—
—
 
582
710
—
1,292
50
2014
1/12/2018
 11 - 51
STB
Orland Park (Chicago), IL
954
847
—
 
—
—
—
 
954
847
—
1,801
55
1993
6/29/2018
 5 - 30
STB
Hagerstown, MD
755
1,620
—
 
—
—
—
 
755
1,620
—
2,375
55
2014
10/11/2018
 11 - 51
STB
Decatur, AL
473
627
—
 
—
—
—
 
473
627
—
1,100
18
2007
10/30/2018
 25 - 45
STB/VZW/ATI
Huntington, IN
1,927
1,158
—
 
—
—
—
 
1,927
1,158
—
3,085
2
2019
11/28/2019
 14 - 54
TB
Newburgh, IN
139
1,069
—
 
—
—
—
 
139
1,069
—
1,208
80
1994
11/15/2016
 14 - 53
TB
Anniston, AL
200
611
—
 
—
—
—
 
200
611
—
811
57
2000
1/12/2017
 8 - 48
TB
Columbia, SC
1,161
1,086
—
 
—
—
—
 
1,161
1,086
—
2,247
110
2009
1/13/2017
 12 - 50
TB
Gas City, IN
503
951
—
 
—
—
—
 
503
951
—
1,454
83
1999
7/26/2017
 5 - 40
TB
Logansport, IN
447
1,261
—
 
—
—
—
 
447
1,261
—
1,708
82
1990
7/26/2017
 10 - 50
TB
Manchester, CT
1,393
—
—
 
—
—
—
 
1,393
—
—
1,393
—
2013
7/27/2018
—
TB
Greenwood, IN
540
—
—
 
—
—
—
 
540
—
—
540
—
2007
10/31/2018
—
TB
Grand Junction, CO
886
—
—
 
—
—
—
 
886
—
—
886
—
1996
1/18/2019
—
TB
Clovis. NM
307
—
—
 
—
—
—
 
307
—
—
307
—
1995
11/21/2019
—
TB
Southaven, MS
935
—
—
 
—
—
—
 
935
—
—
935
—
2006
12/20/2019
—
TR
Fort Gratiot, MI
1,248
—
—
 
—
—
—
 
1,248
—
—
1,248
—
2007
11/20/2018
—

F-59

FOUR CORNERS PROPERTY TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2019
(Dollars in thousands)
 
 
Initial Cost to Company
 
Cost Capitalized Since Acquisition
 
Gross Carrying Value (2)
Accumulated Depreciation
Construction Date
Acquisition Date
Life on which Depreciation in latest Statement of Income is Computed
Restaurant Property (1)
Location
Land
Buildings and Improvements
Equipment
 
Land
Building and Improvements
Equipment
 
Land
Building and Improvements
Equipment
Total
TR
Sierra Vista, AZ
1,305
—
—
 
—
—
—
 
1,305
—
—
1,305
—
2007
11/20/2018
—
TR
Logan, UT
1,272
—
—
 
—
—
—
 
1,272
—
—
1,272
—
2009
5/1/2019
—
TR
La Crosse, WI
1,352
—
—
 
—
—
—
 
1,352
—
—
1,352
—
2012
7/25/2019
—
TR
Florence, SC
1,860
—
—
 
—
—
—
 
1,860
—
—
1,860
—
2019
12/30/2019
—
WC
 Carmel, IN
625
—
—
 
—
—
—
 
625
—
—
625
—
1992
12/30/2019
—
WEN
Odessa, TX
822
1,327
—
 
—
—
—
 
822
1,327
—
2,149
147
1995
8/2/2016
 10 - 45
WEN
Wheat Ridge, CO
453
467
—
 
—
—
—
 
453
467
—
920
69
1978
11/9/2016
 5 - 40
WEN
Warren, MI
323
946
—
 
—
—
—
 
323
946
—
1,269
98
2003
11/9/2016
 10 - 40
WEN
Grand Junction, CO
1,113
—
—
 
—
—
—
 
1,113
—
—
1,113
—
1994
1/18/2019
—
WEN
Clayton, OH
814
1,097
—
 
—
—
—
 
814
1,097
—
1,911
23
2004
6/26/2019
 5 - 40
WEN
Warwick, RI
1,343
—
—
 
—
—
—
 
1,343
—
—
1,343
—
1999
12/24/2019
—
WFG
San Antonio, TX
—
—
8
 
2,790
2,069
69
 
2,790
2,069
77
4,936
523
2008
11/14/2011
 2 - 43
ZAX
Snellville, GA
859
1,168
—
 
—
—
—
 
859
1,168
—
2,027
110
2003
11/9/2016
 10 - 45
 
 
$665,130
$897,588
$48,022
 
$25,444
$244,687
$86,862
 
$690,575
$1,142,275
$134,884
$1,967,734
$635,630
 
 
 
(1) ADB refers to the Androscoggin Bank® properties.
APB refers to the Applebee's® properties.
ARB refers to the Arby’s® properties.
ATI refers to the ATI Physical Therapy® properties.
BB refers to the Bahama Breeze® properties.
BE refers to the Bob Evans® properties.
BJS refers to the BJ's Restaurants and Brewhouse® properties.
BK refers to the Burger King® properties.
BWW refers to the Buffalo Wild Wings® properties.
CB refers to the Citibank® properties.
CFA refers to the Chick-fil-A® properties.
CGR refers to the Chili's Grill & Bar® properties.
CJ refers to the Carl's Jr.® properties.

F-60

CRB refers to the Carrabba's Italian Grill® properties.
CSK refers to the Cheddar's Scratch Kitchen® properties.
DEN refers to the Denny’s® properties.
DQ refers to the Dairy Queen® properties.
DT/MP refers to the Del Taco® and MOD Pizza® properties.
FAZ refers to the Fazoli’s® properties.
GC refers to the Great Clips® properties.
HAR refers to the Hardee’s® properties.
HIE refers to the Holiday Inn Express® properties.
IHOP refers to the IHOP® properties.
JJ refers to the Jared® properties.
KFC refers to the KFC® properties.
KK refers to the Krystal® properties.
KRYS refers to the Krispy Kreme® properties.
LH refers to the LongHorn Steakhouse® properties.
MCA refers to the McAlister’s Deli® properties.
MCD refers to the the McDonald's® properties.
MVS refers to the the Mavis Discount Tires® properties.
OG refers to the Olive Garden® properties.
OS refers to the Outback Steakhouse® properties.
OSG refers to the Orvis® properties.
PB refers to the Panera Bread® properties.
PE refers to the Panda Express® properties.
PH refers to the the Pizza Hut® properties.
PLK refers to the Popeyes Louisiana Kitchen® properties.
PNCB refers to the PNC Bank® properties.
PTO refers to the Portillo's® properties.

F-61

RDI refers to the Rally's Drive-in® properties.
RL refers to the Red Lobster® properties.
RT refers to the Ruby Teusday® properties.
S52 refers to the Seasons 52® properties.
SDI refers to the Sonic Drive-In® properties.
SS refers to the Steak N’ Shake® properties.
SNS refers to the Shake Shack® properties.
STB refers to the Starbucks® properties.
TB refers to the Taco Bell® properties.
TR refers to the Texas Roadhouse® properties.
USC refers to the U.S. Cellular® properties.
VZW refers to the Verizon Wireless® properties.
WC refers to the White Castle® properties.
WEN refers to the Wendy’s® properties.
WFG refers to the Wildfish Seafood Grille® properties.
ZAX refers to the Zaxby’s® properties.


F-62

SCHEDULE III
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
(Dollars in thousands)
 
December 31, 2019
December 31, 2018
Carrying Costs
 
 
Balance - beginning of period
$
1,805,281

$
1,564,955

Additions placed in service
164,499

253,035

Dispositions
(2,046
)
(12,709
)
Balance - end of year
$
1,967,734

$
1,805,281

Accumulated Depreciation
 
 
Balance - beginning of year
$
(614,584
)
$
(598,846
)
Depreciation expense
(23,092
)
(21,256
)
Dispositions
2,046

5,518

Balance - end of year
$
(635,630
)
$
(614,584
)



F-63

INDEX TO EXHIBITS
Exhibit Number
 
Description
3.1
 
Articles of Amendment and Restatement of Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 27, 2015).
3.2
 
Amended and Restated Bylaws of Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on October 27, 2015).
4.1
 
Specimen Stock Certificate of Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 4.1 to the Company Registration Statement on Form 10/A filed on October 5, 2015).
4.2*
 
Description of Securities Registered Pursuant to Section 12 of the Exchange Act
10.1
 
Amended and Restated Agreement of Limited Partnership of Four Corners Operating Partnership, L.P., dated November 7, 2016 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 10, 2016).
10.2
 
Employment Agreement dated as of November 27, 2018, by and between Four Corners Property Trust, Inc. and William Lenehan (incorporated by reference to exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 28, 2018).
10.3
 
Employment Agreement dated as of November 27, 2018, by and between Four Corners Property Trust, Inc. and Gerald Morgan (incorporated by reference to exhibit 10.2 to the Company’s Current Report on Form 8-K filed on November 28, 2018).
10.4
 
Employment Agreement dated as of November 27, 2018, by and between Four Corners Property Trust, Inc. and James Brat (incorporated by reference to exhibit 10.3 to the Company’s Current Report on Form 8-K filed on November 28, 2018).
10.5
 
Tax Matters Agreement, dated as of November 9, 2015, by and between Darden Restaurants, Inc. and Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 10, 2015).
10.6
 
Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 2, 2017, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 2, 2017).

10.7
 
Amendment No. 1 to Amended and Restated Revolving Credit and Term Loan, dated as of January 30, 2018, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.7 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017).
10.8
 
Amendment No. 2 to Amended and Restated Revolving Credit and Term Loan Agreement, dated December 13, 2018, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc., certain lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 13, 2018).
10.9
 
Amendment No. 3 to Amended and Restated Revolving Credit and Term Loan Agreement, dated March 22, 2019, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc., certain lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on April 25, 2019).
10.10
 
Amended and Restated Parent Guaranty, dated October 2, 2017, by Four Corners Property Trust, Inc. and Four Corners GP, LLC, for the benefit of JP Morgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on October 2, 2017).
10.11
 
Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan† (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on November 10, 2015).

E-1

10.12
 
Amendment No. 1 to the Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan† (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed December 24, 2015).
10.13
 
Form of Lease (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form 10/A filed on October 5, 2015).
10.14
 
Form of Guaranty by Darden Restaurants, Inc. in respect of certain Leases (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10/A filed on October 5, 2015).
10.15
 
Form of Franchise Agreement (incorporated by reference to Exhibit 10.11 to the Company’s Registration Statement on Form 10/A filed on October 5, 2015).
10.16
 
Form of Restricted Stock Unit Award Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017).
10.17
 
Form of FY 2015 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 24, 2015).
10.18
 
Amendment to Form of FY 2015 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).
10.19
 
Form of Performance-based Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 9, 2016).
10.20
 
Amendment to Form of Performance-based Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).
10.21
 
Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on February 9, 2016).
10.22
 
Amendment to Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).
10.23
 
Note Purchase Agreement, dated April 19, 2017, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc. and the purchasers party thereto (incorporated be reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 20, 2017).
10.24*
 
Form of FY 2020 Performance Restricted Stock Unit Award Agreement
10.25*
 
Form of FY 2020 Restricted Stock Unit Award Agreement
10.26*
 
Second Amendment to Form of Restricted Stock Award Agreement
10.27*
 
Second Amendment to Form of Restricted Stock Unit Award Agreement
21.1*
 
List of Subsidiaries of Four Corners Property Trust, Inc.
23.1*
 
Consent of Independent Accountants
31 (a)*
 
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31 (b)*
 
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32 (a)*
 
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32 (b)*
 
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1
 
Form of Lease (incorporated by reference to Exhibit 99.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2015).
101.INS*
 
XBRL Instance Document
101.SCH*
 
XBRL Taxonomy Extension Schema Document

E-2

101.CAL*
 
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
 
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
 
XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
 
XBRL Taxonomy Extension Presentation Linkbase Document
104
 
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Filed herewith.
† Denotes a management contract or compensatory plan, contract or arrangement.




E-3

SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
FOUR CORNERS PROPERTY TRUST, INC.
 
 
 
 
 
 
 
 
Dated:
February 26, 2020
By:
/s/ William H. Lenehan
 
 
 
President and Chief Executive Officer
 
 
 
 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature
Title
Date
 
 
 
/S/ WILLIAM H. LENEHAN
 William H. Lenehan
Director and Chief Executive Officer
(Principal Executive Officer)
February 26, 2020
 
 
 
/S/ GERALD R. MORGAN
 Gerald R. Morgan
Chief Financial Officer
(Principal Financial Officer)
February 26, 2020
 
 
 
/S/ NICCOLE M. STEWART
Niccole M. Stewart
Chief Accounting Officer
(Principal Accounting Officer)
February 26, 2020
 
 
 
/S/ JOHN S. MOODY
John S. Moody
Director and Chairman of the
Board of Directors
February 26, 2020
 
 
 
/S/ DOUGLAS B. HANSEN 
Douglas B. Hansen
Director
February 26, 2020
 
 
 
/S/ ERIC HIRSCHHORN 
Eric Hirschhorn
Director
February 26, 2020
 
 
 
/S/ CHARLES L. JEMLEY 
Charles L. Jemley
Director
February 26, 2020
 
 
 
/S/ MARRAN H. OGILVIE 
Marran H. Ogilvie
Director
February 26, 2020
 
 
 
/S/ PAUL E. SZUREK 
Paul E. Szurek
Director
February 26, 2020

E-4

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