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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Four Corners Property Trust Inc | NYSE:FCPT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.26 | -1.08% | 23.88 | 24.23 | 23.835 | 24.23 | 155,132 | 20:30:31 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland
|
|
47-4456296
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
591 Redwood Highway, Suite 1150
Mill Valley, California
|
|
94941
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
Page
|
Part I
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements:
|
|
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
Part II
|
OTHER INFORMATION
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
||
|
||
|
|
|
|
|
March 31, 2017
(Unaudited)
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
|
||||
Real estate investments:
|
|
|
|
|
||||
Land
|
|
$
|
425,401
|
|
|
$
|
421,941
|
|
Buildings, equipment and improvements
|
|
1,065,212
|
|
|
1,055,624
|
|
||
Total real estate investments
|
|
1,490,613
|
|
|
1,477,565
|
|
||
Less: Accumulated depreciation
|
|
(586,486
|
)
|
|
(583,307
|
)
|
||
Total real estate investments, net
|
|
904,127
|
|
|
894,258
|
|
||
Real estate held for sale
|
|
1,710
|
|
|
—
|
|
||
Cash and cash equivalents
|
|
18,070
|
|
|
26,643
|
|
||
Deferred rent
|
|
13,967
|
|
|
11,594
|
|
||
Derivative assets
|
|
2,070
|
|
|
837
|
|
||
Other assets
|
|
3,954
|
|
|
3,819
|
|
||
Total Assets
|
|
$
|
943,898
|
|
|
$
|
937,151
|
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Notes payable, net of deferred financing costs
|
|
$
|
439,293
|
|
|
$
|
438,895
|
|
Dividends payable
|
|
14,536
|
|
|
14,519
|
|
||
Deferred rental revenue
|
|
7,972
|
|
|
7,974
|
|
||
Deferred tax liabilities
|
|
175
|
|
|
196
|
|
||
Other liabilities
|
|
4,375
|
|
|
5,450
|
|
||
Total liabilities
|
|
466,351
|
|
|
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, 60,022,912 and 59,923,557 shares issued and outstanding at March 31, 2017 and
December 31, 2016, respectively
|
|
6
|
|
|
6
|
|
||
Additional paid-in capital
|
|
440,342
|
|
|
438,864
|
|
||
Retained earnings
|
|
26,923
|
|
|
25,943
|
|
||
Accumulated other comprehensive income
|
|
1,482
|
|
|
207
|
|
||
Noncontrolling interest
|
|
8,794
|
|
|
5,097
|
|
||
Total equity
|
|
477,547
|
|
|
470,117
|
|
||
Total Liabilities and Equity
|
|
$
|
943,898
|
|
|
$
|
937,151
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Revenues:
|
|
|
|
|
||||
Rental income
|
|
$
|
27,764
|
|
|
$
|
26,192
|
|
Restaurant revenues
|
|
4,943
|
|
|
4,859
|
|
||
Total revenues
|
|
32,707
|
|
|
31,051
|
|
||
Operating expenses:
|
|
|
|
|
||||
General and administrative
|
|
2,863
|
|
|
3,317
|
|
||
Depreciation and amortization
|
|
5,409
|
|
|
5,187
|
|
||
Restaurant expenses
|
|
4,668
|
|
|
4,698
|
|
||
Interest expense
|
|
4,094
|
|
|
4,182
|
|
||
Total expenses
|
|
17,034
|
|
|
17,384
|
|
||
Other income
|
|
5
|
|
|
60
|
|
||
Income before income tax
|
|
15,678
|
|
|
13,727
|
|
||
(Provision for) benefit from income tax
|
|
(45
|
)
|
|
80,556
|
|
||
Net income
|
|
15,633
|
|
|
94,283
|
|
||
Net income attributable to noncontrolling interest
|
|
(117
|
)
|
|
—
|
|
||
Net Income Available to Common Shareholders
|
|
$
|
15,516
|
|
|
$
|
94,283
|
|
|
|
|
|
|
||||
Basic net income per share:
|
|
$
|
0.26
|
|
|
$
|
1.95
|
|
Diluted net income per share:
|
|
$
|
0.26
|
|
|
$
|
1.61
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
||||
Basic
|
|
59,929,276
|
|
|
48,374,846
|
|
||
Diluted
(1)
|
|
59,995,930
|
|
|
58,737,283
|
|
||
Dividends declared per common share
|
|
$
|
0.2425
|
|
|
$
|
0.2425
|
|
|
|
|
|
|
(1)
|
Includes
17,085,566
shares issued on March 2, 2016 as part of our purging distribution to satisfy certain REIT requirements. For financial reporting purposes, these shares were assumed to have been issued on January 7, 2016.
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Net income
|
|
$
|
15,633
|
|
|
$
|
94,283
|
|
Realized and unrealized gain (loss) on hedging instruments
|
|
1,285
|
|
|
(6,458
|
)
|
||
Comprehensive income
|
|
16,918
|
|
|
87,825
|
|
||
Comprehensive income attributable to noncontrolling interest
|
|
(127
|
)
|
|
—
|
|
||
Comprehensive Income Attributable to Common Shareholders
|
|
$
|
16,791
|
|
|
$
|
87,825
|
|
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income
|
|
Noncontrolling Interest
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Par Value
|
|||||||||||||||||||||||
Balance at December 31, 2016
|
|
59,923,557
|
|
|
$
|
6
|
|
|
$
|
438,864
|
|
|
$
|
25,943
|
|
|
$
|
207
|
|
|
$
|
5,097
|
|
|
$
|
470,117
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,516
|
|
|
—
|
|
|
117
|
|
|
15,633
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,275
|
|
|
10
|
|
|
1,285
|
|
||||||
Issuance of OP units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,608
|
|
|
3,608
|
|
||||||
ATM proceeds, net of issuance costs
|
|
49,900
|
|
|
—
|
|
|
984
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
984
|
|
||||||
Dividends and distributions to equity holders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,536
|
)
|
|
—
|
|
|
(38
|
)
|
|
(14,574
|
)
|
||||||
Stock-based compensation, net
|
|
49,455
|
|
|
|
|
|
494
|
|
|
—
|
|
|
|
|
—
|
|
|
494
|
|
|||||||
Balance at March 31, 2017
|
|
60,022,912
|
|
|
$
|
6
|
|
|
$
|
440,342
|
|
|
$
|
26,923
|
|
|
$
|
1,482
|
|
|
$
|
8,794
|
|
|
$
|
477,547
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Cash flows - operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
15,633
|
|
|
$
|
94,283
|
|
Adjustments to reconcile net income to cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
5,409
|
|
|
5,187
|
|
||
Amortization of financing costs
|
|
398
|
|
|
398
|
|
||
Stock-based compensation expense
|
|
494
|
|
|
322
|
|
||
Deferred income taxes
|
|
(21
|
)
|
|
(80,656
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
|
||||
Derivative assets
|
|
52
|
|
|
381
|
|
||
Deferred rental asset
|
|
(2,373
|
)
|
|
(2,595
|
)
|
||
Deferred rental revenue
|
|
(2
|
)
|
|
(74
|
)
|
||
Other assets and liabilities
|
|
(601
|
)
|
|
(1,150
|
)
|
||
Net cash provided by operating activities
|
|
18,989
|
|
|
16,096
|
|
||
Cash flows - investing activities
|
|
|
|
|
||||
Purchases of fixed assets
|
|
(11,722
|
)
|
|
(5
|
)
|
||
Cash used in investing activities
|
|
(11,722
|
)
|
|
(5
|
)
|
||
Cash flows - financing activities
|
|
|
|
|
||||
Proceeds from equity issuance (ATM)
|
|
984
|
|
|
—
|
|
||
Net distributions to parent
|
|
—
|
|
|
—
|
|
||
Payment of dividend to shareholders
|
|
(14,519
|
)
|
|
(78,076
|
)
|
||
Repayment of debt
|
|
(2,305
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
|
(15,840
|
)
|
|
(78,076
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(8,573
|
)
|
|
(61,985
|
)
|
||
Cash and cash equivalents, beginning of period
|
|
26,643
|
|
|
98,073
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
18,070
|
|
|
$
|
36,088
|
|
Supplemental disclosures:
|
|
|
|
|
||||
Dividends declared but not paid
|
|
$
|
14,536
|
|
|
$
|
14,509
|
|
Interest paid
|
|
$
|
3,941
|
|
|
$
|
3,319
|
|
Taxes paid
|
|
$
|
199
|
|
|
$
|
2,222
|
|
Non-cash investing and financing activities:
|
|
|
|
|
||||
Debt assumed in purchase of real estate investments
|
|
$
|
2,305
|
|
|
$
|
—
|
|
Change in fair value of derivative instruments
|
|
$
|
1,233
|
|
|
$
|
(6,839
|
)
|
Operating partnership units issued in exchange for real estate investments
|
|
$
|
3,608
|
|
|
$
|
—
|
|
•
|
Level 1 - Quoted market prices in active markets for identical assets or liabilities;
|
•
|
Level 2 - Inputs other than level one inputs that are either directly or indirectly observable; and
|
•
|
Level 3 - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.
|
|
|
March 31,
|
|
December 31,
|
||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Land
|
|
$
|
425,401
|
|
|
$
|
421,941
|
|
Buildings and improvements
|
|
926,560
|
|
|
916,444
|
|
||
Equipment
|
|
138,652
|
|
|
139,180
|
|
||
Total gross real estate investments
|
|
1,490,613
|
|
|
1,477,565
|
|
||
Less: accumulated depreciation
|
|
(586,486
|
)
|
|
(583,307
|
)
|
||
Total Real Estate Investments, Net
|
|
$
|
904,127
|
|
|
$
|
894,258
|
|
|
|
March 31,
|
||
(In thousands)
|
|
2017
|
||
2017 (nine months)
|
|
$
|
76,630
|
|
2018
|
|
103,450
|
|
|
2019
|
|
104,951
|
|
|
2020
|
|
106,448
|
|
|
2021
|
|
107,901
|
|
|
Thereafter
|
|
1,016,821
|
|
|
Total Future Minimum Lease Payments
|
|
$
|
1,516,201
|
|
|
|
March 31,
|
|
December 31,
|
||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Intangible lease assets
|
|
$
|
2,381
|
|
|
$
|
1,772
|
|
Prepaid acquisition costs
|
|
155
|
|
|
438
|
|
||
Prepaid assets
|
|
576
|
|
|
614
|
|
||
Inventories
|
|
178
|
|
|
202
|
|
||
Accounts receivable
|
|
241
|
|
|
162
|
|
||
Other
|
|
423
|
|
|
631
|
|
||
Total Other Assets
|
|
$
|
3,954
|
|
|
$
|
3,819
|
|
|
|
March 31,
|
|
December 31,
|
||||
(In thousands)
|
|
2017
|
|
2016
|
||||
In-place leases
|
|
$
|
2,498
|
|
|
$
|
1,809
|
|
Less: Accumulated amortization
|
|
(117
|
)
|
|
(37
|
)
|
||
Intangible Lease Assets, Net
|
|
$
|
2,381
|
|
|
$
|
1,772
|
|
|
|
March 31,
|
||
(In thousands)
|
|
2017
|
||
2017 (nine months)
|
|
$
|
213
|
|
2018
|
|
217
|
|
|
2019
|
|
217
|
|
|
2020
|
|
211
|
|
|
2021
|
|
190
|
|
|
Thereafter
|
|
1,333
|
|
|
Total Future Amortization Expense
|
|
$
|
2,381
|
|
|
|
March 31,
|
|
December 31,
|
||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Accounts payable
|
|
$
|
952
|
|
|
$
|
726
|
|
Accrued operating expenses
|
|
891
|
|
|
759
|
|
||
Accrued interest expense
|
|
836
|
|
|
1,134
|
|
||
Deferred lease liability
|
|
643
|
|
|
634
|
|
||
Accrued compensation
|
|
539
|
|
|
1,296
|
|
||
Other
|
|
514
|
|
|
901
|
|
||
Total Other Liabilities
|
|
$
|
4,375
|
|
|
$
|
5,450
|
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||
|
|
Balance Sheet Location
|
|
Fair Value at
|
|
Balance Sheet Location
|
|
Fair Value at
|
||||||||||||
(Dollars in thousands)
|
|
|
March 31, 2017
|
|
December 31,
2016
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
||||||||||||||
Interest rate swaps
|
|
Derivative assets
|
|
$
|
2,070
|
|
|
$
|
837
|
|
|
Derivative liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
Total
|
|
|
|
$
|
2,070
|
|
|
$
|
837
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(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)
|
||||||
Three months ended March 31, 2017
|
|
$
|
660
|
|
|
Interest expense
|
|
$
|
(625
|
)
|
|
Interest expense
|
|
$
|
(4
|
)
|
Three months ended March 31, 2016
|
|
$
|
(7,444
|
)
|
|
Interest expense
|
|
$
|
(985
|
)
|
|
Interest expense
|
|
$
|
(348
|
)
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands except for per share data)
|
|
2017
|
|
2016
|
||||
Average common shares outstanding – basic
|
|
59,929
|
|
|
48,375
|
|
||
Net effect of dilutive equity awards
|
|
67
|
|
|
36
|
|
||
Net effect of shares issued with respect to Pre-Spin Dividend
|
|
—
|
|
|
10,326
|
|
||
Average common shares outstanding – diluted
|
|
59,996
|
|
|
58,737
|
|
||
Net income
|
|
$
|
15,633
|
|
|
$
|
94,283
|
|
Basic net earnings per share
|
|
$
|
0.26
|
|
|
$
|
1.95
|
|
Diluted net earnings per share
|
|
$
|
0.26
|
|
|
$
|
1.61
|
|
(In thousands)
|
|
Restricted Stock Units
|
|
Restricted Stock Awards
|
|
Performance Stock Awards
|
|
Total
|
||||||||
Unrecognized compensation cost at January 1, 2017
|
|
$
|
1,094
|
|
|
$
|
625
|
|
|
$
|
1,402
|
|
|
$
|
3,121
|
|
Equity grants
|
|
—
|
|
|
961
|
|
|
2,264
|
|
|
3,225
|
|
||||
Equity grant forfeitures
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Equity compensation expense
|
|
(165
|
)
|
|
(103
|
)
|
|
(233
|
)
|
|
(501
|
)
|
||||
Unrecognized Compensation Cost at March 31, 2017
|
|
$
|
929
|
|
|
$
|
1,483
|
|
|
$
|
3,433
|
|
|
$
|
5,845
|
|
|
|
|
|
|
|
|
|
|
March 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
|
$
|
—
|
|
|
$
|
2,070
|
|
|
$
|
—
|
|
|
$
|
2,070
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Derivative assets
|
|
$
|
—
|
|
|
$
|
837
|
|
|
$
|
—
|
|
|
$
|
837
|
|
March 31, 2017
|
|
|
|
|
||||
(In thousands)
|
|
Carrying Value
|
|
Fair Value
|
||||
Liabilities
|
|
|
|
|
||||
Note payable, excluding deferred financing costs
|
|
$
|
445,000
|
|
|
$
|
445,266
|
|
December 31, 2016
|
|
|
|
|
||||
(In thousands)
|
|
Carrying Value
|
|
Fair Value
|
||||
Liabilities
|
|
|
|
|
||||
Note payable, excluding deferred financing costs
|
|
$
|
445,000
|
|
|
$
|
445,309
|
|
(In thousands)
|
|
March 31, 2017
|
||
2017 (nine months)
|
|
$
|
386
|
|
2018
|
|
518
|
|
|
2019
|
|
407
|
|
|
2020
|
|
280
|
|
|
2021
|
|
97
|
|
|
Thereafter
|
|
—
|
|
|
Total Future Lease Commitments
|
|
$
|
1,688
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Intercompany
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental income
|
|
$
|
27,764
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
27,764
|
|
Intercompany rental income
|
|
99
|
|
|
—
|
|
|
(99
|
)
|
|
—
|
|
||||
Restaurant revenues
|
|
—
|
|
|
4,943
|
|
|
—
|
|
|
4,943
|
|
||||
Total revenues
|
|
27,863
|
|
|
4,943
|
|
|
(99
|
)
|
|
32,707
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
2,863
|
|
|
—
|
|
|
—
|
|
|
2,863
|
|
||||
Depreciation and amortization
|
|
5,253
|
|
|
156
|
|
|
—
|
|
|
5,409
|
|
||||
Restaurant expenses
|
|
—
|
|
|
4,767
|
|
|
(99
|
)
|
|
4,668
|
|
||||
Interest expense
|
|
4,094
|
|
|
—
|
|
|
—
|
|
|
4,094
|
|
||||
Total operating expenses
|
|
12,210
|
|
|
4,923
|
|
|
(99
|
)
|
|
17,034
|
|
||||
Other income
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Income before provision for income taxes
|
|
15,658
|
|
|
20
|
|
|
—
|
|
|
15,678
|
|
||||
Provision for income taxes
|
|
—
|
|
|
(45
|
)
|
|
—
|
|
|
(45
|
)
|
||||
Net Income (Loss)
|
|
$
|
15,658
|
|
|
$
|
(25
|
)
|
|
$
|
—
|
|
|
$
|
15,633
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Intercompany
|
|
Total
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Rental income
|
|
$
|
26,192
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26,192
|
|
Intercompany rental income
|
|
97
|
|
|
—
|
|
|
(97
|
)
|
|
—
|
|
||||
Restaurant revenues
|
|
—
|
|
|
4,859
|
|
|
—
|
|
|
4,859
|
|
||||
Total revenues
|
|
26,289
|
|
|
4,859
|
|
|
(97
|
)
|
|
31,051
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
3,317
|
|
|
—
|
|
|
—
|
|
|
3,317
|
|
||||
Depreciation and amortization
|
|
5,023
|
|
|
164
|
|
|
—
|
|
|
5,187
|
|
||||
Restaurant expenses
|
|
—
|
|
|
4,795
|
|
|
(97
|
)
|
|
4,698
|
|
||||
Interest expense
|
|
4,182
|
|
|
—
|
|
|
—
|
|
|
4,182
|
|
||||
Total operating expenses
|
|
12,522
|
|
|
4,959
|
|
|
(97
|
)
|
|
17,384
|
|
||||
Other income
|
|
60
|
|
|
|
|
|
|
60
|
|
||||||
Income before provision for income taxes
|
|
13,827
|
|
|
(100
|
)
|
|
—
|
|
|
13,727
|
|
||||
Benefit from income taxes
|
|
80,409
|
|
|
147
|
|
|
—
|
|
|
80,556
|
|
||||
Net Income
|
|
$
|
94,236
|
|
|
$
|
47
|
|
|
$
|
—
|
|
|
$
|
94,283
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Total
|
||||||
Gross real estate investments
|
|
$
|
1,473,992
|
|
|
$
|
16,621
|
|
|
$
|
1,490,613
|
|
Accumulated depreciation
|
|
(580,416
|
)
|
|
(6,070
|
)
|
|
(586,486
|
)
|
|||
Total real estate investments, net
|
|
$
|
893,576
|
|
|
$
|
10,551
|
|
|
$
|
904,127
|
|
Cash and cash equivalents
|
|
$
|
15,281
|
|
|
$
|
2,789
|
|
|
$
|
18,070
|
|
Total assets
|
|
$
|
930,014
|
|
|
$
|
13,884
|
|
|
$
|
943,898
|
|
Notes payable, net of deferred financing costs
|
|
$
|
439,293
|
|
|
$
|
—
|
|
|
$
|
439,293
|
|
(In thousands)
|
|
Real Estate Operations
|
|
Restaurant Operations
|
|
Total
|
||||||
Gross 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
|
|
Notes payable, net of deferred financing costs
|
|
$
|
438,895
|
|
|
$
|
—
|
|
|
$
|
438,895
|
|
•
|
484 free-standing properties located in 44 states and representing an aggregate leasable area of 3.5 million square feet;
|
•
|
100% occupancy;
|
•
|
A weighted average remaining lease term of 13.5 years (based on annual base rent);
|
•
|
A weighted average annual rent escalator of 1.5% (based on annual base rent); and
|
•
|
93% investment grade tenancy (based on annual base rent).
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands)
|
|
2017
|
|
2016
|
||||
Revenues:
|
|
|
|
|
||||
Rental income
|
|
$
|
27,764
|
|
|
$
|
26,192
|
|
Restaurant revenues
|
|
4,943
|
|
|
4,859
|
|
||
Total revenues
|
|
32,707
|
|
|
31,051
|
|
||
Operating expenses:
|
|
|
|
|
||||
General and administrative
|
|
2,863
|
|
|
3,317
|
|
||
Depreciation and amortization
|
|
5,409
|
|
|
5,187
|
|
||
Restaurant expenses
|
|
4,668
|
|
|
4,698
|
|
||
Interest expense
|
|
4,094
|
|
|
4,182
|
|
||
Total expenses
|
|
17,034
|
|
|
17,384
|
|
||
Other income
|
|
5
|
|
|
60
|
|
||
Income before provision for income taxes
|
|
15,678
|
|
|
13,727
|
|
||
(Provision for) benefit from income taxes
|
|
(45
|
)
|
|
80,556
|
|
||
Net income
|
|
15,633
|
|
|
94,283
|
|
||
Net income attributable to noncontrolling interest
|
|
(117
|
)
|
|
—
|
|
||
Net Income Attributable to Common Shareholders
|
|
$
|
15,516
|
|
|
$
|
94,283
|
|
|
|
Three Months Ended March 31,
|
||||||
(In thousands, except share data)
|
|
2017
|
|
2016
|
||||
Net income
|
$
|
15,633
|
|
|
$
|
94,283
|
|
|
Depreciation and amortization
|
|
5,409
|
|
|
5,187
|
|
||
Deferred tax benefit from REIT election
|
|
—
|
|
|
(80,409
|
)
|
||
FFO (as defined by NAREIT)
|
|
$
|
21,042
|
|
|
$
|
19,061
|
|
Non-cash stock-based compensation
|
|
494
|
|
|
317
|
|
||
Non-cash amortization of deferred financing costs
|
|
398
|
|
|
398
|
|
||
Other non-cash interest expense
|
|
52
|
|
|
380
|
|
||
Straight-line rent
|
|
(2,373
|
)
|
|
(2,595
|
)
|
||
Adjusted funds from operations (AFFO)
|
|
$
|
19,613
|
|
|
$
|
17,561
|
|
|
|
|
|
|
||||
Fully diluted shares outstanding
(1)
|
|
60,423,913
|
|
|
58,737,283
|
|
||
|
|
|
|
|
||||
FFO per diluted share
|
|
$
|
0.35
|
|
|
$
|
0.32
|
|
|
|
|
|
|
||||
AFFO per diluted share
|
|
$
|
0.32
|
|
|
$
|
0.30
|
|
1.
|
Transaction costs incurred in connection with the acquisition of real estate investments qualifying as businesses
|
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
|
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
|
|
|
|
|
|
|
|
|
|
|
FOUR CORNERS PROPERTY TRUST, INC.
|
|
|
|
|
|
|
|
|
|
Dated:
|
May 4, 2017
|
By:
|
/s/ William H. Lenehan
|
|
|
|
William H. Lenehan
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
Dated:
|
May 4, 2017
|
By:
|
/s/ Gerald R. Morgan
|
|
|
|
Gerald R. Morgan
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
10.1
|
|
Amendment No. 2, dated as of February 14, 2017, among Four Corners Operating Partnership and the Guarantors party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by Reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 15, 2017).
|
31 (a)
|
|
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31 (b)
|
|
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32 (a)
|
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32 (b)
|
|
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
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
|
1 Year Four Corners Property Chart |
1 Month Four Corners Property Chart |
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