x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
|
¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
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Maryland
|
|
47-4456296
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(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer Identification No.)
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501 Redwood Highway, Suite 1150, Mill Valley, California
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94941
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
|
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Name of each exchange
on which registered
New York Stock Exchange
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Common Stock, $0.0001 par value
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Page
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Part 1
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Part II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Part III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Part IV
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Item 15.
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Signatures
|
|
Brand
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Restaurants Owned
|
Approximate Average Cost Per Meal Per Person ($)
|
Olive Garden®
|
300
|
$17
|
LongHorn Steakhouse®
|
104
|
20
|
Bahama Breeze®
|
11
|
26
|
Seasons 52®
|
2
|
45
|
Wildfish Seafood Grille®
|
1
|
90
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•
|
Acquire Additional Restaurant Properties:
Initially, we expect to focus on growing and diversifying our property portfolio by acquiring restaurant properties. These transactions may take many forms including triple-net sale-leaseback transactions with restaurant operators, acquisitions in the 1031 exchange market 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, building quality and estimated remaining useful life, and the credit worthiness of the initial tenant.
|
•
|
Fund Strategic Capital Improvements for Existing and Future Tenants:
Currently, Darden constitutes our entire tenant base. We will consider supporting the growth initiatives of Darden, and any future tenant operators, by providing capital to them for a variety of purposes, including capacity augmentation projects. If completed, we expect to structure these investments under terms that we deem to be economically attractive to our stockholders, either as lease amendments that produce additional rents or as loans that are repaid by operators during the applicable lease term.
|
•
|
Re-leasing Properties:
Over time we will face a re-tenanting risk and opportunity. If Darden or other future tenants elect to cease operations at any of our properties, we will be faced with finding a replacement tenant at 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 leases.
|
•
|
Develop New Tenant Relationships:
Our focus in the restaurant and related food service industry should allow us to cultivate new relationships with potential tenants and restaurant operators in order to expand the mix of tenants operating our properties and, in doing so, reduce our concentration with Darden.
|
•
|
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 our operations as well as our revolving credit facility that is undrawn as of March 18, 2016. Through disciplined capital spending and working capital management, we intend to maximize our cash flows and maintain our targeted balance sheet and leverage ratios.
|
•
|
Operate the Kerrow Operating Business
: We operate the Kerrow Restaurant Operating Business through Kerrow. Although we intend to derive the majority of our revenue from leasing properties on a triple-net basis to restaurant and retail operators, the Kerrow Restaurant Operating Business will provide us with the expertise to better analyze other restaurant properties that could serve as expansion opportunities
|
2015 Activity
|
Brand
|
Number of Four Corners Properties
|
Total Square Feet (000s)
|
Annual Cash Base Rent $(000s)
|
Percentage of Total Annualized Base Rent
|
Avg. Rent Per Square Foot ($)
|
2015 EBITDAR Coverage
1
|
Avg. Lease Term Before Renewals (Yrs)
|
Number of Renewal Periods
|
|||||
Existing properties
|
|
|
|
|
|
|
|
|
||||||
|
Olive Garden
|
300
|
|
2,565
|
|
$
|
70,144
|
|
74.3%
|
$27
|
|
4.4x
|
14.8
|
Typically 5
|
|
Longhorn SteakHouse
|
104
|
|
579
|
|
18,757
|
|
19.9%
|
32
|
|
3.8x
|
13.8
|
Typically 5
|
|
|
Bahama Breeze
|
11
|
|
116
|
|
4,471
|
|
4.8%
|
39
|
|
3.8x
|
12.9
|
Typically 5
|
|
|
Seasons 52
|
2
|
|
18
|
|
699
|
|
0.7%
|
39
|
|
3.4x
|
14.3
|
Typically 5
|
|
|
Wildfish Seafood
|
1
|
|
9
|
|
318
|
|
0.3%
|
35
|
|
3.9x
|
12.8
|
Typically 5
|
|
Properties acquired by location
|
|
|
|
|
|
|
|
|
||||||
|
No acquisitions in 2015
|
—
|
|
—
|
|
—
|
|
0.0%
|
—
|
|
0.0x
|
0
|
N/A
|
|
Properties sold by location
|
|
|
|
|
|
|
|
|
||||||
|
No sales in 2015
|
—
|
|
—
|
|
—
|
|
0.0%
|
—
|
|
0.0x
|
0
|
N/A
|
|
Lease terminations by location
|
|
|
|
|
|
|
|
|
||||||
|
No terminations in 2015
|
—
|
|
—
|
|
—
|
|
0.0%
|
—
|
|
0.0x
|
0
|
N/A
|
|
|
Total/Weighted Avg.
|
418
|
|
3,287
|
|
$
|
94,389
|
|
100.0%
|
$29
|
|
4.2x
|
14.5
|
|
State
|
|
# of Properties
|
|
% of Annual Base Rent
|
||
Florida
|
|
46
|
|
|
13.6
|
%
|
Texas
|
|
42
|
|
|
11.2
|
%
|
Georgia
|
|
40
|
|
|
8.4
|
%
|
Ohio
|
|
32
|
|
|
6.7
|
%
|
Michigan
|
|
16
|
|
|
3.5
|
%
|
Tennessee
|
|
14
|
|
|
3.0
|
%
|
Indiana
|
|
13
|
|
|
2.6
|
%
|
Pennsylvania
|
|
13
|
|
|
3.2
|
%
|
North Carolina
|
|
12
|
|
|
2.7
|
%
|
Virginia
|
|
12
|
|
|
2.5
|
%
|
Illinois
|
|
11
|
|
|
2.2
|
%
|
California
|
|
10
|
|
|
3.3
|
%
|
Maryland
|
|
10
|
|
|
2.3
|
%
|
Alabama
|
|
9
|
|
|
1.9
|
%
|
Iowa
|
|
9
|
|
|
1.8
|
%
|
Kentucky
|
|
9
|
|
|
2.0
|
%
|
New York
|
|
9
|
|
|
2.3
|
%
|
Arizona
|
|
8
|
|
|
1.9
|
%
|
Minnesota
|
|
8
|
|
|
1.8
|
%
|
South Carolina
|
|
8
|
|
|
2.0
|
%
|
Wisconsin
|
|
8
|
|
|
1.8
|
%
|
Arkansas
|
|
7
|
|
|
1.4
|
%
|
Colorado
|
|
6
|
|
|
1.5
|
%
|
Louisiana
|
|
6
|
|
|
1.3
|
%
|
Missouri
|
|
6
|
|
|
1.1
|
%
|
Mississippi
|
|
6
|
|
|
1.3
|
%
|
Nevada
|
|
6
|
|
|
1.9
|
%
|
Oklahoma
|
|
6
|
|
|
1.4
|
%
|
Kansas
|
|
5
|
|
|
1.4
|
%
|
West Virginia
|
|
5
|
|
|
1.3
|
%
|
Other (none greater than four)
|
|
26
|
|
|
6.7
|
%
|
Total
|
|
418
|
|
|
100.0
|
%
|
Number of Leases:
|
418
|
Average Remaining Term:
|
Approximately 14.5 years
|
Duration of Darden Renewal Option:
|
Typically five years; however, the number and duration of renewal options may vary by property based on the initial term of the relevant Lease and other factors
|
Average Initial Annual Cash Rent Amount:
|
$226,000
|
Annual Rent Escalation:
|
1.5% during the initial term
|
Guaranties:
|
Darden Restaurants, Inc. has entered into guaranties, pursuant to which it will guaranty the obligations of the tenants under substantially all of the Leases entered into by its subsidiaries with Four Corners Properties
|
•
|
not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for up to five years;
|
•
|
reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements; and
|
•
|
exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
|
•
|
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;
|
•
|
Darden’s 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;
|
•
|
Darden’s 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 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 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;
|
•
|
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 control; and
|
•
|
a failure of Darden’s internal controls over financial reporting and future changes in accounting standards.
|
|
|
Year Ended December 31,
|
||||||||||||||
(In thousands, except per share data)
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||
Revenues
|
|
$
|
33,456
|
|
|
$
|
17,695
|
|
|
$
|
16,907
|
|
|
$
|
16,524
|
|
Net income (loss)
|
|
$
|
5,699
|
|
|
$
|
32
|
|
|
$
|
29
|
|
|
$
|
(39
|
)
|
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.92
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|||
Diluted
|
|
$
|
0.91
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|||
Cash dividends declared per common stock
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
|
As of December 31,
|
||||||||||||||
|
|
|
|
|
|
|
|
2012
|
||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
|
(Unaudited)
|
||||||||
Real estate investments:
|
|
|
|
|
|
|
|
|
||||||||
Land
|
|
$
|
404,812
|
|
|
$
|
3,069
|
|
|
$
|
3,069
|
|
|
$
|
3,069
|
|
Buildings, equipment and improvements
|
|
992,418
|
|
|
12,513
|
|
|
12,502
|
|
|
12,502
|
|
||||
Total real estate investments
|
|
1,397,230
|
|
|
15,582
|
|
|
15,571
|
|
|
15,571
|
|
||||
Less: accumulated depreciation
|
|
(568,539
|
)
|
|
(3,860
|
)
|
|
(3,026
|
)
|
|
(2,163
|
)
|
||||
Total real estate investments, net
|
|
$
|
828,691
|
|
|
$
|
11,722
|
|
|
$
|
12,545
|
|
|
$
|
13,408
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
929,437
|
|
|
$
|
11,949
|
|
|
$
|
12,807
|
|
|
$
|
13,630
|
|
Total liabilities
|
|
487,795
|
|
|
2,951
|
|
|
2,935
|
|
|
2,899
|
|
||||
Total equity
|
|
441,642
|
|
|
8,998
|
|
|
9,872
|
|
|
10,731
|
|
|
|
Year Ended December 31,
|
||||||||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||
Cash flows provided by operating activities
|
|
$
|
21,693
|
|
|
$
|
961
|
|
|
$
|
914
|
|
|
$
|
806
|
|
Cash flows used in investing activities
|
|
(556
|
)
|
|
(55
|
)
|
|
(26
|
)
|
|
(131
|
)
|
||||
Cash flows provided by (used in) financing activities
|
|
76,929
|
|
|
(906
|
)
|
|
(888
|
)
|
|
(675
|
)
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental income
|
|
$
|
15,134
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restaurant revenues
|
|
18,322
|
|
|
17,695
|
|
|
16,907
|
|
|||
Total revenues
|
|
33,456
|
|
|
17,695
|
|
|
16,907
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
||||||
General and administrative
|
|
1,856
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
3,758
|
|
|
863
|
|
|
875
|
|
|||
Restaurant expenses
|
|
16,996
|
|
|
16,942
|
|
|
16,127
|
|
|||
Interest expense
|
|
2,203
|
|
|
—
|
|
|
—
|
|
|||
Total expenses
|
|
24,813
|
|
|
17,805
|
|
|
17,002
|
|
|||
Income (loss) before income taxes
|
|
8,643
|
|
|
(110
|
)
|
|
(95
|
)
|
|||
(Provision for) benefit from income taxes
|
|
(2,944
|
)
|
|
142
|
|
|
124
|
|
|||
Net Income
|
|
$
|
5,699
|
|
|
$
|
32
|
|
|
$
|
29
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
(Dollars in thousands)
|
|
$
|
|
% of Revenues
|
|
$
|
|
% of Revenues
|
|
$
|
|
% of Revenues
|
|||||||||
Restaurant revenues
|
|
$
|
18,322
|
|
|
100.0
|
%
|
|
$
|
17,695
|
|
|
100.0
|
%
|
|
$
|
16,907
|
|
|
100.0
|
%
|
Restaurant expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Food and beverage
|
|
7,310
|
|
|
39.9
|
%
|
|
7,124
|
|
|
40.3
|
%
|
|
6,766
|
|
|
40.0
|
%
|
|||
Restaurant labor
|
|
4,688
|
|
|
25.6
|
%
|
|
4,639
|
|
|
26.2
|
%
|
|
4,518
|
|
|
26.7
|
%
|
|||
Other restaurant expenses
|
|
4,998
|
|
|
27.3
|
%
|
|
5,179
|
|
|
29.2
|
%
|
|
4,843
|
|
|
28.7
|
%
|
|||
Total restaurant expenses
|
|
16,996
|
|
|
92.8
|
%
|
|
16,942
|
|
|
95.7
|
%
|
|
16,127
|
|
|
95.4
|
%
|
|||
Restaurant Operations, Net
|
|
$
|
1,326
|
|
|
|
|
$
|
753
|
|
|
|
|
$
|
780
|
|
|
|
(In millions)
|
|
Less than 1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
More than 5 Years
|
|
Total
|
||||||||||
Note payable
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400.0
|
|
|
$
|
—
|
|
|
$
|
400.0
|
|
Interest payments on note payable obligations
1
|
|
13.0
|
|
|
27.0
|
|
|
25.0
|
|
|
—
|
|
|
65.0
|
|
|||||
Commitments under non-cancellable operating leases
|
|
0.5
|
|
|
1.0
|
|
|
0.8
|
|
|
9.7
|
|
|
12.0
|
|
|||||
Total Contractual Obligations and Commitments
|
|
$
|
13.5
|
|
|
$
|
28.0
|
|
|
$
|
425.8
|
|
|
$
|
9.7
|
|
|
$
|
477.0
|
|
(In thousands, except share data)
|
|
Year Ended December 31, 2015
|
||
Net income attributable to stockholders in accordance with GAAP
|
$
|
5,699
|
|
|
Depreciation and amortization
|
|
3,758
|
|
|
NAREIT funds from operations (FFO)
|
|
$
|
9,457
|
|
Non-cash compensation expense
|
|
13
|
|
|
Amortization of deferred financing costs
|
|
265
|
|
|
Straight-line rent adjustment
|
|
(1,500
|
)
|
|
Gains on hedging instruments due to hedge ineffectiveness
|
(3
|
)
|
||
Adjusted funds from operations (AFFO)
|
|
$
|
8,232
|
|
|
|
|
||
Fully diluted shares outstanding
1
|
|
6,263,921
|
|
|
|
|
|
||
FFO per diluted share
|
|
$
|
1.51
|
|
|
|
|
||
AFFO per diluted share
|
|
$
|
1.31
|
|
|
|
|
||
Footnotes:
|
|
|
||
(1) Weighted average shares outstanding were calculated using the share count throughout 2015. Prior to November 9th 2015, there were no shares outstanding.
|
|
|
1.
|
Plus: Amortization of deferred financing costs
|
2.
|
Plus: Non-cash (stock based) compensation expense
|
3.
|
Plus: Non-real estate depreciation
|
4.
|
Plus: Impairment charges
|
5.
|
Plus: Below market debt amortization
|
6.
|
Plus: Non-cash expense on hedging instruments deemed ineffective
|
7.
|
Plus: Transaction costs incurred in connection with the acquisition of real estate investments
|
8.
|
Plus: Merger, restructuring and other related costs
|
9.
|
Plus: Amortization of capitalized leasing costs
|
10.
|
Less: Straight line rent adjustment
|
11.
|
Less: Amortization of (above) and below market leases
|
12.
|
Less: Recurring capital expenditures and tenant improvements
|
13.
|
Less: Debt extinguishment gains (losses)
|
Audited Consolidated Financial Statements
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
ASSETS
|
|
|
|
|
||||
Real estate investments:
|
|
|
|
|
||||
Land and improvements
|
|
$
|
404,812
|
|
|
$
|
3,069
|
|
Buildings, equipment and improvements
|
|
992,418
|
|
|
12,513
|
|
||
Total real estate investments
|
|
1,397,230
|
|
|
15,582
|
|
||
Less: Accumulated depreciation
|
|
(568,539
|
)
|
|
(3,860
|
)
|
||
Total real estate investments, net
|
|
828,691
|
|
|
11,722
|
|
||
Cash and cash equivalents
|
|
98,073
|
|
|
7
|
|
||
Derivative assets
|
|
165
|
|
|
—
|
|
||
Deferred rent
|
|
1,500
|
|
|
—
|
|
||
Other assets
|
|
1,008
|
|
|
220
|
|
||
Total Assets
|
|
$
|
929,437
|
|
|
$
|
11,949
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Notes payable, net of deferred financing costs
|
|
$
|
392,302
|
|
|
$
|
—
|
|
Derivative liabilities
|
|
477
|
|
|
—
|
|
||
Deferred rental revenue
|
|
7,940
|
|
|
—
|
|
||
Deferred tax liabilities
|
|
80,881
|
|
|
1,033
|
|
||
Other liabilities
|
|
6,195
|
|
|
1,918
|
|
||
Total liabilities
|
|
487,795
|
|
|
2,951
|
|
||
Stockholders’ and parent company 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, 42,741,995 and zero shares issued and outstanding at December 31, 2015 and 2014, respectively
|
|
4
|
|
|
—
|
|
||
Additional paid-in capital
|
|
436,697
|
|
|
—
|
|
||
Accumulated other comprehensive loss
|
|
(316
|
)
|
|
—
|
|
||
Retained earnings
|
|
5,257
|
|
|
—
|
|
||
Total stockholders’ equity
|
|
441,642
|
|
|
—
|
|
||
Parent company equity
|
|
—
|
|
|
8,998
|
|
||
Total Liabilities and Equity
|
|
$
|
929,437
|
|
|
$
|
11,949
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental income
|
|
$
|
15,134
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restaurant revenues
|
|
18,322
|
|
|
17,695
|
|
|
16,907
|
|
|||
Total revenues
|
|
33,456
|
|
|
17,695
|
|
|
16,907
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
||||||
General and administrative
|
|
1,856
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
|
3,758
|
|
|
863
|
|
|
875
|
|
|||
Restaurant expenses
|
|
16,996
|
|
|
16,942
|
|
|
16,127
|
|
|||
Interest expense
|
|
2,203
|
|
|
—
|
|
|
—
|
|
|||
Total expenses
|
|
24,813
|
|
|
17,805
|
|
|
17,002
|
|
|||
Income (loss) before income tax
|
|
8,643
|
|
|
(110
|
)
|
|
(95
|
)
|
|||
(Provision for) benefit from income tax
|
|
(2,944
|
)
|
|
142
|
|
|
124
|
|
|||
Net Income
|
|
$
|
5,699
|
|
|
$
|
32
|
|
|
$
|
29
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Realized and unrealized loss in hedging transactions, net
|
|
(316
|
)
|
|
—
|
|
|
—
|
|
|||
Comprehensive Income
|
|
$
|
5,383
|
|
|
$
|
32
|
|
|
$
|
29
|
|
|
|
|
|
|
|
|
||||||
Basic net income per share:
|
|
$
|
0.92
|
|
|
NA
|
|
|
NA
|
|
||
Diluted net income per share:
|
|
$
|
0.91
|
|
|
NA
|
|
|
NA
|
|
||
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
||||||
Basic
|
|
6,206,375
|
|
|
NA
|
|
|
NA
|
|
|||
Diluted
|
|
6,263,921
|
|
|
NA
|
|
|
NA
|
|
|||
Dividends declared per common share
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|||
NA – not applicable
|
|
|
|
|
|
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Parent Company Equity
|
|
Distributions in Excess of Accumulated Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|||||||||||||||||||||||
Balance at December 31, 2012
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,731
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,731
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||
Net transfers to parent
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(888
|
)
|
|
—
|
|
|
—
|
|
|
(888
|
)
|
||||||
Balance at December 31, 2013
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,872
|
|
|
—
|
|
|
—
|
|
|
9,872
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||
Net transfers to parent
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(906
|
)
|
|
—
|
|
|
—
|
|
|
(906
|
)
|
||||||
Balance at December 31, 2014
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,998
|
|
|
—
|
|
|
—
|
|
|
8,998
|
|
||||||
Contribution in connection with Spin-Off
|
|
—
|
|
|
—
|
|
|
436,697
|
|
|
(8,998
|
)
|
|
(442
|
)
|
|
—
|
|
|
427,257
|
|
||||||
Issuance of common stock in connection with Spin-Off
|
|
42,741,995
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,699
|
|
|
—
|
|
|
5,699
|
|
||||||
Realized and unrealized gain (loss) on derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(316
|
)
|
|
(316
|
)
|
||||||
Balance at December 31, 2015
|
|
42,741,995
|
|
|
$
|
4
|
|
|
$
|
436,697
|
|
|
$
|
—
|
|
|
$
|
5,257
|
|
|
$
|
(316
|
)
|
|
$
|
441,642
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows - operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
5,699
|
|
|
$
|
32
|
|
|
$
|
29
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
3,758
|
|
|
863
|
|
|
875
|
|
|||
Amortization of financing costs
|
|
265
|
|
|
—
|
|
|
—
|
|
|||
Loss on disposal of operating real estate
|
|
25
|
|
|
15
|
|
|
14
|
|
|||
Stock based compensation expense
|
|
101
|
|
|
117
|
|
|
118
|
|
|||
Deferred income taxes
|
|
1,195
|
|
|
(194
|
)
|
|
(186
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||||||
Deferred rent asset
|
|
(1,500
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred rental revenue
|
|
7,940
|
|
|
—
|
|
|
—
|
|
|||
Deferred rent expense
|
|
94
|
|
|
78
|
|
|
79
|
|
|||
Other assets and liabilities
|
|
4,116
|
|
|
50
|
|
|
(15
|
)
|
|||
Net cash provided by operating activities
|
|
21,693
|
|
|
961
|
|
|
914
|
|
|||
Cash flows - investing activities
|
|
|
|
|
|
|
||||||
Purchases of real estate investments
|
|
(556
|
)
|
|
(55
|
)
|
|
(26
|
)
|
|||
Net cash used in investing activities
|
|
(556
|
)
|
|
(55
|
)
|
|
(26
|
)
|
|||
Cash flows - financing activities
|
|
|
|
|
|
|
||||||
Proceeds from term loan borrowings
|
|
400,000
|
|
|
—
|
|
|
—
|
|
|||
Payment of financing costs
|
|
(7,964
|
)
|
|
—
|
|
|
—
|
|
|||
Net distribution to Darden related to the Spin-Off
|
|
(314,985
|
)
|
|
—
|
|
|
—
|
|
|||
Predecessor transfers to parent
|
|
(122
|
)
|
|
(906
|
)
|
|
(888
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
76,929
|
|
|
(906
|
)
|
|
(888
|
)
|
|||
Net change in cash
|
|
98,066
|
|
|
—
|
|
|
—
|
|
|||
Cash and cash equivalents, beginning of year
|
|
7
|
|
|
7
|
|
|
7
|
|
|||
Cash and cash equivalents, ending of year
|
|
$
|
98,073
|
|
|
$
|
7
|
|
|
$
|
7
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
||||||
Cash interest paid
|
|
$
|
982
|
|
|
—
|
|
|
—
|
|
||
Cash paid for income taxes
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
||
Non - cash investing and financing activities:
|
|
|
|
|
|
|
||||||
Real estate investments, net acquired through Spin-Off
|
|
$
|
820,196
|
|
|
—
|
|
|
—
|
|
||
Other assets acquired through Spin-Off at carrying value
|
|
$
|
144
|
|
|
—
|
|
|
—
|
|
||
Other liabilities assumed through Spin-Off at carrying value
|
|
$
|
77,972
|
|
|
—
|
|
|
—
|
|
||
Change in fair value of derivative instruments
|
|
$
|
(316
|
)
|
|
—
|
|
|
—
|
|
(In thousands except for per share data)
|
|
Year Ended
December 31, 2015
|
||
|
|
|
||
Average common shares outstanding – basic
|
|
6,206
|
|
|
Effect of dilutive stock based compensation
|
|
58
|
|
|
Average common shares outstanding –diluted
|
|
6,264
|
|
|
Net income
|
|
$
|
5,699
|
|
Basic net earnings per share
|
|
$
|
0.92
|
|
Diluted net earnings per share
|
|
$
|
0.91
|
|
•
|
Level 1 - Quoted market prices in active markets for identical assets or liabilities;
|
•
|
Level 2 - Inputs other than level one inputs that are either directly or indirectly observable; and
|
•
|
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.
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2015
|
|
2014
|
||||
Land
|
|
$
|
404,812
|
|
|
$
|
3,069
|
|
Buildings and improvements
|
|
851,967
|
|
|
8,992
|
|
||
Equipment
|
|
140,451
|
|
|
3,521
|
|
||
Total gross real estate investments
|
|
1,397,230
|
|
|
15,582
|
|
||
Less: accumulated depreciation
|
|
(568,539
|
)
|
|
(3,860
|
)
|
||
Total Real Estate Investments, Net
|
|
$
|
828,691
|
|
|
$
|
11,722
|
|
|
|
December 31,
|
||
(In millions)
|
|
2015
|
||
2016
|
|
$
|
95
|
|
2017
|
|
96
|
|
|
2018
|
|
97
|
|
|
2019
|
|
99
|
|
|
2020
|
|
100
|
|
|
Thereafter
|
|
1,034
|
|
|
Total Future Minimum Rentals
|
|
$
|
1,521
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2015
|
|
2014
|
||||
Accounts receivable
|
|
$
|
70
|
|
|
$
|
—
|
|
Inventories
|
|
198
|
|
|
113
|
|
||
Prepaid rent
|
|
689
|
|
|
62
|
|
||
Deferred tax assets
|
|
—
|
|
|
38
|
|
||
Other
|
|
51
|
|
|
7
|
|
||
Total Other Assets
|
|
$
|
1,008
|
|
|
$
|
220
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2015
|
|
2014
|
||||
Accounts payable
|
|
$
|
922
|
|
|
$
|
450
|
|
Accrued interest expense
|
|
959
|
|
|
—
|
|
||
Accrued compensation
|
|
465
|
|
|
136
|
|
||
Other accrued income taxes
|
|
2,008
|
|
|
407
|
|
||
Deferred rent
|
|
580
|
|
|
484
|
|
||
Other
|
|
1,261
|
|
|
441
|
|
||
Total Other Liabilities
|
|
$
|
6,195
|
|
|
$
|
1,918
|
|
Product
|
|
Number of Instruments
|
|
Current Notional
|
Interest Rate Swaps
|
|
2
|
|
$400,000,000
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
|
|
Balance Sheet Location
|
|
Fair Value at
|
|
Balance Sheet Location
|
|
Fair Value at
|
||||
(Dollars in thousands)
|
|
|
December 31, 2015
|
|
|
December 31, 2015
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
||||||||
Interest rate swaps
|
|
Derivative assets
|
|
$
|
165
|
|
|
Derivative liabilities
|
|
$
|
477
|
|
Total
|
|
|
|
$
|
165
|
|
|
|
|
$
|
477
|
|
(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)
|
||||||
Interest rate swaps
|
|
$
|
(938
|
)
|
|
Interest expense
|
|
$
|
(622
|
)
|
|
Interest expense
|
|
$
|
3
|
|
|
Units
|
|
Weighted-Average
Grant Date Fair
Value Per Share |
Outstanding beginning of period
|
—
|
|
$—
|
Units granted
|
57,546
|
|
23.40
|
Units vested
|
—
|
|
—
|
Units forfeited
|
—
|
|
—
|
Outstanding End of Period
|
57,546
|
|
$23.40
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Income (loss) before income tax
|
|
$
|
8,643
|
|
|
$
|
(110
|
)
|
|
$
|
(95
|
)
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
1,502
|
|
|
$
|
33
|
|
|
$
|
43
|
|
Current state and local
|
|
247
|
|
|
19
|
|
|
19
|
|
|||
Total current
|
|
1,749
|
|
|
52
|
|
|
62
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Federal deferred
|
|
1,133
|
|
|
(194
|
)
|
|
(186
|
)
|
|||
State deferred
|
|
62
|
|
|
—
|
|
|
—
|
|
|||
Total deferred
|
|
1,195
|
|
|
(194
|
)
|
|
(186
|
)
|
|||
Total Income Tax (Benefit)
|
|
$
|
2,944
|
|
|
$
|
(142
|
)
|
|
$
|
(124
|
)
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Income taxes receivable settled through parent company equity
|
|
$
|
35
|
|
|
$
|
52
|
|
|
$
|
62
|
|
Income taxes payable
|
|
1,713
|
|
|
—
|
|
|
—
|
|
|
|
Year Ended December 31,
|
|||||||
|
|
2015
|
|
2014
|
|
2013
|
|||
U.S. statutory rate
|
|
34.0
|
%
|
|
34.0
|
%
|
|
34.0
|
%
|
State and local income taxes, net of federal tax benefits
|
|
2.6
|
|
|
(11.4
|
)
|
|
(13.1
|
)
|
Benefit of federal income tax credits
|
|
(0.3
|
)
|
|
177.1
|
|
|
193.8
|
|
Valuation allowance
|
|
(0.6
|
)
|
|
(29.3
|
)
|
|
(49.3
|
)
|
Permanent differences
|
|
0.2
|
|
|
(41.3
|
)
|
|
(34.9
|
)
|
Effective Income Tax Rate
|
|
35.9
|
%
|
|
129.1
|
%
|
|
130.5
|
%
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2015
|
|
2014
|
||||
Compensation and employee benefits
|
|
$
|
200
|
|
|
$
|
171
|
|
Charitable contribution and credit carryforwards
|
|
—
|
|
|
370
|
|
||
Valuation allowance - carryforward items
|
|
—
|
|
|
(140
|
)
|
||
UNICAP
|
|
8
|
|
|
4
|
|
||
Gross deferred tax assets
|
|
208
|
|
|
405
|
|
||
Prepaid expenses
|
|
(252
|
)
|
|
—
|
|
||
Straight-line rent
|
|
(549
|
)
|
|
—
|
|
||
Buildings and equipment
|
|
(80,288
|
)
|
|
(1,400
|
)
|
||
Gross deferred tax liabilities
|
|
(81,089
|
)
|
|
(1,400
|
)
|
||
Net Deferred Tax Liabilities
|
|
$
|
(80,881
|
)
|
|
$
|
(995
|
)
|
December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
|
$
|
—
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
165
|
|
Total
|
|
$
|
—
|
|
|
$
|
165
|
|
|
$
|
—
|
|
|
$
|
165
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
|
$
|
—
|
|
|
$
|
477
|
|
|
$
|
—
|
|
|
$
|
477
|
|
Total
|
|
$
|
—
|
|
|
$
|
477
|
|
|
$
|
—
|
|
|
$
|
477
|
|
December 31, 2015
|
|
|
|
|
||||
(In thousands)
|
|
Carrying Value
|
|
Fair Value
|
||||
Liabilities
|
|
|
|
|
||||
Note payable, excluding deferred offering costs
|
|
$
|
400,000
|
|
|
$
|
400,146
|
|
(In thousands)
|
|
December 31, 2015
|
||
2016
|
|
$
|
497
|
|
2017
|
|
515
|
|
|
2018
|
|
518
|
|
|
2019
|
|
407
|
|
|
2020
|
|
397
|
|
|
Thereafter
|
|
9,678
|
|
|
Total Future Lease Commitments
|
|
$
|
12,012
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Intercompany
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental income
|
|
$
|
15,134
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,134
|
|
Intercompany rental income
|
|
65
|
|
|
—
|
|
|
(65
|
)
|
|
—
|
|
||||
Restaurant revenues
|
|
—
|
|
|
18,322
|
|
|
—
|
|
|
18,322
|
|
||||
Total revenues
|
|
15,199
|
|
|
18,322
|
|
|
(65
|
)
|
|
33,456
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
1,856
|
|
|
—
|
|
|
—
|
|
|
1,856
|
|
||||
Depreciation and amortization
|
|
2,953
|
|
|
805
|
|
|
—
|
|
|
3,758
|
|
||||
Restaurant expenses
|
|
—
|
|
|
17,061
|
|
|
(65
|
)
|
|
16,996
|
|
||||
Interest expense
|
|
2,203
|
|
|
—
|
|
|
—
|
|
|
2,203
|
|
||||
Total operating expenses
|
|
7,012
|
|
|
17,866
|
|
|
(65
|
)
|
|
24,813
|
|
||||
Income before provision for income taxes
|
|
8,187
|
|
|
456
|
|
|
—
|
|
|
8,643
|
|
||||
Provision for income taxes
|
|
(2,942
|
)
|
|
(2
|
)
|
|
—
|
|
|
(2,944
|
)
|
||||
Net Income
|
|
$
|
5,245
|
|
|
$
|
454
|
|
|
$
|
—
|
|
|
$
|
5,699
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Total
|
||||||
Total real estate investments
|
|
$
|
1,380,663
|
|
|
$
|
16,567
|
|
|
$
|
1,397,230
|
|
Accumulated depreciation
|
|
(563,268
|
)
|
|
(5,271
|
)
|
|
(568,539
|
)
|
|||
Total real estate investments, net
|
|
$
|
817,395
|
|
|
$
|
11,296
|
|
|
$
|
828,691
|
|
Cash and cash equivalents
|
|
$
|
95,873
|
|
|
$
|
2,200
|
|
|
$
|
98,073
|
|
Total assets
|
|
$
|
915,543
|
|
|
$
|
13,894
|
|
|
$
|
929,437
|
|
Notes payable, net of deferred financing costs
|
|
$
|
392,302
|
|
|
$
|
—
|
|
|
$
|
392,302
|
|
Deferred tax liability
|
|
$
|
80,881
|
|
|
$
|
—
|
|
|
$
|
80,881
|
|
|
|
|
|
|
|
|
|
|
||||||||
(In thousands, except per share amounts)
|
|
January 1, 2015 - March 31, 2015
|
|
April 1, 2015 - June 30, 2015
|
|
July 1, 2015 - September 30, 2015
|
|
October 1, 2015 - December 31, 2015
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,134
|
|
Restaurant revenues
|
|
4,890
|
|
|
4,624
|
|
|
4,413
|
|
|
4,395
|
|
||||
Total revenues
|
|
4,890
|
|
|
4,624
|
|
|
4,413
|
|
|
19,529
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,856
|
|
||||
Depreciation and amortization
|
|
212
|
|
|
185
|
|
|
208
|
|
|
3,153
|
|
||||
Restaurant expense
|
|
4,513
|
|
|
4,335
|
|
|
4,088
|
|
|
4,060
|
|
||||
Interest expense
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2,203
|
|
||
Total expenses
|
|
4,725
|
|
|
4,520
|
|
|
4,296
|
|
|
11,272
|
|
||||
Income Before Income Taxes
|
|
$
|
165
|
|
|
$
|
104
|
|
|
$
|
117
|
|
|
$
|
8,257
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
$
|
0.85
|
|
|||
Diluted
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
$
|
0.84
|
|
|||
Distributions declared per share
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
||||
NA – not applicable
|
|
|
|
|
|
|
|
|
(In thousands, except per share amounts)
|
|
January 1, 2014 - March 31, 2014
|
|
April 1, 2014 - June 30, 2014
|
|
July 1, 2014 September 30, 2014
|
|
October 1, 2014 - December 31, 2014
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental income
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restaurant revenues
|
|
4,654
|
|
|
4,372
|
|
|
4,339
|
|
|
4,330
|
|
||||
Total revenues
|
|
4,654
|
|
|
4,372
|
|
|
4,339
|
|
|
4,330
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Depreciation and amortization
|
|
217
|
|
|
201
|
|
|
213
|
|
|
232
|
|
||||
Restaurant expense
|
|
4,367
|
|
|
4,209
|
|
|
4,145
|
|
|
4,221
|
|
||||
Interest expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total expenses
|
|
4,584
|
|
|
4,410
|
|
|
4,358
|
|
|
4,453
|
|
||||
Income Before Income Taxes
|
|
$
|
70
|
|
|
$
|
(38
|
)
|
|
$
|
(19
|
)
|
|
$
|
(123
|
)
|
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
||||
Diluted
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
||||
Distributions declared per share
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
||||
NA – not applicable
|
|
|
|
|
|
|
|
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Kissimmee, FL
|
$400
|
$710
|
$2
|
|
$—
|
$1,803
|
$615
|
|
$400
|
$2,513
|
$617
|
$3,530
|
$2,270
|
8/5/1985
|
8/5/1985
|
2 - 42
|
OG
|
Greenwood, IN
|
400
|
749
|
1
|
|
—
|
1,883
|
625
|
|
400
|
2,632
|
626
|
3,658
|
2,025
|
7/15/1985
|
7/15/1985
|
2 - 49
|
OG
|
Indianapolis, IN
|
333
|
755
|
15
|
|
—
|
1,839
|
541
|
|
333
|
2,594
|
556
|
3,483
|
1,842
|
7/15/1985
|
7/15/1985
|
2 - 49
|
OG
|
Las Vegas, NV
|
597
|
557
|
12
|
|
—
|
1,108
|
316
|
|
597
|
1,665
|
328
|
2,590
|
1,636
|
3/31/1986
|
3/31/1986
|
2 - 42
|
OG
|
Ocala, FL
|
470
|
416
|
11
|
|
—
|
2,112
|
383
|
|
470
|
2,528
|
394
|
3,392
|
1,870
|
7/14/1986
|
7/14/1986
|
2 - 48
|
OG
|
Huntsville, AL
|
317
|
719
|
1
|
|
—
|
1,092
|
338
|
|
317
|
1,811
|
339
|
2,467
|
1,594
|
3/3/1986
|
3/3/1986
|
2 - 36
|
OG
|
Granger, IN
|
220
|
650
|
15
|
|
—
|
1,309
|
348
|
|
220
|
1,959
|
363
|
2,542
|
1,936
|
9/8/1986
|
9/8/1986
|
2 - 42
|
OG
|
Toledo, OH
|
275
|
343
|
6
|
|
—
|
1,146
|
244
|
|
275
|
1,489
|
250
|
2,014
|
1,498
|
9/15/1986
|
9/15/1986
|
2 - 35
|
OG
|
Bradenton, FL
|
207
|
837
|
4
|
|
—
|
1,779
|
602
|
|
207
|
2,616
|
606
|
3,429
|
1,970
|
11/3/1986
|
11/3/1986
|
2 - 48
|
OG
|
Clearwater, FL
|
717
|
593
|
17
|
|
—
|
1,521
|
446
|
|
717
|
2,114
|
463
|
3,294
|
1,777
|
12/2/1986
|
12/2/1986
|
2 - 47
|
OG
|
Lakeland, FL
|
754
|
772
|
24
|
|
—
|
1,745
|
565
|
|
754
|
2,517
|
589
|
3,860
|
2,073
|
3/16/1987
|
3/16/1987
|
2 - 47
|
OG
|
Mesquite, TX
|
722
|
772
|
10
|
|
233
|
1,649
|
437
|
|
955
|
2,421
|
447
|
3,823
|
1,943
|
7/20/1987
|
7/20/1987
|
2 - 46
|
OG
|
North Richland Hills, TX
|
468
|
1,187
|
19
|
|
—
|
1,414
|
342
|
|
468
|
2,601
|
361
|
3,430
|
2,299
|
12/15/1986
|
12/15/1986
|
2 - 42
|
OG
|
Fort Worth, TX
|
654
|
626
|
29
|
|
—
|
1,273
|
403
|
|
654
|
1,899
|
432
|
2,985
|
1,729
|
5/25/1987
|
5/25/1987
|
2 - 46
|
OG
|
Indianapolis, IN
|
526
|
82
|
2
|
|
—
|
2,534
|
406
|
|
526
|
2,616
|
408
|
3,550
|
1,627
|
7/20/1987
|
7/20/1987
|
2 - 49
|
OG
|
Austin, TX
|
492
|
1,183
|
6
|
|
—
|
1,690
|
440
|
|
492
|
2,873
|
446
|
3,811
|
2,492
|
1/12/1987
|
1/12/1987
|
2 - 46
|
OG
|
Morrow, GA
|
446
|
813
|
10
|
|
—
|
1,448
|
423
|
|
446
|
2,261
|
433
|
3,140
|
2,125
|
3/23/1987
|
3/23/1987
|
2 - 42
|
OG
|
Fort Myers, FL
|
289
|
1,124
|
14
|
|
—
|
1,786
|
550
|
|
289
|
2,910
|
564
|
3,763
|
2,238
|
5/25/1987
|
5/25/1987
|
2 - 48
|
OG
|
Tulsa, OK
|
702
|
637
|
23
|
|
—
|
1,137
|
291
|
|
702
|
1,774
|
314
|
2,790
|
1,585
|
6/22/1987
|
6/22/1987
|
2 - 42
|
OG
|
Mobile, AL
|
698
|
872
|
31
|
|
—
|
1,209
|
479
|
|
698
|
2,081
|
510
|
3,289
|
1,753
|
5/18/1987
|
5/18/1987
|
2 - 42
|
OG
|
Canton, OH
|
275
|
834
|
8
|
|
—
|
829
|
426
|
|
275
|
1,663
|
434
|
2,372
|
1,611
|
9/21/1987
|
9/21/1987
|
2 - 40
|
OG
|
Bakersfield, CA
|
529
|
861
|
54
|
|
—
|
1,294
|
264
|
|
529
|
2,155
|
318
|
3,002
|
1,965
|
5/25/1987
|
5/25/1987
|
2 - 36
|
OG
|
Pinellas Park, FL
|
—
|
509
|
1
|
|
958
|
1,511
|
352
|
|
958
|
2,020
|
353
|
3,331
|
1,549
|
9/28/1987
|
9/28/1987
|
2 - 48
|
OG
|
Duluth, GA
|
675
|
906
|
18
|
|
351
|
1,247
|
313
|
|
1,026
|
2,153
|
331
|
3,510
|
1,948
|
11/2/1987
|
11/2/1987
|
2 - 42
|
OG
|
Middleburg Heights, OH
|
555
|
882
|
18
|
|
—
|
1,285
|
400
|
|
555
|
2,167
|
418
|
3,140
|
2,031
|
3/7/1988
|
3/7/1988
|
2 - 42
|
OG
|
Fairview Heights, IL
|
735
|
1,162
|
19
|
|
—
|
1,163
|
518
|
|
735
|
2,325
|
537
|
3,597
|
2,196
|
5/9/1988
|
5/9/1988
|
2 - 35
|
OG
|
Orlando, FL
|
—
|
894
|
6
|
|
1,585
|
1,792
|
614
|
|
1,585
|
2,686
|
620
|
4,891
|
2,460
|
2/1/1988
|
2/1/1988
|
2 - 42
|
OG
|
Sterling Heights, MI
|
855
|
1,158
|
32
|
|
—
|
984
|
403
|
|
855
|
2,142
|
435
|
3,432
|
2,144
|
10/17/1988
|
10/17/1988
|
2 - 37
|
OG
|
Reno, NV
|
—
|
639
|
29
|
|
1,215
|
1,581
|
560
|
|
1,215
|
2,220
|
589
|
4,024
|
2,214
|
1/18/1988
|
1/18/1988
|
2 - 35
|
OG
|
Akron, OH
|
577
|
1,048
|
6
|
|
—
|
879
|
281
|
|
577
|
1,927
|
287
|
2,791
|
1,699
|
4/4/1988
|
4/4/1988
|
2 - 40
|
OG
|
Grand Rapids, MI
|
—
|
959
|
14
|
|
749
|
753
|
288
|
|
749
|
1,712
|
302
|
2,763
|
1,673
|
5/9/1988
|
5/9/1988
|
2 - 35
|
OG
|
Montclair, CA
|
—
|
873
|
44
|
|
1,231
|
736
|
238
|
|
1,231
|
1,609
|
282
|
3,122
|
1,609
|
9/5/1988
|
9/5/1988
|
2 - 40
|
OG
|
Knoxville, TN
|
375
|
1,397
|
33
|
|
—
|
700
|
220
|
|
375
|
2,097
|
253
|
2,725
|
1,946
|
3/14/1988
|
3/14/1988
|
2 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Fairfield, OH
|
325
|
1,230
|
15
|
|
—
|
1,303
|
276
|
|
325
|
2,533
|
291
|
3,149
|
2,204
|
3/21/1988
|
3/21/1988
|
2 - 46
|
OG
|
Toledo, OH
|
—
|
891
|
38
|
|
652
|
726
|
201
|
|
652
|
1,617
|
239
|
2,508
|
1,622
|
5/23/1988
|
5/23/1988
|
2 - 35
|
OG
|
Lansing, IL
|
—
|
814
|
18
|
|
912
|
1,200
|
379
|
|
912
|
2,014
|
397
|
3,323
|
1,788
|
6/20/1988
|
6/20/1988
|
2 - 42
|
OG
|
Bloomington, MN
|
525
|
1,779
|
20
|
|
—
|
1,212
|
393
|
|
525
|
2,991
|
413
|
3,929
|
2,876
|
6/28/1988
|
6/28/1988
|
2 - 41
|
OG
|
Vernon Hills, IL
|
750
|
1,252
|
17
|
|
—
|
1,289
|
474
|
|
750
|
2,541
|
491
|
3,782
|
2,170
|
10/24/1988
|
10/24/1988
|
2 - 47
|
OG
|
Augusta, GA
|
402
|
803
|
6
|
|
—
|
1,118
|
470
|
|
402
|
1,921
|
476
|
2,799
|
1,709
|
7/18/1988
|
7/18/1988
|
2 - 47
|
OG
|
Chattanooga, TN
|
604
|
760
|
19
|
|
—
|
937
|
405
|
|
604
|
1,697
|
424
|
2,725
|
1,598
|
6/6/1988
|
6/6/1988
|
2 - 35
|
OG
|
Flint, MI
|
426
|
1,089
|
14
|
|
—
|
882
|
234
|
|
426
|
1,971
|
248
|
2,645
|
1,810
|
9/5/1988
|
9/5/1988
|
2 - 35
|
OG
|
Plantation, FL
|
888
|
982
|
27
|
|
—
|
1,189
|
392
|
|
888
|
2,171
|
419
|
3,478
|
1,843
|
5/8/1989
|
5/8/1989
|
2 - 42
|
OG
|
Livonia, MI
|
—
|
459
|
25
|
|
890
|
2,624
|
331
|
|
890
|
3,083
|
356
|
4,329
|
2,819
|
8/1/1988
|
8/1/1988
|
2 - 37
|
OG
|
Sarasota, FL
|
1,136
|
725
|
24
|
|
—
|
1,427
|
570
|
|
1,136
|
2,152
|
594
|
3,882
|
1,832
|
10/10/1988
|
10/10/1988
|
2 - 48
|
OG
|
Saginaw, MI
|
828
|
813
|
22
|
|
—
|
787
|
340
|
|
828
|
1,600
|
362
|
2,790
|
1,556
|
7/31/1989
|
7/31/1989
|
2 - 40
|
OG
|
Irving, TX
|
710
|
647
|
33
|
|
—
|
1,603
|
309
|
|
710
|
2,250
|
342
|
3,302
|
1,848
|
8/22/1988
|
8/22/1988
|
2 - 46
|
OG
|
Brandon, FL
|
700
|
967
|
24
|
|
—
|
1,566
|
577
|
|
700
|
2,533
|
601
|
3,834
|
2,023
|
3/27/1989
|
3/27/1989
|
2 - 47
|
OG
|
Columbus, OH
|
740
|
909
|
38
|
|
—
|
1,057
|
232
|
|
740
|
1,966
|
270
|
2,976
|
1,713
|
11/14/1988
|
11/14/1988
|
2 - 40
|
OG
|
North Olmsted, OH
|
931
|
1,060
|
63
|
|
—
|
925
|
343
|
|
931
|
1,985
|
406
|
3,322
|
1,758
|
12/5/1988
|
12/5/1988
|
2 - 40
|
OG
|
York, PA
|
555
|
931
|
31
|
|
—
|
1,048
|
462
|
|
555
|
1,979
|
493
|
3,027
|
1,846
|
3/6/1989
|
3/6/1989
|
2 - 42
|
OG
|
Oklahoma City, OK
|
280
|
1,043
|
58
|
|
—
|
1,095
|
371
|
|
280
|
2,138
|
429
|
2,847
|
1,695
|
1/16/1989
|
1/16/1989
|
2 - 42
|
OG
|
West Des Moines, IA
|
—
|
377
|
24
|
|
1,130
|
2,047
|
338
|
|
1,130
|
2,424
|
362
|
3,916
|
2,049
|
12/12/1988
|
12/12/1988
|
2 - 36
|
OG
|
San Antonio, TX
|
400
|
783
|
17
|
|
—
|
1,458
|
449
|
|
400
|
2,241
|
466
|
3,107
|
1,964
|
2/13/1989
|
2/13/1989
|
2 - 41
|
OG
|
Kennesaw, GA
|
754
|
824
|
32
|
|
—
|
1,233
|
390
|
|
754
|
2,057
|
422
|
3,233
|
1,649
|
5/1/1989
|
5/1/1989
|
2 - 47
|
OG
|
Portage, MI
|
325
|
1,290
|
32
|
|
—
|
892
|
266
|
|
325
|
2,182
|
298
|
2,805
|
1,955
|
7/31/1989
|
7/31/1989
|
2 - 35
|
OG
|
West Dundee, IL
|
828
|
1,167
|
32
|
|
—
|
964
|
325
|
|
828
|
2,131
|
357
|
3,316
|
1,926
|
8/28/1989
|
8/28/1989
|
2 - 40
|
OG
|
Saint Peters, MO
|
697
|
930
|
134
|
|
—
|
1,034
|
292
|
|
697
|
1,964
|
426
|
3,087
|
1,780
|
7/3/1989
|
7/3/1989
|
2 - 35
|
OG
|
San Antonio, TX
|
—
|
720
|
1
|
|
677
|
1,330
|
395
|
|
677
|
2,050
|
396
|
3,123
|
1,763
|
5/22/1989
|
5/22/1989
|
2 - 41
|
OG
|
Corpus Christi, TX
|
—
|
713
|
21
|
|
880
|
1,463
|
553
|
|
880
|
2,176
|
574
|
3,630
|
1,817
|
7/3/1989
|
7/3/1989
|
2 - 36
|
OG
|
Houston, TX
|
616
|
746
|
40
|
|
—
|
1,228
|
492
|
|
616
|
1,974
|
532
|
3,122
|
1,725
|
7/10/1989
|
7/10/1989
|
2 - 39
|
OG
|
Beaumont, TX
|
608
|
721
|
33
|
|
—
|
1,163
|
375
|
|
608
|
1,884
|
408
|
2,900
|
1,683
|
8/14/1989
|
8/14/1989
|
2 - 40
|
OG
|
Winter Haven, FL
|
—
|
832
|
49
|
|
563
|
1,673
|
543
|
|
563
|
2,505
|
592
|
3,660
|
2,092
|
8/14/1989
|
8/14/1989
|
2 - 47
|
OG
|
Southgate, MI
|
476
|
1,138
|
31
|
|
—
|
1,103
|
242
|
|
476
|
2,241
|
273
|
2,990
|
1,969
|
1/22/1990
|
1/22/1990
|
2 - 37
|
OG
|
Champaign, IL
|
521
|
1,158
|
26
|
|
—
|
1,009
|
343
|
|
521
|
2,167
|
369
|
3,057
|
1,978
|
10/30/1989
|
10/30/1989
|
2 - 35
|
OG
|
Orlando, FL
|
787
|
998
|
17
|
|
—
|
1,877
|
431
|
|
787
|
2,875
|
448
|
4,110
|
2,224
|
1/29/1990
|
1/29/1990
|
2 - 48
|
OG
|
Fort Wayne, IN
|
700
|
1,045
|
23
|
|
—
|
927
|
320
|
|
700
|
1,972
|
343
|
3,015
|
1,752
|
12/11/1989
|
12/11/1989
|
2 - 42
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Fargo, ND
|
313
|
864
|
20
|
|
—
|
680
|
264
|
|
313
|
1,544
|
284
|
2,141
|
1,424
|
12/11/1989
|
12/11/1989
|
2 - 40
|
OG
|
North Little Rock, AR
|
—
|
437
|
94
|
|
766
|
1,623
|
293
|
|
766
|
2,060
|
387
|
3,213
|
1,840
|
10/30/1989
|
10/30/1989
|
2 - 42
|
OG
|
Jacksonville, FL
|
—
|
755
|
39
|
|
905
|
1,137
|
487
|
|
905
|
1,892
|
526
|
3,323
|
1,741
|
4/30/1990
|
4/30/1990
|
2 - 42
|
OG
|
Las Vegas, NV
|
1,085
|
1,191
|
47
|
|
—
|
967
|
310
|
|
1,085
|
2,158
|
357
|
3,600
|
1,991
|
3/26/1990
|
3/26/1990
|
2 - 42
|
OG
|
Victorville, CA
|
603
|
985
|
31
|
|
—
|
888
|
271
|
|
603
|
1,873
|
302
|
2,778
|
1,585
|
9/10/1990
|
9/10/1990
|
2 - 42
|
OG
|
Naples, FL
|
992
|
677
|
40
|
|
—
|
1,201
|
526
|
|
992
|
1,878
|
566
|
3,436
|
1,689
|
3/26/1990
|
3/26/1990
|
2 - 40
|
OG
|
Rochester, NY
|
1,104
|
1,113
|
61
|
|
—
|
1,102
|
376
|
|
1,104
|
2,215
|
437
|
3,756
|
1,933
|
5/14/1990
|
5/14/1990
|
2 - 36
|
OG
|
Chesapeake, VA
|
506
|
863
|
44
|
|
—
|
1,046
|
344
|
|
506
|
1,909
|
388
|
2,803
|
1,792
|
3/5/1990
|
3/5/1990
|
2 - 40
|
OG
|
Maplewood, MN
|
556
|
1,009
|
86
|
|
—
|
1,126
|
250
|
|
556
|
2,135
|
336
|
3,027
|
2,001
|
4/16/1990
|
4/16/1990
|
2 - 40
|
OG
|
Fayetteville, NC
|
637
|
856
|
56
|
|
—
|
879
|
461
|
|
637
|
1,735
|
517
|
2,889
|
1,629
|
2/26/1990
|
2/26/1990
|
2 - 35
|
OG
|
Lynnwood, WA
|
875
|
1,132
|
66
|
|
—
|
855
|
316
|
|
875
|
1,987
|
382
|
3,244
|
1,760
|
8/20/1990
|
8/20/1990
|
2 - 35
|
OG
|
Columbia, MO
|
602
|
983
|
53
|
|
—
|
1,070
|
327
|
|
602
|
2,053
|
380
|
3,035
|
1,786
|
6/4/1990
|
6/4/1990
|
2 - 42
|
OG
|
Topeka, KS
|
701
|
812
|
18
|
|
—
|
1,658
|
381
|
|
701
|
2,470
|
399
|
3,570
|
2,000
|
10/22/1990
|
10/22/1990
|
2 - 47
|
OG
|
Wichita, KS
|
779
|
802
|
80
|
|
—
|
1,022
|
274
|
|
779
|
1,824
|
354
|
2,957
|
1,655
|
10/1/1990
|
10/1/1990
|
2 - 42
|
OG
|
Antioch, TN
|
—
|
811
|
61
|
|
892
|
628
|
241
|
|
892
|
1,439
|
302
|
2,633
|
1,366
|
10/15/1990
|
10/15/1990
|
2 - 40
|
OG
|
Greenfield, WI
|
956
|
802
|
29
|
|
114
|
1,174
|
295
|
|
1,070
|
1,976
|
324
|
3,370
|
1,742
|
8/13/1990
|
8/13/1990
|
2 - 42
|
OG
|
Orange City, FL
|
551
|
727
|
16
|
|
—
|
1,163
|
479
|
|
551
|
1,890
|
495
|
2,936
|
1,467
|
10/29/1990
|
10/29/1990
|
2 - 48
|
OG
|
Terre Haute, IN
|
560
|
1,128
|
34
|
|
—
|
872
|
355
|
|
560
|
2,000
|
389
|
2,949
|
1,785
|
12/3/1990
|
12/3/1990
|
2 - 35
|
OG
|
Richmond, VA
|
467
|
1,363
|
93
|
|
—
|
966
|
399
|
|
467
|
2,329
|
492
|
3,288
|
2,117
|
9/17/1990
|
9/17/1990
|
2 - 42
|
OG
|
Columbia, SC
|
613
|
782
|
35
|
|
—
|
1,055
|
230
|
|
613
|
1,837
|
265
|
2,715
|
1,574
|
12/3/1990
|
12/3/1990
|
2 - 42
|
OG
|
Talleyville, DE
|
737
|
1,278
|
95
|
|
—
|
805
|
377
|
|
737
|
2,083
|
472
|
3,292
|
2,036
|
4/22/1991
|
4/22/1991
|
2 - 40
|
OG
|
Littleton, CO
|
750
|
859
|
79
|
|
—
|
1,324
|
359
|
|
750
|
2,183
|
438
|
3,371
|
1,923
|
1/21/1991
|
1/21/1991
|
2 - 40
|
OG
|
Miami, FL
|
1,059
|
879
|
89
|
|
—
|
1,413
|
549
|
|
1,059
|
2,292
|
638
|
3,989
|
2,049
|
1/28/1991
|
1/28/1991
|
2 - 42
|
OG
|
Roseville, MN
|
754
|
1,106
|
90
|
|
—
|
784
|
178
|
|
754
|
1,890
|
268
|
2,912
|
1,663
|
3/25/1991
|
3/25/1991
|
2 - 40
|
OG
|
Colorado Springs, CO
|
—
|
690
|
87
|
|
571
|
2,173
|
415
|
|
571
|
2,863
|
502
|
3,936
|
2,527
|
1/21/1991
|
1/21/1991
|
2 - 41
|
OG
|
Aurora, CO
|
803
|
1,169
|
14
|
|
—
|
1,368
|
343
|
|
803
|
2,537
|
357
|
3,697
|
2,079
|
4/1/1991
|
4/1/1991
|
2 - 41
|
OG
|
Boise, ID
|
627
|
839
|
76
|
|
—
|
858
|
386
|
|
627
|
1,697
|
462
|
2,786
|
1,579
|
4/29/1991
|
4/29/1991
|
2 - 42
|
OG
|
Eastpointe, MI
|
897
|
1,367
|
75
|
|
—
|
598
|
244
|
|
897
|
1,965
|
319
|
3,181
|
1,810
|
3/25/1991
|
3/25/1991
|
2 - 40
|
OG
|
Parkersburg, WV
|
454
|
1,096
|
60
|
|
—
|
723
|
323
|
|
454
|
1,819
|
383
|
2,656
|
1,671
|
2/11/1991
|
2/11/1991
|
2 - 42
|
OG
|
Clovis, CA
|
489
|
796
|
62
|
|
—
|
787
|
300
|
|
489
|
1,583
|
362
|
2,434
|
1,527
|
2/18/1991
|
2/18/1991
|
2 - 42
|
OG
|
Dallas, TX
|
750
|
776
|
36
|
|
70
|
1,001
|
305
|
|
820
|
1,777
|
341
|
2,938
|
1,546
|
2/25/1991
|
2/25/1991
|
2 - 41
|
OG
|
Houston, TX
|
723
|
960
|
87
|
|
—
|
1,234
|
498
|
|
723
|
2,194
|
585
|
3,502
|
2,024
|
5/20/1991
|
5/20/1991
|
2 - 40
|
OG
|
Columbia, MD
|
1,283
|
1,199
|
92
|
|
—
|
1,020
|
297
|
|
1,283
|
2,219
|
389
|
3,891
|
2,003
|
11/4/1991
|
11/4/1991
|
2 - 42
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
McAllen, TX
|
803
|
857
|
76
|
|
—
|
1,160
|
476
|
|
803
|
2,017
|
552
|
3,372
|
1,642
|
4/29/1991
|
4/29/1991
|
2 - 42
|
OG
|
Jacksonville, FL
|
1,124
|
863
|
74
|
|
—
|
1,185
|
438
|
|
1,124
|
2,048
|
512
|
3,684
|
1,747
|
8/12/1991
|
8/12/1991
|
2 - 42
|
OG
|
Boardman, OH
|
675
|
993
|
48
|
|
—
|
1,208
|
329
|
|
675
|
2,201
|
377
|
3,253
|
2,001
|
8/5/1991
|
8/5/1991
|
2 - 38
|
OG
|
San Bernardino, CA
|
1,393
|
1,210
|
83
|
|
—
|
756
|
301
|
|
1,393
|
1,966
|
384
|
3,743
|
1,807
|
3/9/1992
|
3/9/1992
|
2 - 42
|
OG
|
West Melbourne, FL
|
983
|
953
|
22
|
|
—
|
1,390
|
578
|
|
983
|
2,343
|
600
|
3,926
|
1,885
|
8/19/1991
|
8/19/1991
|
2 - 47
|
OG
|
Houston, TX
|
627
|
947
|
68
|
|
—
|
1,084
|
435
|
|
627
|
2,031
|
503
|
3,161
|
1,846
|
11/11/1991
|
11/11/1991
|
2 - 40
|
OG
|
Palmdale, CA
|
679
|
1,080
|
109
|
|
—
|
1,093
|
315
|
|
679
|
2,173
|
424
|
3,276
|
1,844
|
8/3/1992
|
8/3/1992
|
2 - 39
|
OG
|
Woodbridge, VA
|
1,228
|
1,071
|
56
|
|
—
|
1,163
|
444
|
|
1,228
|
2,234
|
500
|
3,962
|
1,974
|
2/3/1992
|
2/3/1992
|
2 - 41
|
OG
|
Roanoke, VA
|
607
|
714
|
33
|
|
—
|
783
|
350
|
|
607
|
1,497
|
383
|
2,487
|
1,300
|
12/9/1991
|
12/9/1991
|
2 - 42
|
OG
|
Provo, UT
|
702
|
714
|
128
|
|
—
|
805
|
284
|
|
702
|
1,519
|
412
|
2,633
|
1,418
|
11/11/1991
|
11/11/1991
|
2 - 40
|
OG
|
Omaha, NE
|
315
|
1,230
|
51
|
|
—
|
1,642
|
341
|
|
315
|
2,872
|
392
|
3,579
|
2,104
|
10/28/1991
|
10/28/1991
|
2 - 42
|
OG
|
Pittsburgh, PA
|
1,125
|
1,170
|
65
|
|
—
|
1,202
|
279
|
|
1,125
|
2,372
|
344
|
3,841
|
1,969
|
12/9/1991
|
12/9/1991
|
2 - 38
|
OG
|
Harrisburg, PA
|
769
|
837
|
108
|
|
—
|
1,117
|
328
|
|
769
|
1,954
|
436
|
3,159
|
1,730
|
12/9/1991
|
12/9/1991
|
2 - 35
|
OG
|
Pineville, NC
|
1,018
|
972
|
71
|
|
—
|
950
|
281
|
|
1,018
|
1,922
|
352
|
3,292
|
1,768
|
1/27/1992
|
1/27/1992
|
2 - 42
|
OG
|
Palm Desert, CA
|
607
|
987
|
100
|
|
—
|
617
|
185
|
|
607
|
1,604
|
285
|
2,496
|
1,479
|
1/27/1992
|
1/27/1992
|
2 - 40
|
OG
|
Elkhart, IN
|
381
|
724
|
145
|
|
—
|
683
|
281
|
|
381
|
1,407
|
426
|
2,214
|
1,406
|
2/3/1992
|
2/3/1992
|
2 - 40
|
OG
|
Lafayette, LA
|
555
|
751
|
69
|
|
—
|
997
|
304
|
|
555
|
1,748
|
373
|
2,676
|
1,591
|
1/27/1992
|
1/27/1992
|
2 - 42
|
OG
|
Little Rock, AR
|
335
|
895
|
105
|
|
—
|
749
|
265
|
|
335
|
1,644
|
370
|
2,349
|
1,557
|
3/9/1992
|
3/9/1992
|
2 - 40
|
OG
|
Cincinnati, OH
|
842
|
953
|
107
|
|
—
|
986
|
344
|
|
842
|
1,939
|
451
|
3,232
|
1,809
|
3/16/1992
|
3/16/1992
|
2 - 38
|
OG
|
Myrtle Beach, SC
|
520
|
872
|
51
|
|
—
|
845
|
386
|
|
520
|
1,717
|
437
|
2,674
|
1,511
|
3/16/1992
|
3/16/1992
|
2 - 42
|
OG
|
Louisville, KY
|
492
|
1,571
|
76
|
|
—
|
869
|
254
|
|
492
|
2,440
|
330
|
3,262
|
2,067
|
6/15/1992
|
6/15/1992
|
2 - 42
|
OG
|
Highlands Ranch, CO
|
813
|
980
|
49
|
|
—
|
1,177
|
380
|
|
813
|
2,157
|
429
|
3,399
|
1,753
|
5/11/1992
|
5/11/1992
|
2 - 41
|
OG
|
Novi, MI
|
866
|
1,629
|
31
|
|
—
|
867
|
296
|
|
866
|
2,496
|
327
|
3,689
|
2,145
|
5/25/1992
|
5/25/1992
|
2 - 42
|
OG
|
Longview, TX
|
505
|
816
|
90
|
|
—
|
1,133
|
290
|
|
505
|
1,949
|
380
|
2,834
|
1,571
|
2/22/1993
|
2/22/1993
|
2 - 45
|
OG
|
Erie, PA
|
1,078
|
1,412
|
91
|
|
—
|
1,129
|
408
|
|
1,078
|
2,541
|
499
|
4,118
|
2,164
|
11/2/1992
|
11/2/1992
|
2 - 42
|
OG
|
Greensburg, PA
|
579
|
1,272
|
143
|
|
—
|
1,026
|
352
|
|
579
|
2,298
|
495
|
3,372
|
1,731
|
8/31/1992
|
8/31/1992
|
2 - 40
|
OG
|
Roswell, GA
|
838
|
897
|
79
|
|
—
|
764
|
339
|
|
838
|
1,661
|
418
|
2,917
|
1,541
|
9/14/1992
|
9/14/1992
|
2 - 40
|
OG
|
Clarksville, TN
|
302
|
771
|
101
|
|
—
|
443
|
207
|
|
302
|
1,214
|
308
|
1,824
|
1,134
|
8/3/1992
|
8/3/1992
|
2 - 38
|
OG
|
Green Bay, WI
|
453
|
789
|
97
|
|
—
|
675
|
260
|
|
453
|
1,464
|
357
|
2,274
|
1,432
|
9/14/1992
|
9/14/1992
|
2 - 40
|
OG
|
Cincinnati, OH
|
917
|
939
|
62
|
|
—
|
1,041
|
360
|
|
917
|
1,980
|
422
|
3,319
|
1,713
|
8/17/1992
|
8/17/1992
|
2 - 38
|
OG
|
Sioux Falls, SD
|
247
|
1,325
|
78
|
|
—
|
917
|
217
|
|
247
|
2,242
|
295
|
2,784
|
1,870
|
9/7/1992
|
9/7/1992
|
2 - 40
|
OG
|
Yakima, WA
|
—
|
1,296
|
124
|
|
409
|
568
|
294
|
|
409
|
1,864
|
418
|
2,691
|
1,862
|
3/22/1993
|
3/22/1993
|
2 - 40
|
OG
|
Harlingen, TX
|
453
|
803
|
107
|
|
—
|
1,013
|
426
|
|
453
|
1,816
|
533
|
2,802
|
1,375
|
10/19/1992
|
10/19/1992
|
2 - 42
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Chico, CA
|
984
|
923
|
95
|
|
—
|
850
|
308
|
|
984
|
1,773
|
403
|
3,160
|
1,527
|
11/9/1992
|
11/9/1992
|
2 - 40
|
OG
|
Las Vegas, NV
|
1,055
|
1,005
|
108
|
|
—
|
849
|
297
|
|
1,055
|
1,854
|
405
|
3,314
|
1,735
|
12/14/1992
|
12/14/1992
|
2 - 42
|
OG
|
Laurel, MD
|
1,241
|
1,552
|
121
|
|
—
|
1,403
|
388
|
|
1,241
|
2,955
|
509
|
4,705
|
2,590
|
1/25/1993
|
1/25/1993
|
2 - 42
|
OG
|
Arlington, TX
|
782
|
766
|
70
|
|
—
|
795
|
441
|
|
782
|
1,561
|
511
|
2,854
|
1,461
|
3/29/1993
|
3/29/1993
|
2 - 44
|
OG
|
Racine, WI
|
608
|
1,247
|
140
|
|
—
|
914
|
198
|
|
608
|
2,161
|
338
|
3,107
|
1,872
|
2/1/1993
|
2/1/1993
|
2 - 40
|
OG
|
Mesa, AZ
|
551
|
888
|
97
|
|
—
|
803
|
274
|
|
551
|
1,691
|
371
|
2,613
|
1,499
|
4/12/1993
|
4/12/1993
|
2 - 40
|
OG
|
Fort Collins, CO
|
809
|
1,105
|
97
|
|
—
|
1,011
|
350
|
|
809
|
2,116
|
447
|
3,372
|
1,957
|
2/8/1993
|
2/8/1993
|
2 - 41
|
OG
|
Raleigh, NC
|
855
|
877
|
76
|
|
—
|
855
|
318
|
|
855
|
1,732
|
394
|
2,981
|
1,626
|
3/8/1993
|
3/8/1993
|
2 - 42
|
OG
|
Dover, DE
|
614
|
1,055
|
127
|
|
—
|
656
|
279
|
|
614
|
1,711
|
406
|
2,731
|
1,525
|
4/19/1993
|
4/19/1993
|
2 - 38
|
OG
|
Lafayette, IN
|
455
|
875
|
98
|
|
—
|
635
|
221
|
|
455
|
1,510
|
319
|
2,284
|
1,453
|
3/22/1993
|
3/22/1993
|
2 - 40
|
OG
|
Addison, TX
|
1,221
|
1,746
|
79
|
|
—
|
1,032
|
374
|
|
1,221
|
2,778
|
453
|
4,452
|
2,423
|
4/26/1993
|
4/26/1993
|
2 - 41
|
OG
|
Appleton, WI
|
424
|
956
|
117
|
|
—
|
646
|
216
|
|
424
|
1,602
|
333
|
2,359
|
1,424
|
5/17/1993
|
5/17/1993
|
2 - 40
|
OG
|
Panama City, FL
|
465
|
957
|
84
|
|
—
|
1,082
|
400
|
|
465
|
2,039
|
484
|
2,988
|
1,576
|
10/11/1993
|
10/11/1993
|
2 - 42
|
OG
|
Texas City, TX
|
732
|
1,093
|
97
|
|
—
|
871
|
319
|
|
732
|
1,964
|
416
|
3,112
|
1,693
|
7/19/1993
|
7/19/1993
|
2 - 44
|
OG
|
Muncie, IN
|
454
|
1,003
|
92
|
|
—
|
1,065
|
296
|
|
454
|
2,068
|
388
|
2,910
|
1,399
|
8/23/1993
|
8/23/1993
|
2 - 49
|
OG
|
Kenner, LA
|
695
|
969
|
86
|
|
—
|
1,112
|
361
|
|
695
|
2,081
|
447
|
3,223
|
1,893
|
7/5/1993
|
7/5/1993
|
2 - 40
|
OG
|
Duncanville, TX
|
835
|
1,057
|
91
|
|
—
|
945
|
370
|
|
835
|
2,002
|
461
|
3,298
|
1,714
|
6/28/1993
|
6/28/1993
|
2 - 40
|
OG
|
Pembroke Pines, FL
|
1,134
|
1,249
|
77
|
|
—
|
1,166
|
511
|
|
1,134
|
2,415
|
588
|
4,137
|
1,909
|
3/28/1994
|
3/28/1994
|
2 - 42
|
OG
|
Poughkeepsie, NY
|
873
|
1,613
|
108
|
|
—
|
823
|
174
|
|
873
|
2,436
|
282
|
3,591
|
1,888
|
11/29/1993
|
11/29/1993
|
2 - 40
|
OG
|
Billings, MT
|
479
|
1,107
|
89
|
|
—
|
775
|
301
|
|
479
|
1,882
|
390
|
2,751
|
1,654
|
10/18/1993
|
10/18/1993
|
2 - 42
|
OG
|
Rochester, NY
|
974
|
1,108
|
101
|
|
—
|
824
|
243
|
|
974
|
1,932
|
344
|
3,250
|
1,533
|
11/15/1993
|
11/15/1993
|
2 - 42
|
OG
|
Whitehall, PA
|
936
|
1,291
|
90
|
|
—
|
1,025
|
331
|
|
936
|
2,316
|
421
|
3,673
|
2,053
|
11/8/1993
|
11/8/1993
|
2 - 36
|
OG
|
Paducah, KY
|
452
|
1,083
|
82
|
|
—
|
700
|
288
|
|
452
|
1,783
|
370
|
2,605
|
1,552
|
11/8/1993
|
11/8/1993
|
2 - 40
|
OG
|
Dearborn, MI
|
542
|
1,219
|
59
|
|
—
|
713
|
242
|
|
542
|
1,932
|
301
|
2,775
|
1,648
|
1/10/1994
|
1/10/1994
|
2 - 40
|
OG
|
Bangor, ME
|
357
|
1,120
|
96
|
|
—
|
1,027
|
282
|
|
357
|
2,147
|
378
|
2,882
|
1,764
|
12/13/1993
|
12/13/1993
|
2 - 42
|
OG
|
Grand Rapids, MI
|
804
|
866
|
87
|
|
—
|
637
|
257
|
|
804
|
1,503
|
344
|
2,651
|
1,390
|
1/24/1994
|
1/24/1994
|
2 - 40
|
OG
|
Peoria, IL
|
668
|
1,204
|
81
|
|
—
|
914
|
323
|
|
668
|
2,118
|
404
|
3,190
|
1,725
|
2/14/1994
|
2/14/1994
|
2 - 42
|
OG
|
Newington, NH
|
915
|
1,051
|
103
|
|
—
|
803
|
355
|
|
915
|
1,854
|
458
|
3,227
|
1,643
|
1/17/1994
|
1/17/1994
|
2 - 42
|
OG
|
Tyler, TX
|
485
|
1,041
|
92
|
|
—
|
1,279
|
340
|
|
485
|
2,320
|
432
|
3,237
|
1,845
|
1/17/1994
|
1/17/1994
|
2 - 47
|
OG
|
Janesville, WI
|
370
|
1,069
|
86
|
|
—
|
712
|
287
|
|
370
|
1,781
|
373
|
2,524
|
1,464
|
3/7/1994
|
3/7/1994
|
2 - 40
|
OG
|
Las Vegas, NV
|
879
|
1,344
|
95
|
|
—
|
596
|
317
|
|
879
|
1,940
|
412
|
3,231
|
1,652
|
3/7/1994
|
3/7/1994
|
2 - 40
|
OG
|
Middletown, OH
|
424
|
1,044
|
95
|
|
—
|
863
|
318
|
|
424
|
1,907
|
413
|
2,744
|
1,668
|
3/7/1994
|
3/7/1994
|
2 - 42
|
OG
|
Concord, NH
|
469
|
1,284
|
115
|
|
—
|
594
|
194
|
|
469
|
1,878
|
309
|
2,656
|
1,543
|
2/14/1994
|
2/14/1994
|
2 - 38
|
OG
|
Branson, MO
|
1,056
|
1,893
|
69
|
|
—
|
785
|
295
|
|
1,056
|
2,678
|
364
|
4,098
|
2,163
|
5/16/1994
|
5/16/1994
|
2 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Coon Rapids, MN
|
514
|
1,248
|
67
|
|
—
|
588
|
245
|
|
514
|
1,836
|
312
|
2,662
|
1,566
|
9/26/1994
|
9/26/1994
|
2 - 40
|
OG
|
Fairfax, VA
|
985
|
1,127
|
69
|
|
—
|
1,021
|
406
|
|
985
|
2,148
|
475
|
3,608
|
1,840
|
10/3/1994
|
10/3/1994
|
2 - 42
|
OG
|
Amherst, NY
|
1,215
|
1,394
|
88
|
|
—
|
891
|
307
|
|
1,215
|
2,285
|
395
|
3,895
|
1,881
|
12/12/1994
|
12/12/1994
|
2 - 38
|
OG
|
Dallas, TX
|
764
|
1,212
|
55
|
|
—
|
811
|
281
|
|
764
|
2,023
|
336
|
3,123
|
1,747
|
10/10/1994
|
10/10/1994
|
2 - 44
|
OG
|
Asheville, NC
|
1,031
|
1,198
|
94
|
|
—
|
655
|
292
|
|
1,031
|
1,853
|
386
|
3,270
|
1,607
|
10/31/1994
|
10/31/1994
|
2 - 40
|
OG
|
Waldorf, MD
|
779
|
1,152
|
81
|
|
—
|
1,258
|
357
|
|
779
|
2,410
|
438
|
3,627
|
2,049
|
5/22/1995
|
5/22/1995
|
2 - 42
|
OG
|
Fairborn, OH
|
804
|
1,290
|
82
|
|
—
|
681
|
221
|
|
804
|
1,971
|
303
|
3,078
|
1,640
|
2/20/1995
|
2/20/1995
|
2 - 40
|
OG
|
Joplin, MO
|
654
|
1,219
|
102
|
|
—
|
662
|
323
|
|
654
|
1,881
|
425
|
2,960
|
1,593
|
1/9/1995
|
1/9/1995
|
2 - 40
|
OG
|
Middletown, NY
|
807
|
1,581
|
97
|
|
—
|
592
|
345
|
|
807
|
2,173
|
442
|
3,422
|
1,812
|
1/30/1995
|
1/30/1995
|
2 - 40
|
OG
|
Cedar Rapids, IA
|
510
|
1,148
|
105
|
|
—
|
608
|
311
|
|
510
|
1,756
|
416
|
2,682
|
1,526
|
12/5/1994
|
12/5/1994
|
2 - 40
|
OG
|
Eau Claire, WI
|
600
|
1,193
|
110
|
|
—
|
538
|
268
|
|
600
|
1,731
|
378
|
2,709
|
1,519
|
1/23/1995
|
1/23/1995
|
2 - 40
|
OG
|
Voorhees, NJ
|
804
|
1,696
|
101
|
|
—
|
600
|
303
|
|
804
|
2,296
|
404
|
3,504
|
1,928
|
2/20/1995
|
2/20/1995
|
2 - 38
|
OG
|
Henderson, NV
|
1,109
|
1,289
|
74
|
|
—
|
826
|
383
|
|
1,109
|
2,115
|
457
|
3,681
|
1,857
|
2/20/1995
|
2/20/1995
|
2 - 42
|
OG
|
Clay, NY
|
782
|
1,705
|
98
|
|
—
|
866
|
356
|
|
782
|
2,571
|
454
|
3,807
|
1,928
|
4/24/1995
|
4/24/1995
|
2 - 42
|
OG
|
Norman, OK
|
596
|
1,246
|
96
|
|
—
|
449
|
172
|
|
596
|
1,695
|
268
|
2,559
|
1,417
|
3/7/1995
|
3/7/1995
|
2 - 38
|
OG
|
Heath, OH
|
599
|
1,353
|
65
|
|
—
|
971
|
331
|
|
599
|
2,324
|
396
|
3,319
|
1,817
|
5/22/1995
|
5/22/1995
|
2 - 46
|
OG
|
Jackson, MI
|
699
|
1,156
|
73
|
|
—
|
764
|
320
|
|
699
|
1,920
|
393
|
3,012
|
1,530
|
3/20/1995
|
3/20/1995
|
2 - 42
|
OG
|
Hampton, VA
|
1,074
|
1,061
|
86
|
|
—
|
674
|
225
|
|
1,074
|
1,735
|
311
|
3,120
|
1,445
|
3/13/1995
|
3/13/1995
|
2 - 40
|
OG
|
Tempe, AZ
|
703
|
1,131
|
75
|
|
—
|
746
|
353
|
|
703
|
1,877
|
428
|
3,008
|
1,683
|
5/15/1995
|
5/15/1995
|
2 - 40
|
OG
|
Waterloo, IA
|
466
|
891
|
79
|
|
—
|
873
|
331
|
|
466
|
1,764
|
410
|
2,640
|
1,396
|
5/22/1995
|
5/22/1995
|
2 - 42
|
OG
|
Barboursville, WV
|
1,139
|
1,062
|
84
|
|
—
|
731
|
203
|
|
1,139
|
1,793
|
287
|
3,219
|
1,442
|
2/27/1995
|
2/27/1995
|
2 - 40
|
OG
|
Peoria, AZ
|
551
|
1,294
|
81
|
|
—
|
623
|
242
|
|
551
|
1,917
|
323
|
2,791
|
1,604
|
5/22/1995
|
5/22/1995
|
2 - 38
|
OG
|
Onalaska, WI
|
603
|
1,283
|
102
|
|
—
|
339
|
197
|
|
603
|
1,622
|
299
|
2,524
|
1,402
|
4/24/1995
|
4/24/1995
|
2 - 38
|
OG
|
Grapevine, TX
|
752
|
1,026
|
99
|
|
—
|
793
|
404
|
|
752
|
1,819
|
503
|
3,074
|
1,672
|
5/8/1995
|
5/8/1995
|
2 - 40
|
OG
|
Midland, TX
|
400
|
1,340
|
88
|
|
—
|
566
|
314
|
|
400
|
1,906
|
402
|
2,708
|
1,561
|
10/16/1995
|
10/16/1995
|
2 - 40
|
OG
|
Spring, TX
|
780
|
1,329
|
80
|
|
—
|
1,289
|
327
|
|
780
|
2,618
|
407
|
3,805
|
2,050
|
9/11/1995
|
9/11/1995
|
2 - 40
|
OG
|
Colonie, NY
|
966
|
1,862
|
57
|
|
—
|
984
|
273
|
|
966
|
2,846
|
330
|
4,142
|
2,057
|
11/27/1995
|
11/27/1995
|
2 - 42
|
OG
|
Fort Smith, AR
|
527
|
893
|
113
|
|
—
|
427
|
187
|
|
527
|
1,320
|
300
|
2,147
|
1,098
|
2/19/1996
|
2/19/1996
|
2 - 38
|
OG
|
Jackson, MS
|
641
|
1,195
|
110
|
|
—
|
846
|
268
|
|
641
|
2,041
|
378
|
3,060
|
1,650
|
3/25/1996
|
3/25/1996
|
2 - 42
|
OG
|
Lancaster, OH
|
372
|
846
|
115
|
|
—
|
603
|
284
|
|
372
|
1,449
|
399
|
2,220
|
1,200
|
5/6/1996
|
5/6/1996
|
2 - 40
|
OG
|
Lima, OH
|
471
|
930
|
67
|
|
—
|
387
|
282
|
|
471
|
1,317
|
349
|
2,137
|
1,107
|
5/20/1996
|
5/20/1996
|
2 - 38
|
OG
|
Williamsburg, VA
|
673
|
1,268
|
31
|
|
—
|
743
|
202
|
|
673
|
2,011
|
233
|
2,917
|
1,478
|
8/19/1996
|
8/19/1996
|
2 - 40
|
OG
|
Dubuque, IA
|
518
|
1,103
|
76
|
|
—
|
391
|
221
|
|
518
|
1,494
|
297
|
2,309
|
1,015
|
5/20/1996
|
5/20/1996
|
2 - 38
|
OG
|
Zanesville, OH
|
707
|
1,065
|
25
|
|
—
|
673
|
323
|
|
707
|
1,738
|
348
|
2,793
|
1,306
|
8/5/1996
|
8/5/1996
|
2 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Frederick, MD
|
638
|
1,276
|
79
|
|
—
|
787
|
344
|
|
638
|
2,063
|
423
|
3,124
|
1,554
|
10/21/1996
|
10/21/1996
|
2 - 40
|
OG
|
Westminster, MD
|
595
|
1,741
|
124
|
|
—
|
452
|
204
|
|
595
|
2,193
|
328
|
3,116
|
1,550
|
4/20/1998
|
4/20/1998
|
2 - 38
|
OG
|
Hyannis, MA
|
664
|
2,097
|
90
|
|
—
|
665
|
175
|
|
664
|
2,762
|
265
|
3,691
|
2,098
|
11/17/1997
|
11/17/1997
|
2 - 35
|
OG
|
Wyomissing, PA
|
963
|
1,926
|
109
|
|
—
|
498
|
206
|
|
963
|
2,424
|
315
|
3,702
|
1,799
|
5/11/1998
|
5/11/1998
|
2 - 38
|
OG
|
Eugene, OR
|
761
|
1,486
|
91
|
|
—
|
356
|
200
|
|
761
|
1,842
|
291
|
2,894
|
1,455
|
5/11/1998
|
5/11/1998
|
2 - 38
|
OG
|
Savannah, GA
|
952
|
1,781
|
189
|
|
—
|
660
|
147
|
|
952
|
2,441
|
336
|
3,729
|
1,673
|
4/10/2000
|
4/10/2000
|
2 - 35
|
OG
|
Mentor, OH
|
—
|
1,955
|
138
|
|
1,474
|
288
|
241
|
|
1,474
|
2,243
|
379
|
4,096
|
1,604
|
5/22/2000
|
5/22/2000
|
2 - 35
|
OG
|
Douglasville, GA
|
1,189
|
1,978
|
144
|
|
—
|
406
|
248
|
|
1,189
|
2,384
|
392
|
3,965
|
1,713
|
5/1/2000
|
5/1/2000
|
2 - 35
|
OG
|
Buford, GA
|
1,493
|
1,688
|
179
|
|
—
|
542
|
203
|
|
1,493
|
2,230
|
382
|
4,105
|
1,581
|
5/22/2000
|
5/22/2000
|
2 - 35
|
OG
|
Maple Grove, MN
|
807
|
1,924
|
176
|
|
—
|
227
|
124
|
|
807
|
2,151
|
300
|
3,258
|
1,470
|
5/22/2000
|
5/22/2000
|
2 - 35
|
OG
|
Olathe, KS
|
796
|
2,121
|
109
|
|
—
|
489
|
256
|
|
796
|
2,610
|
365
|
3,771
|
1,719
|
3/12/2001
|
3/12/2001
|
2 - 36
|
OG
|
Austin, TX
|
1,239
|
2,295
|
154
|
|
—
|
168
|
96
|
|
1,239
|
2,463
|
250
|
3,952
|
1,553
|
9/3/2002
|
9/3/2002
|
2 - 37
|
OG
|
Coeur D’Alene, ID
|
681
|
1,661
|
131
|
|
—
|
278
|
305
|
|
681
|
1,939
|
436
|
3,056
|
1,334
|
1/29/2001
|
1/29/2001
|
2 - 36
|
OG
|
Frisco, TX
|
1,029
|
2,038
|
139
|
|
—
|
279
|
218
|
|
1,029
|
2,317
|
357
|
3,703
|
1,643
|
6/25/2001
|
6/25/2001
|
2 - 36
|
OG
|
Bolingbrook, IL
|
1,006
|
2,424
|
147
|
|
—
|
253
|
129
|
|
1,006
|
2,677
|
276
|
3,959
|
1,750
|
7/23/2001
|
7/23/2001
|
2 - 36
|
OG
|
Muskegon, MI
|
691
|
1,704
|
168
|
|
—
|
108
|
41
|
|
691
|
1,812
|
209
|
2,712
|
1,206
|
10/8/2001
|
10/8/2001
|
2 - 36
|
OG
|
Memphis, TN
|
1,142
|
1,790
|
100
|
|
—
|
246
|
171
|
|
1,142
|
2,036
|
271
|
3,449
|
1,297
|
10/8/2001
|
10/8/2001
|
2 - 36
|
OG
|
Kennewick, WA
|
763
|
1,980
|
149
|
|
—
|
259
|
158
|
|
763
|
2,239
|
307
|
3,309
|
1,531
|
5/14/2001
|
5/14/2001
|
2 - 36
|
OG
|
Round Rock, TX
|
953
|
2,090
|
149
|
|
—
|
335
|
153
|
|
953
|
2,425
|
302
|
3,680
|
1,451
|
3/25/2002
|
3/25/2002
|
2 - 37
|
OG
|
Killeen, TX
|
806
|
1,705
|
187
|
|
—
|
322
|
118
|
|
806
|
2,027
|
305
|
3,138
|
1,417
|
8/5/2002
|
8/5/2002
|
2 - 37
|
OG
|
Los Angeles, CA
|
1,701
|
2,558
|
202
|
|
—
|
170
|
70
|
|
1,701
|
2,728
|
272
|
4,701
|
1,618
|
3/24/2003
|
3/24/2003
|
2 - 38
|
OG
|
Omaha, NE
|
1,202
|
1,778
|
120
|
|
—
|
217
|
147
|
|
1,202
|
1,995
|
267
|
3,464
|
1,260
|
10/7/2002
|
10/7/2002
|
2 - 37
|
OG
|
Bloomington, IN
|
947
|
1,747
|
150
|
|
—
|
419
|
94
|
|
947
|
2,166
|
244
|
3,357
|
1,333
|
11/18/2002
|
11/18/2002
|
2 - 37
|
OG
|
Dayton, OH
|
677
|
1,675
|
172
|
|
—
|
210
|
72
|
|
677
|
1,885
|
244
|
2,806
|
1,169
|
5/1/2003
|
5/1/2003
|
2 - 38
|
OG
|
Fayetteville, AR
|
849
|
1,845
|
160
|
|
—
|
138
|
79
|
|
849
|
1,983
|
239
|
3,071
|
1,252
|
12/11/2002
|
12/11/2002
|
2 - 37
|
OG
|
Oklahoma City, OK
|
925
|
2,053
|
158
|
|
—
|
128
|
43
|
|
925
|
2,181
|
201
|
3,307
|
1,232
|
3/14/2005
|
3/14/2005
|
2 - 40
|
OG
|
Lithonia, GA
|
1,403
|
1,872
|
174
|
|
—
|
306
|
122
|
|
1,403
|
2,178
|
296
|
3,877
|
1,325
|
11/18/2002
|
11/18/2002
|
2 - 37
|
OG
|
Rochester, MN
|
829
|
1,889
|
192
|
|
—
|
146
|
140
|
|
829
|
2,035
|
332
|
3,196
|
1,310
|
12/16/2002
|
12/16/2002
|
2 - 37
|
OG
|
Newport News, VA
|
796
|
1,989
|
172
|
|
—
|
88
|
63
|
|
796
|
2,077
|
235
|
3,108
|
1,287
|
5/5/2003
|
5/5/2003
|
2 - 38
|
OG
|
Albuquerque, NM
|
771
|
1,716
|
179
|
|
—
|
131
|
104
|
|
771
|
1,847
|
283
|
2,901
|
1,143
|
5/19/2003
|
5/19/2003
|
2 - 38
|
OG
|
Fort Gratiot, MI
|
604
|
2,246
|
186
|
|
—
|
132
|
57
|
|
604
|
2,378
|
243
|
3,225
|
1,383
|
11/17/2003
|
11/17/2003
|
2 - 38
|
OG
|
Denton, TX
|
869
|
1,946
|
177
|
|
—
|
182
|
94
|
|
869
|
2,128
|
271
|
3,268
|
1,389
|
6/9/2003
|
6/9/2003
|
2 - 38
|
OG
|
Lynchburg, VA
|
771
|
2,304
|
125
|
|
—
|
103
|
54
|
|
771
|
2,407
|
179
|
3,357
|
1,307
|
2/16/2004
|
2/16/2004
|
2 - 39
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Duluth, MN
|
886
|
2,043
|
173
|
|
—
|
123
|
58
|
|
886
|
2,166
|
231
|
3,283
|
1,276
|
11/10/2003
|
11/10/2003
|
2 - 38
|
OG
|
Tucson, AZ
|
1,019
|
2,073
|
104
|
|
—
|
121
|
135
|
|
1,019
|
2,194
|
239
|
3,452
|
1,189
|
9/20/2004
|
9/20/2004
|
2 - 39
|
OG
|
Columbia, SC
|
1,119
|
2,175
|
161
|
|
—
|
110
|
85
|
|
1,119
|
2,285
|
246
|
3,650
|
1,251
|
4/5/2005
|
4/5/2005
|
2 - 40
|
OG
|
Visalia, CA
|
1,151
|
1,830
|
151
|
|
—
|
133
|
46
|
|
1,151
|
1,963
|
197
|
3,311
|
1,100
|
3/15/2004
|
3/15/2004
|
2 - 39
|
OG
|
San Antonio, TX
|
932
|
2,582
|
191
|
|
—
|
190
|
103
|
|
932
|
2,772
|
294
|
3,998
|
1,458
|
6/27/2005
|
6/27/2005
|
2 - 40
|
OG
|
Anderson, SC
|
903
|
1,841
|
133
|
|
—
|
181
|
111
|
|
903
|
2,022
|
244
|
3,169
|
1,214
|
3/29/2004
|
3/29/2004
|
2 - 39
|
OG
|
Lake Charles, LA
|
806
|
2,070
|
161
|
|
—
|
174
|
87
|
|
806
|
2,244
|
248
|
3,298
|
1,348
|
4/5/2004
|
4/5/2004
|
2 - 39
|
OG
|
Houma, LA
|
736
|
2,190
|
150
|
|
—
|
185
|
148
|
|
736
|
2,375
|
298
|
3,409
|
1,317
|
2/14/2005
|
2/14/2005
|
2 - 40
|
OG
|
Tupelo, MS
|
823
|
2,102
|
193
|
|
—
|
127
|
82
|
|
823
|
2,229
|
275
|
3,327
|
1,281
|
1/31/2005
|
1/31/2005
|
2 - 40
|
OG
|
Jackson, TN
|
874
|
1,964
|
151
|
|
—
|
175
|
36
|
|
874
|
2,139
|
187
|
3,200
|
1,176
|
2/7/2005
|
2/7/2005
|
2 - 40
|
OG
|
College Station, TX
|
581
|
2,236
|
173
|
|
—
|
42
|
44
|
|
581
|
2,278
|
217
|
3,076
|
1,314
|
1/24/2005
|
1/24/2005
|
2 - 40
|
OG
|
Newnan, GA
|
829
|
2,239
|
157
|
|
—
|
152
|
55
|
|
829
|
2,391
|
212
|
3,432
|
1,269
|
5/23/2005
|
5/23/2005
|
2 - 40
|
OG
|
Owensboro, KY
|
762
|
2,134
|
173
|
|
—
|
70
|
57
|
|
762
|
2,204
|
230
|
3,196
|
1,293
|
5/23/2005
|
5/23/2005
|
2 - 40
|
OG
|
Mesa, AZ
|
598
|
1,844
|
132
|
|
—
|
110
|
129
|
|
598
|
1,954
|
261
|
2,813
|
1,074
|
10/3/2005
|
10/3/2005
|
2 - 40
|
OG
|
Southaven, MS
|
1,048
|
2,209
|
158
|
|
—
|
117
|
50
|
|
1,048
|
2,326
|
208
|
3,582
|
1,185
|
11/21/2005
|
11/21/2005
|
2 - 40
|
OG
|
Yuma, AZ
|
842
|
2,037
|
160
|
|
—
|
62
|
87
|
|
842
|
2,099
|
247
|
3,188
|
1,090
|
12/5/2005
|
12/5/2005
|
2 - 40
|
OG
|
Oakdale, MN
|
956
|
2,355
|
185
|
|
—
|
30
|
35
|
|
956
|
2,385
|
220
|
3,561
|
1,256
|
12/5/2005
|
12/5/2005
|
2 - 40
|
OG
|
Garland, TX
|
903
|
2,271
|
156
|
|
—
|
115
|
94
|
|
903
|
2,386
|
250
|
3,539
|
1,319
|
10/31/2005
|
10/31/2005
|
2 - 40
|
OG
|
Tarentum, PA
|
1,119
|
2,482
|
148
|
|
—
|
179
|
47
|
|
1,119
|
2,661
|
195
|
3,975
|
1,273
|
2/20/2006
|
2/20/2006
|
2 - 41
|
OG
|
Texarkana, TX
|
871
|
2,279
|
151
|
|
—
|
90
|
87
|
|
871
|
2,369
|
238
|
3,478
|
1,251
|
3/27/2006
|
3/27/2006
|
2 - 41
|
OG
|
Hot Springs, AR
|
797
|
2,415
|
186
|
|
—
|
84
|
73
|
|
797
|
2,499
|
259
|
3,555
|
1,163
|
10/23/2006
|
10/23/2006
|
2 - 41
|
OG
|
Florence, SC
|
—
|
1,817
|
169
|
|
1,503
|
119
|
84
|
|
1,503
|
1,936
|
253
|
3,692
|
1,033
|
8/21/2006
|
8/21/2006
|
2 - 41
|
OG
|
Victoria, TX
|
782
|
2,327
|
240
|
|
—
|
39
|
30
|
|
782
|
2,366
|
270
|
3,418
|
1,238
|
1/15/2007
|
1/15/2007
|
2 - 42
|
OG
|
Dothan, AL
|
850
|
2,242
|
131
|
|
—
|
62
|
92
|
|
850
|
2,304
|
223
|
3,377
|
1,115
|
8/28/2006
|
8/28/2006
|
2 - 41
|
OG
|
San Angelo, TX
|
360
|
2,020
|
157
|
|
—
|
74
|
104
|
|
360
|
2,094
|
261
|
2,715
|
1,112
|
9/11/2006
|
9/11/2006
|
2 - 41
|
OG
|
New Braunfels, TX
|
1,049
|
2,162
|
147
|
|
—
|
32
|
83
|
|
1,049
|
2,194
|
230
|
3,473
|
1,076
|
9/25/2006
|
9/25/2006
|
2 - 41
|
OG
|
Grove City, OH
|
1,200
|
2,271
|
140
|
|
—
|
63
|
55
|
|
1,200
|
2,334
|
195
|
3,729
|
1,140
|
9/25/2006
|
9/25/2006
|
2 - 41
|
OG
|
Opelika, AL
|
878
|
2,255
|
154
|
|
—
|
54
|
43
|
|
878
|
2,309
|
197
|
3,384
|
1,106
|
11/13/2006
|
11/13/2006
|
2 - 41
|
OG
|
West Wichita, KS
|
1,227
|
1,801
|
154
|
|
—
|
84
|
86
|
|
1,227
|
1,885
|
240
|
3,352
|
894
|
11/6/2006
|
11/6/2006
|
2 - 41
|
OG
|
Pueblo, CO
|
770
|
2,330
|
212
|
|
—
|
51
|
76
|
|
770
|
2,381
|
288
|
3,439
|
1,207
|
2/5/2007
|
2/5/2007
|
2 - 42
|
OG
|
Sioux City, IA
|
1,304
|
2,114
|
137
|
|
—
|
89
|
99
|
|
1,304
|
2,203
|
236
|
3,743
|
1,073
|
12/11/2006
|
12/11/2006
|
2 - 41
|
OG
|
Detroit, MI
|
1,400
|
2,956
|
234
|
|
—
|
81
|
87
|
|
1,400
|
3,037
|
321
|
4,758
|
1,312
|
5/21/2007
|
5/21/2007
|
2 - 42
|
OG
|
Phoenix, AZ
|
753
|
2,153
|
246
|
|
—
|
97
|
72
|
|
753
|
2,250
|
318
|
3,321
|
1,155
|
4/23/2007
|
4/23/2007
|
2 - 42
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Jacksonville, NC
|
1,174
|
2,287
|
239
|
|
—
|
32
|
81
|
|
1,174
|
2,319
|
320
|
3,813
|
1,140
|
11/19/2007
|
11/19/2007
|
2 - 42
|
OG
|
Columbus, OH
|
995
|
2,286
|
184
|
|
—
|
61
|
27
|
|
995
|
2,347
|
211
|
3,553
|
1,040
|
12/17/2007
|
12/17/2007
|
2 - 42
|
OG
|
Mount Juliet, TN
|
873
|
2,294
|
212
|
|
—
|
76
|
47
|
|
873
|
2,370
|
259
|
3,502
|
1,136
|
10/22/2007
|
10/22/2007
|
2 - 42
|
OG
|
Triadelphia, WV
|
970
|
2,342
|
225
|
|
—
|
58
|
76
|
|
970
|
2,400
|
301
|
3,671
|
1,132
|
12/17/2007
|
12/17/2007
|
2 - 42
|
OG
|
Reynoldsburg, OH
|
1,208
|
2,183
|
242
|
|
—
|
48
|
37
|
|
1,208
|
2,231
|
279
|
3,718
|
1,035
|
4/21/2008
|
4/21/2008
|
2 - 43
|
OG
|
Florence, KY
|
1,007
|
2,099
|
155
|
|
—
|
52
|
88
|
|
1,007
|
2,151
|
243
|
3,401
|
1,014
|
8/4/2008
|
8/4/2008
|
2 - 43
|
OG
|
Cincinnati, OH
|
1,072
|
2,170
|
236
|
|
—
|
57
|
43
|
|
1,072
|
2,227
|
279
|
3,578
|
1,054
|
4/28/2008
|
4/28/2008
|
2 - 43
|
OG
|
Bismarck, ND
|
1,156
|
2,319
|
263
|
|
—
|
31
|
38
|
|
1,156
|
2,350
|
301
|
3,807
|
1,057
|
11/24/2008
|
11/24/2008
|
2 - 43
|
OG
|
Spring Hill, TN
|
1,295
|
2,269
|
228
|
|
—
|
29
|
45
|
|
1,295
|
2,298
|
273
|
3,866
|
931
|
2/16/2009
|
2/16/2009
|
2 - 44
|
OG
|
San Antonio, TX
|
1,359
|
2,492
|
230
|
|
—
|
23
|
33
|
|
1,359
|
2,515
|
263
|
4,137
|
972
|
3/30/2009
|
3/30/2009
|
2 - 44
|
OG
|
Michigan City, IN
|
762
|
2,646
|
238
|
|
—
|
17
|
39
|
|
762
|
2,663
|
277
|
3,702
|
1,021
|
7/13/2009
|
7/13/2009
|
2 - 44
|
OG
|
Broken Arrow, OK
|
1,461
|
2,261
|
231
|
|
—
|
73
|
57
|
|
1,461
|
2,334
|
288
|
4,083
|
917
|
5/25/2009
|
5/25/2009
|
2 - 44
|
OG
|
Bossier City, LA
|
1,006
|
2,405
|
264
|
|
—
|
51
|
32
|
|
1,006
|
2,456
|
296
|
3,758
|
927
|
7/27/2009
|
7/27/2009
|
2 - 44
|
OG
|
Jacksonville, FL
|
1,006
|
2,001
|
263
|
|
—
|
21
|
30
|
|
1,006
|
2,022
|
293
|
3,321
|
802
|
10/5/2009
|
10/5/2009
|
2 - 44
|
OG
|
Richmond, KY
|
1,054
|
1,974
|
236
|
|
—
|
14
|
32
|
|
1,054
|
1,988
|
268
|
3,310
|
789
|
9/14/2009
|
9/14/2009
|
2 - 44
|
OG
|
Ankeny, IA
|
704
|
2,218
|
248
|
|
—
|
9
|
17
|
|
704
|
2,227
|
265
|
3,196
|
703
|
1/10/2011
|
1/10/2011
|
2 - 46
|
OG
|
Kingsport, TN
|
1,071
|
1,840
|
282
|
|
—
|
11
|
22
|
|
1,071
|
1,851
|
304
|
3,226
|
647
|
5/3/2010
|
5/3/2010
|
2 - 45
|
OG
|
Las Cruces, NM
|
839
|
2,201
|
297
|
|
—
|
15
|
34
|
|
839
|
2,216
|
331
|
3,386
|
795
|
5/10/2010
|
5/10/2010
|
2 - 45
|
OG
|
Manhattan, KS
|
791
|
2,253
|
237
|
|
—
|
33
|
69
|
|
791
|
2,286
|
306
|
3,383
|
846
|
4/26/2010
|
4/26/2010
|
2 - 45
|
OG
|
Pleasant Prairie, WI
|
1,101
|
2,134
|
303
|
|
—
|
36
|
—
|
|
1,101
|
2,170
|
303
|
3,574
|
745
|
9/27/2010
|
9/27/2010
|
2 - 45
|
OG
|
Morehead City, NC
|
853
|
1,864
|
315
|
|
—
|
62
|
23
|
|
853
|
1,926
|
338
|
3,117
|
714
|
7/19/2010
|
7/19/2010
|
2 - 45
|
OG
|
Louisville, KY
|
—
|
2,072
|
266
|
|
904
|
12
|
38
|
|
904
|
2,084
|
304
|
3,292
|
752
|
11/1/2010
|
11/1/2010
|
2 - 45
|
OG
|
Wilson, NC
|
528
|
1,948
|
268
|
|
—
|
24
|
29
|
|
528
|
1,972
|
297
|
2,797
|
692
|
10/11/2010
|
10/11/2010
|
2 - 45
|
OG
|
Council Bluffs, IA
|
955
|
2,051
|
254
|
|
—
|
4
|
32
|
|
955
|
2,055
|
286
|
3,296
|
680
|
10/25/2010
|
10/25/2010
|
2 - 45
|
OG
|
Queen Creek, AZ
|
875
|
2,377
|
307
|
|
—
|
30
|
(1)
|
|
875
|
2,407
|
306
|
3,588
|
670
|
1/10/2011
|
1/10/2011
|
2 - 46
|
OG
|
Utica, NY
|
908
|
2,728
|
362
|
|
—
|
(470)
|
—
|
|
908
|
2,258
|
362
|
3,528
|
424
|
8/12/2013
|
8/12/2013
|
2 - 48
|
OG
|
Niagara Falls, NY
|
1,057
|
2,187
|
327
|
|
—
|
38
|
15
|
|
1,057
|
2,225
|
342
|
3,624
|
652
|
9/19/2011
|
9/19/2011
|
2 - 46
|
OG
|
Gainesville, GA
|
985
|
1,915
|
274
|
|
—
|
—
|
5
|
|
985
|
1,915
|
279
|
3,179
|
577
|
6/20/2011
|
6/20/2011
|
2 - 46
|
OG
|
Cleveland, TN
|
962
|
1,941
|
324
|
|
—
|
14
|
6
|
|
962
|
1,955
|
330
|
3,247
|
589
|
11/28/2011
|
11/28/2011
|
2 - 46
|
OG
|
Katy, TX
|
1,602
|
2,170
|
285
|
|
—
|
—
|
5
|
|
1,602
|
2,170
|
290
|
4,062
|
565
|
4/9/2012
|
4/9/2012
|
2 - 47
|
OG
|
Beckley, WV
|
1,013
|
2,105
|
314
|
|
—
|
25
|
1
|
|
1,013
|
2,130
|
315
|
3,458
|
481
|
10/1/2012
|
10/1/2012
|
2 - 47
|
OG
|
Chicago, IL
|
942
|
2,626
|
337
|
|
—
|
(484)
|
—
|
|
942
|
2,142
|
337
|
3,421
|
667
|
3/26/2012
|
3/26/2012
|
2 - 47
|
OG
|
Oklahoma City, OK
|
1,204
|
2,370
|
403
|
|
—
|
(221)
|
—
|
|
1,204
|
2,149
|
403
|
3,756
|
444
|
4/29/2013
|
4/29/2013
|
2 - 48
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Columbus, OH
|
954
|
2,236
|
324
|
|
—
|
4
|
—
|
|
954
|
2,240
|
324
|
3,518
|
416
|
3/18/2013
|
3/18/2013
|
2 - 48
|
BB
|
Orlando, FL
|
2,356
|
2,453
|
62
|
|
—
|
2,691
|
750
|
|
2,356
|
5,144
|
812
|
8,312
|
3,427
|
2/19/1996
|
2/19/1996
|
2 - 49
|
BB
|
Tampa, FL
|
2,052
|
2,906
|
138
|
|
428
|
3,073
|
601
|
|
2,480
|
5,979
|
739
|
9,198
|
3,749
|
11/30/1998
|
11/30/1998
|
2 - 48
|
BB
|
Raleigh, NC
|
2,507
|
3,230
|
155
|
|
—
|
918
|
314
|
|
2,507
|
4,148
|
469
|
7,124
|
2,798
|
5/17/1999
|
5/17/1999
|
2 - 38
|
BB
|
Duluth, GA
|
2,006
|
2,362
|
254
|
|
—
|
1,378
|
274
|
|
2,006
|
3,740
|
528
|
6,274
|
2,740
|
5/24/1999
|
5/24/1999
|
2 - 38
|
BB
|
Miami, FL
|
1,731
|
3,427
|
222
|
|
—
|
1,162
|
422
|
|
1,731
|
4,589
|
644
|
6,964
|
2,948
|
4/4/2000
|
4/4/2000
|
2 - 35
|
BB
|
Fort Myers, FL
|
1,914
|
2,863
|
186
|
|
—
|
916
|
398
|
|
1,914
|
3,779
|
584
|
6,277
|
2,296
|
5/16/2000
|
5/16/2000
|
2 - 35
|
BB
|
Pembroke Pines, FL
|
1,808
|
2,999
|
207
|
|
—
|
1,039
|
382
|
|
1,808
|
4,038
|
589
|
6,435
|
2,392
|
12/18/2000
|
12/18/2000
|
2 - 35
|
BB
|
Livonia, MI
|
2,105
|
3,856
|
286
|
|
—
|
362
|
138
|
|
2,105
|
4,218
|
424
|
6,747
|
2,790
|
2/6/2001
|
2/6/2001
|
2 - 36
|
BB
|
Sunrise, FL
|
1,515
|
3,251
|
138
|
|
—
|
450
|
224
|
|
1,515
|
3,701
|
362
|
5,578
|
2,028
|
10/22/2002
|
10/22/2002
|
2 - 37
|
BB
|
Jacksonville, FL
|
2,235
|
2,295
|
344
|
|
—
|
50
|
13
|
|
2,235
|
2,345
|
357
|
4,937
|
871
|
3/29/2010
|
3/29/2010
|
2 - 45
|
BB
|
Orlando, FL
|
1,659
|
2,340
|
356
|
|
—
|
324
|
41
|
|
1,659
|
2,664
|
397
|
4,720
|
641
|
2/27/2012
|
2/27/2012
|
2 - 47
|
S52
|
Naples, FL
|
2,912
|
3,619
|
447
|
|
—
|
7
|
37
|
|
2,912
|
3,626
|
484
|
7,022
|
1,036
|
10/10/2011
|
10/10/2011
|
2 - 46
|
S52
|
Jacksonville, FL
|
2,216
|
2,729
|
416
|
|
—
|
6
|
3
|
|
2,216
|
2,735
|
419
|
5,370
|
827
|
10/24/2011
|
10/24/2011
|
2 - 46
|
LH
|
Tucker, GA
|
1,407
|
923
|
10
|
|
—
|
339
|
214
|
|
1,407
|
1,262
|
224
|
2,893
|
890
|
10/21/1986
|
10/1/2007
|
2 - 43
|
LH
|
Snellville, GA
|
1,911
|
925
|
76
|
|
—
|
422
|
147
|
|
1,911
|
1,347
|
223
|
3,481
|
918
|
7/19/1992
|
10/1/2007
|
2 - 43
|
LH
|
Macon, GA
|
1,249
|
718
|
30
|
|
—
|
420
|
204
|
|
1,249
|
1,138
|
234
|
2,621
|
962
|
12/5/1992
|
10/1/2007
|
2 - 44
|
LH
|
Augusta, GA
|
1,631
|
845
|
46
|
|
—
|
300
|
103
|
|
1,631
|
1,145
|
149
|
2,925
|
860
|
6/28/1993
|
10/1/2007
|
2 - 42
|
LH
|
Ocala, FL
|
1,210
|
1,100
|
17
|
|
—
|
579
|
112
|
|
1,210
|
1,679
|
129
|
3,018
|
1,264
|
5/12/1993
|
10/1/2007
|
2 - 42
|
LH
|
Altamonte Springs, FL
|
1,649
|
974
|
22
|
|
—
|
450
|
135
|
|
1,649
|
1,424
|
157
|
3,230
|
860
|
4/12/1994
|
10/1/2007
|
2 - 44
|
LH
|
Florence, KY
|
—
|
741
|
52
|
|
1,191
|
347
|
165
|
|
1,191
|
1,088
|
217
|
2,496
|
719
|
8/16/1994
|
10/1/2007
|
2 - 47
|
LH
|
Gainesville, GA
|
1,537
|
965
|
19
|
|
—
|
348
|
140
|
|
1,537
|
1,313
|
159
|
3,009
|
862
|
7/10/1995
|
10/1/2007
|
2 - 43
|
LH
|
Peachtree City, GA
|
1,485
|
1,080
|
9
|
|
—
|
457
|
159
|
|
1,485
|
1,537
|
168
|
3,190
|
1,006
|
11/10/1995
|
10/1/2007
|
2 - 43
|
LH
|
Lawrenceville, GA
|
1,865
|
1,116
|
17
|
|
—
|
451
|
117
|
|
1,865
|
1,567
|
134
|
3,566
|
952
|
7/15/1996
|
10/1/2007
|
2 - 42
|
LH
|
Jensen Beach, FL
|
1,322
|
1,082
|
33
|
|
—
|
347
|
153
|
|
1,322
|
1,429
|
186
|
2,937
|
932
|
11/25/1996
|
10/1/2007
|
2 - 42
|
LH
|
Destin, FL
|
2,053
|
793
|
16
|
|
—
|
357
|
224
|
|
2,053
|
1,150
|
240
|
3,443
|
805
|
12/16/1996
|
10/1/2007
|
2 - 42
|
LH
|
Albany, GA
|
1,500
|
988
|
34
|
|
—
|
422
|
126
|
|
1,500
|
1,410
|
160
|
3,070
|
821
|
9/1/1997
|
10/1/2007
|
2 - 42
|
LH
|
Dublin, OH
|
1,572
|
1,205
|
18
|
|
—
|
510
|
259
|
|
1,572
|
1,715
|
277
|
3,564
|
987
|
8/26/1997
|
10/1/2007
|
2 - 42
|
LH
|
Columbia, SC
|
1,677
|
1,291
|
23
|
|
—
|
495
|
176
|
|
1,677
|
1,786
|
199
|
3,662
|
1,055
|
8/18/1997
|
10/1/2007
|
2 - 42
|
LH
|
Pineville, NC
|
1,262
|
879
|
11
|
|
—
|
495
|
195
|
|
1,262
|
1,374
|
206
|
2,842
|
769
|
1/19/1998
|
10/1/2007
|
2 - 44
|
LH
|
Johns Creek, GA
|
1,694
|
1,089
|
18
|
|
—
|
203
|
123
|
|
1,694
|
1,292
|
141
|
3,127
|
733
|
5/18/1998
|
10/1/2007
|
2 - 42
|
LH
|
Greensboro, NC
|
1,438
|
1,017
|
16
|
|
—
|
270
|
152
|
|
1,438
|
1,287
|
168
|
2,893
|
659
|
5/3/1999
|
10/1/2007
|
2 - 44
|
LH
|
Huntsville, AL
|
1,443
|
983
|
7
|
|
—
|
350
|
194
|
|
1,443
|
1,333
|
201
|
2,977
|
679
|
6/28/1999
|
10/1/2007
|
2 - 44
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Hickory, NC
|
1,333
|
1,029
|
7
|
|
—
|
313
|
166
|
|
1,333
|
1,342
|
173
|
2,848
|
631
|
10/25/1999
|
10/1/2007
|
2 - 44
|
LH
|
Tampa, FL
|
1,488
|
1,078
|
6
|
|
—
|
297
|
189
|
|
1,488
|
1,375
|
195
|
3,058
|
771
|
1/11/2000
|
10/1/2007
|
2 - 35
|
LH
|
Clarksville, TN
|
1,662
|
1,097
|
15
|
|
—
|
449
|
112
|
|
1,662
|
1,546
|
127
|
3,335
|
725
|
11/15/1999
|
10/1/2007
|
2 - 43
|
LH
|
Orlando, FL
|
1,165
|
749
|
21
|
|
—
|
264
|
137
|
|
1,165
|
1,013
|
158
|
2,336
|
563
|
3/21/2000
|
10/1/2007
|
2 - 35
|
LH
|
Concord, NH
|
1,329
|
935
|
7
|
|
—
|
359
|
172
|
|
1,329
|
1,294
|
179
|
2,802
|
538
|
2/22/2000
|
10/1/2007
|
2 - 35
|
LH
|
Orlando, FL
|
1,492
|
1,277
|
52
|
|
—
|
297
|
150
|
|
1,492
|
1,574
|
202
|
3,268
|
757
|
4/10/2000
|
10/1/2007
|
2 - 35
|
LH
|
Medina, OH
|
1,189
|
820
|
12
|
|
—
|
268
|
168
|
|
1,189
|
1,088
|
180
|
2,457
|
537
|
9/5/2000
|
10/1/2007
|
2 - 35
|
LH
|
Hoover, AL
|
1,401
|
966
|
17
|
|
—
|
350
|
160
|
|
1,401
|
1,316
|
177
|
2,894
|
645
|
1/10/2001
|
10/1/2007
|
2 - 36
|
LH
|
Boardman, OH
|
954
|
673
|
17
|
|
—
|
285
|
151
|
|
954
|
958
|
168
|
2,080
|
448
|
3/5/2001
|
10/1/2007
|
2 - 36
|
LH
|
Prattville, AL
|
1,481
|
1,016
|
27
|
|
—
|
336
|
134
|
|
1,481
|
1,352
|
161
|
2,994
|
653
|
7/2/2001
|
10/1/2007
|
2 - 36
|
LH
|
Bensalem, PA
|
1,645
|
600
|
17
|
|
—
|
346
|
160
|
|
1,645
|
946
|
177
|
2,768
|
440
|
10/15/2001
|
10/1/2007
|
2 - 36
|
LH
|
Lee’s Summit, MO
|
1,705
|
1,219
|
34
|
|
—
|
285
|
88
|
|
1,705
|
1,504
|
122
|
3,331
|
618
|
1/21/2002
|
10/1/2007
|
2 - 37
|
LH
|
Germantown, MD
|
1,439
|
1,069
|
27
|
|
—
|
306
|
138
|
|
1,439
|
1,375
|
165
|
2,979
|
650
|
5/13/2002
|
10/1/2007
|
2 - 37
|
LH
|
Independence, OH
|
1,241
|
686
|
26
|
|
—
|
231
|
106
|
|
1,241
|
917
|
132
|
2,290
|
412
|
9/16/2002
|
10/1/2007
|
2 - 37
|
LH
|
Hiram, GA
|
1,639
|
1,033
|
25
|
|
—
|
374
|
130
|
|
1,639
|
1,407
|
155
|
3,201
|
638
|
1/14/2002
|
10/1/2007
|
2 - 37
|
LH
|
Louisville, KY
|
1,405
|
980
|
18
|
|
—
|
238
|
113
|
|
1,405
|
1,218
|
131
|
2,754
|
516
|
10/28/2002
|
10/1/2007
|
2 - 37
|
LH
|
Bowie, MD
|
1,871
|
1,230
|
21
|
|
—
|
257
|
147
|
|
1,871
|
1,487
|
168
|
3,526
|
639
|
3/25/2002
|
10/1/2007
|
2 - 37
|
LH
|
Waldorf, MD
|
1,929
|
1,167
|
26
|
|
—
|
245
|
162
|
|
1,929
|
1,412
|
188
|
3,529
|
619
|
8/26/2002
|
10/1/2007
|
2 - 37
|
LH
|
West Palm Beach, FL
|
1,781
|
1,228
|
27
|
|
—
|
297
|
132
|
|
1,781
|
1,525
|
159
|
3,465
|
651
|
11/25/2002
|
10/1/2007
|
2 - 37
|
LH
|
Columbia, MD
|
1,918
|
1,439
|
40
|
|
—
|
268
|
161
|
|
1,918
|
1,707
|
201
|
3,826
|
730
|
1/27/2003
|
10/1/2007
|
2 - 38
|
LH
|
East Point, GA
|
1,052
|
1,232
|
21
|
|
—
|
291
|
143
|
|
1,052
|
1,523
|
164
|
2,739
|
668
|
3/24/2003
|
10/1/2007
|
2 - 38
|
LH
|
Lexington, KY
|
1,251
|
874
|
16
|
|
—
|
238
|
162
|
|
1,251
|
1,112
|
178
|
2,541
|
521
|
3/10/2003
|
10/1/2007
|
2 - 42
|
LH
|
Winter Haven, FL
|
1,285
|
1,149
|
39
|
|
—
|
276
|
124
|
|
1,285
|
1,425
|
163
|
2,873
|
610
|
6/23/2003
|
10/1/2007
|
2 - 38
|
LH
|
Jacksonville, FL
|
795
|
1,302
|
32
|
|
—
|
210
|
128
|
|
795
|
1,512
|
160
|
2,467
|
629
|
8/18/2003
|
10/1/2007
|
2 - 38
|
LH
|
Daphne, AL
|
1,130
|
757
|
30
|
|
—
|
308
|
111
|
|
1,130
|
1,065
|
141
|
2,336
|
541
|
9/2/2003
|
10/1/2007
|
2 - 38
|
LH
|
Anderson, SC
|
1,445
|
990
|
41
|
|
—
|
240
|
111
|
|
1,445
|
1,230
|
152
|
2,827
|
551
|
2/2/2004
|
10/1/2007
|
2 - 39
|
LH
|
Palm Harbor, FL
|
1,406
|
917
|
32
|
|
—
|
263
|
93
|
|
1,406
|
1,180
|
125
|
2,711
|
564
|
5/17/2004
|
10/1/2007
|
2 - 39
|
LH
|
West Chester, OH
|
1,371
|
927
|
31
|
|
—
|
248
|
79
|
|
1,371
|
1,175
|
110
|
2,656
|
544
|
3/15/2004
|
10/1/2007
|
2 - 39
|
LH
|
Jefferson City, MO
|
1,342
|
875
|
60
|
|
—
|
196
|
68
|
|
1,342
|
1,071
|
128
|
2,541
|
490
|
8/23/2004
|
10/1/2007
|
2 - 39
|
LH
|
Chantilly, VA
|
1,568
|
882
|
50
|
|
—
|
262
|
66
|
|
1,568
|
1,144
|
116
|
2,828
|
491
|
10/4/2004
|
10/1/2007
|
2 - 39
|
LH
|
Dawsonville, GA
|
1,084
|
1,321
|
51
|
|
—
|
188
|
100
|
|
1,084
|
1,509
|
151
|
2,744
|
628
|
8/9/2004
|
10/1/2007
|
2 - 39
|
LH
|
Opelika, AL
|
1,427
|
1,244
|
36
|
|
—
|
202
|
58
|
|
1,427
|
1,446
|
94
|
2,967
|
627
|
9/27/2004
|
10/1/2007
|
2 - 39
|
LH
|
Indianapolis, IN
|
1,298
|
854
|
55
|
|
—
|
211
|
51
|
|
1,298
|
1,065
|
106
|
2,469
|
499
|
7/25/2005
|
10/1/2007
|
2 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Grove City, OH
|
1,566
|
1,067
|
53
|
|
—
|
191
|
61
|
|
1,566
|
1,258
|
114
|
2,938
|
550
|
6/27/2005
|
10/1/2007
|
2 - 40
|
LH
|
Springfield, IL
|
1,573
|
1,451
|
65
|
|
—
|
182
|
79
|
|
1,573
|
1,633
|
144
|
3,350
|
711
|
5/2/2005
|
10/1/2007
|
2 - 40
|
LH
|
Covington, GA
|
887
|
1,212
|
70
|
|
—
|
45
|
49
|
|
887
|
1,257
|
119
|
2,263
|
543
|
5/23/2005
|
10/1/2007
|
2 - 40
|
LH
|
West Homestead, PA
|
1,418
|
947
|
79
|
|
—
|
33
|
91
|
|
1,418
|
980
|
170
|
2,568
|
439
|
7/25/2005
|
10/1/2007
|
2 - 40
|
LH
|
Carrollton, GA
|
1,192
|
1,227
|
75
|
|
—
|
15
|
49
|
|
1,192
|
1,242
|
124
|
2,558
|
554
|
10/24/2005
|
10/1/2007
|
2 - 40
|
LH
|
Tarentum, PA
|
1,414
|
931
|
91
|
|
—
|
84
|
46
|
|
1,414
|
1,015
|
137
|
2,566
|
465
|
11/7/2005
|
10/1/2007
|
2 - 40
|
LH
|
Commerce, GA
|
1,335
|
1,466
|
65
|
|
—
|
57
|
84
|
|
1,335
|
1,523
|
149
|
3,007
|
591
|
4/24/2006
|
10/1/2007
|
2 - 41
|
LH
|
East Ellijay, GA
|
1,126
|
1,272
|
70
|
|
—
|
21
|
82
|
|
1,126
|
1,293
|
152
|
2,571
|
555
|
1/23/2006
|
10/1/2007
|
2 - 41
|
LH
|
Acworth, GA
|
1,941
|
1,255
|
70
|
|
—
|
23
|
82
|
|
1,941
|
1,278
|
152
|
3,371
|
533
|
2/20/2006
|
10/1/2007
|
2 - 41
|
LH
|
Peoria, IL
|
1,299
|
848
|
81
|
|
—
|
143
|
46
|
|
1,299
|
991
|
127
|
2,417
|
476
|
5/1/2006
|
10/1/2007
|
2 - 41
|
LH
|
Hixson, TN
|
1,676
|
1,263
|
84
|
|
—
|
40
|
44
|
|
1,676
|
1,303
|
128
|
3,107
|
545
|
3/20/2006
|
10/1/2007
|
2 - 41
|
LH
|
Fredericksburg, VA
|
1,734
|
1,174
|
89
|
|
—
|
42
|
35
|
|
1,734
|
1,216
|
124
|
3,074
|
577
|
7/24/2006
|
10/1/2007
|
2 - 41
|
LH
|
Morgantown, WV
|
1,223
|
812
|
89
|
|
—
|
27
|
44
|
|
1,223
|
839
|
133
|
2,195
|
432
|
8/28/2006
|
10/1/2007
|
2 - 41
|
LH
|
Florence, SC
|
1,628
|
1,352
|
90
|
|
—
|
28
|
35
|
|
1,628
|
1,380
|
125
|
3,133
|
535
|
9/5/2006
|
10/1/2007
|
2 - 41
|
LH
|
Portage, IN
|
901
|
1,652
|
105
|
|
—
|
59
|
26
|
|
901
|
1,711
|
131
|
2,743
|
669
|
10/25/2006
|
10/1/2007
|
2 - 41
|
LH
|
Macon, GA
|
1,052
|
1,840
|
97
|
|
—
|
135
|
38
|
|
1,052
|
1,975
|
135
|
3,162
|
814
|
2/5/2007
|
10/1/2007
|
2 - 42
|
LH
|
Panama City Beach, FL
|
1,379
|
1,736
|
99
|
|
—
|
47
|
95
|
|
1,379
|
1,783
|
194
|
3,356
|
773
|
3/19/2007
|
10/1/2007
|
2 - 42
|
LH
|
LaGrange, GA
|
979
|
1,527
|
111
|
|
—
|
36
|
52
|
|
979
|
1,563
|
163
|
2,705
|
682
|
4/30/2007
|
10/1/2007
|
2 - 42
|
LH
|
Calhoun, GA
|
765
|
1,760
|
109
|
|
—
|
(4)
|
36
|
|
765
|
1,756
|
145
|
2,666
|
733
|
6/11/2007
|
10/1/2007
|
2 - 42
|
LH
|
Dublin, GA
|
389
|
1,910
|
140
|
|
—
|
27
|
23
|
|
389
|
1,937
|
163
|
2,489
|
722
|
1/14/2008
|
1/14/2008
|
2 - 43
|
LH
|
Monroe, GA
|
966
|
1,549
|
164
|
|
—
|
30
|
13
|
|
966
|
1,579
|
177
|
2,722
|
617
|
4/28/2008
|
4/28/2008
|
2 - 43
|
LH
|
Denham Springs, LA
|
1,306
|
2,049
|
283
|
|
—
|
35
|
12
|
|
1,306
|
2,084
|
295
|
3,685
|
994
|
8/25/2008
|
8/25/2008
|
2 - 43
|
LH
|
Cornelia, GA
|
106
|
1,542
|
281
|
|
282
|
52
|
8
|
|
388
|
1,594
|
289
|
2,271
|
737
|
12/1/2008
|
12/1/2008
|
2 - 43
|
LH
|
Richmond, VA
|
1,442
|
1,758
|
207
|
|
—
|
24
|
9
|
|
1,442
|
1,782
|
216
|
3,440
|
728
|
2/23/2009
|
2/23/2009
|
2 - 44
|
LH
|
Hanover, MD
|
1,437
|
2,258
|
252
|
|
—
|
45
|
2
|
|
1,437
|
2,303
|
254
|
3,994
|
609
|
5/16/2011
|
5/16/2011
|
2 - 46
|
LH
|
Orlando, FL
|
1,406
|
1,701
|
253
|
|
—
|
23
|
6
|
|
1,406
|
1,724
|
259
|
3,389
|
588
|
3/8/2010
|
3/8/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
907
|
1,504
|
—
|
|
—
|
699
|
751
|
|
907
|
2,203
|
751
|
3,861
|
1,024
|
1/18/2010
|
1/18/2010
|
2 - 40
|
LH
|
Conyers, GA
|
589
|
1,797
|
198
|
|
—
|
30
|
21
|
|
589
|
1,827
|
219
|
2,635
|
621
|
8/2/2010
|
8/2/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
1,206
|
1,583
|
—
|
|
—
|
245
|
753
|
|
1,206
|
1,828
|
753
|
3,787
|
926
|
7/5/2010
|
7/5/2010
|
2 - 40
|
LH
|
Thomasville, GA
|
730
|
1,688
|
229
|
|
—
|
19
|
5
|
|
730
|
1,707
|
234
|
2,671
|
630
|
4/19/2010
|
4/19/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
947
|
1,436
|
—
|
|
—
|
444
|
801
|
|
947
|
1,880
|
801
|
3,628
|
987
|
5/10/2010
|
5/10/2010
|
2 - 40
|
LH
|
Whitehall, PA
|
1,307
|
1,901
|
270
|
|
—
|
24
|
7
|
|
1,307
|
1,925
|
277
|
3,509
|
626
|
12/6/2010
|
12/6/2010
|
2 - 45
|
LH
|
Fort Smith, AR
|
953
|
1,610
|
252
|
|
—
|
23
|
10
|
|
953
|
1,633
|
262
|
2,848
|
563
|
11/1/2010
|
11/1/2010
|
2 - 45
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2015
(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
|
Jackson, TN
|
1,398
|
1,257
|
204
|
|
—
|
16
|
8
|
|
1,398
|
1,273
|
212
|
2,883
|
463
|
7/19/2010
|
7/19/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
—
|
1,382
|
735
|
|
—
|
249
|
51
|
|
—
|
1,631
|
786
|
2,417
|
895
|
10/11/2010
|
10/11/2010
|
2 - 40
|
LH
|
New Braunfels, TX
|
—
|
1,330
|
681
|
|
—
|
145
|
42
|
|
—
|
1,475
|
723
|
2,198
|
765
|
1/24/2011
|
1/24/2011
|
2 - 40
|
LH
|
San Antonio, TX
|
—
|
278
|
383
|
|
—
|
35
|
(22)
|
|
—
|
313
|
361
|
674
|
674
|
6/20/2011
|
6/20/2011
|
2 - 40
|
LH
|
Kingsland, GA
|
849
|
1,564
|
236
|
|
—
|
13
|
5
|
|
849
|
1,577
|
241
|
2,667
|
470
|
4/25/2011
|
4/25/2011
|
2 - 46
|
LH
|
Jonesboro, AR
|
902
|
1,704
|
234
|
|
—
|
15
|
1
|
|
902
|
1,719
|
235
|
2,856
|
529
|
4/25/2011
|
4/25/2011
|
2 - 46
|
LH
|
McAllen, TX
|
1,128
|
1,600
|
284
|
|
—
|
13
|
13
|
|
1,128
|
1,613
|
297
|
3,038
|
512
|
3/28/2011
|
3/28/2011
|
2 - 46
|
LH
|
Council Bluffs, IA
|
869
|
1,827
|
236
|
|
—
|
31
|
7
|
|
869
|
1,858
|
243
|
2,970
|
537
|
5/31/2011
|
5/31/2011
|
2 - 46
|
LH
|
Tupelo, MS
|
771
|
1,717
|
236
|
|
—
|
13
|
1
|
|
771
|
1,730
|
237
|
2,738
|
446
|
8/29/2011
|
8/29/2011
|
2 - 46
|
LH
|
Champaign, IL
|
1,499
|
1,725
|
267
|
|
—
|
4
|
3
|
|
1,499
|
1,729
|
270
|
3,498
|
473
|
10/10/2011
|
10/10/2011
|
2 - 46
|
LH
|
Rapid City, SD
|
965
|
1,869
|
252
|
|
—
|
2
|
3
|
|
965
|
1,871
|
255
|
3,091
|
552
|
10/10/2011
|
10/10/2011
|
2 - 46
|
LH
|
West Melbourne, FL
|
1,144
|
1,858
|
266
|
|
—
|
4
|
3
|
|
1,144
|
1,862
|
269
|
3,275
|
504
|
11/21/2011
|
11/21/2011
|
2 - 46
|
LH
|
Athens, GA
|
970
|
1,744
|
289
|
|
—
|
35
|
13
|
|
970
|
1,779
|
302
|
3,051
|
374
|
10/29/2012
|
10/29/2012
|
2 - 47
|
LH
|
Flowood, MS
|
1,088
|
1,803
|
327
|
|
34
|
—
|
2
|
|
1,122
|
1,803
|
329
|
3,254
|
521
|
2/6/2012
|
2/6/2012
|
2 - 47
|
LH
|
Deptford, NJ
|
1,799
|
1,694
|
287
|
|
—
|
3
|
(2)
|
|
1,799
|
1,697
|
285
|
3,781
|
426
|
3/26/2012
|
3/26/2012
|
2 - 47
|
LH
|
McAllen, TX
|
1,339
|
1,775
|
319
|
|
—
|
3
|
12
|
|
1,339
|
1,778
|
331
|
3,448
|
479
|
2/27/2012
|
2/27/2012
|
2 - 47
|
LH
|
Wilkes Barre, PA
|
859
|
2,227
|
278
|
|
—
|
6
|
—
|
|
859
|
2,233
|
278
|
3,370
|
298
|
1/27/2014
|
1/27/2014
|
2 - 49
|
LH
|
Morehead City, NC
|
975
|
1,941
|
340
|
|
—
|
2
|
1
|
|
975
|
1,943
|
341
|
3,259
|
386
|
1/14/2013
|
1/14/2013
|
2 - 48
|
LH
|
Columbus, MS
|
1,155
|
1,993
|
256
|
|
—
|
4
|
4
|
|
1,155
|
1,997
|
260
|
3,412
|
352
|
2/18/2013
|
2/18/2013
|
2 - 48
|
LH
|
Sandusky, OH
|
1,081
|
2,027
|
263
|
|
—
|
—
|
2
|
|
1,081
|
2,027
|
265
|
3,373
|
361
|
4/22/2013
|
4/22/2013
|
2 - 48
|
LH
|
Coralville, IA
|
953
|
2,135
|
288
|
|
—
|
—
|
(3)
|
|
953
|
2,135
|
285
|
3,373
|
379
|
5/13/2013
|
5/13/2013
|
2 - 48
|
LH
|
Cincinnati, OH
|
1,205
|
1,758
|
291
|
|
—
|
—
|
3
|
|
1,205
|
1,758
|
294
|
3,257
|
282
|
8/26/2013
|
8/26/2013
|
2 - 48
|
LH
|
Cleveland, TN
|
1,054
|
1,776
|
337
|
|
—
|
—
|
1
|
|
1,054
|
1,776
|
338
|
3,168
|
326
|
5/13/2013
|
5/13/2013
|
2 - 48
|
LH
|
Minot, ND
|
887
|
2,230
|
314
|
|
—
|
15
|
17
|
|
887
|
2,245
|
331
|
3,463
|
333
|
9/23/2013
|
9/23/2013
|
2 - 48
|
LH
|
Bethlehem, GA
|
936
|
1,684
|
286
|
|
—
|
—
|
—
|
|
936
|
1,684
|
286
|
2,906
|
215
|
1/20/2014
|
1/20/2014
|
2 - 49
|
WFG
|
San Antonio, TX
|
—
|
—
|
8
|
|
2,790
|
2,069
|
69
|
|
2,790
|
2,069
|
77
|
4,936
|
321
|
3/17/2008
|
11/14/2011
|
2 - 43
|
N/A
|
Mill Valley, CA
|
—
|
—
|
28
|
|
—
|
—
|
—
|
|
—
|
—
|
28
|
28
|
—
|
|
|
2 - 7
|
Total
|
|
$380,453
|
$594,956
|
$48,432
|
|
$24,359
|
$257,011
|
$92,019
|
|
$404,812
|
$851,967
|
$140,451
|
$1,397,230
|
$568,539
|
|
|
|
|
December 31, 2015
|
||
Carrying Costs
|
|
||
Balance - beginning of period
|
$
|
15,582
|
|
Real estate acquired through Spin-Off
|
1,381,092
|
|
|
Additions placed in service
|
556
|
|
|
Balance - end of year
|
$
|
1,397,230
|
|
Accumulated Depreciation
|
|
||
Balance - beginning of year
|
$
|
3,860
|
|
Real estate acquired through Spin-Off
|
560,921
|
|
|
2015 depreciation expense
|
3,758
|
|
|
Balance - end of year
|
$
|
568,539
|
|
Exhibit Number
|
|
Description
|
2.1
|
|
Separation and Distribution Agreement, dated as of October 21, 2015, by and between Darden Restaurants, Inc. and Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on October 21, 2015).
|
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).
|
10.1
|
|
Limited Partnership Agreement of Four Corners Operating Partnership, LP dated August 11, 2015 (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form 10/A filed on October 5, 2015).
|
10.2
|
|
Offer Letter for William H. Lenehan, President and Chief Executive Officer, dated August 5, 2015† (incorporated by reference to Exhibit 10.8 to the Company’s Registration Statement on Form 10/A filed on October 5, 2015).
|
10.3
|
|
Offer Letter for Gerald R. Morgan, Chief Financial Officer, dated September 21, 2015† (incorporated by reference to Exhibit 10.9 to the Company’s Registration Statement on Form 10/A filed on October 5, 2015).
|
10.4
|
|
Offer Letter for James L. Brat, General Counsel, dated September 17, 2015† (incorporated by reference to Exhibit 10.10 to the Company’s Registration Statement on Form 10/A filed on October 5, 2015).
|
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
|
|
Transition Services Agreement, dated as of November 9, 2015, by and between Darden Restaurants, Inc. and Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on November 10, 2015).
|
10.7
|
|
Employee 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 10.3 to the Company’s Current Report on Form 8-K filed on November 10, 2015).
|
10.8
|
|
Revolving Credit and Term Loan, dated as of November 9, 2015, 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 10.4 to the Company’s Current Report on Form 8-K filed on November 10, 2015).
|
10.9
|
|
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).
|
10.10
|
|
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).
|
10.11
|
|
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).
|
10.12
|
|
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).
|
10.13
|
|
Form of Franchise Agreement (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 Restricted Stock Unit Award Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 24, 2015).
|
|
|
|
10.15
|
|
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).
|
21.1
|
|
List of Subsidiaries of Four Corners Property Trust, Inc.
|
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.
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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
|
101.INS
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XBRL Instance Document
|
101.SCH
|
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XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
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XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
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FOUR CORNERS PROPERTY TRUST, INC.
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Dated:
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March 21, 2016
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By:
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/s/ William H. Lenehan
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President and Chief Executive Officer
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Signature
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Title
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Date
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/S/ WILLIAM H. LENEHAN
William H. Lenehan
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Director and Chief Executive Officer
(Principal Executive Officer)
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March 21, 2016
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/S/ GERALD R. MORGAN
Gerald R. Morgan
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Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
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March 21, 2016
|
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/S/ JOHN MOODY
John Moody
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Director and Chairman of the Board of Directors
|
March 21, 2016
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/S/ DOUGLAS B. HANSEN, JR.
Douglas B. Hansen, Jr.
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Director
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March 21, 2016
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/S/ MARRAN H. OGILVIE
Marran H. Ogilvie
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Director
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March 21, 2016
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/S/ PAUL E. SZUREK
Paul E. Szurek
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Director
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March 21, 2016
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||
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Name of Subsidiary
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Jurisdiction of Incorporation/Formation
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FCPT Garden Properties, LLC
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Delaware
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FCPT Hospitality Properties, LLC
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Delaware
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FCPT International Drive, LLC
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Delaware
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FCPT Keystone Properties, LLC
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Delaware
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FCPT Keystone Properties 11, LLC
|
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Delaware
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FCPT PA Hospitality Properties, LLC
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Delaware
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FCPT PA Hospitality Properties 11, LLC
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Delaware
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FCPT Remington Properties, LLC
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Delaware
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FCPT Restaurant Properties, LLC
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Delaware
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FCPT Sunshine Properties, LLC
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Delaware
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FCPT SW Properties, LLC
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Delaware
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Four Corners GP, LLC
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Delaware
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Four Corners Operating Partnership, LP
|
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Delaware
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Kerrow Holdings, LLC
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Texas
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Kerrow Restaurants, LLC
|
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Texas
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1.
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I have reviewed this annual report on Form 10-K of Four Corners Property Trust, Inc.;
|
2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [Language omitted in accordance with SEC release No. 34-54942] for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
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[Language omitted in accordance with SEC release No. 34-54942];
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c.
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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March 21, 2016
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/s/ William H. Lenehan
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President and Chief Executive Officer
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1.
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I have reviewed this annual report on Form 10-K of Four Corners Property Trust, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) [Language omitted in accordance with SEC release No. 34-54942] for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
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[Language omitted in accordance with SEC release No. 34-54942];
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
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March 21, 2016
|
|
|
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/s/ Gerald R. Morgan
|
|
|
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Chief Financial Officer
|
1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
March 21, 2016
|
|
|
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/s/ William H. Lenehan
|
|
|
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President and Chief Executive Officer
|
1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
March 21, 2016
|
|
|
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/s/ Gerald R. Morgan
|
|
|
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Chief Financial Officer
|
|
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Page
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1
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|||
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Property Address
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1
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Commencement Date
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1
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Initial Term Expiration Date
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1
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Extension Options
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1
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Term Expiration Date (if fully extended)
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1
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Base Annual Rent
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1
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Rental Adjustment
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1
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Adjustment Date
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1
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Security Deposit
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1
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Guarantor
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2
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Lessee Tax Identification No
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2
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Lessor Tax Identification No
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2
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Definitions
|
2
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9
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|||
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Lease
|
9
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Quiet Enjoyment
|
9
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Lessee’s Property
|
10
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10
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|||
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Initial Term
|
10
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Extensions
|
10
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Notice of Exercise
|
10
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Fair Market Value Rent
|
11
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Arbitration
|
11
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Removal of Lessee’s Property
|
12
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|
|
13
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|
|||
|
|
|
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Base Monthly Rental
|
13
|
|
|
|
Adjustments
|
13
|
|
|
|
Additional Rental
|
13
|
|
|
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Rental To Be Net to Lessor
|
13
|
|
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Wire Transfer
|
13
|
|
|
|
Late Charges; Default Interest
|
14
|
|
|
|
Holdover
|
14
|
|
|
|
Guaranty
|
14
|
|
|
14
|
|
|||
|
|
|
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|
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Organization, Authority and Status of Lessee
|
14
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|
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Enforceability
|
14
|
|
|
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Property Condition
|
15
|
|
|
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Litigation
|
15
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|
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Absence of Breaches or Defaults
|
15
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|
|
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Licenses and Permits
|
15
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|
|
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Compliance With OFAC Laws
|
15
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|
Solvency
|
15
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15
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|||
|
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Taxes.
|
15
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Utilities
|
17
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Insurance.
|
17
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Tax and Insurance Impound
|
20
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|
|
20
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|||
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Condition of Property; Maintenance
|
20
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Alterations and Improvements
|
21
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Lessor Approvals
|
21
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Encumbrances
|
22
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Rooftop Installations
|
22
|
|
|
22
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|
|||
|
|
|
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Use
|
22
|
|
|
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Alternative Use
|
23
|
|
|
|
Compliance.
|
23
|
|
|
|
Permitted Contest
|
23
|
|
|
|
Environmental.
|
24
|
|
|
26
|
|
|||
|
|
|
|
|
|
Performance at Lessee’s Expense
|
26
|
|
|
|
Inspection
|
27
|
|
|
|
Financial Information
|
27
|
|
|
|
OFAC Laws
|
28
|
|
|
|
Estoppel Certificates.
|
28
|
|
|
29
|
|
|||
|
|
|
|
|
|
Release and Indemnification
|
29
|
|
|
30
|
|
|||
|
|
|
|
|
|
Fire and Other Casualty.
|
30
|
|
|
|
Condemnation.
|
32
|
|
|
34
|
|
|||
|
|
|
|
|
|
Event of Default
|
34
|
|
|
Remedies
|
35
|
|
|
|
Default by Lessor
|
36
|
|
|
|
Additional Equitable Rights; Mitigation
|
36
|
|
|
|
Interest
|
36
|
|
|
36
|
|
|||
|
|
|
|
|
|
No Liens
|
36
|
|
|
|
Subordination
|
36
|
|
|
|
Election To Declare Lease Superior
|
37
|
|
|
|
Attornment
|
37
|
|
|
|
Execution of Additional Documents
|
37
|
|
|
|
Notice to Lender
|
37
|
|
|
38
|
|
|||
|
|
|
|
|
|
Assignment by Lessor
|
38
|
|
|
|
No Assignment by Lessee
|
38
|
|
|
|
Cure Rights Upon Assignee Default
|
40
|
|
|
40
|
|
|||
|
|
|
|
|
|
Notices
|
40
|
|
|
41
|
|
|||
|
|
|
|
|
|
First Offer
|
41
|
|
|
|
Excluded Transaction
|
42
|
|
|
|
Restrictions on Sale and Assignment
|
42
|
|
|
42
|
|
|||
|
|
|
|
|
42
|
|
|||
|
|
|
|
|
|
Rents from Real Property
|
42
|
|
|
43
|
|
|||
|
|
|
|
|
|
Force Majeure
|
43
|
|
|
|
No Merger
|
43
|
|
|
|
Interpretation
|
43
|
|
|
|
Characterization
|
44
|
|
|
|
Confidentiality
|
44
|
|
|
|
Bankruptcy
|
45
|
|
|
|
Attorneys’ Fees
|
46
|
|
|
|
Memoranda of Lease
|
46
|
|
|
|
No Brokerage
|
46
|
|
|
|
Waiver of Jury Trial and Certain Damages
|
47
|
|
|
|
State-Specific Provisions
|
47
|
|
|
|
Time Is of the Essence; Computation
|
47
|
|
|
|
Waiver and Amendment
|
47
|
|
|
Successors Bound
|
48
|
|
|
|
Captions
|
48
|
|
|
|
Other Documents
|
48
|
|
|
|
Entire Agreement
|
48
|
|
|
|
Forum Selection; Jurisdiction; Venue; Choice of Law
|
48
|
|
|
|
Counterparts
|
48
|
|
EXHIBIT A
|
-
|
LEGAL DESCRIPTION
|
EXHIBIT B
|
-
|
STATE-SPECIFIC PROVISIONS
|
SCHEDULE 1.13
|
-
|
BASE ANNUAL RENT SCHEDULE
|
|
|
|
If to Lessee:
|
[________________]
c/o: Darden Restaurants, Inc.
Attn: Property Law Administration Dept.
1000 Darden Center Drive
Orlando, FL 32837
Telephone No.: (407) 245-4000
|
|
|
|
With a copy to:
|
|
[________________]
c/o: Darden Restaurants, Inc.
Attn: General Counsel
1000 Darden Center Drive
Orlando, FL 32837
Telephone No.: (407) 245-4000
|
|
|
If to Lessor:
|
[________________]
[________________]
[________________]
[________________]
|
|
|
|
With a copy to:
|
|
[________________]
[________________]
[________________]
[________________]
|
|
|
|
|
|
Signed, sealed and delivered in the
presence of the following witnesses:
___________________________________
Signature of Witness
___________________________________
Printed Name of Witness
___________________________________
Signature of Witness
___________________________________
Printed Name of Witness
|
LESSOR:
_____________________________________
,
a __________________________
By:__________________________________
Printed Name:_________________________
Title:________________________________
|
|
Signed, sealed and delivered in the
presence of the following witnesses:
___________________________________
Signature of Witness
___________________________________
Printed Name of Witness
___________________________________
Signature of Witness
___________________________________
Printed Name of Witness
|
LESSEE:
_____________________________________
,
a __________________________
By:__________________________________
Printed Name:_________________________
Title:________________________________
|
EXHIBIT A
|
- LEGAL DESCRIPTION
|
EXHIBIT B
|
- STATE-SPECIFIC PROVISIONS
|
SCHEDULE 1.13
|
- BASE ANNUAL RENT SCHEDULE
|