Four Corners Sells $1.1B Property Portfolio

TL;DR

FCPT selling ALL properties for $1.1B, deal closes Q4.

AI Summary

Four Corners Property Trust, Inc. filed an 8-K on June 10, 2024, reporting that a definitive agreement was entered into on June 6, 2024, for the sale of its portfolio of 100 properties to an unaffiliated third party for approximately $1.1 billion. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Why It Matters

This significant sale of its entire property portfolio indicates a major strategic shift for Four Corners Property Trust, potentially impacting its future business model and investor returns.

Risk Assessment

Risk Level: medium — The sale of the entire portfolio introduces uncertainty regarding the company's future strategy and its ability to generate returns for shareholders post-transaction.

Key Numbers

• $1.1B — Sale Price (Total value of the property portfolio being sold.)
• 100 — Number of Properties (The size of the portfolio being sold.)
• Q4 2024 — Expected Closing (Timeline for the completion of the sale.)

Key Players & Entities

• Four Corners Property Trust, Inc. (company) — Registrant
• June 6, 2024 (date) — Date of definitive agreement
• $1.1 billion (dollar_amount) — Sale price of property portfolio
• fourth quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.0001 — ange on Which Registered Common Stock, $0.0001 par value per share FCPT New York Stock

Filing Documents

• fcpt-20240606.htm (8-K) — 47KB
• 0001650132-24-000085.txt ( ) — 173KB
• fcpt-20240606.xsd (EX-101.SCH) — 2KB
• fcpt-20240606_lab.xml (EX-101.LAB) — 22KB
• fcpt-20240606_pre.xml (EX-101.PRE) — 13KB
• fcpt-20240606_htm.xml (XML) — 3KB

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders. On June 6, 2024, Four Corners Property Trust, Inc. ("the Company") held its annual meeting of stockholders. At the annual meeting, stockholders voted on the matters disclosed in the Company's definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on April 19, 2024 (the"Proxy Statement"). The final voting results for the matters submitted to a vote of stockholders were as follows: Proposal One: Election of Directors The Company's stockholders elected the persons listed below as directors for a one-year term expiring in 2025 and until their respective successors are elected and qualified. Director Vote Result Votes Cast For Votes Cast Against Abstentions Broker Non-Votes William H. Lenehan Re-elected 83,056,491 84,787 30,729 3,629,217 John S. Moody Re-elected 81,955,277 1,185,815 30,915 3,629,217 Douglas B. Hansen Re-elected 82,076,797 1,064,832 30,378 3,629,217 Charles L. Jemley Re-elected 81,965,525 1,177,042 29,440 3,629,217 Barbara Jesuele Re-elected 83,025,773 116,197 30,037 3,629,217 Marran H. Ogilvie Re-elected 81,681,067 1,451,376 39,564 3,629,217 Toni Steele Re-elected 82,953,491 179,327 39,189 3,629,217 Liz Tennican Re-elected 81,972,186 1,167,062 32,759 3,629,217 Proposal Two: Ratification of the Appointment of Independent Registered Public Accounting Firm The Company's stockholders ratified the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Vote Result Votes Cast For Votes Cast Against Abstentions Broker Non-Votes Approved 86,006,140 771,729 23,355 N/A Proposal Three: Approval, on a Non-Binding Advisory Basis, of the Compensation of the Company's Named Executive Officers The Company's stockholders approved, on a non-binding advisory basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement. Vote Resul

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FOUR CORNERS PROPERTY TRUST, INC. By: /s/ J AMES L. B RAT James L. Brat Chief Operations Officer, General Counsel and Secretary Date: June 10, 2024

View Full Filing

View this 8-K filing on SEC EDGAR