Four Corners Property Trust Files 2024 10-K

TL;DR

FCPT dropped its 2024 10-K. All clear on the real estate front.

AI Summary

Four Corners Property Trust, Inc. (FCPT) filed its 2024 10-K on February 13, 2025, reporting on its real estate investment trust operations. The filing details the company's financial performance and strategic positioning for the fiscal year ending December 31, 2024. FCPT's business primarily involves owning and managing a portfolio of real estate assets.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Four Corners Property Trust's financial health, operational performance, and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Players & Entities

• Four Corners Property Trust, Inc. (company) — Filer of the 10-K
• 20241231 (date) — Fiscal year end
• 20250213 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share FCPT New York S
• $0 — er of shares of Common Stock, par value $0.0001, outstanding as of February 13, 20
• $315.0 million — of our common stock and paid to Darden $315.0 million in cash. Subsequently, Darden distribut
• $273.0 m — transactions for a total investment of $273.0 million, including capitalized transactio
• $245.0 m — awn capacity as of December 31, 2024 of $245.0 million, our ability to access the public
• $250 million — om our operations, borrowings under our $250 million revolving credit facility, or the proce
• $500.0 million — an aggregate gross sales price of up to $500.0 million through sales agents and forward seller
• $114.6 m — s in place with Darden is approximately $114.6 million, with average annual rent escalat

Filing Documents

• fcpt-20241231.htm (10-K) — 7273KB
• fcpt-ex10_25.htm (EX-10.25) — 89KB
• fcpt-ex10_26.htm (EX-10.26) — 94KB
• fcpt-ex10_27.htm (EX-10.27) — 102KB
• fcpt-ex10_28.htm (EX-10.28) — 105KB
• fcpt-ex10_29.htm (EX-10.29) — 38KB
• fcpt-ex19_1.htm (EX-19.1) — 140KB
• fcpt-ex21_1.htm (EX-21.1) — 18KB
• fcpt-ex23_1.htm (EX-23.1) — 3KB
• fcpt-ex31_a.htm (EX-31.A) — 16KB
• fcpt-ex31_b.htm (EX-31.B) — 16KB
• fcpt-ex32_a.htm (EX-32.A) — 10KB
• fcpt-ex32_b.htm (EX-32.B) — 10KB
• img78676491_0.jpg (GRAPHIC) — 780KB
• 0000950170-25-020029.txt ( ) — 36736KB
• fcpt-20241231.xsd (EX-101.SCH) — 5470KB
• fcpt-20241231_htm.xml (XML) — 7942KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 23 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosure 24 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25 Item 6. Reserved 26 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 36 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 36 Item 9A.

Controls and Procedures

Controls and Procedures 36 Item 9B. Other Information 37 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 37 Part III Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Owners and Management and Related Stockholder Matters

Security Ownership of Certain Owners and Management and Related Stockholder Matters 38 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 38 Part IV Item 15. Exhibits, Financial Statement Schedules 39 Item 16. Form 10-K Summary 39

Signatures

Signatures E- 4 2 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.

B usiness

Item 1. B usiness. 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

Properties

Properties and Leasehold Interests Total Square Feet (000s) Annual Cash Base Rent $(000s) % Total Cash Base Rent (1) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage (2) Lease Term Remaining (Yrs) (3) Olive Garden 314 2,674 $ 82,061 34.2 % $ 31 5.8 x 5.8 LongHorn Steakhouse 116 650 23,232 9.7 % 36 5.8 x 4.6 Other Brands - Restaurant 427 2,123 71,112 29.6 % 33 3.2 x 9.2 Other Brands - Retail 315 2,364 54,460 22.7 % 23 2.7 x 8.2 Other Brands - Darden 26 230 9,306 3.9 % 40 3.4 x 8.0 Total 1,198 8,041 $ 240,172 100.0 % $ 30 4.9 x 7.3 (1) Current scheduled minimum contractual rent as of December 31, 2024. (2) We have estimated Darden current quarter EBITDAR coverage using latest FCPT portfolio reported sales results for the quarter ended November 2024 and Darden brand average margins reported for the same period. (3) Lease term remaining is defined as the lease term weighted by the annual cash base rent. The following table summarizes the diversification of FCPT's lease portfolio by state as of December 31, 2024: % of Annual Base Rent Texas 96 9.9% Florida 88 8.7% Ohio 85 6.7% Illinois 82 6.7% Georgia 73 6.1% Indiana 78 5.4% Tennessee 43 4.4% Michigan 63 4.1% 39 other states (none greater than 3%) 612 48.0% Total 1,220 100% Leases with Darden The estimated annual cash rent based on current rates for the leases in place with Darden is approximately $114.6 million, with average annual rent escalations of 1.5% through December 31, 2029. Darden also entered into guaranties, pursuant to which it guaranteed the obligations of the tenants under substantially all of the leases entered into in respect of the Properties. The Properties are leased to one or more of Darden's operating subsidiaries pursuant to the leases, which are net leases. The

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