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, 2017
|
¨
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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
|
Maryland
|
|
47-4456296
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer Identification No.)
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591 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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Item 16.
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Signatures
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•
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515 free-standing properties located in 44 states and representing an aggregate leasable area of 3.6 million square feet;
|
•
|
99.8% occupancy;
|
•
|
A weighted average remaining lease term of 13.0 years (based on annualized base rent);
|
•
|
A weighted average annual rent escalator of 1.5% (based on annualized base rent); and
|
•
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88% investment grade tenancy (based on annualized base rent).
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Brand
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Number of FCPT Properties
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Total Square Feet (000s)
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Annual Cash Base Rent $(000s)
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Percentage of Total Annualized Base Rent
|
Avg. Rent Per Square Foot ($)
|
EBITDAR Coverage
(1)
|
Average Lease Expiration Date Assuming No Renewals
(2)
|
||||||||
Olive Garden
|
296
|
|
2,528
|
|
$
|
71,170
|
|
65.9
|
%
|
$
|
28
|
|
5.0x
|
12.8
|
|
Longhorn SteakHouse
|
105
|
|
585
|
|
19,423
|
|
18.0
|
%
|
33
|
|
4.4x
|
11.7
|
|
||
Other Brands - non-Darden
|
101
|
|
381
|
|
12,643
|
|
11.7
|
%
|
33
|
|
2.7x
|
17.1
|
|
||
Other Brands Darden
|
13
|
|
126
|
|
4,746
|
|
4.4
|
%
|
38
|
|
4.3x
|
11.2
|
|
||
Total
|
515
|
|
3,620
|
|
$
|
107,982
|
|
100.0
|
%
|
$
|
30
|
|
4.6x
|
13.0
|
|
State
|
|
# of Properties
|
|
% of Annual Base Rent
|
||
Texas
|
|
47
|
|
|
10.8
|
%
|
Florida
|
|
43
|
|
|
10.7
|
%
|
Georgia
|
|
45
|
|
|
8.2
|
%
|
Ohio
|
|
42
|
|
|
7.7
|
%
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Michigan
|
|
28
|
|
|
4.4
|
%
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Indiana
|
|
29
|
|
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3.7
|
%
|
Tennessee
|
|
20
|
|
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3.4
|
%
|
Pennsylvania
|
|
15
|
|
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3.3
|
%
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North Carolina
|
|
17
|
|
|
3.1
|
%
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California
|
|
10
|
|
|
3.0
|
%
|
Illinois
|
|
17
|
|
|
2.6
|
%
|
New York
|
|
11
|
|
|
2.3
|
%
|
Maryland
|
|
12
|
|
|
2.3
|
%
|
Virginia
|
|
14
|
|
|
2.3
|
%
|
Wisconsin
|
|
16
|
|
|
2.3
|
%
|
Mississippi
|
|
14
|
|
|
2.2
|
%
|
South Carolina
|
|
10
|
|
|
2.0
|
%
|
Alabama
|
|
12
|
|
|
2.0
|
%
|
Kentucky
|
|
10
|
|
|
1.9
|
%
|
Iowa
|
|
10
|
|
|
1.8
|
%
|
Arizona
|
|
8
|
|
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1.7
|
%
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Nevada
|
|
6
|
|
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1.7
|
%
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Minnesota
|
|
8
|
|
|
1.6
|
%
|
Colorado
|
|
7
|
|
|
1.5
|
%
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West Virginia
|
|
6
|
|
|
1.3
|
%
|
Oklahoma
|
|
7
|
|
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1.3
|
%
|
Arkansas
|
|
7
|
|
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1.3
|
%
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Kansas
|
|
5
|
|
|
1.2
|
%
|
Louisiana
|
|
6
|
|
|
1.2
|
%
|
Missouri
|
|
6
|
|
|
1.0
|
%
|
Other (none greater than 1%)
|
|
27
|
|
|
6.2
|
%
|
Total
|
|
515
|
|
|
100.0
|
%
|
•
|
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;
|
•
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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;
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•
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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;
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•
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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;
|
•
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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.
|
•
|
inability to collect rent from tenants due to financial hardship, including bankruptcy;
|
•
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changes in consumer trends and preferences that reduce demand for the products or services of our tenants;
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•
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inability to lease at or above the current rental rates, or at all, or sell properties upon expiration or termination of existing leases;
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•
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making capital expenditures to renovate vacant properties;
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•
|
environmental risks related to the presence of hazardous or toxic substances or materials on our properties;
|
•
|
subjectivity of real estate valuations and changes in such valuations over time;
|
•
|
illiquid nature of real estate compared to most other financial assets;
|
•
|
changes in laws and regulations, including those governing real estate usage and zoning;
|
•
|
changes in interest rates and the availability of financing; and
|
•
|
changes in the general economic and business climate.
|
2017
|
|
First
Quarter |
|
Second Quarter
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|
Third
Quarter |
|
Fourth
Quarter |
|
Year
|
||||||||||
High
|
|
$
|
22.83
|
|
|
$
|
25.85
|
|
|
$
|
25.65
|
|
|
$
|
26.65
|
|
|
$
|
26.65
|
|
Low
|
|
20.42
|
|
|
21.99
|
|
|
23.90
|
|
|
24.12
|
|
|
20.42
|
|
|||||
Close
|
|
22.83
|
|
|
25.11
|
|
|
24.92
|
|
|
25.70
|
|
|
25.70
|
|
|||||
Dividends per share
|
|
0.2425
|
|
|
0.2425
|
|
|
0.2425
|
|
|
0.2750
|
|
|
1.0025
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2016
|
|
First
Quarter
|
|
Second Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Year
|
||||||||||
High
|
|
$
|
23.56
|
|
|
$
|
20.59
|
|
|
$
|
21.79
|
|
|
$
|
21.13
|
|
|
$
|
23.56
|
|
Low
|
|
14.52
|
|
|
17.38
|
|
|
19.65
|
|
|
17.74
|
|
|
14.52
|
|
|||||
Close
|
|
17.95
|
|
|
20.59
|
|
|
21.33
|
|
|
20.52
|
|
|
20.52
|
|
|||||
Dividends per share
|
|
8.5600
|
|
|
0.2425
|
|
|
0.2425
|
|
|
0.2425
|
|
|
9.2875
|
|
Record Date
|
|
Payment Date
|
|
Total Distribution
($ per share) |
|
Form 1099
Box 1a Ordinary Taxable Dividend ($ per share) |
|
Form 1099
Box 1b Qualified Taxable Dividend ($ per share) |
|
Form 1099
Box 3 Return of Capital ($ per share) |
||||||||
12/30/2016
|
|
1/13/2017
|
|
0.2425
|
|
|
0.2073
|
|
|
—
|
|
|
0.0352
|
|
||||
3/31/2017
|
|
4/17/2017
|
|
0.2425
|
|
|
0.2073
|
|
|
—
|
|
|
0.0352
|
|
||||
6/30/2017
|
|
7/17/2017
|
|
0.2425
|
|
|
0.2073
|
|
|
—
|
|
|
0.0352
|
|
||||
9/29/2017
|
|
10/13/2017
|
|
0.2425
|
|
|
0.2073
|
|
|
—
|
|
|
0.0352
|
|
||||
Totals
|
|
|
|
$
|
0.9700
|
|
|
$
|
0.8292
|
|
|
$
|
—
|
|
|
$
|
0.1408
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(In thousands, except per share data)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Revenues
|
|
$
|
133,209
|
|
|
$
|
124,018
|
|
|
$
|
33,456
|
|
|
$
|
17,695
|
|
|
$
|
16,907
|
|
Net income available to common shareholders
|
|
$
|
71,394
|
|
|
$
|
156,809
|
|
|
$
|
5,699
|
|
|
$
|
32
|
|
|
$
|
29
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
1.18
|
|
|
$
|
2.75
|
|
|
$
|
0.92
|
|
|
NA
|
|
|
NA
|
|
||
Diluted
|
|
$
|
1.18
|
|
|
$
|
2.63
|
|
|
$
|
0.91
|
|
|
NA
|
|
|
NA
|
|
||
Cash dividends declared per share of common stock
|
|
$
|
1.0025
|
|
|
$
|
0.9700
|
|
|
$
|
—
|
|
|
NA
|
|
|
NA
|
|
|
|
At December 31,
|
||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Real estate investments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Land
|
|
$
|
449,331
|
|
|
$
|
421,941
|
|
|
$
|
404,812
|
|
|
$
|
3,069
|
|
|
$
|
3,069
|
|
Buildings, equipment and improvements
|
|
1,115,624
|
|
|
1,055,624
|
|
|
992,418
|
|
|
12,513
|
|
|
12,502
|
|
|||||
Total real estate investments
|
|
1,564,955
|
|
|
1,477,565
|
|
|
1,397,230
|
|
|
15,582
|
|
|
15,571
|
|
|||||
Less: accumulated depreciation
|
|
(598,846
|
)
|
|
(583,307
|
)
|
|
(568,539
|
)
|
|
(3,860
|
)
|
|
(3,026
|
)
|
|||||
Total real estate investments, net
|
|
$
|
966,109
|
|
|
$
|
894,258
|
|
|
$
|
828,691
|
|
|
$
|
11,722
|
|
|
$
|
12,545
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
1,068,659
|
|
|
$
|
937,151
|
|
|
$
|
929,437
|
|
|
$
|
11,949
|
|
|
$
|
12,807
|
|
Total liabilities
|
|
546,391
|
|
|
467,034
|
|
|
487,795
|
|
|
2,951
|
|
|
2,935
|
|
|||||
Total equity
|
|
522,268
|
|
|
470,117
|
|
|
441,642
|
|
|
8,998
|
|
|
9,872
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Cash flows provided by operating activities
|
|
$
|
78,945
|
|
|
$
|
70,939
|
|
|
$
|
21,693
|
|
|
$
|
961
|
|
|
$
|
914
|
|
Cash flows used in investing activities
|
|
(85,319
|
)
|
|
(59,322
|
)
|
|
(556
|
)
|
|
(55
|
)
|
|
(26
|
)
|
|||||
Cash flows provided by (used in) financing activities
|
|
44,197
|
|
|
(83,047
|
)
|
|
76,929
|
|
|
(906
|
)
|
|
(888
|
)
|
•
|
515 free-standing properties located in 44 states and representing an aggregate leasable area of 3.6 million square feet;
|
•
|
99.8% occupancy;
|
•
|
A weighted average remaining lease term of 13.0 years (based on annualized base rent);
|
•
|
A weighted average annual rent escalator of 1.5% (based on annualized base rent); and
|
•
|
88% investment-grade tenancy (based on annualized base rent).
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental
|
|
$
|
113,937
|
|
|
$
|
105,624
|
|
|
$
|
15,134
|
|
Restaurant
|
|
19,272
|
|
|
18,394
|
|
|
18,322
|
|
|||
Total revenues
|
|
133,209
|
|
|
124,018
|
|
|
33,456
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
||||||
General and administrative
|
|
12,259
|
|
|
10,977
|
|
|
1,856
|
|
|||
Depreciation and amortization
|
|
21,811
|
|
|
20,577
|
|
|
3,758
|
|
|||
Restaurant expenses
|
|
18,652
|
|
|
17,853
|
|
|
16,996
|
|
|||
Interest expense
|
|
19,469
|
|
|
14,828
|
|
|
2,203
|
|
|||
Total expenses
|
|
72,191
|
|
|
64,235
|
|
|
24,813
|
|
|||
Other income
|
|
324
|
|
|
97
|
|
|
—
|
|
|||
Realized gain on sale, net
|
|
10,532
|
|
|
16,623
|
|
|
—
|
|
|||
Income before income taxes
|
|
71,874
|
|
|
76,503
|
|
|
8,643
|
|
|||
Income tax (expense) benefit
|
|
18
|
|
|
80,347
|
|
|
(2,944
|
)
|
|||
Net income
|
|
71,892
|
|
|
156,850
|
|
|
5,699
|
|
|||
Net income attributable to noncontrolling interest
|
|
(498
|
)
|
|
(41
|
)
|
|
—
|
|
|||
Net Income Available to Common Shareholders
|
|
$
|
71,394
|
|
|
$
|
156,809
|
|
|
$
|
5,699
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
(Dollars in thousands)
|
|
$
|
|
% of Segment Revenues
|
|
$
|
|
% of Segment Revenues
|
|
$
|
|
% of Segment Revenues
|
|||||||||
Restaurant revenues
|
|
$
|
19,272
|
|
|
100.0
|
%
|
|
$
|
18,394
|
|
|
100.0
|
%
|
|
$
|
18,322
|
|
|
100.0
|
%
|
Restaurant expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Food and beverage
|
|
7,404
|
|
|
38.4
|
%
|
|
7,213
|
|
|
39.2
|
%
|
|
7,310
|
|
|
39.9
|
%
|
|||
Restaurant labor
|
|
6,062
|
|
|
31.5
|
%
|
|
5,391
|
|
|
29.3
|
%
|
|
4,688
|
|
|
25.6
|
%
|
|||
Other restaurant expenses
(1)
|
|
5,581
|
|
|
29.0
|
%
|
|
5,638
|
|
|
30.7
|
%
|
|
4,998
|
|
|
27.3
|
%
|
|||
Total restaurant expenses
|
|
19,047
|
|
|
98.8
|
%
|
|
18,242
|
|
|
99.2
|
%
|
|
16,996
|
|
|
92.8
|
%
|
|||
Restaurant Operations, Net
|
|
$
|
225
|
|
|
|
|
$
|
152
|
|
|
|
|
$
|
1,326
|
|
|
|
(In millions)
|
|
Less than 1 Year
|
|
1 – 3 Years
|
|
3 – 5 Years
|
|
More than 5 Years
|
|
Total
|
||||||||||
Long-term debt
(1)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400.0
|
|
|
$
|
125.0
|
|
|
$
|
525.0
|
|
Interest payments on long-term obligations
(2)
|
|
17.6
|
|
|
35.3
|
|
|
32.9
|
|
|
19.7
|
|
|
105.5
|
|
|||||
Commitments under non-cancellable operating leases
|
|
0.5
|
|
|
0.7
|
|
|
0.1
|
|
|
—
|
|
|
1.3
|
|
|||||
Total Contractual Obligations and Commitments
|
|
$
|
18.1
|
|
|
$
|
36.0
|
|
|
$
|
433.0
|
|
|
$
|
144.7
|
|
|
$
|
631.8
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands, except share and per share data)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
|
$
|
71,892
|
|
|
$
|
156,850
|
|
|
$
|
5,699
|
|
Depreciation and amortization
(1)
|
|
21,775
|
|
|
20,550
|
|
|
3,751
|
|
|||
Deferred tax benefit from REIT election
|
|
—
|
|
|
(80,410
|
)
|
|
—
|
|
|||
Realized gain on sales of real estate
|
|
(10,532
|
)
|
|
(16,623
|
)
|
|
—
|
|
|||
NAREIT Funds from Operations (FFO)
|
|
83,135
|
|
|
80,367
|
|
|
9,450
|
|
|||
Non-cash stock-based compensation expense
|
|
2,676
|
|
|
1,550
|
|
|
13
|
|
|||
Non-cash amortization of deferred financing costs
|
|
2,144
|
|
|
1,592
|
|
|
265
|
|
|||
Other non-cash interest (income) expense
|
|
145
|
|
|
(610
|
)
|
|
(3
|
)
|
|||
Non-real estate investment depreciation
|
|
36
|
|
|
27
|
|
|
7
|
|
|||
Straight-line rent adjustment
|
|
(9,536
|
)
|
|
(10,095
|
)
|
|
(1,500
|
)
|
|||
Adjusted Funds from Operations (AFFO)
|
|
$
|
78,600
|
|
|
$
|
72,831
|
|
|
$
|
8,232
|
|
|
|
|
|
|
|
|
||||||
Fully diluted shares outstanding
(2)
|
|
61,014,256
|
|
|
59,607,852
|
|
|
6,263,921
|
|
|||
|
|
|
|
|
|
|
||||||
FFO per diluted share
|
|
$
|
1.36
|
|
|
$
|
1.35
|
|
|
$
|
1.51
|
|
|
|
|
|
|
|
|
||||||
AFFO per diluted share
|
|
$
|
1.29
|
|
|
$
|
1.22
|
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
||||||
(1) For the three months ended December 31, 2017, includes $228 thousand of non-cash impairment expense on intangible lease assets.
|
||||||||||||
(2) Assumes the issuance of common shares for OP units held by non-controlling interests.
|
1.
|
Transaction costs incurred in connection with the acquisition of real estate investments accounted for as business combinations
|
2.
|
Non-cash stock-based compensation expense
|
3.
|
Amortization of deferred financing costs
|
4.
|
Other non-cash interest expense
|
5.
|
Non-real estate depreciation
|
6.
|
Merger, restructuring and other related costs
|
7.
|
Impairment charges on non-real estate assets
|
8.
|
Amortization of capitalized leasing costs
|
9.
|
Straight-line rent revenue adjustment
|
10.
|
Amortization of above and below market leases
|
11.
|
Debt extinguishment gains and losses
|
12.
|
Recurring capital expenditures and tenant improvements
|
Audited Consolidated Financial Statements
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
|
||||
Real estate investments:
|
|
|
|
|
||||
Land
|
|
$
|
449,331
|
|
|
$
|
421,941
|
|
Buildings, equipment and improvements
|
|
1,115,624
|
|
|
1,055,624
|
|
||
Total real estate investments
|
|
1,564,955
|
|
|
1,477,565
|
|
||
Less: Accumulated depreciation
|
|
(598,846
|
)
|
|
(583,307
|
)
|
||
Total real estate investments, net
|
|
966,109
|
|
|
894,258
|
|
||
Cash and cash equivalents
|
|
64,466
|
|
|
26,643
|
|
||
Straight-line rent adjustment
|
|
21,130
|
|
|
11,594
|
|
||
Derivative assets
|
|
4,997
|
|
|
837
|
|
||
Other assets
|
|
11,957
|
|
|
3,819
|
|
||
Total Assets
|
|
$
|
1,068,659
|
|
|
$
|
937,151
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Long-term debt, net of deferred financing costs
|
|
$
|
515,539
|
|
|
$
|
438,895
|
|
Dividends payable
|
|
16,843
|
|
|
14,519
|
|
||
Rent received in advance
|
|
8,295
|
|
|
7,974
|
|
||
Derivative liabilities
|
|
8
|
|
|
—
|
|
||
Deferred tax liabilities
|
|
—
|
|
|
196
|
|
||
Other liabilities
|
|
5,706
|
|
|
5,450
|
|
||
Total liabilities
|
|
546,391
|
|
|
467,034
|
|
||
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, 61,329,489 and 59,923,557 shares issued and outstanding at December 31, 2017 and 2016, respectively
|
|
6
|
|
|
6
|
|
||
Additional paid-in capital
|
|
473,685
|
|
|
438,864
|
|
||
Retained earnings
|
|
36,318
|
|
|
25,943
|
|
||
Accumulated other comprehensive income
|
|
4,478
|
|
|
207
|
|
||
Noncontrolling interest
|
|
7,781
|
|
|
5,097
|
|
||
Total equity
|
|
522,268
|
|
|
470,117
|
|
||
Total Liabilities and Equity
|
|
$
|
1,068,659
|
|
|
$
|
937,151
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
|
||||||
Rental
|
|
$
|
113,937
|
|
|
$
|
105,624
|
|
|
$
|
15,134
|
|
Restaurant
|
|
19,272
|
|
|
18,394
|
|
|
18,322
|
|
|||
Total revenues
|
|
133,209
|
|
|
124,018
|
|
|
33,456
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
||||||
General and administrative
|
|
12,259
|
|
|
10,977
|
|
|
1,856
|
|
|||
Depreciation and amortization
|
|
21,811
|
|
|
20,577
|
|
|
3,758
|
|
|||
Restaurant expenses
|
|
18,652
|
|
|
17,853
|
|
|
16,996
|
|
|||
Interest expense
|
|
19,469
|
|
|
14,828
|
|
|
2,203
|
|
|||
Total operating expenses
|
|
72,191
|
|
|
64,235
|
|
|
24,813
|
|
|||
Other income
|
|
324
|
|
|
97
|
|
|
—
|
|
|||
Realized gain on sale, net
|
|
10,532
|
|
|
16,623
|
|
|
—
|
|
|||
Income before income tax
|
|
71,874
|
|
|
76,503
|
|
|
8,643
|
|
|||
Income tax (expense) benefit
|
|
18
|
|
|
80,347
|
|
|
(2,944
|
)
|
|||
Net income
|
|
71,892
|
|
|
156,850
|
|
|
5,699
|
|
|||
Net income attributable to noncontrolling interest
|
|
(498
|
)
|
|
(41
|
)
|
|
—
|
|
|||
Net Income Available to Common Shareholders
|
|
$
|
71,394
|
|
|
$
|
156,809
|
|
|
$
|
5,699
|
|
|
|
|
|
|
|
|
||||||
Basic net income per share:
|
|
$
|
1.18
|
|
|
$
|
2.75
|
|
|
0.92
|
|
|
Diluted net income per share:
|
|
$
|
1.18
|
|
|
$
|
2.63
|
|
|
0.91
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
||||||
Basic
|
|
60,627,423
|
|
|
56,984,561
|
|
|
6,206,375
|
|
|||
Diluted
|
|
60,695,834
|
|
|
59,568,067
|
|
|
6,263,921
|
|
|||
Dividends declared per common share
|
|
$
|
1.0025
|
|
|
$
|
0.9700
|
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
|
$
|
71,892
|
|
|
$
|
156,850
|
|
|
$
|
5,699
|
|
Realized and unrealized gain (loss) on hedging instruments
|
|
4,297
|
|
|
540
|
|
|
(316
|
)
|
|||
Comprehensive income
|
|
76,189
|
|
|
157,390
|
|
|
5,383
|
|
|||
Less: comprehensive income attributable to noncontrolling interest
|
|
(524
|
)
|
|
(58
|
)
|
|
—
|
|
|||
Comprehensive Income Attributable to Common Shareholders
|
|
$
|
75,665
|
|
|
$
|
157,332
|
|
|
$
|
5,383
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Parent Company Equity
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Noncontrolling Interest
|
|
Total
|
||||||||||||||||||
|
|
Shares
|
|
Amount
|
||||||||||||||||||||||||||||
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
|
|
||||||||
Issuance of OP units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,039
|
|
|
5,039
|
|
||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
156,809
|
|
|
—
|
|
|
41
|
|
|
156,850
|
|
||||||||
Realized and unrealized gain on derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
523
|
|
|
17
|
|
|
540
|
|
||||||||
Earnings and profits distribution
|
|
17,085,566
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
(78,076
|
)
|
|
—
|
|
|
—
|
|
|
(78,076
|
)
|
||||||||
Dividends paid and declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(58,047
|
)
|
|
—
|
|
|
—
|
|
|
(58,047
|
)
|
||||||||
ATM proceeds, net of issuance costs
|
|
32,513
|
|
|
—
|
|
|
640
|
|
|
—
|
|
|
—
|
|
1
|
|
—
|
|
|
—
|
|
|
640
|
|
|||||||
Stock-based compensation, net
|
|
63,483
|
|
|
—
|
|
|
1,529
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,529
|
|
||||||||
Balance at December 31, 2016
|
|
59,923,557
|
|
|
6
|
|
|
438,864
|
|
|
—
|
|
|
25,943
|
|
|
207
|
|
|
5,097
|
|
|
470,117
|
|
||||||||
Issuance of OP units, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,620
|
|
|
2,620
|
|
||||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,394
|
|
|
—
|
|
|
498
|
|
|
71,892
|
|
||||||||
Realized and unrealized gain on derivative instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,271
|
|
|
26
|
|
|
4,297
|
|
||||||||
Dividends paid and declared on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,019
|
)
|
|
—
|
|
|
(460
|
)
|
|
(61,479
|
)
|
||||||||
ATM proceeds, net of issuance costs
|
|
1,347,010
|
|
|
—
|
|
|
32,145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,145
|
|
||||||||
Stock-based compensation, net
|
|
58,922
|
|
|
—
|
|
|
2,676
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,676
|
|
||||||||
Balance at December 31, 2017
|
|
61,329,489
|
|
|
$
|
6
|
|
|
$
|
473,685
|
|
|
$
|
—
|
|
|
$
|
36,318
|
|
|
$
|
4,478
|
|
|
$
|
7,781
|
|
|
$
|
522,268
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows - operating activities
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
71,892
|
|
|
$
|
156,850
|
|
|
5,699
|
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
21,811
|
|
|
20,577
|
|
|
3,758
|
|
|||
Gain on disposal of land, building, and equipment
|
|
(10,532
|
)
|
|
(16,623
|
)
|
|
25
|
|
|||
Amortization of financing costs
|
|
2,144
|
|
|
1,592
|
|
|
265
|
|
|||
Stock-based compensation expense
|
|
2,676
|
|
|
1,550
|
|
|
101
|
|
|||
Deferred income taxes
|
|
(196
|
)
|
|
(80,685
|
)
|
|
1,195
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||||||
Derivative assets and liabilities
|
|
145
|
|
|
(609
|
)
|
|
—
|
|
|||
Straight-line rent adjustment
|
|
(9,536
|
)
|
|
(10,095
|
)
|
|
(1,500
|
)
|
|||
Rent received in advance
|
|
321
|
|
|
34
|
|
|
7,940
|
|
|||
Other assets and liabilities
|
|
220
|
|
|
(1,652
|
)
|
|
4,210
|
|
|||
Net cash provided by operating activities
|
|
78,945
|
|
|
70,939
|
|
|
21,693
|
|
|||
Cash flows - investing activities
|
|
|
|
|
|
|
||||||
Purchases of real estate investments
|
|
(95,112
|
)
|
|
(83,263
|
)
|
|
(556
|
)
|
|||
Net proceeds from sale of real estate investments
|
|
15,645
|
|
|
24,091
|
|
|
—
|
|
|||
Restricted escrow deposits for pending 1031 tax-deferred exchanges
|
|
(4,905
|
)
|
|
—
|
|
|
|
||||
Advance deposits on acquisition of operating real estate
|
|
(947
|
)
|
|
(150
|
)
|
|
—
|
|
|||
Net cash used in investing activities
|
|
(85,319
|
)
|
|
(59,322
|
)
|
|
(556
|
)
|
|||
Cash flows - financing activities
|
|
|
|
|
|
|
||||||
Net proceeds from equity issuance
|
|
32,145
|
|
|
640
|
|
|
—
|
|
|||
Proceeds from issuance of senior notes
|
|
125,000
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from term loan borrowing
|
|
—
|
|
|
—
|
|
|
400,000
|
|
|||
Payment of deferred financing costs
|
|
(5,500
|
)
|
|
—
|
|
|
(7,964
|
)
|
|||
Proceeds from revolving credit facility
|
|
36,000
|
|
|
45,000
|
|
|
—
|
|
|||
Repayment of revolving credit facility
|
|
(81,000
|
)
|
|
—
|
|
|
—
|
|
|||
Payment of dividend to shareholders
|
|
(58,695
|
)
|
|
(121,604
|
)
|
|
—
|
|
|||
Distribution to non-controlling interests
|
|
(460
|
)
|
|
—
|
|
|
—
|
|
|||
Redemption of non-controlling interests
|
|
(988
|
)
|
|
—
|
|
|
—
|
|
|||
Repayment of debt assumed in purchase of real estate investments
|
|
(2,305
|
)
|
|
(7,083
|
)
|
|
—
|
|
|||
Net distribution to Darden related to the Spin-Off
|
|
—
|
|
|
—
|
|
|
(314,985
|
)
|
|||
Predecessor transfers to parent
|
|
—
|
|
|
—
|
|
|
(122
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
44,197
|
|
|
(83,047
|
)
|
|
76,929
|
|
|||
Net change in cash
|
|
37,823
|
|
|
(71,430
|
)
|
|
98,066
|
|
|||
Cash and cash equivalents, beginning of year
|
|
26,643
|
|
|
98,073
|
|
|
7
|
|
|||
Cash and cash equivalents, ending of year
|
|
$
|
64,466
|
|
|
$
|
26,643
|
|
|
$
|
98,073
|
|
Supplemental cash flow information
|
|
|
|
|
|
|
||||||
Dividends declared but not paid
|
|
$
|
16,843
|
|
|
$
|
14,519
|
|
|
$
|
—
|
|
Interest paid
|
|
$
|
14,102
|
|
|
$
|
13,493
|
|
|
$
|
982
|
|
Taxes paid
|
|
$
|
561
|
|
|
$
|
2,168
|
|
|
$
|
—
|
|
Non - cash investing and financing activities:
|
|
|
|
|
|
|
||||||
Debt assumed in acquisition of real estate investments
|
|
$
|
2,305
|
|
|
$
|
7,083
|
|
|
$
|
—
|
|
Operating partner units issued in exchange for real estate investments
|
|
$
|
3,609
|
|
|
$
|
5,039
|
|
|
$
|
—
|
|
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
|
|
•
|
Level 1 - Quoted market prices in active markets for identical assets or liabilities;
|
•
|
Level 2 - Inputs other than level 1 inputs that are either directly or indirectly observable; and
|
•
|
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)
|
|
2017
|
|
2016
|
||||
Land
|
|
$
|
449,331
|
|
|
$
|
421,941
|
|
Buildings and improvements
|
|
977,783
|
|
|
916,444
|
|
||
Equipment
|
|
137,841
|
|
|
139,180
|
|
||
Total gross real estate investments
|
|
1,564,955
|
|
|
1,477,565
|
|
||
Less: accumulated depreciation
|
|
(598,846
|
)
|
|
(583,307
|
)
|
||
Total Real Estate Investments, Net
|
|
$
|
966,109
|
|
|
$
|
894,258
|
|
|
|
December 31,
|
||
(In thousands)
|
|
2017
|
||
2018
|
|
$
|
108,288
|
|
2019
|
|
109,874
|
|
|
2020
|
|
111,429
|
|
|
2021
|
|
112,911
|
|
|
2022
|
|
114,713
|
|
|
Thereafter
|
|
994,836
|
|
|
Total Future Minimum Rentals
|
|
$
|
1,552,051
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Intangible lease assets, net
|
|
$
|
3,874
|
|
|
$
|
1,772
|
|
Prepaid acquisition costs
|
|
1,385
|
|
|
717
|
|
||
Escrow deposits
|
|
4,905
|
|
|
—
|
|
||
Prepaid assets
|
|
616
|
|
|
614
|
|
||
Inventories
|
|
186
|
|
|
202
|
|
||
Accounts receivable
|
|
383
|
|
|
162
|
|
||
Other
|
|
608
|
|
|
352
|
|
||
Total Other Assets
|
|
$
|
11,957
|
|
|
$
|
3,819
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
In-place leases
|
|
$
|
4,209
|
|
|
$
|
1,809
|
|
Less: accumulated amortization
|
|
(335
|
)
|
|
(37
|
)
|
||
Intangible Lease Assets, Net
|
|
$
|
3,874
|
|
|
$
|
1,772
|
|
(In thousands)
|
|
December 31, 2017
|
||
2018
|
|
$
|
307
|
|
2019
|
|
307
|
|
|
2020
|
|
301
|
|
|
2021
|
|
279
|
|
|
2022
|
|
272
|
|
|
Thereafter
|
|
2,408
|
|
|
Total Future Amortization Expense
|
|
$
|
3,874
|
|
|
|
December 31,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Accrued compensation
|
|
$
|
1,543
|
|
|
$
|
1,296
|
|
Accrued interest expense
|
|
1,290
|
|
|
1,134
|
|
||
Accrued operating expenses
|
|
488
|
|
|
759
|
|
||
Accounts payable
|
|
1,055
|
|
|
726
|
|
||
Deferred rent
|
|
663
|
|
|
634
|
|
||
Other
|
|
667
|
|
|
901
|
|
||
Total Other Liabilities
|
|
$
|
5,706
|
|
|
$
|
5,450
|
|
Product
|
|
Number of Instruments
|
|
Current Notional
|
Interest Rate Swaps
|
|
2
|
|
$400,000,000
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||
|
|
Balance Sheet Location
|
|
Fair Value at December 31,
|
|
Balance Sheet Location
|
|
Fair Value at December 31,
|
||||||||||||
(Dollars in thousands)
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
Derivative assets
|
|
$
|
4,997
|
|
|
$
|
837
|
|
|
Derivative liabilities
|
|
$
|
8
|
|
|
$
|
—
|
|
Total
|
|
|
|
$
|
4,997
|
|
|
$
|
837
|
|
|
|
|
$
|
8
|
|
|
$
|
—
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
||||||
Year Ended
December 31, 2017
|
|
$
|
2,942
|
|
|
Interest expense
|
|
$
|
(1,355
|
)
|
|
Interest expense
|
|
$
|
54
|
|
Year Ended
December 31, 2016
|
|
(3,226
|
)
|
|
Interest expense
|
|
(3,765
|
)
|
|
Interest expense
|
|
792
|
|
|||
Year Ended
December 31, 2015
|
|
(938
|
)
|
|
Interest expense
|
|
(622
|
)
|
|
Interest expense
|
|
3
|
|
Offsetting of Derivative Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Gross Amounts of Recognized Liabilities
|
|
Gross Amounts Offset in the Consolidated Balance Sheet
|
|
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheet
|
|
|
||||||||||||||
(In thousands)
|
|
|
|
|
Financial Instruments
|
|
Cash Collateral Posted
|
|
Net Amount
|
|||||||||||||||
December 31, 2017
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
December 31, 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
1,502
|
|
Current state and local
|
|
178
|
|
|
317
|
|
|
247
|
|
|||
Total current
|
|
178
|
|
|
346
|
|
|
1,749
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Federal deferred
|
|
(196
|
)
|
|
(74,876
|
)
|
|
1,133
|
|
|||
State deferred
|
|
—
|
|
|
(5,817
|
)
|
|
62
|
|
|||
Total deferred
|
|
(196
|
)
|
|
(80,693
|
)
|
|
1,195
|
|
|||
Total Income Tax (Benefit) Expense
|
|
$
|
(18
|
)
|
|
$
|
(80,347
|
)
|
|
$
|
2,944
|
|
|
|
December 31,
|
||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Compensation and employee benefits
|
|
$
|
30
|
|
|
$
|
67
|
|
|
$
|
200
|
|
Charitable contribution and credit carryforwards
|
|
366
|
|
|
—
|
|
|
—
|
|
|||
Net operating losses
|
|
26
|
|
|
|
|
|
|||||
Lease payable
|
|
137
|
|
|
205
|
|
|
—
|
|
|||
UNICAP
|
|
13
|
|
|
20
|
|
|
8
|
|
|||
Gross deferred tax assets
|
|
572
|
|
|
292
|
|
|
208
|
|
|||
Prepaid expenses
|
|
(23
|
)
|
|
—
|
|
|
(252
|
)
|
|||
Straight-line rent
|
|
—
|
|
|
—
|
|
|
(549
|
)
|
|||
Buildings and equipment
(1)
|
|
(273
|
)
|
|
(488
|
)
|
|
(80,288
|
)
|
|||
Gross deferred tax liabilities
|
|
(296
|
)
|
|
(488
|
)
|
|
(81,089
|
)
|
|||
Valuation allowance
|
|
(276
|
)
|
|
—
|
|
|
—
|
|
|||
Net Deferred Tax Liabilities
|
|
$
|
—
|
|
|
$
|
(196
|
)
|
|
$
|
(80,881
|
)
|
|
|
December 31,
|
||||||||||
(In thousands except share and per share data)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Average common shares outstanding – basic
|
|
60,627,423
|
|
|
56,984,561
|
|
|
6,206,375
|
|
|||
Effect of dilutive stock based compensation
|
|
68,411
|
|
|
16,003
|
|
|
57,546
|
|
|||
Net effect of shares issued with respect to E&P dividend
|
|
—
|
|
|
2,567,503
|
|
|
—
|
|
|||
Average common shares outstanding – diluted
|
|
60,695,834
|
|
|
59,568,067
|
|
|
6,263,921
|
|
|||
Net income
|
|
$
|
71,892
|
|
|
$
|
156,850
|
|
|
$
|
5,699
|
|
Basic net earnings per share
|
|
$
|
1.18
|
|
|
$
|
2.75
|
|
|
$
|
0.92
|
|
Diluted net earnings per share
|
|
$
|
1.18
|
|
|
$
|
2.63
|
|
|
$
|
0.91
|
|
(In thousands)
|
|
Restricted Stock Units
|
|
Restricted Stock Awards
|
|
Performance Stock Units
|
|
Total
|
||||||||
Unrecognized compensation cost at January 1, 2017
|
|
$
|
977
|
|
|
$
|
625
|
|
|
$
|
1,402
|
|
|
$
|
3,004
|
|
Equity grants
|
|
242
|
|
|
1,044
|
|
|
2,264
|
|
|
3,550
|
|
||||
Equity grant forfeitures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Equity compensation expense
|
|
(695
|
)
|
|
(617
|
)
|
|
(1,364
|
)
|
|
(2,676
|
)
|
||||
Unrecognized Compensation Cost at December 31, 2017
|
|
$
|
524
|
|
|
$
|
1,052
|
|
|
$
|
2,302
|
|
|
$
|
3,878
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
|
Units
|
|
Weighted Average Grant Date Fair Value
|
|
Units
|
|
Weighted Average Grant Date Fair Value
|
|
Units
|
|
Weighted Average Grant Date Fair Value
|
|||||||||
Outstanding at beginning of period
|
|
65,207
|
|
|
$
|
22.64
|
|
|
57,546
|
|
|
$
|
23.40
|
|
|
—
|
|
|
$
|
—
|
|
Units granted
|
|
9,379
|
|
|
25.78
|
|
|
14,285
|
|
|
19.95
|
|
|
57,546
|
|
|
23.40
|
|
|||
Units vested
|
|
(9,603
|
)
|
|
20.96
|
|
|
(6,624
|
)
|
|
23.40
|
|
|
—
|
|
|
—
|
|
|||
Units forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Outstanding at End of Period
|
|
64,983
|
|
|
$
|
23.34
|
|
|
65,207
|
|
|
$
|
22.64
|
|
|
57,546
|
|
|
$
|
23.40
|
|
|
|
Year Ended December 31,
|
||||||||||||
|
|
2017
|
|
2016
|
||||||||||
|
|
Units
|
|
Weighted Average Grant Date Fair Value
|
|
Units
|
|
Weighted Average Grant Date Fair Value
|
||||||
Outstanding at beginning of period
|
|
53,280
|
|
|
$
|
16.55
|
|
|
—
|
|
|
$
|
—
|
|
Units granted
|
|
48,378
|
|
|
21.58
|
|
|
53,589
|
|
|
16.55
|
|
||
Units vested
|
|
(19,749
|
)
|
|
16.55
|
|
|
—
|
|
|
—
|
|
||
Units forfeited
|
|
—
|
|
|
—
|
|
|
(309
|
)
|
|
16.17
|
|
||
Outstanding at End of Period
|
|
81,909
|
|
|
$
|
19.40
|
|
|
53,280
|
|
|
$
|
16.55
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
|
$
|
—
|
|
|
$
|
4,997
|
|
|
$
|
—
|
|
|
$
|
4,997
|
|
Total
|
|
$
|
—
|
|
|
$
|
4,997
|
|
|
$
|
—
|
|
|
$
|
4,997
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
8
|
|
Total
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
8
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
|
$
|
—
|
|
|
$
|
837
|
|
|
$
|
—
|
|
|
$
|
837
|
|
Total
|
|
$
|
—
|
|
|
$
|
837
|
|
|
$
|
—
|
|
|
$
|
837
|
|
December 31, 2017
|
|
|
|
|
||||
(In thousands)
|
|
Carrying Value
|
|
Fair Value
|
||||
Liabilities
|
|
|
|
|
||||
Term loan, excluding deferred financing costs
|
|
$
|
400,000
|
|
|
$
|
406,637
|
|
Senior fixed note due June 2024, excluding deferred financing costs
|
|
50,000
|
|
|
50,043
|
|
||
Senior fixed note due June 2027, excluding deferred financing costs
|
|
75,000
|
|
|
75,184
|
|
December 31, 2016
|
|
|
|
|
||||
(In thousands)
|
|
Carrying Value
|
|
Fair Value
|
||||
Liabilities
|
|
|
|
|
||||
Term loan, excluding deferred financing costs
|
|
$
|
445,000
|
|
|
$
|
445,309
|
|
(In thousands)
|
|
December 31, 2017
|
||
2018
|
|
$
|
518
|
|
2019
|
|
407
|
|
|
2020
|
|
246
|
|
|
2021
|
|
90
|
|
|
2022
|
|
—
|
|
|
Thereafter
|
|
—
|
|
|
Total Future Lease Commitments
|
|
$
|
1,261
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Intercompany
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
|
$
|
113,937
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
113,937
|
|
Intercompany rental revenue
|
|
395
|
|
|
—
|
|
|
(395
|
)
|
|
—
|
|
||||
Restaurant revenues
|
|
—
|
|
|
19,272
|
|
|
—
|
|
|
19,272
|
|
||||
Total revenues
|
|
114,332
|
|
|
19,272
|
|
|
(395
|
)
|
|
133,209
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
12,259
|
|
|
—
|
|
|
—
|
|
|
12,259
|
|
||||
Depreciation and amortization
|
|
21,237
|
|
|
574
|
|
|
—
|
|
|
21,811
|
|
||||
Restaurant expenses
|
|
—
|
|
|
19,047
|
|
|
(395
|
)
|
|
18,652
|
|
||||
Interest expense
|
|
19,469
|
|
|
—
|
|
|
—
|
|
|
19,469
|
|
||||
Total operating expenses
|
|
52,965
|
|
|
19,621
|
|
|
(395
|
)
|
|
72,191
|
|
||||
Other income
|
|
324
|
|
|
—
|
|
|
—
|
|
|
324
|
|
||||
Realized gain on sale, net
|
|
10,532
|
|
|
—
|
|
|
—
|
|
|
10,532
|
|
||||
Income before income tax
|
|
72,223
|
|
|
(349
|
)
|
|
—
|
|
|
71,874
|
|
||||
Income tax (expense) benefit
|
|
(77
|
)
|
|
95
|
|
|
—
|
|
|
18
|
|
||||
Net income
|
|
72,146
|
|
|
(254
|
)
|
|
—
|
|
|
71,892
|
|
||||
Net income attributable to noncontrolling interest
|
|
(498
|
)
|
|
—
|
|
|
—
|
|
|
(498
|
)
|
||||
Net Income Available to Common Shareholders
|
|
$
|
71,648
|
|
|
$
|
(254
|
)
|
|
$
|
—
|
|
|
$
|
71,394
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Intercompany
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
|
$
|
105,624
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
105,624
|
|
Intercompany rental revenue
|
|
389
|
|
|
—
|
|
|
(389
|
)
|
|
—
|
|
||||
Restaurant revenues
|
|
—
|
|
|
18,394
|
|
|
—
|
|
|
18,394
|
|
||||
Total revenues
|
|
106,013
|
|
|
18,394
|
|
|
(389
|
)
|
|
124,018
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
10,977
|
|
|
—
|
|
|
—
|
|
|
10,977
|
|
||||
Depreciation and amortization
|
|
19,933
|
|
|
644
|
|
|
—
|
|
|
20,577
|
|
||||
Restaurant expenses
|
|
—
|
|
|
18,242
|
|
|
(389
|
)
|
|
17,853
|
|
||||
Interest expense
|
|
14,828
|
|
|
—
|
|
|
—
|
|
|
14,828
|
|
||||
Total operating expenses
|
|
45,738
|
|
|
18,886
|
|
|
(389
|
)
|
|
64,235
|
|
||||
Other income
|
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||
Realized gain on sale, net
|
|
16,623
|
|
|
—
|
|
|
—
|
|
|
16,623
|
|
||||
Income before income tax
|
|
76,995
|
|
|
(492
|
)
|
|
—
|
|
|
76,503
|
|
||||
Income tax (expense) benefit
|
|
80,409
|
|
|
(62
|
)
|
|
—
|
|
|
80,347
|
|
||||
Net income
|
|
157,404
|
|
|
(554
|
)
|
|
—
|
|
|
156,850
|
|
||||
Net income attributable to noncontrolling interest
|
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
||||
Net Income Available to Common Shareholders
|
|
$
|
157,363
|
|
|
$
|
(554
|
)
|
|
$
|
—
|
|
|
$
|
156,809
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Intercompany
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental revenue
|
|
$
|
15,134
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,134
|
|
Intercompany rental revenue
|
|
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
|
|
||||
Other income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Realized gain on sale, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Income before income taxes
|
|
8,187
|
|
|
456
|
|
|
—
|
|
|
8,643
|
|
||||
Income tax (expense) benefit
|
|
(2,942
|
)
|
|
(2
|
)
|
|
—
|
|
|
(2,944
|
)
|
||||
Net Income
|
|
$
|
5,245
|
|
|
$
|
454
|
|
|
$
|
—
|
|
|
$
|
5,699
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Total
|
||||||
Total real estate investments
|
|
$
|
1,548,259
|
|
|
$
|
16,696
|
|
|
$
|
1,564,955
|
|
Accumulated depreciation
|
|
(592,293
|
)
|
|
(6,553
|
)
|
|
(598,846
|
)
|
|||
Total real estate investments, net
|
|
955,966
|
|
|
10,143
|
|
|
966,109
|
|
|||
Cash and cash equivalents
|
|
63,229
|
|
|
1,237
|
|
|
64,466
|
|
|||
Total assets
|
|
1,056,500
|
|
|
12,159
|
|
|
1,068,659
|
|
|||
Long-term debt, net of deferred financing costs
|
|
515,539
|
|
|
—
|
|
|
515,539
|
|
|||
Deferred tax liability
|
|
—
|
|
|
—
|
|
|
—
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Total
|
||||||
Total real estate investments
|
|
$
|
1,460,967
|
|
|
$
|
16,598
|
|
|
$
|
1,477,565
|
|
Accumulated depreciation
|
|
(577,392
|
)
|
|
(5,915
|
)
|
|
(583,307
|
)
|
|||
Total real estate investments, net
|
|
883,575
|
|
|
10,683
|
|
|
894,258
|
|
|||
Cash and cash equivalents
|
|
24,412
|
|
|
2,231
|
|
|
26,643
|
|
|||
Total assets
|
|
923,747
|
|
|
13,404
|
|
|
937,151
|
|
|||
Long-term debt, net of deferred financing costs
|
|
438,895
|
|
|
—
|
|
|
438,895
|
|
|||
Deferred tax liability
|
|
—
|
|
|
196
|
|
|
196
|
|
(In thousands, except per share amounts)
|
|
January 1, 2017 - March 31, 2017
|
|
April 1, 2017 - June 30, 2017
|
|
July 1, 2017 - September 30, 2017
|
|
October 1, 2017 - December 31, 2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
27,764
|
|
|
$
|
28,327
|
|
|
$
|
28,835
|
|
|
$
|
29,011
|
|
Restaurant
|
|
4,943
|
|
|
4,826
|
|
|
4,676
|
|
|
4,827
|
|
||||
Total revenues
|
|
32,707
|
|
|
33,153
|
|
|
33,511
|
|
|
33,838
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
2,863
|
|
|
3,459
|
|
|
2,899
|
|
|
3,044
|
|
||||
Depreciation and amortization
|
|
5,409
|
|
|
5,426
|
|
|
5,425
|
|
|
5,557
|
|
||||
Restaurant expense
|
|
4,668
|
|
|
4,583
|
|
|
4,571
|
|
|
4,829
|
|
||||
Interest expense
|
|
4,094
|
|
|
4,508
|
|
|
5,463
|
|
|
5,403
|
|
||||
Total expenses
|
|
17,034
|
|
|
17,976
|
|
|
18,358
|
|
|
18,833
|
|
||||
Other income
|
|
5
|
|
|
34
|
|
|
172
|
|
|
113
|
|
||||
Realized gain on sale, net
|
|
—
|
|
|
3,291
|
|
|
4,042
|
|
|
3,198
|
|
||||
Income Before Income Taxes
|
|
$
|
15,678
|
|
|
$
|
18,502
|
|
|
$
|
19,367
|
|
|
$
|
18,316
|
|
Earnings per share
(1)
:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
0.26
|
|
|
$
|
0.30
|
|
|
$
|
0.31
|
|
|
$
|
0.30
|
|
Diluted
|
|
0.26
|
|
|
0.30
|
|
|
0.31
|
|
|
0.30
|
|
||||
Distributions declared per share
|
|
$
|
0.2425
|
|
|
$
|
0.2425
|
|
|
$
|
0.2425
|
|
|
$
|
0.2750
|
|
(In thousands, except per share amounts)
|
|
January 1, 2016 -
March 31, 2016
|
|
April 1, 2016 - June 30, 2016
|
|
July 1, 2016 - September 30, 2016
|
|
October 1, 2016 - December 31, 2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
26,192
|
|
|
$
|
26,192
|
|
|
$
|
26,363
|
|
|
$
|
26,877
|
|
Restaurant
|
|
4,859
|
|
|
4,701
|
|
|
4,443
|
|
|
4,391
|
|
||||
Total revenues
|
|
31,051
|
|
|
30,893
|
|
|
30,806
|
|
|
31,268
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
3,317
|
|
|
2,508
|
|
|
2,608
|
|
|
2,545
|
|
||||
Depreciation and amortization
|
|
5,187
|
|
|
5,101
|
|
|
5,059
|
|
|
5,230
|
|
||||
Restaurant expense
|
|
4,698
|
|
|
4,593
|
|
|
4,308
|
|
|
4,254
|
|
||||
Interest expense
|
|
4,182
|
|
|
3,858
|
|
|
3,549
|
|
|
3,239
|
|
||||
Total expenses
|
|
17,384
|
|
|
16,060
|
|
|
15,524
|
|
|
15,268
|
|
||||
Other income
|
|
60
|
|
|
18
|
|
|
10
|
|
|
9
|
|
||||
Realized gain on sale, net
|
|
—
|
|
|
—
|
|
|
|
|
16,623
|
|
|||||
Income Before Income Taxes
|
|
$
|
13,727
|
|
|
$
|
14,851
|
|
|
$
|
15,292
|
|
|
$
|
32,632
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.95
|
|
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
0.54
|
|
Diluted
|
|
1.61
|
|
|
0.25
|
|
|
0.25
|
|
|
0.54
|
|
||||
Distributions declared per share
|
|
$
|
0.2425
|
|
|
$
|
0.2425
|
|
|
$
|
0.2425
|
|
|
$
|
0.2425
|
|
(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
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,134
|
|
Restaurant
|
|
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
|
|
|
|
|
|
|
|
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
$2,378
|
1985
|
8/5/1985
|
2 - 42
|
OG
|
Greenwood, IN
|
400
|
749
|
1
|
|
—
|
1,883
|
625
|
|
400
|
2,632
|
626
|
3,658
|
2,154
|
1985
|
7/15/1985
|
2 - 49
|
OG
|
Indianapolis, IN
|
333
|
755
|
15
|
|
—
|
1,839
|
541
|
|
333
|
2,594
|
556
|
3,483
|
1,960
|
1985
|
7/15/1985
|
2 - 49
|
OG
|
Las Vegas, NV
|
597
|
557
|
12
|
|
—
|
1,108
|
316
|
|
597
|
1,665
|
328
|
2,590
|
1,695
|
1986
|
3/31/1986
|
2 - 42
|
OG
|
Ocala, FL
|
470
|
416
|
11
|
|
—
|
2,112
|
383
|
|
470
|
2,528
|
394
|
3,392
|
1,976
|
1986
|
7/14/1986
|
2 - 48
|
OG
|
Huntsville, AL
|
317
|
719
|
1
|
|
—
|
1,092
|
338
|
|
317
|
1,811
|
339
|
2,467
|
1,670
|
1986
|
3/3/1986
|
2 - 36
|
OG
|
Granger, IN
|
220
|
650
|
15
|
|
—
|
1,309
|
348
|
|
220
|
1,959
|
363
|
2,542
|
1,985
|
1986
|
9/8/1986
|
2 - 42
|
OG
|
Toledo, OH
|
275
|
343
|
6
|
|
—
|
1,146
|
244
|
|
275
|
1,489
|
250
|
2,014
|
1,536
|
1986
|
9/15/1986
|
2 - 35
|
OG
|
Bradenton, FL
|
207
|
837
|
4
|
|
—
|
1,779
|
602
|
|
207
|
2,616
|
606
|
3,429
|
2,113
|
1986
|
11/3/1986
|
2 - 48
|
OG
|
Clearwater, FL
|
717
|
593
|
17
|
|
—
|
1,521
|
446
|
|
717
|
2,114
|
463
|
3,294
|
1,881
|
1986
|
12/2/1986
|
2 - 47
|
OG
|
Mesquite, TX
|
721
|
772
|
10
|
|
238
|
1,650
|
435
|
|
959
|
2,422
|
445
|
3,826
|
2,064
|
1987
|
7/20/1987
|
2 - 46
|
OG
|
North Richland Hills, TX
|
468
|
1,187
|
19
|
|
—
|
1,414
|
342
|
|
468
|
2,601
|
361
|
3,430
|
2,380
|
1986
|
12/15/1986
|
2 - 42
|
OG
|
Fort Worth, TX
|
654
|
626
|
29
|
|
—
|
1,273
|
403
|
|
654
|
1,899
|
432
|
2,985
|
1,804
|
1987
|
5/25/1987
|
2 - 46
|
OG
|
Indianapolis, IN
|
526
|
82
|
2
|
|
—
|
2,534
|
406
|
|
526
|
2,616
|
408
|
3,550
|
1,739
|
1987
|
7/20/1987
|
2 - 49
|
OG
|
Austin, TX
|
492
|
1,183
|
6
|
|
—
|
1,690
|
440
|
|
492
|
2,873
|
446
|
3,811
|
2,578
|
1987
|
1/12/1987
|
2 - 46
|
OG
|
Morrow, GA
|
446
|
813
|
10
|
|
—
|
1,448
|
423
|
|
446
|
2,261
|
433
|
3,140
|
2,199
|
1987
|
3/23/1987
|
2 - 42
|
OG
|
Fort Myers, FL
|
289
|
1,124
|
14
|
|
—
|
1,786
|
550
|
|
289
|
2,910
|
564
|
3,763
|
2,366
|
1987
|
5/25/1987
|
2 - 48
|
OG
|
Tulsa, OK
|
702
|
637
|
23
|
|
—
|
1,137
|
291
|
|
702
|
1,774
|
314
|
2,790
|
1,655
|
1987
|
6/22/1987
|
2 - 42
|
OG
|
Mobile, AL
|
698
|
872
|
31
|
|
—
|
1,209
|
479
|
|
698
|
2,081
|
510
|
3,289
|
1,878
|
1987
|
5/18/1987
|
2 - 42
|
OG
|
Canton, OH
|
275
|
834
|
8
|
|
—
|
829
|
426
|
|
275
|
1,663
|
434
|
2,372
|
1,686
|
1987
|
9/21/1987
|
2 - 40
|
OG
|
Bakersfield, CA
|
529
|
861
|
54
|
|
—
|
1,294
|
264
|
|
529
|
2,155
|
318
|
3,002
|
2,027
|
1987
|
5/25/1987
|
2 - 36
|
OG
|
Duluth, GA
|
675
|
906
|
18
|
|
351
|
1,247
|
313
|
|
1,026
|
2,153
|
331
|
3,510
|
2,021
|
1987
|
11/2/1987
|
2 - 42
|
OG
|
Middleburg Heights, OH
|
555
|
882
|
18
|
|
—
|
1,285
|
400
|
|
555
|
2,167
|
418
|
3,140
|
2,104
|
1988
|
3/7/1988
|
2 - 42
|
OG
|
Fairview Heights, IL
|
735
|
1,162
|
19
|
|
—
|
1,163
|
518
|
|
735
|
2,325
|
537
|
3,597
|
2,290
|
1988
|
5/9/1988
|
2 - 35
|
OG
|
Orlando, FL
|
—
|
894
|
6
|
|
1,585
|
1,792
|
614
|
|
1,585
|
2,686
|
620
|
4,891
|
2,570
|
1988
|
2/1/1988
|
2 - 42
|
OG
|
Sterling Heights, MI
|
855
|
1,158
|
32
|
|
—
|
984
|
403
|
|
855
|
2,142
|
435
|
3,432
|
2,210
|
1988
|
10/17/1988
|
2 - 37
|
OG
|
Reno, NV
|
—
|
639
|
29
|
|
1,215
|
1,581
|
560
|
|
1,215
|
2,220
|
589
|
4,024
|
2,335
|
1988
|
1/18/1988
|
2 - 35
|
OG
|
Akron, OH
|
577
|
1,048
|
6
|
|
—
|
879
|
281
|
|
577
|
1,927
|
287
|
2,791
|
1,755
|
1988
|
4/4/1988
|
2 - 40
|
OG
|
Grand Rapids, MI
|
—
|
959
|
14
|
|
749
|
753
|
288
|
|
749
|
1,712
|
302
|
2,763
|
1,725
|
1988
|
5/9/1988
|
2 - 35
|
OG
|
Montclair, CA
|
—
|
873
|
44
|
|
1,231
|
736
|
238
|
|
1,231
|
1,609
|
282
|
3,122
|
1,665
|
1988
|
9/5/1988
|
2 - 40
|
OG
|
Knoxville, TN
|
375
|
1,397
|
33
|
|
—
|
700
|
220
|
|
375
|
2,097
|
253
|
2,725
|
1,996
|
1988
|
3/14/1988
|
2 - 40
|
OG
|
Fairfield, OH
|
325
|
1,230
|
15
|
|
—
|
1,303
|
276
|
|
325
|
2,533
|
291
|
3,149
|
2,272
|
1988
|
3/21/1988
|
2 - 46
|
OG
|
Toledo, OH
|
—
|
891
|
38
|
|
652
|
726
|
201
|
|
652
|
1,617
|
239
|
2,508
|
1,651
|
1988
|
5/23/1988
|
2 - 35
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
Lansing, IL
|
—
|
814
|
18
|
|
912
|
1,200
|
379
|
|
912
|
2,014
|
397
|
3,323
|
1,871
|
1988
|
6/20/1988
|
2 - 42
|
OG
|
Bloomington, MN
|
525
|
1,779
|
20
|
|
—
|
1,212
|
393
|
|
525
|
2,991
|
413
|
3,929
|
2,929
|
1988
|
6/28/1988
|
2 - 41
|
OG
|
Vernon Hills, IL
|
750
|
1,252
|
17
|
|
—
|
1,289
|
474
|
|
750
|
2,541
|
491
|
3,782
|
2,283
|
1988
|
10/24/1988
|
2 - 47
|
OG
|
Augusta, GA
|
402
|
803
|
6
|
|
—
|
1,118
|
470
|
|
402
|
1,921
|
476
|
2,799
|
1,814
|
1988
|
7/18/1988
|
2 - 47
|
OG
|
Chattanooga, TN
|
604
|
760
|
19
|
|
—
|
937
|
405
|
|
604
|
1,697
|
424
|
2,725
|
1,684
|
1988
|
6/6/1988
|
2 - 35
|
OG
|
Flint, MI
|
426
|
1,089
|
14
|
|
—
|
882
|
234
|
|
426
|
1,971
|
248
|
2,645
|
1,863
|
1988
|
9/5/1988
|
2 - 35
|
OG
|
Plantation, FL
|
888
|
982
|
27
|
|
—
|
1,189
|
392
|
|
888
|
2,171
|
419
|
3,478
|
1,929
|
1989
|
5/8/1989
|
2 - 42
|
OG
|
Livonia, MI
|
—
|
459
|
25
|
|
890
|
2,624
|
331
|
|
890
|
3,083
|
356
|
4,329
|
2,883
|
1988
|
8/1/1988
|
2 - 37
|
OG
|
Sarasota, FL
|
1,136
|
725
|
24
|
|
—
|
1,427
|
570
|
|
1,136
|
2,152
|
594
|
3,882
|
1,958
|
1988
|
10/10/1988
|
2 - 48
|
OG
|
Saginaw, MI
|
828
|
813
|
22
|
|
—
|
787
|
340
|
|
828
|
1,600
|
362
|
2,790
|
1,621
|
1989
|
7/31/1989
|
2 - 40
|
OG
|
Irving, TX
|
710
|
647
|
33
|
|
—
|
1,603
|
309
|
|
710
|
2,250
|
342
|
3,302
|
1,921
|
1988
|
8/22/1988
|
2 - 46
|
OG
|
Brandon, FL
|
700
|
967
|
24
|
|
—
|
1,566
|
577
|
|
700
|
2,533
|
601
|
3,834
|
2,164
|
1989
|
3/27/1989
|
2 - 47
|
OG
|
Columbus, OH
|
740
|
909
|
38
|
|
—
|
1,057
|
232
|
|
740
|
1,966
|
270
|
2,976
|
1,769
|
1988
|
11/14/1988
|
2 - 40
|
OG
|
North Olmsted, OH
|
931
|
1,060
|
63
|
|
—
|
925
|
343
|
|
931
|
1,985
|
406
|
3,322
|
1,847
|
1988
|
12/5/1988
|
2 - 40
|
OG
|
York, PA
|
555
|
931
|
31
|
|
—
|
1,048
|
462
|
|
555
|
1,979
|
493
|
3,027
|
1,930
|
1989
|
3/6/1989
|
2 - 42
|
OG
|
Oklahoma City, OK
|
280
|
1,043
|
58
|
|
—
|
1,095
|
371
|
|
280
|
2,138
|
429
|
2,847
|
1,804
|
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
|
2,113
|
1988
|
12/12/1988
|
2 - 36
|
OG
|
San Antonio, TX
|
400
|
783
|
17
|
|
—
|
1,458
|
449
|
|
400
|
2,241
|
466
|
3,107
|
2,062
|
1989
|
2/13/1989
|
2 - 41
|
OG
|
Kennesaw, GA
|
754
|
824
|
32
|
|
—
|
1,233
|
390
|
|
754
|
2,057
|
422
|
3,233
|
1,749
|
1989
|
5/1/1989
|
2 - 47
|
OG
|
Portage, MI
|
325
|
1,290
|
32
|
|
—
|
892
|
266
|
|
325
|
2,182
|
298
|
2,805
|
2,020
|
1989
|
7/31/1989
|
2 - 35
|
OG
|
West Dundee, IL
|
828
|
1,167
|
32
|
|
—
|
964
|
325
|
|
828
|
2,131
|
357
|
3,316
|
1,992
|
1989
|
8/28/1989
|
2 - 40
|
OG
|
Saint Peters, MO
|
697
|
930
|
134
|
|
—
|
1,034
|
292
|
|
697
|
1,964
|
426
|
3,087
|
1,844
|
1989
|
7/3/1989
|
2 - 35
|
OG
|
San Antonio, TX
|
—
|
720
|
1
|
|
677
|
1,330
|
395
|
|
677
|
2,050
|
396
|
3,123
|
1,843
|
1989
|
5/22/1989
|
2 - 41
|
OG
|
Corpus Christi, TX
|
—
|
713
|
21
|
|
880
|
1,463
|
553
|
|
880
|
2,176
|
574
|
3,630
|
1,946
|
1989
|
7/3/1989
|
2 - 36
|
OG
|
Houston, TX
|
616
|
746
|
40
|
|
—
|
1,228
|
492
|
|
616
|
1,974
|
532
|
3,122
|
1,832
|
1989
|
7/10/1989
|
2 - 39
|
OG
|
Beaumont, TX
|
608
|
721
|
33
|
|
—
|
1,163
|
375
|
|
608
|
1,884
|
408
|
2,900
|
1,761
|
1989
|
8/14/1989
|
2 - 40
|
OG
|
Winter Haven, FL
|
—
|
832
|
49
|
|
563
|
1,673
|
543
|
|
563
|
2,505
|
592
|
3,660
|
2,212
|
1989
|
8/14/1989
|
2 - 47
|
OG
|
Southgate, MI
|
476
|
1,138
|
31
|
|
—
|
1,103
|
242
|
|
476
|
2,241
|
273
|
2,990
|
2,023
|
1990
|
1/22/1990
|
2 - 37
|
OG
|
Champaign, IL
|
521
|
1,158
|
26
|
|
—
|
1,009
|
343
|
|
521
|
2,167
|
369
|
3,057
|
2,049
|
1989
|
10/30/1989
|
2 - 35
|
OG
|
Orlando, FL
|
787
|
998
|
17
|
|
—
|
1,877
|
431
|
|
787
|
2,875
|
448
|
4,110
|
2,336
|
1990
|
1/29/1990
|
2 - 48
|
OG
|
Fort Wayne, IN
|
700
|
1,045
|
23
|
|
—
|
927
|
320
|
|
700
|
1,972
|
343
|
3,015
|
1,821
|
1989
|
12/11/1989
|
2 - 42
|
OG
|
Fargo, ND
|
313
|
864
|
20
|
|
—
|
680
|
264
|
|
313
|
1,544
|
284
|
2,141
|
1,472
|
1989
|
12/11/1989
|
2 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
North Little Rock, AR
|
—
|
437
|
94
|
|
766
|
1,623
|
293
|
|
766
|
2,060
|
387
|
3,213
|
1,902
|
1989
|
10/30/1989
|
2 - 42
|
OG
|
Jacksonville, FL
|
—
|
755
|
39
|
|
905
|
1,137
|
487
|
|
905
|
1,892
|
526
|
3,323
|
1,825
|
1990
|
4/30/1990
|
2 - 42
|
OG
|
Las Vegas, NV
|
1,085
|
1,191
|
47
|
|
—
|
967
|
310
|
|
1,085
|
2,158
|
357
|
3,600
|
2,064
|
1990
|
3/26/1990
|
2 - 42
|
OG
|
Victorville, CA
|
603
|
985
|
31
|
|
—
|
888
|
271
|
|
603
|
1,873
|
302
|
2,778
|
1,647
|
1990
|
9/10/1990
|
2 - 42
|
OG
|
Naples, FL
|
992
|
677
|
40
|
|
—
|
1,201
|
526
|
|
992
|
1,878
|
566
|
3,436
|
1,806
|
1990
|
3/26/1990
|
2 - 40
|
OG
|
Rochester, NY
|
1,104
|
1,113
|
61
|
|
—
|
1,102
|
376
|
|
1,104
|
2,215
|
437
|
3,756
|
2,019
|
1990
|
5/14/1990
|
2 - 36
|
OG
|
Chesapeake, VA
|
506
|
863
|
44
|
|
—
|
1,046
|
344
|
|
506
|
1,909
|
388
|
2,803
|
1,853
|
1990
|
3/5/1990
|
2 - 40
|
OG
|
Maplewood, MN
|
556
|
1,009
|
86
|
|
—
|
1,126
|
250
|
|
556
|
2,135
|
336
|
3,027
|
2,053
|
1990
|
4/16/1990
|
2 - 40
|
OG
|
Fayetteville, NC
|
637
|
856
|
56
|
|
—
|
879
|
461
|
|
637
|
1,735
|
517
|
2,889
|
1,721
|
1990
|
2/26/1990
|
2 - 35
|
OG
|
Lynnwood, WA
|
875
|
1,132
|
66
|
|
—
|
855
|
316
|
|
875
|
1,987
|
382
|
3,244
|
1,834
|
1990
|
8/20/1990
|
2 - 35
|
OG
|
Columbia, MO
|
602
|
983
|
53
|
|
—
|
1,070
|
327
|
|
602
|
2,053
|
380
|
3,035
|
1,867
|
1990
|
6/4/1990
|
2 - 42
|
OG
|
Topeka, KS
|
701
|
812
|
18
|
|
—
|
1,658
|
381
|
|
701
|
2,470
|
399
|
3,570
|
2,089
|
1990
|
10/22/1990
|
2 - 47
|
OG
|
Wichita, KS
|
779
|
802
|
80
|
|
—
|
1,022
|
274
|
|
779
|
1,824
|
354
|
2,957
|
1,716
|
1990
|
10/1/1990
|
2 - 42
|
OG
|
Antioch, TN
|
—
|
811
|
61
|
|
892
|
628
|
241
|
|
892
|
1,439
|
302
|
2,633
|
1,435
|
1990
|
10/15/1990
|
2 - 40
|
OG
|
Greenfield, WI
|
956
|
802
|
29
|
|
114
|
1,174
|
295
|
|
1,070
|
1,976
|
324
|
3,370
|
1,808
|
1990
|
8/13/1990
|
2 - 42
|
OG
|
Orange City, FL
|
551
|
727
|
16
|
|
—
|
1,163
|
479
|
|
551
|
1,890
|
495
|
2,936
|
1,587
|
1990
|
10/29/1990
|
2 - 48
|
OG
|
Terre Haute, IN
|
560
|
1,128
|
34
|
|
—
|
872
|
355
|
|
560
|
2,000
|
389
|
2,949
|
1,863
|
1990
|
12/3/1990
|
2 - 35
|
OG
|
Richmond, VA
|
467
|
1,363
|
93
|
|
—
|
966
|
399
|
|
467
|
2,329
|
492
|
3,288
|
2,205
|
1990
|
9/17/1990
|
2 - 42
|
OG
|
Columbia, SC
|
613
|
782
|
35
|
|
—
|
1,055
|
230
|
|
613
|
1,837
|
265
|
2,715
|
1,638
|
1990
|
12/3/1990
|
2 - 42
|
OG
|
Talleyville, DE
|
737
|
1,278
|
95
|
|
—
|
805
|
377
|
|
737
|
2,083
|
472
|
3,292
|
2,101
|
1991
|
4/22/1991
|
2 - 40
|
OG
|
Littleton, CO
|
750
|
859
|
79
|
|
—
|
1,324
|
359
|
|
750
|
2,183
|
438
|
3,371
|
2,020
|
1991
|
1/21/1991
|
2 - 40
|
OG
|
Miami, FL
|
1,059
|
879
|
89
|
|
—
|
1,413
|
549
|
|
1,059
|
2,292
|
638
|
3,989
|
2,165
|
1991
|
1/28/1991
|
2 - 42
|
OG
|
Roseville, MN
|
754
|
1,106
|
90
|
|
—
|
784
|
178
|
|
754
|
1,890
|
268
|
2,912
|
1,707
|
1991
|
3/25/1991
|
2 - 40
|
OG
|
Colorado Springs, CO
|
—
|
690
|
87
|
|
571
|
2,173
|
415
|
|
571
|
2,863
|
502
|
3,936
|
2,644
|
1991
|
1/21/1991
|
2 - 41
|
OG
|
Aurora, CO
|
803
|
1,169
|
14
|
|
—
|
1,368
|
343
|
|
803
|
2,537
|
357
|
3,697
|
2,172
|
1991
|
4/1/1991
|
2 - 41
|
OG
|
Boise, ID
|
627
|
839
|
76
|
|
—
|
858
|
386
|
|
627
|
1,697
|
462
|
2,786
|
1,653
|
1991
|
4/29/1991
|
2 - 42
|
OG
|
Eastpointe, MI
|
897
|
1,367
|
75
|
|
—
|
598
|
244
|
|
897
|
1,965
|
319
|
3,181
|
1,865
|
1991
|
3/25/1991
|
2 - 40
|
OG
|
Parkersburg, WV
|
454
|
1,096
|
60
|
|
—
|
723
|
323
|
|
454
|
1,819
|
383
|
2,656
|
1,737
|
1991
|
2/11/1991
|
2 - 42
|
OG
|
Clovis, CA
|
489
|
796
|
62
|
|
—
|
787
|
300
|
|
489
|
1,583
|
362
|
2,434
|
1,584
|
1991
|
2/18/1991
|
2 - 42
|
OG
|
Dallas, TX
|
750
|
776
|
36
|
|
70
|
1,001
|
305
|
|
820
|
1,777
|
341
|
2,938
|
1,613
|
1991
|
2/25/1991
|
2 - 41
|
OG
|
Houston, TX
|
723
|
960
|
87
|
|
—
|
1,234
|
498
|
|
723
|
2,194
|
585
|
3,502
|
2,125
|
1991
|
5/20/1991
|
2 - 40
|
OG
|
Columbia, MD
|
1,283
|
1,199
|
92
|
|
—
|
1,020
|
297
|
|
1,283
|
2,219
|
389
|
3,891
|
2,084
|
1991
|
11/4/1991
|
2 - 42
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
1,770
|
1991
|
4/29/1991
|
2 - 42
|
OG
|
Jacksonville, FL
|
1,124
|
863
|
74
|
|
—
|
1,185
|
438
|
|
1,124
|
2,048
|
512
|
3,684
|
1,844
|
1991
|
8/12/1991
|
2 - 42
|
OG
|
Boardman, OH
|
675
|
993
|
48
|
|
—
|
1,208
|
329
|
|
675
|
2,201
|
377
|
3,253
|
2,065
|
1991
|
8/5/1991
|
2 - 38
|
OG
|
San Bernardino, CA
|
1,393
|
1,210
|
83
|
|
—
|
756
|
301
|
|
1,393
|
1,966
|
384
|
3,743
|
1,881
|
1992
|
3/9/1992
|
2 - 42
|
OG
|
West Melbourne, FL
|
983
|
953
|
22
|
|
—
|
1,390
|
578
|
|
983
|
2,343
|
600
|
3,926
|
2,015
|
1991
|
8/19/1991
|
2 - 47
|
OG
|
Houston, TX
|
627
|
947
|
68
|
|
—
|
1,084
|
435
|
|
627
|
2,031
|
503
|
3,161
|
1,937
|
1991
|
11/11/1991
|
2 - 40
|
OG
|
Palmdale, CA
|
679
|
1,080
|
109
|
|
—
|
1,093
|
315
|
|
679
|
2,173
|
424
|
3,276
|
1,920
|
1992
|
8/3/1992
|
2 - 39
|
OG
|
Woodbridge, VA
|
1,228
|
1,071
|
56
|
|
—
|
1,163
|
444
|
|
1,228
|
2,234
|
500
|
3,962
|
2,060
|
1992
|
2/3/1992
|
2 - 41
|
OG
|
Roanoke, VA
|
607
|
714
|
33
|
|
—
|
783
|
350
|
|
607
|
1,497
|
383
|
2,487
|
1,388
|
1991
|
12/9/1991
|
2 - 42
|
OG
|
Provo, UT
|
702
|
714
|
128
|
|
—
|
805
|
284
|
|
702
|
1,519
|
412
|
2,633
|
1,484
|
1991
|
11/11/1991
|
2 - 40
|
OG
|
Omaha, NE
|
315
|
1,230
|
51
|
|
—
|
1,642
|
341
|
|
315
|
2,872
|
392
|
3,579
|
2,219
|
1991
|
10/28/1991
|
2 - 42
|
OG
|
Pittsburgh, PA
|
1,125
|
1,170
|
65
|
|
—
|
1,202
|
279
|
|
1,125
|
2,372
|
344
|
3,841
|
2,031
|
1991
|
12/9/1991
|
2 - 38
|
OG
|
Harrisburg, PA
|
769
|
837
|
108
|
|
—
|
1,117
|
328
|
|
769
|
1,954
|
436
|
3,159
|
1,808
|
1991
|
12/9/1991
|
2 - 35
|
OG
|
Pineville, NC
|
1,018
|
972
|
71
|
|
—
|
950
|
281
|
|
1,018
|
1,922
|
352
|
3,292
|
1,830
|
1992
|
1/27/1992
|
2 - 42
|
OG
|
Palm Desert, CA
|
607
|
987
|
100
|
|
—
|
617
|
185
|
|
607
|
1,604
|
285
|
2,496
|
1,529
|
1992
|
1/27/1992
|
2 - 40
|
OG
|
Elkhart, IN
|
381
|
724
|
145
|
|
—
|
683
|
281
|
|
381
|
1,407
|
426
|
2,214
|
1,474
|
1992
|
2/3/1992
|
2 - 40
|
OG
|
Lafayette, LA
|
555
|
751
|
69
|
|
—
|
997
|
304
|
|
555
|
1,748
|
373
|
2,676
|
1,653
|
1992
|
1/27/1992
|
2 - 42
|
OG
|
Little Rock, AR
|
335
|
895
|
105
|
|
—
|
749
|
265
|
|
335
|
1,644
|
370
|
2,349
|
1,603
|
1992
|
3/9/1992
|
2 - 40
|
OG
|
Cincinnati, OH
|
842
|
953
|
107
|
|
—
|
986
|
344
|
|
842
|
1,939
|
451
|
3,232
|
1,898
|
1992
|
3/16/1992
|
2 - 38
|
OG
|
Myrtle Beach, SC
|
520
|
872
|
51
|
|
—
|
845
|
386
|
|
520
|
1,717
|
437
|
2,674
|
1,612
|
1992
|
3/16/1992
|
2 - 42
|
OG
|
Louisville, KY
|
492
|
1,571
|
76
|
|
—
|
869
|
254
|
|
492
|
2,440
|
330
|
3,262
|
2,134
|
1992
|
6/15/1992
|
2 - 42
|
OG
|
Highlands Ranch, CO
|
813
|
980
|
49
|
|
—
|
1,177
|
380
|
|
813
|
2,157
|
429
|
3,399
|
1,869
|
1992
|
5/11/1992
|
2 - 41
|
OG
|
Novi, MI
|
866
|
1,629
|
31
|
|
—
|
867
|
296
|
|
866
|
2,496
|
327
|
3,689
|
2,218
|
1992
|
5/25/1992
|
2 - 42
|
OG
|
Longview, TX
|
505
|
816
|
90
|
|
—
|
1,133
|
290
|
|
505
|
1,949
|
380
|
2,834
|
1,652
|
1993
|
2/22/1993
|
2 - 45
|
OG
|
Erie, PA
|
1,078
|
1,412
|
91
|
|
—
|
1,129
|
408
|
|
1,078
|
2,541
|
499
|
4,118
|
2,271
|
1992
|
11/2/1992
|
2 - 42
|
OG
|
Greensburg, PA
|
579
|
1,272
|
143
|
|
—
|
1,026
|
352
|
|
579
|
2,298
|
495
|
3,372
|
1,845
|
1992
|
8/31/1992
|
2 - 40
|
OG
|
Roswell, GA
|
838
|
897
|
79
|
|
—
|
764
|
339
|
|
838
|
1,661
|
418
|
2,917
|
1,633
|
1992
|
9/14/1992
|
2 - 40
|
OG
|
Clarksville, TN
|
302
|
771
|
101
|
|
—
|
443
|
207
|
|
302
|
1,214
|
308
|
1,824
|
1,189
|
1992
|
8/3/1992
|
2 - 38
|
OG
|
Green Bay, WI
|
453
|
789
|
97
|
|
—
|
675
|
260
|
|
453
|
1,464
|
357
|
2,274
|
1,483
|
1992
|
9/14/1992
|
2 - 40
|
OG
|
Cincinnati, OH
|
917
|
939
|
62
|
|
—
|
1,041
|
360
|
|
917
|
1,980
|
422
|
3,319
|
1,795
|
1992
|
8/17/1992
|
2 - 38
|
OG
|
Sioux Falls, SD
|
247
|
1,325
|
78
|
|
—
|
917
|
217
|
|
247
|
2,242
|
295
|
2,784
|
1,930
|
1992
|
9/7/1992
|
2 - 40
|
OG
|
Yakima, WA
|
—
|
1,296
|
124
|
|
409
|
568
|
294
|
|
409
|
1,864
|
418
|
2,691
|
1,925
|
1993
|
3/22/1993
|
2 - 40
|
OG
|
Harlingen, TX
|
453
|
803
|
107
|
|
—
|
1,013
|
426
|
|
453
|
1,816
|
533
|
2,802
|
1,508
|
1992
|
10/19/1992
|
2 - 42
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
1,609
|
1992
|
11/9/1992
|
2 - 40
|
OG
|
Las Vegas, NV
|
1,055
|
1,005
|
108
|
|
—
|
849
|
297
|
|
1,055
|
1,854
|
405
|
3,314
|
1,806
|
1992
|
12/14/1992
|
2 - 42
|
OG
|
Laurel, MD
|
1,241
|
1,552
|
121
|
|
—
|
1,403
|
388
|
|
1,241
|
2,955
|
509
|
4,705
|
2,689
|
1993
|
1/25/1993
|
2 - 42
|
OG
|
Arlington, TX
|
782
|
766
|
70
|
|
—
|
795
|
441
|
|
782
|
1,561
|
511
|
2,854
|
1,561
|
1993
|
3/29/1993
|
2 - 44
|
OG
|
Racine, WI
|
608
|
1,247
|
140
|
|
—
|
914
|
198
|
|
608
|
2,161
|
338
|
3,107
|
1,934
|
1993
|
2/1/1993
|
2 - 40
|
OG
|
Mesa, AZ
|
551
|
888
|
97
|
|
—
|
803
|
274
|
|
551
|
1,691
|
371
|
2,613
|
1,557
|
1993
|
4/12/1993
|
2 - 40
|
OG
|
Fort Collins, CO
|
809
|
1,105
|
97
|
|
—
|
1,011
|
350
|
|
809
|
2,116
|
447
|
3,372
|
2,038
|
1993
|
2/8/1993
|
2 - 41
|
OG
|
Raleigh, NC
|
855
|
877
|
76
|
|
—
|
855
|
318
|
|
855
|
1,732
|
394
|
2,981
|
1,691
|
1993
|
3/8/1993
|
2 - 42
|
OG
|
Dover, DE
|
614
|
1,055
|
127
|
|
—
|
656
|
279
|
|
614
|
1,711
|
406
|
2,731
|
1,602
|
1993
|
4/19/1993
|
2 - 38
|
OG
|
Lafayette, IN
|
455
|
875
|
98
|
|
—
|
635
|
221
|
|
455
|
1,510
|
319
|
2,284
|
1,508
|
1993
|
3/22/1993
|
2 - 40
|
OG
|
Addison, TX
|
1,221
|
1,746
|
79
|
|
—
|
1,032
|
374
|
|
1,221
|
2,778
|
453
|
4,452
|
2,515
|
1993
|
4/26/1993
|
2 - 41
|
OG
|
Appleton, WI
|
424
|
956
|
117
|
|
—
|
646
|
216
|
|
424
|
1,602
|
333
|
2,359
|
1,495
|
1993
|
5/17/1993
|
2 - 40
|
OG
|
Panama City, FL
|
465
|
957
|
84
|
|
—
|
1,082
|
400
|
|
465
|
2,039
|
484
|
2,988
|
1,699
|
1993
|
10/11/1993
|
2 - 42
|
OG
|
Texas City, TX
|
732
|
1,093
|
97
|
|
—
|
871
|
319
|
|
732
|
1,964
|
416
|
3,112
|
1,778
|
1993
|
7/19/1993
|
2 - 44
|
OG
|
Muncie, IN
|
454
|
1,003
|
92
|
|
—
|
1,065
|
296
|
|
454
|
2,068
|
388
|
2,910
|
1,500
|
1993
|
8/23/1993
|
2 - 49
|
OG
|
Kenner, LA
|
695
|
969
|
86
|
|
—
|
1,112
|
361
|
|
695
|
2,081
|
447
|
3,223
|
1,977
|
1993
|
7/5/1993
|
2 - 40
|
OG
|
Duncanville, TX
|
835
|
1,057
|
91
|
|
—
|
945
|
370
|
|
835
|
2,002
|
461
|
3,298
|
1,799
|
1993
|
6/28/1993
|
2 - 40
|
OG
|
Poughkeepsie, NY
|
873
|
1,613
|
108
|
|
—
|
823
|
174
|
|
873
|
2,436
|
282
|
3,591
|
1,949
|
1993
|
11/29/1993
|
2 - 40
|
OG
|
Billings, MT
|
479
|
1,107
|
89
|
|
—
|
775
|
301
|
|
479
|
1,882
|
390
|
2,751
|
1,722
|
1993
|
10/18/1993
|
2 - 42
|
OG
|
Rochester, NY
|
974
|
1,108
|
101
|
|
—
|
824
|
243
|
|
974
|
1,932
|
344
|
3,250
|
1,604
|
1993
|
11/15/1993
|
2 - 42
|
OG
|
Whitehall, PA
|
936
|
1,291
|
90
|
|
—
|
1,025
|
331
|
|
936
|
2,316
|
421
|
3,673
|
2,120
|
1993
|
11/8/1993
|
2 - 36
|
OG
|
Paducah, KY
|
452
|
1,083
|
82
|
|
—
|
700
|
288
|
|
452
|
1,783
|
370
|
2,605
|
1,629
|
1993
|
11/8/1993
|
2 - 40
|
OG
|
Dearborn, MI
|
542
|
1,219
|
59
|
|
—
|
713
|
242
|
|
542
|
1,932
|
301
|
2,775
|
1,707
|
1994
|
1/10/1994
|
2 - 40
|
OG
|
Bangor, ME
|
357
|
1,120
|
96
|
|
—
|
1,027
|
282
|
|
357
|
2,147
|
378
|
2,882
|
1,835
|
1993
|
12/13/1993
|
2 - 42
|
OG
|
Grand Rapids, MI
|
804
|
866
|
87
|
|
—
|
637
|
257
|
|
804
|
1,503
|
344
|
2,651
|
1,451
|
1994
|
1/24/1994
|
2 - 40
|
OG
|
Peoria, IL
|
668
|
1,204
|
81
|
|
—
|
914
|
323
|
|
668
|
2,118
|
404
|
3,190
|
1,817
|
1994
|
2/14/1994
|
2 - 42
|
OG
|
Newington, NH
|
915
|
1,051
|
103
|
|
—
|
803
|
355
|
|
915
|
1,854
|
458
|
3,227
|
1,725
|
1994
|
1/17/1994
|
2 - 42
|
OG
|
Tyler, TX
|
485
|
1,041
|
92
|
|
—
|
1,279
|
340
|
|
485
|
2,320
|
432
|
3,237
|
1,934
|
1994
|
1/17/1994
|
2 - 47
|
OG
|
Janesville, WI
|
370
|
1,069
|
86
|
|
—
|
712
|
287
|
|
370
|
1,781
|
373
|
2,524
|
1,532
|
1994
|
3/7/1994
|
2 - 40
|
OG
|
Las Vegas, NV
|
879
|
1,344
|
95
|
|
—
|
596
|
317
|
|
879
|
1,940
|
412
|
3,231
|
1,740
|
1994
|
3/7/1994
|
2 - 40
|
OG
|
Middletown, OH
|
424
|
1,044
|
95
|
|
—
|
863
|
318
|
|
424
|
1,907
|
413
|
2,744
|
1,759
|
1994
|
3/7/1994
|
2 - 42
|
OG
|
Concord, NH
|
469
|
1,284
|
115
|
|
—
|
594
|
194
|
|
469
|
1,878
|
309
|
2,656
|
1,611
|
1994
|
2/14/1994
|
2 - 38
|
OG
|
Branson, MO
|
1,056
|
1,893
|
69
|
|
—
|
785
|
295
|
|
1,056
|
2,678
|
364
|
4,098
|
2,236
|
1994
|
5/16/1994
|
2 - 40
|
OG
|
Coon Rapids, MN
|
514
|
1,248
|
67
|
|
—
|
588
|
245
|
|
514
|
1,836
|
312
|
2,662
|
1,632
|
1994
|
9/26/1994
|
2 - 40
|
OG
|
Amherst, NY
|
1,215
|
1,394
|
88
|
|
—
|
891
|
307
|
|
1,215
|
2,285
|
395
|
3,895
|
1,967
|
1994
|
12/12/1994
|
2 - 38
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
Dallas, TX
|
764
|
1,212
|
55
|
|
—
|
811
|
281
|
|
764
|
2,023
|
336
|
3,123
|
1,825
|
1994
|
10/10/1994
|
2 - 44
|
OG
|
Asheville, NC
|
1,031
|
1,198
|
94
|
|
—
|
655
|
292
|
|
1,031
|
1,853
|
386
|
3,270
|
1,695
|
1994
|
10/31/1994
|
2 - 40
|
OG
|
Waldorf, MD
|
779
|
1,152
|
81
|
|
—
|
1,258
|
357
|
|
779
|
2,410
|
438
|
3,627
|
2,140
|
1995
|
5/22/1995
|
2 - 42
|
OG
|
Fairborn, OH
|
804
|
1,290
|
82
|
|
—
|
681
|
221
|
|
804
|
1,971
|
303
|
3,078
|
1,713
|
1995
|
2/20/1995
|
2 - 40
|
OG
|
Joplin, MO
|
654
|
1,219
|
102
|
|
—
|
662
|
323
|
|
654
|
1,881
|
425
|
2,960
|
1,691
|
1995
|
1/9/1995
|
2 - 40
|
OG
|
Middletown, NY
|
807
|
1,581
|
97
|
|
—
|
592
|
345
|
|
807
|
2,173
|
442
|
3,422
|
1,907
|
1995
|
1/30/1995
|
2 - 40
|
OG
|
Cedar Rapids, IA
|
510
|
1,148
|
105
|
|
—
|
608
|
311
|
|
510
|
1,756
|
416
|
2,682
|
1,610
|
1994
|
12/5/1994
|
2 - 40
|
OG
|
Eau Claire, WI
|
600
|
1,193
|
110
|
|
—
|
538
|
268
|
|
600
|
1,731
|
378
|
2,709
|
1,597
|
1995
|
1/23/1995
|
2 - 40
|
OG
|
Voorhees, NJ
|
804
|
1,696
|
101
|
|
—
|
600
|
303
|
|
804
|
2,296
|
404
|
3,504
|
1,997
|
1995
|
2/20/1995
|
2 - 38
|
OG
|
Henderson, NV
|
1,109
|
1,289
|
74
|
|
—
|
826
|
383
|
|
1,109
|
2,115
|
457
|
3,681
|
1,941
|
1995
|
2/20/1995
|
2 - 42
|
OG
|
Clay, NY
|
782
|
1,705
|
98
|
|
—
|
866
|
356
|
|
782
|
2,571
|
454
|
3,807
|
2,048
|
1995
|
4/24/1995
|
2 - 42
|
OG
|
Norman, OK
|
596
|
1,246
|
96
|
|
—
|
449
|
172
|
|
596
|
1,695
|
268
|
2,559
|
1,476
|
1995
|
3/7/1995
|
2 - 38
|
OG
|
Heath, OH
|
599
|
1,353
|
65
|
|
—
|
971
|
331
|
|
599
|
2,324
|
396
|
3,319
|
1,906
|
1995
|
5/22/1995
|
2 - 46
|
OG
|
Jackson, MI
|
699
|
1,156
|
73
|
|
—
|
764
|
320
|
|
699
|
1,920
|
393
|
3,012
|
1,616
|
1995
|
3/20/1995
|
2 - 42
|
OG
|
Hampton, VA
|
1,074
|
1,061
|
86
|
|
—
|
674
|
225
|
|
1,074
|
1,735
|
311
|
3,120
|
1,517
|
1995
|
3/13/1995
|
2 - 40
|
OG
|
Tempe, AZ
|
703
|
1,131
|
75
|
|
—
|
746
|
353
|
|
703
|
1,877
|
428
|
3,008
|
1,777
|
1995
|
5/15/1995
|
2 - 40
|
OG
|
Waterloo, IA
|
466
|
891
|
79
|
|
—
|
873
|
331
|
|
466
|
1,764
|
410
|
2,640
|
1,488
|
1995
|
5/22/1995
|
2 - 42
|
OG
|
Barboursville, WV
|
1,139
|
1,062
|
84
|
|
—
|
731
|
203
|
|
1,139
|
1,793
|
287
|
3,219
|
1,509
|
1995
|
2/27/1995
|
2 - 40
|
OG
|
Peoria, AZ
|
551
|
1,294
|
81
|
|
—
|
623
|
242
|
|
551
|
1,917
|
323
|
2,791
|
1,666
|
1995
|
5/22/1995
|
2 - 38
|
OG
|
Onalaska, WI
|
603
|
1,283
|
102
|
|
—
|
339
|
197
|
|
603
|
1,622
|
299
|
2,524
|
1,457
|
1995
|
4/24/1995
|
2 - 38
|
OG
|
Grapevine, TX
|
752
|
1,026
|
99
|
|
—
|
793
|
404
|
|
752
|
1,819
|
503
|
3,074
|
1,768
|
1995
|
5/8/1995
|
2 - 40
|
OG
|
Midland, TX
|
400
|
1,340
|
88
|
|
—
|
566
|
314
|
|
400
|
1,906
|
402
|
2,708
|
1,645
|
1995
|
10/16/1995
|
2 - 40
|
OG
|
Spring, TX
|
780
|
1,329
|
80
|
|
—
|
1,289
|
327
|
|
780
|
2,618
|
407
|
3,805
|
2,142
|
1995
|
9/11/1995
|
2 - 40
|
OG
|
Colonie, NY
|
966
|
1,862
|
57
|
|
—
|
984
|
273
|
|
966
|
2,846
|
330
|
4,142
|
2,154
|
1995
|
11/27/1995
|
2 - 42
|
OG
|
Fort Smith, AR
|
527
|
893
|
113
|
|
—
|
427
|
187
|
|
527
|
1,320
|
300
|
2,147
|
1,154
|
1996
|
2/19/1996
|
2 - 38
|
OG
|
Jackson, MS
|
641
|
1,195
|
110
|
|
—
|
846
|
268
|
|
641
|
2,041
|
378
|
3,060
|
1,732
|
1996
|
3/25/1996
|
2 - 42
|
OG
|
Lancaster, OH
|
372
|
846
|
115
|
|
—
|
603
|
284
|
|
372
|
1,449
|
399
|
2,220
|
1,287
|
1996
|
5/6/1996
|
2 - 40
|
OG
|
Lima, OH
|
471
|
930
|
67
|
|
—
|
387
|
282
|
|
471
|
1,317
|
349
|
2,137
|
1,193
|
1996
|
5/20/1996
|
2 - 38
|
OG
|
Williamsburg, VA
|
673
|
1,268
|
31
|
|
—
|
743
|
202
|
|
673
|
2,011
|
233
|
2,917
|
1,549
|
1996
|
8/19/1996
|
2 - 40
|
OG
|
Dubuque, IA
|
518
|
1,103
|
76
|
|
—
|
391
|
221
|
|
518
|
1,494
|
297
|
2,309
|
1,093
|
1996
|
5/20/1996
|
2 - 38
|
OG
|
Zanesville, OH
|
707
|
1,065
|
25
|
|
—
|
673
|
323
|
|
707
|
1,738
|
348
|
2,793
|
1,403
|
1996
|
8/5/1996
|
2 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
1,652
|
1996
|
10/21/1996
|
2 - 40
|
OG
|
Westminster, MD
|
595
|
1,741
|
124
|
|
—
|
452
|
204
|
|
595
|
2,193
|
328
|
3,116
|
1,637
|
1998
|
4/20/1998
|
2 - 38
|
OG
|
Hyannis, MA
|
664
|
2,097
|
90
|
|
—
|
665
|
175
|
|
664
|
2,762
|
265
|
3,691
|
2,176
|
1997
|
11/17/1997
|
2 - 35
|
OG
|
Wyomissing, PA
|
963
|
1,926
|
109
|
|
—
|
498
|
206
|
|
963
|
2,424
|
315
|
3,702
|
1,874
|
1998
|
5/11/1998
|
2 - 38
|
OG
|
Eugene, OR
|
761
|
1,486
|
91
|
|
—
|
356
|
200
|
|
761
|
1,842
|
291
|
2,894
|
1,527
|
1998
|
5/11/1998
|
2 - 38
|
OG
|
Savannah, GA
|
952
|
1,781
|
189
|
|
—
|
660
|
147
|
|
952
|
2,441
|
336
|
3,729
|
1,766
|
2000
|
4/10/2000
|
2 - 35
|
OG
|
Mentor, OH
|
—
|
1,955
|
138
|
|
1,474
|
288
|
241
|
|
1,474
|
2,243
|
379
|
4,096
|
1,702
|
2000
|
5/22/2000
|
2 - 35
|
OG
|
Douglasville, GA
|
1,189
|
1,978
|
144
|
|
—
|
406
|
248
|
|
1,189
|
2,384
|
392
|
3,965
|
1,826
|
2000
|
5/1/2000
|
2 - 35
|
OG
|
Buford, GA
|
1,493
|
1,688
|
179
|
|
—
|
542
|
203
|
|
1,493
|
2,230
|
382
|
4,105
|
1,666
|
2000
|
5/22/2000
|
2 - 35
|
OG
|
Maple Grove, MN
|
807
|
1,924
|
176
|
|
—
|
227
|
124
|
|
807
|
2,151
|
300
|
3,258
|
1,560
|
2000
|
5/22/2000
|
2 - 35
|
OG
|
Olathe, KS
|
796
|
2,121
|
109
|
|
—
|
489
|
256
|
|
796
|
2,610
|
365
|
3,771
|
1,830
|
2001
|
3/12/2001
|
2 - 36
|
OG
|
Austin, TX
|
1,239
|
2,295
|
154
|
|
—
|
168
|
96
|
|
1,239
|
2,463
|
250
|
3,952
|
1,632
|
2002
|
9/3/2002
|
2 - 37
|
OG
|
Coeur D’Alene, ID
|
681
|
1,661
|
131
|
|
—
|
278
|
305
|
|
681
|
1,939
|
436
|
3,056
|
1,439
|
2001
|
1/29/2001
|
2 - 36
|
OG
|
Frisco, TX
|
1,029
|
2,038
|
139
|
|
—
|
279
|
218
|
|
1,029
|
2,317
|
357
|
3,703
|
1,744
|
2001
|
6/25/2001
|
2 - 36
|
OG
|
Bolingbrook, IL
|
1,006
|
2,424
|
147
|
|
—
|
253
|
129
|
|
1,006
|
2,677
|
276
|
3,959
|
1,838
|
2001
|
7/23/2001
|
2 - 36
|
OG
|
Muskegon, MI
|
691
|
1,704
|
168
|
|
—
|
108
|
41
|
|
691
|
1,812
|
209
|
2,712
|
1,261
|
2001
|
10/8/2001
|
2 - 36
|
OG
|
Memphis, TN
|
1,142
|
1,790
|
100
|
|
—
|
246
|
171
|
|
1,142
|
2,036
|
271
|
3,449
|
1,392
|
2001
|
10/8/2001
|
2 - 36
|
OG
|
Kennewick, WA
|
763
|
1,980
|
149
|
|
—
|
259
|
158
|
|
763
|
2,239
|
307
|
3,309
|
1,608
|
2001
|
5/14/2001
|
2 - 36
|
OG
|
Round Rock, TX
|
953
|
2,090
|
149
|
|
—
|
335
|
153
|
|
953
|
2,425
|
302
|
3,680
|
1,553
|
2002
|
3/25/2002
|
2 - 37
|
OG
|
Killeen, TX
|
806
|
1,705
|
187
|
|
—
|
322
|
118
|
|
806
|
2,027
|
305
|
3,138
|
1,492
|
2002
|
8/5/2002
|
2 - 37
|
OG
|
Los Angeles, CA
|
1,701
|
2,558
|
202
|
|
—
|
170
|
70
|
|
1,701
|
2,728
|
272
|
4,701
|
1,713
|
2003
|
3/24/2003
|
2 - 38
|
OG
|
Omaha, NE
|
1,202
|
1,778
|
120
|
|
—
|
217
|
147
|
|
1,202
|
1,995
|
267
|
3,464
|
1,346
|
2002
|
10/7/2002
|
2 - 37
|
OG
|
Bloomington, IN
|
947
|
1,747
|
150
|
|
—
|
419
|
94
|
|
947
|
2,166
|
244
|
3,357
|
1,410
|
2002
|
11/18/2002
|
2 - 37
|
OG
|
Dayton, OH
|
677
|
1,675
|
172
|
|
—
|
210
|
72
|
|
677
|
1,885
|
244
|
2,806
|
1,233
|
2003
|
5/1/2003
|
2 - 38
|
OG
|
Fayetteville, AR
|
849
|
1,845
|
160
|
|
—
|
138
|
79
|
|
849
|
1,983
|
239
|
3,071
|
1,323
|
2002
|
12/11/2002
|
2 - 37
|
OG
|
Oklahoma City, OK
|
925
|
2,053
|
158
|
|
—
|
128
|
43
|
|
925
|
2,181
|
201
|
3,307
|
1,306
|
2005
|
3/14/2005
|
2 - 40
|
OG
|
Lithonia, GA
|
1,403
|
1,872
|
174
|
|
—
|
306
|
122
|
|
1,403
|
2,178
|
296
|
3,877
|
1,415
|
2002
|
11/18/2002
|
2 - 37
|
OG
|
Rochester, MN
|
829
|
1,889
|
192
|
|
—
|
146
|
140
|
|
829
|
2,035
|
332
|
3,196
|
1,394
|
2002
|
12/16/2002
|
2 - 37
|
OG
|
Newport News, VA
|
796
|
1,989
|
172
|
|
—
|
88
|
63
|
|
796
|
2,077
|
235
|
3,108
|
1,354
|
2003
|
5/5/2003
|
2 - 38
|
OG
|
Albuquerque, NM
|
771
|
1,716
|
179
|
|
—
|
131
|
104
|
|
771
|
1,847
|
283
|
2,901
|
1,216
|
2003
|
5/19/2003
|
2 - 38
|
OG
|
Fort Gratiot, MI
|
604
|
2,246
|
186
|
|
—
|
132
|
57
|
|
604
|
2,378
|
243
|
3,225
|
1,464
|
2003
|
11/17/2003
|
2 - 38
|
OG
|
Denton, TX
|
869
|
1,946
|
177
|
|
—
|
182
|
94
|
|
869
|
2,128
|
271
|
3,268
|
1,455
|
2003
|
6/9/2003
|
2 - 38
|
OG
|
Lynchburg, VA
|
771
|
2,304
|
125
|
|
—
|
103
|
54
|
|
771
|
2,407
|
179
|
3,357
|
1,391
|
2004
|
2/16/2004
|
2 - 39
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
1,361
|
2003
|
11/10/2003
|
2 - 38
|
OG
|
Tucson, AZ
|
1,019
|
2,073
|
104
|
|
—
|
121
|
135
|
|
1,019
|
2,194
|
239
|
3,452
|
1,289
|
2004
|
9/20/2004
|
2 - 39
|
OG
|
Columbia, SC
|
1,119
|
2,175
|
161
|
|
—
|
110
|
85
|
|
1,119
|
2,285
|
246
|
3,650
|
1,334
|
2005
|
4/5/2005
|
2 - 40
|
OG
|
Visalia, CA
|
1,151
|
1,830
|
151
|
|
—
|
133
|
46
|
|
1,151
|
1,963
|
197
|
3,311
|
1,163
|
2004
|
3/15/2004
|
2 - 39
|
OG
|
San Antonio, TX
|
932
|
2,582
|
191
|
|
—
|
190
|
103
|
|
932
|
2,772
|
294
|
3,998
|
1,559
|
2005
|
6/27/2005
|
2 - 40
|
OG
|
Anderson, SC
|
903
|
1,841
|
133
|
|
—
|
181
|
111
|
|
903
|
2,022
|
244
|
3,169
|
1,297
|
2004
|
3/29/2004
|
2 - 39
|
OG
|
Lake Charles, LA
|
806
|
2,070
|
161
|
|
—
|
174
|
87
|
|
806
|
2,244
|
248
|
3,298
|
1,424
|
2004
|
4/5/2004
|
2 - 39
|
OG
|
Houma, LA
|
736
|
2,190
|
150
|
|
—
|
185
|
148
|
|
736
|
2,375
|
298
|
3,409
|
1,420
|
2005
|
2/14/2005
|
2 - 40
|
OG
|
Tupelo, MS
|
823
|
2,102
|
193
|
|
—
|
127
|
82
|
|
823
|
2,229
|
275
|
3,327
|
1,370
|
2005
|
1/31/2005
|
2 - 40
|
OG
|
Jackson, TN
|
874
|
1,964
|
151
|
|
—
|
175
|
36
|
|
874
|
2,139
|
187
|
3,200
|
1,247
|
2005
|
2/7/2005
|
2 - 40
|
OG
|
College Station, TX
|
581
|
2,236
|
173
|
|
—
|
42
|
44
|
|
581
|
2,278
|
217
|
3,076
|
1,387
|
2005
|
1/24/2005
|
2 - 40
|
OG
|
Newnan, GA
|
829
|
2,239
|
157
|
|
—
|
152
|
55
|
|
829
|
2,391
|
212
|
3,432
|
1,352
|
2005
|
5/23/2005
|
2 - 40
|
OG
|
Owensboro, KY
|
762
|
2,134
|
173
|
|
—
|
70
|
57
|
|
762
|
2,204
|
230
|
3,196
|
1,372
|
2005
|
5/23/2005
|
2 - 40
|
OG
|
Mesa, AZ
|
598
|
1,844
|
132
|
|
—
|
110
|
129
|
|
598
|
1,954
|
261
|
2,813
|
1,156
|
2005
|
10/3/2005
|
2 - 40
|
OG
|
Southaven, MS
|
1,048
|
2,209
|
158
|
|
—
|
117
|
50
|
|
1,048
|
2,326
|
208
|
3,582
|
1,270
|
2005
|
11/21/2005
|
2 - 40
|
OG
|
Yuma, AZ
|
842
|
2,037
|
160
|
|
—
|
62
|
87
|
|
842
|
2,099
|
247
|
3,188
|
1,169
|
2005
|
12/5/2005
|
2 - 40
|
OG
|
Oakdale, MN
|
956
|
2,355
|
185
|
|
—
|
30
|
35
|
|
956
|
2,385
|
220
|
3,561
|
1,334
|
2005
|
12/5/2005
|
2 - 40
|
OG
|
Garland, TX
|
903
|
2,271
|
156
|
|
—
|
115
|
94
|
|
903
|
2,386
|
250
|
3,539
|
1,407
|
2005
|
10/31/2005
|
2 - 40
|
OG
|
Tarentum, PA
|
1,119
|
2,482
|
148
|
|
—
|
179
|
47
|
|
1,119
|
2,661
|
195
|
3,975
|
1,368
|
2006
|
2/20/2006
|
2 - 41
|
OG
|
Texarkana, TX
|
871
|
2,279
|
151
|
|
—
|
90
|
87
|
|
871
|
2,369
|
238
|
3,478
|
1,333
|
2006
|
3/27/2006
|
2 - 41
|
OG
|
Hot Springs, AR
|
797
|
2,415
|
186
|
|
—
|
84
|
73
|
|
797
|
2,499
|
259
|
3,555
|
1,268
|
2006
|
10/23/2006
|
2 - 41
|
OG
|
Florence, SC
|
—
|
1,817
|
169
|
|
1,503
|
119
|
84
|
|
1,503
|
1,936
|
253
|
3,692
|
1,117
|
2006
|
8/21/2006
|
2 - 41
|
OG
|
Victoria, TX
|
782
|
2,327
|
240
|
|
—
|
39
|
30
|
|
782
|
2,366
|
270
|
3,418
|
1,316
|
2007
|
1/15/2007
|
2 - 42
|
OG
|
Dothan, AL
|
850
|
2,242
|
131
|
|
—
|
62
|
92
|
|
850
|
2,304
|
223
|
3,377
|
1,213
|
2006
|
8/28/2006
|
2 - 41
|
OG
|
San Angelo, TX
|
360
|
2,020
|
157
|
|
—
|
74
|
104
|
|
360
|
2,094
|
261
|
2,715
|
1,199
|
2006
|
9/11/2006
|
2 - 41
|
OG
|
New Braunfels, TX
|
1,049
|
2,162
|
147
|
|
—
|
32
|
83
|
|
1,049
|
2,194
|
230
|
3,473
|
1,167
|
2006
|
9/25/2006
|
2 - 41
|
OG
|
Grove City, OH
|
1,200
|
2,271
|
140
|
|
—
|
63
|
55
|
|
1,200
|
2,334
|
195
|
3,729
|
1,225
|
2006
|
9/25/2006
|
2 - 41
|
OG
|
Opelika, AL
|
878
|
2,255
|
154
|
|
—
|
54
|
43
|
|
878
|
2,309
|
197
|
3,384
|
1,198
|
2006
|
11/13/2006
|
2 - 41
|
OG
|
West Wichita, KS
|
1,227
|
1,801
|
154
|
|
—
|
84
|
86
|
|
1,227
|
1,885
|
240
|
3,352
|
984
|
2006
|
11/6/2006
|
2 - 41
|
OG
|
Pueblo, CO
|
770
|
2,330
|
212
|
|
—
|
51
|
76
|
|
770
|
2,381
|
288
|
3,439
|
1,303
|
2007
|
2/5/2007
|
2 - 42
|
OG
|
Sioux City, IA
|
1,304
|
2,114
|
137
|
|
—
|
89
|
99
|
|
1,304
|
2,203
|
236
|
3,743
|
1,166
|
2006
|
12/11/2006
|
2 - 41
|
OG
|
Detroit, MI
|
1,400
|
2,956
|
234
|
|
—
|
81
|
87
|
|
1,400
|
3,037
|
321
|
4,758
|
1,443
|
2007
|
5/21/2007
|
2 - 42
|
OG
|
Phoenix, AZ
|
753
|
2,153
|
246
|
|
—
|
97
|
72
|
|
753
|
2,250
|
318
|
3,321
|
1,259
|
2007
|
4/23/2007
|
2 - 42
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
1,257
|
2007
|
11/19/2007
|
2 - 42
|
OG
|
Columbus, OH
|
995
|
2,286
|
184
|
|
—
|
61
|
27
|
|
995
|
2,347
|
211
|
3,553
|
1,136
|
2007
|
12/17/2007
|
2 - 42
|
OG
|
Mount Juliet, TN
|
873
|
2,294
|
212
|
|
—
|
76
|
47
|
|
873
|
2,370
|
259
|
3,502
|
1,236
|
2007
|
10/22/2007
|
2 - 42
|
OG
|
Triadelphia, WV
|
970
|
2,342
|
225
|
|
—
|
58
|
76
|
|
970
|
2,400
|
301
|
3,671
|
1,255
|
2007
|
12/17/2007
|
2 - 42
|
OG
|
Reynoldsburg, OH
|
1,208
|
2,183
|
242
|
|
—
|
48
|
37
|
|
1,208
|
2,231
|
279
|
3,718
|
1,141
|
2008
|
4/21/2008
|
2 - 43
|
OG
|
Florence, KY
|
1,007
|
2,099
|
155
|
|
—
|
52
|
88
|
|
1,007
|
2,151
|
243
|
3,401
|
1,111
|
2008
|
8/4/2008
|
2 - 43
|
OG
|
Cincinnati, OH
|
1,072
|
2,170
|
236
|
|
—
|
57
|
43
|
|
1,072
|
2,227
|
279
|
3,578
|
1,163
|
2008
|
4/28/2008
|
2 - 43
|
OG
|
Bismarck, ND
|
1,156
|
2,319
|
263
|
|
—
|
31
|
38
|
|
1,156
|
2,350
|
301
|
3,807
|
1,164
|
2008
|
11/24/2008
|
2 - 43
|
OG
|
Spring Hill, TN
|
1,295
|
2,269
|
228
|
|
—
|
29
|
45
|
|
1,295
|
2,298
|
273
|
3,866
|
1,049
|
2009
|
2/16/2009
|
2 - 44
|
OG
|
San Antonio, TX
|
1,359
|
2,492
|
230
|
|
—
|
23
|
33
|
|
1,359
|
2,515
|
263
|
4,137
|
1,085
|
2009
|
3/30/2009
|
2 - 44
|
OG
|
Michigan City, IN
|
762
|
2,646
|
238
|
|
—
|
17
|
39
|
|
762
|
2,663
|
277
|
3,702
|
1,148
|
2009
|
7/13/2009
|
2 - 44
|
OG
|
Broken Arrow, OK
|
1,461
|
2,261
|
231
|
|
—
|
73
|
57
|
|
1,461
|
2,334
|
288
|
4,083
|
1,038
|
2009
|
5/25/2009
|
2 - 44
|
OG
|
Bossier City, LA
|
1,006
|
2,405
|
264
|
|
—
|
51
|
32
|
|
1,006
|
2,456
|
296
|
3,758
|
1,054
|
2009
|
7/27/2009
|
2 - 44
|
OG
|
Jacksonville, FL
|
1,006
|
2,001
|
263
|
|
—
|
21
|
30
|
|
1,006
|
2,022
|
293
|
3,321
|
911
|
2009
|
10/5/2009
|
2 - 44
|
OG
|
Richmond, KY
|
1,054
|
1,974
|
236
|
|
—
|
14
|
32
|
|
1,054
|
1,988
|
268
|
3,310
|
898
|
2009
|
9/14/2009
|
2 - 44
|
OG
|
Ankeny, IA
|
704
|
2,218
|
248
|
|
—
|
9
|
17
|
|
704
|
2,227
|
265
|
3,196
|
828
|
2011
|
1/10/2011
|
2 - 46
|
OG
|
Kingsport, TN
|
1,071
|
1,840
|
282
|
|
—
|
11
|
22
|
|
1,071
|
1,851
|
304
|
3,226
|
768
|
2010
|
5/3/2010
|
2 - 45
|
OG
|
Las Cruces, NM
|
839
|
2,201
|
297
|
|
—
|
15
|
34
|
|
839
|
2,216
|
331
|
3,386
|
925
|
2010
|
5/10/2010
|
2 - 45
|
OG
|
Manhattan, KS
|
791
|
2,253
|
237
|
|
—
|
33
|
69
|
|
791
|
2,286
|
306
|
3,383
|
973
|
2010
|
4/26/2010
|
2 - 45
|
OG
|
Pleasant Prairie, WI
|
1,101
|
2,134
|
303
|
|
—
|
36
|
—
|
|
1,101
|
2,170
|
303
|
3,574
|
868
|
2010
|
9/27/2010
|
2 - 45
|
OG
|
Morehead City, NC
|
853
|
1,864
|
315
|
|
—
|
62
|
23
|
|
853
|
1,926
|
338
|
3,117
|
843
|
2010
|
7/19/2010
|
2 - 45
|
OG
|
Louisville, KY
|
—
|
2,072
|
266
|
|
904
|
12
|
38
|
|
904
|
2,084
|
304
|
3,292
|
880
|
2010
|
11/1/2010
|
2 - 45
|
OG
|
Wilson, NC
|
528
|
1,948
|
268
|
|
—
|
24
|
29
|
|
528
|
1,972
|
297
|
2,797
|
827
|
2010
|
10/11/2010
|
2 - 45
|
OG
|
Council Bluffs, IA
|
955
|
2,051
|
254
|
|
—
|
4
|
32
|
|
955
|
2,055
|
286
|
3,296
|
816
|
2010
|
10/25/2010
|
2 - 45
|
OG
|
Queen Creek, AZ
|
875
|
2,377
|
307
|
|
—
|
30
|
(1)
|
|
875
|
2,407
|
306
|
3,588
|
814
|
2011
|
1/10/2011
|
2 - 46
|
OG
|
Utica, NY
|
908
|
2,728
|
362
|
|
—
|
(470)
|
—
|
|
908
|
2,258
|
362
|
3,528
|
594
|
2013
|
8/12/2013
|
2 - 48
|
OG
|
Niagara Falls, NY
|
1,057
|
2,187
|
327
|
|
—
|
38
|
15
|
|
1,057
|
2,225
|
342
|
3,624
|
801
|
2011
|
9/19/2011
|
2 - 46
|
OG
|
Gainesville, GA
|
985
|
1,915
|
274
|
|
—
|
—
|
5
|
|
985
|
1,915
|
279
|
3,179
|
697
|
2011
|
6/20/2011
|
2 - 46
|
OG
|
Cleveland, TN
|
962
|
1,941
|
324
|
|
—
|
14
|
6
|
|
962
|
1,955
|
330
|
3,247
|
720
|
2011
|
11/28/2011
|
2 - 46
|
OG
|
Katy, TX
|
1,602
|
2,170
|
285
|
|
—
|
—
|
5
|
|
1,602
|
2,170
|
290
|
4,062
|
700
|
2012
|
4/9/2012
|
2 - 47
|
OG
|
Beckley, WV
|
1,013
|
2,105
|
314
|
|
—
|
25
|
1
|
|
1,013
|
2,130
|
315
|
3,458
|
620
|
2012
|
10/1/2012
|
2 - 47
|
OG
|
Chicago, IL
|
942
|
2,626
|
337
|
|
—
|
(484)
|
—
|
|
942
|
2,142
|
337
|
3,421
|
806
|
2012
|
3/26/2012
|
2 - 47
|
OG
|
Oklahoma City, OK
|
1,204
|
2,370
|
403
|
|
—
|
(221)
|
—
|
|
1,204
|
2,149
|
403
|
3,756
|
606
|
2013
|
4/29/2013
|
2 - 48
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
568
|
2013
|
3/18/2013
|
2 - 48
|
BB
|
Orlando, FL
|
2,356
|
2,453
|
62
|
|
—
|
2,691
|
750
|
|
2,356
|
5,144
|
812
|
8,312
|
3,632
|
1996
|
2/19/1996
|
2 - 49
|
BB
|
Raleigh, NC
|
2,507
|
3,230
|
155
|
|
—
|
918
|
314
|
|
2,507
|
4,148
|
469
|
7,124
|
2,939
|
1999
|
5/17/1999
|
2 - 38
|
BB
|
Duluth, GA
|
2,006
|
2,362
|
254
|
|
—
|
1,378
|
274
|
|
2,006
|
3,740
|
528
|
6,274
|
2,854
|
1999
|
5/24/1999
|
2 - 38
|
BB
|
Miami, FL
|
1,731
|
3,427
|
222
|
|
—
|
1,162
|
422
|
|
1,731
|
4,589
|
644
|
6,964
|
3,133
|
2000
|
4/4/2000
|
2 - 35
|
BB
|
Fort Myers, FL
|
1,914
|
2,863
|
186
|
|
—
|
916
|
398
|
|
1,914
|
3,779
|
584
|
6,277
|
2,466
|
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
|
2,588
|
2000
|
12/18/2000
|
2 - 35
|
BB
|
Livonia, MI
|
2,105
|
3,856
|
286
|
|
—
|
362
|
138
|
|
2,105
|
4,218
|
424
|
6,747
|
2,918
|
2001
|
2/6/2001
|
2 - 36
|
BB
|
Sunrise, FL
|
1,515
|
3,251
|
138
|
|
—
|
450
|
224
|
|
1,515
|
3,701
|
362
|
5,578
|
2,178
|
2002
|
10/22/2002
|
2 - 37
|
BB
|
Jacksonville, FL
|
2,235
|
2,295
|
344
|
|
—
|
50
|
13
|
|
2,235
|
2,345
|
357
|
4,937
|
1,012
|
2010
|
3/29/2010
|
2 - 45
|
BB
|
Orlando, FL
|
1,659
|
2,340
|
356
|
|
—
|
324
|
41
|
|
1,659
|
2,664
|
397
|
4,720
|
817
|
2012
|
2/27/2012
|
2 - 47
|
S52
|
Naples, FL
|
2,912
|
3,619
|
447
|
|
—
|
7
|
37
|
|
2,912
|
3,626
|
484
|
7,022
|
1,263
|
2011
|
10/10/2011
|
2 - 46
|
S52
|
Jacksonville, FL
|
2,216
|
2,729
|
416
|
|
—
|
6
|
3
|
|
2,216
|
2,735
|
419
|
5,370
|
1,004
|
2011
|
10/24/2011
|
2 - 46
|
LH
|
Tucker, GA
|
1,407
|
923
|
10
|
|
—
|
339
|
214
|
|
1,407
|
1,262
|
224
|
2,893
|
945
|
1986
|
10/1/2007
|
2 - 43
|
LH
|
Snellville, GA
|
1,911
|
925
|
76
|
|
—
|
422
|
147
|
|
1,911
|
1,347
|
223
|
3,481
|
976
|
1992
|
10/1/2007
|
2 - 43
|
LH
|
Macon, GA
|
1,249
|
718
|
30
|
|
—
|
420
|
204
|
|
1,249
|
1,138
|
234
|
2,621
|
1,017
|
1992
|
10/1/2007
|
2 - 44
|
LH
|
Augusta, GA
|
1,631
|
845
|
46
|
|
—
|
300
|
103
|
|
1,631
|
1,145
|
149
|
2,925
|
903
|
1993
|
10/1/2007
|
2 - 42
|
LH
|
Ocala, FL
|
1,210
|
1,100
|
17
|
|
—
|
579
|
112
|
|
1,210
|
1,679
|
129
|
3,018
|
1,308
|
1993
|
10/1/2007
|
2 - 42
|
LH
|
Altamonte Springs, FL
|
1,649
|
974
|
22
|
|
—
|
450
|
135
|
|
1,649
|
1,424
|
157
|
3,230
|
922
|
1994
|
10/1/2007
|
2 - 44
|
LH
|
Florence, KY
|
—
|
741
|
52
|
|
1,191
|
347
|
165
|
|
1,191
|
1,088
|
217
|
2,496
|
780
|
1994
|
10/1/2007
|
2 - 47
|
LH
|
Gainesville, GA
|
1,537
|
965
|
19
|
|
—
|
348
|
140
|
|
1,537
|
1,313
|
159
|
3,009
|
920
|
1995
|
10/1/2007
|
2 - 43
|
LH
|
Peachtree City, GA
|
1,485
|
1,080
|
9
|
|
—
|
457
|
159
|
|
1,485
|
1,537
|
168
|
3,190
|
1,064
|
1995
|
10/1/2007
|
2 - 43
|
LH
|
Lawrenceville, GA
|
1,865
|
1,116
|
17
|
|
—
|
451
|
117
|
|
1,865
|
1,567
|
134
|
3,566
|
1,006
|
1996
|
10/1/2007
|
2 - 42
|
LH
|
Jensen Beach, FL
|
1,322
|
1,082
|
33
|
|
—
|
347
|
153
|
|
1,322
|
1,429
|
186
|
2,937
|
996
|
1996
|
10/1/2007
|
2 - 42
|
LH
|
Destin, FL
|
2,053
|
793
|
16
|
|
—
|
357
|
224
|
|
2,053
|
1,150
|
240
|
3,443
|
871
|
1996
|
10/1/2007
|
2 - 42
|
LH
|
Albany, GA
|
1,500
|
988
|
34
|
|
—
|
422
|
126
|
|
1,500
|
1,410
|
160
|
3,070
|
884
|
1997
|
10/1/2007
|
2 - 42
|
LH
|
Dublin, OH
|
1,572
|
1,205
|
18
|
|
—
|
510
|
259
|
|
1,572
|
1,715
|
277
|
3,564
|
1,071
|
1997
|
10/1/2007
|
2 - 42
|
LH
|
Columbia, SC
|
1,677
|
1,291
|
23
|
|
—
|
495
|
176
|
|
1,677
|
1,786
|
199
|
3,662
|
1,124
|
1997
|
10/1/2007
|
2 - 42
|
LH
|
Pineville, NC
|
1,262
|
879
|
11
|
|
—
|
495
|
195
|
|
1,262
|
1,374
|
206
|
2,842
|
836
|
1998
|
10/1/2007
|
2 - 44
|
LH
|
Johns Creek, GA
|
1,694
|
1,089
|
18
|
|
—
|
203
|
123
|
|
1,694
|
1,292
|
141
|
3,127
|
787
|
1998
|
10/1/2007
|
2 - 42
|
LH
|
Greensboro, NC
|
1,438
|
1,017
|
16
|
|
—
|
270
|
152
|
|
1,438
|
1,287
|
168
|
2,893
|
726
|
1999
|
10/1/2007
|
2 - 44
|
LH
|
Huntsville, AL
|
1,443
|
983
|
7
|
|
—
|
350
|
194
|
|
1,443
|
1,333
|
201
|
2,977
|
755
|
1999
|
10/1/2007
|
2 - 44
|
LH
|
Hickory, NC
|
1,333
|
1,029
|
7
|
|
—
|
313
|
166
|
|
1,333
|
1,342
|
173
|
2,848
|
703
|
1999
|
10/1/2007
|
2 - 44
|
LH
|
Tampa, FL
|
1,488
|
1,078
|
6
|
|
—
|
297
|
189
|
|
1,488
|
1,375
|
195
|
3,058
|
851
|
2000
|
10/1/2007
|
2 - 35
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
Clarksville, TN
|
1,662
|
1,097
|
15
|
|
—
|
449
|
112
|
|
1,662
|
1,546
|
127
|
3,335
|
782
|
1999
|
10/1/2007
|
2 - 43
|
LH
|
Orlando, FL
|
1,165
|
749
|
21
|
|
—
|
264
|
137
|
|
1,165
|
1,013
|
158
|
2,336
|
628
|
2000
|
10/1/2007
|
2 - 35
|
LH
|
Concord, NH
|
1,329
|
935
|
7
|
|
—
|
359
|
172
|
|
1,329
|
1,294
|
179
|
2,802
|
625
|
2000
|
10/1/2007
|
2 - 35
|
LH
|
Orlando, FL
|
1,492
|
1,277
|
52
|
|
—
|
297
|
150
|
|
1,492
|
1,574
|
202
|
3,268
|
842
|
2000
|
10/1/2007
|
2 - 35
|
LH
|
Medina, OH
|
1,189
|
820
|
12
|
|
—
|
268
|
168
|
|
1,189
|
1,088
|
180
|
2,457
|
606
|
2000
|
10/1/2007
|
2 - 35
|
LH
|
Hoover, AL
|
1,401
|
966
|
17
|
|
—
|
350
|
160
|
|
1,401
|
1,316
|
177
|
2,894
|
720
|
2001
|
10/1/2007
|
2 - 36
|
LH
|
Boardman, OH
|
954
|
673
|
17
|
|
—
|
285
|
151
|
|
954
|
958
|
168
|
2,080
|
515
|
2001
|
10/1/2007
|
2 - 36
|
LH
|
Prattville, AL
|
1,481
|
1,016
|
27
|
|
—
|
336
|
134
|
|
1,481
|
1,352
|
161
|
2,994
|
727
|
2001
|
10/1/2007
|
2 - 36
|
LH
|
Bensalem, PA
|
1,645
|
600
|
17
|
|
—
|
346
|
160
|
|
1,645
|
946
|
177
|
2,768
|
507
|
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
|
688
|
2002
|
10/1/2007
|
2 - 37
|
LH
|
Germantown, MD
|
1,439
|
1,069
|
27
|
|
—
|
306
|
138
|
|
1,439
|
1,375
|
165
|
2,979
|
716
|
2002
|
10/1/2007
|
2 - 37
|
LH
|
Independence, OH
|
1,241
|
686
|
26
|
|
—
|
231
|
106
|
|
1,241
|
917
|
132
|
2,290
|
470
|
2002
|
10/1/2007
|
2 - 37
|
LH
|
Hiram, GA
|
1,639
|
1,033
|
25
|
|
—
|
374
|
130
|
|
1,639
|
1,407
|
155
|
3,201
|
711
|
2002
|
10/1/2007
|
2 - 37
|
LH
|
Louisville, KY
|
1,405
|
980
|
18
|
|
—
|
238
|
113
|
|
1,405
|
1,218
|
131
|
2,754
|
582
|
2002
|
10/1/2007
|
2 - 37
|
LH
|
Bowie, MD
|
1,871
|
1,230
|
21
|
|
—
|
257
|
147
|
|
1,871
|
1,487
|
168
|
3,526
|
723
|
2002
|
10/1/2007
|
2 - 37
|
LH
|
Waldorf, MD
|
1,929
|
1,167
|
26
|
|
—
|
245
|
162
|
|
1,929
|
1,412
|
188
|
3,529
|
712
|
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
|
731
|
2002
|
10/1/2007
|
2 - 37
|
LH
|
Columbia, MD
|
1,918
|
1,439
|
40
|
|
—
|
268
|
161
|
|
1,918
|
1,707
|
201
|
3,826
|
816
|
2003
|
10/1/2007
|
2 - 38
|
LH
|
East Point, GA
|
1,052
|
1,232
|
21
|
|
—
|
291
|
143
|
|
1,052
|
1,523
|
164
|
2,739
|
747
|
2003
|
10/1/2007
|
2 - 38
|
LH
|
Lexington, KY
|
1,251
|
874
|
16
|
|
—
|
238
|
162
|
|
1,251
|
1,112
|
178
|
2,541
|
591
|
2003
|
10/1/2007
|
2 - 42
|
LH
|
Winter Haven, FL
|
1,285
|
1,149
|
39
|
|
—
|
276
|
124
|
|
1,285
|
1,425
|
163
|
2,873
|
696
|
2003
|
10/1/2007
|
2 - 38
|
LH
|
Jacksonville, FL
|
795
|
1,302
|
32
|
|
—
|
210
|
128
|
|
795
|
1,512
|
160
|
2,467
|
710
|
2003
|
10/1/2007
|
2 - 38
|
LH
|
Daphne, AL
|
1,130
|
757
|
30
|
|
—
|
308
|
111
|
|
1,130
|
1,065
|
141
|
2,336
|
599
|
2003
|
10/1/2007
|
2 - 38
|
LH
|
Anderson, SC
|
1,445
|
990
|
41
|
|
—
|
240
|
111
|
|
1,445
|
1,230
|
152
|
2,827
|
610
|
2004
|
10/1/2007
|
2 - 39
|
LH
|
Palm Harbor, FL
|
1,406
|
917
|
32
|
|
—
|
263
|
93
|
|
1,406
|
1,180
|
125
|
2,711
|
624
|
2004
|
10/1/2007
|
2 - 39
|
LH
|
West Chester, OH
|
1,371
|
927
|
31
|
|
—
|
248
|
79
|
|
1,371
|
1,175
|
110
|
2,656
|
601
|
2004
|
10/1/2007
|
2 - 39
|
LH
|
Jefferson City, MO
|
1,342
|
875
|
60
|
|
—
|
196
|
68
|
|
1,342
|
1,071
|
128
|
2,541
|
544
|
2004
|
10/1/2007
|
2 - 39
|
LH
|
Chantilly, VA
|
1,568
|
882
|
50
|
|
—
|
262
|
66
|
|
1,568
|
1,144
|
116
|
2,828
|
546
|
2004
|
10/1/2007
|
2 - 39
|
LH
|
Dawsonville, GA
|
1,084
|
1,321
|
51
|
|
—
|
188
|
100
|
|
1,084
|
1,509
|
151
|
2,744
|
702
|
2004
|
10/1/2007
|
2 - 39
|
LH
|
Opelika, AL
|
1,427
|
1,244
|
36
|
|
—
|
202
|
58
|
|
1,427
|
1,446
|
94
|
2,967
|
689
|
2004
|
10/1/2007
|
2 - 39
|
LH
|
Indianapolis, IN
|
1,298
|
854
|
55
|
|
—
|
211
|
51
|
|
1,298
|
1,065
|
106
|
2,469
|
547
|
2005
|
10/1/2007
|
2 - 40
|
LH
|
Grove City, OH
|
1,566
|
1,067
|
53
|
|
—
|
191
|
61
|
|
1,566
|
1,258
|
114
|
2,938
|
608
|
2005
|
10/1/2007
|
2 - 40
|
LH
|
Springfield, IL
|
1,573
|
1,451
|
65
|
|
—
|
182
|
79
|
|
1,573
|
1,633
|
144
|
3,350
|
781
|
2005
|
10/1/2007
|
2 - 40
|
LH
|
Covington, GA
|
887
|
1,212
|
70
|
|
—
|
45
|
49
|
|
887
|
1,257
|
119
|
2,263
|
593
|
2005
|
10/1/2007
|
2 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
West Homestead, PA
|
1,418
|
947
|
79
|
|
—
|
33
|
91
|
|
1,418
|
980
|
170
|
2,568
|
503
|
2005
|
10/1/2007
|
2 - 40
|
LH
|
Carrollton, GA
|
1,192
|
1,227
|
75
|
|
—
|
15
|
49
|
|
1,192
|
1,242
|
124
|
2,558
|
605
|
2005
|
10/1/2007
|
2 - 40
|
LH
|
Tarentum, PA
|
1,414
|
931
|
91
|
|
—
|
84
|
46
|
|
1,414
|
1,015
|
137
|
2,566
|
517
|
2005
|
10/1/2007
|
2 - 40
|
LH
|
Commerce, GA
|
1,335
|
1,466
|
65
|
|
—
|
57
|
84
|
|
1,335
|
1,523
|
149
|
3,007
|
662
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
East Ellijay, GA
|
1,126
|
1,272
|
70
|
|
—
|
21
|
82
|
|
1,126
|
1,293
|
152
|
2,571
|
616
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Acworth, GA
|
1,941
|
1,255
|
70
|
|
—
|
23
|
82
|
|
1,941
|
1,278
|
152
|
3,371
|
593
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Peoria, IL
|
1,299
|
848
|
81
|
|
—
|
143
|
46
|
|
1,299
|
991
|
127
|
2,417
|
525
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Hixson, TN
|
1,676
|
1,263
|
84
|
|
—
|
40
|
44
|
|
1,676
|
1,303
|
128
|
3,107
|
600
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Fredericksburg, VA
|
1,734
|
1,174
|
89
|
|
—
|
42
|
35
|
|
1,734
|
1,216
|
124
|
3,074
|
625
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Morgantown, WV
|
1,223
|
812
|
89
|
|
—
|
27
|
44
|
|
1,223
|
839
|
133
|
2,195
|
479
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Florence, SC
|
1,628
|
1,352
|
90
|
|
—
|
28
|
35
|
|
1,628
|
1,380
|
125
|
3,133
|
595
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Portage, IN
|
901
|
1,652
|
105
|
|
—
|
59
|
26
|
|
901
|
1,711
|
131
|
2,743
|
738
|
2006
|
10/1/2007
|
2 - 41
|
LH
|
Macon, GA
|
1,052
|
1,840
|
97
|
|
—
|
135
|
38
|
|
1,052
|
1,975
|
135
|
3,162
|
887
|
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
|
856
|
2007
|
10/1/2007
|
2 - 42
|
LH
|
LaGrange, GA
|
979
|
1,527
|
111
|
|
—
|
36
|
52
|
|
979
|
1,563
|
163
|
2,705
|
749
|
2007
|
10/1/2007
|
2 - 42
|
LH
|
Calhoun, GA
|
765
|
1,760
|
109
|
|
—
|
(4)
|
36
|
|
765
|
1,756
|
145
|
2,666
|
802
|
2007
|
10/1/2007
|
2 - 42
|
LH
|
Dublin, GA
|
389
|
1,910
|
140
|
|
—
|
27
|
23
|
|
389
|
1,937
|
163
|
2,489
|
802
|
2008
|
1/14/2008
|
2 - 43
|
LH
|
Monroe, GA
|
966
|
1,549
|
164
|
|
—
|
30
|
13
|
|
966
|
1,579
|
177
|
2,722
|
684
|
2008
|
4/28/2008
|
2 - 43
|
LH
|
Denham Springs, LA
|
1,306
|
2,049
|
283
|
|
—
|
35
|
12
|
|
1,306
|
2,084
|
295
|
3,685
|
1,088
|
2008
|
8/25/2008
|
2 - 43
|
LH
|
Cornelia, GA
|
106
|
1,542
|
281
|
|
282
|
52
|
8
|
|
388
|
1,594
|
289
|
2,271
|
826
|
2008
|
12/1/2008
|
2 - 43
|
LH
|
Richmond, VA
|
1,442
|
1,758
|
207
|
|
—
|
24
|
9
|
|
1,442
|
1,782
|
216
|
3,440
|
811
|
2009
|
2/23/2009
|
2 - 44
|
LH
|
Hanover, MD
|
1,437
|
2,258
|
252
|
|
—
|
45
|
2
|
|
1,437
|
2,303
|
254
|
3,994
|
740
|
2011
|
5/16/2011
|
2 - 46
|
LH
|
Orlando, FL
|
1,406
|
1,701
|
253
|
|
—
|
23
|
6
|
|
1,406
|
1,724
|
259
|
3,389
|
697
|
2010
|
3/8/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
907
|
1,504
|
—
|
|
—
|
699
|
767
|
|
907
|
2,202
|
767
|
3,877
|
1,244
|
2010
|
1/18/2010
|
2 - 40
|
LH
|
Conyers, GA
|
589
|
1,797
|
198
|
|
—
|
30
|
21
|
|
589
|
1,827
|
219
|
2,635
|
719
|
2010
|
8/2/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
1,206
|
1,583
|
—
|
|
—
|
245
|
791
|
|
1,206
|
1,828
|
791
|
3,826
|
1,158
|
2010
|
7/5/2010
|
2 - 40
|
LH
|
Thomasville, GA
|
730
|
1,688
|
229
|
|
—
|
19
|
5
|
|
730
|
1,707
|
234
|
2,671
|
730
|
2010
|
4/19/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
947
|
1,436
|
—
|
|
—
|
444
|
825
|
|
947
|
1,880
|
825
|
3,652
|
1,229
|
2010
|
5/10/2010
|
2 - 40
|
LH
|
Whitehall, PA
|
1,307
|
1,901
|
270
|
|
—
|
24
|
7
|
|
1,307
|
1,925
|
277
|
3,509
|
749
|
2010
|
12/6/2010
|
2 - 45
|
LH
|
Fort Smith, AR
|
953
|
1,610
|
252
|
|
—
|
23
|
10
|
|
953
|
1,633
|
262
|
2,848
|
674
|
2010
|
11/1/2010
|
2 - 45
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
546
|
2010
|
7/19/2010
|
2 - 45
|
LH
|
San Antonio, TX
|
—
|
1,382
|
735
|
|
—
|
249
|
76
|
|
—
|
1,630
|
812
|
2,442
|
1,145
|
2010
|
10/11/2010
|
2 - 40
|
LH
|
New Braunfels, TX
|
—
|
1,330
|
681
|
|
—
|
145
|
81
|
|
—
|
1,475
|
762
|
2,237
|
1,020
|
2011
|
1/24/2011
|
2 - 40
|
LH
|
San Antonio, TX
|
—
|
278
|
383
|
|
—
|
35
|
(3)
|
|
—
|
313
|
380
|
693
|
677
|
2011
|
6/20/2011
|
2 - 40
|
LH
|
Kingsland, GA
|
849
|
1,564
|
236
|
|
—
|
13
|
5
|
|
849
|
1,577
|
241
|
2,667
|
578
|
2011
|
4/25/2011
|
2 - 46
|
LH
|
Jonesboro, AR
|
902
|
1,704
|
234
|
|
—
|
15
|
1
|
|
902
|
1,719
|
235
|
2,856
|
633
|
2011
|
4/25/2011
|
2 - 46
|
LH
|
McAllen, TX
|
1,128
|
1,600
|
284
|
|
—
|
13
|
13
|
|
1,128
|
1,613
|
297
|
3,038
|
636
|
2011
|
3/28/2011
|
2 - 46
|
LH
|
Council Bluffs, IA
|
869
|
1,827
|
236
|
|
—
|
31
|
7
|
|
869
|
1,858
|
243
|
2,970
|
653
|
2011
|
5/31/2011
|
2 - 46
|
LH
|
Tupelo, MS
|
771
|
1,717
|
236
|
|
—
|
13
|
1
|
|
771
|
1,730
|
237
|
2,738
|
555
|
2011
|
8/29/2011
|
2 - 46
|
LH
|
Champaign, IL
|
1,499
|
1,725
|
267
|
|
—
|
4
|
3
|
|
1,499
|
1,729
|
270
|
3,498
|
592
|
2011
|
10/10/2011
|
2 - 46
|
LH
|
Rapid City, SD
|
965
|
1,869
|
252
|
|
—
|
2
|
3
|
|
965
|
1,871
|
255
|
3,091
|
665
|
2011
|
10/10/2011
|
2 - 46
|
LH
|
West Melbourne, FL
|
1,144
|
1,858
|
266
|
|
—
|
4
|
3
|
|
1,144
|
1,862
|
269
|
3,275
|
624
|
2011
|
11/21/2011
|
2 - 46
|
LH
|
Athens, GA
|
970
|
1,744
|
289
|
|
—
|
35
|
13
|
|
970
|
1,779
|
302
|
3,051
|
508
|
2012
|
10/29/2012
|
2 - 47
|
LH
|
Flowood, MS
|
1,088
|
1,803
|
327
|
|
34
|
—
|
2
|
|
1,122
|
1,803
|
329
|
3,254
|
655
|
2012
|
2/6/2012
|
2 - 47
|
LH
|
Deptford, NJ
|
1,799
|
1,694
|
287
|
|
—
|
3
|
(2)
|
|
1,799
|
1,697
|
285
|
3,781
|
550
|
2012
|
3/26/2012
|
2 - 47
|
LH
|
McAllen, TX
|
1,339
|
1,775
|
319
|
|
—
|
3
|
12
|
|
1,339
|
1,778
|
331
|
3,448
|
613
|
2012
|
2/27/2012
|
2 - 47
|
LH
|
Wilkes Barre, PA
|
859
|
2,227
|
278
|
|
—
|
6
|
—
|
|
859
|
2,233
|
278
|
3,370
|
443
|
2014
|
1/27/2014
|
2 - 49
|
LH
|
Morehead City, NC
|
975
|
1,941
|
340
|
|
—
|
2
|
1
|
|
975
|
1,943
|
341
|
3,259
|
536
|
2013
|
1/14/2013
|
2 - 48
|
LH
|
Columbus, MS
|
1,155
|
1,993
|
256
|
|
—
|
4
|
4
|
|
1,155
|
1,997
|
260
|
3,412
|
482
|
2013
|
2/18/2013
|
2 - 48
|
LH
|
Sandusky, OH
|
1,081
|
2,027
|
263
|
|
—
|
—
|
2
|
|
1,081
|
2,027
|
265
|
3,373
|
493
|
2013
|
4/22/2013
|
2 - 48
|
LH
|
Coralville, IA
|
953
|
2,135
|
288
|
|
—
|
—
|
(3)
|
|
953
|
2,135
|
285
|
3,373
|
524
|
2013
|
5/13/2013
|
2 - 48
|
LH
|
Cincinnati, OH
|
1,205
|
1,758
|
291
|
|
—
|
—
|
3
|
|
1,205
|
1,758
|
294
|
3,257
|
416
|
2013
|
8/26/2013
|
2 - 48
|
LH
|
Cleveland, TN
|
1,054
|
1,776
|
337
|
|
—
|
—
|
1
|
|
1,054
|
1,776
|
338
|
3,168
|
463
|
2013
|
5/13/2013
|
2 - 48
|
LH
|
Minot, ND
|
887
|
2,230
|
314
|
|
—
|
15
|
17
|
|
887
|
2,245
|
331
|
3,463
|
490
|
2013
|
9/23/2013
|
2 - 48
|
LH
|
Bethlehem, GA
|
936
|
1,684
|
286
|
|
—
|
—
|
—
|
|
936
|
1,684
|
286
|
2,906
|
348
|
2014
|
1/20/2014
|
2 - 49
|
WFG
|
San Antonio, TX
|
—
|
—
|
8
|
|
2,790
|
2,069
|
69
|
|
2,790
|
2,069
|
77
|
4,936
|
429
|
2008
|
11/14/2011
|
2 - 43
|
PH
|
Joliet, IL
|
173
|
890
|
—
|
|
—
|
—
|
—
|
|
173
|
890
|
—
|
1,063
|
31
|
1970
|
7/18/2016
|
5 - 45
|
PH
|
Morris, IL
|
248
|
533
|
—
|
|
—
|
—
|
—
|
|
248
|
533
|
—
|
781
|
30
|
1972
|
7/18/2016
|
5 - 40
|
PH
|
Yorkville, IL
|
200
|
581
|
—
|
|
—
|
—
|
—
|
|
200
|
581
|
—
|
781
|
30
|
1976
|
7/18/2016
|
5 - 40
|
PH
|
Lowell, IN
|
258
|
611
|
—
|
|
—
|
—
|
—
|
|
258
|
611
|
—
|
869
|
33
|
1978
|
7/18/2016
|
5 - 40
|
PH
|
Schereville, IN
|
243
|
942
|
—
|
|
—
|
—
|
—
|
|
243
|
942
|
—
|
1,185
|
41
|
1975
|
7/18/2016
|
5 - 40
|
PH
|
Portage, IN
|
330
|
1,016
|
—
|
|
—
|
—
|
—
|
|
330
|
1,016
|
—
|
1,346
|
48
|
2002
|
7/18/2016
|
5 - 40
|
WEN
|
Odessa, TX
|
822
|
1,327
|
—
|
|
—
|
—
|
—
|
|
822
|
1,327
|
—
|
2,149
|
61
|
1995
|
8/2/2016
|
10 - 45
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(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
|
||||
ARB
|
Birch Run, MI
|
590
|
777
|
—
|
|
—
|
—
|
—
|
|
590
|
777
|
—
|
1,367
|
36
|
1991
|
11/9/2016
|
10 - 40
|
ARB
|
Brighton, MI
|
456
|
990
|
—
|
|
—
|
—
|
—
|
|
456
|
990
|
—
|
1,446
|
37
|
1987
|
11/9/2016
|
10 - 40
|
BK
|
Madisonville, KY
|
1,071
|
1,257
|
—
|
|
—
|
—
|
—
|
|
1,071
|
1,257
|
—
|
2,328
|
50
|
1986
|
11/9/2016
|
10 - 45
|
DEN
|
Amherst, OH
|
460
|
998
|
—
|
|
—
|
—
|
—
|
|
460
|
998
|
—
|
1,458
|
41
|
1971
|
11/9/2016
|
10 - 40
|
FAZ
|
Lafayette, IN
|
244
|
522
|
—
|
|
—
|
—
|
—
|
|
244
|
522
|
—
|
766
|
26
|
1996
|
11/9/2016
|
5 - 40
|
SNS
|
Peru, IL
|
560
|
813
|
—
|
|
—
|
—
|
—
|
|
560
|
813
|
—
|
1,373
|
40
|
1996
|
11/9/2016
|
5 - 40
|
SNS
|
Vero Beach, FL
|
435
|
930
|
—
|
|
—
|
—
|
—
|
|
435
|
930
|
—
|
1,365
|
39
|
1998
|
11/9/2016
|
10 - 40
|
WEN
|
Wheat Ridge, CO
|
453
|
467
|
—
|
|
—
|
—
|
—
|
|
453
|
467
|
—
|
920
|
25
|
1978
|
11/9/2016
|
5 - 40
|
WEN
|
Warren, MI
|
323
|
946
|
—
|
|
—
|
—
|
—
|
|
323
|
946
|
—
|
1,269
|
36
|
2003
|
11/9/2016
|
10 - 40
|
ZAX
|
Snellville, GA
|
859
|
1,168
|
—
|
|
—
|
—
|
—
|
|
859
|
1,168
|
—
|
2,027
|
40
|
2003
|
11/9/2016
|
10 - 45
|
BK
|
Keysville, VA
|
571
|
1,424
|
—
|
|
—
|
—
|
—
|
|
571
|
1,424
|
—
|
1,995
|
45
|
1996
|
10/28/2016
|
10 - 50
|
BK
|
Roxboro, NC
|
601
|
2,089
|
—
|
|
—
|
—
|
—
|
|
601
|
2,089
|
—
|
2,690
|
60
|
1989
|
10/28/2016
|
10 - 50
|
BK
|
Oxford, NC
|
449
|
1,892
|
—
|
|
—
|
—
|
—
|
|
449
|
1,892
|
—
|
2,341
|
56
|
1982
|
10/28/2016
|
10 - 50
|
BK
|
Huntsville, AL
|
460
|
1,549
|
—
|
|
—
|
—
|
—
|
|
460
|
1,549
|
—
|
2,009
|
50
|
2000
|
10/28/2016
|
10 - 50
|
BK
|
Amory, MS
|
570
|
2,159
|
—
|
|
—
|
—
|
—
|
|
570
|
2,159
|
—
|
2,729
|
55
|
2016
|
10/28/2016
|
14 - 54
|
BK
|
Monterey, TN
|
429
|
1,611
|
—
|
|
—
|
—
|
—
|
|
429
|
1,611
|
—
|
2,040
|
41
|
2000
|
12/28/2016
|
10 - 50
|
BK
|
Crossville, TN
|
397
|
1,873
|
—
|
|
—
|
—
|
—
|
|
397
|
1,873
|
—
|
2,270
|
46
|
1987
|
12/28/2016
|
10 - 50
|
BK
|
Livingston, TN
|
481
|
1,354
|
—
|
|
—
|
—
|
—
|
|
481
|
1,354
|
—
|
1,835
|
34
|
2015
|
12/28/2016
|
13 - 53
|
BK
|
Mount Juliet, TN
|
683
|
1,101
|
—
|
|
—
|
—
|
—
|
|
683
|
1,101
|
—
|
1,784
|
46
|
1988
|
12/28/2016
|
7 - 40
|
ARB
|
Rocky Mount, NC
|
261
|
1,405
|
—
|
|
—
|
—
|
—
|
|
261
|
1,405
|
—
|
1,666
|
50
|
2004
|
9/6/2016
|
10 - 45
|
ARB
|
Roanoke Rapids, NC
|
288
|
1,563
|
—
|
|
—
|
—
|
—
|
|
288
|
1,563
|
—
|
1,851
|
59
|
2003
|
9/6/2016
|
10 - 45
|
KFC
|
Detroit, MI
|
294
|
916
|
—
|
|
—
|
—
|
—
|
|
294
|
916
|
—
|
1,210
|
34
|
1997
|
9/14/2016
|
5 - 43
|
KFC
|
Auburn Hills, MI
|
98
|
925
|
—
|
|
—
|
—
|
—
|
|
98
|
925
|
—
|
1,023
|
37
|
2002
|
9/14/2016
|
5 - 43
|
KFC
|
Detroit, MI
|
75
|
732
|
—
|
|
—
|
—
|
—
|
|
75
|
732
|
—
|
807
|
30
|
1984
|
9/14/2016
|
5 - 40
|
KFC
|
Detroit, MI
|
323
|
635
|
—
|
|
—
|
—
|
—
|
|
323
|
635
|
—
|
958
|
31
|
1984
|
9/14/2016
|
5 - 40
|
BWW
|
Burlington, IA
|
137
|
2,530
|
—
|
|
—
|
—
|
—
|
|
137
|
2,530
|
—
|
2,667
|
84
|
2010
|
9/15/2016
|
10 - 49
|
BWW
|
Galesburg, IL
|
157
|
2,510
|
—
|
|
—
|
—
|
—
|
|
157
|
2,510
|
—
|
2,667
|
90
|
2009
|
9/15/2016
|
10 - 46
|
BWW
|
Macomb, IL
|
138
|
2,528
|
—
|
|
—
|
—
|
—
|
|
138
|
2,528
|
—
|
2,666
|
86
|
2009
|
9/15/2016
|
10 - 48
|
DQ
|
Tulsa, OK
|
797
|
1,606
|
—
|
|
—
|
—
|
—
|
|
797
|
1,606
|
—
|
2,403
|
48
|
2015
|
10/20/2016
|
14 - 54
|
TB
|
Newburgh, IN
|
139
|
1,069
|
—
|
|
—
|
—
|
—
|
|
139
|
1,069
|
—
|
1,208
|
30
|
1994
|
11/15/2016
|
14 - 53
|
KFC
|
Altoona, WI
|
195
|
1,714
|
—
|
|
—
|
—
|
—
|
|
195
|
1,714
|
—
|
1,909
|
53
|
1993
|
11/10/2016
|
10 - 45
|
KFC
|
LaCrosse, WI
|
216
|
893
|
—
|
|
—
|
—
|
—
|
|
216
|
893
|
—
|
1,109
|
40
|
1979
|
11/10/2016
|
5 - 40
|
KFC
|
Rice Lake, WI
|
215
|
1,045
|
—
|
|
—
|
—
|
—
|
|
215
|
1,045
|
—
|
1,260
|
45
|
1991
|
11/10/2016
|
5 - 40
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(Dollars in thousands)
|
|||||||||||||||||
|
|
Initial Cost to Company
|
|
Cost Capitalized Since Acquisition
|
|
Gross Carrying Value (2)
|
Accumulated Depreciation
|
Construction Date
|
Acquisition Date
|
Life on which Depreciation in latest Statement of Income is Computed
|
|||||||
Restaurant Property (1)
|
Location
|
Land
|
Buildings and Improvements
|
Equipment
|
|
Land
|
Building and Improvements
|
Equipment
|
|
Land
|
Building and Improvements
|
Equipment
|
Total
|
||||
KFC
|
Chippewa Falls, WI
|
167
|
924
|
—
|
|
—
|
—
|
—
|
|
167
|
924
|
—
|
1,091
|
35
|
2003
|
11/10/2016
|
5 - 40
|
KFC
|
LaCrosse, WI
|
245
|
1,042
|
—
|
|
—
|
—
|
—
|
|
245
|
1,042
|
—
|
1,287
|
43
|
1972
|
11/10/2016
|
5 - 40
|
KFC
|
Stevens Point, WI
|
92
|
697
|
—
|
|
—
|
—
|
—
|
|
92
|
697
|
—
|
789
|
27
|
1984
|
11/10/2016
|
5 - 40
|
KFC
|
Wisconsin Rapids, WI
|
179
|
1,928
|
—
|
|
—
|
—
|
—
|
|
179
|
1,928
|
—
|
2,107
|
58
|
1991
|
11/10/2016
|
10 - 45
|
KFC
|
Wausau, WI
|
126
|
1,387
|
—
|
|
—
|
—
|
—
|
|
126
|
1,387
|
—
|
1,513
|
42
|
1979
|
11/10/2016
|
10 - 45
|
KFC
|
Escanaba, MI
|
143
|
1,362
|
—
|
|
—
|
—
|
—
|
|
143
|
1,362
|
—
|
1,505
|
43
|
1985
|
11/10/2016
|
10 - 43
|
KFC
|
Menominee, MI
|
93
|
862
|
—
|
|
—
|
—
|
—
|
|
93
|
862
|
—
|
955
|
34
|
1995
|
11/10/2016
|
10 - 40
|
KFC
|
Goshen, IN
|
95
|
1,041
|
—
|
|
—
|
—
|
—
|
|
95
|
1,041
|
—
|
1,136
|
40
|
1976
|
11/10/2016
|
5 - 40
|
KFC
|
South Bend, IN
|
141
|
868
|
—
|
|
—
|
—
|
—
|
|
141
|
868
|
—
|
1,009
|
39
|
1970
|
11/10/2016
|
5 - 40
|
KFC
|
South Bend, IN
|
155
|
774
|
—
|
|
—
|
—
|
—
|
|
155
|
774
|
—
|
929
|
36
|
1973
|
11/10/2016
|
5 - 40
|
KFC
|
Mishawaka, IN
|
72
|
1,510
|
—
|
|
—
|
—
|
—
|
|
72
|
1,510
|
—
|
1,582
|
43
|
1978
|
11/10/2016
|
10 - 45
|
KFC
|
Kokomo, IN
|
118
|
1,093
|
—
|
|
—
|
—
|
—
|
|
118
|
1,093
|
—
|
1,211
|
38
|
1994
|
11/10/2016
|
10 - 40
|
KFC
|
Kokomo, IN
|
141
|
1,798
|
—
|
|
—
|
—
|
—
|
|
141
|
1,798
|
—
|
1,939
|
54
|
1994
|
11/10/2016
|
10 - 45
|
ARB
|
South Hill, VA
|
538
|
1,283
|
—
|
|
—
|
—
|
—
|
|
538
|
1,283
|
—
|
1,821
|
40
|
2002
|
11/3/2016
|
10 - 50
|
ARB
|
Wake Forest, NC
|
805
|
1,344
|
—
|
|
—
|
—
|
—
|
|
805
|
1,344
|
—
|
2,149
|
52
|
2005
|
11/3/2016
|
9 - 49
|
HAR
|
Gadsden, AL
|
464
|
1,064
|
—
|
|
—
|
—
|
—
|
|
464
|
1,064
|
—
|
1,528
|
41
|
1985
|
12/15/2016
|
10 - 40
|
HAR
|
Baxley, GA
|
644
|
1,258
|
—
|
|
—
|
—
|
—
|
|
644
|
1,258
|
—
|
1,902
|
53
|
1983
|
12/15/2016
|
10 - 40
|
HAR
|
Vidalia, GA
|
364
|
1,232
|
—
|
|
—
|
—
|
—
|
|
364
|
1,232
|
—
|
1,596
|
34
|
2007
|
12/15/2016
|
10 - 50
|
HAR
|
Hazlehurst, GA
|
461
|
1,516
|
—
|
|
—
|
—
|
—
|
|
461
|
1,516
|
—
|
1,977
|
41
|
2013
|
12/15/2016
|
12 - 52
|
TB
|
Columbia, SC
|
1,161
|
1,086
|
—
|
|
—
|
—
|
—
|
|
1,161
|
1,086
|
—
|
2,247
|
37
|
2009
|
1/13/2017
|
12 - 50
|
MCA
|
Andrews, TX
|
283
|
1,772
|
—
|
|
—
|
—
|
—
|
|
283
|
1,772
|
—
|
2,055
|
37
|
2014
|
1/27/2017
|
14 - 54
|
MCA
|
San Angelo, TX
|
248
|
1,913
|
—
|
|
—
|
—
|
—
|
|
248
|
1,913
|
—
|
2,161
|
37
|
2014
|
1/27/2017
|
14 - 54
|
MCA
|
Shavano Park, TX
|
486
|
1,915
|
—
|
|
—
|
—
|
—
|
|
486
|
1,915
|
—
|
2,401
|
42
|
2014
|
2/16/2017
|
14 - 54
|
MCA
|
New Braunfels, TX
|
472
|
1,932
|
—
|
|
—
|
—
|
—
|
|
472
|
1,932
|
—
|
2,404
|
37
|
2017
|
3/16/2017
|
14 - 54
|
BK
|
Herkimer, NY
|
308
|
1,460
|
—
|
|
—
|
—
|
—
|
|
308
|
1,460
|
—
|
1,768
|
31
|
2002
|
1/12/2017
|
13 - 53
|
BK
|
Chattanooga, TN
|
485
|
894
|
—
|
|
—
|
—
|
—
|
|
485
|
894
|
—
|
1,379
|
27
|
1998
|
1/12/2017
|
10 - 45
|
SNS
|
Indianapolis, IN
|
571
|
1,050
|
—
|
|
—
|
—
|
—
|
|
571
|
1,050
|
—
|
1,621
|
35
|
1989
|
1/12/2017
|
10 - 40
|
TB
|
Anniston, AL
|
200
|
611
|
—
|
|
—
|
—
|
—
|
|
200
|
611
|
—
|
811
|
19
|
2000
|
1/12/2017
|
8 - 48
|
BE
|
Dover, DE
|
591
|
1,713
|
—
|
|
—
|
—
|
—
|
|
591
|
1,713
|
—
|
2,304
|
32
|
1993
|
4/28/2017
|
10 - 50
|
BE
|
Indianapolis, IN
|
603
|
1,701
|
—
|
|
—
|
—
|
—
|
|
603
|
1,701
|
—
|
2,304
|
31
|
1991
|
4/28/2017
|
10 - 50
|
BE
|
Bowie, MD
|
506
|
1,940
|
—
|
|
—
|
—
|
—
|
|
506
|
1,940
|
—
|
2,446
|
36
|
1995
|
4/28/2017
|
10 - 50
|
BE
|
Catonsville, MD
|
170
|
1,091
|
—
|
|
—
|
—
|
—
|
|
170
|
1,091
|
—
|
1,261
|
22
|
2003
|
4/28/2017
|
10 - 50
|
BE
|
Midland, MI
|
1,060
|
1,567
|
—
|
|
—
|
—
|
—
|
|
1,060
|
1,567
|
—
|
2,627
|
29
|
1998
|
4/28/2017
|
10 - 50
|
FOUR CORNERS PROPERTY, TRUST, INC.
SCHEDULE III
SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2017
(Dollars in thousands)
|
|||||||||||||||||
|
|
Initial Cost to Company
|
|
Cost Capitalized Since Acquisition
|
|
Gross Carrying Value (2)
|
Accumulated Depreciation
|
Construction Date
|
Acquisition Date
|
Life on which Depreciation in latest Statement of Income is Computed
|
|||||||
Restaurant Property (1)
|
Location
|
Land
|
Buildings and Improvements
|
Equipment
|
|
Land
|
Building and Improvements
|
Equipment
|
|
Land
|
Building and Improvements
|
Equipment
|
Total
|
||||
BE
|
Niagara Falls, NY
|
304
|
1,892
|
—
|
|
—
|
—
|
—
|
|
304
|
1,892
|
—
|
2,196
|
35
|
1992
|
4/28/2017
|
10 - 50
|
BE
|
Independence, OH
|
1,161
|
1,847
|
—
|
|
—
|
—
|
—
|
|
1,161
|
1,847
|
—
|
3,008
|
32
|
1994
|
4/28/2017
|
11 - 51
|
BE
|
Centerville, OH
|
947
|
1,209
|
—
|
|
—
|
—
|
—
|
|
947
|
1,209
|
—
|
2,156
|
27
|
1997
|
4/28/2017
|
7 - 45
|
BE
|
Blacklick, OH
|
1,178
|
1,269
|
—
|
|
—
|
—
|
—
|
|
1,177
|
1,269
|
—
|
2,446
|
31
|
1999
|
4/28/2017
|
7 - 45
|
BE
|
Celina, OH
|
944
|
1,431
|
—
|
|
—
|
—
|
—
|
|
944
|
1,431
|
—
|
2,375
|
27
|
2005
|
4/28/2017
|
9 - 49
|
BE
|
Canton, OH
|
755
|
1,441
|
—
|
|
—
|
—
|
—
|
|
755
|
1,441
|
—
|
2,196
|
25
|
2005
|
4/28/2017
|
10 - 50
|
BE
|
Kent, OH
|
814
|
1,215
|
—
|
|
—
|
—
|
—
|
|
814
|
1,215
|
—
|
2,029
|
22
|
1994
|
4/28/2017
|
10 - 50
|
BE
|
Waynesburg, PA
|
389
|
1,758
|
—
|
|
—
|
—
|
—
|
|
389
|
1,758
|
—
|
2,147
|
36
|
2006
|
4/28/2017
|
10 - 50
|
BE
|
Fredericksburg, VA
|
218
|
1,068
|
—
|
|
—
|
—
|
—
|
|
218
|
1,068
|
—
|
1,286
|
22
|
2006
|
4/28/2017
|
7 - 45
|
BE
|
Kanawha City, WV
|
405
|
1,899
|
—
|
|
—
|
—
|
—
|
|
405
|
1,899
|
—
|
2,304
|
34
|
2000
|
4/28/2017
|
10 - 50
|
BE
|
Lima, OH
|
1,382
|
1,461
|
—
|
|
—
|
—
|
—
|
|
1,381
|
1,461
|
—
|
2,842
|
30
|
1988
|
4/28/2017
|
9 - 49
|
BK
|
Salem, IN
|
534
|
1,608
|
—
|
|
—
|
—
|
—
|
|
534
|
1,608
|
—
|
2,142
|
19
|
2016
|
6/30/2017
|
14 - 54
|
BK
|
Tupelo, MS
|
772
|
1,765
|
—
|
|
—
|
—
|
—
|
|
772
|
1,765
|
—
|
2,537
|
21
|
2016
|
6/30/2017
|
14 - 54
|
BK
|
Booneville, MS
|
448
|
1,253
|
—
|
|
—
|
—
|
—
|
|
448
|
1,253
|
—
|
1,701
|
15
|
2016
|
6/30/2017
|
14 - 54
|
BK
|
Tupelo, MS
|
953
|
1,418
|
—
|
|
—
|
—
|
—
|
|
953
|
1,418
|
—
|
2,371
|
20
|
1998
|
6/30/2017
|
10 - 50
|
BK
|
Memphis, TN
|
739
|
1,708
|
—
|
|
—
|
—
|
—
|
|
739
|
1,708
|
—
|
2,447
|
19
|
1996
|
6/30/2017
|
15 - 55
|
BK
|
Columbus, MS
|
922
|
1,633
|
—
|
|
—
|
—
|
—
|
|
922
|
1,633
|
—
|
2,555
|
22
|
2000
|
6/30/2017
|
12 - 52
|
BK
|
Tupelo, MS
|
826
|
1,774
|
—
|
|
—
|
—
|
—
|
|
826
|
1,774
|
—
|
2,600
|
23
|
1998
|
6/30/2017
|
10 - 50
|
TB
|
Gas City, IN
|
503
|
951
|
—
|
|
—
|
—
|
—
|
|
503
|
951
|
—
|
1,454
|
14
|
1999
|
7/26/2017
|
5 - 40
|
TB
|
Logansport, IN
|
447
|
1,261
|
—
|
|
—
|
—
|
—
|
|
447
|
1,261
|
—
|
1,708
|
14
|
1990
|
7/26/2017
|
10 - 50
|
DT/MP
|
New Baltimore, MI
|
435
|
2,351
|
—
|
|
—
|
—
|
—
|
|
435
|
2,351
|
—
|
2,786
|
17
|
2016
|
9/15/2017
|
14 - 54
|
RL
|
Canton, GA
|
761
|
2,323
|
—
|
|
—
|
—
|
—
|
|
761
|
2,323
|
—
|
3,084
|
10
|
1999
|
11/2/2017
|
10 - 50
|
RL
|
Grandville, MI
|
1,119
|
2,462
|
—
|
|
—
|
—
|
—
|
|
1,119
|
2,462
|
—
|
3,581
|
12
|
2001
|
11/2/2017
|
10 - 50
|
RL
|
Cincinnati, OH
|
1,394
|
2,348
|
—
|
|
—
|
—
|
—
|
|
1,394
|
2,348
|
—
|
3,742
|
12
|
1975
|
11/2/2017
|
10 - 45
|
RL
|
Toledo, OH
|
1,355
|
2,514
|
—
|
|
—
|
—
|
—
|
|
1,355
|
2,514
|
—
|
3,869
|
12
|
1974
|
11/2/2017
|
10 - 45
|
RL
|
Erie, PA
|
978
|
2,948
|
—
|
|
—
|
—
|
—
|
|
978
|
2,948
|
—
|
3,926
|
14
|
1987
|
11/2/2017
|
10 - 45
|
LH
|
Columbia, SC
|
1,407
|
—
|
—
|
|
—
|
—
|
—
|
|
1,407
|
—
|
—
|
1,407
|
—
|
1997
|
12/7/2017
|
0
|
BK
|
Olive Branch, MS
|
521
|
1,317
|
—
|
|
—
|
—
|
—
|
|
521
|
1,317
|
—
|
1,838
|
—
|
2016
|
12/19/2017
|
14 - 54
|
BK
|
Holly Springs, MS
|
335
|
1,253
|
—
|
|
—
|
—
|
—
|
|
335
|
1,253
|
—
|
1,588
|
—
|
2016
|
12/19/2017
|
14 - 54
|
|
|
$426,360
|
$729,289
|
$48,095
|
|
$22,973
|
$248,495
|
$89,746
|
|
$449,331
|
$977,783
|
$137,841
|
$1,564,955
|
$598,846
|
|
|
|
|
December 31, 2017
|
||
Carrying Costs
|
|
||
Balance - beginning of period
|
$
|
1,477,565
|
|
Additions placed in service
|
98,182
|
|
|
Dispositions
|
(10,792
|
)
|
|
Balance - end of year
|
$
|
1,564,955
|
|
Accumulated Depreciation
|
|
||
Balance - beginning of year
|
$
|
(583,307
|
)
|
2017 depreciation expense
|
(21,219
|
)
|
|
Dispositions
|
5,680
|
|
|
Balance - end of year
|
$
|
(598,846
|
)
|
Exhibit Number
|
|
Description
|
3.1
|
|
|
3.2
|
|
|
4.1
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7*
|
|
|
10.8
|
|
|
10.9
|
|
|
10.10
|
|
|
10.11
|
|
|
10.12
|
|
|
10.13
|
|
|
10.14*
|
|
10.15
|
|
|
10.16
|
|
|
10.17
|
|
|
10.18
|
|
|
10.19
|
|
|
10.2
|
|
|
10.21
|
|
|
21.1*
|
|
|
23.1*
|
|
|
31 (a)*
|
|
|
31 (b)*
|
|
|
32 (a)*
|
|
|
32 (b)*
|
|
|
99.1
|
|
|
101.INS*
|
|
XBRL Instance Document
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
|
FOUR CORNERS PROPERTY TRUST, INC.
|
|
|
|
|
|
|
|
|
|
Dated:
|
February 23, 2018
|
By:
|
/s/ William H. Lenehan
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
Signature
|
Title
|
Date
|
|
|
|
/S/ WILLIAM H. LENEHAN
William H. Lenehan
|
Director and Chief Executive Officer
(Principal Executive Officer)
|
February 23, 2018
|
|
|
|
/S/ GERALD R. MORGAN
Gerald R. Morgan
|
Chief Financial Officer
(Principal Financial Officer)
|
February 23, 2018
|
|
|
|
/S/ NICCOLE M. STEWART
Niccole M. Stewart |
Chief Accounting Officer
(Principal Accounting Officer) |
February 23, 2018
|
|
|
|
/S/ JOHN S. MOODY
John S. Moody
|
Director and Chairman of the Board of Directors
|
February 23, 2018
|
|
|
|
/S/ DOUGLAS B. HANSEN
Douglas B. Hansen
|
Director
|
February 23, 2018
|
/S/ MARRAN H. OGILVIE
Marran H. Ogilvie
|
Director
|
February 23, 2018
|
|
|
|
/S/ PAUL E. SZUREK
Paul E. Szurek
|
Director
|
February 23, 2018
|
|
|
|
/S/ CHARLES L. JEMLEY
Charles L. Jemley
|
Director
|
February 23, 2018
|
|
|
|
/S/ ERIC HIRSCHHORN
Eric Hirschhorn
|
Director
|
February 23, 2018
|
|
||
|
|
|
|
|
|
Name of Subsidiary
|
|
Jurisdiction of Incorporation/Formation
|
|
|
|
Four Corners GP, LLC
|
|
Delaware
|
FCPT TRS, LLC
|
|
Delaware
|
FCPT OP Holdings, LP
|
|
Delaware
|
Four Corners Operating Partnership, LP
|
|
Delaware
|
Kerrow Holdings, LLC
|
|
Texas
|
Kerrow Restaurants, LLC
|
|
Texas
|
FCPT Garden Properties, LLC
|
|
Delaware
|
FCPT Hospitality Properties, LLC
|
|
Delaware
|
FCPT International Drive, LLC
|
|
Delaware
|
FCPT Keystone Properties 11, LLC
|
|
Delaware
|
FCPT Keystone Properties, LLC
|
|
Delaware
|
FCPT PA Hospitality Properties 11, LLC
|
|
Delaware
|
FCPT PA Hospitality Properties, LLC
|
|
Delaware
|
FCPT Remington Properties, LLC
|
|
Texas
|
FCPT Restaurant Properties, LLC
|
|
Texas
|
FCPT Sunshine Properties, LLC
|
|
Delaware
|
FCPT SW Properties, LLC
|
|
Delaware
|
FCPT Acquisitions, LLC
|
|
Delaware
|
FCPT Holdings, LLC
|
|
Delaware
|
1.
|
I have reviewed this annual report on Form 10-K of Four Corners Property Trust, Inc.;
|
2.
|
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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
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
|
d.
|
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
|
5.
|
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:
|
February 23, 2018
|
|
|
|
/s/ William H. Lenehan
|
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Four Corners Property Trust, Inc.;
|
2.
|
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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
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
|
d.
|
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
|
5.
|
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:
|
February 23, 2018
|
|
|
|
/s/ Gerald R. Morgan
|
|
|
|
Chief Financial Officer
|
1.
|
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:
|
February 23, 2018
|
|
|
|
/s/ William H. Lenehan
|
|
|
|
President and Chief Executive Officer
|
1.
|
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:
|
February 23, 2018
|
|
|
|
/s/ Gerald R. Morgan
|
|
|
|
Chief Financial Officer
|