Four Corners Property Trust, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Four Corners Property Trust, Inc. has filed its 2023 annual report on Form 10-K.</b>

AI Summary

Four Corners Property Trust, Inc. (FCPT) filed a Annual Report (10-K) with the SEC on February 15, 2024. Filed 10-K for the fiscal year ended December 31, 2023. Company is incorporated in Maryland. Business and mailing address located at 591 Redwood Highway, Suite 3215, Mill Valley, CA 94941. Primary SIC code is Real Estate Investment Trusts [6798]. Filing date is February 15, 2024.

Why It Matters

For investors and stakeholders tracking Four Corners Property Trust, Inc., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operations for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — Four Corners Property Trust, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant new risks or material changes beyond routine disclosures.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand FCPT's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-15 — Filing Date (Date the filing was made)
• 6798 — SIC Code (Standard Industrial Classification)
• 001-37538 — SEC File Number (SEC filing identifier)

Key Players & Entities

• Four Corners Property Trust, Inc. (company) — Filer name
• MD (location) — State of incorporation
• Mill Valley (location) — City in business address
• CA (location) — State in business address
• 415-965-8030 (phone_number) — Business phone number

FAQ

Industry Context

Four Corners Property Trust, Inc. operates as a Real Estate Investment Trust (REIT), focusing on owning and managing net-leased restaurant properties.

Regulatory Implications

As a publicly traded company, FCPT is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, expenses, and profitability trends.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into strategic decisions and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 2023 annual report filing (10-K), providing year-end financial and operational data.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share FCPT New York Stoc
• $0 — er of shares of Common Stock, par value $0.0001, outstanding as of February 15, 20
• $315.0 million — of our common stock and paid to Darden $315.0 million in cash. Subsequently, Darden distribut
• $341.1 m — transactions for a total investment of $341.1 million, including capitalized transactio
• $234 m — awn capacity as of December 31, 2023 of $234 million, our ability to access the public
• $250 million — om our operations, borrowings under our $250 million revolving credit facility, or the proce
• $450 million — an aggregate gross sales price of up to $450 million through sales agents and forward seller
• $112.7 m — s in place with Darden is approximately $112.7 million, with average annual rent escalat

Filing Documents

• fcpt-20231231.htm (10-K) — 10981KB
• fcpt202310-kexhibit42.htm (EX-4.2) — 75KB
• fcpt2023ex211subsidiaries.htm (EX-21.1) — 14KB
• fcpt202310-kexhibit231.htm (EX-23.1) — 2KB
• fcpt202310-kexhibit31a.htm (EX-31.A) — 10KB
• fcpt202310-kexhibit31b.htm (EX-31.B) — 10KB
• fcpt202310-kexhibit32a.htm (EX-32.A) — 6KB
• fcpt202310-kexhibit32b.htm (EX-32.B) — 6KB
• fcpt202310-kexhibit97.htm (EX-97) — 34KB
• fcpt-20231231_g1.jpg (GRAPHIC) — 126KB
• 0001650132-24-000045.txt (&nbsp;) — 54469KB
• fcpt-20231231.xsd (EX-101.SCH) — 396KB
• fcpt-20231231_cal.xml (EX-101.CAL) — 121KB
• fcpt-20231231_def.xml (EX-101.DEF) — 1519KB
• fcpt-20231231_lab.xml (EX-101.LAB) — 2927KB
• fcpt-20231231_pre.xml (EX-101.PRE) — 1941KB
• fcpt-20231231_htm.xml (XML) — 11982KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 29 Item 1C. C ybersecurity 30

Properties

Item 2. Properties 31

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 31 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

Reserved

Item 6. Reserved 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 45

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 45

Controls and Procedures

Item 9A. Controls and Procedures 45

Other Information

Item 9B. Other Information 45

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 46

Executive Compensation

Item 11. Executive Compensation 46

Security Ownership of Certain Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Owners and Management and Related Stockholder Matters 46

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 46

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 46 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 47

Form 10-K Summary

Item 16. Form 10-K Summary 47

Signatures

Signatures 3 PART I

Forward-Looking Statements

Forward-Looking Statements Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. Four Corners Property Trust, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K.

Business

Item 1. Business. Unless the context indicates otherwise, all references to "FCPT," the "Company," "we," "our" or "us" include Four Corners Property Trust, Inc. and all of its consolidated subsidiaries. History We were incorporated as a Maryland corporation on July 2, 2015 as a wholly owned indirect subsidiary of Darden Restaurants, Inc. (together with its consolidated subsidiaries "Darden"), for the purpose of owning, acquiring and leasing properties on a net basis, for use in the restaurant and related food service industries. On November 9, 2015, Darden completed a spin-off of FCPT pursuant to which Darden contributed to us (i) 100% of the equity interest in entities that owned 418 properties in which Darden operates Olive Garden, LongHorn Steakhouse and other branded restaurants (the "Properties" or "Property") and (ii) six LongHorn Steakhouse restaurants, including the properties or interests associated with such restaurants, located in the San Antonio, Texas area (the "Kerrow Restaurant Operating Business"). In exchange, we issued to Darden all of our common stock and paid to Darden $315.0 million in cash. Subsequently, Darden distributed all of our outstanding shares of common stock pro rata to holders of Darden common stock whereby each Darden shareholder received one share of our common stock for every three shares of Darden common stock held at the close of business on the record date as well as cash in lieu of any fractional shares of our common stock which they would have otherwise received (the "Spin-Off"). Business Overview We are a Maryland corporation and a real estate investment trust ("REIT") which owns, acquires and leases properties for use in the restaurant and retail industries. Substantially all of our business is conducted through Four Corners Operating Partnership, LP ("FCPT OP"), a Delaware limited partnership of which we are a majority limited partner and our wholly owned subsidiary, Four Corners GP, LLC ("FCPT GP"), is its sole gener

View Full Filing

View this 10-K filing on SEC EDGAR