Four Corners Property Trust Inc 2026 Annual Report

Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐YesNo Part IFINANCIAL INFORMATION Item 1.Financial Statements: 2025 (unaudited) Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025(unaudited) Part IIOTHER INFORMATIONItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosureItem 5.Other InformationItem 6.ExhibitsIndex to ExhibitsSignatures 333333333333343435 FOUR CORNERS PROPERTY TRUST, INC.CONSOLIDATED STATEMENTS OF INCOME(In thousands, except share and per share data)(Unaudited) (In thousands, except for share and per share data)(Unaudited) NOTE 1 – ORGANIZATION Four Corners Property Trust, Inc. (together with its consolidated subsidiaries, “FCPT”) is an independent, publicly traded, self-administered company, primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. Substantiallyall of our business is conducted through Four Corners Operating Partnership, LP (“FCPT OP”), a Delaware limited partnership of Any references to “the Company,” “we,” “us,” or “our” refer to FCPT as an independent, publicly traded, self-administeredcompany. The Company was incorporated in Maryland in July 2015. The Company was formed as a wholly owned subsidiary of DardenRestaurants, Inc. ("Darden") and became an independent publicly traded company four months later following the completion of its We believe that we have been organized and have operated in conformity with the requirements for qualification and taxationas a real estate investment trust (a “REIT”) for federal income tax purposes commencing with our taxable year ended December 31,2016, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. To qualify as aREIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least90% of our REIT taxable income to our shareholders, subject to certain adjustments and excluding any net capital gain. As a REIT, NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements (the “Consolidated Financial Statements”) include the accounts of FourCorners Property Trust, Inc. and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in The Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary to a fairpresentation of the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. Segment Reporting The Company has two operating segments, real estate operations and restaurant operations. The Company has identified its realestate operations and restaurant operations as separate reportable segments based on the nature of the operations and itsorganizational and management structure, which aligns with how results are monitored and performance is assessed. This is Use of Estimates The preparation of these Consolidated Financial Statements requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financialstatements, and the reported amounts of revenue and expenses during the reporting period. The estimates and assumptions used in Real Estate Investments, Net Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated overestimated useful lives ranging from seven to fifty-five years using the straight-line method. Leasehold improvements, which arereflected on our Consolidated Balance Sheets as a component of buildings, equipment, and improvements, net are amortized overthe lesser of the non-cancelable lease term or the estimated useful lives of the related assets using the straight-line method. Our accounting policies regarding land, buildings, equipment, and improvements, include our judgments regarding theestimated useful lives of these assets, the residual values to which the assets are depreciated or amortized, the determination of what NOTES TO CONSOLIDATED FINA