# EDGAR Filing Document

**Accession Number:** 0001650132
**File Stem:** 0001650132-23-000038
**Filing Date:** 2023-2
**Character Count:** 582932
**Document Hash:** 6812669e6d39b8e7d4d803d88a2810c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001650132-23-000038.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001650132-23-000038

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 118

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Four Corners Property Trust, Inc.
- **CENTRAL INDEX KEY:** 0001650132
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 474456296
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37538
- **FILM NUMBER:** 23643275

**BUSINESS ADDRESS:**
- **STREET 1:** 591 REDWOOD HIGHWAY
- **STREET 2:** SUITE 3215
- **CITY:** MILL VALLEY
- **STATE:** CA
- **ZIP:** 94941
- **BUSINESS PHONE:** 415-965-8030

**MAIL ADDRESS:**
- **STREET 1:** 591 REDWOOD HIGHWAY
- **STREET 2:** SUITE 3215
- **CITY:** MILL VALLEY
- **STATE:** CA
- **ZIP:** 94941

?xml version="1.0" ? fcpt-20221231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**___________________________________________**

**FORM 10-K** 

**___________________________________________**

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** **For the fiscal year ended December 31, 2022**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the transition period from &nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;**

**Commission File Number: 1-37538** 

**FOUR CORNERS PROPERTY TRUST, INC.** 

**(Exact name of Registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Maryland** | **47-4456296** |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **591 Redwood Highway,** | **Suite 3215,** | **Mill Valley,** | **CA** | **94941** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) |

---

**Registrant's telephone number, including area code: (415) 965-8030** 

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| **Common Stock, $0.0001 par value per share** | **FCPT** | **New York Stock Exchange** |

---

**Securities registered pursuant to Section 12(g) of the Act: None**

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark if the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated filer ☐&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

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Accelerated filer ☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smaller reporting company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of Common Stock held by non-affiliates of the Registrant, computed by reference to the closing sales price of such shares on the New York Stock Exchange as of the last business day of the Registrant's most recently completed second fiscal quarter was approximately: $2,120,901,441.

Number of shares of Common Stock, par value $0.0001, outstanding as of February 17, 2023: 86,088,620

**DOCUMENTS INCORPORATED BY REFERENCE** 

Portions of the Registrant's Definitive Proxy Statement for its Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than April 30, 2023 are incorporated by reference into Part III of this Report.

------

**FOUR CORNERS PROPERTY TRUST, INC.**

**FORM 10 - K**

**YEAR ENDED DECEMBER 31, 2022**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | <u>Page</u> |
| <u>Part 1</u> | | |
| Item 1. | <u>[Business](#ie4b2f51f02b640aeb9df204eeaa5c587_10)</u> | <u>[1](#ie4b2f51f02b640aeb9df204eeaa5c587_10)</u> |
| Item 1A. | <u>[Risk Factors](#ie4b2f51f02b640aeb9df204eeaa5c587_13)</u> | <u>[9](#ie4b2f51f02b640aeb9df204eeaa5c587_13)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#ie4b2f51f02b640aeb9df204eeaa5c587_16)</u> | <u>[27](#ie4b2f51f02b640aeb9df204eeaa5c587_16)</u> |
| Item 2. | <u>[Properties](#ie4b2f51f02b640aeb9df204eeaa5c587_19)</u> | <u>[27](#ie4b2f51f02b640aeb9df204eeaa5c587_16)</u> |
| Item 3. | <u>[Legal Proceedings](#ie4b2f51f02b640aeb9df204eeaa5c587_22)</u> | <u>[27](#ie4b2f51f02b640aeb9df204eeaa5c587_22)</u> |
| Item 4. | <u>[Mine Safety Disclosure](#ie4b2f51f02b640aeb9df204eeaa5c587_25)</u> | <u>[27](#ie4b2f51f02b640aeb9df204eeaa5c587_25)</u> |
| <u>Part II</u> | | |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ie4b2f51f02b640aeb9df204eeaa5c587_28)</u> | <u>[27](#ie4b2f51f02b640aeb9df204eeaa5c587_28)</u> |
| Item 6. | <u>[Reserved](#ie4b2f51f02b640aeb9df204eeaa5c587_31)</u> | <u>[28](#ie4b2f51f02b640aeb9df204eeaa5c587_31)</u> |
| Item 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ie4b2f51f02b640aeb9df204eeaa5c587_37)</u> | <u>[29](#ie4b2f51f02b640aeb9df204eeaa5c587_37)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ie4b2f51f02b640aeb9df204eeaa5c587_52)</u> | <u>[39](#ie4b2f51f02b640aeb9df204eeaa5c587_52)</u> |
| Item 8. | <u>[Financial Statements and Supplementary Data](#ie4b2f51f02b640aeb9df204eeaa5c587_55)</u> | <u>[40](#ie4b2f51f02b640aeb9df204eeaa5c587_55)</u> |
| Item 9. | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](#ie4b2f51f02b640aeb9df204eeaa5c587_58)</u> | <u>[40](#ie4b2f51f02b640aeb9df204eeaa5c587_58)</u> |
| Item 9A. | <u>[Controls and Procedures](#ie4b2f51f02b640aeb9df204eeaa5c587_61)</u> | <u>[40](#ie4b2f51f02b640aeb9df204eeaa5c587_61)</u> |
| Item 9B. | <u>[Other Information](#ie4b2f51f02b640aeb9df204eeaa5c587_64)</u> | <u>[40](#ie4b2f51f02b640aeb9df204eeaa5c587_64)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ie4b2f51f02b640aeb9df204eeaa5c587_67)</u> | <u>[40](#ie4b2f51f02b640aeb9df204eeaa5c587_67)</u> |
| <u>Part III</u> | | |
| Item 10. | <u>[Directors, Executive Officers and Corporate Governance](#ie4b2f51f02b640aeb9df204eeaa5c587_70)</u> | <u>[41](#ie4b2f51f02b640aeb9df204eeaa5c587_70)</u> |
| Item 11. | <u>[Executive Compensation](#ie4b2f51f02b640aeb9df204eeaa5c587_73)</u> | <u>[41](#ie4b2f51f02b640aeb9df204eeaa5c587_73)</u> |
| Item 12. | <u>[Security Ownership of Certain Owners and Management and Related Stockholder Matters](#ie4b2f51f02b640aeb9df204eeaa5c587_76)</u> | <u>[41](#ie4b2f51f02b640aeb9df204eeaa5c587_76)</u> |
| Item 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#ie4b2f51f02b640aeb9df204eeaa5c587_79)</u> | <u>[41](#ie4b2f51f02b640aeb9df204eeaa5c587_79)</u> |
| Item 14. | <u>[Principal Accounting Fees and Services](#ie4b2f51f02b640aeb9df204eeaa5c587_82)</u> | <u>[41](#ie4b2f51f02b640aeb9df204eeaa5c587_82)</u> |
| <u>Part IV</u> | | |
| Item 15. | <u>[Exhibits, Financial Statement Schedules](#ie4b2f51f02b640aeb9df204eeaa5c587_85)</u> | <u>[42](#ie4b2f51f02b640aeb9df204eeaa5c587_85)</u> |
| Item 16. | <u>[Form 10-K Summary](#ie4b2f51f02b640aeb9df204eeaa5c587_88)</u> | <u>[42](#ie4b2f51f02b640aeb9df204eeaa5c587_88)</u> |
| | Signatures | |

---

------

**PART I**

**Forward-Looking Statements**

Statements contained in this Annual Report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Also, when Four Corners Property Trust, Inc. uses any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, Four Corners Property Trust, Inc. is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those anticipated or projected are described in "Item 1A. Risk Factors." of this Annual Report on Form 10-K.

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.

**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 general partner. We believe that we have operated in conformity with the requirements for qualification and taxation as a REIT for the taxable year ended December 31, 2022, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT.

Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarily responsible for ongoing costs relating to the properties, including utilities, property taxes, insurance, common area maintenance charges, and maintenance and repair costs. We focus on income producing properties leased to high quality tenants in major markets across the United States. We also generate revenues by operating the Kerrow Restaurant Operating Business pursuant to franchise agreements with Darden.

In addition to managing our existing properties, our strategy includes investing in additional restaurant and retail properties to grow and diversify our existing portfolio. We expect this acquisition strategy will decrease our reliance on Darden and help

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us gain exposure to non-restaurant retail properties over time. We intend to purchase properties that are well located, occupied by durable concepts, with creditworthy tenants whose operating cash flows are expected to meaningfully exceed their lease payments to us. We seek to improve the probability of successful tenant renewal at the end of initial lease terms by acquiring properties that have high levels of operator profitability compared to rent payments and have absolute rent levels that generally reflect market rates.

In 2022, FCPT engaged in various real estate transactions for a total investment of $296.3 million, including capitalized transaction costs. Pursuant to these transactions, we acquired 115 rental properties and ground leasehold interests, aggregating 824 thousand square feet.

As of December 31, 2022, our lease portfolio had the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,023 free-standing properties located in 47 states and representing an aggregate leasable area of 6.8 million square feet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 99.9% occupancy (based on leasable square footage);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An average remaining lease term of 8.3 years (weighted by annualized base rent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An average annual rent escalation of 1.42% through December 31, 2027 (weighted by annualized base rent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 61% investment-grade tenancy (weighted by annualized base rent).

***Segments***

We operate in two segments, real estate operations and restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed.

Our real estate operations segment consists of rental revenues primarily generated by leasing restaurant and retail properties to tenants through net lease arrangements under which the tenant is primarily responsible for ongoing costs relating to the properties. Our real estate operations segment also includes expenses associated with continuing efforts to invest in additional restaurant and retail properties and our corporate operating expenses.

Our restaurant operations segment is conducted through a taxable REIT subsidiary ("TRS") and consists of our Kerrow Restaurant Operating Business. The associated sales revenues, restaurant expenses and overhead on Kerrow Restaurant Operating Business's seven buildings and equipment comprise our restaurant operations.

Our shares of common stock are listed on the New York Stock Exchange under the ticker symbol "FCPT".

Our executive offices are located at 591 Redwood Highway, Suite 3215, Mill Valley, California 94941, and our telephone number is (415) 965-8030.

**Our Business Objectives and Strategy**

Our primary goal is to create long-term shareholder value by executing our investment objectives to maximize the value of our assets, to acquire assets with growth and diversification opportunities due to favorable lease structures and attractive submarket demographics, to actively manage our existing portfolio, and to provide attractive and growing quarterly cash dividends. We do not currently have a fixed schedule of the number of acquisitions we intend to make over a particular time period, but rather, we intend to pursue those acquisitions that meet our investing and financing objectives where we can earn a return above our weighted-average cost of capital adjusted to reflect counterparty risk.

The key components of our business strategy, beyond managing our properties in accordance with our leases, include:

**&nbsp;&nbsp;&nbsp;&nbsp;*Investment Strategy***

*&nbsp;&nbsp;&nbsp;&nbsp;Acquire Additional Restaurant and Retail Properties:* Our investment strategy is primarily to acquire restaurant and retail properties that are occupied at well-located sites by nationally recognized brands with quality operators subject to long-term net leases. These acquisitions may take many forms including, sale-leaseback transactions, one-off acquisitions or acquisitions of portfolios of properties from other REITs, and other public and private real estate owners, and acquisitions of outparcel properties from mall and shopping center companies. We will employ a

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disciplined, opportunistic acquisition strategy and price transactions appropriately based on, among other things, the mix of assets acquired, length and terms of the lease, location and submarket attractiveness, and the credit worthiness of the existing tenant.

&nbsp;&nbsp;&nbsp;&nbsp;*Increase Diversity of Portfolio:* We seek to develop a diverse asset portfolio as we continue to expand. As of December 31, 2022, properties in our leasing portfolio were located in 47 different states across the continental United States, comprised of 131 unique tenant brands, and our properties in only one state, Texas, individually accounted for more than 10% of our total revenue at 10.5% of our total revenue. Additionally, as of December 31, 2022, restaurant properties and non-restaurant retail properties accounted for 85.3% and 14.7%, respectively, of our total revenues. Acquiring restaurant properties while also acquiring non-restaurant retail properties allows us to leverage our experience with the restaurant industry and accelerate our diversified growth and, in doing so, reduce our concentration with Darden.

*&nbsp;&nbsp;&nbsp;&nbsp;****Operating Strategy***

***&nbsp;&nbsp;&nbsp;&nbsp;****Long-Term, Net Lease Structure:* We intend to hold our properties for long-term investment. Our properties are leased to our tenants on a net lease basis with a weighted average remaining lease term of approximately 8.3 years before any renewals and an average annual rent escalation of 1.42% through December 31, 2027 (weighted by annualized base rent), thereby providing a long-term, stable income stream. Under the leases, the tenant is typically responsible for maintaining the properties in accordance with prudent industry practice and in compliance with all federal and state standards. The maintenance responsibilities include, among others, maintaining the building, building systems including roofing systems and other improvements. In addition to maintenance requirements, the tenant is also generally responsible for insurance required to be carried under the leases, taxes levied on or with respect to the properties, payment of common area maintenance charges and all utilities and other services necessary or appropriate for the properties and the business conducted on the properties. At the option of the tenant, the leases will generally allow extensions for a certain number of multi-year renewal terms beyond the initial term and the tenant can elect which of the properties then subject to the leases to renew. The number and duration of the renewal terms for any given property may vary, however, based on the initial term of the relevant lease and other factors.

*&nbsp;&nbsp;&nbsp;&nbsp;Re-lease Properties:* Over time we will face re-tenanting risk and opportunity. If our tenants elect to cease operations at any of our properties, we will need to find a replacement tenant at the end of the lease term or earlier if a tenant abandons one of our properties prior to the end of the lease term. We plan to use leasing expertise and relationships developed through our national operations to replace tenants under any expiring or abandoned leases.

&nbsp;&nbsp;&nbsp;&nbsp;*Operate the Kerrow Restaurant Operating Business*: We operate the Kerrow Restaurant Operating Business through Kerrow Holdings, LLC ("Kerrow"). Although we intend to derive the majority of our revenue from leasing properties on a net basis to restaurant and retail operators, the Kerrow Restaurant Operating Business will provide us with a diversified revenue stream and equip us with the expertise to better analyze other restaurant properties that could serve as expansion opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;***Financing Strategy***

*&nbsp;&nbsp;&nbsp;&nbsp;Maintain Balance Sheet Strength and Liquidity:* We intend to maintain a capital structure that provides the resources and financial flexibility to support the growth of our business. Our principal sources of liquidity will be our cash generated through operations, our revolving credit facility which has an undrawn capacity as of December 31, 2022 of $250 million, our ability to access the public equity markets, and our ability to access bank and private placement debt markets. Through disciplined capital spending and working capital management, we intend to maximize our cash flows and maintain our targeted balance sheet and leverage ratios.

**Investment and Financing Policies**

Our investment objectives are to increase cash flow, provide quarterly cash dividends, maximize the value of our assets and acquire assets with cash flow growth potential. We intend to continue to invest in both restaurant properties and, increasingly over time, other retail property types beyond the restaurant industry.

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We expect that future investments in properties, including any improvements or renovations of currently owned or newly-acquired properties, will be financed, in whole or in part, with cash flow from our operations, borrowings under our $250 million revolving credit facility, or the proceeds from issuances of common stock, preferred stock, debt or other securities. Our investment and financing policies and objectives are subject to change periodically at the discretion of our Board of Directors without a vote of shareholders. We also have an effective shelf registration statement on file with the SEC under which we may issue equity financing through the instruments and on the terms most attractive to us at such time. In November 2022, the Company renewed its "At-the-Market" ("ATM") program under which it can sell common stock with an aggregate gross sales price of up to $450 million through sales agents and forward sellers. As of December 31, 2022, we hold an investment grade rating of BBB from Fitch Ratings and an investment grade rating of Baa3 from Moody's Investor Service.

**Flexible UPREIT Structure**

We operate in what is commonly referred to as an UPREIT structure, in which substantially all of our properties and assets are held through FCPT OP. It is managed by FCPT GP, which accordingly controls the management and decisions of FCPT OP. Conducting business through FCPT OP allows us flexibility in the manner in which we structure and acquire properties. In particular, an UPREIT structure enables us to acquire additional properties from sellers in exchange for limited partnership units in FCPT OP. As a result, this structure potentially may facilitate our acquisition of assets in a more efficient manner and may allow us to acquire assets that the owner would otherwise be unwilling to sell to us.

**Our Portfolio**

At December 31, 2022, our investment portfolio included 1,023 rental properties located in 47 states, all within the continental United States. These properties were held for investment, with an aggregate leasable area of approximately 6.8 million square feet, and had a weighted average remaining lease term of 8.3 years before any lease renewals. An additional seven properties, representing the Kerrow Restaurant Operating Business, are operated by Kerrow subject to franchise agreements with Darden ("Franchise Agreements"). Two of these restaurants are subject to ground leases to third parties.

The following table summarizes the rental properties by brand as of December 31, 2022:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Brand** | **Number of FCPT Properties and Leasehold Interests** | **Total Square Feet (000s)** | **Annual Cash Base Rent $(000s)** | **% Total Cash Base Rent** <sup>(1)</sup> | **Avg. Rent Per Square Foot ($)** | **Tenant EBITDAR Coverage** <sup>(2)</sup> | **Lease Term Remaining (Yrs)** <sup>(3)</sup> |
| Olive Garden | 312 | 2654 | $78936 | 40.5% | $30 | 5.0x | 7.7 |
| LongHorn Steakhouse | 115 | 645 | 22360 | 11.5% | 35 | 4.4x | 6.5 |
| Other Brands - Restaurant | 385 | 1870 | 60419 | 31.0% | 32 | 2.6x | 10.8 |
| Other Brands - Retail | 197 | 1478 | 28629 | 14.7% | 19 | N/A | 6.4 |
| Other Brands - Darden | 14 | 128 | 4527 | 2.3% | 35 | 3.5x | 6.0 |
| **Total** | 1023 | 6775 | $194871 | 100.0% | $29 | 4.0x | 8.3 |

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(1) <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Current scheduled minimum contractual rent as of December 31, 2022.

(2)&nbsp;&nbsp;&nbsp;&nbsp;We have estimated Darden current quarter EBITDAR coverage using latest FCPT portfolio reported sales results for the quarter ended November 2022 and Darden brand average margins reported for the same period.

(3) &nbsp;&nbsp;&nbsp;&nbsp;Lease term remaining is defined as the lease term weighted by the annual cash base rent.

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The following table summarizes the diversification of FCPT's lease portfolio by state as of December 31, 2022:

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| | | |
|:---|:---|:---|
| **State** | **# of Leases** | **% of Annual Base Rent** |
| Texas | 86 | 10.5% |
| Florida | 82 | 9.7% |
| Ohio | 75 | 6.9% |
| Illinois | 68 | 6.4% |
| Georgia | 59 | 5.7% |
| Indiana | 61 | 4.1% |
| Michigan | 51 | 4.0% |
| Maryland | 33 | 2.9% |
| Tennessee | 29 | 2.9% |
| Virginia | 28 | 2.7% |
| New York | 28 | 2.7% |
| Pennsylvania | 24 | 2.7% |
| Alabama | 35 | 2.6% |
| North Carolina | 30 | 2.6% |
| South Carolina | 28 | 2.4% |
| California | 15 | 2.3% |
| Wisconsin | 30 | 2.2% |
| Colorado | 25 | 2.2% |
| Mississippi | 24 | 2.2% |
| Missouri | 22 | 1.8% |
| Iowa | 23 | 1.8% |
| Louisiana | 18 | 1.7% |
| Oklahoma | 18 | 1.7% |
| Kentucky | 20 | 1.7% |
| Kansas | 14 | 1.5% |
| Arizona | 14 | 1.4% |
| Minnesota | 12 | 1.4% |
| Nevada | 8 | 1.2% |
| Arkansas | 10 | 1.0% |
| 18 other states (none greater than 1%) | 73 | 7.1% |
| **Total** | 1043 | 100.0% |

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**Leases with Darden**

The estimated annual cash rent based on current rates for the leases in place with Darden is approximately $105.8 million, with average annual rent escalations of 1.5% through December 31, 2027. Darden also entered into guaranties, pursuant to which it guarantied 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 leases in place with Darden provide for a weighted average remaining initial term of approximately 7.4 years as of December 31, 2022, with no purchase options provided that Darden will have a right of first offer with respect to our sale of any property, if there is no default under the lease, and we will be prohibited from selling any Properties to (i) any nationally recognized casual or fine dining brand restaurant or entity operating the same or (ii) any other regionally recognized casual or fine dining brand restaurant or entity operating the same, with 25 or more units. At the option of Darden, the leases will generally allow extensions for a certain number of renewal terms of five years each beyond the initial term and Darden can elect which of our properties then subject to the leases to renew. The number and duration of the renewal terms for any given Property may vary, however, based on the initial term of the relevant lease and other factors.

Darden is currently the source of a majority of our revenues, and its financial condition and ability and willingness to satisfy its obligations under the leases and its willingness to renew the leases upon expiration of the initial base term thereof

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significantly impacts our revenues and our ability to service our indebtedness and make distributions to our shareholders. There can be no assurance that Darden will have sufficient assets, income and access to financing to enable it to satisfy its obligations under its leases with us, and any inability or unwillingness on its part to do so would have a material adverse effect on our business, financial condition, results of operations and liquidity, on our ability to service our indebtedness and other obligations and on our ability to pay dividends to our shareholders. We also cannot assure you that Darden will elect to renew the lease arrangements with us upon expiration of the initial base terms or any renewal terms thereof or, if such leases are not renewed, that we can re-market the affected properties on the same or better terms. See "Risk Factors - Risks Related to Our Business - We are dependent on our major tenants successfully operating their businesses, and a failure to do so could have a material adverse effect on our business, financial position or results of operations."

**Franchise Agreements**

Pursuant to the Franchise Agreements, Darden grants the right and license to our subsidiary, Kerrow, to operate the Kerrow Restaurant Operating Business. The Franchise Agreements include, among other things, a license to display trademarks, utilize trade secrets and purchase proprietary products from Darden. Other services to be included pursuant to the Franchise Agreements are marketing services, training and access to certain LongHorn operating procedures. The Franchise Agreements also contain provisions under which Darden may provide certain technical support for the Kerrow Restaurant Operating Business. The fees and conditions of these franchising services are on terms comparable to similar franchising services negotiated on an arm's length basis and consistent with industry standard provisions.

**Competition**

We operate in a highly competitive market and face competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, restaurant and retail operators, lenders and other investors, some of whom are significantly larger and have greater resources and lower costs of capital. These institutions may accept greater risk or lower returns, allowing them to offer more attractive terms to prospective tenants or for the acquisition of restaurant and other retail properties. The Kerrow Restaurant Operating Business also faces active competition with national and regional chains and locally-owned restaurants for guests, management and hourly personnel.

**Governmental Regulations Affecting Properties**

*Property Environmental Considerations*

As an owner and operator of real property, we are subject to various federal, state and local environmental, health and safety laws and regulations. Although we do not operate or manage most of our properties, we may be held primarily or jointly and severally liable for costs relating to the investigation and clean-up of any of our current or former properties at or from which there has been a release or threatened release of hazardous material, as well as other affected properties, regardless of whether we knew of or caused the contamination.

In addition to these costs, which are typically not limited by law or regulation and could exceed the property's value, we or our tenants could be subject to other liabilities, including governmental penalties for violation of environmental, health and safety laws, liabilities for injuries to persons for exposure to hazardous materials, and damages to property or natural resources. Furthermore, some environmental laws can create a lien on the contaminated site in favor of the government for damages and the costs the government incurs in connection with such contamination or can restrict the manner in which a property may be used because of contamination. We also could be liable for the costs of remediating contamination at third party sites, e.g., landfills, where we send waste for disposal without regard to whether we comply with environmental laws in doing so.

Although the leases require our tenants to indemnify us for environmental liabilities, and although we intend to require our operators and tenants to undertake to indemnify us for certain environmental liabilities, including environmental liabilities they cause, the amount of such liabilities could exceed the financial ability of our operators and tenants to indemnify us. The presence of contamination or the failure to remediate contamination may adversely affect our ability to sell, develop or lease the real estate or to borrow using the real estate as collateral.

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As of February 17, 2023, we have not been notified by any governmental authority of, nor is management aware of, any non-compliance or liability with respect to environmental laws that management believes would have a material adverse effect on our business, financial position or results of operations.

*Americans with Disabilities Act of 1990*

The properties, as commercial facilities, are required to comply with Title III of the Americans with Disabilities Act of 1990 and similar state and local laws and regulations (collectively the "ADA"). Investigation of a property may reveal non-compliance with the ADA. The tenant has the primary responsibility for complying with the ADA, but we may incur costs if the tenant does not comply. As of February 17, 2023, we have not been notified by any governmental authority of, nor is management aware of, any non-compliance with the ADA that management believes would have a material adverse effect on our business, financial position or results of operations.

*Other Regulations*

State and local fire, life-safety and similar entities regulate the use of the properties. The tenant has the primary responsibility for complying with regulations but failure to comply could result in fines by governmental authorities, awards of damages to private litigants, or restrictions to conduct business on such properties.

**Insurance**

Our current lease agreements generally require, and new lease agreements that we enter are expected to require, that our tenants maintain all customary lines of insurance on our properties and their operations, including comprehensive insurance and hazard insurance. The tenants under our leases may have the ability to self-insure or use a captive provider with respect to its insurance obligations. We believe that the amount and scope of insurance coverage provided by our policies and the policies maintained by our tenants are customary for similarly situated companies in our industry. However, we cannot make any assurances that Darden or any other tenants in the future will maintain the required insurance coverages, and the failure by any of them to do so could have a material adverse effect on us.

**Human Capital Resources and Management** 

As of February 15, 2023, we had 543 employees, of which 508 were employed at our Kerrow Restaurant Operating Business. None of these employees are represented by a labor union.

Our human capital development goals and initiatives are focused on enhancing employee growth, satisfaction and wellness while maintaining a diverse and thriving culture. Several of our human capital development initiatives include the following:

*Diversity, Equity and Inclusion*

In alignment with our values, we believe people are our greatest asset and we embrace a recruitment process that strives to attract top-tier, diverse talent. We provide equal employment opportunities to all individuals and seek to cultivate an inclusive culture that respects and appreciates diversity of experience, ideas and opinions. The basis for recruitment, hiring, development, training, compensation and advancement at the Company is qualifications, performance, skills and experience.

We endeavor to maintain a workplace that is free from discrimination or harassment on the basis of color, race, sex, national origin, ethnicity, religion, age, disability, sexual orientation, gender identification or expression or any other status protected by applicable law. We conduct annual training to prevent harassment and discrimination and monitor employee conduct year-round, including by providing employees with access to an anonymous whistleblower hotline to report any violations.

*Training and Development*

We support the continual development of our employees through various training and education programs throughout their tenure at the Company. We aim to develop our employees by providing internal training, leadership coaching programs and providing tuition assistance and course reimbursement for career-enhancing education and licensure requirements. We encourage both formal and informal mentorship to provide employees with critical developmental feedback, including by conducting annual performance and professional development planning opportunities.

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*Compensation and Benefits*

Our compensation program is designed to, among other things, attract, retain and incentivize talented and experienced individuals. We use a mix of competitive salaries and other benefits to attract and retain these individuals. We offer competitive compensation and benefits, including, but not limited to, retirement savings plans and medical, dental and vision coverage. We have generous policies to encourage work/life balance, including paid holiday, vacation and sick time, parental leave, subsidized gym memberships, and fitness programs as well as an employee assistance program that offers confidential assistance 24 hours a day, 365 days a year to assist with personal and work-related problems.

We continually assess and strive to enhance employee satisfaction and engagement. Our employees, many of whom have been employed by the Company for the majority of the Company's existence, frequently express satisfaction with management including by responding positively about the Company's management in anonymous surveys.

**Available Information**

All filings we make with the Securities and Exchange Commission (the "SEC"), including this Annual Report on Form 10-K, our quarterly reports on Form 10-Q, and our current reports on Form 8-K, and any amendments to those reports are available for free on our website, *www.fcpt.com,* as soon as reasonably practicable after they are filed with, or furnished to, the SEC. We do not intend our website to be an active link or to otherwise incorporate the information contained on our website into this report or other filings with the SEC. Our filings can also be obtained for free on the SEC's Internet website at *www.sec.gov.* We are providing our website address solely for the information of investors.

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**Item 1A. Risk Factors.** 

Various risks and uncertainties could affect our business. Any of the risks described below or elsewhere in this report or our other filings with the SEC could have a material impact on our business, financial condition or results of operations. It is not possible to predict or identify all risk factors. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also impair our business operations.

**Risk factors summary**

An investment in our securities involves various risks. Such risks, including those set forth in the summary of material risks in this Item 1A, should be carefully considered before purchasing our securities.

<u>Risks Related to Our Business</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risks related to real estate ownership could reduce the value of our properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on Darden, Brinker, and our other tenants to successfully operate their businesses, make rental payments to us and fulfill their obligations under their respective leases and other contracts with us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Actual or perceived threats associated with epidemics, pandemics or public health crises, could have a material adverse effect on our and our tenants' businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant portion of our restaurant properties are Olive Garden properties. Therefore, we are subject to risks associated with having a highly concentrated property brand base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on the restaurant industry and may be susceptible to the risks associated with it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio has some geographic concentration, which makes us more susceptible to adverse events in these areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our pursuit of investments in, and acquisitions or development of, additional properties may be unsuccessful or fail to meet our expectations and may result in the use of a significant amount of management resources or significant costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation may materially and adversely affect us and our tenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in market interest rates would increase our tenant's interest costs on existing and future debt, and could impact our tenant's ability to refinance existing debt and operate their businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our tenants' businesses and our business through the operation of Kerrow are subject to government regulations and changes in current or future laws or regulations could restrict their ability to operate both their and our business in the manner currently contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our relationship with Darden may adversely affect our ability to do business with third-party restaurant operators and other tenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Real estate investments are relatively illiquid and provisions in our lease agreements may adversely impact our ability to sell properties and could adversely impact the price at which we can sell the properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our active management and operation of a restaurant business may expose us to potential liabilities beyond those traditionally associated with REITs.

<u>Risks Related to Our Indebtedness</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in market interest rates would increase our interest costs on existing and future debt and could adversely affect our stock price, as well as our ability to refinance existing debt and conduct acquisition activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedging transactions could have a negative effect on our results of operations.

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<u>Risks Related to Our Organizational Structure</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our charter restricts the ownership and transfer of our outstanding stock, which may have the effect of delaying, deferring or preventing a transaction or change of control of our company. Additionally, Maryland law and provisions in our charter and bylaws may delay or prevent takeover attempts by third parties and therefore inhibit our stockholders from realizing a premium on their stock.

<u>Risks Related to Our Common Stock</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price and trading volume of our common stock may be volatile and may face negative pressure including as a result of future sales or distributions of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot assure shareholders of our ability to pay dividends in the future.

<u>Risks Related to Our Taxation as a REIT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we do not qualify as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We could fail to qualify as a REIT if income we receive from Darden and other tenants is not treated as qualifying income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• REIT distribution requirements could adversely affect our ability to execute our business plan.

We attempt to mitigate the foregoing risks. However, if we are unable to effectively manage the impact of these and other risks, our ability to meet our investment objectives would be substantially impaired and any of the foregoing risks could materially adversely affect our financial condition, results of operations, and cash flows, our ability to make distributions to our stockholders, or the market price of our common stock.

**Risks Related to Our Business**

***Risks related to real estate ownership could reduce the value of our properties, which could materially and adversely affect us.***

Our core business is the ownership of real estate that is leased to tenants on a net basis. Accordingly, our performance is subject to risks inherent to the ownership of real estate, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to collect rent from tenants due to financial hardship, including bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in consumer trends and preferences that reduce demand for the products or services of our tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to lease at or above the current rental rates, or at all, or sell properties upon expiration or termination of existing leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• needing to make capital expenditures to renovate vacant properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental risks related to the presence of hazardous or toxic substances or materials on our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subjectivity of real estate valuations and changes in such valuations over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• illiquid nature of real estate compared to most other financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws and regulations, including those governing real estate usage and zoning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates and the availability of financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general economic and business climate.

The occurrence of any of the risks described above may cause the value of our real estate to decline, which could materially and adversely affect us.

***We are dependent on Darden to make payments to us and fulfill its obligations under its leases, as well as to provide services to us under the Franchise Agreements, and an event that materially and adversely affects Darden's business, financial***

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***position or results of operations could materially and adversely affect our business, financial position or results of operations.***

Currently, Darden is our primary lessee in our lease portfolio and, therefore, is the source of a majority of our revenues. Additionally, because Darden's leases with us are net leases, we depend on Darden to pay all insurance, taxes, utilities, common area maintenance charges, maintenance and repair expenses and to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with its business, including any environmental liabilities. There can be no assurance that Darden will have sufficient assets, income and access to financing to enable it to satisfy its payment obligations to us under its leases. The inability or unwillingness of Darden to meet its rent obligations to us under any of its leases could materially adversely affect our business, financial position or results of operations, including our ability to pay dividends to our stockholders as required to maintain our status as a REIT. The inability of Darden to satisfy its other obligations under its leases with us, such as the payment of insurance, taxes and utilities could materially and adversely affect the condition of our properties.

Since Darden Restaurants, Inc. is a holding company, it is dependent to an extent on distributions from its direct and indirect subsidiaries in order to satisfy the payment obligations under its leases with us, and the ability of Darden to make such distributions may be adversely impacted in the event of the insolvency or bankruptcy of such entities or by covenants in its debt agreements or otherwise that restrict the amount of the distributions that may be made by such entities. For these reasons, if Darden were to experience a material and adverse effect on its business, financial position or results of operations, our business, financial position or results of operations could also be materially and adversely affected.

Due to our dependence on rental payments from Darden, we may be limited in our ability to enforce our rights under, or to terminate, our leases with Darden. Failure by Darden to comply with the terms of its leases with us could require us to find other lessees for some or all of the properties and there could be a decrease or cessation of rental payments by Darden.

There is no assurance that we would be able to lease any of our properties to other lessees on substantially equivalent or better terms than any of our leases with Darden, or at all, successfully reposition our properties for other uses or sell our properties on terms that are favorable to us. It may be more difficult to find a replacement tenant for a restaurant or retail property than it would be to find a replacement tenant for a general commercial property due to the specialized nature of the business.

In addition, our operation of the Kerrow Restaurant Operating Business depends on the provision of services to us by Darden pursuant to the Franchise Agreements. The Franchise Agreements provide that Darden agrees to provide certain franchising services to our subsidiary, Kerrow. The franchising services include licensing the right to use and display certain trademarks, utilize trade secrets and purchase proprietary products from Darden in connection with the operation of the Kerrow Restaurant Operating Business. Other services provided pursuant to the Franchise Agreements are marketing services, training and access to certain LongHorn operating procedures. The Franchise Agreements also contain provisions under which Darden may provide certain technical support for the Kerrow Restaurant Operating Business.

Additional information about Darden can be found in Darden's public filings with the SEC. Darden's filings with the SEC can be found on the SEC's Internet website at *<u>www.sec.gov</u>.* Reference to Darden's filings with the SEC is solely for the information of investors. We do not intend the SEC's website to be an active link or to otherwise incorporate the information contained on its website (including Darden's filings with the SEC) into this report or other filings with the SEC.

***We are dependent on our major tenants successfully operating their businesses, and a failure to do so could have a material adverse effect on our business, financial position or results of operations.***

For the year ended December 31, 2022, Darden and Brinker International, Inc. ("Brinker") constituted approximately 54.3% and 8.5%, respectively, of our annual cash base rent. As a result, we are dependent on Darden and Brinker successfully operating their businesses and fulfilling their obligations to us. Their ability to do so depends, in part, on their overall performance and profitability, which are based on many factors, many of which are beyond Darden's or Brinker's control. Accordingly, we could be materially and adversely affected if Darden or Brinker does not operate their respective businesses successfully.

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***Actual or perceived threats associated with epidemics, pandemics or public health crises could have a material adverse effect on our and our tenants' businesses, financial condition, results of operations, cash flow, liquidity and ability to access the capital markets and satisfy debt service obligations and make distributions to our stockholders.***

Epidemics, pandemics or other public health crises that impact economic and market conditions, particularly in markets where our properties are located, and preventative measures taken to alleviate any public health crises, particularly any measures that limit our tenants' ability to engage in in-person interactions with their customers, may have a material adverse effect on our and our tenants' businesses, financial condition, results of operations, liquidity and ability to access capital markets and satisfy our debt service obligations, and make distributions to our stockholders, and may affect our ability as a net-lease real estate investment trust to acquire properties or lease properties to our tenants, who may be unable, as a result of any economic downturn or longer-term changes in consumer demand occasioned by public health crises, to make rental payments when due. Any preventative measures taken to alleviate any public health crises may remain in place for an extended period of time, and, accordingly, we may experience reductions in rents from our tenants. Although we expect to be actively engaged in rent collection efforts related to any uncollected rent, as well as working with certain tenants who request rent deferrals or other lease-related relief, we can provide no assurance that our efforts will be successful. Moreover, to the extent any of these risks and uncertainties adversely impact us in the ways described above or otherwise, they may also have the effect of heightening many of the other risks described under this section "Item 1A. Risk Factors".

***A significant portion of our restaurant properties are Olive Garden properties. Therefore, we are subject to risks associated with having a highly concentrated property brand base.***

As of December 31, 2022, our restaurant properties include 312 Olive Garden restaurants. As a result, our success, at least in the short-term, is dependent on the continued success of the Olive Garden brand and, to a lesser extent, Darden's other restaurant brands. We believe that building brand value is critical to increasing demand and building customer loyalty. Consequently, if market recognition or the positive perception of the Olive Garden or other Darden brands is reduced or compromised, the value associated with Olive Garden or other Darden-branded properties in our portfolio may be adversely affected.

***We are dependent on the restaurant industry and may be susceptible to the risks associated with it, which could materially adversely affect our business, financial position or results of operations.***

As the owner of properties serving the restaurant industry, we are impacted by the risks associated with the restaurant industry. Therefore, our success is to some degree dependent on the restaurant industry, which could be adversely affected by economic conditions in general, changes in consumer trends and preferences and other factors over which we and any of our tenants in the restaurant industry have no control. As we are subject to risks inherent in substantial investments in a single industry, a decrease in the restaurant business would likely have a greater adverse effect on our revenues than if we owned a more diversified real estate portfolio.

The restaurant industry is characterized by a high degree of competition among a large number of participants. Competition is intense between national and regional restaurant chains and locally-owned restaurants in most of the markets where our properties are located. As competing properties are constructed, the lease rates we assess for our properties may be negatively impacted upon renewal or new tenant pricing events.

***Our portfolio has some geographic concentration, which makes us more susceptible to adverse events in these areas.***

Our properties are located throughout the United States with the highest concentrations located in the states of Texas and Florida, where 10.5% and 9.7% of our annualized base rent was derived as of December 31, 2022, respectively. An economic downturn or other adverse events or conditions such as natural disasters in these areas, or any other area where we may have significant concentration in the future, could result in a material reduction of our cash flows or material losses to our company.

***We intend to continue to pursue acquisitions of additional properties and seek other strategic opportunities, which may result in the use of a significant amount of management resources or significant costs, including the cost of accessing debt or equity markets, and we may not fully realize the potential benefits of such transactions.***

In 2022, we acquired 115 properties and ground leasehold interests for a total investment of $296.3 million, including capitalized transaction costs, which were added to our leasing portfolio. We intend to continue to pursue acquisitions of additional properties and seek acquisitions and other strategic opportunities, including, but not limited to, continuing to expand

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our tenant base to third parties other than Darden and acquiring non-restaurant properties. Accordingly, we may often be engaged in evaluating potential transactions, potential new tenants and other strategic alternatives. In addition, from time to time, we may engage in discussions that may result in one or more transactions. Although there is uncertainty that any of these discussions will result in definitive agreements or the completion of any transaction, we may devote a significant amount of our management resources to such a transaction, which could negatively impact our operations. We may incur significant costs in connection with seeking acquisitions or other strategic opportunities regardless of whether the transaction is completed and in combining our operations if such a transaction is completed. In addition, properties we acquire may be leased to unrated tenants, and the tools we use to measure credit quality may not be accurate. In the event that we consummate an acquisition or strategic alternative in the future, there is no assurance that we would fully realize the potential benefits of such a transaction.

We operate in a highly competitive market and face competition from other REITs, investment companies, private equity and hedge fund investors, sovereign funds, restaurant and retail operators, lenders and other investors, some of whom are significantly larger and have greater resources and lower costs of capital. Increased competition will make it more challenging to identify and successfully capitalize on acquisition opportunities that meet our investment objectives. Our Board of Directors may change our investment objectives at any time without stockholder approval. If we cannot identify and purchase a sufficient quantity of suitable properties at favorable prices or if we are unable to finance acquisitions on commercially favorable terms, our business, financial position or results of operations could be materially and adversely affected. Additionally, the fact that we must distribute 90% of our REIT taxable income in order to maintain our qualification as a REIT may limit our ability to rely upon rental payments from our leased properties or subsequently acquired properties in order to finance acquisitions and other strategic opportunities. In addition, to pursue acquisitions we may have to access debt or equity markets and if financing is not available on acceptable terms, our ability to pursue further acquisitions might be limited or curtailed.

***Our pursuit of investments in, and acquisitions or development of, additional properties may be unsuccessful or fail to meet our expectations.***

Investments in and acquisitions of restaurant, retail and other properties we might seek to acquire entail risks associated with real estate investments generally, including that the investment's performance will fail to meet expectations, that the cost estimates for necessary property improvements will prove inaccurate or that the tenant, operator or manager will underperform or become insolvent. In addition, we continue to seek to diversify our portfolio by acquiring retail and other properties outside the restaurant industry, which further exposes us to these and other risks given our limited experience with investments in acquisitions of properties in these industries. Real estate development projects present other risks, including construction delays or cost overruns that increase expenses, the inability to obtain required zoning, occupancy and other governmental approvals and permits on a timely basis, the incurrence of significant development costs prior to completion of the project, abandonment of development activities after expending significant resources, and exposure to fluctuations in the general economy due to the significant time lag between commencement and completion of redevelopment projects.

***Inflation may materially and adversely affect us and our tenants.***

In recent months, the consumer price index has increased substantially. Federal policies and recent global events, such as the rising price of oil and the conflict between Russia and Ukraine, may have exacerbated, and may continue to exacerbate, increases in the consumer price index.

A sustained or further increase in inflation could have a negative impact on variable-rate debt we and our tenants currently have or that we or our tenants may incur in the future. Our leases typically contain provisions, such as rent escalators, designed to mitigate the adverse impact of inflation on our results of operations. As of December 31, 2022, we had $105 million of variable-rate debt, excluding the impact of interest rates swaps in effect. In addition, the effect of inflation on interest rates could increase our financing costs over time, either through near-term borrowings on our floating-rate line of credit or refinancing of our existing borrowings that may incur higher interest expenses related to the issuance of new debt. We have entered into interest rate swaps to effectively fix $325 million of our variable-rate indebtedness, and we may enter into other hedging transactions.

Because tenants are typically required to pay all property operating expenses, increases in property-level expenses at our leased properties generally do not affect us. However, increased operating expenses at vacant properties and the limited number of properties that are not subject to full triple-net leases could cause us to incur additional operating expenses, which could

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increase our exposure to inflation. Increased costs may also have an adverse impact on our tenants if increases in their operating expenses exceed increases in revenue, which may adversely affect the tenants' ability to pay rent owed to us.

Additionally, while our leases typically contain provisions, such as rent escalators, designed to mitigate the adverse impact of inflation on our results of operations, the increases in rent provided by many of our leases may not keep up with the rate of inflation. Athough our properties have an average annual rent escalation of 1.42% through December 31, 2027, the impact of the current rate of inflation may not be adequately offset by some of our rent escalations, and it is possible that the resetting of rents from our renewal and re-leasing activities would not fully offset the impact of the current inflation rate. As a result, during inflationary periods in which the inflation rate exceeds the annual rent escalation percentages within our lease contracts, we may not adequately mitigate the impact of inflation, which may adversely affect our business, financial condition, results of operations, and cash flows.

In addition, historically, during periods of increasing interest rates, real estate valuations have generally decreased as a result of rising capitalization rates, which tend to be positively correlated with interest rates. Consequently, prolonged periods of higher interest rates may negatively impact the valuation of our portfolio and result in the decline of the quoted trading price of our securities and market capitalization, as well as lower sales proceeds from future dispositions.

***If we are not able to hire, or if we lose, key management personnel, we may not be able to successfully manage our business and achieve our objectives.***

Our success depends in large part upon the leadership and performance of our executive management team, particularly William H. Lenehan, our President and Chief Executive Officer, and other key employees and our ability to attract other key personnel to our business. If we are unable to hire, or if we lose the services of, our executive management team or we are not able to hire or we lose other key employees, we may not be able to successfully manage our business or achieve our business objectives.

***Failure by our tenants to make rental payments to us, because of a deterioration of their financial condition or otherwise, would have a material adverse effect on us.***

We derive substantially all of our revenue from tenants who lease space from us at our properties. Therefore, our ability to generate cash from operations is dependent on the rents that we are able to charge and collect from our tenants. At any time, our tenants may experience a downturn in their respective businesses that may significantly weaken their financial condition, particularly during periods of economic uncertainty. As a result, our tenants may delay lease commencements, decline to extend or renew leases upon expiration, fail to make rental payments when due, close a number of restaurants or declare bankruptcy. Any of these actions could result in the loss of rental income attributable to the terminated leases and write-downs of certain of our assets. In that event, we may be unable to re-lease the vacated space at attractive rents or at all. The occurrence of any of the situations described above would have a material adverse effect on our results of operations and our financial condition.

***Bankruptcy laws will limit our remedies if a tenant becomes bankrupt and rejects its leases.***

If a tenant becomes bankrupt or insolvent, that could diminish the income we receive from that tenant's leases. We may not be able to evict a tenant solely because of its bankruptcy. On the other hand, a bankruptcy court might authorize the tenant to terminate its leasehold with us. If that happens, our claim against the bankrupt tenant for unpaid future rent would be an unsecured pre-petition claim subject to statutory limitations, and therefore any amounts received in bankruptcy are likely to be substantially less valuable than the remaining rent we otherwise were owed under the leases. In addition, any claim we have for unpaid past rent could be substantially less than the amount owed.

***The failure of any of our tenants to fulfill its maintenance obligations may have a materially adverse effect on our ability to operate and grow our business.***

The failure of any of our tenants to fulfill its maintenance obligations may cause us to incur significant and unexpected expenses to remediate any resulting damage to the property. Furthermore, the failure by Darden, any other tenant or any future tenant to adequately maintain a leased property could adversely affect our ability to timely re-lease the property to a new tenant or otherwise monetize our investment in the property if we are forced to make significant repairs or changes to the property as a result of the tenant's neglect. If we incur significant additional expenses or are delayed in being able to pursue returns on our real estate investments, it may have a materially adverse effect on our ability to operate and grow our business and our ability to achieve our strategic objectives.

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***We or our tenants may experience uninsured or underinsured losses, which could result in a significant loss of the capital we have invested in a property, decrease anticipated future revenues or cause us to incur unanticipated expense.***

Our current lease agreements generally require, and new lease agreements that we enter into are expected to require, that the tenant maintain comprehensive insurance and hazard insurance or self-insure its obligations. However, we cannot assure you that we will continue to require the same levels of insurance coverage under our lease agreements, that such insurance will be available at a reasonable cost in the future or that the insurance coverage provided will fully cover all losses on our properties upon the occurrence of a catastrophic event, nor can we assure you of the future financial viability of the insurers. Certain types of losses, generally of a catastrophic nature, such as earthquakes, hurricanes and floods, may be uninsurable or not economically insurable by us or by our tenants. Insurance coverage may not be sufficient to pay the full current market value or current replacement cost of a loss. Inflation, changes in building codes and ordinances, environmental considerations and other factors might also make it unfeasible to use insurance proceeds to replace the property after such property has been damaged or destroyed. Under such circumstances, the insurance proceeds received might not be adequate to restore the economic position with respect to such property. While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease.

Properties in our leasing portfolio and the Kerrow Restaurant Operating Business are located in 47 states, and if one of our properties experiences a loss that is uninsured or that exceeds policy coverage limits, we could lose the capital invested in the damaged property as well as the anticipated future cash flows from the property. If the damaged property is subject to recourse indebtedness, we could continue to be liable for the indebtedness even if the property is irreparably damaged.

In addition, even if damage to our properties is covered by insurance, a disruption of business caused by a casualty event may result in loss of revenue for our tenants or us. Any business interruption insurance may not fully compensate them or us for such loss of revenue. If one of our tenants experiences such a loss, it may be unable to satisfy its payment obligations to us under its lease with us.

***Our tenants' businesses and our business through the operation of Kerrow are subject to government regulations and changes in current or future laws or regulations could restrict their ability to operate both their and our business in the manner currently contemplated.***

The restaurant industry is subject to extensive federal, state and local and international laws and regulations. The development and operation of restaurants depend to a significant extent on the selection and acquisition of suitable sites, which are subject to building, zoning, land use, environmental, traffic and other regulations and requirements. Our tenants and Kerrow are subject to licensing and regulation by state and local authorities relating to wages and hours, health care, health, sanitation, safety and fire standards, the sale of alcoholic beverages, and information security. Our tenants and Kerrow are also subject to, among other laws and regulations, laws and regulations relating to the preparation and sale of food, including regulations regarding product safety, nutritional content and menu labeling. The impact of current laws and regulations, the effect of future changes in laws or regulations that impose additional requirements and the consequences of litigation relating to current or future laws and regulations, or an insufficient or ineffective response to significant regulatory or public policy issues, could have an adverse effect on our tenants' results of operations, which could also adversely affect our business, results of operations or financial condition as we depend on our tenants for almost the entirety of our revenue.

***Environmental compliance costs and liabilities associated with real estate properties owned by us may materially impair the value of those investments.***

As an owner and operator of real property, we are subject to various federal, state and local environmental, health and safety laws and regulations. We may be held primarily or jointly and severally liable for costs relating to the investigation and clean-up of any of our current or former properties at or from which there has been a release or threatened release of hazardous materials as well as other affected properties, regardless of whether we knew of or caused the contamination.

In addition to these costs, which are typically not limited by law or regulation and could exceed the property's value, we or our tenants could be subject to other liabilities, including governmental penalties for violation of environmental, health and safety laws, liabilities for injuries to persons for exposure to hazardous materials, and damages to property or natural resources. Furthermore, some environmental laws can create a lien on the contaminated site in favor of the government for damages and the costs the government incurs in connection with such contamination or can restrict the manner in which a property may be

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used because of contamination. We also could be liable for the costs of remediating contamination at third party sites, e.g., landfills, where we send waste for disposal without regard to whether we comply with environmental laws in doing so.

The presence of contamination or the failure to remediate contamination may adversely affect our ability to sell, develop or lease the real estate or to borrow using the real estate as collateral.

In addition, regulations in response to climate change could result in increased compliance and energy costs.

While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease.

***Our relationship with Darden may adversely affect our ability to do business with third-party restaurant operators and other tenants.***

Darden is our primary tenant in our lease portfolio, and a majority of our revenues consist of rental payments from Darden. We may be viewed by third-party restaurant operators and other potential tenants or parties to sale-leaseback transactions as being closely affiliated with Darden. As these third-party restaurant operators and other potential transaction parties may compete with Darden within the restaurant industry, our perceived affiliation with Darden could make it difficult for us to attract tenants and other transaction partners beyond Darden, particularly in the restaurant industry. If we are unable to diversify our tenant and transaction partner base further beyond Darden, it may have a materially adverse effect on our ability to operate and grow our business and our ability to achieve our strategic objectives.

***Real estate investments are relatively illiquid and provisions in our lease agreements may adversely impact our ability to sell properties and could adversely impact the price at which we can sell the properties.***

Properties in our leasing portfolio and the properties leased to Kerrow represent a substantial portion of our total consolidated assets, and these investments are relatively illiquid. As a result, our ability to sell one or more of our properties or other investments in real estate we may make in response to any changes in economic or other conditions may be limited. If we want to sell a property, we cannot assure you that we will be able to dispose of it in the desired time period, or at all, or that the sale price of a property will exceed the cost of our investment in that property.

In addition, the properties subject to leases with Darden provide them a right of first offer with respect to our sale of any such property, provided there is no default under the lease, and we are prohibited from selling any of our properties to (i) any nationally recognized casual or fine dining brand restaurant or entity operating the same or (ii) any other regionally recognized casual or fine dining brand restaurant or entity operating the same, with 25 or more units. The existence of these provisions in our leases with Darden, which survive for the full term of the relevant lease, could adversely impact our ability to sell any of the properties and could adversely impact our ability to obtain the highest possible price for any of the properties. If we seek to sell any of our properties, we would not be able to offer the properties to potential purchasers through a competitive bid process or in a similar manner designed to maximize the value obtained without first offering to sell to Darden and we would be restricted in the potential purchasers who could buy the properties, which may adversely impact our ability to sell any of the properties in a timely manner, or at all, or adversely impact the price we can obtain from such sale.

***We may be subject to liabilities and costs associated with the impacts of climate change.***

The potential physical impacts of climate change on our properties or operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate, including Florida, Georgia and Texas. Such impacts may result from increased frequency of natural disasters, changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, rising energy and environmental costs, and changing temperatures. These impacts may adversely impact our business, results of operations and financial condition, including our or our tenants' ability to obtain property insurance on acceptable terms.

While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease. In addition, laws and regulations targeting climate change could result in stricter energy efficiency standards and increased capital expenditures in order to comply with such regulations, as well as increased operating costs that we may not be able to pass on to our tenants. Any such regulation could impose substantial costs on our

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tenants, thereby impacting the financial condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties.

***Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unanticipated expenditures that materially adversely impact our cash flow.***

All of our properties are required to comply with Title III of the Americans with Disabilities Act, or the ADA. While the tenants to whom we lease properties are obligated by law to comply with the ADA provisions, under the law we are also legally responsible for our properties' ADA compliance. State and local laws may also require modifications to our properties related to access by disabled persons. In addition, we are required to operate our properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our properties. If required changes involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of our tenants to cover costs could be adversely affected and we could be required to expend our own funds to comply with those requirements, which could have a material adverse effect on our cash flow and ability to make distributions to our security holders. While the tenants under our leases generally indemnify, defend and hold us harmless for the foregoing liabilities, there can be no assurance that the respective tenant will have sufficient assets, income or access to financing to enable it to satisfy its payment obligations to us under its lease.

***Our active management and operation of a restaurant business may expose us to potential liabilities beyond those traditionally associated with REITs.***

In addition to our real estate investment activities, we also manage and operate the Kerrow Restaurant Operating Business, which consists of seven LongHorn Steakhouse restaurants located in the San Antonio, Texas area. Managing and operating the Kerrow Restaurant Operating Business requires us to employ significantly more people than a REIT that does not operate a business of such type and scale. In addition, managing and operating an active restaurant business exposes us to potential liabilities associated with the operation of restaurants. Such potential liabilities are not typically associated with REITs and include potential liabilities for wage and hour violations, guest discrimination, food safety issues including poor food quality, food-borne illness, food tampering, food contamination, workplace injury, cyber-attacks, and violation of "dram shop" laws (providing an injured party with recourse against an establishment that serves alcoholic beverages to an intoxicated party who then causes injury to himself or a third party). In the event that one or more of the potential liabilities associated with managing and operating an active restaurant business materializes, such liabilities could damage the reputation of the Kerrow Restaurant Operating Business as well as the reputation of FCPT, and could adversely affect our financial position and results of operations, possibly to a material degree.

***We may be vulnerable to security breaches or cyber-attacks which could disrupt our operations and have a material adverse effect on our financial performance and operating results.***

Security breaches, cyber-attacks, or disruption, of our physical or information technology infrastructure, networks and related management systems could result in, among other things, a breach of our networks and information technology infrastructure, the misappropriation of our or our tenants' proprietary or confidential information, interruptions or malfunctions in our or our tenants' operations, delays or interruptions to our ability to meet tenant needs, breach of our legal, regulatory or contractual obligations, inability to access or rely upon critical business records, unauthorized access to our facilities or other disruptions in our operations. Numerous sources can cause these types of incidents, including: physical or electronic security breaches; viruses, ransomware or other malware; hardware vulnerabilities such as Meltdown and Spectre; accident or human error by our own personnel or third parties; criminal activity or malfeasance (including by our own personnel); fraud or impersonation scams perpetrated against us or our partners or tenants; or security events impacting our third-party service providers or our partners or tenants. Our exposure to cybersecurity threats and negative consequences of cybersecurity breaches will likely increase as we store increasing amounts of tenant data.

The Audit and Risk Committee of our Board of Directors oversees our risk management processes related to cybersecurity. As we recognize the increasing volume of cyber attacks, the Audit and Risk Committee meets frequently with our IT personnel and senior management to discuss recent trends in cyber risks and our strategy to defend our IT networks, business and building systems and information against cyber attacks and intrusions. Under the oversight of the Audit and Risk Committee, we employ commercially practical efforts to provide reasonable assurance such attacks are appropriately mitigated. We may be required to expend significant financial resources to protect against or respond to such breaches. Techniques used to breach

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security change frequently, and are generally not recognized until launched against a target, so we may not be able to promptly detect that a security breach or unauthorized access has occurred. We also may not be able to implement security measures in a timely manner or, if and when implemented, we may not be able to determine the extent to which these measures could be circumvented. As we provide assurances to our tenants that we provide a high level of security, if an actual or perceived security breach occurs, the market's perception of our security measures could be harmed and we could lose current and potential tenants, and such a breach could be harmful to our brand and reputation. Any breaches that may occur could expose us to increased risk of lawsuits, material monetary damages, potential violations of applicable privacy and other laws, penalties and fines, harm to our reputation and increases in our security and insurance costs, which could have a material adverse effect on our business, financial condition and results of operations. In the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks despite not handling the data. We cannot guarantee that any backup systems, regular data backups, security protocols, network protection mechanisms and other procedures currently in place, or that may be in place in the future, will be adequate to prevent network and service interruption, system failure, damage to one or more of our systems or data loss in the event of a security breach or attack.

In addition, the regulatory framework around data custody, data privacy and breaches varies by jurisdiction and is an evolving area of law with increasingly complex and rigorous regulatory standards enacted to protect business and personal data in the United States. We may not be able to limit our liability or damages in the event of such a loss. Data protection legislation is becoming increasingly common in the United States at both the federal and state level and may require us to further modify our data processing practices and policies. For example, the California Consumer Privacy Act of 2018, which took effect on January 1, 2020, provides California residents with increased privacy rights and protections with respect to their personal information. Compliance with existing, proposed and recently enacted laws and regulations can be costly; any failure to comply with these regulatory standards could subject us to legal and reputational risks. Misuse of or failure to secure personal information could also result in violation of data privacy laws and regulations, proceedings against the Company by governmental entities or others, fines and penalties, damage to our reputation and credibility and could have a negative impact on our business and results of operations.

***Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could materially and adversely affect our business and the market price of our common stock.***

Under the Sarbanes-Oxley Act, we must maintain effective disclosure controls and procedures and internal control over financial reporting, which requires significant resources and management oversight. Internal control over financial reporting is complex and may be revised over time to adapt to changes in our business, or changes in applicable accounting rules. We cannot assure you that our internal control over financial reporting will be effective in the future or that a material weakness will not be discovered with respect to a prior period for which we had previously believed that internal controls were effective. Matters impacting our internal controls may cause us to be unable to report our financial data on a timely basis, or may cause us to restate previously issued financial data, and thereby subject us to adverse regulatory consequences, including sanctions or investigations by the SEC, or violations of applicable stock exchange listing rules. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements is also likely to suffer if we or our independent registered public accounting firm reports a material weakness in our internal control over financial reporting. This could materially adversely affect us by, for example, leading to a decline in the market price for our common stock and impairing our ability to raise capital.

***If our reputation or our tenants' reputation are damaged, our business and operating results may be harmed.***

Our reputation and our tenants' reputations are important to our business. Our reputation affects our ability to access capital, acquire additional properties and recruit and retain talented employees. Our tenants' reputations affect their ability to continue to operate profitably and make payments under their lease agreements with us on time. There are numerous ways our reputation or our tenants' reputation could be damaged. These include unethical behavior or misconduct, workplace safety incidents, environmental impact, corporate governance issues, data breaches or human rights records. We or our tenants may experience backlash from customers, government entities, advocacy groups, employees, and other stakeholders that disagree with our operating decisions or public policy positions. The proliferation of social media may increase the likelihood, speed, and magnitude of negative events. If our or our tenants' reputation is damaged, it could adversely affect our business, results of operations, financial condition or ability to attract the most highly qualified employees.

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***Third-party expectations relating to environmental, social and governance factors may impose additional costs and expose us to new risks.***

There is an increasing focus from certain investors and other stakeholders concerning corporate responsibility, specifically related to environmental, social and governance factors. Some investors may use these factors to guide their investment strategies and, in some cases, may choose not to invest in our securities if they believe our policies relating to corporate responsibility are inadequate. Third-party providers of corporate responsibility ratings and reports on companies have increased in number, resulting in varied and in some cases inconsistent standards. In addition, the criteria by which companies' corporate responsibility practices are assessed are evolving, which could result in greater expectations of us and cause us to undertake costly initiatives to satisfy such new criteria. Alternatively, if we elect not to or are unable to satisfy such new criteria or do not meet the criteria of a specific third-party provider, some investors may conclude that our policies with respect to corporate responsibility are inadequate. We may face reputational damage in the event that our corporate responsibility procedures or standards do not meet the standards set by various constituencies. Furthermore, if our competitors' corporate responsibility performance is perceived to be greater than ours, potential or current investors may elect to invest with our competitors instead. In addition, in the event that we communicate certain initiatives and goals regarding environmental, social and governance matters, we could fail, or be perceived to fail, in our achievement of such initiatives or goals, or we could be criticized for the scope of such initiatives or goals. If we fail to satisfy the expectations of investors, tenants and other stakeholders or our initiatives are not executed as planned, our reputation and financial results could be adversely affected.

**Risks Related to Our Indebtedness**

***Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing our operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms.***

We have entered into the Loan Agreement (as defined below) that provides for borrowings of up to $680 million and consists of (1) a revolving credit facility in an aggregate principal amount of $250 million and (2) a term loan facility in an aggregate principal amount of $430 million comprised of (i) a $150 million term credit facility with a maturity date of November 9, 2025, (ii) a $100 million term credit facility with a maturity date of November 9, 2026, (iii) a $90 million term credit facility with a maturity date of January 9, 2027, and (iv) a $90 million term credit facility with a maturity date of January 9, 2028. In addition, the revolving credit and term loan agreement contains an accordion feature allowing the facility to be increased by an additional aggregate amount not to exceed $350 million, subject to certain conditions. As of December 31, 2022, the term loan facility is fully drawn and the undrawn revolving credit facility had $250 million remaining capacity. In addition, we have issued $575 million of senior unsecured fixed rate notes (the "Notes"). The Notes consist of $50 million of notes due in June 2024 priced at a fixed interest rate of 4.68%, $75 million of notes due in June 2027 priced at a fixed interest rate of 4.93%, $50 million of notes due in December 2026 priced at a fixed interest rate of 4.63%, $50 million of notes due in December 2028 priced at a fixed interest rate of 4.76%, $50 million of notes due in June 2029 priced at a fixed interest rate of 3.15%, $75 million of notes due in April 2030 priced at a fixed interest rate of 3.20%, $50 million of notes due in April 2029 priced at a fixed interest rate of 2.74%, $50 million of notes due in March 2031 priced at a fixed interest rate of 3.09%, $50 million of notes due in April 2031 priced at a fixed interest rate of 2.99%, and $75 million of notes due in March 2032 priced at a fixed interest rate of 3.11%. We may incur additional indebtedness in the future to refinance our existing indebtedness, to finance newly-acquired assets or for other purposes. Our governing documents do not contain any limitations on the amount of debt we may incur and we do not have a formal policy limiting the amount of debt we may incur in the future. Subject to the restrictions, if any, set forth in our debt agreements, our Board of Directors may establish and change our leverage policy at any time without stockholder approval. Any significant additional indebtedness could require a substantial portion of our cash flow to make interest and principal payments due on our indebtedness. Greater demands on our cash resources may reduce funds available to us to pay dividends, make capital expenditures and acquisitions, or carry out other aspects of our business strategy. Increased indebtedness can also limit our ability to adjust rapidly to changing market conditions, make us more vulnerable to general adverse economic and industry conditions and create competitive disadvantages for us compared to other companies with relatively lower debt levels. Increased future debt service obligations may limit our operational flexibility, including our ability to acquire assets, finance or refinance our assets, contribute assets to joint ventures or sell assets as needed.

Moreover, our ability to obtain additional financing and satisfy our financial obligations under our indebtedness outstanding from time to time will depend upon our future operating performance, which is subject to then prevailing general

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economic and credit market conditions, including interest rate levels and the availability of credit generally, and financial, business and other factors, many of which are beyond our control. A worsening of credit market conditions, including rising interest rates, could materially and adversely affect our ability to obtain financing on favorable terms, if at all.

We also may be unable to obtain additional financing or financing on favorable terms or our operating cash flow may be insufficient to satisfy our financial obligations under our indebtedness outstanding from time to time. Among other things, although we received an investment grade credit rating of BBB from Fitch Ratings in March 2022 and an investment grade credit rating of Baa3 from Moody's Investor Service in May 2022, any credit rating downgrade could increase our financing costs and could limit our access to financing sources. If financing is not available when needed, or is available on unfavorable terms, we may be unable to complete acquisitions or otherwise take advantage of business opportunities or respond to competitive pressures, any of which could materially and adversely affect our business, financial condition and results of operations.

***Covenants in our debt agreements may limit our operational flexibility, and a covenant breach or default could materially and adversely affect our business, financial position or results of operations.***

The agreements governing our indebtedness contain customary covenants that may limit our operational flexibility. The Loan Agreement (defined below) and the terms of the Notes contain customary affirmative and negative covenants that, among other things, restrict, subject to certain exceptions, the incurrence of debt, the incurrence of secured debt, the ability of FCPT OP and the guarantors to enter into mergers, consolidations, sales of assets and similar transactions, limitations on distributions and other restricted payments, and limitations on transactions with affiliates and customary reporting obligations.

In addition, we are required to comply with the following financial covenants: (1) total indebtedness to consolidated capitalization value not to exceed 60%; (2) mortgage-secured leverage ratio not to exceed 40%; (3) minimum fixed charge coverage ratio of 1.50 to 1.00; (4) maximum unencumbered leverage ratio not to exceed 60%; and (5) minimum unencumbered interest coverage ratio of 1.75 to 1.00. As of December 31, 2022, we are in compliance with our existing financial covenants.

The Loan Agreement and the terms of the Notes contain customary events of default including, without limitation, payment defaults, violation of covenants and other performance defaults, defaults on payment of indebtedness and monetary obligations, bankruptcy-related defaults, judgment defaults, REIT status default and the occurrence of certain change of control events. Breaches of certain covenants may result in defaults and cross-defaults under certain of our other indebtedness, even if we satisfy our payment obligations to the respective obligee.

Covenants that limit our operational flexibility, as well as covenant breaches or defaults under our debt instruments, could materially and adversely affect our business, financial position or results of operations, or our ability to incur additional indebtedness or refinance existing indebtedness.

***An increase in market interest rates would increase our interest costs on existing and future debt and could adversely affect our stock price, as well as our ability to refinance existing debt and conduct acquisition activity.***

As of December 31, 2022, our $680 million Loan Agreement bore interest at a variable rate on any amount drawn and outstanding. As of December 31, 2022, $430 million was outstanding under such agreement, and we may borrow an additional $250 million on the revolving credit facility or incur additional variable rate debt in the future, including through the exercise of the accordion feature pursuant to the Loan Agreement. Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve Board. If the Federal Reserve Board increases the federal funds rate, overall interest rates will likely rise. Interest rate increases would increase our interest costs for any new debt and our variable rate debt obligations pursuant to the Loan Agreement, which could, in turn, make the financing of any acquisition more expensive as well as lower our current period earnings. Rising interest rates could limit our ability to refinance existing debt when it matures or cause us to pay higher interest rates upon refinancing. In addition, an increase in interest rates could decrease the access third parties have to credit, thereby decreasing the amount they are willing to pay to lease our assets and consequently limiting our ability to reposition our portfolio promptly in response to changes in economic or other conditions. Furthermore, the dividend yield on our common stock, as a percentage of the price of such common stock, will influence the price of such common stock. Thus, an increase in market interest rates may lead prospective purchasers of our common stock to expect a higher dividend yield, which could adversely affect the market price of our common stock. In addition, decreases in interest rates may lead to additional competition for the acquisition of real estate due to a reduction in desirable alternative income-producing investments.

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Increased competition for the acquisition of real estate may lead to a decrease in the yields on real estate we have targeted for acquisition. In such circumstances, if we are not able to offset the decrease in yields by obtaining lower interest costs on our borrowings, our results of operations will be adversely affected.

***Hedging transactions could have a negative effect on our results of operations.***

We have entered into hedging transactions with respect to interest rate exposure on our term loan and we may enter into other hedging transactions, with respect to one or more of our assets or other liabilities. The use of hedging transactions involves certain risks, including: (1) the possibility that the market will move in a manner or direction that would have resulted in a gain for us had a hedging transaction not been used, in which case our performance would have been better had we not engaged in the hedging transaction; (2) the risk of an imperfect correlation between the risk sought to be hedged and the hedging transaction used; (3) the potential illiquidity for the hedging instrument used, which may make it difficult for us to close out or unwind a hedging transaction; (4) the possibility that our counterparty fails to honor its obligations; and (5) the possibility that we may have to post collateral to enter into hedging transactions, which we may lose if we are unable to honor our obligations. Our election to be subject to tax as a REIT also limits our income sources, and the hedging strategies available to us are more limited than those available to companies that are not REITs.

**Risks Related to Our Organizational Structure**

***Our charter restricts the ownership and transfer of our outstanding stock, which may have the effect of delaying, deferring or preventing a transaction or change of control of our company.***

In order for us to qualify as a REIT, not more than 50% in value of our outstanding shares of stock may be owned, beneficially or constructively, by five or fewer individuals at any time during the last half of each taxable year after the first year for which we elect to be subject to tax and qualify as a REIT. Additionally, at least 100 persons must beneficially own our stock during at least 335 days of a taxable year (other than the first taxable year for which we elect to be subject to tax and qualify as a REIT). Our charter, with certain exceptions, authorizes our Board of Directors to take such actions as are necessary or advisable to preserve our qualification as a REIT. Our charter also provides that, unless exempted by the Board of Directors, no person may own more than 9.8% in value or in number, whichever is more restrictive, of the outstanding shares of our common stock or more than 9.8% in value of the aggregate of the outstanding shares of all classes and series of our stock. The constructive ownership rules are complex and may cause shares of stock owned directly or constructively by a group of related individuals or entities to be constructively owned by one individual or entity. These ownership limits could delay or prevent a transaction or a change in control of us that might involve a premium price for shares of our stock or otherwise be in the best interests of our stockholders. The acquisition of less than 9.8% of our outstanding stock by an individual or entity could cause that individual or entity to own constructively in excess of 9.8% in value of our outstanding stock, and thus violate our charter's ownership limit. Our charter also prohibits any person from owning shares of our stock that would result in our being "closely held" under Section 856(h) of the Internal Revenue Code of 1986, as amended (the "Code") or otherwise cause us to fail to qualify as a REIT. In addition, our charter provides that (i) no person shall beneficially own shares of stock to the extent such beneficial ownership of stock would result in us failing to qualify as a "domestically controlled qualified investment entity" within the meaning of Section 897(h) of the Code, and (ii) no person shall beneficially or constructively own shares of stock to the extent such beneficial or constructive ownership would cause us to own, beneficially or constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in a tenant of our real property. Subject to certain exceptions, rents received or accrued by us from a tenant will not be treated as qualifying rent for purposes of the REIT gross income requirements if we or a beneficial or constructive owner of 10% or more of our stock beneficially or constructively owns 10% or more of the total combined voting power of all classes of the tenant's stock entitled to vote or 10% or more of the total value of all classes of the tenant's stock. Any attempt to own or transfer shares of our stock in violation of these restrictions may result in the transfer being automatically void. Our charter also provides that shares of our capital stock acquired or held in excess of the ownership limit will be transferred to a trust for the benefit of a charitable beneficiary that we designate, and that any person who acquires shares of our capital stock in violation of the ownership limit will not be entitled to any dividends on the shares or be entitled to vote the shares or receive any proceeds from the subsequent sale of the shares in excess of the lesser of the market price on the day the shares were transferred to the trust or the amount realized from the sale. We or our designee will have the right to purchase the shares from the trustee at this calculated price as well. A transfer of shares of our capital stock in violation of the limit may be void under certain circumstances. Our 9.8% ownership limitation may have the effect of

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delaying, deferring or preventing a change in control, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all of our assets) that might provide a premium price for our stockholders.

***Maryland law and provisions in our charter and bylaws may delay or prevent takeover attempts by third parties and therefore inhibit our stockholders from realizing a premium on their stock.***

Our charter and bylaws contain, and Maryland law contains, provisions that may deter coercive takeover practices and inadequate takeover bids and encourage prospective acquirors to negotiate with our Board of Directors, rather than to attempt a hostile takeover. Our charter and bylaws, among other things, (1) contain transfer and ownership restrictions on the percentage by number and value of outstanding shares of our stock that may be owned or acquired by any stockholders; (2) permit the Board of Directors, without further action of the stockholders, to increase or decrease the authorized number of shares, issue additional shares, classify or reclassify unissued shares, and issue and fix the terms of one or more classes or series of preferred stock, which may have rights senior to those of the common stock; (3) establish certain advance notice procedures for stockholder proposals and director nominations; and (4) provide that special meetings of stockholders may only be called by the company or upon written request of ten percent in voting power of our outstanding common stock.

Under Maryland law, any written consent of our stockholders must be unanimous. In addition, Maryland law allows a Maryland corporation with a class of equity securities registered under the Exchange Act to amend its charter without stockholder approval to effect a reverse stock split at a ratio of not more than ten shares of stock into one share of stock in any twelve-month period.

***The ownership by our executive officers and directors of common stock, options or other equity awards of Darden may create, or may create the appearance of, conflicts of interest.*** 

As a result of his former positions with Darden, Mr. Lenehan owns common stock, including restricted stock, in both Darden and FCPT. In addition, there is no restriction on our executive officers and directors acquiring Darden common stock in the future, and, therefore, this ownership of common stock of both Darden and FCPT may be significant. Equity interests in Darden may create, or appear to create, conflicts of interest when any such director or executive officer is faced with decisions that could benefit or affect the equity holders of Darden in ways that do not benefit or affect us in the same manner. As of December 31, 2022, no other executive officer or director of FCPT owns common stock of Darden.

**Risks Related to Our Common Stock**

***The market price and trading volume of our common stock may be volatile and may face negative pressure including as a result of future sales or distributions of our common stock.***

The market price of our common stock may be volatile in the future. In addition, the trading volume in our common shares may fluctuate and cause significant price variations to occur. It is not possible to accurately predict how investors in our common stock will behave.

Any disposition by a significant stockholder of our common stock, or the perception in the market that such dispositions could occur, may cause the price of our common stock to fall. Any such decline could impair our ability to raise capital through future sales of our common stock. Furthermore, our common stock may not qualify for investment indices, including indices specific to REITs, and any such failure may discourage new investors from investing in our common stock.

If and when additional funds are raised through the issuance of equity securities, including our common stock, our stockholders may experience significant dilution.

***We cannot assure shareholders of our ability to pay dividends in the future.***

Our current dividend rate is $1.36 per share per annum. We may pay a portion of our dividends in common stock. In no event will the annual dividend be less than 90% of our REIT taxable income on an annual basis, determined without regard to the dividends paid deduction and excluding any net capital gains. Our ability to pay dividends may be adversely affected by a number of factors, including the risk factors described in this Annual Report on Form 10-K. Dividends will be authorized by our Board of Directors and declared by us based upon a number of factors, including actual results of operations, restrictions under Maryland law or applicable debt covenants, our financial condition, our taxable income, the annual distribution requirements under the REIT provisions of the Code, our operating expenses and other factors our directors deem relevant. We

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cannot assure shareholders that we will achieve investment results that will allow us to make a specified level of cash dividends or year-to-year increases in cash dividends in the future.

Furthermore, while we are required to pay dividends in order to maintain our REIT status (as described below in the risk factor "*REIT distribution requirements could adversely affect our ability to execute our business plan*"), we may elect not to maintain our REIT status, in which case we would no longer be required to pay such dividends. Moreover, even if we do elect to maintain our REIT status, after completing various procedural steps, we may elect to comply with the applicable distribution requirements by distributing, under certain circumstances, a portion of the required amount in the form of shares of our common stock in lieu of cash. If we elect not to maintain our REIT status or to satisfy any required distributions in shares of common stock in lieu of cash, such action could negatively affect our business and financial condition as well as the market price of our common stock. No assurance can be given that we will pay any dividends on shares of our common stock in the future.

**Risks Related to Our Taxation as a REIT**

***If we do not qualify as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.***

We believe that we were organized and have operated and we intend to continue to operate in a manner that will enable us to qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2016. Qualification as a REIT involves the application of highly technical and complex provisions of the Code, for which only limited judicial and administrative authorities exist. Even a technical or inadvertent violation could jeopardize our REIT qualification. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify as a REIT. Our qualification as a REIT depends on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. Our ability to satisfy the asset requirements depends upon our analysis of the fair market values of our assets, some of which are not susceptible to a precise determination, and for which we do not obtain independent appraisals. Our compliance with the REIT income and asset requirements also depends upon our ability to successfully manage the composition of our income and assets on an ongoing basis. Moreover, the proper classification of one or more of our investments may be uncertain in some circumstances, which could affect the application of the REIT qualification requirements. In addition, our ability to satisfy the requirements to qualify as a REIT may depend in part on the actions of third parties over which we have no control or only limited influence. Accordingly, there can be no assurance that the Internal Revenue Service (the "IRS") will not contend that our investments violate the REIT requirements.

If we were to fail to qualify as a REIT in any taxable year, we would be subject to U.S. federal income tax on our taxable income at the regular corporate rate, and distributions to stockholders would not be deductible by us in computing our taxable income. Any such corporate tax liability could be substantial and would reduce the amount of cash available for distribution to our stockholders, which in turn could have an adverse impact on the value of, and trading prices for, our common stock. Unless entitled to relief under certain provisions of the Code, we also would be disqualified from taxation as a REIT for the four taxable years following the year during which we initially ceased to qualify as a REIT.

***We could fail to qualify as a REIT if income we receive from Darden and other tenants is not treated as qualifying income.***

Under applicable provisions of the Code, we will not be treated as a REIT unless we satisfy various requirements, including requirements relating to the sources of our gross income. Rents received or accrued by us from Darden and other tenants will not be treated as qualifying rent for purposes of these requirements if our leases are not respected as true leases for U.S. federal income tax purposes and are instead treated as service contracts, joint ventures or other types of arrangements. If our leases are not respected as true leases for U.S. federal income tax purposes, we may fail to qualify as a REIT.

In addition, subject to certain exceptions, rents received or accrued by us from Darden will not be treated as qualifying rent for purposes of the REIT gross income requirements if we or a beneficial or constructive owner of 10% or more of our stock beneficially or constructively owns 10% or more of the total combined voting power of all classes of Darden stock entitled to vote or 10% or more of the total value of all classes of Darden stock. Our charter provides for restrictions on ownership and transfer of our shares of stock, including restrictions on such ownership or transfer that would cause the rents received or accrued by us from Darden to be treated as non-qualifying rent for purposes of the REIT gross income requirements.

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Nevertheless, there can be no assurance that such restrictions will be effective in ensuring that rents received or accrued by us from Darden will not be treated as qualifying rent for purposes of REIT qualification requirements.

***Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.***

The maximum U.S. federal income tax rate applicable to income from "qualified dividends" payable by non-REIT "C" corporations to certain non-corporate U.S. stockholders is currently 23.8% (taking into account the 3.8% Medicare tax applicable to net investment income). Dividends payable by REITs, however, generally are not qualified dividends. Effective for taxable years beginning after December 31, 2017 and before January 1, 2026, non-corporate U.S. stockholders may deduct 20% of their dividends from REITs (excluding qualified dividend income and capital gains dividends). For non-corporate U.S. stockholders in the top marginal tax bracket of 37%, the deduction for REIT dividends yields an effective U.S. federal income tax rate of 29.6% on REIT dividends, which is higher than the 20% tax rate on qualified dividend income paid by "C" corporations. This does not adversely affect the taxation of REITs; however, the more favorable rates applicable to regular corporate qualified dividends could cause certain non-corporate investors to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT "C" corporations that pay dividends, which could adversely affect the value of the shares of REITs, including our common stock.

***REIT distribution requirements could adversely affect our ability to execute our business plan.***

We generally must distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, in order for us to qualify as a REIT (assuming that certain other requirements are also satisfied). To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains, we will be subject to U.S. federal corporate income tax on our undistributed net taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we distribute to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. We intend to continue to make distributions to our stockholders to comply with the REIT requirements of the Code.

Currently our funds from operations are generated primarily by rents paid under our lease agreements. From time to time, we may generate taxable income greater than our cash flow as a result of differences in timing between the recognition of taxable income and the actual receipt of cash or the effect of nondeductible capital expenditures, the creation of reserves or required debt or amortization payments. Further, income must be accrued for U.S. federal income tax purposes no later than when such income is taken into account as revenue in our financial statements, subject to certain exceptions, which could also create mismatches between REIT taxable income and the receipt of cash attributable to such income. If we do not have other funds available in these situations, we could be required to borrow funds on unfavorable terms, sell assets at disadvantageous prices or distribute amounts that would otherwise be invested in future acquisitions to make distributions sufficient to enable us to pay out enough of our taxable income to satisfy the REIT distributions requirement and to avoid U.S. federal corporate income tax and the 4% excise tax in a particular year. These alternatives could increase our costs or reduce our equity or adversely impact our ability to raise short and long-term debt. Furthermore, the REIT distribution requirements may increase the financing needed to fund capital expenditures, further growth and expansion initiatives. Thus, compliance with the REIT requirements may hinder our ability to grow, which could adversely affect the value of our common stock.

***Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.***

Even if we qualify for taxation as a REIT, we may be subject to certain U.S. federal, state, and local taxes on our income and assets, including taxes on any undistributed income and state or local income, property and transfer taxes. Moreover, if we have net income from "prohibited transactions," that income will be subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on the facts and circumstances related to that sale. While we will undertake sales of assets if those assets become inconsistent with our long-term strategic or return objectives, we do not believe that those sales should be considered prohibited transactions, but there can be no assurance that the IRS would not contend otherwise. The need to avoid prohibited transactions could cause us to forego or defer sales of properties that might otherwise be in our best interest to sell. In addition, any net taxable income earned directly by our TRSs will be subject to U.S. federal, state, and local corporate-level income taxes and we may incur a 100% excise tax on transactions

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with a TRS if they are not conducted on an arm's-length basis. Any of these taxes would decrease cash available for distribution to our stockholders.

***Complying with the REIT requirements may cause us to forego otherwise attractive acquisition and business opportunities or liquidate otherwise attractive investments.***

To qualify as a REIT for U.S. federal income tax purposes, we must ensure that, at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and "real estate assets" (as defined in the Code). The remainder of our investments (other than government securities, qualified real estate assets and securities issued by a TRS) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our total assets (other than government securities, qualified real estate assets and securities issued by a TRS) can consist of the securities of any one issuer, no more than 20% of the value of our total assets can be represented by securities of one or more TRSs and no more than 25% of the value of our assets can be represented by certain debt instruments issued by "publicly offered REITs." If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within thirty days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate or forego otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.

In addition to the asset tests set forth above, to qualify as a REIT we must continually satisfy tests concerning, among other things, the sources of our income, the amounts we distribute to our stockholders and the ownership of our stock. We may be unable to pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying as a REIT. Thus, compliance with the REIT requirements may hinder our ability to make certain attractive investments.

***We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.***

We have in the past and may in the future acquire properties or portfolios of properties through tax deferred contribution transactions in exchange for partnership units in an operating partnership, which could result in stockholder dilution through the issuance of operating partnership units that, under certain circumstances, may be exchanged for shares of our common stock. This acquisition structure may have the effect of, among other things, reducing the amount of tax depreciation we could deduct over the tax life of the acquired properties, and may require that we agree to restrictions on our ability to dispose of, or refinance the debt on, the acquired properties in order to protect the contributors' ability to defer recognition of taxable gain. Similarly, we may be required to incur or maintain debt we would otherwise not incur so we can allocate the debt to the contributors to maintain their tax bases. These restrictions could limit our ability to sell or refinance an asset at a time, or on terms, that would be favorable absent such restrictions. See "Our tax protection agreement could limit our ability to sell or otherwise dispose of certain properties."

***We may pay dividends on our common stock in common stock and/or cash. Our stockholders may sell shares of our common stock to pay tax on such dividends, placing downward pressure on the market price of our common stock.***

In connection with our qualification as a REIT, we are required to annually distribute to its stockholders at least 90% of our REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain. Although we do not currently intend to do so, in order to satisfy this requirement, we are permitted, subject to certain conditions and limitations, to make distributions that are in part payable in shares of our common stock. Taxable stockholders receiving such distributions will be required to report dividend income as a result of such distribution for both the cash and stock components of the distribution and even though we distributed no cash or only nominal amounts of cash to such shareholder.

If we make any taxable dividend payable in cash and common stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend as ordinary income to the extent of our current and accumulated earnings and profits, as determined for U.S. federal income tax purposes. As a result, stockholders may be required to pay income tax with respect to such dividends in excess of the cash dividends received. If a U.S. stockholder sells shares of our stock that it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of the stock at the time of the sale. Furthermore, with respect to certain non-U.S. stockholders, we may be required to withhold U.S. federal income tax with respect to such dividends, including in respect of all

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or a portion of such dividend that is payable in our stock. If, in any taxable dividend payable in cash and stock, a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may be viewed as economically equivalent to a dividend reduction and put downward pressure on the market price of our stock.

***The ability of our Board of Directors to revoke our REIT election without stockholder approval may cause adverse consequences to our stockholders.***

Our charter provides our Board of Directors with the power, under certain circumstances, to revoke or otherwise terminate our REIT election and cause us to be taxed as a regular corporation, without the approval of our stockholders. If we cease to qualify as a REIT, we would become subject to U.S. federal income tax on our net taxable income and we generally would no longer be required to distribute any of our net taxable income to our stockholders, which may have adverse consequences on our total return to our stockholders.

***Our tax protection agreement could limit our ability to sell or otherwise dispose of certain properties.***

In connection with the acquisition of ten properties from U.S. Restaurant Properties, Inc. ("USRP") in November 2016 and four additional properties from USRP in January 2017, in exchange for FCPT OP units, we entered into a tax protection agreement with affiliates of USRP. The tax protection agreement provides that, if we dispose of any of those 14 properties in a taxable transaction through November 2023 for the initial ten properties or January 2024 for the additional four properties, we will indemnify the USRP partners for their tax liabilities attributable to the built-in gain that existed with respect to those properties as of the time of the acquisition of those properties in November 2016 or January 2017, respectively (and tax liabilities incurred as a result of the reimbursement payment). Consequently, although it otherwise may be in our best interest to sell one of those properties, these obligations may make it prohibitive for us to do so.

***Legislative or other actions affecting REITs could have a negative effect on us.***

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the Treasury Department. Changes to the tax laws, with or without retroactive application, could adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT, the U.S. federal income tax consequences of such qualification or the U.S. federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.

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**Item 1B. Unresolved Staff Comments.**

Not applicable.

**Item 2. Properties.**

Please refer to "Item 1. Business."

**Item 3. Legal Proceedings.**

In the ordinary course of our business, we are party to various claims and legal proceedings that management believes are routine in nature and incidental to the operation of our business. Management believes that the outcome of these proceedings will not have a material adverse effect upon our operations, financial condition or liquidity.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**PART II**

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

***Market Information for Common Stock***

Our common stock has been listed on the New York Stock Exchange under the ticker symbol "FCPT" since November 10, 2015.

***Dividends***

The following table presents the characterizations for tax purposes of such common stock dividends for the year ended December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Record Date** | **Payment Date** | **Total Distribution<br>($ per share)** | **Form 1099<br>Box 1a<br>Ordinary Taxable Dividend<br>($ per share)** | **Form 1099<br>Box 1b<br>Qualified Taxable Dividend<br>($ per share)** | **Form 1099<br>Box 3 <br>Return of Capital<br>($ per share)** | **Form 1099<br>Box 5<br>Section 199A Dividends<br>($ per share)** |
| 1/3/2022 | 1/14/2022 | $0.3325 | $0.3002 | $— | $0.0323 | $0.3002 |
| 3/31/2022 | 4/14/2022 | 0.3325 | 0.3002 |  | 0.0323 | 0.3002 |
| 6/30/2022 | 7/15/2022 | 0.3325 | 0.3002 |  | 0.0323 | 0.3002 |
| 9/30/2022 | 10/14/2022 | 0.3325 | 0.3002 |  | 0.0323 | 0.3002 |
| **Totals** |  | $1.3300 | $1.2008 | $— | $0.1292 | $1.2008 |

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We intend to pay regular quarterly dividends to our stockholders, although future distributions will be declared and paid at the discretion of the Board of Directors and will depend upon cash generated by operating activities, our financial condition, capital requirements, annual distribution requirements under the REIT provision of the Code and such other factors as the Board of Directors deems relevant.

***Holders***

As of February 17, 2023, there were approximately 5,616 registered holders of record of our common stock.

***Sales of Unregistered Securities***

None.

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***Purchases of Equity Securities by the Company and Affiliated Purchasers***

None.

***Equity Compensation Plan***

For information about our equity compensation plan, please see Note 11 of our consolidated financial statements, included in Part II, Item 8 of this Annual Report on Form 10-K.

**Performance Graph** 

The following performance graph compares the cumulative total shareholder return on the Company's common stock over the last five years, based on the market price of the common stock and assuming reinvestments of dividends, with (i) the cumulative total return of the S&P 500 Index, (ii) the cumulative total return of the MSCI US REIT Index ("RMZ") and (iii) the cumulative total return of Dow Jones Industrial Average.

![fcpt-20221231_g1.jpg](fcpt-20221231_g1.jpg)

**Item 6. Reserved**

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

*Statements contained in this Annual Report on Form 10-K, including the documents that are incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Also, when Four Corners Property Trust, Inc. uses any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, Four Corners Property Trust, Inc. is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those anticipated or projected are described in the section entitled "Risk Factors". These factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission.* 

*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. Any references to "FCPT," "the Company," "we," "us," or "our" refer to Four Corners Property Trust, Inc. as an independent, publicly traded, self-administered company.* 

**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 food-service related 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 general partner. We believe that we have operated in conformity with the requirements for qualification and taxation as a REIT for the taxable year ended December 31, 2022, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT.

Our revenues are primarily generated by leasing properties to tenants through net lease arrangements under which the tenants are primarily responsible for ongoing costs relating to the properties, including utilities, property taxes, insurance, common area maintenance charges, and maintenance and repair costs. We focus on income producing properties leased to high quality tenants in major markets across the United States. We also generate revenues by operating seven LongHorn Steakhouse restaurants located in the San Antonio, Texas area (the "Kerrow Restaurant Operating Business") pursuant to franchise agreements with Darden.

In addition to managing our existing properties, our strategy includes investing in additional restaurant and retail properties to grow and diversify our existing portfolio. We expect this acquisition strategy will decrease our reliance on Darden over time. We intend to purchase properties that are well located, occupied by durable concepts, with creditworthy tenants whose operating cash flows are expected to meaningfully exceed their lease payments to us. We seek to improve the probability of successful tenant renewal at the end of initial lease terms by acquiring properties that have high levels of operator profitability compared to rent payments and have absolute rent levels that generally reflect market rates.

In 2022, FCPT engaged in various real estate transactions for a total investment of $296.3 million, including capitalized transaction costs. Pursuant to these transactions, we acquired 115 properties and ground leaseholds, aggregating 824 thousand square feet, and representing 52 brands, including Aspen Dental, Caliber Collision, Chili's Grill & Bar, First Midwest Bank, Jack in the Box, National Tire & Battery, Sonic, Tires Plus, and WellNow Urgent Care.

As of December 31, 2022, our lease portfolio had the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,023 properties located in 47 states and representing an aggregate leasable area of 6.8 million square feet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 99.9% occupancy (based on leasable square footage);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An average remaining lease term of 8.3 years (weighted by annualized base rent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An average annual rent escalation of 1.42% through December 31, 2027 (weighted by annualized base rent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 99.9% of the contractual base rent collected for the year ended December 31, 2022.

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**Results of Operations**

The results of operations for the accompanying consolidated financial statements discussed below are derived from our consolidated statements of comprehensive income ("Comprehensive Income Statement") found elsewhere in this Annual Report on Form 10-K. The following discussion includes the results of our continuing operations as summarized in the table below.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>(In thousands) | **2022** | **2021** | **2020** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental | $193611 | $172812 | $154721 |
| &nbsp;&nbsp;&nbsp;Restaurant | 29583 | 26566 | 16223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 223194 | 199378 | 170944 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 20043 | 17650 | 15046 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 41471 | 34826 | 29433 |
| &nbsp;&nbsp;&nbsp;Property | 7989 | 5040 | 3508 |
| &nbsp;&nbsp;&nbsp;Restaurant | 27822 | 24563 | 16082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 97325 | 82079 | 64069 |
| Interest expense | (36405) | (32555) | (29231) |
| Other income, net | 542 | 36 | 170 |
| Realized gain on sale, net | 8139 | 431 |  |
| Income tax benefit (expense) | (237) | 534 | (247) |
| Net income | 97908 | 85745 | 77567 |
| Net income attributable to noncontrolling interest | (136) | (164) | (235) |
| **Net Income Available to Common Shareholders** | $97772 | $85581 | $77332 |

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***Analysis of Results of Operations***

We operate in two segments, real estate operations and restaurant operations. Our real estate operations generate rental income from leases primarily with restaurant brands, which we recognize on a straight-line basis to include the effect of base rent escalators. Our restaurant operations generate restaurant revenue from operating seven LongHorn Steakhouse restaurants.

In this section, we discuss the results of our operations for the year ended December 31, 2022 compared to the year ended December 31, 2021. For a discussion of the year ended December 31, 2021 compared to the year ended December 31, 2020, please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2021.

***Real Estate Operations***

*Rental Revenue*

Rental revenue increased $20.8 million during the year ended December 31, 2022 compared to the year ended December 31, 2021. This increase is due to recognizing a full year of revenue in 2022 from the 122 properties acquired in 2021, and the acquisition of 115 properties and ground leaseholds in 2022. During the year ended December 31, 2022, we recognized costs paid by the lessor and reimbursed by the lessees within rental revenue of $6.6 million, compared to $3.8 million during the year ended December 31, 2021 due to the increase in the number of mall outparcel and multi-tenant property acquisitions. These amounts are also recognized in property expenses.

We recognize rental income on a straight-line basis to include the effect of base rent escalators, and free rent periods, if any. During the year ended December 31, 2022, amortization of above and below market rents, and lease incentives decreased rental revenue by $2.2 million, as compared to $2.1 million for the year ended December 31, 2021.

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*General and Administrative Expense*

General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expense increased $2.4 million in the year ended December 31, 2022 compared to the year ended December 31, 2021, primarily due to an increase in cash compensation-related expenses and non-cash stock compensation expenses stemming from a higher head count and benefits costs related to employees added in 2021 and 2022, as well as an increase in audit and IT fees related to system enhancements.

*Depreciation and Amortization Expense* 

Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization expense increased by approximately $6.6 million for the year ended December 31, 2022 compared to the year ended December 31, 2021, primarily due to the acquisition of 115 restaurant properties acquired in 2022, and the depreciation on 122 properties acquired in 2021 that incurred a full year of depreciation.

*Property Expense*

We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, and franchise taxes. During the year ended December 31, 2022, we recorded property expenses of $8.0 million, of which $6.6 million was reimbursed by tenants. During the year ended December 31, 2021, we recorded property expenses of $5.0 million, of which $3.8 million was reimbursed by tenants. The non-reimbursed property expenses relate to abandoned deal costs, lease transaction costs and property-level expenses that were the responsibility of the Company rather than the tenant.

*Interest Expense* 

We incur interest expense on our $430 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $575 million of senior unsecured fixed rate notes.

Interest expense increased by approximately $3.9 million for the year ended December 31, 2022 compared to the year ended December 31, 2021. This was primarily due to the issuance of $100 million of senior unsecured fixed rate notes issued in April 2021 and the issuance of $125 million of senior fixed notes in March 2022.

Interest expense, excluding deferred financing costs, on the $430 million of term loans and the interest rate swaps we entered into to hedge the variability associated with the term loans was $13.0 million and $12.6 million for the years ended December 31, 2022 and 2021, respectively. This interest expense includes the reclassification of other comprehensive income into interest expense. Interest expense and fees on our revolving credit facility was $0.7 million and $1.0 million for the years ended December 31, 2022 and 2021, respectively. Amortization of deferred financing costs was $2.1 million and $2.4 million for the years ended December 31, 2022 and 2021, respectively.

For additional information on the Company's debt instruments, see "Liquidity and Financial Condition" below.

*Realized Gain on Sale, Net*

During the year ended December 31, 2022, the Company sold eight properties with a combined net book value of $16.3 million for a realized gain on sale of $8.1 million. During the year ended December 31, 2021, the Company sold two properties with a combined net book value of $2.8 million for a realized gain on sale of $431 thousand.

*Income Taxes* 

During the years ended December 31, 2022 and 2021, income tax expense on real estate operations was $206 thousand and $174 thousand, respectively. Income tax expense on real estate operations consists of state and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to increase.

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***Restaurant Operations***

Restaurant revenues increased approximately $3.0 million in the year ended December 31, 2022 compared to the year ended December 31, 2021, due to increased guest traffic and having a full year of revenue from a seventh restaurant which began operations in April 2021.

Total restaurant expenses increased approximately $3.3 million in the year ended December 31, 2022 compared to the year ended December 31, 2021, primarily due to an increase in cost of goods sold and labor costs and having a full year of restaurant expenses from a seventh restaurant which began operations in April 2021.

During the year ended December 31, 2022, the Company recorded an income tax expense of $31 thousand at the Kerrow Restaurant Operating Business, compared to an income tax benefit of $708 thousand primarily due to the removal of a valuation allowance on net deferred tax assets for the year ended December 31, 2021.

**Critical Accounting Policies and Estimates**

The preparation of FCPT's consolidated financial statements in conformance with accounting principles generally accepted in the United States of America requires management to make estimates on assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as other disclosures in the financial statements. On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on our financial statements. Estimates and assumptions include, among other things, subjective judgments regarding the fair values and useful lives of our properties for depreciation and lease classification purposes, and asset impairment analysis.

A summary of FCPT's accounting policies and procedures are included in Note 2 of our consolidated financial statements, included in Part II, Item 8 of this Annual Report on Form 10-K. Management believes the following critical accounting policies, among others, affect its more significant estimates and assumptions used in the preparation of our consolidated financial statements.

***Real Estate Investments, Net***

Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives using the straight-line method. Leasehold improvements, which are reflected on our Consolidated Balance Sheets as a component of buildings, within land, buildings and equipment, net, are amortized over the lesser of the non-cancelable lease term or the estimated useful lives of the related assets using the straight-line method. Equipment is depreciated over estimated useful lives also using the straight-line method. Real estate development and construction costs for newly constructed restaurants are capitalized in the period in which they are incurred. Gains and losses on the disposal of land, buildings and equipment are included in our accompanying consolidated statements of income ("Income Statement").

Our accounting policies regarding land, buildings and equipment, including leasehold improvements, include our judgments regarding the estimated useful lives of these assets, the residual values to which the assets are depreciated or amortized, the determination of what constitutes a reasonably assured lease term, and the determination as to what constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of reported depreciation and amortization expense if different assumptions were used. As discussed further below, these judgments may also impact our need to recognize an impairment charge on the carrying amount of these assets as the cash flows associated with the assets are realized, or as our expectations of estimated future cash flows change.

*Acquisition of Real Estate* 

The Company evaluates acquisitions to determine whether transactions should be accounted for as asset acquisitions or business combinations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2017-01. The Company has determined the land, building, site improvements, and in-places leases (if any) of assets acquired were each single assets as the building and property improvements are attached to the land and cannot be physically removed and used separately from the land without incurring significant costs or reducing their fair value. Additionally, the Company has not acquired a substantive process used to generate outputs. As substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset and there were no processes acquired, the acquisitions do not

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qualify as businesses and are accounted for as asset acquisitions. Related transaction costs are generally capitalized and amortized over the useful lives of the acquired assets.

The Company allocates the purchase price (including acquisition and closing costs) of real estate acquisitions to land, building, and improvements based on their relative fair values, as-if-vacant, and lease intangibles (if any). In making estimates of fair values for this purpose, the Company uses a third-party specialist that obtains various information about each property, as well as the pre-acquisition due diligence of the Company and prior leasing activities at the site.

*Lease Intangibles*

Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, acquired lease intangibles are valued based on the Company's estimates of costs related to tenant acquisition and the asset carrying costs, including lost revenue, that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above-market and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company's estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease.

In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are generally amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is likely the tenant will exercise the renewal option. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized as an impairment loss included in depreciation and amortization expense. To date, the Company has not had significant early terminations.

***Impairment of Long-Lived Assets***

Land, buildings and equipment and certain other assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events and changes may include macroeconomic conditions, including those caused by global pandemics, like the coronavirus disease pandemic ("COVID-19") and restrictions intended to prevent its spread, which may result in property operational disruption and indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If these assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined by appraisals or sales prices of comparable assets.

The judgments we make related to the expected useful lives of long-lived assets and our ability to realize undiscounted cash flows in excess of the carrying amounts of these assets are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions, changes in usage or operating performance, desirability of the restaurant sites and other factors, such as our ability to sell our assets held for sale. As we assess the ongoing expected cash flows and carrying amounts of our long-lived assets, significant adverse changes in these factors could cause us to realize a material impairment loss.

Exit or disposal activities include the cost of disposing of the assets and are generally expensed as incurred. Upon disposal of the assets, any gain or loss is recorded in the same caption within our Consolidated Income Statements as the original impairment. Provisions for impairment are included in depreciation and amortization expense in the accompanying Consolidated Income Statements.

***Rental Revenue***

For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on a straight-line basis over the applicable lease term when collectability is reasonably assured. Recognizing rental income on a

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straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a deferred rent receivable.

In certain circumstances, the Company may offer tenant allowance funds in exchange for increasing rent, extending the term, and including annual sales reporting among other items. These tenant allowance funds are classified as lease incentives upon payment and are amortized as a reduction to revenue over the lease term. Lease incentives are included in Intangible lease assets, net, on our Consolidated Balance Sheets.

We assess the collectability of our lease receivables, including deferred rents receivable, on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to recover substantially all of the receivable, we derecognize the deferred rent receivable asset and record that amount as a reduction in rental revenue. If we determine the lease receivable will not be collected due to a credit concern, we reduce the recorded revenue for the period and related accounts receivable.

For those leases that provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met, the increased rental revenue is recognized as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. Costs paid by the Company and reimbursed by the lessees are included in variable lease payments and presented on a gross basis within rental revenue. Sales taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental revenue.

***New Accounting Standards***

A discussion of new accounting standards and the possible effects of these standards on our Consolidated Financial Statements is included in Note 2 of our consolidated financial statements, included in Part II, Item 8 of this Annual Report on Form 10-K.

**Liquidity and Financial Condition**

At December 31, 2022, we had $26.3 million of cash and cash equivalents and $250 million of borrowing capacity under our revolving credit facility. The revolving credit facility provides for a letter of credit sub-limit of $25 million. As of February 17, 2023, we had $250 million of borrowing capacity under the revolving credit facility.

***Debt Instruments***

At December 31, 2022, our long-term debt consisted of $430 million of non-amortizing term loans, $0 million in outstanding borrowings under the revolving credit facility, and $575 million aggregate principal amount of senior unsecured fixed rate notes issued by FCPT OP. At December 31, 2021, our long-term debt consisted of $400 million of non-amortizing term loans, $36 million in outstanding borrowings under the revolving credit facility, and $450 million aggregate principal amount of senior unsecured fixed rate notes issued by FCPT OP.

*Term Loan and Revolving Credit Facility*

The Third Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 25, 2022, as amended (the "Loan Agreement"), by and among the Company, FCPT OP, the Agent, the Lenders and the other agents party thereto, provides for a revolving credit facility in an aggregate principal amount of $250 million and a term loan facility in an aggregate principal amount of $430 million. The Loan Agreement has an accordion feature allowing the facility to be increased by an additional aggregate amount not to exceed $350 million subject to obtaining lender commitments and other customary conditions. Additionally, the amendment to the Loan Agreement converted the revolving credit facility from LIBOR to SOFR-based borrowings, and the Company and counterparties converted the related interest rate swaps concurrently.

The Loan Agreement provides that $150 million will mature on November 9, 2025, $100 million will mature on November 9, 2026, $90 million will mature on January 9, 2027, and $90 million will mature on January 9, 2028. The revolving credit facility portion will mature on November 9, 2025 with one six-month extension option. The Company intends to exercise the extension option or refinance prior to maturity.

At December 31, 2022 and 2021, the weighted average interest rate on the term loans, after consideration of the interest rate hedges, was 3.42% and 2.93%, respectively. At December 31, 2022 there were no outstanding borrowings under the

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revolving credit facility and no outstanding letters of credit. At December 31, 2021, there were outstanding borrowings of $36 million under the revolving credit facility and no outstanding letters of credit.

We have entered into the following interest rate swaps to hedge the interest rate variability associated with the Loan Agreement as of December 31, 2022. These hedging agreements were entered into to mitigate the interest rate risk inherent in FCPT OP's variable rate debt and not for trading purposes. These swaps are accounted for as cash flow hedges with all interest income and expense recorded as a component of net income and other valuation changes recorded as a component of other comprehensive income. The following table presents the swaps held as of December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Notional Amount <br>($ in thousands)** | **Effective Date** | **Maturity Date** | **Fixed Rate to Pay** | **Variable Rate to Receive** |
| $100000 | 10/25/2022 | 11/9/2023 | 2.19% | Daily Simple SOFR + 10 bps |
| 150000 | 11/9/2022 | 11/9/2024 | 1.88% | Daily Simple SOFR + 10 bps |
| 50000 | 10/25/2022 | 11/9/2025 | 0.44% | Daily Simple SOFR + 10 bps |
| 25000 | 11/9/2022 | 11/9/2025 | 2.70% | Daily Simple SOFR + 10 bps |
| 50000 | 11/9/2023 | 11/9/2025 | 0.82% | Daily Simple SOFR + 10 bps |
| 25000 | 11/9/2023 | 11/9/2026 | 3.65% | Daily Simple SOFR + 10 bps |
| 25000 | 10/25/2025 | 11/9/2028 | 2.25% | 1m Term SOFR |
| 50000 | 11/10/2025 | 11/9/2027 | 1.48% | Daily Simple SOFR + 10 bps |
| 50000 | 11/10/2025 | 11/9/2027 | 1.54% | Daily Simple SOFR + 10 bps |
| 50000 | 11/10/2025 | 11/9/2028 | 1.49% | Daily Simple SOFR + 10 bps |
| 50000 | 11/10/2025 | 11/9/2028 | 2.02% | Daily Simple SOFR + 10 bps |

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During the year ended December 31, 2022, we entered into three interest rate swaps to hedge the interest rate variability associated with the term loan portion of our revolving credit facility.

The Company enters into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of long-term debt. The Company has hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 15, 2033. As of December 31, 2022, these interest rate swaps were valued as an asset of approximately $7.4 million within derivative assets.

The Company has issued the following $575 million of senior unsecured fixed rate notes (together, the "Notes") in private placements pursuant to note purchase agreements with the various purchasers.

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| | | | |
|:---|:---|:---|:---|
|<br>(Dollars in thousands) | **Maturity**<br>**Date** | **Interest**<br>**Rate** | **Outstanding Balance**<br>**December 31, 2022** |
| **Notes Payable:** |  |  |  |
| Senior unsecured fixed rate note, issued June 2017 | Jun 2024 | 4.68% | $50000 |
| Senior unsecured fixed rate note, issued December 2018 | Dec 2026 | 4.63% | 50000 |
| Senior unsecured fixed rate note, issued June 2017 | Jun 2027 | 4.93% | 75000 |
| Senior unsecured fixed rate note, issued December 2018 | Dec 2028 | 4.76% | 50000 |
| Senior unsecured fixed rate note, issued April 2021 | Apr 2029 | 2.74% | 50000 |
| Senior unsecured fixed rate note, issued March 2020 | Jun 2029 | 3.15% | 50000 |
| Senior unsecured fixed rate note, issued March 2020 | Apr 2030 | 3.20% | 75000 |
| Senior unsecured fixed rate note, issued March 2022 | Mar 2031 | 3.09% | 50000 |
| Senior unsecured fixed rate note, issued April 2021 | Apr 2031 | 2.99% | 50000 |
| Senior unsecured fixed rate note, issued March 2022 | Mar 2032 | 3.11% | 75000 |
| **Total Notes** |  |  | $575000 |

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***Capital Resources and Financing Strategy***

On a short-term basis, our principal demands for funds will be for operating expenses, distributions to shareholders and interest and principal on current and any future debt financings. We expect to fund our operating expenses and other short-term liquidity requirements, capital expenditures, payment of principal and interest on our outstanding indebtedness, property improvements, re-leasing costs and cash distributions to common shareholders, primarily through cash provided by operating activities. We expect to fund acquisitions, investments, and other capital expenditures, from borrowings under our $250 million revolving credit facility and equity securities. At times the Company may evaluate opportunities to sell certain assets and redeploy the capital into new properties.

We have an effective shelf registration statement on file with the SEC under which we may issue equity financing through the instruments and on the terms most attractive to us at such time. On November 7, 2022, the Company established a new at-the-market equity program (the "current ATM program") pursuant to which the Company is able to sell from time to time shares of our common stock having an aggregate sales price of up to $450 million. The current ATM program replaces the Company's prior $350 million ATM program, which was established on February 24, 2021 (the "prior ATM program" and together with the current ATM program, the "ATM programs"), under which the Company had sold shares of its common stock having an aggregate gross sales price of $256.7 million through November 7, 2022. The ATM programs contemplate that, in addition to the issuance and sale by the Company of shares of common stock to or through the agents, the Company may enter into separate forward sale agreements with one of the agents or one of their respective affiliates (in such capacity, each, a "forward purchaser" and, collectively, the "forward purchasers"). When the Company enters into a forward sale agreement with any forward purchaser, we expect that such forward purchaser will attempt to borrow from third parties and sell, through the relevant agent, acting as sales agent for such forward purchaser, shares of our common stock to hedge such forward purchaser's exposure under such forward sale agreement. The Company will not initially receive any proceeds from any sale of shares of our common stock borrowed by a forward purchaser and sold through a forward seller. The use of forward sale agreements allows the Company to lock in a share price on the sale of shares of common stock at the time the respective forward sale agreements are executed but defer settling the forward sale agreements and receiving the proceeds from the sale of shares until a later date.

We currently expect to fully physically settle any future forward sale agreement with the relevant forward purchaser on one or more dates specified by us on or prior to the maturity date of such forward sale agreement, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward sale agreement multiplied by the relevant forward price per share. However, subject to certain exceptions, we may also elect, in our sole discretion, to cash settle or net share settle all or any portion of our obligations under any forward sale agreement, in which case we may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and we may owe cash (in the case of cash settlement) or shares of our common stock (in the case of net share settlement) to the relevant forward purchaser.

During 2022, we issued 5,253,257 shares under the ATM programs, including physically settled forward sale agreements, at a weighted-average selling price of $27.46 per share, for net proceeds of approximately $141.8 million (after issuance costs). The net proceeds were employed to fund acquisitions and for general corporate purposes. As of December 31, 2022, there was $376.9 million available for issuance under the current ATM program.

On a long-term basis, our principal demands for funds include payment of dividends, financing of property acquisitions, and scheduled debt maturities. We plan to meet our long-term capital needs by issuing debt or equity securities or by obtaining asset level financing, subject to market conditions. In addition, we may issue common stock to permanently finance properties that were financed on an intermediate basis by our revolving credit facility or other indebtedness. In the future, we may also acquire properties by issuing partnership interests of FCPT OP in exchange for property owned by third parties. Our common partnership interests would be redeemable for cash or shares of our common stock, at FCPT's election.

We continually evaluate alternative financing and believe that we can obtain financing on reasonable terms. However, we cannot be assured that we will have access to the capital markets at times and at terms that are acceptable to us. We expect that our primary uses of capital will be for property and other asset acquisitions and the funding of tenant improvements and other capital expenditures, and debt refinancing.

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Because the properties in our portfolio are generally leased to tenants under net leases, where the tenant is responsible for property operating costs and expenses, our exposure to rising property operating costs due to inflation is mitigated. Interest rates and other factors, such as occupancy, rental rate and the financial condition of our tenants, influence our performance more so than does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. As described above, we currently offer leases that provide for payments of base rent with scheduled annual fixed increases.

**Supplemental Financial Measures**

The following table presents a reconciliation of GAAP net income to Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") for the years ended December 31, 2022, 2021, and 2020.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>(In thousands, except share and per share data) | **2022** | **2021** | **2020** |
| Net income | $97908 | $85745 | $77567 |
| Depreciation and amortization | 41342 | 34715 | 29351 |
| Realized gain on sales of real estate | (8139) | (431) |  |
| **Funds from Operations (FFO) (as defined by NAREIT)** | 131111 | 120029 | 106918 |
| Straight-line rent adjustment | (6372) | (7583) | (8588) |
| Recognized rental revenue abated <sup>(1)</sup> |  |  | (1568) |
| Deferred income tax benefit <sup>(2)</sup> | (125) | (864) |  |
| Stock-based compensation expense | 4978 | 3948 | 3376 |
| Non-cash amortization of deferred financing costs | 2104 | 2368 | 2132 |
| Non-real estate investment depreciation | 129 | 111 | 82 |
| Amortization of above and below market leases, net | 2151 | 2119 | 1296 |
| **Adjusted Funds from Operations (AFFO)** | $133976 | $120128 | $103648 |
| **Fully diluted shares outstanding** <sup>(3)</sup> | 81921624 | 76986538 | 71823973 |
| FFO per diluted share | $1.60 | $1.56 | $1.49 |
| AFFO per diluted share | $1.64 | $1.56 | $1.44 |
| (1) Amount represents base rent that the Company abated as a result of lease amendments. In 2020, the Company abated $1.57 million of rental revenue recognized in the second and third quarters of 2020. The receivables associated with the abatements were recognized as lease incentives and will be amortized as a reduction to rental revenue over the amended lease terms. | (1) Amount represents base rent that the Company abated as a result of lease amendments. In 2020, the Company abated $1.57 million of rental revenue recognized in the second and third quarters of 2020. The receivables associated with the abatements were recognized as lease incentives and will be amortized as a reduction to rental revenue over the amended lease terms. | (1) Amount represents base rent that the Company abated as a result of lease amendments. In 2020, the Company abated $1.57 million of rental revenue recognized in the second and third quarters of 2020. The receivables associated with the abatements were recognized as lease incentives and will be amortized as a reduction to rental revenue over the amended lease terms. | (1) Amount represents base rent that the Company abated as a result of lease amendments. In 2020, the Company abated $1.57 million of rental revenue recognized in the second and third quarters of 2020. The receivables associated with the abatements were recognized as lease incentives and will be amortized as a reduction to rental revenue over the amended lease terms. |
| (2) Amount represents non-cash deferred income tax benefit in 2022 and the removal of a valuation allowance on net deferred tax assets in 2021 at Kerrow Restaurant Operating Business. | (2) Amount represents non-cash deferred income tax benefit in 2022 and the removal of a valuation allowance on net deferred tax assets in 2021 at Kerrow Restaurant Operating Business. | (2) Amount represents non-cash deferred income tax benefit in 2022 and the removal of a valuation allowance on net deferred tax assets in 2021 at Kerrow Restaurant Operating Business. | (2) Amount represents non-cash deferred income tax benefit in 2022 and the removal of a valuation allowance on net deferred tax assets in 2021 at Kerrow Restaurant Operating Business. |
| (3) Assumes the issuance of common shares for OP units held by non-controlling interests. | (3) Assumes the issuance of common shares for OP units held by non-controlling interests. | (3) Assumes the issuance of common shares for OP units held by non-controlling interests. | (3) Assumes the issuance of common shares for OP units held by non-controlling interests. |

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***Non-GAAP Definitions***

The certain non-GAAP financial measures included above management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, and to cash flows from operating, investing or financing activities as a measure of profitability and/or liquidity, computed in accordance with U.S. GAAP.

FFO is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by the NAREIT. FFO represents net income (loss) computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition.

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Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any U.S. GAAP measure, including net income.

Adjusted Funds from Operations is a non-U.S. GAAP measure that is used as a supplemental operating measure specifically for comparing year-over-year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate AFFO by adding to or subtracting from FFO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Transaction costs incurred in connection with business combinations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Straight-line rent revenue adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Stock-based compensation expense

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Non-cash amortization of deferred financing costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Other non-cash interest expense (income)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Non-real estate investment depreciation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Merger, restructuring and other related costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Impairment charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Amortization of capitalized leasing costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Debt extinguishment gains and losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Non-cash expense (income) adjustments related to deferred tax benefits

AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs.

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

We are exposed to financial market risks, especially interest rate risk. Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and global economic and political conditions, and other factors which are beyond our control. Our operating results will depend heavily on the difference between the revenue from our assets and the interest expense incurred on our borrowings. We may incur additional variable rate debt in the future, including amounts that we may borrow under our revolving credit facility. We consider certain risks associated with the use of variable rate debt, including those described under "Item 1A. Risk Factors - Risks Related to Our Business - An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price, and a decrease in market interest rates could lead to additional competition for the acquisition of real estate, which could adversely affect our results of operations." The objective of our interest rate risk management policy is to match fund fixed-rate assets with fixed-rate liabilities and variable-rate assets with variable-rate liabilities. As of December 31, 2022, our assets were primarily long-term, fixed-rate leases (though most have scheduled rental increases during the terms of the leases).

As of December 31, 2022, $575.0 million of our total indebtedness consisted of senior unsecured fixed rated notes. The remaining $430.0 million of our total indebtedness consisted of three to five-year variable-rate obligations for which we have entered into swaps that effectively fix $325 million through November 2023. We intend to continue our practice of employing interest rate derivative contracts, such as interest rate swaps and futures, to reduce our exposure, on specific transactions or on a portfolio basis, to changes in cash flows as a result of interest rate changes. We do not intend to enter into derivative contracts for speculative or trading purposes. We generally intend to utilize derivative instruments to hedge interest rate risk on our liabilities and not use derivatives for other purposes, such as hedging asset-related risks. We consider certain risks associated with the use of derivative instruments, including those described under "Item 1A. Risk Factors - Risks Related to Our Business - Hedging transactions could have a negative effect on our results of operations."

Due to the fixed rate nature of $325.0 million of our indebtedness and the hedging transactions described above, a hypothetical one percentage point decline in interest rates would not have materially affected our consolidated financial position, results of operations or cash flows as of December 31, 2022.

------

**Item 8. Financial Statements and Supplementary Data.**

Financial Statements and Supplementary Data consist of financial statements as indexed on page F-1.

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

None.

**Item 9A. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

We have established and maintain disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers as appropriate, to allow timely decisions regarding required disclosure.

Our management, with participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2022. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2022.

***Management Report on Internal Control Over Financial Reporting***

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system is designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2022. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) in Internal Control-Integrated Framework. Based on its assessment and those criteria, our management concluded that, as of December 31, 2022 our internal control over financial reporting is effective.

KPMG LLP, an independent registered public accounting firm, has audited the consolidated financial statements included in this annual report on Form 10-K and, as part of their audit, has issued a report, included herein, on the effectiveness of the Company's internal control over financial reporting.

***Changes in Internal Control over Financial Reporting***

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2022 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information.**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

------

**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance.**

The information required by Item 10 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

**Item 11. Executive Compensation.**

The information required by Item 11 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

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

The information required by Item 12 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

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

The information required by Item 13 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

**Item 14. Principal Accounting Fees and Services.**

The information required by Item 14 is incorporated herein by reference to the definitive Proxy Statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.

------

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For Financial Statements, see Index to Financial Statements on page F-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For Exhibits, see Index to Exhibits on page E-1.

**Item 16. Form 10-K Summary**

&nbsp;&nbsp;&nbsp;&nbsp;None.

------

**FOUR CORNERS PROPERTY TRUST, INC.**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| Audited Consolidated Financial Statements |  |
| <u>[Reports of Independent Registered Public Accounting Firm](#ie4b2f51f02b640aeb9df204eeaa5c587_97)</u> (Auditor Firm ID: 185) | <u>F-[2](#ie4b2f51f02b640aeb9df204eeaa5c587_97)</u> |
| <u>[Consolidated Balance Sheets as of December 31,](#ie4b2f51f02b640aeb9df204eeaa5c587_100)</u><u>2022</u><u>[and](#ie4b2f51f02b640aeb9df204eeaa5c587_100)</u><u>2021</u> | <u>F-[5](#ie4b2f51f02b640aeb9df204eeaa5c587_100)</u> |
| <u>[Consolidated Statements of Income for the Years Ended December 31,](#ie4b2f51f02b640aeb9df204eeaa5c587_103)</u><u>2022</u><u>[,](#ie4b2f51f02b640aeb9df204eeaa5c587_103)</u><u>2021</u><u>[, and](#ie4b2f51f02b640aeb9df204eeaa5c587_103)</u><u>2020</u> | <u>F-[6](#ie4b2f51f02b640aeb9df204eeaa5c587_103)</u> |
| <u>[Consolidated Statements of Comprehensive Income for the Years Ended December 31,](#ie4b2f51f02b640aeb9df204eeaa5c587_106)</u><u>2022</u><u>[,](#ie4b2f51f02b640aeb9df204eeaa5c587_106)</u><u>2021</u><u>[, and](#ie4b2f51f02b640aeb9df204eeaa5c587_106)</u><u>2020</u> | <u>F-[7](#ie4b2f51f02b640aeb9df204eeaa5c587_106)</u> |
| <u>[Consolidated Statements of Changes in Equity for the Years Ended December 31,](#ie4b2f51f02b640aeb9df204eeaa5c587_109)</u><u>2022</u><u>[,](#ie4b2f51f02b640aeb9df204eeaa5c587_109)</u><u>2021</u><u>[, and](#ie4b2f51f02b640aeb9df204eeaa5c587_109)</u><u>2020</u> | <u>F-[8](#ie4b2f51f02b640aeb9df204eeaa5c587_109)</u> |
| <u>[Consolidated Statements of Cash Flows for the Years Ended December 31,](#ie4b2f51f02b640aeb9df204eeaa5c587_112)</u><u>2022</u><u>[,](#ie4b2f51f02b640aeb9df204eeaa5c587_112)</u><u>2021</u><u>[, and](#ie4b2f51f02b640aeb9df204eeaa5c587_112)</u><u>2020</u> | <u>F-[9](#ie4b2f51f02b640aeb9df204eeaa5c587_112)</u> |
| <u>[Notes to Consolidated Financial Statements](#ie4b2f51f02b640aeb9df204eeaa5c587_115)</u> | <u>F-[10](#ie4b2f51f02b640aeb9df204eeaa5c587_115)</u> |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Four Corners Property Trust, Inc.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheets of Four Corners Property Trust, Inc. and subsidiaries (the Company) as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes and financial statement schedule III - schedule of real estate assets and accumulated depreciation (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021 and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 17, 2023 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Assessment of impairment of long-lived assets*

As discussed in Note 2 to the consolidated financial statements, the Company is required to test their long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The Company's long-lived assets primarily consist of the total real estate investment and the related intangible lease assets, net of accumulated depreciation and amortization, which had a balance of $2.1 billion as of December 31, 2022.

------

We identified the assessment of the events or changes in circumstances that indicate the carrying amount of long-lived assets may not be recoverable as a critical audit matter. Specifically, a higher degree of auditor judgment was required in identifying and evaluating the estimated time the Company expects to own the long-lived assets. Significant changes in the estimated time the Company expects to own the long-lived asset could indicate that the carrying amount of long-lived assets may not be recoverable.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of an internal control over the Company's impairment process, which included the identification and evaluation of the period of time the Company expects to own long-lived assets. We obtained written representation from management regarding the status of potential plans to dispose of long-lived assets. We also read board of directors meeting minutes, inspected other internal documentation such as strategic plans and property marketing information, and inquired of members of management involved in the identification and approval of long-lived asset sales to assess the estimated time the Company expects to own the long-lived assets.

/s/ KPMG LLP

We have served as the Company's auditor since 2015.

San Francisco, California

February 17, 2023

------

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Four Corners Property Trust, Inc.:

*Opinion on Internal Control Over Financial Reporting*

We have audited Four Corners Property Trust, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2022 and the related notes and financial statement schedule III - schedule of real estate assets and accumulated depreciation (collectively, the consolidated financial statements), and our report dated February 17, 2023 expressed an unqualified opinion on those consolidated financial statements.

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

San Francisco, California

February 17, 2023

------

**FOUR CORNERS PROPERTY TRUST, INC.** 

**CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| **ASSETS** |  |  |
| Real estate investments: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $1115827 | $966565 |
| &nbsp;&nbsp;&nbsp;Buildings, equipment and improvements | 1539875 | 1437840 |
| &nbsp;&nbsp;&nbsp;Total real estate investments | 2655702 | 2404405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated depreciation | (706702) | (682430) |
| &nbsp;&nbsp;&nbsp;Real estate investments, net | 1949000 | 1721975 |
| &nbsp;&nbsp;&nbsp;Intangible real estate assets, net | 106206 | 104251 |
| Total real estate investments and intangible real estate assets, net | 2055206 | 1826226 |
| Real estate held for sale | 7522 |  |
| Cash and cash equivalents | 26296 | 6300 |
| Straight-line rent adjustment | 61027 | 55397 |
| Derivative assets | 35276 | 2591 |
| Deferred tax assets | 988 | 864 |
| Other assets | 12272 | 11602 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $2198587 | $1902980 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of deferred financing costs | $995477 | $877591 |
| &nbsp;&nbsp;&nbsp;Dividends payable | 29064 | 26655 |
| &nbsp;&nbsp;&nbsp;Rent received in advance | 11710 | 11311 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | 9 | 7517 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 24017 | 16014 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1060277 | 939088 |
| Equity: |  |  |
| &nbsp;&nbsp;Preferred stock, par value $0.0001 per share, 25,000,000 authorized, zero shares issued and outstanding. |  |  |
| &nbsp;&nbsp;Common stock, par value $0.0001 per share; 500,000,000 shares authorized, 85,637,293 and 80,279,217 shares issued and outstanding at December 31, 2022 and 2021, respectively | 9 | 8 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1104522 | 958737 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 576 | 12753 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 30944 | (9824) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 2259 | 2218 |
| &nbsp;&nbsp;&nbsp;Total equity | 1138310 | 963892 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $2198587 | $1902980 |

---

The accompanying notes are an integral part of this financial statement.

------

**FOUR CORNERS PROPERTY TRUST, INC.** 

**CONSOLIDATED STATEMENTS OF INCOME** 

**(In thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental | $193611 | $172812 | $154721 |
| &nbsp;&nbsp;&nbsp;Restaurant | 29583 | 26566 | 16223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 223194 | 199378 | 170944 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 20043 | 17650 | 15046 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 41471 | 34826 | 29433 |
| &nbsp;&nbsp;&nbsp;Property | 7989 | 5040 | 3508 |
| &nbsp;&nbsp;&nbsp;Restaurant | 27822 | 24563 | 16082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 97325 | 82079 | 64069 |
| Interest expense | (36405) | (32555) | (29231) |
| Other income, net | 542 | 36 | 170 |
| Realized gain on sale, net | 8139 | 431 |  |
| Income tax (expense) benefit | (237) | 534 | (247) |
| Net income | 97908 | 85745 | 77567 |
| Net income attributable to noncontrolling interest | (136) | (164) | (235) |
| **Net Income Available to Common Shareholders** | $97772 | $85581 | $77332 |
| Basic net income per share: | $1.20 | $1.12 | $1.08 |
| Diluted net income per share: | $1.20 | $1.11 | $1.08 |
| Weighted average number of common shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 81590124 | 76674046 | 71312326 |
| &nbsp;&nbsp;&nbsp;Diluted | 81807065 | 76838569 | 71609068 |
| Dividends declared per common share | $1.3375 | $1.2850 | $1.2325 |

---

The accompanying notes are an integral part of this financial statement.

------

**FOUR CORNERS PROPERTY TRUST, INC.** 

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME** 

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| Net income | $97908 | $85745 | $77567 |
| Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;Effective portion of change in fair value of derivative instruments | 39396 | 8925 | (26410) |
| &nbsp;&nbsp;Reclassification adjustment of derivative instruments included in net income | 1430 | 6977 | 4170 |
| &nbsp;&nbsp;Other comprehensive income (loss) | 40826 | 15902 | (22240) |
| Comprehensive income | 138734 | 101647 | 55327 |
| &nbsp;&nbsp;Less: comprehensive income attributable to noncontrolling interest |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 136 | 164 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) attributable to noncontrolling interest | 58 | 31 | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income attributable to noncontrolling interest | 194 | 195 | 151 |
| **Comprehensive Income Attributable to Common Shareholders** | $138540 | $101452 | $55176 |

---

The accompanying notes are an integral part of this financial statement.

------

**FOUR CORNERS PROPERTY TRUST, INC.** 

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Noncontrolling Interest** | **Total** |
| | **Shares** | **Amount** | **Additional Paid-in Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Noncontrolling Interest** | **Total** |
| Balance at December 31, 2019 | 70020660 | $7 | $686181 | $38401 | $(3539) | $5691 | $726741 |
| Net income |  |  |  | 77332 |  | 235 | 77567 |
| Realized and unrealized gain on derivative instruments |  |  |  |  | (22156) | (84) | (22240) |
| Redemption of OP units | 90000 |  | 1720 |  |  | (2533) | (813) |
| Dividends paid and declared on common stock |  |  |  | (89061) |  | (248) | (89309) |
| ATM proceeds, net of issuance costs | 5640900 | 1 | 151745 |  |  |  | 151746 |
| Stock-based compensation, net | 123406 |  | 809 |  |  |  | 809 |
| Balance at December 31, 2020 | 75874966 | 8 | 840455 | 26672 | (25695) | 3061 | 844501 |
| Net income |  |  |  | 85581 |  | 164 | 85745 |
| Realized and unrealized loss on derivative instruments |  |  |  |  | 15871 | 31 | 15902 |
| Redemption of OP units | 44833 |  | 862 |  |  | (862) |  |
| Dividends paid and declared on common stock |  |  |  | (99500) |  | (176) | (99676) |
| ATM proceeds, net of issuance costs | 4198006 |  | 116506 |  |  |  | 116506 |
| Stock-based compensation, net | 161412 |  | 914 |  |  |  | 914 |
| Balance at December 31, 2021 | 80279217 | 8 | 958737 | 12753 | (9824) | 2218 | 963892 |
| Net income |  |  |  | 97772 |  | 136 | 97908 |
| Realized and unrealized loss on derivative instruments |  |  |  |  | 40768 | 58 | 40826 |
| Redemption of OP units |  |  |  |  |  |  |  |
| Dividends paid and declared on common stock |  |  |  | (109949) |  | (153) | (110102) |
| ATM proceeds, net of issuance costs | 5253257 | 1 | 141825 |  |  |  | 141826 |
| Stock-based compensation, net | 104819 |  | 3960 |  |  |  | 3960 |
| Balance at December 31, 2022 | 85637293 | $9 | $1104522 | $576 | $30944 | $2259 | $1138310 |

---

The accompanying notes are an integral part of this financial statement.

------

**FOUR CORNERS PROPERTY TRUST, INC.** 

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands)**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2020** |
| **Cash flows - operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $97908 | $85745 | $77567 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 41471 | 34826 | 29433 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of land, building, and equipment | (8139) | (431) |  |
| &nbsp;&nbsp;&nbsp;Non-cash revenue adjustments | 2151 | 2119 | 1296 |
| &nbsp;&nbsp;&nbsp;Amortization of financing costs | 2104 | 2368 | 2132 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 4978 | 3948 | 3376 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (125) | (864) |  |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative assets and liabilities | 633 | 2873 | (7839) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | (6372) | (7583) | (8588) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent received in advance | 399 | (615) | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (lease incentives) | 72 | (1215) | (4238) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 6920 | 1245 | (3144) |
| Net cash provided by operating activities | 142000 | 122416 | 91458 |
| **Cash flows - investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in real estate | (296270) | (268389) | (230533) |
| &nbsp;&nbsp;&nbsp;Net proceeds from sale of operating real estate | 24986 | 3343 |  |
| &nbsp;&nbsp;Advance deposits on acquisition of operating real estate | 384 | 129 | 1460 |
| Net cash used in investing activities | (270900) | (264917) | (229073) |
| **Cash flows - financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from ATM equity issuance | 141826 | 116506 | 151746 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of senior notes | 125000 | 100000 | 125000 |
| &nbsp;&nbsp;&nbsp;Proceeds from term loan borrowing | 30000 |  |  |
| &nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (3219) | (4656) | (1194) |
| &nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility | 28000 | 190500 | 176500 |
| &nbsp;&nbsp;&nbsp;Repayment of revolving credit facility | (64000) | (164500) | (218500) |
| &nbsp;&nbsp;&nbsp;Payment of dividend to shareholders | (107540) | (96903) | (86328) |
| &nbsp;&nbsp;&nbsp;Distribution to non-controlling interests | (153) | (176) | (248) |
| &nbsp;&nbsp;&nbsp;Redemption of non-controlling interests |  |  | (813) |
| &nbsp;&nbsp;&nbsp;Shares withheld for taxes upon vesting | (1018) | (3034) | (2567) |
| Net cash provided by financing activities | 148896 | 137737 | 143596 |
| Net increase (decrease) in cash and cash equivalents, including restricted cash | 19996 | (4764) | 5981 |
| Cash and cash equivalents, including restricted cash, beginning of year | 6300 | 11064 | 5083 |
| **Cash and cash equivalents, including restricted cash, ending of year** | $26296 | $6300 | $11064 |
| **Supplemental disclosures:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | $30696 | $22745 | $23227 |
| &nbsp;&nbsp;&nbsp;Taxes paid | $332 | $314 | $597 |
| &nbsp;&nbsp;&nbsp;Operating lease payments received (lessor) | $182806 | $163376 | $143146 |
| &nbsp;&nbsp;&nbsp;Operating lease payments remitted (lessee) | $903 | $878 | $698 |
| **Non - cash investing and financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends declared but not paid | $29064 | $26655 | $24058 |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative instruments | $40193 | $13029 | $(14401) |

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The accompanying notes are an integral part of this financial statement.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 – ORGANIZATION**

Four Corners Property Trust, Inc. (together with its subsidiaries, "FCPT") is an independent, publicly traded, self-administered company, primarily engaged in the ownership, acquisition and leasing of restaurant properties. Substantially all of our business is conducted through Four Corners Operating Partnership, LP ("FCPT OP"), a Delaware limited partnership of which we are the initial and substantial limited partner. Our wholly owned subsidiary, Four Corners GP, LLC ("FCPT GP"), is its sole general partner.

Any references to "the Company," "we," "us," or "our," refer to FCPT as an independent, publicly traded, self-administered company.

FCPT was 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 triple-net basis, for use in the restaurant and related food service industries. On November 9, 2015, Darden completed a spin-off of FCPT whereby Darden contributed to us 100% of the equity interest in entities that own 418 properties in which Darden operates restaurants, representing five of their brands, and six LongHorn Steakhouse restaurants located in the San Antonio, Texas area (the "Kerrow Restaurant Operating Business") along with the underlying properties or interests therein associated with 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, which was November 2, 2015, as well as cash in lieu of any fractional shares of our common stock which they would have otherwise received.

We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a "REIT") for U.S. 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 a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our adjusted taxable income to our shareholders, subject to certain adjustments and excluding any net capital gain. As a REIT, we will not be subject to federal corporate income tax on that portion of net income that is distributed to our shareholders. However, FCPT's taxable REIT subsidiaries ("TRS") will generally be subject to federal, state, and local income taxes. We made our REIT election upon the filing of our 2016 tax return.

**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 Four Corners Property Trust, Inc. and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

The Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary to a fair presentation of the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature.

***Use of Estimates***

The preparation of these Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. The estimates and assumptions used in the accompanying Consolidated Financial Statements are based on management's evaluation of the relevant facts and circumstances. Actual results may differ from the estimates and assumptions used in preparing the accompanying Consolidated Financial Statements, and such differences could be material.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

***Real Estate Investments, Net***

Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from seven to fifty-five years using the straight-line method. Leasehold improvements, which are reflected on our Consolidated Balance Sheets as a component of buildings, equipment, and improvements, net, are amortized over the lesser of the non-cancelable lease term or the estimated useful lives of the related assets using the straight-line method. Equipment is depreciated over estimated useful lives ranging from two to fifteen years also using the straight-line method. Real estate development and construction costs for newly constructed restaurants are capitalized in the period in which they are incurred. Gains and losses on the disposal of land, buildings and equipment are included in realized gain on sale, net in our accompanying Consolidated Statements of Income ("Income Statements").

Our accounting policies regarding land, buildings, equipment, and improvements, include our judgments regarding the estimated useful lives of these assets, the residual values to which the assets are depreciated or amortized, the determination of what constitutes a reasonably assured lease term, and the determination as to what constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of reported depreciation and amortization expense if different assumptions were used. As discussed further below, these judgments may also impact our need to recognize an impairment charge on the carrying amount of these assets as the cash flows associated with the assets are realized, or as our expectations of estimated future cash flows change.

*Acquisition of Real Estate* 

The Company evaluates acquisitions to determine whether transactions should be accounted for as asset acquisitions or business combinations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2017-01. The Company has determined the land, building, site improvements, and in-places leases (if any) of assets acquired were each single assets as the building and property improvements are attached to the land and cannot be physically removed and used separately from the land without incurring significant costs or reducing their fair value. Additionally, the Company has not acquired a substantive process used to generate outputs. As substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset and there were no processes acquired, the acquisitions do not qualify as businesses and are accounted for as asset acquisitions. Related transaction costs are generally capitalized and amortized over the useful lives of the acquired assets.

The Company allocates the purchase price (including acquisition and closing costs) of real estate acquisitions to land, building, and improvements based on their relative fair values. The determination of the building fair value is on an 'as-if-vacant' basis. Value is allocated to acquired lease intangibles (if any) based on the costs avoided and revenue recognized by acquiring the property subject to lease and avoiding an otherwise 'dark period'. In making estimates of fair values for this purpose, the Company uses a third-party specialist that obtains various information about each property, as well as the pre-acquisition due diligence of the Company and prior leasing activities at the site.

*Lease Intangibles*

Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, acquired lease intangibles are valued based on the Company's estimates of costs related to tenant acquisition and the asset carrying costs, including lost revenue, that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above-market and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company's estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease.

In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are generally amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is likely the tenant will exercise the renewal option. Should a lease terminate early, the

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

unamortized portion of any related lease intangible is immediately recognized as an impairment loss included in depreciation and amortization expense. To date, the Company has not had significant early terminations.

Finance ground lease assets are also included in intangible real estate assets, net on the Consolidated Balance Sheets. See *Leases* below for additional information.

***Impairment of Long-Lived Assets***

Land, buildings and equipment and certain other assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events and changes may include macroeconomic conditions, including those caused by global pandemics, like the recent coronavirus disease pandemic ("COVID-19") and restrictions intended to prevent its spread, which may result in property operational disruption and indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If these assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined by appraisals or sales prices of comparable assets.

The judgments we make related to the expected useful lives of long-lived assets and our ability to realize undiscounted cash flows in excess of the carrying amounts of these assets are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions, changes in usage or operating performance, desirability of the restaurant sites and other factors, such as our ability to sell our assets held for sale. As we assess the ongoing expected cash flows and carrying amounts of our long-lived assets, significant adverse changes in these factors could cause us to realize a material impairment loss.

Exit or disposal activities include the cost of disposing of the assets and are generally expensed as incurred. Upon disposal of the assets, any gain or loss is recorded in the same caption within our Consolidated Income Statements as the original impairment. Provisions for impairment are included in depreciation and amortization expense in the accompanying Consolidated Income Statements.

During the years ended December 31, 2022, 2021, and 2020 we did not record provisions for impairment.

***Real Estate Held for Sale***

Real estate is classified as held for sale when the sale is probable, will be completed within one year, purchase agreements are executed, the buyer has a significant deposit at risk, and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. Restaurant sites and certain other assets to be disposed of are included in assets held for sale when the likelihood of disposing of these assets within one year is probable. Assets whose disposal is not probable within one year remain in land, buildings, equipment and improvements until their disposal within one year is probable. Disposals of assets that have a major effect on our operations and financial results or that represent a strategic shift in our operating businesses meet the requirements to be reported as discontinued operations. Real estate held for sale is reported at the lower of carrying amount or fair value, less estimated costs to sell. There were two properties held for sale at December 31, 2022, and none were held for sale at December 31, 2021.

***Cash, Cash Equivalents, and Restricted Cash***

We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents can consist of cash and money market accounts. Restricted cash consists of 1031 exchange proceeds and is included in Other assets on our Consolidated Balance Sheets.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our Consolidated Balance Sheets to the total amount shown in our Consolidated Statements of Cash Flows.

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| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
|<br>(In thousands) | **2022** | **2021** | **2020** |
| Cash and cash equivalents | $26296 | $6300 | $11064 |
| Restricted cash (included in Other assets) |  |  |  |
| **Total Cash, Cash Equivalents, and Restricted Cash** | $26296 | $6300 | $11064 |

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***Long-term Debt***

Long-term debt is carried at unpaid principal balance, net of deferred financing costs. All of our long-term debt is currently unsecured and interest is paid monthly on our non-amortizing term loans and revolving credit facility and semi-annually on our senior unsecured fixed rate notes.

*Deferred Financing Costs*

Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from their related liabilities on the Consolidated Balance Sheets.

*See Note 6 - Long-term Debt, Net of Deferred Financing Costs for additional information.*

***Derivative Instruments and Hedging Activities***

We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments as required by FASB ASC Topic 815, Derivatives and Hedging, and those utilized as economic hedges. Our use of derivative instruments is currently limited to interest rate hedges. These instruments are generally structured as hedges of the variability of cash flows related to forecasted transactions (cash flow hedges). We do not enter into derivative instruments for trading or speculative purposes, where changes in the cash flows of the derivative are not expected to offset changes in cash flows of the hedged item. All derivatives are recognized on the balance sheet at fair value. For those derivative instruments for which we intend to elect hedge accounting, at the time the derivative contract is entered into, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific forecasted transactions. We also formally assess, both at the hedge's inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.

To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria in accordance with GAAP, changes in the derivatives' fair value are not included in current earnings but are included in accumulated other comprehensive income (loss), net of tax. These changes in fair value will be reclassified into earnings at the time of the forecasted transaction. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.

*See Note 7 - Derivative Financial Instruments for additional information.*

***Other Assets and Liabilities***

Other assets primarily consist of right of use operating lease assets, pre-acquisition costs, prepaid assets, food and beverage inventories for use by our Kerrow operating subsidiary, escrow deposits, and accounts receivable. Other liabilities primarily consist of accrued compensation, accrued interest, accrued operating expenses, intangible lease liabilities, and operating lease liabilities.

*See Note 8 - Supplemental detail for certain components of the Consolidated Balance Sheets*

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

***Leases***

All significant lease arrangements are generally recognized at lease commencement. For leases where the Company is the lessee, operating or finance lease right-of-use ("ROU") assets and lease liabilities are recognized at commencement based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset during the reasonably certain lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

As part of certain real estate investment transactions, the Company may enter into long-term ground leases as a lessee. The Company recognizes a ground lease (or right-of-use) asset and related lease liability for each of these ground leases. Ground lease assets and lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments.

For leases where Company is the lessor, we determine the classification upon commencement. At December 31, 2022, all such leases are classified as operating leases. These operating leases may contain both lease and non-lease components. The Company accounts for lease and non-lease components as a single component. The Company expenses certain initial direct costs that are not incremental in obtaining a lease.

*See Note 5 - Leases for additional information.*

***Rent Concessions***

In April 2020, the FASB issued a question-and-answer document regarding accounting for lease concessions and other effects of COVID-19. The document clarifies that entities may elect not to evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e., assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract).

During the second and third quarter of 2020, the Company agreed to lease concessions with certain tenants in response to COVID-19. These concessions resulted in a substantial increase in our rights as lessor, including receiving additional financial information, agreeing to extend the current term of the lease, enhancing the lease guarantee, or consenting to more favorable rent escalations in the future. As such, the Company accounted for these concessions as lease modifications under ASC 842. Rent deferrals agreed upon with respect to rent owed for the second quarter of 2020 were for approximately $1.0 million of contractual base rent as of June 30, 2020 and were fully repaid prior to December 31, 2020. In the third quarter of 2020, the Company agreed to rent abatements as part of lease amendments for concessions of the type described above and for lease payments due in the second quarter. These agreements for abatements represented approximately $1.6 million of rental revenue recognized in the second quarter of 2020. The receivables for these abatements were recorded as lease incentives in intangible real estate assets, net on our Consolidated Balance Sheets and are amortized as a reduction of revenue over the amended lease terms. As of February 17, 2023, the Company has not abated rent for the year ended December 31, 2022.

***Revenue Recognition***

*Rental revenue*

For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on a straight-line basis over the applicable lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a deferred rent receivable.

In certain circumstances, the Company may offer tenant allowance funds in exchange for increasing rent, extending the term, and including annual sales reporting among other items. These tenant allowance funds are classified as lease incentives upon payment and are amortized as a reduction to revenue over the lease term. Lease incentives are included in Intangible lease assets, net, on our Consolidated Balance Sheets. During the year ended December 31, 2022, the Company paid lease incentives of $0.1 million to tenants.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

We assess the collectability of our lease receivables, including deferred rents receivable, on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to recover substantially all of the receivable, we derecognize the deferred rent receivable asset and record that amount as a reduction in rental revenue. If we determine the lease receivable will not be collected due to a credit concern, we reduce the recorded revenue for the period and related accounts receivable.

For those leases that provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met, the increased rental revenue is recognized as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. Costs paid by the lessor and reimbursed by the lessees are included in variable lease payments and presented on a gross basis within rental revenue. Sales taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental revenue.

*Restaurant revenue*

Restaurant revenue represents food, beverage, and other products sold and is presented net of the following discounts: coupons, employee meals, and complimentary meals. Revenue from restaurant sales, whether received in cash or by credit card, is recognized when food and beverage products are sold. At December 31, 2022 and 2021, credit card receivables, included in other assets, totaled $195 thousand and $116 thousand, respectively. We recognize sales from our gift cards when the gift card is redeemed by the customer. Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis within restaurant revenue on our Income Statements.

***Restaurant Expenses***

Restaurant expenses include restaurant labor, general and administrative expenses, and food and beverage costs. Food and beverage costs include inventory, warehousing, related purchasing and distribution costs. Vendor allowances received in connection with the purchase of a vendor's products are recognized as a reduction of the related food and beverage costs as earned.

***Gain on Sale, Net***

The Company recognizes gain (loss) on sale, net of real estate in accordance with FASB ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The Company evaluates each transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of revenue recognition, as well as transaction price allocation.

***Earnings Per Share***

Basic earnings per share ("EPS") are computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. No effect is shown for any securities that are anti-dilutive. Net income allocated to common shareholders represents net income less income allocated to participating securities and non-controlling interests. None of the Company's equity awards are participating securities.

*See Note 10 - Equity for additional information.*

***Noncontrolling Interest***

Noncontrolling interest represents the aggregate limited partnership interests in FCPT OP held by third parties. In accordance with GAAP, the noncontrolling interest of FCPT OP is shown as a component of equity on our Consolidated Balance Sheets, and the portion of income allocable to third parties is shown as net income attributable to noncontrolling interests in our Income Statements and consolidated statements of comprehensive income ("Comprehensive Income Statement"). The Company follows the guidance issued by the FASB regarding the classification and measurement of redeemable securities. At FCPT OP's option, it may satisfy this redemption with cash or by exchanging non-registered shares of FCPT common stock on a one-for-one basis. Accordingly, the Company has determined that the common OP units meet the requirements to be classified as permanent equity. A reconciliation of equity attributable to noncontrolling interest is disclosed

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

in our Consolidated Statements of Changes in Equity.

*See Note 10 - Equity for additional information.*

***Income Taxes***

We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT 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. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income. To maintain our qualification as a REIT, we are required under the Code to distribute at least 90% of our REIT taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our shareholders and meet certain other requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Even if we qualify as a REIT, we are subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on our undistributed taxable income.

The Kerrow Restaurant Operating Business is a TRS and is taxed as a C corporation.

We provide for federal and state income taxes currently payable as well as for those deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits are recorded as a reduction of income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Interest recognized on reserves for uncertain tax positions is included in interest, net in our Consolidated Statements of Comprehensive Income. A corresponding liability for accrued interest is included as a component of other liabilities on our Consolidated Balance Sheets. Penalties, when incurred, are recognized in general and administrative expenses.

We estimate certain components of our provision for income taxes. These estimates include, among other items, depreciation and amortization expense allowable for tax purposes, allowable tax credits for items such as taxes paid on reported employee tip income, effective rates for state and local income taxes and the valuation and tax deductibility of certain other items. We adjust our annual effective income tax rate as additional information on outcomes or events becomes available.

We base our estimates on the best available information at the time that we prepare the provision. We will generally file our annual income tax returns several months after our year end. Income tax returns are subject to audit by state and local governments, generally years after the returns are filed. These returns could be subject to material adjustments or differing interpretations of the tax laws. The major jurisdictions in which we will file income tax returns are the U.S. federal jurisdiction and all states in the U.S. in which we own properties that have an income tax.

U.S. GAAP requires that a position taken or expected to be taken in a tax return be recognized (or derecognized) in the financial statements when it is more likely than not (i.e., a likelihood of more than 50 percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We include within our current tax provision the balance of unrecognized tax benefits related to tax positions for which it is reasonably possible that the total amounts could change during the next 12 months based on the outcome of examinations.

*See Note 9 - Income Taxes for additional information.*

***Stock-Based Compensation***

The Company's stock-based compensation plan provides for the grant of restricted stock awards ("RSAs"), deferred stock units ("DSUs"), performance-based awards including performance stock units ("PSUs"), dividend equivalents ("DEUs"), restricted stock units ("RSUs"), and other types of awards to eligible participants. DEUs are earned during the vesting period and received upon vesting of award. Upon forfeiture of an award, DEUs earned during the vesting period are also forfeited. We classify stock-based payment awards either as equity awards or liability awards based upon cash settlement options. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)**

value each reporting period. We recognize costs resulting from the Company's stock-based compensation awards on a straight-line basis over their vesting periods, which range between one and five years. No compensation cost is recognized for awards for which employees do not render the requisite services.

*See Note 11 - Stock-based Compensation for additional information.*

***Fair Value of Financial Instruments***

We use a fair value approach to value certain assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. We use a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The hierarchy consists of three levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Quoted market prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs other than level 1 inputs that are either directly or indirectly observable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

***Application of New Accounting Standards***

We consider the applicability and impact of all ASUs issued by the FASB. Other than as disclosed below, ASUs not yet adopted were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated result of operations, financial position and cash flows.

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform". ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020, and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. As of December 31, 2022, all of our debt and derivative instruments have been converted from LIBOR to SOFR. The interest rate hedges on our term loans, which were converted from LIBOR to a SOFR benchmark during October 2022, continue to be accounted for as a cash flow hedge. The adoption of this guidance had no impact on our consolidated financial statements due to the adoption of the practical expedients of ASU 2020-04.

**NOTE 3 – CONCENTRATION OF CREDIT RISK**

Our tenant base and the restaurant brands operating our properties are highly concentrated. With respect to our tenant base, Darden leases represent approximately 54.3% of the scheduled base rents of the properties we own. As our revenues predominately consist of rental payments, we are dependent on Darden for a significant portion of our leasing revenues. The audited and unaudited financial statements for Darden are included in its filings with the SEC, which can be found on the SEC's internet website at www.sec.gov. Reference to Darden's filings with the SEC is solely for the information of investors. We do not intend this website to be an active link or to otherwise incorporate the information contained on such website (including Darden's filings with the SEC) into this report or our other filings with the SEC.

We are also subject to concentration risk in terms of restaurant brands that occupy our properties. With 312 locations in our portfolio, Olive Garden branded restaurants comprise approximately 29.9% of our leased properties and approximately 40.5% of the revenues received under leases. LongHorn Steakhouse branded restaurants comprise approximately 11.0% of our leased properties and approximately 11.5% of the revenues received under leases. Our properties, including the Kerrow Restaurant Operating Business, are located in 47 states with lease revenue concentrations of 10% or greater in one state: Texas (10.5%).

We are exposed to credit risk with respect to cash held at various financial institutions, access to our credit facility, and amounts due or payable under our derivative contracts. At December 31, 2022, our exposure to risk related to amounts due from us on our derivative instruments totaling $35.3 million, and the counterparty to such instruments is an investment grade financial institution. Our credit risk exposure with regard to our cash deposits and the $250.0 million available capacity under the revolver portion of our credit facility is spread among a diversified group of investment grade financial institutions.

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**NOTE 4 – REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET**

***Real Estate Investments***

Real estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business is summarized as follows:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
|<br>(In thousands) | **2022** | **2021** |
| Land | $1115827 | $966565 |
| Buildings and improvements | 1404198 | 1302114 |
| Equipment | 135677 | 135726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross real estate investments | 2655702 | 2404405 |
| Less: accumulated depreciation | (706702) | (682430) |
| Real estate investments, net | 1949000 | 1721975 |
| Intangible real estate assets, net | 106206 | 104251 |
| **Total Real Estate Investments and Intangible Real Estate Assets, Net** | $2055206 | $1826226 |

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During the year ended December 31, 2022, the Company invested $296.3 million, including transaction costs, in 115 properties located in twenty-six states, and allocated the investment as follows: $149.3 million to land, $120.2 million to buildings and improvements, and $26.8 million to intangible assets. There was no contingent consideration associated with these acquisitions. These properties are 100% occupied under net leases, with a weighted average remaining lease term of 7.7 years as of December 31, 2022. During the year ended December 31, 2022, the Company sold eight properties with a combined net book value of $16.3 million for a realized gain on sale of $8.1 million.

During the year ended December 31, 2022, the Company exercised its option to purchase two of the properties where the Company was the lessee under the ground lease. These leases were previously accounted for as finance leases. These purchases resulted in increases in land and corresponding decreases in finance lease right-of-use assets of $8.2 million.

During the year ended December 31, 2021, the Company invested $268.4 million, including transaction costs, in 122 restaurant properties located in thirty-two states, and allocated the investment as follows: $137.8 million to land, $110.5 million to buildings and improvements, and $20.1 million to intangible assets. There was no contingent consideration associated with these acquisitions. These properties were 100% occupied under net leases, with a weighted average remaining lease term of 8.9 years as of December 31, 2021. During the year ended December 31, 2021, the Company sold two properties with a combined net book value of $2.8 million for a realized gain of $431 thousand.

During the year ended December 31, 2021, the Company exercised its option to purchase one of the properties where the Company was the lessee under the ground lease. This lease was previously accounted for as a finance lease. This purchase resulted in an increase in land and a corresponding decrease in finance lease right-of-use assets of $1.2 million.

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***Intangible Real Estate Assets and Liabilities, Net***

The following tables detail intangible real estate assets and liabilities. Intangible real estate liabilities are included in Other liabilities on our Consolidated Balance Sheets. Acquired in-place lease intangibles are amortized over the remaining lease term as depreciation and amortization expense. Above-market and below-market leases are amortized over the initial term of the respective leases as an adjustment to rental revenue.

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
|<br>(In thousands) | **2022** | **2021** |
| Acquired in-place lease intangibles | $109371 | $83892 |
| Above-market leases | 13821 | 13821 |
| Lease incentives | 6989 | 7061 |
| Finance lease - right of use assets | 16201 | 24383 |
| Direct lease cost | 153 | 87 |
| Total | 146535 | 129244 |
| Less: accumulated amortization | (40329) | (24993) |
| **Intangible Real Estate Assets, Net** | $106206 | $104251 |

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
|<br>(In thousands) | **2022** | **2021** |
| Below-market leases | $2610 | $2978 |
| Less: accumulated amortization | (1158) | (1038) |
| **Intangible Real Estate Liabilities, Net** | $1452 | $1940 |

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The value of acquired in-place leases amortized and included in depreciation and amortization expense was $13.3 million, $9.6 million, and $6.3 million for the years ended December 31, 2022, 2021, and 2020, respectively. The value of above-market and below-market leases amortized as a net adjustment to revenue was $1.6 million, $1.6 million, and $1.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. The value of lease incentives amortized as a decrease to revenue was $560 thousand, $518 thousand and $153 thousand for the years ended December 31, 2022, 2021, and 2020, respectively. At December 31, 2022, the total weighted average amortization period remaining for our intangible lease assets and liabilities was 8.1 years, and the individual weighted average amortization period remaining for acquired in-place lease intangibles, above-market leases, below-market leases and lease incentives was 7.9 years, 7.1 years, 10.2 years, and 12.9 years, respectively.

Based on the balance of intangible real estate assets and liabilities at December 31, 2022, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows:

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| | |
|:---|:---|
| (In thousands) | **December 31, 2022** |
| 2023 | $15808 |
| 2024 | 13870 |
| 2025 | 11568 |
| 2026 | 9995 |
| 2027 | 8052 |
| Thereafter | 23324 |
| **Total Future Amortization Expense** | $82617 |

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**NOTE 5 – LEASES**

***Operating Leases as Lessee***

As a lessee we record right-of-use assets and lease liabilities for the two ground leases at our Kerrow Restaurant Operating Business and our corporate office space. The two ground leases have extension options, which we believe will be exercised and are included in the calculation of our lease liabilities and right-of-use assets. In calculating the lease obligations under both the

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ground leases and office lease, we used discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.

*Operating Lease Liability* 

As of December 31, 2022, maturities of operating lease liabilities were as follows:

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| | |
|:---|:---|
| (In thousands) | **December 31, 2022** |
| 2023 | $705 |
| 2024 | 718 |
| 2025 | 470 |
| 2026 | 310 |
| 2027 | 319 |
| Thereafter | 4752 |
| Total Payments | 7274 |
| &nbsp;&nbsp;&nbsp;Less: Interest | (2133) |
| **Operating Lease Liability** | $5141 |

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The weighted-average discount rate for operating leases at December 31, 2022 was 4.23%. The weighted-average remaining lease term was 16.1 years.

Rent expense was $890 thousand, $885 thousand, and $765 thousand for the years ended December 31, 2022, 2021, and 2020, respectively.

***Operating Leases as Lessor***

Our leases consist primarily of single-tenant, net leases, in which the tenants are responsible for making payments to third parties for operating expenses such as property taxes, insurance, and other costs associated with the properties leased to them. In leases where costs are paid by the Company and reimbursed by lessees, such payments are considered variable lease payments and recognized in rental revenue.

The following table shows the components of rental revenue for the year ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>(In thousands) | **2022** | **2021** | **2020** |
| Lease revenue - operating leases | $187026 | $169005 | $152393 |
| Variable lease revenue (tenant reimbursements) | 6585 | 3807 | 2328 |
| **Total Rental Revenue** | $193611 | $172812 | $154721 |

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*Future Minimum Lease Payments to be Received*

The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. The table presents future minimum lease payments due during the initial lease term only as lease renewal periods are exercisable at the option of the lessee.

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| | |
|:---|:---|
| (In thousands) | &nbsp;&nbsp;**December 31, 2022** |
| 2023 | $195254 |
| 2024 | 195254 |
| 2025 | 193201 |
| 2026 | 191693 |
| 2027 | 184498 |
| Thereafter | 801043 |
| **Total Future Minimum Lease Payments** | $1760943 |

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***Ground Leases as Lessee***

As of December 31, 2022, the Company had finance ground lease assets aggregating $16.2 million. These assets are included in intangible real estate assets, net on the Consolidated Balance Sheets. The Company did not recognize a lease liability as no payments are due in the future under the leases. The Company's ground lease assets have remaining terms of sixty-one years to ninety-seven years. All but two of these leases have options to extend the lease terms for additional ninety-nine years terms, and all have the option to purchase the assets once certain conditions and contingencies are met. The weighted average remaining non-cancelable lease term for the ground leases was ninety-two years at December 31, 2022.

**NOTE 6 – LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS**

At December 31, 2022, our long-term debt consisted of (1) $430 million of non-amortizing term loans and (2) $575 million of senior unsecured fixed rate notes. At December 31, 2021, our long-term debt consisted of (1) $400 million of non-amortizing term loans and (2) $450 million of senior unsecured fixed rate notes. At December 31, 2022, and December 31, 2021, the outstanding borrowings under the revolving credit facility were $0 million and $36 million, respectively, and no outstanding letters of credit. At December 31, 2022, we had $250 million of borrowing capacity under the revolving credit facility. The weighted average interest rate on the term loans before consideration of the interest rate hedges described in *Note 7 - Derivative Financial Instruments* was 5.10% and 1.38% at December 31, 2022 and 2021, respectively. The weighted average interest rate on the revolving credit facility was 1.40% at December 31, 2021.

***Revolving Credit and Term Loan Agreement***

On October 25, 2022, the Company and its subsidiary, FCPT OP (the "Borrower"), entered into a Third Amended and Restated Revolving Credit and Term Loan Agreement (the "Loan Agreement"), which amended and restated in its entirety an existing Second Amended and Restated Revolving Credit and Term Loan Agreement dated as of June 4, 2021 and converted the credit facility from LIBOR to SOFR-based borrowings. Prior to the Loan Agreement, $50 million principal amount outstanding under the Company's term loan facility was scheduled to mature on November 9, 2023; $100 million principal amount outstanding was scheduled to mature on March 9, 2024; $150 million was scheduled to mature on November 9, 2025; $100 million principal amount outstanding was scheduled to mature on November 9, 2026; and the $250 million revolving credit facility was scheduled to mature on November 9, 2025, with one six-month extension option.

The Loan Agreement provides for borrowings of up to $680 million and consists of (1) a revolving credit facility in an aggregate principal amount of $250 million and (2) term loans in an aggregate principal amount of $430 million comprised of (i) a $150 million term loan with a maturity date of November 9, 2025, (ii) a $100 million term loan with a maturity date of November 9, 2026, (iii) a $90 million term loan with a maturity date of January 9, 2027, and (iv) a $90 million term loan with a maturity date of January 9, 2028. No amortization payments are required on the term loan prior to the maturity date. The Borrower has the option to extend the maturity date of the revolving credit facility for up to six months, subject to the payment of an extension fee of 0.0625% on the aggregate amount of the then-outstanding revolving commitment. The Loan Agreement is a syndicated credit facility that contains an accordion feature allowing the facility to be increased by an additional aggregate amount not to exceed $350 million, subject to certain conditions. Amounts owed under the Loan Agreement may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings with respect to which SOFR rate election is in effect.

Loans under the Loan Agreement accrue interest at a per annum rate equal to, at the Borrower's election, either a SOFR rate plus a margin of 0.73% to 1.65%, or a base rate determined according to a prime rate or federal funds rate plus a margin of 0.50% to 1.00%. In each case, the margin is based on the highest applicable credit rating on its senior, unsecured, long-term indebtedness. In the event that all or a portion of the principal amount of any loan borrowed pursuant to the Loan Agreement is not paid when due, interest will accrue at the rate that would otherwise be applicable thereto plus 2.00%. So long as the Company continues to determine pricing according to its applicable credit ratings, a facility fee at a rate of 0.13% to 0.30% per annum, applies to the total revolving commitments available under the Loan Agreement.

The Loan Agreement contains customary events of default including, among other things, payment defaults, breach of covenants, cross acceleration to material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default will limit the ability of the Company and the Borrower

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to make distributions and may result in the termination of the credit facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the collateral.

We reviewed the term loan and revolving debt arrangements by lender and accounted for the term loan and revolving credit facility amendment in accordance with U.S. GAAP. This resulted in the capitalization of $2.2 million in new lender fees and third party costs, which will be amortized over the life of the new loans; $142 thousand in third-party fees were recorded to general and administrative expense. Where there were decreases in principal, $102 thousand of unamortized deferred financing costs were written off and recorded as interest expense. The remaining $4.1 million of original unamortized deferred financing costs will be amortized over the life of the new loans.

The following table presents the Term Loan balances as of December 31, 2022 and 2021.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Outstanding Balance** | **Outstanding Balance** | **Outstanding Balance** | **Outstanding Balance** |
| | **Maturity** | **Interest** | | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| (Dollars in thousands) | **Date** | **Rate** |  | **2022** | **2022** | **2021** | **2021** |
| Term Loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term loan due 2023 | Nov 2023 | N/A |  | $|  | $| 50000 |
| &nbsp;&nbsp;&nbsp;Term loan due 2024 | Mar 2024 | N/A |  |  |  | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;Term loan due 2025 | Nov 2025 | 5.12% | (a) | 150000 | 150000 | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp;Term loan due 2026 | Nov 2026 | 5.12% | (a) | 100000 | 100000 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;Term loan due 2027 | Jan 2027 | 5.07% | (a) | 90000 | 90000 |  |  |
| &nbsp;&nbsp;&nbsp;Term loan due 2028 | Jan 2028 | 5.07% | (a) | 90000 | 90000 |  |  |
| **Total Term Loans** |  |  |  | $| 430000 | $| 400000 |
| (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  | (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  | (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  | (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  | (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  | (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  | (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  | (a) Loan is a variable-rate loan which resets daily at Daily Simple SOFR + applicable credit spread of 0.95% to 1.00% at December 31, 2022.  |

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***Note Purchase Agreements***

On December 17, 2021, the Company entered into agreements to issue $125 million of senior unsecured notes. The notes consist of $75 million of notes with a ten-year term, which were issued on March 17, 2022 and mature on March 17, 2032, and priced at a fixed interest rate of 3.11%, and $50 million of notes with a nine-year term, which were issued on March 17, 2022, and mature on March 17, 2031, and priced at a fixed interest rate of 3.09%. These notes were issued at par value.

The following table presents the senior unsecured fixed rate notes balance as of December 31, 2022 and 2021.

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Outstanding Balance** | **Outstanding Balance** |
| | | | **December 31,** | **December 31,** |
|<br>(Dollars in thousands) |<br>**Maturity**<br>**Date** |<br>**Interest**<br>**Rate** | **2022** | **2021** |
| **Notes Payable:** |  |  |  |  |
| Senior unsecured fixed rate note, issued June 2017 | Jun 2024 | 4.68% | $50000 | $50000 |
| Senior unsecured fixed rate note, issued December 2018 | Dec 2026 | 4.63% | 50000 | 50000 |
| Senior unsecured fixed rate note, issued June 2017 | Jun 2027 | 4.93% | 75000 | 75000 |
| Senior unsecured fixed rate note, issued December 2018 | Dec 2028 | 4.76% | 50000 | 50000 |
| Senior unsecured fixed rate note, issued April 2021 | Apr 2029 | 2.74% | 50000 | 50000 |
| Senior unsecured fixed rate note, issued March 2020 | Jun 2029 | 3.15% | 50000 | 50000 |
| Senior unsecured fixed rate note, issued March 2020 | Apr 2030 | 3.20% | 75000 | 75000 |
| Senior unsecured fixed rate note, issued March 2022 | Mar 2031 | 3.09% | 50000 |  |
| Senior unsecured fixed rate note, issued April 2021 | Apr 2031 | 2.99% | 50000 | 50000 |
| Senior unsecured fixed rate note, issued March 2022 | Mar 2032 | 3.11% | 75000 |  |
| **Total Notes** |  |  | $575000 | $450000 |

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The Note Purchase Agreements contain customary events of default, including payment defaults, cross defaults with certain other indebtedness, breaches of covenants and bankruptcy events. In the case of an event of default, the purchasers may, among other remedies, accelerate the payment of all obligations.

The Note Purchase Agreements have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States or any other jurisdiction absent registration or an applicable exemption from the registration requirements of the Securities Act and the applicable securities laws of any state or other jurisdiction. FCPT OP offered and sold the notes.

***Deferred Financing Costs***

At December 31, 2022 and 2021, the net unamortized deferred financing costs were approximately $9.5 million and $8.4 million, respectively. During the years ended December 31, 2022, 2021, and 2020, amortization of deferred financing costs was $2.1 million, $2.4 million, and $2.1 million, respectively. Interest expense for the year ended December 31, 2022 includes a one-time charge of $102 thousand for deferred financing costs expensed as a result of the execution of the Loan Agreement on October 25, 2022. The amortization of deferred financing costs for the year ended December 31, 2021 includes a one-time charge of $364 thousand for deferred financing costs expensed as a result of the execution of the Second Amended and Restated Revolving Credit and Term Loan Agreement on June 4, 2021.

***Debt Covenants***

Under the terms of both the Note Purchase Agreement and Loan Agreement (the "Agreements"), FCPT acts as a guarantor to FCPT OP. The Agreements contain customary financial covenants, including (1) total indebtedness to consolidated capitalization value (each as defined in the Loan Agreement) not to exceed 60%, (2) mortgage-secured leverage ratio not to exceed 40%, (3) minimum fixed charge coverage ratio of 1.50 to 1.00, (4) maximum unencumbered leverage ratio not to exceed 60%, and (5) minimum unencumbered interest coverage ratio not less than 1.75 to 1.00. They also contain restrictive covenants that, among other things, restrict the ability of FCPT OP, the Company and their subsidiaries to enter into transactions with affiliates, merge, consolidate, create liens or make certain restricted payments. In addition, the Agreements include provisions providing that certain of such covenants will be automatically amended in the Note Purchase Agreement to conform to certain amendments that may from time to time be implemented to corresponding covenants under the Loan Agreement. At December 31, 2022, the Company was in compliance with all debt covenants.

**NOTE 7 – DERIVATIVE FINANCIAL INSTRUMENTS**

***Risk Management Objective of Using Derivatives***

We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in our payment of future cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.

***Cash Flow Hedges of Interest Rate Risk***

Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded on our Consolidated Balance Sheets in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2022, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.

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During the fourth quarter of 2021, we entered into one cash flow hedge in connection with the issuance of $125 million of notes by the Company which was funded in the first quarter of 2022. The Company terminated two cash flow hedges in connection with the $125 million private note offering that was entered into on December 17, 2021 and funded on March 17, 2022. The first hedge was an interest rate swap that had a fixed notional value of $25 million entered into on August 2, 2021 with an effective date of March 15, 2022 and a maturity date of March 15, 2032, where the fixed rate paid by the Company was 1.3032% and the variable rate received reset monthly to the three-month LIBOR rate. The second hedge was an interest rate swap that had a fixed notional value of $50 million entered into on November 10, 2021 with an effective date of December 15, 2021 and a maturity date of December 15, 2031, where the fixed rate paid by the Company was 1.5699% and the variable rate received reset monthly to the three-month LIBOR rate. The swaps were terminated on December 2, 2021 for approximately a $423 thousand gain which will be amortized over the next 10 years as interest expense.

As of December 31, 2022, we had four interest rate swaps outstanding with current notionals of $325 million that were designated as cash flow hedges of interest rate risk.

During the year ended December 31, 2022, we entered into three interest rate swaps to hedge the interest rate variability associated with the term loan portion of our credit facility.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Product** | **Fixed Rate** | **Notional <br>(in thousands)** | **Index** | **Effective Date** | **Maturity Date** |
| Swap | 2.19% | $100000 | Daily Simple SOFR + 10 bps | 10/25/2022 | 11/9/2023 |
| Swap | 1.88% | 150000 | Daily Simple SOFR + 10 bps | 11/9/2022 | 11/9/2024 |
| Swap | 0.44% | 50000 | Daily Simple SOFR + 10 bps | 10/25/2022 | 11/9/2025 |
| Swap | 2.70% | 25000 | Daily Simple SOFR + 10 bps | 11/9/2022 | 11/9/2025 |
| Swap <sup>(1)</sup> | 0.82% | 50000 | Daily Simple SOFR + 10 bps | 11/9/2023 | 11/9/2025 |
| Swap | 3.65% | 25000 | Daily Simple SOFR + 10 bps | 11/9/2023 | 11/9/2026 |
| Swap | 2.25% | 25000 | 1m Term SOFR | 10/25/2025 | 11/9/2028 |
| Swap | 1.48% | 50000 | Daily Simple SOFR + 10 bps | 11/10/2025 | 11/9/2027 |
| Swap | 1.54% | 50000 | Daily Simple SOFR + 10 bps | 11/10/2025 | 11/9/2027 |
| Swap | 1.49% | 50000 | Daily Simple SOFR + 10 bps | 11/10/2025 | 11/9/2028 |
| Swap | 2.02% | 50000 | Daily Simple SOFR + 10 bps | 11/10/2025 | 11/9/2028 |
| (1) In November 2024, the notional amount of the swap will increase to $150 million.  | (1) In November 2024, the notional amount of the swap will increase to $150 million.  | (1) In November 2024, the notional amount of the swap will increase to $150 million.  | (1) In November 2024, the notional amount of the swap will increase to $150 million.  | (1) In November 2024, the notional amount of the swap will increase to $150 million.  | (1) In November 2024, the notional amount of the swap will increase to $150 million.  |

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The Company enters into forward-starting interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of long-term debt. The Company has hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending February 15, 2033. As of December 31, 2022, these interest rate swaps were valued as an asset of approximately $7.4 million within derivative assets.

For the years ended December 31, 2022, 2021, and 2020, we did not record hedge ineffectiveness in earnings.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We estimate that during 2023 an additional $9.6 million (unaudited) will be reclassified to earnings as a reduction to interest expense.

***Non-designated Hedges***

We do not use derivatives for trading or speculative purposes. During the years ended December 31, 2022 and 2021, we did not have any derivatives that were not designated as cash flow hedges for accounting purposes.

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***Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets***

The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2022 and 2021.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Derivative Assets** | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** | **Derivative Liabilities** |
| | **Balance Sheet Location** | **Fair Value at December 31,** | **Fair Value at December 31,** | **Balance Sheet Location** | **Fair Value at December 31,** | **Fair Value at December 31,** |
|<br>(Dollars in thousands) | **Balance Sheet Location** | **2022** | **2021** | **Balance Sheet Location** | **2022** | **2021** |
| Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | Derivative assets | $35276 | $2591 | Derivative liabilities | $9 | $7517 |
| **Total** |  | $35276 | $2591 |  | $9 | $7517 |

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***Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Comprehensive Income***

The table below presents the effect of our interest rate swaps on the Comprehensive Income Statement for the years ending December 31, 2022, 2021, and 2020.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (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)** | **Total Amount of Interest Expense Presented in the Consolidated Income Statements** |
| Interest rate swaps |  |  |  |  |  |  |
| Year Ended <br>December 31, 2022 | $39396 | Interest expense | $1430 | Interest expense | $— | $36405 |
| Year Ended <br>December 31, 2021 | 8925 | Interest expense | 6977 | Interest expense |  | 32555 |
| Year Ended <br>December 31, 2020 | (26410) | Interest expense | 4170 | Interest expense |  | 29231 |

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***Tabular Disclosure Offsetting Derivatives***

The table below presents a gross presentation, the effects of offsetting, and a net presentation of our derivatives as of December 31, 2022 and 2021. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value which provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheets.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Offsetting of Derivative Assets*** | ***Offsetting of Derivative Assets*** | | | | | |
| | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Amounts of Assets Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | |
|<br>(In thousands) | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Amounts of Assets Presented in the Consolidated Balance Sheets** | **Financial Instruments** | **Cash Collateral Received** |<br>**Net Amount** |
| December 31, 2022 | $35276 | $— | $35276 | $(9) | $— | $35267 |
| December 31, 2021 | 2591 |  | 2591 | (1268) |  | 1323 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***Offsetting of Derivative Liabilities*** | ***Offsetting of Derivative Liabilities*** | | | | | |
| | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | **Gross Amounts Not Offset in the Consolidated Balance Sheets** | |
|<br>(In thousands) | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Amounts of Liabilities Presented in the Consolidated Balance Sheets** | **Financial Instruments** | **Cash Collateral Posted** | **Net Amount** |
| December 31, 2022 | $9 | $— | $9 | $(9) | $— | $— |
| December 31, 2021 | 7517 |  | 7517 | (1268) |  | 6249 |

---

***Credit-risk-related Contingent Features***

The agreement with our derivative counterparties provides that if we default on any of our indebtedness, including default for which repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations.

At December 31, 2022 the fair value of derivative in a net asset position related to these agreements was approximately $35.3 million and at December 31, 2021 the fair value of the derivative in a net liability position related to these agreements was $4.9 million. As of December 31, 2022, we have not posted any collateral related to these agreements. If we or our counterparty had breached any of these provisions at December 31, 2022, we would have been entitled to the termination value of approximately $35.3 million.

**NOTE 8 – SUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETS**

***Other Assets***

The components of Other assets were as follows:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
|<br>(In thousands) | **2022** | **2021** |
| Operating lease right-of-use asset | $4428 | $4919 |
| Accounts receivable | 2661 | 1312 |
| Prepaid acquisition costs and deposits | 2079 | 3049 |
| Prepaid assets | 1300 | 1375 |
| Inventories | 274 | 252 |
| Other | 1530 | 695 |
| **Total Other Assets** | $12272 | $11602 |

---

***Other Liabilities***

The components of Other liabilities were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
|<br>(In thousands) | **2022** | **2021** |
| Tenant deposits | $5953 | $961 |
| Operating lease liability | 5141 | 5617 |
| Accrued interest expense | 3845 | 2066 |
| Accrued compensation | 2700 | 2547 |
| Accrued tenant property tax | 1537 |  |
| Intangible real estate liabilities, net | 1452 | 1940 |
| Accounts payable | 766 | 550 |
| Accrued operating expenses | 257 | 286 |
| Other | 2366 | 2047 |
| **Total Other Liabilities** | $24017 | $16014 |

---

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**NOTE 9 – INCOME TAXES** 

The income tax expense was composed as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>(In thousands) | **2022** | **2021** | **2020** |
| Current: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $— | $— | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current state and local | 362 | 330 | 250 |
| Total current | 362 | 330 | 247 |
| Deferred: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal deferred | (125) | (864) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State deferred |  |  |  |
| Total deferred | (125) | (864) |  |
| **Total Income Tax Expense (Benefit)** | $237 | $(534) | $247 |

---

The following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate included in the accompanying Consolidated Income Statements:

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2020** |
| U.S. statutory rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0% |
| Current benefit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.2) |
| State and local income taxes, net of federal tax benefits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Benefit of federal income tax credits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Valuation allowance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Permanent differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Effective Income Tax Rate** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.5)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3% |

---

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including three year cumulative income and the completion of the seventh restaurant in the current year of the Kerrow Restaurants Operating Business, it was determined that the removal of the valuation allowance on the net deferred tax assets was required as of December 31, 2021. During the year ended December 31, 2022, $125 thousand was recorded as a deferred tax benefit related to the prior year provision to return adjustment and routine book-tax differences within income tax benefit (expense) in the Consolidated Statements of Income.

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The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
|<br>(In thousands) | **2022** | **2021** | **2020** |
| Compensation and employee benefits | $32 | $34 | $32 |
| Charitable contribution and credit carryforwards | 1366 | 1032 | 816 |
| Net operating losses | 60 | 133 | 145 |
| Lease payable | 141 | 138 | 133 |
| UNICAP | 15 | 14 | 12 |
| &nbsp;&nbsp;&nbsp;Gross deferred tax assets | 1614 | 1351 | 1138 |
| Prepaid expenses | (14) | (34) | (28) |
| Straight-line rent |  |  |  |
| Buildings and equipment <sup>(1)</sup> | (612) | (453) | (285) |
| &nbsp;&nbsp;&nbsp;Gross deferred tax liabilities | (626) | (487) | (313) |
| Valuation allowance |  |  | (825) |
| **Net Deferred Tax Assets** | $988 | $864 | $— |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;These buildings and equipment in 2022, 2021, and 2020 relate to the Kerrow Restaurant Operating Business.

**NOTE 10 – EQUITY**

***Preferred Stock***

At December 31, 2022, the Company was authorized to issue 25,000,000 shares of $0.0001 par value per share of preferred stock. There were no shares issued and outstanding at December 31, 2022 or December 31, 2021.

***Common Stock***

At December 31, 2022, the Company was authorized to issue 500,000,000 shares of $0.0001 par value per share of common stock. Each holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held.

In March 2022, we declared a dividend of $0.3325 per share, which was paid in April 2022 to common shareholders of record as of March 31, 2022. In June 2022, we declared a dividend of $0.3325 per share, which was paid in July 2022 to common shareholders of record as of June 30, 2022. In September 2022, we declared a dividend of $0.3325 per share, which was paid in October 2022 to common shareholders of record as of September 30, 2022. In November 2022 we declared a dividend of $0.3400 per share, which was payable on January 13, 2023 to common shareholders of record as of December 30, 2022.

As of December 31, 2022, there were 85,637,293 shares of the Company's common stock issued and outstanding.

***Common Stock Issuance Under the At-The-Market Program***

The Company has previously entered into an "At-the-Market" ("ATM") equity issuance program ("the prior ATM program") under which the Company may, at its discretion, issue and sell its common stock through ATM offerings on the New York Stock Exchange through sales agents, as the Company's agents or, if applicable, as forward sellers for forward purchasers. On February 24, 2021, the Company terminated the prior ATM program and entered into a new ATM program (together with the prior ATM program, the "ATM programs"), which provided for the offer and sale of the shares of the Company's common stock having an aggregate gross sales price of up to $350.0 million. On November 7, 2022, the Company terminated the prior ATM program and entered into a new ATM program (the "current ATM program" and together with the prior ATM program, the "ATM programs"), which provides for the offer and sale of the shares of the Company's common stock having an aggregate gross sales price of up to $450.0 million. In connection with the Company's current ATM program, the Company may enter into forward sale agreements with certain financial institutions acting as forward purchasers whereby, at the Company's discretion, the forward purchasers may borrow and sell shares of common stock. The use of forward sale agreements allows the

------

Company to lock in a share price on the sale of shares of common stock at the time the respective forward sale agreements are executed but defer settling the forward sale agreements and receiving the proceeds from the sale of shares until a later date.

During the year ended December 31, 2022, the Company executed forward sale agreements with financial institutions acting as forward purchasers under the ATM programs to sell 5,846,031 shares of common stock at a weighted average sales price of $27.47 per share before sales commissions and offering expenses. During the year ended December 31, 2022, the Company physically settled a portion of these forward sale agreements and issued 3,316,007 shares at a weighted average share price of $27.33 for net proceeds of $89.3 million. The Company currently expects to fully physically settle the remaining forward sale agreements with the forward purchasers on one or more dates specified by the Company on or prior to January 13, 2024, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares of common stock multiplied by the relevant forward price per share at such time. The forward price per share that the Company will receive upon physical settlement of the forward sale agreements, will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser's stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements.

During the year ended December 31, 2022, 5,253,257 shares were issued under the current ATM program, including physically settled forward sale agreements, at a weighted average share price of $27.46 for net proceeds of $141.8 million (after issuance costs).

During the year ended December 31, 2021, we sold 4,198,006 shares under the current ATM program at a weighted-average selling price of $28.24 per share, for net proceeds of approximately $116.5 million (after issuance costs).

At December 31, 2022, there was $376.9 million available for issuance under the ATM programs.

***Noncontrolling Interest***

At December 31, 2022, there were 114,559 FCPT OP units ("OP units") outstanding held by third parties. During the year ended December 31, 2022, FCPT OP did not issue any OP units for consideration in real estate transactions. Generally, OP units participate in net income allocations and distributions and entitle their holder the right, subject to the terms set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the OP units held by such limited partner. At FCPT OP's option, it may satisfy this redemption with cash or by exchanging non-registered shares of FCPT common stock on a one-for-one basis. Prior to the redemption of units, the limited partners participate in net income allocations and distributions in a manner equivalent to the common stock holders. The redemption value of outstanding non-controlling interest OP units was $3.0 million, $3.4 million, and $4.7 million as of December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, FCPT is the owner of approximately 99.86% of FCPT's OP units. The remaining 0.14%, or 114,559, of FCPT's OP units are held by unaffiliated limited partners. For the year ended December 31, 2022, FCPT OP distributed $153 thousand to limited partners.

***Earnings Per Share***

The following table presents the computation of basic and diluted net earnings per common share for the years ended December 31, 2022, 2021, and 2020.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|<br>(In thousands, except share and per share data) | **2022** | **2021** | **2020** |
| Average common shares outstanding – basic | 81590124 | 76674046 | 71312326 |
| Effect of dilutive stock based compensation | 216941 | 164523 | 296742 |
| Average common shares outstanding – diluted | 81807065 | 76838569 | 71609068 |
| Net income available to common shareholders | $97772 | $85581 | $77332 |
| Basic net earnings per share | $1.20 | $1.12 | $1.08 |
| Diluted net earnings per share | $1.20 | $1.11 | $1.08 |

---

For the years ended December 31, 2022, 2021, and 2020, the number of outstanding equity awards that were anti-dilutive totaled 262,600, 178,139, and 154,915, respectively. Exchangeable OP units have been omitted from the denominator for the purpose of computing diluted earnings per share since FCPT OP, at its option, may satisfy a redemption with cash or by

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exchanging non-registered shares of FCPT common stock. The weighted average exchangeable OP units outstanding for the year ended December 31, 2022, 2021, and 2020, totaled 114,559, 147,969, and 214,905, respectively.

**NOTE 11 – STOCK-BASED COMPENSATION**

On October 20, 2015, the Board of Directors of FCPT adopted, and FCPT's sole shareholder, Rare Hospitality International, Inc., approved, the Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan (the "2015 Plan"). The 2015 Plan provides for the grant of awards of nonqualified stock options, stock appreciation rights, RSAs, RSUs, DSUs, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards (each, an "Award" and collectively, the "Awards") to eligible participants. On June 10, 2022, the Board of Directors of FCPT adopted, and FCPT's stockholders approved, the Amended and Restated Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan (the "Amended Plan") to, among other things, increase the maximum number of shares of our common stock reserved for issuance under the 2015 Plan by 1,500,000 shares to 3,600,000 shares.

At December 31, 2022, 2,000,481 shares of common stock were available for award under the Plan. The unamortized compensation cost of awards issued under the Incentive Plan totaled $5.4 million at December 31, 2022 as shown in the following table.

***Equity Compensation Costs by Award Type***

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | **Restricted Stock Units** | **Restricted Stock Awards** | **Performance Stock Units** | **Total** |
| Unrecognized compensation cost at January 1, 2022 | $1820 | $1728 | $662 | $4210 |
| Equity grants | 2080 | 3225 | 1236 | 6541 |
| Equity grant forfeitures | (200) | (112) | (56) | (368) |
| Equity compensation expense | (1583) | (2375) | (1020) | (4978) |
| **Unrecognized Compensation Cost at December 31, 2022** | $2117 | $2466 | $822 | $5405 |

---

At December 31, 2022, the weighted average amortization period remaining for all of our equity awards was 2.2 years.

***Restricted Stock Units***

RSUs are granted at a value equal to the five-day average closing market price of our common stock on the date of grant and are settled in stock at the end of their vesting periods, which range between one and five years, at the then market price of our common stock.

The following table summarizes the activities related to RSUs for the years ended December 31, 2022, 2021, and 2020.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| | **Units** | **Weighted Average Grant Date Fair Value** | **Units** | **Weighted Average Grant Date Fair Value** | **Units** | **Weighted Average Grant Date Fair Value** |
| Outstanding at beginning of period | 159524 | $26.53 | 137585 | $25.45 | 91473 | $26.00 |
| Units granted | 77424 | 26.87 | 49390 | 28.00 | 56629 | 25.12 |
| Units vested | (22635) | 27.08 | (26586) | 23.57 | (10517) | 28.53 |
| Units forfeited | (7527) | 26.57 | (865) | 28.93 |  |  |
| **Outstanding at End of Period** | 206786 | 26.60 | 159524 | 26.53 | 137585 | 25.45 |

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Expenses related to RSUs were $1.6 million, $1.3 million, and $958 thousand for the years ended December 31, 2022, 2021, and 2020, respectively. Remaining unrecognized compensation cost related to RSU will be recognized over a weighted average period of less than five years. Restrictions on shares of restricted stock outstanding lapse through 2027. The Company expects all RSUs to vest.

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***Restricted Stock Awards***

The following table summarizes the activities related to RSAs for the years ended December 31, 2022, 2021, and 2020.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2022** | **2021** | **2021** | **2020** | **2020** |
| | **Units** | **Weighted Average Grant Date Fair Value** | **Units** | **Weighted Average Grant Date Fair Value** | **Units** | **Weighted Average Grant Date Fair Value** |
| Outstanding at beginning of period | 113695 | $27.58 | 102355 | $27.16 | 101267 | $24.83 |
| Units granted | 119471 | 26.99 | 87664 | 27.31 | 54124 | 28.60 |
| Units vested | (72101) | 27.33 | (69628) | 26.62 | (50944) | 24.73 |
| Units forfeited | (4035) | 27.24 | (6696) | 27.59 | (2092) | 27.10 |
| **Outstanding at End of Period** | 157030 | 27.25 | 113695 | 27.58 | 102355 | 27.16 |

---

Expenses related to RSAs were $2.4 million, $2.0 million, and $1.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. The remaining unrecognized compensation cost will be recognized over a weighted average period of less than three years. Restrictions on shares of RSAs outstanding lapse through 2025. The Company expects all RSAs to vest.

***Performance-Based Restricted Stock Awards***

During the years ended December 31, 2022, 2021, and 2020, there were 66,369, 75,476, and 66,474 PSUs as well as dividend equivalent rights granted under the Plan, respectively. The performance period of these grants runs from January 1, 2022 through December 31, 2024, January 1, 2021 through December 31, 2023, and from January 1, 2020 through December 31, 2022, respectively. Pursuant to the performance share award agreement, each participant is eligible to vest in and receive shares of the Company's common stock based on the initial target number of shares granted multiplied by a percentage range between 0% and 200%. The percentage range is based on the attainment of a total shareholder return of the Company compared to certain specified peer groups of companies during the performance period. The fair value of the performance shares were estimated on the date of grant using a Monte Carlo Simulation model.

During the years ended December 31, 2022, 2021, and 2020, PSUs were granted at a weighted average fair value of $18.63, $27.56, and $29.73 per unit, respectively. During the year ended December 31, 2022, 68,523 PSUs vested at 0%, resulting in the issuance of no shares. There were 3,767 target number of PSUs forfeited due to employee departures during the year ended December 31, 2022. The Company expects all PSUs to vest.

The grant date fair values of PSUs were determined through Monte-Carlo simulations using the following assumptions: our common stock closing price at the grant date, the average closing price of our common stock price for the 20 trading days prior to the grant date and a range of performance-based vesting based on estimated total shareholder return over three years from the grant date. For the 2022 PSU grant, the Company used an implied volatility assumption of 49.5% (based on historical volatility), normalized risk free rate of 2.5%, and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three years performance period as is consistent with the terms of the PSUs). For the 2021 PSU grant, the Company used an implied volatility assumption of 49.0% (based on historical volatility), normalized risk free rate of 2.50%, and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three years performance period as is consistent with the terms of the PSUs). For the 2020 PSU grant, the Company used an implied volatility assumption of 17.4% (based on historical volatility), risk free rates of 2.50% (the three-year Treasury rates on the grant dates), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three years performance period as is consistent with the terms of the PSUs).

Expenses related to PSUs were $1.0 million, $653 thousand, and $1.0 million for the years ended December 31, 2022, 2021, and 2020, respectively.

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**NOTE 12 – FAIR VALUE MEASUREMENTS**

The carrying amounts of certain of the Company's financial instruments including cash equivalents, accounts receivable, accounts payable, accrued liabilities, and derivative financial instruments approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates.

Determining which category an asset or liability falls within the hierarchy requires significant judgment. We evaluate hierarchy disclosures each reporting period. The following table presents the derivative assets recorded that are reported at fair value on our Consolidated Balance Sheets on a recurring basis.

***Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis***

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| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| *<u>Derivative Assets</u>* |  |  |  |  |
| December 31, 2022 | $— | $35276 | $— | $35276 |
| December 31, 2021 |  | 2591 |  | 2591 |
| *<u>Derivative Liabilities</u>* |  |  |  |  |
| December 31, 2022 | $— | $9 | $— | $9 |
| December 31, 2021 |  | 7517 |  | 7517 |

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***Derivative Financial Instruments***

Currently, we use interest rate swaps to manage our interest rate risk associated with our note payable. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

The fair values of interest rate options will be determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to our derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of our derivatives held as of December 31, 2022 were classified as Level 2 of the fair value hierarchy.

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The following table presents the carrying value and fair value of certain financial liabilities that are recorded on our Consolidated Balance Sheets.

***Fair Value of Certain Financial Liabilities***

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| | | |
|:---|:---|:---|
| **December 31, 2022**<br>(In thousands) |<br>**Carrying Value** <sup>(1)</sup> |<br>**Fair Value** |
| Term loan due 2025 | $150000 | $149495 |
| Term loan due 2026 | 100000 | 99949 |
| Term loan due 2027 | 90000 | 89595 |
| Term loan due 2028 | 90000 | 89309 |
| Senior note due June 2024 | 50000 | 49179 |
| Senior note due December 2026 | 50000 | 48548 |
| Senior note due June 2027 | 75000 | 73007 |
| Senior note due December 2028 | 50000 | 48251 |
| Senior note due April 2029 | 50000 | 43111 |
| Senior note due June 2029 | 50000 | 43967 |
| Senior note due April 2030 | 75000 | 65078 |
| Senior note due March 2031 | 50000 | 41989 |
| Senior note due April 2031 | 50000 | 42032 |
| Senior note due March 2032 | 75000 | 62828 |
| Outstanding Revolver Borrowings |  |  |
| (1) Term loan and senior note liabilities exclude deferred financing costs |  |  |

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| | | |
|:---|:---|:---|
| **December 31, 2021**<br>(In thousands) |<br>**Carrying Value** <sup>(1)</sup> |<br>**Fair Value** |
| Term loan due 2023 | $50000 | $50237 |
| Term loan due 2024 | 100000 | 100474 |
| Term loan due 2025 | 150000 | 151702 |
| Term loan due 2026 | 100000 | 101262 |
| Senior note due June 2024 | 50000 | 53482 |
| Senior note due December 2026 | 50000 | 55468 |
| Senior note due June 2027 | 75000 | 84593 |
| Senior note due December 2028 | 50000 | 56952 |
| Senior note due April 2029 | 50000 | 50965 |
| Senior note due June 2029 | 50000 | 52045 |
| Senior note due April 2030 | 75000 | 78246 |
| Senior note due April 2031 | 50000 | 51584 |
| Outstanding Revolver Borrowings | 36000 | 36220 |
| (1) Term loan and senior note liabilities exclude deferred financing costs |  |  |

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The fair value of the Notes payable (Level 2) is determined using the present value of the contractual cash flows, discounted at the current market cost of debt.

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**NOTE 13 – COMMITMENTS AND CONTINGENCIES**

***Litigation***

We are subject to private lawsuits, administrative proceedings and claims that arise in the ordinary course of our business. A number of these lawsuits, proceedings and claims may exist at any given time. These matters typically involve claims from guests, employee wage and hour claims and others related to operational issues common to the restaurant industry. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits, proceedings or claims. While the resolution of a lawsuit, proceeding or claim may have an impact on our financial results for the period in which it is resolved, we believe that the maximum liability related to probable lawsuits, proceedings and claims in which we are currently involved, individually and in the aggregate, will not have a material adverse effect on our financial position, results of operations or liquidity.

**NOTE 14 – SEGMENTS**

During 2022, 2021, and 2020, we operated in two segments: real estate operations and restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed. The accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies.

The following tables present financial information by segment for the years ended December 31, 2022, 2021, and 2020.

***For the Year Ended December 31, 2022***

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| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | **Real Estate Operations** | **Restaurant Operations** | **Intercompany** | **Total** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental | $193611 | $— | $— | $193611 |
| &nbsp;&nbsp;&nbsp;Intercompany rental | 846 |  | (846) |  |
| &nbsp;&nbsp;&nbsp;Restaurant |  | 29583 |  | 29583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 194457 | 29583 | (846) | 223194 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 20043 |  |  | 20043 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 40762 | 709 |  | 41471 |
| &nbsp;&nbsp;&nbsp;Property | 7989 |  |  | 7989 |
| &nbsp;&nbsp;&nbsp;Restaurant |  | 28668 | (846) | 27822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 68794 | 29377 | (846) | 97325 |
| Interest expense | (36405) |  |  | (36405) |
| Other income, net | 542 |  |  | 542 |
| Realized gain on sale, net | 8139 |  |  | 8139 |
| Income tax benefit (expense) | (206) | (31) |  | (237) |
| **Net Income** | $97733 | $175 | $— | $97908 |

---

------

***For the Year Ended December 31, 2021***

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | **Real Estate Operations** | **Restaurant Operations** | **Intercompany** | **Total** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental | $172812 | $— | $— | $172812 |
| &nbsp;&nbsp;&nbsp;Intercompany rental | 743 |  | (743) |  |
| &nbsp;&nbsp;&nbsp;Restaurant |  | 26566 |  | 26566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 173555 | 26566 | (743) | 199378 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 17650 |  |  | 17650 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 34162 | 664 |  | 34826 |
| &nbsp;&nbsp;&nbsp;Property | 5040 |  |  | 5040 |
| &nbsp;&nbsp;&nbsp;Restaurant |  | 25306 | (743) | 24563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 56852 | 25970 | (743) | 82079 |
| Interest expense | (32555) |  |  | (32555) |
| Other income, net | 36 |  |  | 36 |
| Realized gain on sale, net | 431 |  |  | 431 |
| Income tax (expense) benefit | (174) | 708 |  | 534 |
| **Net Income** | $84441 | $1304 | $— | $85745 |

---

***For the Year Ended December 31, 2020***

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | **Real Estate Operations** | **Restaurant Operations** | **Intercompany** | **Total** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental | $154721 | $— | $— | $154721 |
| &nbsp;&nbsp;&nbsp;Intercompany rental | 546 |  | (546) |  |
| &nbsp;&nbsp;&nbsp;Restaurant |  | 16223 |  | 16223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 155267 | 16223 | (546) | 170944 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 15046 |  |  | 15046 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 28944 | 489 |  | 29433 |
| &nbsp;&nbsp;&nbsp;Property | 3508 |  |  | 3508 |
| &nbsp;&nbsp;&nbsp;Restaurant |  | 16628 | (546) | 16082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 47498 | 17117 | (546) | 64069 |
| Interest expense | (29231) |  |  | (29231) |
| Other income, net | 170 |  |  | 170 |
| Realized gain on sale, net |  |  |  |  |
| Income tax expense | (165) | (82) |  | (247) |
| **Net Income (Loss)** | $78543 | $(976) | $— | $77567 |

---

------

The following table presents supplemental information by segment at December 31, 2022 and 2021.

***December 31, 2022***

---

| | | | |
|:---|:---|:---|:---|
| (In thousands) | **Real Estate Operations** | **Restaurant Operations** | **Total** |
| Total real estate investments | $2633002 | $22700 | $2655702 |
| Accumulated depreciation | (699825) | (6877) | (706702) |
| Total real estate investments, net | 1933177 | 15823 | 1949000 |
| Cash and cash equivalents | 25260 | 1036 | 26296 |
| Total assets | 2176336 | 22251 | 2198587 |
| Long-term debt, net of deferred financing costs | 995477 |  | 995477 |

---

***December 31, 2021***

---

| | | | |
|:---|:---|:---|:---|
| (In thousands) | **Real Estate Operations** | **Restaurant Operations** | **Total** |
| Total real estate investments | $2382169 | $22236 | $2404405 |
| Accumulated depreciation | (676183) | (6247) | (682430) |
| Total real estate investments, net | 1705986 | 15989 | 1721975 |
| Cash and cash equivalents | 4830 | 1470 | 6300 |
| Total assets | 1880192 | 22788 | 1902980 |
| Long-term debt, net of deferred financing costs | 877591 |  | 877591 |

---

**NOTE 15 – SUBSEQUENT EVENTS**

***Acquisitions & Disposals***

In the first quarter through February 17, 2023, the Company invested $3.8 million, net of transaction costs, in acquisitions of two retail properties located in one state. These properties are 100% occupied under net leases. The Company funded the acquisitions with cash on hand and ATM forward settlements. The Company anticipates accounting for these acquisitions as asset acquisitions in accordance with GAAP. There were no material contingent liabilities associated with these transactions at December 31, 2022.

In the first quarter through February 17, 2023, the Company completed the sales of three real estate properties, two of which were held-for-sale at December 31, 2022. The properties were sold at a price above the carrying value.

***Capital Resources***

Through February 17, 2023, the Company physically settled a portion of the forward sale agreements that were outstanding on the current ATM program and issued 324,182 shares for net proceeds of $9.0 million.

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| AAA | Fairfield, CA | 1060 | 4281 |  |  |  |  | 1060 | 4281 |  | 5341 | 285 | 2000 | 9/3/2020 | 35 |
| ADAUT | Centennial, CO | 1252 | 694 |  |  |  |  | 1252 | 694 |  | 1946 | 47 | 2010 | 12/30/2020 | 10 - 40 |
| ADAUT | Fort Worth, TX | 733 | 928 |  |  |  |  | 733 | 928 |  | 1661 | 49 | 1986 | 3/17/2021 | 10 - 45 |
| ADAUT | South Elgin, IL | 587 | 1555 |  |  |  |  | 587 | 1555 |  | 2142 | 25 | 2006 | 7/12/2022 | 10 - 40 |
| ADAUT | Big Rapids, MI | 195 | 672 |  |  |  |  | 195 | 672 |  | 867 | 16 | 1999 | 7/15/2022 | 10- 25 |
| ADAUT | Kalamazoo, MI | 109 | 620 |  |  |  |  | 109 | 620 |  | 729 | 7 | 1998 | 10/13/2022 | 5 - 30 |
| APPLB | Tracy, CA | 1267 |  |  |  |  |  | 1267 |  |  | 1267 |  | 2004 | 11/20/2018 |  |
| ARBYS | Rocky Mount, NC | 261 | 1405 |  |  |  |  | 261 | 1405 |  | 1666 | 237 | 2004 | 9/6/2016 | 10 - 45 |
| ARBYS | Roanoke Rapids, NC | 288 | 1563 |  |  |  |  | 288 | 1563 |  | 1851 | 278 | 2003 | 9/6/2016 | 10 - 45 |
| ARBYS | South Hill, VA | 538 | 1283 |  |  |  |  | 538 | 1283 |  | 1821 | 212 | 2002 | 11/3/2016 | 10 - 50 |
| ARBYS | Wake Forest, NC | 805 | 1344 |  |  |  |  | 805 | 1344 |  | 2149 | 273 | 2005 | 11/3/2016 | 9 - 49 |
| ARBYS | Birch Run, MI | 590 | 777 |  |  |  |  | 590 | 777 |  | 1367 | 189 | 1991 | 11/9/2016 | 10 - 40 |
| ARBYS | Brighton, MI | 456 | 990 |  |  |  |  | 456 | 990 |  | 1446 | 194 | 1987 | 11/9/2016 | 10 - 40 |
| ARBYS | Cedar Rapids, IA | 485 |  |  |  |  |  | 485 |  |  | 485 |  | 1987 | 1/12/2018 |  |
| ARBYS | Plainwell, MI | 696 | 837 |  |  |  |  | 696 | 837 |  | 1533 | 151 | 1999 | 8/6/2018 | 3 - 36 |
| ARBYS | Logan, UT | 827 | 1157 |  | 26 |  |  | 853 | 1157 |  | 2010 | 135 | 1980 | 5/1/2019 | 5 - 40 |
| ARBYS | Spring Lake, MI | 317 | 762 |  |  |  |  | 317 | 762 |  | 1079 | 101 | 1986 | 6/21/2019 | 5 - 30 |
| ARBYS | Holland, MI | 735 | 735 |  |  |  |  | 735 | 735 |  | 1470 | 125 | 1988 | 6/21/2019 | 5 - 30 |
| ARBYS | Muskegon, MI | 486 | 919 |  |  |  |  | 486 | 919 |  | 1405 | 105 | 1979 | 6/21/2019 | 5 - 40 |
| ARBYS | Kokomo, IN | 902 |  |  |  |  |  | 902 |  |  | 902 |  | 2003 | 8/1/2019 |  |
| ARBYS | Roxboro, NC | 2 |  |  |  |  |  | 2 |  |  | 2 |  | 2006 | 8/26/2020 |  |
| ARBYS | Roxboro, NC | 1002 | 541 |  |  |  |  | 1002 | 541 |  | 1543 | 79 | 2006 | 1/6/2020 | 10 - 25 |
| ARBYS | Brook Park, OH | 719 | 1044 |  |  |  |  | 719 | 1044 |  | 1763 | 63 | 2006 | 9/23/2021 | 10 - 25 |
| ARBYS | Layton, UT | 1302 |  |  |  |  |  | 1302 |  |  | 1302 |  | 1981 | 4/8/2021 |  |
| ASPDE | Russellville, AR | 891 | 856 |  |  |  |  | 891 | 856 |  | 1747 | 41 | 2007 | 10/14/2021 | 10 - 35 |
| ASPDE | Festus, MS | 715 | 1429 |  |  |  |  | 715 | 1429 |  | 2144 | 25 | 2017 | 5/25/2022 | 10 - 40 |
| ATT | Columbia, MO | 512 | 556 |  |  |  |  | 512 | 556 |  | 1068 | 21 | 1985 | 12/29/2021 | 10 - 35 |
| ATT | El Paso, TX | 735 | 996 |  |  |  |  | 735 | 996 |  | 1731 | 10 | 2003 | 8/31/2022 | 10 - 40  |
| BFISH | Greensboro, NC | 1254 |  |  |  |  |  | 1254 |  |  | 1254 |  | 2002 | 2/21/2020 |  |
| BFISH | Hoover, AL | 1818 |  |  |  |  |  | 1818 |  |  | 1818 |  | 1988 | 3/30/2022 |  |
| BHAMA | Raleigh, NC | 2507 | 3230 | 155 |  | 918 | 314 | 2507 | 4148 | 469 | 7124 | 3215 | 1999 | 5/17/1999 | 2 - 38 |
| BHAMA | Duluth, GA | 1292 | 2362 | 254 |  | 1378 | 274 | 1292 | 3740 | 528 | 5560 | 3091 | 1999 | 5/24/1999 | 2 - 38 |
| BHAMA | Miami, FL | 1731 | 3427 | 222 |  | 1162 | 422 | 1731 | 4589 | 644 | 6964 | 3555 | 2000 | 4/4/2000 | 2 - 35 |
| BHAMA | Fort Myers, FL | 1914 | 2863 | 186 |  | 916 | 398 | 1914 | 3779 | 584 | 6277 | 2863 | 2000 | 5/16/2000 | 2 - 35 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| BHAMA | Pembroke Pines, FL | 1808 | 2999 | 207 |  | 1039 | 382 | 1808 | 4038 | 589 | 6435 | 3015 | 2000 | 12/18/2000 | 2 - 35 |
| BHAMA | Livonia, MI | 2105 | 3856 | 286 |  | 362 | 138 | 2105 | 4218 | 424 | 6747 | 3200 | 2001 | 2/6/2001 | 2 - 36 |
| BHAMA | Sunrise, FL | 1515 | 3251 | 138 |  | 450 | 224 | 1515 | 3701 | 362 | 5578 | 2506 | 2002 | 10/22/2002 | 2 - 37 |
| BHAMA | Jacksonville, FL | 2235 | 2295 | 344 |  | 50 | 13 | 2235 | 2345 | 357 | 4937 | 1254 | 2010 | 3/29/2010 | 2 - 45 |
| BHAMA | Orlando, FL | 1659 | 2340 | 356 |  | 324 | 41 | 1659 | 2664 | 397 | 4720 | 1173 | 2012 | 2/27/2012 | 2 - 47 |
| BHAMA | Charleston, SC | 2673 |  |  |  |  |  | 2673 |  |  | 2673 |  | 2020 | 9/29/2020 |  |
| BIGO | West St. Paul, MN | 1464 | 1096 |  |  |  |  | 1464 | 1096 |  | 2560 | 87 | 2001 | 6/19/2020 | 10 - 40 |
| BJS | Youngstown, OH | 1125 |  |  |  |  |  | 1125 |  |  | 1125 |  | 2017 | 1/12/2018 |  |
| BJS | Longview, TX | 1508 |  |  |  |  |  | 1508 |  |  | 1508 |  | 2015 | 11/16/2018 |  |
| BJS | Livonia, MI | 638 | 3259 |  |  |  |  | 638 | 3259 |  | 3897 | 249 | 2018 | 12/28/2018 | 14 - 54 |
| BJS | Ft. Wayne, IN | 2878 |  |  |  |  |  | 2878 |  |  | 2878 |  | 2016 | 12/24/2019 |  |
| BJS | Little Rock, AR | 3646 |  |  |  |  |  | 3646 |  |  | 3646 |  | 2014 | 12/27/2019 |  |
| BJS | Oklahoma City, OK | 1879 |  |  |  |  |  | 1879 |  |  | 1879 |  | 2007 | 2/21/2020 |  |
| BJS | Sugar Land, TX | 3910 |  |  |  |  |  | 3910 |  |  | 3910 |  | 2005 | 9/15/2020 |  |
| BJS | Orange Valley, OH | 3908 |  |  |  |  |  | 3908 |  |  | 3908 |  | 2020 | 10/30/2020 |  |
| BJS | El Paso, TX | 2960 |  |  |  |  |  | 2960 |  |  | 2960 |  | 2006 | 8/31/2022 |  |
| BK | Keysville, VA | 571 | 1424 |  |  |  |  | 571 | 1424 |  | 1995 | 238 | 1996 | 10/28/2016 | 10 - 50 |
| BK | Roxboro, NC | 601 | 2089 |  |  |  |  | 601 | 2089 |  | 2690 | 315 | 1989 | 10/28/2016 | 10 - 50 |
| BK | Oxford, NC | 449 | 1892 |  |  |  |  | 449 | 1892 |  | 2341 | 295 | 1982 | 10/28/2016 | 10 - 50 |
| BK | Huntsville, AL | 460 | 1549 |  |  |  |  | 460 | 1549 |  | 2009 | 265 | 2000 | 10/28/2016 | 10 - 50 |
| BK | Amory, MS | 570 | 2159 |  |  |  |  | 570 | 2159 |  | 2729 | 292 | 2016 | 10/28/2016 | 14 - 54 |
| BK | Madisonville, KY | 1071 | 1257 |  |  |  |  | 1071 | 1257 |  | 2328 | 264 | 1986 | 11/9/2016 | 10 - 45 |
| BK | Monterey, TN | 429 | 1611 |  |  |  |  | 429 | 1611 |  | 2040 | 244 | 2000 | 12/28/2016 | 10 - 50 |
| BK | Crossville, TN | 397 | 1873 |  |  |  |  | 397 | 1873 |  | 2270 | 278 | 1987 | 12/28/2016 | 10 - 50 |
| BK | Livingston, TN | 481 | 1354 |  |  |  |  | 481 | 1354 |  | 1835 | 205 | 2015 | 12/28/2016 | 13 - 53 |
| BK | Herkimer, NY | 308 | 1460 |  |  |  |  | 308 | 1460 |  | 1768 | 189 | 2002 | 1/12/2017 | 13 - 53 |
| BK | Chattanooga, TN | 485 | 894 |  |  |  |  | 485 | 894 |  | 1379 | 161 | 1998 | 1/12/2017 | 10 - 45 |
| BK | Salem, IN | 534 | 1608 |  |  |  |  | 534 | 1608 |  | 2142 | 213 | 2016 | 6/30/2017 | 14 - 54 |
| BK | Tupelo, MS | 772 | 1765 |  |  |  |  | 772 | 1765 |  | 2537 | 228 | 2016 | 6/30/2017 | 14 - 54 |
| BK | Booneville, MS | 448 | 1253 |  |  |  |  | 448 | 1253 |  | 1701 | 167 | 2016 | 6/30/2017 | 14 - 54 |
| BK | Tupelo, MS | 953 | 1418 |  |  |  |  | 953 | 1418 |  | 2371 | 222 | 1998 | 6/30/2017 | 10 - 50 |
| BK | Memphis, TN | 739 | 1708 |  |  |  |  | 739 | 1708 |  | 2447 | 209 | 1996 | 6/30/2017 | 15 - 55 |
| BK | Columbus, MS | 922 | 1633 |  |  |  |  | 922 | 1633 |  | 2555 | 238 | 2000 | 6/30/2017 | 12 - 52 |
| BK | Tupelo, MS | 826 | 1774 |  |  |  |  | 826 | 1774 |  | 2600 | 251 | 1998 | 6/30/2017 | 10 - 50 |
| BK | Waldorf, MD | 747 | 1214 |  |  |  |  | 747 | 1214 |  | 1961 | 151 | 1989 | 4/3/2019 | 10 - 40 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| BK | Florence, SC | 1145 |  |  |  |  |  | 1145 |  |  | 1145 |  | 1980 | 6/23/2020 |  |
| BK | Bessemer, AL | 1668 |  |  |  |  |  | 1668 |  |  | 1668 |  | 2009 | 3/12/2020 |  |
| BK | Canton, OH | 641 | 685 |  |  |  |  | 641 | 685 |  | 1326 | 67 | 1971 | 6/8/2021 | 10 - 20 |
| BK | Slinger, WI | 901 | 652 |  |  |  |  | 901 | 652 |  | 1553 | 43 | 1994 | 6/29/2021 | 5 - 35 |
| BLACK | Spokane Valley, WA | 961 | 1024 |  |  |  |  | 961 | 1024 |  | 1985 | 181 | 2000 | 2/21/2020 | 8 - 25 |
| BOBE | Dover, DE | 591 | 1713 |  |  |  |  | 591 | 1713 |  | 2304 | 274 | 1993 | 4/28/2017 | 10 - 50 |
| BOBE | Indianapolis, IN | 603 | 1701 |  |  |  |  | 603 | 1701 |  | 2304 | 262 | 1991 | 4/28/2017 | 10 - 50 |
| BOBE | Bowie, MD | 506 | 1940 |  |  |  |  | 506 | 1940 |  | 2446 | 306 | 1995 | 4/28/2017 | 10 - 50 |
| BOBE | Catonsville, MD | 170 | 1091 |  |  |  |  | 170 | 1091 |  | 1261 | 185 | 2003 | 4/28/2017 | 10 - 50 |
| BOBE | Midland, MI | 1060 | 1567 |  |  |  |  | 1060 | 1567 |  | 2627 | 247 | 1998 | 4/28/2017 | 10 - 50 |
| BOBE | Niagara Falls, NY | 304 | 1892 |  |  |  |  | 304 | 1892 |  | 2196 | 299 | 1992 | 4/28/2017 | 10 - 50 |
| BOBE | Independence, OH | 1161 | 1847 |  |  |  |  | 1161 | 1847 |  | 3008 | 272 | 1994 | 4/28/2017 | 11 - 51 |
| BOBE | Centerville, OH | 947 | 1209 |  |  |  |  | 947 | 1209 |  | 2156 | 226 | 1997 | 4/28/2017 | 7 - 45 |
| BOBE | Blacklick, OH | 1178 | 1269 |  |  |  |  | 1178 | 1269 |  | 2447 | 261 | 1999 | 4/28/2017 | 7 - 45 |
| BOBE | Celina, OH | 944 | 1431 |  |  |  |  | 944 | 1431 |  | 2375 | 233 | 2005 | 4/28/2017 | 9 - 49 |
| BOBE | Canton, OH | 755 | 1441 |  |  |  |  | 755 | 1441 |  | 2196 | 216 | 2005 | 4/28/2017 | 10 - 50 |
| BOBE | Kent, OH | 814 | 1215 |  |  |  |  | 814 | 1215 |  | 2029 | 191 | 1994 | 4/28/2017 | 10 - 50 |
| BOBE | Waynesburg, PA | 389 | 1758 |  |  |  |  | 389 | 1758 |  | 2147 | 303 | 2006 | 4/28/2017 | 10 - 50 |
| BOBE | Kanawha City, WV | 405 | 1899 |  |  |  |  | 405 | 1899 |  | 2304 | 289 | 2000 | 4/28/2017 | 10 - 50 |
| BOBE | Lima, OH | 1382 | 1461 |  |  |  |  | 1382 | 1461 |  | 2843 | 257 | 1988 | 4/28/2017 | 9 - 49 |
| BOFA | Lincoln Park, MI | 1373 |  |  |  |  |  | 1373 |  |  | 1373 |  | 1992 | 11/19/2021 |  |
| BOJAN | Winston-Salem, NC | 838 | 569 |  |  |  |  | 838 | 569 |  | 1407 | 83 | 1983 | 1/29/2020 | 10 - 25 |
| BOJAN | Columbia, SC | 1158 | 824 |  |  |  |  | 1158 | 824 |  | 1982 | 80 | 1999 | 12/23/2020 | 10 - 25 |
| BOJAN | Murphy, NC | 1533 | 798 |  |  |  |  | 1533 | 798 |  | 2331 | 73 | 2014 | 8/5/2021 | 10 - 25 |
| BP | South Elgin, IL | 3056 |  |  |  |  |  | 3056 |  |  | 3056 |  | 2004 | 7/14/2020 |  |
| BRNSC | St. Louis, MO | 331 | 1272 |  |  |  |  | 331 | 1272 |  | 1603 | 6 | 1974 | 11/21/2022 | 10 - 20  |
| BUBBA | El Paso, TX | 2912 |  |  |  |  |  | 2912 |  |  | 2912 |  | 2000 | 11/30/2022 |  |
| BWW | Burlington, IA | 137 | 2530 |  |  |  |  | 137 | 2530 |  | 2667 | 401 | 2010 | 9/15/2016 | 10 - 49 |
| BWW | Galesburg, IL | 157 | 2510 |  |  |  |  | 157 | 2510 |  | 2667 | 430 | 2009 | 9/15/2016 | 10 - 46 |
| BWW | Macomb, IL | 138 | 2528 |  |  |  |  | 138 | 2528 |  | 2666 | 409 | 2009 | 9/15/2016 | 10 - 48 |
| BWW | Springfield, IL | 825 | 2352 |  |  |  |  | 825 | 2352 |  | 3177 | 317 | 2006 | 1/10/2018 | 10 - 50 |
| BWW | Quincy, IL | 676 | 2378 |  |  |  |  | 676 | 2378 |  | 3054 | 301 | 2007 | 1/10/2018 | 10 - 50 |
| BWW | Orange Park, FL | 1768 |  |  |  |  |  | 1768 |  |  | 1768 |  | 1997 | 1/12/2018 |  |
| BWW | Florence, SC | 1638 |  |  |  |  |  | 1638 |  |  | 1638 |  | 2011 | 6/29/2018 |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| BWW | Austin, TX | 1250 |  |  |  |  |  | 1250 |  |  | 1250 |  | 2010 | 7/16/2018 |  |
| BWW | Hendersonville, TN | 1401 |  |  |  |  |  | 1401 |  |  | 1401 |  | 2009 | 8/8/2018 |  |
| BWW | Grand Junction, CO | 1182 |  |  |  |  |  | 1182 |  |  | 1182 |  | 2004 | 1/18/2019 |  |
| BWW | Loredo, TX | 1287 | 1923 |  |  |  |  | 1287 | 1923 |  | 3210 | 233 | 2001 | 2/8/2019 | 10 - 45 |
| BWW | Rockaway, NJ | 787 |  |  |  |  |  | 787 |  |  | 787 |  | 2013 | 2/11/2019 |  |
| BWW | Centerville, GA | 1001 |  |  |  |  |  | 1001 |  |  | 1001 |  | 2011 | 8/1/2019 |  |
| BWW | Mansfield, TX | 1438 | 845 |  |  |  |  | 1438 | 845 |  | 2283 | 139 | 2007 | 10/21/2019 | 10 - 25 |
| BWW | Fort Worth, TX | 1484 | 922 |  |  | 854 |  | 1484 | 1776 |  | 3260 | 144 | 2007 | 11/4/2019 | 10 - 25 |
| BWW | Racine, WI | 1898 |  |  |  |  |  | 1898 |  |  | 1898 |  | 2013 | 11/12/2019 |  |
| BWW | Suffolk, VA | 602 | 1779 |  |  |  |  | 602 | 1779 |  | 2381 | 181 | 2012 | 12/31/2018 | 9 - 49 |
| BWW | Mansfield, TX |  | 79 |  |  |  |  |  | 79 |  | 79 | 14 | 2007 | 10/21/2019 | 15  |
| BWW | Gastonia, NC | 1373 |  |  |  |  |  | 1373 |  |  | 1373 |  | 2009 | 10/14/2020 |  |
| BWW | Whitehall, PA | 1685 |  |  |  |  |  | 1685 |  |  | 1685 |  | 2013 | 9/24/2021 |  |
| BWW | Mount Prospect, IL | 2127 |  |  |  |  |  | 2127 |  |  | 2127 |  | 2005 | 8/8/2022 |  |
| BWW | Forsyth, IL | 1616 | 1969 |  |  |  |  | 1616 | 1969 |  | 3585 |  | 2008 | 12/23/2022 | 10 - 35  |
| BWW | Springfield, IL | 822 | 1816 |  |  |  |  | 822 | 1816 |  | 2638 |  | 2011 | 12/23/2022 | 10 - 35  |
| BWW | Peru, IL | 704 | 1857 |  |  |  |  | 704 | 1857 |  | 2561 |  | 2009 | 12/23/2022 | 10 - 35  |
| BWW | Peoria, IL | 1835 | 2273 |  |  |  |  | 1835 | 2273 |  | 4108 |  | 2004 | 12/23/2022 | 10 - 35 |
| BWW | Bridgewater, NJ | 3862 | 2324 |  |  |  |  | 3862 | 2324 |  | 6186 | 23 | 2002 | 9/26/2022 | 10 - 30  |
| BWW | West Windsor, NJ | 1961 | 2406 |  |  |  |  | 1961 | 2406 |  | 4367 | 34 | 2015 | 9/26/2022 | 10 - 30  |
| CALCO | Mt Pleasant, IL | 1705 | 654 |  |  |  |  | 1705 | 654 |  | 2359 | 143 | 1982 | 7/15/2020 | 2 - 15 |
| CALCO | Palatine, IL | 2010 | 694 |  |  |  |  | 2010 | 694 |  | 2704 | 145 | 1998 | 9/24/2020 | 3 - 15 |
| CALCO | Fort Wayne, IN | 580 | 2444 |  |  |  |  | 580 | 2444 |  | 3024 | 164 | 1994 | 11/16/2020 | 14 - 49 |
| CALCO | Denver, CO | 1853 |  |  |  |  |  | 1853 |  |  | 1853 |  | 1962 | 12/9/2020 |  |
| CALCO | Midwest City, OK | 1781 |  |  |  |  |  | 1781 |  |  | 1781 |  | 1984 | 12/9/2020 |  |
| CALCO | Troy, NY | 1671 | 1266 |  |  |  |  | 1671 | 1266 |  | 2937 | 55 | 1940 | 9/21/2021 | 5 - 35 |
| CALCO | Clifton Park, NY | 1332 | 978 |  |  |  |  | 1332 | 978 |  | 2310 | 46 | 1977 | 9/21/2021 | 5 - 35 |
| CALCO | Queensbury, NY | 403 | 1232 |  |  | 17 |  | 403 | 1249 |  | 1652 | 86 | 1988 | 9/21/2021 | 10 - 35 |
| CALCO | Moraine, OH | 182 | 1047 |  |  | 144 |  | 182 | 1191 |  | 1373 | 93 | 1968 | 9/20/2021 | 5 - 25 |
| CALCO | Hamilton, OH | 210 | 567 |  |  |  |  | 210 | 567 |  | 777 | 67 | 1995 | 9/20/2021 | 5 - 20 |
| CALCO | Cincinnati, OH | 104 | 680 |  |  |  |  | 104 | 680 |  | 784 | 34 | 1983 | 9/20/2021 | 10 - 30 |
| CALCO | Loveland, OH | 102 | 316 |  |  |  |  | 102 | 316 |  | 418 | 42 | 1989 | 9/20/2021 | 5 - 15 |
| CALCO | Dayton, OH | 142 | 510 |  |  | 176 |  | 142 | 686 |  | 828 | 74 | 1972 | 9/20/2021 | 5 - 20 |
| CALCO | Cincinnati, OH | 124 | 554 |  |  |  |  | 124 | 554 |  | 678 | 39 | 1980 | 11/3/2021 | 10 - 20 |
| CALCO | Lebanon, OH | 93 | 181 |  |  |  |  | 93 | 181 |  | 274 | 28 | 1967 | 11/3/2021 | 5 - 10 |
| CALCO | Philadelphia, PA | 1070 | 1898 |  |  |  |  | 1070 | 1898 |  | 2968 | 90 | 1980 | 12/30/2021 | 5 - 35 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| CALCO | Norfolk, VA | 384 | 935 |  |  |  |  | 384 | 935 |  | 1319 | 35 | 1957 | 8/26/2021 | 11 - 41 |
| CALCO | Fond du Lac, WI | 320 | 1491 |  |  |  |  | 320 | 1491 |  | 1811 | 93 | 1997 | 3/12/2021 | 15 - 44 |
| CALCO | Indianapolis, IN | 687 | 2065 |  |  |  |  | 687 | 2065 |  | 2752 | 9 | 1998 | 11/29/2022 | 10 - 30 |
| CALCO | Beech Grove, IN | 249 | 1323 |  |  |  |  | 249 | 1323 |  | 1572 | 5 | 1978 | 11/29/2022 | 10 - 25 |
| CALCO | Indianapolis, IN | 42 | 475 |  |  |  |  | 42 | 475 |  | 517 | 2 | 1968 | 11/29/2022 | 10 - 20 |
| CALCO | Bowling Green, KY | 408 | 824 |  |  |  |  | 408 | 824 |  | 1232 | 7 | 1982 | 11/15/2022 | 10 - 25 |
| CALCO | Grand Rapids, MI | 274 | 801 |  |  |  |  | 274 | 801 |  | 1075 | 28 | 1963 | 7/12/2022 | 10 - 15 |
| CALCO | Kalamazoo, MI | 81 | 814 |  |  |  |  | 81 | 814 |  | 895 | 16 | 1947 | 9/9/2022 | 5 - 20 |
| CALCO | Brentwood, TN | 1762 | 3946 |  |  |  |  | 1762 | 3946 |  | 5708 | 13 | 1989 | 11/17/2022 | 10 - 35  |
| CALCO | Janesville, WI | 520 | 1302 |  |  |  |  | 520 | 1302 |  | 1822 | 29 | 1997 | 5/25/2022 | 10 - 35  |
| CAPON | Hyattsville, MD | 1506 | 789 |  |  |  |  | 1506 | 789 |  | 2295 | 18 | 1962 | 8/5/2022 | 10 - 20 |
| CARRAB | Palm Coast , FL | 2146 |  |  |  |  |  | 2146 |  |  | 2146 |  | 2012 | 6/13/2019 |  |
| CARRAB | Charleston, SC | 1334 |  |  |  |  |  | 1334 |  |  | 1334 |  | 2003 | 7/13/2020 |  |
| CARRAB | Tallahassee, FL | 3814 |  |  |  |  |  | 3814 |  |  | 3814 |  | 2000 | 12/22/2020 |  |
| CARRAB | Independence, MO | 1566 |  |  |  |  |  | 1566 |  |  | 1566 |  | 2002 | 10/28/2021 |  |
| CCKFA | Overland Park, KS | 2743 | 5126 |  |  |  |  | 2743 | 5126 |  | 7869 | 15 | 2003 | 12/2/2022 | 10 - 30 |
| CEC | Florence, SC | 887 |  |  |  |  |  | 887 |  |  | 887 |  | 2006 | 8/5/2022 |  |
| CFILA | Cedar Rapids, IA | 1894 |  |  |  |  |  | 1894 |  |  | 1894 |  | 2012 | 1/12/2018 |  |
| CFILA | Sioux City, IA | 1162 |  |  |  |  |  | 1162 |  |  | 1162 |  | 2012 | 6/28/2019 |  |
| CFILA | Rehoboth Beach, DE | 2081 |  |  |  |  |  | 2081 |  |  | 2081 |  | 2013 | 12/24/2019 |  |
| CFILA | Ft. Wayne, IN | 2251 |  |  |  |  |  | 2251 |  |  | 2251 |  | 2019 | 12/24/2019 |  |
| CFILA | Carmel, IN | 1056 |  |  |  |  |  | 1056 |  |  | 1056 |  | 2006 | 9/17/2020 |  |
| CFILA | Florissant, MO | 1416 |  |  |  |  |  | 1416 |  |  | 1416 |  | 2019 | 12/18/2020 |  |
| CFILA | Florence, SC | 1869 |  |  |  |  |  | 1869 |  |  | 1869 |  | 2018 | 3/3/2020 |  |
| CFILA | Manchester, CT | 3265 |  |  |  |  |  | 3265 |  |  | 3265 |  | 2021 | 12/30/2021 |  |
| CHASE | New Iberia, LA | 1739 |  |  |  |  |  | 1739 |  |  | 1739 |  | 2021 | 6/29/2021 |  |
| CHEDD | Pensacola, FL | 1530 |  |  |  |  |  | 1530 |  |  | 1530 |  | 1991 | 6/29/2018 |  |
| CHILI | Bloomingdale, IL | 1111 |  |  |  |  |  | 1111 |  |  | 1111 |  | 1990 | 1/12/2018 |  |
| CHILI | Baton Rouge, LA | 1146 | 1077 |  |  |  |  | 1146 | 1077 |  | 2223 | 208 | 1985 | 8/8/2018 | 5 - 30 |
| CHILI | Mesquite, TX | 2180 | 2938 |  |  |  |  | 2180 | 2938 |  | 5118 | 306 | 2012 | 8/8/2018 | 13 - 53 |
| CHILI | Palm Bay, FL | 1666 | 2881 |  |  |  |  | 1666 | 2881 |  | 4547 | 315 | 1994 | 8/8/2018 | 12 - 52 |
| CHILI | Madison, TN | 1178 | 2372 |  |  |  |  | 1178 | 2372 |  | 3550 | 266 | 1989 | 8/8/2018 | 11 - 51 |
| CHILI | Ocala, FL | 2017 | 2216 |  |  |  |  | 2017 | 2216 |  | 4233 | 269 | 1989 | 8/8/2018 | 11 - 51 |
| CHILI | Palmdale, CA | 1234 | 2573 |  |  |  |  | 1234 | 2573 |  | 3807 | 284 | 1991 | 8/8/2018 | 9 - 49 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| CHILI | Sebring, FL | 1568 | 2275 |  |  |  |  | 1568 | 2275 |  | 3843 | 263 | 1992 | 8/8/2018 | 11 - 51 |
| CHILI | Tarpon Springs, FL | 1394 | 2232 |  |  |  |  | 1394 | 2232 |  | 3626 | 273 | 1994 | 8/8/2018 | 10 - 50 |
| CHILI | Peoria, AZ | 867 | 1199 |  |  |  |  | 867 | 1199 |  | 2066 | 236 | 1993 | 8/8/2018 | 5 - 31 |
| CHILI | The Woodlands, TX | 1445 | 1218 |  |  |  |  | 1445 | 1218 |  | 2663 | 221 | 1995 | 8/8/2018 | 5 - 35 |
| CHILI | Orlando, FL | 2106 | 1376 |  |  |  |  | 2106 | 1376 |  | 3482 | 244 | 1994 | 8/8/2018 | 5 - 35 |
| CHILI | Kissimmee, FL | 2101 | 2052 |  |  |  |  | 2101 | 2052 |  | 4153 | 268 | 1994 | 8/8/2018 | 7 - 47 |
| CHILI | Mesa, AZ | 1295 | 1628 |  |  |  |  | 1295 | 1628 |  | 2923 | 256 | 1994 | 8/8/2018 | 5 - 40 |
| CHILI | Katy, TX | 1930 | 1907 |  |  |  |  | 1930 | 1907 |  | 3837 | 255 | 1995 | 8/8/2018 | 10 - 45 |
| CHILI | McAllen, TX | 759 | 1691 |  |  |  |  | 759 | 1691 |  | 2450 | 268 | 1994 | 8/8/2018 | 5 - 35 |
| CHILI | Winter Haven, FL | 922 | 1926 |  |  |  |  | 922 | 1926 |  | 2848 | 251 | 1995 | 8/8/2018 | 7 - 47 |
| CHILI | Ormond Beach, FL | 545 | 1104 |  |  |  |  | 545 | 1104 |  | 1649 | 195 | 1995 | 8/8/2018 | 3 - 32 |
| CHILI | Pembroke Pines, FL | 1757 | 1514 |  |  |  |  | 1757 | 1514 |  | 3271 | 273 | 1996 | 8/8/2018 | 5 - 40 |
| CHILI | High Point, NC | 955 | 1446 |  |  |  |  | 955 | 1446 |  | 2401 | 194 | 1996 | 8/8/2018 | 5 - 55 |
| CHILI | Anderson, SC | 1647 | 2252 |  |  |  |  | 1647 | 2252 |  | 3899 | 247 | 1995 | 8/8/2018 | 13 - 53 |
| CHILI | Burleson, TX | 2612 | 2321 |  |  |  |  | 2612 | 2321 |  | 4933 | 333 | 1998 | 8/8/2018 | 5 - 45 |
| CHILI | Brownsville, TX | 2111 | 2868 |  |  |  |  | 2111 | 2868 |  | 4979 | 315 | 1999 | 8/8/2018 | 12 - 52 |
| CHILI | Hermitage, TN | 1226 | 1564 |  |  |  |  | 1226 | 1564 |  | 2790 | 249 | 2000 | 8/8/2018 | 5 - 39 |
| CHILI | Reno, NV | 723 | 2496 |  |  |  |  | 723 | 2496 |  | 3219 | 256 | 2002 | 8/8/2018 | 10 - 50 |
| CHILI | Bartlesville, OK | 1497 | 1571 |  |  |  |  | 1497 | 1571 |  | 3068 | 204 | 2002 | 8/8/2018 | 10 - 50 |
| CHILI | Gallatin, TN | 821 | 1613 |  |  |  |  | 821 | 1613 |  | 2434 | 202 | 2002 | 8/8/2018 | 10 - 50 |
| CHILI | Tampa, FL | 920 | 1839 |  |  |  |  | 920 | 1839 |  | 2759 | 258 | 2002 | 8/8/2018 | 7 - 40 |
| CHILI | Atascocita, TX | 1953 | 2256 |  |  |  |  | 1953 | 2256 |  | 4209 | 259 | 2002 | 8/8/2018 | 12 - 52 |
| CHILI | Canon City, CO | 709 | 1928 |  |  |  |  | 709 | 1928 |  | 2637 | 225 | 2002 | 8/8/2018 | 10 - 50 |
| CHILI | Chattanooga, TN | 350 | 1852 |  |  |  |  | 350 | 1852 |  | 2202 | 177 | 2003 | 8/8/2018 | 11 - 51 |
| CHILI | Hobbs, NM | 1424 | 1746 |  |  |  |  | 1424 | 1746 |  | 3170 | 216 | 2003 | 8/8/2018 | 10 - 50 |
| CHILI | Gonzales, LA | 1681 | 2292 |  |  |  |  | 1681 | 2292 |  | 3973 | 261 | 2003 | 8/8/2018 | 10 - 50 |
| CHILI | Tupelo, MS | 890 | 1514 |  |  |  |  | 890 | 1514 |  | 2404 | 242 | 2003 | 8/8/2018 | 5 - 40 |
| CHILI | Las Cruces, NM | 1645 | 1720 |  |  |  |  | 1645 | 1720 |  | 3365 | 244 | 1991 | 8/8/2018 | 7 - 45 |
| CHILI | Carson City, NV | 775 | 467 |  |  |  |  | 775 | 467 |  | 1242 | 110 | 2004 | 8/8/2018 | 5 - 41 |
| CHILI | Lady Lake, FL | 2474 | 2618 |  |  |  |  | 2474 | 2618 |  | 5092 | 315 | 2004 | 8/8/2018 | 12 - 52 |
| CHILI | Lone Tree, CO | 753 | 1511 |  |  |  |  | 753 | 1511 |  | 2264 | 234 | 2004 | 8/8/2018 | 5 - 41 |
| CHILI | Bristol, VA | 1059 | 1563 |  |  |  |  | 1059 | 1563 |  | 2622 | 253 | 2004 | 8/8/2018 | 5 - 41 |
| CHILI | Trinity, FL | 1701 | 2613 |  |  |  |  | 1701 | 2613 |  | 4314 | 287 | 2004 | 8/8/2018 | 13 - 53 |
| CHILI | Kingsville, TX | 1254 | 1719 |  |  |  |  | 1254 | 1719 |  | 2973 | 210 | 2004 | 8/8/2018 | 9 - 49 |
| CHILI | Conroe, TX | 1224 | 1661 |  |  |  |  | 1224 | 1661 |  | 2885 | 241 | 2004 | 8/8/2018 | 7 - 45 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| CHILI | Portland, TX | 1537 | 2089 |  |  |  |  | 1537 | 2089 |  | 3626 | 268 | 2005 | 8/8/2018 | 10 - 45 |
| CHILI | Plainview, TX | 657 | 1302 |  |  |  |  | 657 | 1302 |  | 1959 | 180 | 2005 | 8/8/2018 | 5 - 45 |
| CHILI | Pinellas Park, FL | 2857 | 2352 |  |  |  |  | 2857 | 2352 |  | 5209 | 275 | 2005 | 8/8/2018 | 10 - 50 |
| CHILI | Conyers, GA | 1049 | 2168 |  |  |  |  | 1049 | 2168 |  | 3217 | 270 | 2000 | 8/8/2018 | 7 - 45 |
| CHILI | Eagle Pass, TX | 1338 | 1859 |  |  |  |  | 1338 | 1859 |  | 3197 | 262 | 2007 | 8/8/2018 | 5 - 45 |
| CHILI | Enid, OK | 1712 | 2805 |  |  |  |  | 1712 | 2805 |  | 4517 | 338 | 1996 | 9/14/2018 | 10 - 45 |
| CHILI | Lawton, OK | 1072 | 1197 |  |  |  |  | 1072 | 1197 |  | 2269 | 187 | 1999 | 9/14/2018 | 3 - 36 |
| CHILI | Austin, TX | 988 | 1330 |  |  |  |  | 988 | 1330 |  | 2318 | 157 | 2003 | 9/14/2018 | 1 - 41 |
| CHILI | Greenville, TX | 1495 | 1431 |  |  |  |  | 1495 | 1431 |  | 2926 | 197 | 2002 | 9/28/2018 | 10 - 45 |
| CHILI | Arcadia, FL | 1575 | 1408 |  |  |  |  | 1575 | 1408 |  | 2983 | 207 | 2005 | 9/28/2018 | 5 - 45 |
| CHILI | Aurora, CO | 649 | 1534 |  |  |  |  | 649 | 1534 |  | 2183 | 209 | 1990 | 10/23/2018 | 5 - 40 |
| CHILI | Coralville, IA | 1628 |  |  |  |  |  | 1628 |  |  | 1628 |  | 1998 | 12/26/2019 |  |
| CHILI | Alamosa, CO | 1992 | 1206 |  |  |  |  | 1992 | 1206 |  | 3198 | 136 | 2007 | 12/27/2019 | 10 - 35 |
| CHILI | Pueblo, CO | 800 | 1694 |  |  |  |  | 800 | 1694 |  | 2494 | 205 | 2005 | 12/27/2019 | 10 - 35 |
| CHILI | Lafayette, LA | 3183 | 1579 |  |  |  |  | 3183 | 1579 |  | 4762 | 182 | 2005 | 12/27/2019 | 10 - 35 |
| CHILI | Southaven, MS | 2332 | 1770 |  |  |  |  | 2332 | 1770 |  | 4102 | 195 | 2000 | 12/27/2019 | 10 - 35 |
| CHILI | Shawnee, OK | 2077 | 1370 |  |  |  |  | 2077 | 1370 |  | 3447 | 152 | 2001 | 12/27/2019 | 10 - 35 |
| CHILI | Harlingen, TX | 3054 | 1630 |  |  |  |  | 3054 | 1630 |  | 4684 | 198 | 1998 | 12/27/2019 | 10 - 35 |
| CHILI | Seguin, TX | 2350 | 1778 |  |  |  |  | 2350 | 1778 |  | 4128 | 196 | 2004 | 12/27/2019 | 10 - 35 |
| CHILI | Carmel, IN | 1273 |  |  |  |  |  | 1273 |  |  | 1273 |  | 1993 | 2/13/2020 |  |
| CHILI | Kokomo, IN | 858 |  |  |  |  |  | 858 |  |  | 858 |  | 1999 | 2/13/2020 |  |
| CHILI | Aiken, SC | 1407 | 1565 |  |  |  |  | 1407 | 1565 |  | 2972 | 111 | 2001 | 12/31/2020 | 13 - 38 |
| CHILI | Brunswick, GA | 293 | 717 |  |  |  |  | 293 | 717 |  | 1010 | 75 | 1998 | 1/29/2021 | 10 - 30 |
| CHILI | Hinesville, GA | 2406 | 883 |  |  |  |  | 2406 | 883 |  | 3289 | 57 | 2006 | 3/1/2021 | 10 - 40 |
| CHILI | Pittsfield, MA | 1717 |  |  |  |  |  | 1717 |  |  | 1717 |  | 2018 | 4/1/2021 |  |
| CHILI | Linthicum, MD | 2341 | 1868 |  |  |  |  | 2341 | 1868 |  | 4209 | 76 | 2009 | 9/2/2021 | 10 - 40 |
| CHILI | Salisbury, MD | 1467 | 1279 |  |  |  |  | 1467 | 1279 |  | 2746 | 76 | 2003 | 9/2/2021 | 7 - 33 |
| CHILI | Kansas City, MO | 1663 | 1644 |  |  |  |  | 1663 | 1644 |  | 3307 | 78 | 1997 | 10/15/2021 | 10 - 35 |
| CHILI | Rochester, NY | 322 | 1441 |  |  |  |  | 322 | 1441 |  | 1763 | 87 | 1992 | 6/10/2021 | 10 - 35 |
| CHILI | Gainesville, TX | 1230 | 1363 |  |  |  |  | 1230 | 1363 |  | 2593 | 87 | 2003 | 6/16/2021 | 10 - 40 |
| CHILI | Midlothian, VA | 663 | 1281 |  |  |  |  | 663 | 1281 |  | 1944 | 83 | 2005 | 3/26/2021 | 10 - 40 |
| CHILI | Culpeper, VA | 2781 | 1427 |  |  |  |  | 2781 | 1427 |  | 4208 | 78 | 2005 | 9/2/2021 | 10 - 33 |
| CHILI | Lynchburg, VA | 1924 | 1776 |  |  |  |  | 1924 | 1776 |  | 3700 | 78 | 2016 | 9/2/2021 | 10 - 40 |
| CHILI | Chester, VA | 1382 | 1860 |  |  |  |  | 1382 | 1860 |  | 3242 | 91 | 2016 | 9/2/2021 | 10 - 40 |

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| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| CHILI | Sterling, VA | 1295 | 1687 |  |  |  |  | 1295 | 1687 |  | 2982 | 79 | 2004 | 9/2/2021 | 10 - 37 |
| CHILI | Littleton, CO | 3323 |  |  |  |  |  | 3323 |  |  | 3323 |  | 1985 | 2/25/2022 |  |
| CHILI | St. Petersburg, FL | 2515 |  |  |  |  |  | 2515 |  |  | 2515 |  | 2018 | 11/22/2022 |  |
| CHILI | Sumter, SC | 2016 | 1193 |  |  |  |  | 2016 | 1193 |  | 3209 | 42 | 2004 | 2/25/2022 | 10 - 35 |
| CHIP | Florence, SC | 758 | 402 |  |  |  |  | 758 | 402 |  | 1160 | 60 | 2013 | 3/3/2020 | 10 - 25 |
| CIRCK | Pawleys Island, SC | 1555 |  |  |  |  |  | 1555 |  |  | 1555 |  | 2003 | 12/23/2020 |  |
| CIRCK | Homer Glen, OK | 1428 | 776 |  |  |  |  | 1428 | 776 |  | 2204 | 40 | 1998 | 6/29/2021 | 10 - 40 |
| CIRCK | Urbana, IL | 1957 | 1014 |  |  |  |  | 1957 | 1014 |  | 2971 | 47 | 2005 | 12/23/2021 | 10 - 35 |
| CIRCK | Aurora, IL | 3624 |  |  |  |  |  | 3624 |  |  | 3624 |  | 2006 | 9/15/2022 |  |
| CITI | Bloomingdale, IL | 1328 |  |  |  |  |  | 1328 |  |  | 1328 |  | 1991 | 10/18/2019 |  |
| COHWK | Gurnee, IL | 6149 |  |  |  |  |  | 6149 |  |  | 6149 |  | 2022 | 12/19/2022 |  |
| COLUM | Columbia, MO | 1006 |  |  |  |  |  | 1006 |  |  | 1006 |  | 1998 | 2/21/2020 |  |
| CRLJR | Logan, UT | 848 |  |  |  |  |  | 848 |  |  | 848 |  | 1997 | 6/7/2019 |  |
| DAVTA | Eau Claire, WI | 201 | 791 |  |  |  |  | 201 | 791 |  | 992 | 71 | 1996 | 6/10/2021 | 7 - 27 |
| DAVTA | Kansas City, KS | 672 | 1408 |  |  |  |  | 672 | 1408 |  | 2080 | 32 | 1999 | 6/24/2022 | 10 - 25  |
| DENNY | Amherst, OH | 460 | 998 |  |  |  |  | 460 | 998 |  | 1458 | 216 | 1971 | 11/9/2016 | 10 - 40 |
| DTIRE | Coralville, IA | 2142 |  |  |  |  |  | 2142 |  |  | 2142 |  | 1998 | 12/26/2019 |  |
| EXOIL | Columbus, MS | 1294 | 765 |  |  |  |  | 1294 | 765 |  | 2059 | 28 | 2001 | 12/22/2021 | 10 - 37 |
| EXOIL | Starkville, MS | 1421 | 879 |  |  |  |  | 1421 | 879 |  | 2300 | 30 | 1996 | 12/22/2021 | 10 - 35 |
| EXOIL | Columbus, MS | 861 | 564 |  |  |  |  | 861 | 564 |  | 1425 | 19 | 1970 | 3/30/2022 | 10 - 35  |
| FAZOL | Lafayette, IN | 244 | 522 |  |  |  |  | 244 | 522 |  | 766 | 126 | 1996 | 11/9/2016 | 5 - 40 |
| FEDEX | Oklahoma City, OK | 862 |  |  |  |  |  | 862 |  |  | 862 |  | 1999 | 2/21/2020 |  |
| FMBNK | East Moline, IL | 717 | 919 |  |  |  |  | 717 | 919 |  | 1636 | 36 | 1979 | 12/20/2021 | 5 - 35 |
| FMBNK | Sandwich, IL | 387 | 992 |  |  |  |  | 387 | 992 |  | 1379 | 30 | 2012 | 12/20/2021 | 6 - 41 |
| FMBNK | Johnsburg, IL | 1216 | 827 |  |  |  |  | 1216 | 827 |  | 2043 | 52 | 1988 | 12/20/2021 | 5 - 35 |
| FRES | Ft. Wayne, IN | 974 | 1450 |  |  |  |  | 974 | 1450 |  | 2424 | 108 | 2001 | 3/26/2021 | 10 - 30 |
| FRES | Shreveport, LA | 1043 | 1898 |  |  | 6 |  | 1043 | 1904 |  | 2947 | 98 | 2008 | 9/3/2021 | 10 - 35 |
| FRES | Baton Rouge, LA | 579 | 1305 |  |  |  |  | 579 | 1305 |  | 1884 | 30 | 2001 | 3/31/2022 | 10 - 40  |
| FRES | Baton Rouge, LA | 482 | 1201 |  |  |  |  | 482 | 1201 |  | 1683 | 30 | 2005 | 3/31/2022 | 10 - 40  |
| FRES | Denham Springs, LA | 998 | 1272 |  |  |  |  | 998 | 1272 |  | 2270 | 35 | 2007 | 3/31/2022 | 10 - 40  |
| FRES | Plaquemine, LA | 520 | 1047 |  |  |  |  | 520 | 1047 |  | 1567 | 24 | 1998 | 3/31/2022 | 10 - 40  |
| FRES | Praireville, LA | 525 | 965 |  |  |  |  | 525 | 965 |  | 1490 | 24 | 2000 | 3/31/2022 | 5 - 40  |
| FRES | Davison, MI | 784 | 1841 |  |  |  |  | 784 | 1841 |  | 2625 | 49 | 2000 | 3/21/2022 | 10 - 35  |
| FRES | Raleigh, NC | 1309 | 1953 |  |  |  |  | 1309 | 1953 |  | 3262 | 45 | 2004 | 4/20/2022 | 10 - 35  |
| FRSTN | Hagerstown, MD | 994 |  |  |  |  |  | 994 |  |  | 994 |  | 2007 | 6/23/2020 |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| FRSTN | Carpentersville, IL | 2118 | 1407 |  |  |  |  | 2118 | 1407 |  | 3525 | 66 | 2010 | 9/7/2021 | 10 - 35 |
| FRSTN | St. Louis, MO | 2117 | 1166 |  |  |  |  | 2117 | 1166 |  | 3283 | 77 | 2011 | 2/23/2021 | 10 - 40 |
| FRSTN | Aurora, IL | 2404 |  |  |  |  |  | 2404 |  |  | 2404 |  | 2007 | 9/15/2022 |  |
| FRSTN | Arnold, MO | 425 | 1141 |  |  |  |  | 425 | 1141 |  | 1566 | 4 | 1998 | 11/22/2022 | 10 - 30  |
| GERCO | Milwaukee, WI | 202 | 1392 |  |  |  |  | 202 | 1392 |  | 1594 | 75 | 1953 | 8/18/2021 | 10 - 30 |
| GERCO | Dallas, TX | 963 | 1642 |  |  |  |  | 963 | 1642 |  | 2605 |  | 1978 | 12/20/2022 | 10 - 35  |
| GOOD | New Orleans, LA | 427 | 706 |  |  |  |  | 427 | 706 |  | 1133 | 49 | 2004 | 8/17/2021 | 5 - 30 |
| GOOD | Strongsville, OH | 2389 | 920 |  |  |  |  | 2389 | 920 |  | 3309 | 64 | 2015 | 1/28/2021 | 10 - 40 |
| HARDE | Baxley, GA | 644 | 1258 |  |  |  |  | 644 | 1258 |  | 1902 | 296 | 1983 | 12/15/2016 | 10 - 40 |
| HARDE | Vidalia, GA | 364 | 1232 |  |  |  |  | 364 | 1232 |  | 1596 | 190 | 2007 | 12/15/2016 | 10 - 50 |
| HARDE | Hazlehurst, GA | 461 | 1516 |  |  |  |  | 461 | 1516 |  | 1977 | 228 | 2013 | 12/15/2016 | 12 - 52 |
| HARDE | Sioux City, IA | 901 |  |  |  |  |  | 901 |  |  | 901 |  | 1979 | 6/28/2019 |  |
| HBANK | Traverse City, MI | 805 |  |  |  |  |  | 805 |  |  | 805 |  | 1992 | 2/21/2020 |  |
| HKREL | El Paso, TX | 3124 |  |  |  |  |  | 3124 |  |  | 3124 |  | 2002 | 8/31/2022 |  |
| HLTHY | Phoenix, AZ | 410 | 1256 |  |  |  |  | 410 | 1256 |  | 1666 | 25 | 1960 | 5/18/2022 | 10 - 35  |
| HOLDY | Coralville, IA | 1318 |  |  |  |  |  | 1318 |  |  | 1318 |  | 2000 | 12/26/2019 |  |
| HRTLD | Wichita, KS | 1400 | 1469 |  |  |  |  | 1400 | 1469 |  | 2869 | 27 | 2013 | 5/27/2022 | 10 - 40  |
| IHOP | Grand Junction, CO | 853 |  |  |  |  |  | 853 |  |  | 853 |  | 2002 | 1/18/2019 |  |
| IHOP | Christiansburg, VA | 739 |  |  | 250 |  |  | 989 |  |  | 989 |  | 1998 | 4/19/2019 |  |
| IHOP | Spokane Valley, WA | 572 | 660 |  |  |  |  | 572 | 660 |  | 1232 | 113 | 2001 | 2/21/2020 | 8 - 25 |
| IHOP | Florence, SC | 1106 |  |  |  |  |  | 1106 |  |  | 1106 |  | 2000 | 6/30/2020 |  |
| IHOP | El Paso, TX | 1714 |  |  |  |  |  | 1714 |  |  | 1714 |  | 2002 | 8/31/2022 |  |
| JARED | Hoover, AL | 2153 |  |  |  |  |  | 2153 |  |  | 2153 |  | 2013 | 3/30/2022 |  |
| JKBOX | Sierra Vista, AZ | 1136 |  |  |  |  |  | 1136 |  |  | 1136 |  | 2007 | 12/22/2021 |  |
| JLUBE | Carmel, IN | 1280 | 352 |  |  |  |  | 1280 | 352 |  | 1632 | 36 | 1993 | 12/31/2020 | 10 - 30 |
| JLUBE | Indianapolis, IN | 1264 | 541 |  |  |  |  | 1264 | 541 |  | 1805 |  | 1992 | 12/20/2022 | 10 - 35  |
| JLUBE | Brownsburg, IN | 1242 | 563 |  |  |  |  | 1242 | 563 |  | 1805 |  | 1995 | 12/20/2022 | 10 - 35  |
| JLUBE | Indianapolis, IN | 1095 | 489 |  |  |  |  | 1095 | 489 |  | 1584 |  | 1987 | 12/20/2022 | 10 - 35  |
| JLUBE | Merrillville, IN | 1017 | 503 |  |  |  |  | 1017 | 503 |  | 1520 |  | 1981 | 12/20/2022 | 10 - 35  |
| JLUBE | South Bend, IN | 928 | 497 |  |  |  |  | 928 | 497 |  | 1425 |  | 2004 | 12/20/2022 | 10 - 35  |
| KCAUT | Liberty, MO | 927 | 1020 |  |  |  |  | 927 | 1020 |  | 1947 | 28 | 1997 | 4/14/2022 | 10 - 35  |
| KCAUT | Kansas City, MO | 822 | 1135 |  |  |  |  | 822 | 1135 |  | 1957 | 30 | 2015 | 4/14/2022 | 10 - 35  |
| KCAUT | Independence, MO | 653 | 821 |  |  |  |  | 653 | 821 |  | 1474 | 17 | 1990 | 5/19/2022 | 10 - 35  |
| KFC | Detroit, MI | 294 | 916 |  |  |  |  | 294 | 916 |  | 1210 | 154 | 1997 | 9/14/2016 | 5 - 43 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| KFC | Auburn Hills, MI | 98 | 925 |  |  |  |  | 98 | 925 |  | 1023 | 166 | 2002 | 9/14/2016 | 5 - 43 |
| KFC | Detroit, MI | 75 | 732 |  |  |  |  | 75 | 732 |  | 807 | 140 | 1984 | 9/14/2016 | 5 - 40 |
| KFC | Detroit, MI | 323 | 635 |  |  |  |  | 323 | 635 |  | 958 | 139 | 1984 | 9/14/2016 | 5 - 40 |
| KFC | Altoona, WI | 195 | 1714 |  |  |  |  | 195 | 1714 |  | 1909 | 279 | 1993 | 11/10/2016 | 10 - 45 |
| KFC | LaCrosse, WI | 216 | 893 |  |  |  |  | 216 | 893 |  | 1109 | 201 | 1979 | 11/10/2016 | 5 - 40 |
| KFC | Rice Lake, WI | 215 | 1045 |  |  |  |  | 215 | 1045 |  | 1260 | 228 | 1991 | 11/10/2016 | 5 - 40 |
| KFC | Chippewa Falls, WI | 167 | 924 |  |  |  |  | 167 | 924 |  | 1091 | 177 | 2003 | 11/10/2016 | 5 - 40 |
| KFC | LaCrosse, WI | 245 | 1042 |  |  |  |  | 245 | 1042 |  | 1287 | 218 | 1972 | 11/10/2016 | 5 - 40 |
| KFC | Stevens Point, WI | 92 | 697 |  |  |  |  | 92 | 697 |  | 789 | 140 | 1984 | 11/10/2016 | 5 - 40 |
| KFC | Wisconsin Rapids, WI | 179 | 1928 |  |  |  |  | 179 | 1928 |  | 2107 | 308 | 1991 | 11/10/2016 | 10 - 45 |
| KFC | Wausau, WI | 126 | 1387 |  |  |  |  | 126 | 1387 |  | 1513 | 220 | 1979 | 11/10/2016 | 10 - 45 |
| KFC | Escanaba, MI | 143 | 1362 |  |  |  |  | 143 | 1362 |  | 1505 | 230 | 1985 | 11/10/2016 | 10 - 43 |
| KFC | Menominee, MI | 93 | 862 |  |  |  |  | 93 | 862 |  | 955 | 179 | 1995 | 11/10/2016 | 10 - 40 |
| KFC | Goshen, IN | 95 | 1041 |  |  |  |  | 95 | 1041 |  | 1136 | 205 | 1976 | 11/10/2016 | 5 - 40 |
| KFC | South Bend, IN | 141 | 868 |  |  |  |  | 141 | 868 |  | 1009 | 193 | 1970 | 11/10/2016 | 5 - 40 |
| KFC | South Bend, IN | 155 | 774 |  |  |  |  | 155 | 774 |  | 929 | 180 | 1973 | 11/10/2016 | 5 - 40 |
| KFC | Mishawaka, IN | 72 | 1510 |  |  |  |  | 72 | 1510 |  | 1582 | 228 | 1978 | 11/10/2016 | 10 - 45 |
| KFC | Kokomo, IN | 118 | 1093 |  |  |  |  | 118 | 1093 |  | 1211 | 203 | 1994 | 11/10/2016 | 10 - 40 |
| KFC | Kokomo, IN | 141 | 1798 |  |  |  |  | 141 | 1798 |  | 1939 | 288 | 1994 | 11/10/2016 | 10 - 45 |
| KFC | Birmingham, AL | 1062 | 592 |  |  |  |  | 1062 | 592 |  | 1654 | 65 | 1991 | 12/8/2020 | 10 - 25 |
| KFC | Fairfield, AL | 1006 | 543 |  |  |  |  | 1006 | 543 |  | 1549 | 63 | 1995 | 12/8/2020 | 10 - 22 |
| KFC | Birmingham, AL | 1101 | 556 |  |  |  |  | 1101 | 556 |  | 1657 | 86 | 2002 | 12/8/2020 | 7 - 18 |
| KFC | Hueytown, AL | 719 | 589 |  |  |  |  | 719 | 589 |  | 1308 | 67 | 1988 | 12/8/2020 | 10 - 22 |
| KFC | Birmingham, AL | 1102 | 495 |  |  |  |  | 1102 | 495 |  | 1597 | 58 | 1995 | 12/8/2020 | 10 - 22 |
| KFC | Forestdale, AL | 972 | 544 |  |  |  |  | 972 | 544 |  | 1516 | 66 | 1995 | 12/8/2020 | 10 - 20 |
| KFC | Bessemer, AL | 1105 | 521 |  |  |  |  | 1105 | 521 |  | 1626 | 65 | 1994 | 12/8/2020 | 10 - 20 |
| KFC | Gardendale, AL | 926 | 695 |  |  |  |  | 926 | 695 |  | 1621 | 75 | 1988 | 12/8/2020 | 10 - 25 |
| KFC | Huntsville, AL | 694 | 776 |  |  |  |  | 694 | 776 |  | 1470 | 83 | 1976 | 12/8/2020 | 10 - 22 |
| KFC | Decatur, AL | 734 | 739 |  |  |  |  | 734 | 739 |  | 1473 | 84 | 1993 | 12/8/2020 | 10 - 20 |
| KFC | Huntsville, AL | 678 | 762 |  |  |  |  | 678 | 762 |  | 1440 | 79 | 2004 | 12/8/2020 | 10 - 25 |
| KFC | Madison, AL | 845 | 580 |  |  |  |  | 845 | 580 |  | 1425 | 74 | 1986 | 12/8/2020 | 10 - 20 |
| KFC | Madison, AL | 966 | 765 |  |  |  |  | 966 | 765 |  | 1731 | 89 | 1999 | 12/8/2020 | 10 - 22 |
| KRIS | El Paso, TX | 2483 |  |  |  |  |  | 2483 |  |  | 2483 |  | 2003 | 8/31/2022 |  |
| KRIS | Troy, MI | 1480 |  |  |  |  |  | 1480 |  |  | 1480 |  | 2003 | 12/24/2019 |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| KRYST | Gardendale, AL | 723 | 376 |  |  |  |  | 723 | 376 |  | 1099 | 88 | 1976 | 9/27/2019 | 5 - 20  |
| KRYST | Lenoir City, TN | 1124 | 338 |  |  |  |  | 1124 | 338 |  | 1462 | 79 | 1998 | 10/10/2019 | 5 - 20  |
| KRYST | Pratville, AL | 1077 | 385 |  |  |  |  | 1077 | 385 |  | 1462 | 89 | 1998 | 10/11/2019 | 5 - 20  |
| KUMGO | Sand Springs, OK | 974 | 598 |  |  |  |  | 974 | 598 |  | 1572 | 41 | 2001 | 6/4/2021 | 10 - 35 |
| LONGH | Tucker, GA | 1407 | 923 | 10 |  | 339 | 214 | 1407 | 1262 | 224 | 2893 | 1048 | 1986 | 10/1/2007 | 2 - 43 |
| LONGH | Snellville, GA | 1911 | 925 | 76 |  | 422 | 147 | 1911 | 1347 | 223 | 3481 | 1074 | 1992 | 10/1/2007 | 2 - 43 |
| LONGH | Macon, GA | 1249 | 718 | 30 |  | 420 | 204 | 1249 | 1138 | 234 | 2621 | 1103 | 1992 | 10/1/2007 | 2 - 44 |
| LONGH | Augusta, GA | 1631 | 845 | 46 |  | 300 | 103 | 1631 | 1145 | 149 | 2925 | 969 | 1993 | 10/1/2007 | 2 - 42 |
| LONGH | Ocala, FL | 1210 | 1100 | 17 |  | 579 | 112 | 1210 | 1679 | 129 | 3018 | 1391 | 1993 | 10/1/2007 | 2 - 42 |
| LONGH | Altamonte Springs, FL | 1649 | 974 | 22 |  | 450 | 135 | 1649 | 1424 | 157 | 3230 | 1022 | 1994 | 10/1/2007 | 2 - 44 |
| LONGH | Florence, KY |  | 741 | 52 | 1191 | 347 | 165 | 1191 | 1088 | 217 | 2496 | 883 | 1994 | 10/1/2007 | 2 - 47 |
| LONGH | Gainesville, GA | 1537 | 965 | 19 |  | 348 | 140 | 1537 | 1313 | 159 | 3009 | 1015 | 1995 | 10/1/2007 | 2 - 43 |
| LONGH | Peachtree City, GA | 1485 | 1080 | 9 |  | 457 | 159 | 1485 | 1537 | 168 | 3190 | 1166 | 1995 | 10/1/2007 | 2 - 43 |
| LONGH | Lawrenceville, GA | 1865 | 1116 | 17 |  | 451 | 117 | 1865 | 1567 | 134 | 3566 | 1103 | 1996 | 10/1/2007 | 2 - 42 |
| LONGH | Jensen Beach, FL | 1322 | 1082 | 33 |  | 347 | 153 | 1322 | 1429 | 186 | 2937 | 1098 | 1996 | 10/1/2007 | 2 - 42 |
| LONGH | Destin, FL | 2053 | 793 | 16 |  | 357 | 224 | 2053 | 1150 | 240 | 3443 | 958 | 1996 | 10/1/2007 | 2 - 42 |
| LONGH | Albany, GA | 1500 | 988 | 34 |  | 422 | 126 | 1500 | 1410 | 160 | 3070 | 982 | 1997 | 10/1/2007 | 2 - 42 |
| LONGH | Dublin, OH | 1572 | 1205 | 18 |  | 510 | 259 | 1572 | 1715 | 277 | 3564 | 1235 | 1997 | 10/1/2007 | 2 - 42 |
| LONGH | Columbia, SC | 1677 | 1291 | 23 |  | 495 | 176 | 1677 | 1786 | 199 | 3662 | 1264 | 1997 | 10/1/2007 | 2 - 42 |
| LONGH | Pineville, NC | 1262 | 879 | 11 |  | 495 | 195 | 1262 | 1374 | 206 | 2842 | 955 | 1998 | 10/1/2007 | 2 - 44 |
| LONGH | Johns Creek, GA | 1694 | 1089 | 18 |  | 203 | 123 | 1694 | 1292 | 141 | 3127 | 891 | 1998 | 10/1/2007 | 2 - 42 |
| LONGH | Greensboro, NC | 1438 | 1017 | 16 |  | 270 | 152 | 1438 | 1287 | 168 | 2893 | 849 | 1999 | 10/1/2007 | 2 - 44 |
| LONGH | Huntsville, AL | 1443 | 983 | 7 |  | 350 | 194 | 1443 | 1333 | 201 | 2977 | 884 | 1999 | 10/1/2007 | 2 - 44 |
| LONGH | Hickory, NC | 1333 | 1029 | 7 |  | 313 | 166 | 1333 | 1342 | 173 | 2848 | 847 | 1999 | 10/1/2007 | 2 - 44 |
| LONGH | Tampa, FL | 1488 | 1078 | 6 |  | 297 | 189 | 1488 | 1375 | 195 | 3058 | 998 | 2000 | 10/1/2007 | 2 - 35 |
| LONGH | Clarksville, TN | 1662 | 1097 | 15 |  | 449 | 112 | 1662 | 1546 | 127 | 3335 | 909 | 1999 | 10/1/2007 | 2 - 43 |
| LONGH | Orlando, FL | 1165 | 749 | 21 |  | 264 | 137 | 1165 | 1013 | 158 | 2336 | 746 | 2000 | 10/1/2007 | 2 - 35 |
| LONGH | Concord, NH | 1329 | 935 | 7 |  | 359 | 172 | 1329 | 1294 | 179 | 2802 | 794 | 2000 | 10/1/2007 | 2 - 35 |
| LONGH | Orlando, FL | 1492 | 1277 | 52 |  | 297 | 150 | 1492 | 1574 | 202 | 3268 | 1009 | 2000 | 10/1/2007 | 2 - 35 |
| LONGH | Medina, OH | 1189 | 820 | 12 |  | 268 | 168 | 1189 | 1088 | 180 | 2457 | 740 | 2000 | 10/1/2007 | 2 - 35 |
| LONGH | Hoover, AL | 1401 | 966 | 17 |  | 350 | 160 | 1401 | 1316 | 177 | 2894 | 871 | 2001 | 10/1/2007 | 2 - 36 |
| LONGH | Boardman, OH | 954 | 673 | 17 |  | 285 | 151 | 954 | 958 | 168 | 2080 | 638 | 2001 | 10/1/2007 | 2 - 36 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| LONGH | Prattville, AL | 1481 | 1016 | 27 |  | 336 | 134 | 1481 | 1352 | 161 | 2994 | 881 | 2001 | 10/1/2007 | 2 - 36 |
| LONGH | Bensalem, PA | 1645 | 600 | 17 |  | 346 | 160 | 1645 | 946 | 177 | 2768 | 632 | 2001 | 10/1/2007 | 2 - 36 |
| LONGH | Lee's Summit, MO | 1705 | 1219 | 34 |  | 285 | 88 | 1705 | 1504 | 122 | 3331 | 835 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | Germantown, MD | 1439 | 1069 | 27 |  | 306 | 138 | 1439 | 1375 | 165 | 2979 | 857 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | Independence, OH | 1241 | 686 | 26 |  | 231 | 106 | 1241 | 917 | 132 | 2290 | 572 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | Hiram, GA | 1639 | 1033 | 25 |  | 374 | 130 | 1639 | 1407 | 155 | 3201 | 865 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | Louisville, KY | 1405 | 980 | 18 |  | 238 | 113 | 1405 | 1218 | 131 | 2754 | 720 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | Bowie, MD | 1871 | 1230 | 21 |  | 257 | 147 | 1871 | 1487 | 168 | 3526 | 890 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | Waldorf, MD | 1929 | 1167 | 26 |  | 245 | 162 | 1929 | 1412 | 188 | 3529 | 868 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | West Palm Beach, FL | 1781 | 1228 | 27 |  | 297 | 132 | 1781 | 1525 | 159 | 3465 | 901 | 2002 | 10/1/2007 | 2 - 37 |
| LONGH | Columbia, MD | 1918 | 1439 | 40 |  | 268 | 161 | 1918 | 1707 | 201 | 3826 | 992 | 2003 | 10/1/2007 | 2 - 38 |
| LONGH | East Point, GA | 1052 | 1232 | 21 |  | 291 | 143 | 1052 | 1523 | 164 | 2739 | 910 | 2003 | 10/1/2007 | 2 - 38 |
| LONGH | Lexington, KY | 1251 | 874 | 16 |  | 238 | 162 | 1251 | 1112 | 178 | 2541 | 705 | 2003 | 10/1/2007 | 2 - 42 |
| LONGH | Winter Haven, FL | 1285 | 1149 | 39 |  | 276 | 124 | 1285 | 1425 | 163 | 2873 | 857 | 2003 | 10/1/2007 | 2 - 38 |
| LONGH | Jacksonville, FL | 795 | 1302 | 32 |  | 210 | 128 | 795 | 1512 | 160 | 2467 | 872 | 2003 | 10/1/2007 | 2 - 38 |
| LONGH | Daphne, AL | 1130 | 757 | 30 |  | 308 | 111 | 1130 | 1065 | 141 | 2336 | 704 | 2003 | 10/1/2007 | 2 - 38 |
| LONGH | Anderson, SC | 1445 | 990 | 41 |  | 240 | 111 | 1445 | 1230 | 152 | 2827 | 730 | 2004 | 10/1/2007 | 2 - 39 |
| LONGH | Palm Harbor, FL | 1406 | 917 | 32 |  | 263 | 93 | 1406 | 1180 | 125 | 2711 | 741 | 2004 | 10/1/2007 | 2 - 39 |
| LONGH | West Chester, OH | 1371 | 927 | 31 |  | 248 | 79 | 1371 | 1175 | 110 | 2656 | 711 | 2004 | 10/1/2007 | 2 - 39 |
| LONGH | Jefferson City, MO | 1342 | 875 | 60 |  | 196 | 68 | 1342 | 1071 | 128 | 2541 | 647 | 2004 | 10/1/2007 | 2 - 39 |
| LONGH | Chantilly, VA | 1568 | 882 | 50 |  | 262 | 66 | 1568 | 1144 | 116 | 2828 | 655 | 2004 | 10/1/2007 | 2 - 39 |
| LONGH | Dawsonville, GA | 1084 | 1321 | 51 |  | 188 | 100 | 1084 | 1509 | 151 | 2744 | 858 | 2004 | 10/1/2007 | 2 - 39 |
| LONGH | Opelika, AL | 1427 | 1244 | 36 |  | 202 | 58 | 1427 | 1446 | 94 | 2967 | 813 | 2004 | 10/1/2007 | 2 - 39 |
| LONGH | Indianapolis, IN | 1298 | 854 | 55 |  | 211 | 51 | 1298 | 1065 | 106 | 2469 | 636 | 2005 | 10/1/2007 | 2 - 40 |
| LONGH | Grove City, OH | 1566 | 1067 | 53 |  | 191 | 61 | 1566 | 1258 | 114 | 2938 | 721 | 2005 | 10/1/2007 | 2 - 40 |
| LONGH | Springfield, IL | 1573 | 1451 | 65 |  | 182 | 79 | 1573 | 1633 | 144 | 3350 | 928 | 2005 | 10/1/2007 | 2 - 40 |
| LONGH | Covington, GA | 887 | 1212 | 70 |  | 45 | 49 | 887 | 1257 | 119 | 2263 | 707 | 2005 | 10/1/2007 | 2 - 40 |
| LONGH | West Homestead, PA | 1418 | 947 | 79 |  | 33 | 91 | 1418 | 980 | 170 | 2568 | 615 | 2005 | 10/1/2007 | 2 - 40 |
| LONGH | Carrollton, GA | 1192 | 1227 | 75 |  | 15 | 49 | 1192 | 1242 | 124 | 2558 | 715 | 2005 | 10/1/2007 | 2 - 40 |
| LONGH | Tarentum, PA | 1414 | 931 | 91 |  | 84 | 46 | 1414 | 1015 | 137 | 2566 | 611 | 2005 | 10/1/2007 | 2 - 40 |
| LONGH | Commerce, GA | 647 | 1476 | 60 |  | 57 | 89 | 647 | 1533 | 149 | 2329 | 814 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | East Ellijay, GA | 1126 | 1272 | 70 |  | 21 | 82 | 1126 | 1293 | 152 | 2571 | 743 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | Acworth, GA | 1941 | 1255 | 70 |  | 23 | 82 | 1941 | 1278 | 152 | 3371 | 723 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | Peoria, IL | 1299 | 848 | 81 |  | 143 | 46 | 1299 | 991 | 127 | 2417 | 613 | 2006 | 10/1/2007 | 2 - 41 |

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| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| LONGH | Hixson, TN | 1676 | 1263 | 84 |  | 40 | 44 | 1676 | 1303 | 128 | 3107 | 721 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | Fredericksburg, VA | 1734 | 1174 | 89 |  | 42 | 35 | 1734 | 1216 | 124 | 3074 | 734 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | Morgantown, WV | 1223 | 812 | 89 |  | 27 | 44 | 1223 | 839 | 133 | 2195 | 556 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | Florence, SC | 1628 | 1352 | 90 |  | 28 | 35 | 1628 | 1380 | 125 | 3133 | 726 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | Portage, IN | 901 | 1652 | 105 |  | 59 | 26 | 901 | 1711 | 131 | 2743 | 888 | 2006 | 10/1/2007 | 2 - 41 |
| LONGH | Macon, GA | 1052 | 1840 | 97 |  | 135 | 38 | 1052 | 1975 | 135 | 3162 | 1053 | 2007 | 10/1/2007 | 2 - 42 |
| LONGH | Panama City Beach, FL | 1379 | 1736 | 99 |  | 47 | 95 | 1379 | 1783 | 194 | 3356 | 1018 | 2007 | 10/1/2007 | 2 - 42 |
| LONGH | LaGrange, GA | 979 | 1527 | 111 |  | 36 | 52 | 979 | 1563 | 163 | 2705 | 885 | 2007 | 10/1/2007 | 2 - 42 |
| LONGH | Calhoun, GA | 765 | 1760 | 109 |  | (4) | 36 | 765 | 1756 | 145 | 2666 | 955 | 2007 | 10/1/2007 | 2 - 42 |
| LONGH | Dublin, GA | 389 | 1910 | 140 |  | 27 | 23 | 389 | 1937 | 163 | 2489 | 971 | 2008 | 1/14/2008 | 2 - 43 |
| LONGH | Monroe, GA | 966 | 1549 | 164 |  | 30 | 13 | 966 | 1579 | 177 | 2722 | 825 | 2008 | 4/28/2008 | 2 - 43 |
| LONGH | Denham Springs, LA | 1306 | 2049 | 283 |  | 35 | 12 | 1306 | 2084 | 295 | 3685 | 1275 | 2008 | 8/25/2008 | 2 - 43 |
| LONGH | Cornelia, GA | 106 | 1542 | 281 | 283 | 52 | 8 | 389 | 1594 | 289 | 2272 | 986 | 2008 | 12/1/2008 | 2 - 43 |
| LONGH | Richmond, VA | 1442 | 1758 | 207 |  | 24 | 14 | 1442 | 1782 | 221 | 3445 | 972 | 2009 | 2/23/2009 | 2 - 44 |
| LONGH | San Antonio, TX | 907 | 1504 |  |  | 713 | 560 | 907 | 2217 | 560 | 3684 | 1414 | 2010 | 1/18/2010 | 2 - 40 |
| LONGH | Orlando, FL | 1406 | 1701 | 253 |  | 23 | 6 | 1406 | 1724 | 259 | 3389 | 881 | 2010 | 3/8/2010 | 2 - 45 |
| LONGH | Thomasville, GA | 730 | 1688 | 229 |  | 19 | 5 | 730 | 1707 | 234 | 2671 | 907 | 2010 | 4/19/2010 | 2 - 45 |
| LONGH | San Antonio, TX | 947 | 1436 |  |  | 444 | 882 | 947 | 1880 | 882 | 3709 | 1301 | 2010 | 5/10/2010 | 2 - 40 |
| LONGH | San Antonio, TX | 1206 | 1583 |  |  | 245 | 568 | 1206 | 1828 | 568 | 3602 | 1277 | 2010 | 7/5/2010 | 2 - 40 |
| LONGH | Jackson, TN | 1398 | 1257 | 204 |  | 16 | 8 | 1398 | 1273 | 212 | 2883 | 691 | 2010 | 7/19/2010 | 2 - 45 |
| LONGH | Conyers, GA | 589 | 1797 | 198 |  | 30 | 21 | 589 | 1827 | 219 | 2635 | 912 | 2010 | 8/2/2010 | 2 - 45 |
| LONGH | San Antonio, TX |  | 1382 | 735 | 1990 | 249 | (132) | 1990 | 1631 | 603 | 4224 | 1249 | 2010 | 10/11/2010 | 2 - 40 |
| LONGH | Fort Smith, AR | 953 | 1610 | 252 |  | 23 | 10 | 953 | 1633 | 262 | 2848 | 861 | 2010 | 11/1/2010 | 2 - 45 |
| LONGH | Whitehall, PA | 1307 | 1901 | 270 |  | 24 | 7 | 1307 | 1925 | 277 | 3509 | 967 | 2010 | 12/6/2010 | 2 - 45 |
| LONGH | New Braunfels, TX |  | 1330 | 681 |  | 146 | (187) |  | 1476 | 494 | 1970 | 1103 | 2011 | 1/24/2011 | 2 - 40 |
| LONGH | McAllen, TX | 1128 | 1600 | 284 |  | 13 | 13 | 1128 | 1613 | 297 | 3038 | 836 | 2011 | 3/28/2011 | 2 - 46 |
| LONGH | Kingsland, GA | 849 | 1564 | 236 |  | 13 | 5 | 849 | 1577 | 241 | 2667 | 765 | 2011 | 4/25/2011 | 2 - 46 |
| LONGH | Jonesboro, AR | 902 | 1704 | 234 |  | 15 | 1 | 902 | 1719 | 235 | 2856 | 833 | 2011 | 4/25/2011 | 2 - 46 |
| LONGH | Hanover, MD | 1437 | 2258 | 252 |  | 45 | 2 | 1437 | 2303 | 254 | 3994 | 997 | 2011 | 5/16/2011 | 2 - 46 |
| LONGH | Council Bluffs, IA | 869 | 1827 | 236 |  | 31 | 7 | 869 | 1858 | 243 | 2970 | 873 | 2011 | 5/31/2011 | 2 - 46 |
| LONGH | San Antonio, TX |  | 278 | 383 |  | (276) | (265) |  | 2 | 118 | 120 | 75 | 2011 | 6/20/2011 | 2 - 40 |
| LONGH | Tupelo, MS | 771 | 1717 | 236 |  | 13 | 1 | 771 | 1730 | 237 | 2738 | 772 | 2011 | 8/29/2011 | 2 - 46 |
| LONGH | Champaign, IL | 1499 | 1725 | 267 |  | 4 | 3 | 1499 | 1729 | 270 | 3498 | 810 | 2011 | 10/10/2011 | 2 - 46 |
| LONGH | Rapid City, SD | 965 | 1869 | 252 |  | 2 | 3 | 965 | 1871 | 255 | 3091 | 892 | 2011 | 10/10/2011 | 2 - 46 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| LONGH | West Melbourne, FL | 1144 | 1858 | 266 |  | 4 | 3 | 1144 | 1862 | 269 | 3275 | 862 | 2011 | 11/21/2011 | 2 - 46 |
| LONGH | Flowood, MS | 1088 | 1803 | 327 | 34 |  | 2 | 1122 | 1803 | 329 | 3254 | 897 | 2012 | 2/6/2012 | 2 - 47 |
| LONGH | McAllen, TX | 1339 | 1775 | 319 |  | 3 | 12 | 1339 | 1778 | 331 | 3448 | 867 | 2012 | 2/27/2012 | 2 - 47 |
| LONGH | Deptford, NJ | 1799 | 1694 | 287 |  | 3 | (2) | 1799 | 1697 | 285 | 3781 | 787 | 2012 | 3/26/2012 | 2 - 47 |
| LONGH | Athens, GA | 970 | 1744 | 289 |  | 35 | 13 | 970 | 1779 | 302 | 3051 | 774 | 2012 | 10/29/2012 | 2 - 47 |
| LONGH | Morehead City, NC | 975 | 1941 | 340 |  | 2 | 1 | 975 | 1943 | 341 | 3259 | 840 | 2013 | 1/14/2013 | 2 - 48 |
| LONGH | Columbus, MS | 1155 | 1993 | 256 |  | 4 | 4 | 1155 | 1997 | 260 | 3412 | 763 | 2013 | 2/18/2013 | 2 - 48 |
| LONGH | Sandusky, OH | 1081 | 2027 | 263 |  |  | 2 | 1081 | 2027 | 265 | 3373 | 780 | 2013 | 4/22/2013 | 2 - 48 |
| LONGH | Coralville, IA | 953 | 2135 | 288 |  |  | (3) | 953 | 2135 | 285 | 3373 | 830 | 2013 | 5/13/2013 | 2 - 48 |
| LONGH | Cleveland, TN | 1054 | 1776 | 337 |  |  | 1 | 1054 | 1776 | 338 | 3168 | 751 | 2013 | 5/13/2013 | 2 - 48 |
| LONGH | Cincinnati, OH | 1205 | 1758 | 291 |  |  | 3 | 1205 | 1758 | 294 | 3257 | 700 | 2013 | 8/26/2013 | 2 - 48 |
| LONGH | Minot, ND | 887 | 2230 | 314 |  | 15 | 17 | 887 | 2245 | 331 | 3463 | 835 | 2013 | 9/23/2013 | 2 - 48 |
| LONGH | Bethlehem, GA | 936 | 1684 | 286 |  |  |  | 936 | 1684 | 286 | 2906 | 629 | 2014 | 1/20/2014 | 2 - 49 |
| LONGH | Wilkes Barre, PA | 859 | 2227 | 278 |  | 6 |  | 859 | 2233 | 278 | 3370 | 766 | 2014 | 1/27/2014 | 2 - 49 |
| LONGH | Columbia, SC | 1407 |  |  |  |  |  | 1407 |  |  | 1407 |  | 1997 | 12/7/2017 |  |
| LONGH | Gadsden, AL | 1580 |  |  |  |  |  | 1580 |  |  | 1580 |  | 2018 | 4/19/2019 |  |
| LONGH | Salisbury, MD | 1514 |  |  |  |  |  | 1514 |  |  | 1514 |  | 2011 | 10/21/2019 |  |
| LONGH | Watertown, NY | 1437 |  |  |  |  |  | 1437 |  |  | 1437 |  | 2015 | 12/6/2019 |  |
| LONGH | Orlando, FL | 1846 |  |  |  |  |  | 1846 |  |  | 1846 |  | 2018 | 6/30/2020 |  |
| LONGH | St. Petersburg, FL | 1235 |  |  |  |  |  | 1235 |  |  | 1235 |  | 2018 | 6/30/2020 |  |
| LONGH | Lansing, MI | 882 |  |  |  |  |  | 882 |  |  | 882 |  | 2013 | 2/26/2020 |  |
| LONGH | Oklahoma City, OK | 1716 |  |  |  |  |  | 1716 |  |  | 1716 |  | 2004 | 7/6/2020 |  |
| LONGH | Norman, OK | 1971 |  |  |  |  |  | 1971 |  |  | 1971 |  | 2018 | 12/21/2020 |  |
| LONGH | Jacksonville, FL | 1960 | 1308 |  |  |  |  | 1960 | 1308 |  | 3268 | 123 | 1986 | 9/22/2020 | 10 - 30 |
| LONGH | Live Oak, TX | 2400 | 864 | 20 | 5 | 1334 | 779 | 2405 | 2198 | 799 | 5402 | 500 | 2021 | 7/31/2020 | 3 - 36 |
| LTGNL | Summerville, WV | 757 | 862 |  |  |  |  | 757 | 862 |  | 1619 | 45 | 1996 | 12/15/2021 | 5 - 35 |
| MAVIS | Camp Hill, PA | 1148 |  |  |  |  |  | 1148 |  |  | 1148 |  | 2019 | 12/30/2019 |  |
| MAVIS | West Bend, WI | 704 | 892 |  |  |  |  | 704 | 892 |  | 1596 | 42 | 2001 | 6/29/2021 | 10 - 35 |
| MAVIS | Wheaton, IL | 1382 | 1264 |  |  |  |  | 1382 | 1264 |  | 2646 | 31 | 1948 | 4/11/2022 | 10 - 35  |
| MCDC | Altamonte Springs, FL | 1489 |  |  |  |  |  | 1489 |  |  | 1489 |  | 1991 | 1/12/2018 |  |
| MCDC | Kokomo, IN | 1671 |  |  |  |  |  | 1671 |  |  | 1671 |  | 2016 | 6/29/2018 |  |
| MCDC | Grand Junction, CO | 1163 |  |  |  |  |  | 1163 |  |  | 1163 |  | 1985 | 1/18/2019 |  |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| MDELI | Andrews, TX | 283 | 1772 |  |  |  |  | 283 | 1772 |  | 2055 | 237 | 2014 | 1/27/2017 | 14 - 54 |
| MDELI | San Angelo, TX | 248 | 1913 |  |  |  |  | 248 | 1913 |  | 2161 | 241 | 2014 | 1/27/2017 | 14 - 54 |
| MDELI | Shavano Park, TX | 486 | 1915 |  |  |  |  | 486 | 1915 |  | 2401 | 292 | 2014 | 2/16/2017 | 14 - 54 |
| MDELI | New Braunfels, TX | 472 | 1932 |  |  |  |  | 472 | 1932 |  | 2404 | 287 | 2017 | 3/16/2017 | 14 - 54 |
| MILLR | Hyattsville, MD | 3609 |  |  |  |  |  | 3609 |  |  | 3609 |  | 2019 | 9/15/2022 |  |
| MONRO | Rochester, NY | 146 | 557 |  |  |  |  | 146 | 557 |  | 703 | 43 | 1995 | 6/10/2021 | 10 - 25 |
| MRTIR | Owning Mills, MD | 507 | 656 |  |  |  |  | 507 | 656 |  | 1163 | 27 | 1971 | 12/29/2021 | 10 - 35 |
| MRTIR | Baltimore, MD | 192 | 405 |  |  |  |  | 192 | 405 |  | 597 | 13 | 1972 | 12/29/2021 | 10 - 35 |
| MRTIR | Pikesville, MD | 297 | 335 |  |  |  |  | 297 | 335 |  | 632 | 12 | 1964 | 12/29/2021 | 10 - 35 |
| MRTIR | Absecon, NJ | 380 | 770 |  |  |  |  | 380 | 770 |  | 1150 | 16 | 1961 | 8/12/2022 | 10 - 25 |
| NAPA | Des Moines, IA | 199 | 802 |  |  |  |  | 199 | 802 |  | 1001 | 48 | 1970 | 9/21/2021 | 5 - 30 |
| NAPA | Anchorage, AK | 617 | 693 |  |  |  |  | 617 | 693 |  | 1310 | 27 | 1999 | 5/27/2022 | 5 - 20 |
| NAPA | Cabot, AR | 434 | 759 |  |  |  |  | 434 | 759 |  | 1193 | 14 | 2006 | 5/27/2022 | 10 - 40  |
| NAPA | Middleburg, FL | 849 | 730 |  |  |  |  | 849 | 730 |  | 1579 | 17 | 2006 | 5/27/2022 | 10 - 35  |
| NAPA | Dade City, FL | 710 | 1031 |  |  |  |  | 710 | 1031 |  | 1741 | 21 | 2006 | 5/27/2022 | 10 - 35  |
| NAPA | Douglasville, GA | 1196 | 1519 |  |  |  |  | 1196 | 1519 |  | 2715 | 30 | 1999 | 5/27/2022 | 10 - 35  |
| NAPA | Duluth, GA | 682 | 1259 |  |  |  |  | 682 | 1259 |  | 1941 | 23 | 2007 | 5/27/2022 | 10 - 40  |
| NAPA | Olathe, KS | 535 | 795 |  |  |  |  | 535 | 795 |  | 1330 | 5 | 1995 | 10/19/2022 | 10 - 30  |
| NAPA | Plymouth, MI | 75 | 689 |  |  |  |  | 75 | 689 |  | 764 | 4 | 1945 | 10/17/2022 | 5 - 30  |
| NAPA | Olive Branch, MS | 686 | 807 |  |  |  |  | 686 | 807 |  | 1493 | 18 | 2003 | 5/27/2022 | 10 - 35  |
| NAPA | High Point, NC | 777 | 973 |  |  |  |  | 777 | 973 |  | 1750 | 21 | 1999 | 5/27/2022 | 10 - 35  |
| NAPA | Bellevue, NE | 785 | 741 |  |  |  |  | 785 | 741 |  | 1526 | 25 | 1998 | 5/27/2022 | 3 - 26  |
| NAPA | Albuquerque, NM | 515 | 982 |  |  |  |  | 515 | 982 |  | 1497 | 18 | 2006 | 5/27/2022 | 10 - 40  |
| NAPA | Columbus, OH | 754 | 773 |  |  |  |  | 754 | 773 |  | 1527 | 20 | 2000 | 5/27/2022 | 10 - 30  |
| NAPA | Newport News, VA | 792 | 791 |  |  |  |  | 792 | 791 |  | 1583 | 18 | 2006 | 5/27/2022 | 10 - 35  |
| NTB | Denham Springs, LA | 488 | 940 |  |  |  |  | 488 | 940 |  | 1428 | 40 | 2004 | 8/17/2021 | 10 - 37 |
| NTB | Waldorf, MD | 1522 |  |  |  |  |  | 1522 |  |  | 1522 |  | 1990 | 12/16/2021 |  |
| NTB | D'lberville, MS | 773 | 946 |  |  |  |  | 773 | 946 |  | 1719 | 54 | 2003 | 5/7/2021 | 10 - 38 |
| NTB | Ocean Springs, MS | 740 | 838 |  |  |  |  | 740 | 838 |  | 1578 | 52 | 2003 | 5/7/2021 | 10 - 35 |
| NTB | Gulfport, MS | 892 | 946 |  |  |  |  | 892 | 946 |  | 1838 | 52 | 2003 | 5/7/2021 | 10 - 40 |
| NTB | Macedonia, OH | 1125 | 946 |  |  |  |  | 1125 | 946 |  | 2071 | 63 | 2004 | 5/7/2021 | 5 - 35 |
| NTB | Stow, OH | 905 | 987 |  |  |  |  | 905 | 987 |  | 1892 | 51 | 2004 | 5/7/2021 | 10 - 40 |
| NTB | Wadsworth, OH | 882 | 941 |  |  |  |  | 882 | 941 |  | 1823 | 49 | 2004 | 5/7/2021 | 10 - 40 |
| NTB | Jacksonville, NC | 586 | 351 |  |  |  |  | 586 | 351 |  | 937 | 12 | 1986 | 8/30/2022 | 10 |
| NTB | Jacksonville, NC | 636 | 1071 |  |  |  |  | 636 | 1071 |  | 1707 | 17 | 1996 | 8/30/2022 | 10 - 25  |
| OAKST | Oklahoma City, OK | 755 | 902 |  |  |  |  | 755 | 902 |  | 1657 | 52 | 1999 | 10/13/2021 | 5 - 35 |

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| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Greenwood, IN | 400 | 749 | 1 |  | 1883 | 625 | 400 | 2632 | 626 | 3658 | 2365 | 1985 | 7/15/1985 | 2 - 49 |
| OLVGR | Indianapolis, IN | 333 | 755 | 15 |  | 1839 | 541 | 333 | 2594 | 556 | 3483 | 2180 | 1985 | 7/15/1985 | 2 - 49 |
| OLVGR | Kissimmee, FL | 400 | 710 | 2 |  | 1803 | 615 | 400 | 2513 | 617 | 3530 | 2520 | 1985 | 8/5/1985 | 2 - 42 |
| OLVGR | Huntsville, AL | 317 | 719 | 1 |  | 1092 | 338 | 317 | 1811 | 339 | 2467 | 1786 | 1986 | 3/3/1986 | 2 - 36 |
| OLVGR | Las Vegas, NV | 597 | 557 | 12 |  | 1108 | 316 | 597 | 1665 | 328 | 2590 | 1755 | 1986 | 3/31/1986 | 2 - 42 |
| OLVGR | Ocala, FL | 470 | 416 | 11 |  | 2112 | 383 | 470 | 2528 | 394 | 3392 | 2163 | 1986 | 7/14/1986 | 2 - 48 |
| OLVGR | Granger, IN | 220 | 650 | 15 |  | 1309 | 348 | 220 | 1959 | 363 | 2542 | 2053 | 1986 | 9/8/1986 | 2 - 42 |
| OLVGR | Toledo, OH | 275 | 343 | 6 |  | 1146 | 244 | 275 | 1489 | 250 | 2014 | 1585 | 1986 | 9/15/1986 | 2 - 35 |
| OLVGR | Bradenton, FL | 207 | 837 | 4 |  | 1779 | 602 | 207 | 2616 | 606 | 3429 | 2355 | 1986 | 11/3/1986 | 2 - 48 |
| OLVGR | Clearwater, FL | 717 | 593 | 17 |  | 1521 | 446 | 717 | 2114 | 463 | 3294 | 2025 | 1986 | 12/2/1986 | 2 - 47 |
| OLVGR | North Richland Hills, TX | 468 | 1187 | 19 |  | 1414 | 342 | 468 | 2601 | 361 | 3430 | 2492 | 1986 | 12/15/1986 | 2 - 42 |
| OLVGR | Austin, TX | 492 | 1183 | 6 |  | 1690 | 440 | 492 | 2873 | 446 | 3811 | 2713 | 1987 | 1/12/1987 | 2 - 46 |
| OLVGR | Morrow, GA | 446 | 813 | 10 |  | 1448 | 423 | 446 | 2261 | 433 | 3140 | 2293 | 1987 | 3/23/1987 | 2 - 42 |
| OLVGR | Mobile, AL | 698 | 872 | 31 |  | 1209 | 479 | 698 | 2081 | 510 | 3289 | 2060 | 1987 | 5/18/1987 | 2 - 42 |
| OLVGR | Fort Worth, TX | 654 | 626 | 29 |  | 1273 | 403 | 654 | 1899 | 432 | 2985 | 1909 | 1987 | 5/25/1987 | 2 - 46 |
| OLVGR | Fort Myers, FL | 289 | 1124 | 14 |  | 1786 | 550 | 289 | 2910 | 564 | 3763 | 2590 | 1987 | 5/25/1987 | 2 - 48 |
| OLVGR | Bakersfield, CA | 529 | 861 | 54 |  | 1294 | 264 | 529 | 2155 | 318 | 3002 | 2120 | 1987 | 5/25/1987 | 2 - 36 |
| OLVGR | Tulsa, OK | 702 | 637 | 23 |  | 1137 | 291 | 702 | 1774 | 314 | 2790 | 1748 | 1987 | 6/22/1987 | 2 - 42 |
| OLVGR | Mesquite, TX | 721 | 772 | 10 | 238 | 1650 | 435 | 959 | 2422 | 445 | 3826 | 2234 | 1987 | 7/20/1987 | 2 - 46 |
| OLVGR | Indianapolis, IN | 526 | 82 | 2 |  | 2534 | 406 | 526 | 2616 | 408 | 3550 | 1953 | 1987 | 7/20/1987 | 2 - 49 |
| OLVGR | Canton, OH | 275 | 834 | 8 |  | 829 | 426 | 275 | 1663 | 434 | 2372 | 1799 | 1987 | 9/21/1987 | 2 - 40 |
| OLVGR | Duluth, GA | 675 | 906 | 18 | 351 | 1247 | 313 | 1026 | 2153 | 331 | 3510 | 2105 | 1987 | 11/2/1987 | 2 - 42 |
| OLVGR | Reno, NV |  | 639 | 29 | 1215 | 1581 | 560 | 1215 | 2220 | 589 | 4024 | 2500 | 1988 | 1/18/1988 | 2 - 35 |
| OLVGR | Orlando, FL |  | 894 | 6 | 1585 | 1792 | 614 | 1585 | 2686 | 620 | 4891 | 2718 | 1988 | 2/1/1988 | 2 - 42 |
| OLVGR | Middleburg Heights, OH | 555 | 882 | 18 |  | 1285 | 400 | 555 | 2167 | 418 | 3140 | 2223 | 1988 | 3/7/1988 | 2 - 42 |
| OLVGR | Knoxville, TN | 375 | 1397 | 33 |  | 700 | 220 | 375 | 2097 | 253 | 2725 | 2063 | 1988 | 3/14/1988 | 2 - 40 |
| OLVGR | Fairfield, OH | 325 | 1230 | 15 |  | 1303 | 276 | 325 | 2533 | 291 | 3149 | 2378 | 1988 | 3/21/1988 | 2 - 46 |
| OLVGR | Akron, OH | 577 | 1048 | 6 |  | 879 | 281 | 577 | 1927 | 287 | 2791 | 1847 | 1988 | 4/4/1988 | 2 - 40 |
| OLVGR | Fairview Heights, IL | 735 | 1162 | 19 |  | 1163 | 518 | 735 | 2325 | 537 | 3597 | 2451 | 1988 | 5/9/1988 | 2 - 35 |
| OLVGR | Grand Rapids, MI |  | 959 | 14 | 749 | 753 | 288 | 749 | 1712 | 302 | 2763 | 1788 | 1988 | 5/9/1988 | 2 - 35 |
| OLVGR | Toledo, OH |  | 891 | 38 | 652 | 726 | 201 | 652 | 1617 | 239 | 2508 | 1689 | 1988 | 5/23/1988 | 2 - 35 |
| OLVGR | Chattanooga, TN | 604 | 760 | 19 |  | 937 | 405 | 604 | 1697 | 424 | 2725 | 1801 | 1988 | 6/6/1988 | 2 - 35 |
| OLVGR | Lansing, IL |  | 814 | 18 | 912 | 1200 | 379 | 912 | 2014 | 397 | 3323 | 1996 | 1988 | 6/20/1988 | 2 - 42 |
| OLVGR | Bloomington, MN | 525 | 1779 | 20 |  | 771 | 393 | 525 | 2550 | 413 | 3488 | 2963 | 1988 | 6/28/1988 | 2 - 41 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Livonia, MI |  | 459 | 25 | 890 | 2624 | 331 | 890 | 3083 | 356 | 4329 | 2997 | 1988 | 8/1/1988 | 2 - 37 |
| OLVGR | Irving, TX | 710 | 647 | 33 |  | 1603 | 309 | 710 | 2250 | 342 | 3302 | 2025 | 1988 | 8/22/1988 | 2 - 46 |
| OLVGR | Montclair, CA |  | 873 | 44 | 1231 | 736 | 238 | 1231 | 1609 | 282 | 3122 | 1721 | 1988 | 9/5/1988 | 2 - 40 |
| OLVGR | Flint, MI | 426 | 1089 | 14 |  | 882 | 234 | 426 | 1971 | 248 | 2645 | 1923 | 1988 | 9/5/1988 | 2 - 35 |
| OLVGR | Sarasota, FL | 1136 | 725 | 24 |  | 1427 | 570 | 1136 | 2152 | 594 | 3882 | 2116 | 1988 | 10/10/1988 | 2 - 48 |
| OLVGR | Sterling Heights, MI | 855 | 1158 | 32 |  | 984 | 403 | 855 | 2142 | 435 | 3432 | 2309 | 1988 | 10/17/1988 | 2 - 37 |
| OLVGR | Vernon Hills, IL | 750 | 1252 | 17 |  | 1289 | 474 | 750 | 2541 | 491 | 3782 | 2429 | 1988 | 10/24/1988 | 2 - 47 |
| OLVGR | Columbus, OH | 740 | 909 | 38 |  | 1057 | 232 | 740 | 1966 | 270 | 2976 | 1851 | 1988 | 11/14/1988 | 2 - 40 |
| OLVGR | North Olmsted, OH | 931 | 1060 | 63 |  | 925 | 343 | 931 | 1985 | 406 | 3322 | 1967 | 1988 | 12/5/1988 | 2 - 40 |
| OLVGR | West Des Moines, IA |  | 377 | 24 | 1130 | 2047 | 338 | 1130 | 2424 | 362 | 3916 | 2258 | 1988 | 12/12/1988 | 2 - 36 |
| OLVGR | Oklahoma City, OK | 280 | 1043 | 58 |  | 1095 | 371 | 280 | 2138 | 429 | 2847 | 1981 | 1989 | 1/16/1989 | 2 - 42 |
| OLVGR | San Antonio, TX | 400 | 783 | 17 |  | 1458 | 449 | 400 | 2241 | 466 | 3107 | 2197 | 1989 | 2/13/1989 | 2 - 41 |
| OLVGR | York, PA | 555 | 931 | 31 |  | 1048 | 462 | 555 | 1979 | 493 | 3027 | 2053 | 1989 | 3/6/1989 | 2 - 42 |
| OLVGR | Brandon, FL | 700 | 967 | 24 |  | 1566 | 577 | 700 | 2533 | 601 | 3834 | 2376 | 1989 | 3/27/1989 | 2 - 47 |
| OLVGR | Kennesaw, GA | 754 | 824 | 32 |  | 1233 | 390 | 754 | 2057 | 422 | 3233 | 1887 | 1989 | 5/1/1989 | 2 - 47 |
| OLVGR | Plantation, FL | 888 | 982 | 27 |  | 1189 | 392 | 888 | 2171 | 419 | 3478 | 2078 | 1989 | 5/8/1989 | 2 - 42 |
| OLVGR | San Antonio, TX |  | 720 | 1 | 677 | 1330 | 395 | 677 | 2050 | 396 | 3123 | 1968 | 1989 | 5/22/1989 | 2 - 41 |
| OLVGR | Saint Peters, MO | 697 | 930 | 134 |  | 1034 | 292 | 697 | 1964 | 426 | 3087 | 1954 | 1989 | 7/3/1989 | 2 - 35 |
| OLVGR | Corpus Christi, TX |  | 713 | 21 | 880 | 1463 | 553 | 880 | 2176 | 574 | 3630 | 2168 | 1989 | 7/3/1989 | 2 - 36 |
| OLVGR | Houston, TX | 616 | 746 | 40 |  | 1228 | 492 | 616 | 1974 | 532 | 3122 | 2007 | 1989 | 7/10/1989 | 2 - 39 |
| OLVGR | Saginaw, MI | 828 | 813 | 22 |  | 787 | 340 | 828 | 1600 | 362 | 2790 | 1697 | 1989 | 7/31/1989 | 2 - 40 |
| OLVGR | Portage, MI | 325 | 1290 | 32 |  | 892 | 266 | 325 | 2182 | 298 | 2805 | 2131 | 1989 | 7/31/1989 | 2 - 35 |
| OLVGR | Beaumont, TX | 608 | 721 | 33 |  | 1163 | 375 | 608 | 1884 | 408 | 2900 | 1870 | 1989 | 8/14/1989 | 2 - 40 |
| OLVGR | Winter Haven, FL |  | 832 | 49 | 563 | 1673 | 543 | 563 | 2505 | 592 | 3660 | 2389 | 1989 | 8/14/1989 | 2 - 47 |
| OLVGR | West Dundee, IL | 828 | 1167 | 32 |  | 964 | 325 | 828 | 2131 | 357 | 3316 | 2080 | 1989 | 8/28/1989 | 2 - 40 |
| OLVGR | Champaign, IL | 521 | 1158 | 26 |  | 1009 | 343 | 521 | 2167 | 369 | 3057 | 2142 | 1989 | 10/30/1989 | 2 - 35 |
| OLVGR | North Little Rock, AR |  | 437 | 94 | 766 | 1623 | 293 | 766 | 2060 | 387 | 3213 | 2012 | 1989 | 10/30/1989 | 2 - 42 |
| OLVGR | Fort Wayne, IN | 700 | 1045 | 23 |  | 927 | 320 | 700 | 1972 | 343 | 3015 | 1919 | 1989 | 12/11/1989 | 2 - 42 |
| OLVGR | Fargo, ND | 313 | 864 | 20 |  | 680 | 264 | 313 | 1544 | 284 | 2141 | 1542 | 1989 | 12/11/1989 | 2 - 40 |
| OLVGR | Southgate, MI | 476 | 1138 | 31 |  | 1103 | 242 | 476 | 2241 | 273 | 2990 | 2128 | 1990 | 1/22/1990 | 2 - 37 |
| OLVGR | Orlando, FL | 787 | 998 | 17 |  | 1877 | 431 | 787 | 2875 | 448 | 4110 | 2521 | 1990 | 1/29/1990 | 2 - 48 |
| OLVGR | Fayetteville, NC | 637 | 856 | 56 |  | 879 | 461 | 637 | 1735 | 517 | 2889 | 1859 | 1990 | 2/26/1990 | 2 - 35 |
| OLVGR | Chesapeake, VA | 506 | 863 | 44 |  | 1046 | 344 | 506 | 1909 | 388 | 2803 | 1954 | 1990 | 3/5/1990 | 2 - 40 |

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| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Las Vegas, NV | 1085 | 1191 | 47 |  | 967 | 310 | 1085 | 2158 | 357 | 3600 | 2157 | 1990 | 3/26/1990 | 2 - 42 |
| OLVGR | Maplewood, MN | 556 | 1009 | 86 |  | 1126 | 250 | 556 | 2135 | 336 | 3027 | 2124 | 1990 | 4/16/1990 | 2 - 40 |
| OLVGR | Jacksonville, FL |  | 755 | 39 | 905 | 1137 | 487 | 905 | 1892 | 526 | 3323 | 1970 | 1990 | 4/30/1990 | 2 - 42 |
| OLVGR | Rochester, NY | 1104 | 1113 | 61 |  | 1102 | 376 | 1104 | 2215 | 437 | 3756 | 2160 | 1990 | 5/14/1990 | 2 - 36 |
| OLVGR | Columbia, MO | 602 | 983 | 53 |  | 1070 | 327 | 602 | 2053 | 380 | 3035 | 1965 | 1990 | 6/4/1990 | 2 - 42 |
| OLVGR | Greenfield, WI | 956 | 802 | 29 | 114 | 1174 | 295 | 1070 | 1976 | 324 | 3370 | 1909 | 1990 | 8/13/1990 | 2 - 42 |
| OLVGR | Lynnwood, WA | 875 | 1132 | 66 |  | 855 | 316 | 875 | 1987 | 382 | 3244 | 1945 | 1990 | 8/20/1990 | 2 - 35 |
| OLVGR | Victorville, CA | 603 | 985 | 31 |  | 888 | 271 | 603 | 1873 | 302 | 2778 | 1740 | 1990 | 9/10/1990 | 2 - 42 |
| OLVGR | Richmond, VA | 467 | 1363 | 93 |  | 966 | 399 | 467 | 2329 | 492 | 3288 | 2325 | 1990 | 9/17/1990 | 2 - 42 |
| OLVGR | Wichita, KS | 779 | 802 | 80 |  | 1022 | 274 | 779 | 1824 | 354 | 2957 | 1804 | 1990 | 10/1/1990 | 2 - 42 |
| OLVGR | Antioch, TN |  | 811 | 61 | 892 | 628 | 241 | 892 | 1439 | 302 | 2633 | 1503 | 1990 | 10/15/1990 | 2 - 40 |
| OLVGR | Topeka, KS | 701 | 812 | 18 |  | 1658 | 381 | 701 | 2470 | 399 | 3570 | 2227 | 1990 | 10/22/1990 | 2 - 47 |
| OLVGR | Orange City, FL | 551 | 727 | 16 |  | 1163 | 479 | 551 | 1890 | 495 | 2936 | 1770 | 1990 | 10/29/1990 | 2 - 48 |
| OLVGR | Terre Haute, IN | 560 | 1128 | 34 |  | 872 | 355 | 560 | 2000 | 389 | 2949 | 1980 | 1990 | 12/3/1990 | 2 - 35 |
| OLVGR | Columbia, SC | 613 | 782 | 35 |  | 1055 | 230 | 613 | 1837 | 265 | 2715 | 1721 | 1990 | 12/3/1990 | 2 - 42 |
| OLVGR | Littleton, CO | 750 | 859 | 79 |  | 1324 | 359 | 750 | 2183 | 438 | 3371 | 2132 | 1991 | 1/21/1991 | 2 - 40 |
| OLVGR | Colorado Springs, CO |  | 690 | 87 | 571 | 2173 | 415 | 571 | 2863 | 502 | 3936 | 2786 | 1991 | 1/21/1991 | 2 - 41 |
| OLVGR | Miami, FL | 1059 | 879 | 89 |  | 1413 | 549 | 1059 | 2292 | 638 | 3989 | 2333 | 1991 | 1/28/1991 | 2 - 42 |
| OLVGR | Parkersburg, WV | 454 | 1096 | 60 |  | 723 | 323 | 454 | 1819 | 383 | 2656 | 1838 | 1991 | 2/11/1991 | 2 - 42 |
| OLVGR | Clovis, CA | 489 | 796 | 62 |  | 787 | 300 | 489 | 1583 | 362 | 2434 | 1655 | 1991 | 2/18/1991 | 2 - 42 |
| OLVGR | Dallas, TX | 750 | 776 | 36 | 70 | 1001 | 305 | 820 | 1777 | 341 | 2938 | 1702 | 1991 | 2/25/1991 | 2 - 41 |
| OLVGR | Roseville, MN | 754 | 1106 | 90 |  | 784 | 178 | 754 | 1890 | 268 | 2912 | 1782 | 1991 | 3/25/1991 | 2 - 40 |
| OLVGR | Eastpointe, MI | 897 | 1367 | 75 |  | 598 | 244 | 897 | 1965 | 319 | 3181 | 1952 | 1991 | 3/25/1991 | 2 - 40 |
| OLVGR | Aurora, CO | 803 | 1169 | 14 |  | 1368 | 343 | 803 | 2537 | 357 | 3697 | 2296 | 1991 | 4/1/1991 | 2 - 41 |
| OLVGR | Talleyville, DE | 737 | 1278 | 95 |  | 805 | 377 | 737 | 2083 | 472 | 3292 | 2177 | 1991 | 4/22/1991 | 2 - 40 |
| OLVGR | Boise, ID | 627 | 839 | 76 |  | 858 | 386 | 627 | 1697 | 462 | 2786 | 1752 | 1991 | 4/29/1991 | 2 - 42 |
| OLVGR | McAllen, TX | 803 | 857 | 76 |  | 1160 | 476 | 803 | 2017 | 552 | 3372 | 1981 | 1991 | 4/29/1991 | 2 - 42 |
| OLVGR | Houston, TX | 723 | 960 | 87 |  | 1234 | 498 | 723 | 2194 | 585 | 3502 | 2287 | 1991 | 5/20/1991 | 2 - 40 |
| OLVGR | Boardman, OH | 675 | 993 | 48 |  | 1208 | 329 | 675 | 2201 | 377 | 3253 | 2150 | 1991 | 8/5/1991 | 2 - 38 |
| OLVGR | Jacksonville, FL | 1124 | 863 | 74 |  | 1185 | 438 | 1124 | 2048 | 512 | 3684 | 2010 | 1991 | 8/12/1991 | 2 - 42 |
| OLVGR | West Melbourne, FL | 983 | 953 | 22 |  | 1390 | 578 | 983 | 2343 | 600 | 3926 | 2234 | 1991 | 8/19/1991 | 2 - 47 |
| OLVGR | Omaha, NE | 315 | 1230 | 51 |  | 1642 | 341 | 315 | 2872 | 392 | 3579 | 2420 | 1991 | 10/28/1991 | 2 - 42 |
| OLVGR | Columbia, MD | 1283 | 1199 | 92 |  | 1020 | 297 | 1283 | 2219 | 389 | 3891 | 2182 | 1991 | 11/4/1991 | 2 - 42 |
| OLVGR | Houston, TX | 627 | 947 | 68 |  | 1084 | 435 | 627 | 2031 | 503 | 3161 | 2049 | 1991 | 11/11/1991 | 2 - 40 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Provo, UT | 702 | 714 | 128 |  | 805 | 284 | 702 | 1519 | 412 | 2633 | 1583 | 1991 | 11/11/1991 | 2 - 40 |
| OLVGR | Roanoke, VA | 607 | 714 | 33 |  | 783 | 350 | 607 | 1497 | 383 | 2487 | 1521 | 1991 | 12/9/1991 | 2 - 42 |
| OLVGR | Pittsburgh, PA | 1125 | 1170 | 65 |  | 1202 | 279 | 1125 | 2372 | 344 | 3841 | 2145 | 1991 | 12/9/1991 | 2 - 38 |
| OLVGR | Harrisburg, PA | 769 | 837 | 108 |  | 1117 | 328 | 769 | 1954 | 436 | 3159 | 1938 | 1991 | 12/9/1991 | 2 - 35 |
| OLVGR | Pineville, NC | 1018 | 972 | 71 |  | 950 | 281 | 1018 | 1922 | 352 | 3292 | 1914 | 1992 | 1/27/1992 | 2 - 42 |
| OLVGR | Palm Desert, CA | 607 | 987 | 100 |  | 617 | 185 | 607 | 1604 | 285 | 2496 | 1589 | 1992 | 1/27/1992 | 2 - 40 |
| OLVGR | Lafayette, LA | 555 | 751 | 69 |  | 997 | 304 | 555 | 1748 | 373 | 2676 | 1733 | 1992 | 1/27/1992 | 2 - 42 |
| OLVGR | Woodbridge, VA | 1228 | 1071 | 56 |  | 1163 | 444 | 1228 | 2234 | 500 | 3962 | 2198 | 1992 | 2/3/1992 | 2 - 41 |
| OLVGR | Elkhart, IN | 381 | 724 | 145 |  | 683 | 281 | 381 | 1407 | 426 | 2214 | 1546 | 1992 | 2/3/1992 | 2 - 40 |
| OLVGR | San Bernardino, CA | 1393 | 1210 | 83 |  | 756 | 301 | 1393 | 1966 | 384 | 3743 | 1961 | 1992 | 3/9/1992 | 2 - 42 |
| OLVGR | Little Rock, AR | 335 | 895 | 105 |  | 749 | 265 | 335 | 1644 | 370 | 2349 | 1682 | 1992 | 3/9/1992 | 2 - 40 |
| OLVGR | Cincinnati, OH | 842 | 953 | 107 |  | 986 | 344 | 842 | 1939 | 451 | 3232 | 1994 | 1992 | 3/16/1992 | 2 - 38 |
| OLVGR | Myrtle Beach, SC | 520 | 872 | 51 |  | 845 | 386 | 520 | 1717 | 437 | 2674 | 1750 | 1992 | 3/16/1992 | 2 - 42 |
| OLVGR | Highlands Ranch, CO | 813 | 980 | 49 |  | 1177 | 380 | 813 | 2157 | 429 | 3399 | 2002 | 1992 | 5/11/1992 | 2 - 41 |
| OLVGR | Novi, MI | 866 | 1629 | 31 |  | 867 | 296 | 866 | 2496 | 327 | 3689 | 2329 | 1992 | 5/25/1992 | 2 - 42 |
| OLVGR | Louisville, KY | 492 | 1571 | 76 |  | 869 | 254 | 492 | 2440 | 330 | 3262 | 2240 | 1992 | 6/15/1992 | 2 - 42 |
| OLVGR | Palmdale, CA | 679 | 1080 | 109 |  | 1093 | 315 | 679 | 2173 | 424 | 3276 | 2029 | 1992 | 8/3/1992 | 2 - 39 |
| OLVGR | Clarksville, TN | 302 | 771 | 101 |  | 443 | 207 | 302 | 1214 | 308 | 1824 | 1260 | 1992 | 8/3/1992 | 2 - 38 |
| OLVGR | Cincinnati, OH | 917 | 939 | 62 |  | 1041 | 360 | 917 | 1980 | 422 | 3319 | 1921 | 1992 | 8/17/1992 | 2 - 38 |
| OLVGR | Greensburg, PA | 579 | 1272 | 143 |  | 1026 | 352 | 579 | 2298 | 495 | 3372 | 2061 | 1992 | 8/31/1992 | 2 - 40 |
| OLVGR | Sioux Falls, SD | 247 | 1325 | 78 |  | 917 | 217 | 247 | 2242 | 295 | 2784 | 2031 | 1992 | 9/7/1992 | 2 - 40 |
| OLVGR | Roswell, GA | 838 | 897 | 79 |  | 764 | 339 | 838 | 1661 | 418 | 2917 | 1724 | 1992 | 9/14/1992 | 2 - 40 |
| OLVGR | Green Bay, WI | 453 | 789 | 97 |  | 675 | 260 | 453 | 1464 | 357 | 2274 | 1548 | 1992 | 9/14/1992 | 2 - 40 |
| OLVGR | Harlingen, TX | 453 | 803 | 107 |  | 1013 | 426 | 453 | 1816 | 533 | 2802 | 1717 | 1992 | 10/19/1992 | 2 - 42 |
| OLVGR | Erie, PA | 1078 | 1412 | 91 |  | 1129 | 408 | 1078 | 2541 | 499 | 4118 | 2414 | 1992 | 11/2/1992 | 2 - 42 |
| OLVGR | Chico, CA | 984 | 923 | 95 |  | 850 | 308 | 984 | 1773 | 403 | 3160 | 1726 | 1992 | 11/9/1992 | 2 - 40 |
| OLVGR | Las Vegas, NV | 1055 | 1005 | 108 |  | 849 | 297 | 1055 | 1854 | 405 | 3314 | 1898 | 1992 | 12/14/1992 | 2 - 42 |
| OLVGR | Laurel, MD | 1241 | 1552 | 121 |  | 1403 | 388 | 1241 | 2955 | 509 | 4705 | 2816 | 1993 | 1/25/1993 | 2 - 42 |
| OLVGR | Racine, WI | 608 | 1247 | 140 |  | 914 | 198 | 608 | 2161 | 338 | 3107 | 2034 | 1993 | 2/1/1993 | 2 - 40 |
| OLVGR | Fort Collins, CO | 809 | 1105 | 97 |  | 1011 | 350 | 809 | 2116 | 447 | 3372 | 2129 | 1993 | 2/8/1993 | 2 - 41 |
| OLVGR | Longview, TX | 505 | 816 | 90 |  | 1133 | 290 | 505 | 1949 | 380 | 2834 | 1776 | 1993 | 2/22/1993 | 2 - 45 |
| OLVGR | Raleigh, NC | 855 | 877 | 76 |  | 855 | 318 | 855 | 1732 | 394 | 2981 | 1795 | 1993 | 3/8/1993 | 2 - 42 |
| OLVGR | Yakima, WA |  | 1296 | 124 | 409 | 568 | 294 | 409 | 1864 | 418 | 2691 | 2008 | 1993 | 3/22/1993 | 2 - 40 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Lafayette, IN | 455 | 875 | 98 |  | 635 | 221 | 455 | 1510 | 319 | 2284 | 1572 | 1993 | 3/22/1993 | 2 - 40 |
| OLVGR | Arlington, TX | 782 | 766 | 70 |  | 795 | 441 | 782 | 1561 | 511 | 2854 | 1694 | 1993 | 3/29/1993 | 2 - 44 |
| OLVGR | Mesa, AZ | 551 | 888 | 97 |  | 803 | 274 | 551 | 1691 | 371 | 2613 | 1655 | 1993 | 4/12/1993 | 2 - 40 |
| OLVGR | Dover, DE | 614 | 1055 | 127 |  | 656 | 279 | 614 | 1711 | 406 | 2731 | 1701 | 1993 | 4/19/1993 | 2 - 38 |
| OLVGR | Addison, TX | 1221 | 1746 | 79 |  | 1032 | 374 | 1221 | 2778 | 453 | 4452 | 2646 | 1993 | 4/26/1993 | 2 - 41 |
| OLVGR | Appleton, WI | 424 | 956 | 117 |  | 646 | 216 | 424 | 1602 | 333 | 2359 | 1589 | 1993 | 5/17/1993 | 2 - 40 |
| OLVGR | Duncanville, TX | 835 | 1057 | 91 |  | 945 | 370 | 835 | 2002 | 461 | 3298 | 1936 | 1993 | 6/28/1993 | 2 - 40 |
| OLVGR | Kenner, LA | 695 | 969 | 86 |  | 1112 | 361 | 695 | 2081 | 447 | 3223 | 2094 | 1993 | 7/5/1993 | 2 - 40 |
| OLVGR | Texas City, TX | 732 | 1093 | 97 |  | 871 | 319 | 732 | 1964 | 416 | 3112 | 1902 | 1993 | 7/19/1993 | 2 - 44 |
| OLVGR | Muncie, IN | 454 | 1003 | 92 |  | 1065 | 296 | 454 | 2068 | 388 | 2910 | 1656 | 1993 | 8/23/1993 | 2 - 49 |
| OLVGR | Panama City, FL | 465 | 957 | 84 |  | 1082 | 400 | 465 | 2039 | 484 | 2988 | 1881 | 1993 | 10/11/1993 | 2 - 42 |
| OLVGR | Billings, MT | 479 | 1107 | 89 |  | 775 | 301 | 479 | 1882 | 390 | 2751 | 1809 | 1993 | 10/18/1993 | 2 - 42 |
| OLVGR | Whitehall, PA | 936 | 1291 | 90 |  | 1025 | 331 | 936 | 2316 | 421 | 3673 | 2237 | 1993 | 11/8/1993 | 2 - 36 |
| OLVGR | Paducah, KY | 452 | 1083 | 82 |  | 700 | 288 | 452 | 1783 | 370 | 2605 | 1712 | 1993 | 11/8/1993 | 2 - 40 |
| OLVGR | Rochester, NY | 974 | 1108 | 101 |  | 824 | 243 | 974 | 1932 | 344 | 3250 | 1727 | 1993 | 11/15/1993 | 2 - 42 |
| OLVGR | Poughkeepsie, NY | 873 | 1613 | 108 |  | 823 | 174 | 873 | 2436 | 282 | 3591 | 2066 | 1993 | 11/29/1993 | 2 - 40 |
| OLVGR | Bangor, ME | 357 | 1120 | 96 |  | 1027 | 282 | 357 | 2147 | 378 | 2882 | 1946 | 1993 | 12/13/1993 | 2 - 42 |
| OLVGR | Dearborn, MI | 542 | 1219 | 59 |  | 713 | 242 | 542 | 1932 | 301 | 2775 | 1790 | 1994 | 1/10/1994 | 2 - 40 |
| OLVGR | Newington, NH | 915 | 1051 | 103 |  | 803 | 355 | 915 | 1854 | 458 | 3227 | 1845 | 1994 | 1/17/1994 | 2 - 42 |
| OLVGR | Tyler, TX | 485 | 1041 | 92 |  | 1279 | 340 | 485 | 2320 | 432 | 3237 | 2070 | 1994 | 1/17/1994 | 2 - 47 |
| OLVGR | Grand Rapids, MI | 804 | 866 | 87 |  | 637 | 257 | 804 | 1503 | 344 | 2651 | 1532 | 1994 | 1/24/1994 | 2 - 40 |
| OLVGR | Peoria, IL | 668 | 1204 | 81 |  | 914 | 323 | 668 | 2118 | 404 | 3190 | 1959 | 1994 | 2/14/1994 | 2 - 42 |
| OLVGR | Concord, NH | 469 | 1284 | 115 |  | 594 | 194 | 469 | 1878 | 309 | 2656 | 1719 | 1994 | 2/14/1994 | 2 - 38 |
| OLVGR | Janesville, WI | 370 | 1069 | 86 |  | 712 | 287 | 370 | 1781 | 373 | 2524 | 1634 | 1994 | 3/7/1994 | 2 - 40 |
| OLVGR | Las Vegas, NV | 879 | 1344 | 95 |  | 596 | 317 | 879 | 1940 | 412 | 3231 | 1862 | 1994 | 3/7/1994 | 2 - 40 |
| OLVGR | Middletown, OH | 424 | 1044 | 95 |  | 863 | 318 | 424 | 1907 | 413 | 2744 | 1868 | 1994 | 3/7/1994 | 2 - 42 |
| OLVGR | Branson, MO | 1056 | 1893 | 69 |  | 785 | 295 | 1056 | 2678 | 364 | 4098 | 2379 | 1994 | 5/16/1994 | 2 - 40 |
| OLVGR | Coon Rapids, MN | 514 | 1248 | 67 |  | 588 | 245 | 514 | 1836 | 312 | 2662 | 1740 | 1994 | 9/26/1994 | 2 - 40 |
| OLVGR | Dallas, TX | 764 | 1212 | 55 |  | 811 | 281 | 764 | 2023 | 336 | 3123 | 1912 | 1994 | 10/10/1994 | 2 - 44 |
| OLVGR | Asheville, NC | 2651 | 1198 | 94 |  | 655 | 292 | 2651 | 1853 | 386 | 4890 | 1805 | 1994 | 10/31/1994 | 2 - 40 |
| OLVGR | Cedar Rapids, IA | 510 | 1148 | 105 |  | 608 | 311 | 510 | 1756 | 416 | 2682 | 1732 | 1994 | 12/5/1994 | 2 - 40 |
| OLVGR | Amherst, NY | 1215 | 1394 | 88 |  | 891 | 307 | 1215 | 2285 | 395 | 3895 | 2113 | 1994 | 12/12/1994 | 2 - 38 |
| OLVGR | Joplin, MO | 654 | 1219 | 102 |  | 662 | 323 | 654 | 1881 | 425 | 2960 | 1828 | 1995 | 1/9/1995 | 2 - 40 |
| OLVGR | Eau Claire, WI | 600 | 1193 | 110 |  | 538 | 268 | 600 | 1731 | 378 | 2709 | 1693 | 1995 | 1/23/1995 | 2 - 40 |
| OLVGR | Middletown, NY | 807 | 1581 | 97 |  | 592 | 345 | 807 | 2173 | 442 | 3422 | 2047 | 1995 | 1/30/1995 | 2 - 40 |

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| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Fairborn, OH | 804 | 1290 | 82 |  | 681 | 221 | 804 | 1971 | 303 | 3078 | 1814 | 1995 | 2/20/1995 | 2 - 40 |
| OLVGR | VooRDIees, NJ | 804 | 1696 | 101 |  | 600 | 303 | 804 | 2296 | 404 | 3504 | 2115 | 1995 | 2/20/1995 | 2 - 38 |
| OLVGR | Henderson, NV | 1109 | 1289 | 74 |  | 826 | 383 | 1109 | 2115 | 457 | 3681 | 2065 | 1995 | 2/20/1995 | 2 - 42 |
| OLVGR | Barboursville, WV | 1139 | 1062 | 84 |  | 731 | 203 | 1139 | 1793 | 287 | 3219 | 1599 | 1995 | 2/27/1995 | 2 - 40 |
| OLVGR | Norman, OK | 596 | 1246 | 96 |  | 449 | 172 | 596 | 1695 | 268 | 2559 | 1559 | 1995 | 3/7/1995 | 2 - 38 |
| OLVGR | Hampton, VA | 1074 | 1061 | 86 |  | 674 | 225 | 1074 | 1735 | 311 | 3120 | 1626 | 1995 | 3/13/1995 | 2 - 40 |
| OLVGR | Jackson, MI | 699 | 1156 | 73 |  | 764 | 320 | 699 | 1920 | 393 | 3012 | 1735 | 1995 | 3/20/1995 | 2 - 42 |
| OLVGR | Clay, NY | 782 | 1705 | 98 |  | 866 | 356 | 782 | 2571 | 454 | 3807 | 2225 | 1995 | 4/24/1995 | 2 - 42 |
| OLVGR | Onalaska, WI | 603 | 1283 | 102 |  | 339 | 197 | 603 | 1622 | 299 | 2524 | 1553 | 1995 | 4/24/1995 | 2 - 38 |
| OLVGR | Grapevine, TX | 752 | 1026 | 99 |  | 793 | 404 | 752 | 1819 | 503 | 3074 | 1882 | 1995 | 5/8/1995 | 2 - 40 |
| OLVGR | Tempe, AZ | 703 | 1131 | 75 |  | 746 | 353 | 703 | 1877 | 428 | 3008 | 1895 | 1995 | 5/15/1995 | 2 - 40 |
| OLVGR | Waldorf, MD | 779 | 1152 | 81 |  | 1258 | 357 | 779 | 2410 | 438 | 3627 | 2256 | 1995 | 5/22/1995 | 2 - 42 |
| OLVGR | Heath, OH | 599 | 1353 | 65 |  | 971 | 331 | 599 | 2324 | 396 | 3319 | 2047 | 1995 | 5/22/1995 | 2 - 46 |
| OLVGR | Waterloo, IA | 466 | 891 | 79 |  | 873 | 331 | 466 | 1764 | 410 | 2640 | 1636 | 1995 | 5/22/1995 | 2 - 42 |
| OLVGR | Peoria, AZ | 551 | 1294 | 81 |  | 623 | 242 | 551 | 1917 | 323 | 2791 | 1784 | 1995 | 5/22/1995 | 2 - 38 |
| OLVGR | Spring, TX | 780 | 1329 | 80 |  | 1289 | 327 | 780 | 2618 | 407 | 3805 | 2284 | 1995 | 9/11/1995 | 2 - 40 |
| OLVGR | Midland, TX | 400 | 1340 | 88 |  | 566 | 314 | 400 | 1906 | 402 | 2708 | 1807 | 1995 | 10/16/1995 | 2 - 40 |
| OLVGR | Colonie, NY | 966 | 1862 | 57 |  | 984 | 273 | 966 | 2846 | 330 | 4142 | 2329 | 1995 | 11/27/1995 | 2 - 42 |
| OLVGR | Fort Smith, AR | 527 | 893 | 113 |  | 427 | 187 | 527 | 1320 | 300 | 2147 | 1229 | 1996 | 2/19/1996 | 2 - 38 |
| OLVGR | Jackson, MS | 641 | 1195 | 110 |  | 846 | 268 | 641 | 2041 | 378 | 3060 | 1867 | 1996 | 3/25/1996 | 2 - 42 |
| OLVGR | Lancaster, OH | 372 | 846 | 115 |  | 603 | 284 | 372 | 1449 | 399 | 2220 | 1421 | 1996 | 5/6/1996 | 2 - 40 |
| OLVGR | Lima, OH | 471 | 930 | 67 |  | 387 | 282 | 471 | 1317 | 349 | 2137 | 1311 | 1996 | 5/20/1996 | 2 - 38 |
| OLVGR | Dubuque, IA | 518 | 1103 | 76 |  | 391 | 221 | 518 | 1494 | 297 | 2309 | 1237 | 1996 | 5/20/1996 | 2 - 38 |
| OLVGR | Zanesville, OH | 707 | 1065 | 25 |  | 673 | 323 | 707 | 1738 | 348 | 2793 | 1558 | 1996 | 8/5/1996 | 2 - 40 |
| OLVGR | Williamsburg, VA | 673 | 1268 | 31 |  | 743 | 202 | 673 | 2011 | 233 | 2917 | 1669 | 1996 | 8/19/1996 | 2 - 40 |
| OLVGR | Frederick, MD | 638 | 1276 | 79 |  | 787 | 344 | 638 | 2063 | 423 | 3124 | 1822 | 1996 | 10/21/1996 | 2 - 40 |
| OLVGR | Hyannis, MA | 664 | 2097 | 90 |  | 665 | 175 | 664 | 2762 | 265 | 3691 | 2329 | 1997 | 11/17/1997 | 2 - 35 |
| OLVGR | Westminster, MD | 595 | 1741 | 124 |  | 452 | 204 | 595 | 2193 | 328 | 3116 | 1802 | 1998 | 4/20/1998 | 2 - 38 |
| OLVGR | Wyomissing, PA | 963 | 1926 | 109 |  | 498 | 206 | 963 | 2424 | 315 | 3702 | 2036 | 1998 | 5/11/1998 | 2 - 38 |
| OLVGR | Eugene, OR | 761 | 1486 | 91 |  | 356 | 200 | 761 | 1842 | 291 | 2894 | 1635 | 1998 | 5/11/1998 | 2 - 38 |
| OLVGR | Savannah, GA | 952 | 1781 | 189 |  | 660 | 147 | 952 | 2441 | 336 | 3729 | 1951 | 2000 | 4/10/2000 | 2 - 35 |
| OLVGR | Douglasville, GA | 1189 | 1978 | 144 |  | 406 | 248 | 1189 | 2384 | 392 | 3965 | 2004 | 2000 | 5/1/2000 | 2 - 35 |
| OLVGR | Mentor, OH |  | 1955 | 138 | 1474 | 288 | 241 | 1474 | 2243 | 379 | 4096 | 1913 | 2000 | 5/22/2000 | 2 - 35 |
| OLVGR | Buford, GA | 1493 | 1688 | 179 |  | 542 | 203 | 1493 | 2230 | 382 | 4105 | 1840 | 2000 | 5/22/2000 | 2 - 35 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Maple Grove, MN | 807 | 1924 | 176 |  | 227 | 124 | 807 | 2151 | 300 | 3258 | 1720 | 2000 | 5/22/2000 | 2 - 35 |
| OLVGR | Coeur D'Alene, ID | 681 | 1661 | 131 |  | 278 | 305 | 681 | 1939 | 436 | 3056 | 1624 | 2001 | 1/29/2001 | 2 - 36 |
| OLVGR | Olathe, KS | 796 | 2121 | 109 |  | 489 | 256 | 796 | 2610 | 365 | 3771 | 2051 | 2001 | 3/12/2001 | 2 - 36 |
| OLVGR | Kennewick, WA | 763 | 1980 | 149 |  | 259 | 158 | 763 | 2239 | 307 | 3309 | 1760 | 2001 | 5/14/2001 | 2 - 36 |
| OLVGR | Frisco, TX | 1029 | 2038 | 139 |  | 279 | 218 | 1029 | 2317 | 357 | 3703 | 1912 | 2001 | 6/25/2001 | 2 - 36 |
| OLVGR | Bolingbrook, IL | 1006 | 2424 | 147 |  | 253 | 129 | 1006 | 2677 | 276 | 3959 | 2015 | 2001 | 7/23/2001 | 2 - 36 |
| OLVGR | Muskegon, MI | 691 | 1704 | 168 |  | 108 | 41 | 691 | 1812 | 209 | 2712 | 1380 | 2001 | 10/8/2001 | 2 - 36 |
| OLVGR | Memphis, TN | 1142 | 1790 | 100 |  | 246 | 171 | 1142 | 2036 | 271 | 3449 | 1563 | 2001 | 10/8/2001 | 2 - 36 |
| OLVGR | Round Rock, TX | 953 | 2090 | 149 |  | 335 | 153 | 953 | 2425 | 302 | 3680 | 1747 | 2002 | 3/25/2002 | 2 - 37 |
| OLVGR | Killeen, TX | 806 | 1705 | 187 |  | 322 | 118 | 806 | 2027 | 305 | 3138 | 1630 | 2002 | 8/5/2002 | 2 - 37 |
| OLVGR | Austin, TX | 1239 | 2295 | 154 |  | 168 | 96 | 1239 | 2463 | 250 | 3952 | 1801 | 2002 | 9/3/2002 | 2 - 37 |
| OLVGR | Omaha, NE | 1202 | 1778 | 120 |  | 217 | 147 | 1202 | 1995 | 267 | 3464 | 1514 | 2002 | 10/7/2002 | 2 - 37 |
| OLVGR | Bloomington, IN | 947 | 1747 | 150 |  | 419 | 94 | 947 | 2166 | 244 | 3357 | 1573 | 2002 | 11/18/2002 | 2 - 37 |
| OLVGR | Lithonia, GA | 1403 | 1872 | 174 |  | 306 | 122 | 1403 | 2178 | 296 | 3877 | 1599 | 2002 | 11/18/2002 | 2 - 37 |
| OLVGR | Fayetteville, AR | 849 | 1845 | 160 |  | 138 | 79 | 849 | 1983 | 239 | 3071 | 1476 | 2002 | 12/11/2002 | 2 - 37 |
| OLVGR | Rochester, MN | 829 | 1889 | 192 |  | 146 | 140 | 829 | 2035 | 332 | 3196 | 1566 | 2002 | 12/16/2002 | 2 - 37 |
| OLVGR | Los Angeles, CA | 1701 | 2558 | 202 |  | 170 | 70 | 1701 | 2728 | 272 | 4701 | 1901 | 2003 | 3/24/2003 | 2 - 38 |
| OLVGR | Dayton, OH | 677 | 1675 | 172 |  | 210 | 72 | 677 | 1885 | 244 | 2806 | 1363 | 2003 | 5/1/2003 | 2 - 38 |
| OLVGR | Newport News, VA | 796 | 1989 | 172 |  | 88 | 63 | 796 | 2077 | 235 | 3108 | 1496 | 2003 | 5/5/2003 | 2 - 38 |
| OLVGR | Albuquerque, NM | 771 | 1716 | 179 |  | 131 | 104 | 771 | 1847 | 283 | 2901 | 1374 | 2003 | 5/19/2003 | 2 - 38 |
| OLVGR | Denton, TX | 869 | 1946 | 177 |  | 182 | 94 | 869 | 2128 | 271 | 3268 | 1593 | 2003 | 6/9/2003 | 2 - 38 |
| OLVGR | Duluth, MN | 886 | 2043 | 173 |  | 123 | 58 | 886 | 2166 | 231 | 3283 | 1516 | 2003 | 11/10/2003 | 2 - 38 |
| OLVGR | Fort Gratiot, MI | 604 | 2246 | 186 |  | 132 | 57 | 604 | 2378 | 243 | 3225 | 1636 | 2003 | 11/17/2003 | 2 - 38 |
| OLVGR | Lynchburg, VA | 771 | 2304 | 125 |  | 103 | 54 | 771 | 2407 | 179 | 3357 | 1567 | 2004 | 2/16/2004 | 2 - 39 |
| OLVGR | Visalia, CA | 1151 | 1830 | 151 |  | 133 | 46 | 1151 | 1963 | 197 | 3311 | 1304 | 2004 | 3/15/2004 | 2 - 39 |
| OLVGR | Anderson, SC | 903 | 1841 | 133 | 228 | 181 | 111 | 1131 | 2022 | 244 | 3397 | 1458 | 2004 | 3/29/2004 | 2 - 39 |
| OLVGR | Lake Charles, LA | 806 | 2070 | 161 |  | 174 | 87 | 806 | 2244 | 248 | 3298 | 1589 | 2004 | 4/5/2004 | 2 - 39 |
| OLVGR | Tucson, AZ | 1019 | 2073 | 104 |  | 121 | 135 | 1019 | 2194 | 239 | 3452 | 1474 | 2004 | 9/20/2004 | 2 - 39 |
| OLVGR | College Station, TX | 581 | 2236 | 173 |  | 42 | 44 | 581 | 2278 | 217 | 3076 | 1543 | 2005 | 1/24/2005 | 2 - 40 |
| OLVGR | Tupelo, MS | 823 | 2102 | 193 |  | 127 | 82 | 823 | 2229 | 275 | 3327 | 1541 | 2005 | 1/31/2005 | 2 - 40 |
| OLVGR | Jackson, TN | 874 | 1964 | 151 |  | 175 | 36 | 874 | 2139 | 187 | 3200 | 1396 | 2005 | 2/7/2005 | 2 - 40 |
| OLVGR | Houma, LA | 736 | 2190 | 150 |  | 185 | 148 | 736 | 2375 | 298 | 3409 | 1640 | 2005 | 2/14/2005 | 2 - 40 |
| OLVGR | Oklahoma City, OK | 925 | 2053 | 158 |  | 128 | 43 | 925 | 2181 | 201 | 3307 | 1456 | 2005 | 3/14/2005 | 2 - 40 |

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| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Columbia, SC | 1119 | 2175 | 161 |  | 110 | 85 | 1119 | 2285 | 246 | 3650 | 1514 | 2005 | 4/5/2005 | 2 - 40 |
| OLVGR | Newnan, GA | 829 | 2239 | 157 |  | 152 | 55 | 829 | 2391 | 212 | 3432 | 1529 | 2005 | 5/23/2005 | 2 - 40 |
| OLVGR | Owensboro, KY | 762 | 2134 | 173 |  | 70 | 57 | 762 | 2204 | 230 | 3196 | 1522 | 2005 | 5/23/2005 | 2 - 40 |
| OLVGR | San Antonio, TX | 932 | 2582 | 191 |  | 190 | 103 | 932 | 2772 | 294 | 3998 | 1793 | 2005 | 6/27/2005 | 2 - 40 |
| OLVGR | Mesa, AZ | 598 | 1844 | 132 |  | 110 | 129 | 598 | 1954 | 261 | 2813 | 1326 | 2005 | 10/3/2005 | 2 - 40 |
| OLVGR | Garland, TX | 903 | 2271 | 156 |  | 115 | 94 | 903 | 2386 | 250 | 3539 | 1592 | 2005 | 10/31/2005 | 2 - 40 |
| OLVGR | Southaven, MS | 1048 | 2209 | 158 |  | 117 | 50 | 1048 | 2326 | 208 | 3582 | 1450 | 2005 | 11/21/2005 | 2 - 40 |
| OLVGR | Yuma, AZ | 842 | 2037 | 160 |  | 62 | 87 | 842 | 2099 | 247 | 3188 | 1349 | 2005 | 12/5/2005 | 2 - 40 |
| OLVGR | Oakdale, MN | 956 | 2355 | 185 |  | 30 | 35 | 956 | 2385 | 220 | 3561 | 1513 | 2005 | 12/5/2005 | 2 - 40 |
| OLVGR | Tarentum, PA | 1119 | 2482 | 148 |  | 179 | 47 | 1119 | 2661 | 195 | 3975 | 1573 | 2006 | 2/20/2006 | 2 - 41 |
| OLVGR | Texarkana, TX | 871 | 2279 | 151 |  | 90 | 87 | 871 | 2369 | 238 | 3478 | 1520 | 2006 | 3/27/2006 | 2 - 41 |
| OLVGR | Florence, SC |  | 1817 | 169 | 1503 | 119 | 84 | 1503 | 1936 | 253 | 3692 | 1279 | 2006 | 8/21/2006 | 2 - 41 |
| OLVGR | Dothan, AL | 850 | 2242 | 131 |  | 62 | 92 | 850 | 2304 | 223 | 3377 | 1412 | 2006 | 8/28/2006 | 2 - 41 |
| OLVGR | San Angelo, TX | 360 | 2020 | 157 |  | 74 | 104 | 360 | 2094 | 261 | 2715 | 1378 | 2006 | 9/11/2006 | 2 - 41 |
| OLVGR | New Braunfels, TX | 1049 | 2162 | 147 |  | 32 | 83 | 1049 | 2194 | 230 | 3473 | 1351 | 2006 | 9/25/2006 | 2 - 41 |
| OLVGR | Grove City, OH | 1200 | 2271 | 140 |  | 63 | 55 | 1200 | 2334 | 195 | 3729 | 1404 | 2006 | 9/25/2006 | 2 - 41 |
| OLVGR | Hot Springs, AR | 797 | 2415 | 186 |  | 84 | 73 | 797 | 2499 | 259 | 3555 | 1485 | 2006 | 10/23/2006 | 2 - 41 |
| OLVGR | Wichita, KS | 1227 | 1801 | 154 |  | 84 | 86 | 1227 | 1885 | 240 | 3352 | 1152 | 2006 | 11/6/2006 | 2 - 41 |
| OLVGR | Opelika, AL | 878 | 2255 | 154 |  | 54 | 43 | 878 | 2309 | 197 | 3384 | 1378 | 2006 | 11/13/2006 | 2 - 41 |
| OLVGR | Sioux City, IA | 1304 | 2114 | 137 |  | 89 | 99 | 1304 | 2203 | 236 | 3743 | 1357 | 2006 | 12/11/2006 | 2 - 41 |
| OLVGR | Victoria, TX | 782 | 2327 | 240 |  | 39 | 30 | 782 | 2366 | 270 | 3418 | 1493 | 2007 | 1/15/2007 | 2 - 42 |
| OLVGR | Pueblo, CO | 770 | 2330 | 212 |  | 51 | 76 | 770 | 2381 | 288 | 3439 | 1502 | 2007 | 2/5/2007 | 2 - 42 |
| OLVGR | Phoenix, AZ | 753 | 2153 | 246 |  | 97 | 72 | 753 | 2250 | 318 | 3321 | 1441 | 2007 | 4/23/2007 | 2 - 42 |
| OLVGR | Detroit, MI | 1400 | 2956 | 234 |  | 81 | 87 | 1400 | 3037 | 321 | 4758 | 1707 | 2007 | 5/21/2007 | 2 - 42 |
| OLVGR | Mount Juliet, TN | 873 | 2294 | 212 |  | 76 | 47 | 873 | 2370 | 259 | 3502 | 1424 | 2007 | 10/22/2007 | 2 - 42 |
| OLVGR | Jacksonville, NC | 1174 | 2287 | 239 |  | 32 | 81 | 1174 | 2319 | 320 | 3813 | 1457 | 2007 | 11/19/2007 | 2 - 42 |
| OLVGR | Columbus, OH | 995 | 2286 | 184 |  | 61 | 27 | 995 | 2347 | 211 | 3553 | 1332 | 2007 | 12/17/2007 | 2 - 42 |
| OLVGR | Triadelphia, WV | 970 | 2342 | 225 |  | 58 | 76 | 970 | 2400 | 301 | 3671 | 1469 | 2007 | 12/17/2007 | 2 - 42 |
| OLVGR | Reynoldsburg, OH | 1208 | 2183 | 242 |  | 48 | 37 | 1208 | 2231 | 279 | 3718 | 1326 | 2008 | 4/21/2008 | 2 - 43 |
| OLVGR | Cincinnati, OH | 1072 | 2170 | 236 |  | 57 | 43 | 1072 | 2227 | 279 | 3578 | 1349 | 2008 | 4/28/2008 | 2 - 43 |
| OLVGR | Florence, KY | 1007 | 2099 | 155 |  | 52 | 88 | 1007 | 2151 | 243 | 3401 | 1296 | 2008 | 8/4/2008 | 2 - 43 |
| OLVGR | Bismarck, ND | 1156 | 2319 | 263 |  | 31 | 38 | 1156 | 2350 | 301 | 3807 | 1380 | 2008 | 11/24/2008 | 2 - 43 |
| OLVGR | Spring Hill, TN | 1295 | 2269 | 228 |  | 29 | 45 | 1295 | 2298 | 273 | 3866 | 1259 | 2009 | 2/16/2009 | 2 - 44 |
| OLVGR | San Antonio, TX | 1359 | 2492 | 230 |  | 23 | 33 | 1359 | 2515 | 263 | 4137 | 1317 | 2009 | 3/30/2009 | 2 - 44 |
| OLVGR | Broken Arrow, OK | 1461 | 2261 | 231 |  | 73 | 57 | 1461 | 2334 | 288 | 4083 | 1261 | 2009 | 5/25/2009 | 2 - 44 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Michigan City, IN | 762 | 2646 | 238 |  | 17 | 39 | 762 | 2663 | 277 | 3702 | 1398 | 2009 | 7/13/2009 | 2 - 44 |
| OLVGR | Bossier City, LA | 1006 | 2405 | 264 |  | 51 | 32 | 1006 | 2456 | 296 | 3758 | 1294 | 2009 | 7/27/2009 | 2 - 44 |
| OLVGR | Richmond, KY | 1054 | 1974 | 236 |  | 14 | 32 | 1054 | 1988 | 268 | 3310 | 1093 | 2009 | 9/14/2009 | 2 - 44 |
| OLVGR | Jacksonville, FL | 1006 | 2001 | 263 |  | 21 | 30 | 1006 | 2022 | 293 | 3321 | 1119 | 2009 | 10/5/2009 | 2 - 44 |
| OLVGR | Manhattan, KS | 791 | 2253 | 237 |  | 33 | 69 | 791 | 2286 | 306 | 3383 | 1208 | 2010 | 4/26/2010 | 2 - 45 |
| OLVGR | Kingsport, TN | 1071 | 1840 | 282 |  | 11 | 22 | 1071 | 1851 | 304 | 3226 | 982 | 2010 | 5/3/2010 | 2 - 45 |
| OLVGR | Las Cruces, NM | 839 | 2201 | 297 |  | 15 | 34 | 839 | 2216 | 331 | 3386 | 1168 | 2010 | 5/10/2010 | 2 - 45 |
| OLVGR | Morehead City, NC | 853 | 1864 | 315 |  | 62 | 23 | 853 | 1926 | 338 | 3117 | 1066 | 2010 | 7/19/2010 | 2 - 45 |
| OLVGR | Pleasant Prairie, WI | 1101 | 2134 | 303 |  | 36 |  | 1101 | 2170 | 303 | 3574 | 1107 | 2010 | 9/27/2010 | 2 - 45 |
| OLVGR | Wilson, NC | 528 | 1948 | 268 |  | 24 | 29 | 528 | 1972 | 297 | 2797 | 1046 | 2010 | 10/11/2010 | 2 - 45 |
| OLVGR | Council Bluffs, IA | 955 | 2051 | 254 |  | 4 | 32 | 955 | 2055 | 286 | 3296 | 1047 | 2010 | 10/25/2010 | 2 - 45 |
| OLVGR | Louisville, KY |  | 2072 | 266 | 904 | 12 | 38 | 904 | 2084 | 304 | 3292 | 1108 | 2010 | 11/1/2010 | 2 - 45 |
| OLVGR | Ankeny, IA | 704 | 2218 | 248 |  | 9 | 17 | 704 | 2227 | 265 | 3196 | 1066 | 2011 | 1/10/2011 | 2 - 46 |
| OLVGR | Queen Creek, AZ | 875 | 2377 | 307 |  | 30 | (1) | 875 | 2407 | 306 | 3588 | 1091 | 2011 | 1/10/2011 | 2 - 46 |
| OLVGR | Gainesville, GA | 985 | 1915 | 274 |  |  | 5 | 985 | 1915 | 279 | 3179 | 931 | 2011 | 6/20/2011 | 2 - 46 |
| OLVGR | Niagara Falls, NY | 1057 | 2187 | 327 |  | 38 | 15 | 1057 | 2225 | 342 | 3624 | 1077 | 2011 | 9/19/2011 | 2 - 46 |
| OLVGR | Cleveland, TN | 962 | 1941 | 324 |  | 14 | 6 | 962 | 1955 | 330 | 3247 | 979 | 2011 | 11/28/2011 | 2 - 46 |
| OLVGR | Chicago, IL | 942 | 2626 | 337 |  | (484) |  | 942 | 2142 | 337 | 3421 | 1081 | 2012 | 3/26/2012 | 2 - 47 |
| OLVGR | Katy, TX | 1602 | 2170 | 285 |  |  | 5 | 1602 | 2170 | 290 | 4062 | 969 | 2012 | 4/9/2012 | 2 - 47 |
| OLVGR | Beckley, WV | 1013 | 2105 | 314 |  | 25 | 1 | 1013 | 2130 | 315 | 3458 | 911 | 2012 | 10/1/2012 | 2 - 47 |
| OLVGR | Columbus, OH | 954 | 2236 | 324 |  | 4 |  | 954 | 2240 | 324 | 3518 | 890 | 2013 | 3/18/2013 | 2 - 48 |
| OLVGR | Oklahoma City, OK | 1204 | 2370 | 403 |  | (221) |  | 1204 | 2149 | 403 | 3756 | 961 | 2013 | 4/29/2013 | 2 - 48 |
| OLVGR | Utica, NY | 908 | 2728 | 362 |  | (470) |  | 908 | 2258 | 362 | 3528 | 928 | 2013 | 8/12/2013 | 2 - 48 |
| OLVGR | Bloomingdale, IL | 1601 |  |  |  |  |  | 1601 |  |  | 1601 |  | 1986 | 1/12/2018 |  |
| OLVGR | El Paso, TX | 1833 |  |  |  |  |  | 1833 |  |  | 1833 |  | 1990 | 6/29/2018 |  |
| OLVGR | Manchester, CT | 1669 |  |  |  |  |  | 1669 |  |  | 1669 |  | 1993 | 7/27/2018 |  |
| OLVGR | Tracy, CA | 1313 |  |  |  |  |  | 1313 |  |  | 1313 |  | 2003 | 11/20/2018 |  |
| OLVGR | Grand Junction, CO | 1480 |  |  |  |  |  | 1480 |  |  | 1480 |  | 2002 | 1/18/2019 |  |
| OLVGR | Logan, UT | 1505 |  |  |  |  |  | 1505 |  |  | 1505 |  | 2003 | 5/1/2019 |  |
| OLVGR | Watertown, NY | 1723 |  |  |  |  |  | 1723 |  |  | 1723 |  | 2010 | 12/6/2019 |  |
| OLVGR | Coralville, IA | 1811 |  |  |  |  |  | 1811 |  |  | 1811 |  | 2001 | 12/26/2019 |  |
| OLVGR | Orlando, FL | 1670 |  |  |  |  |  | 1670 |  |  | 1670 |  | 2019 | 6/30/2020 |  |
| OLVGR | Springfield, IL | 3084 |  |  |  |  |  | 3084 |  |  | 3084 |  | 1989 | 9/16/2019 |  |
| OLVGR | Mankato, MN | 1355 |  |  |  |  |  | 1355 |  |  | 1355 |  | 2006 | 2/21/2020 |  |
| OLVGR | Live Oak, TX | 2788 |  |  |  |  |  | 2788 |  |  | 2788 |  | 2020 | 7/31/2020 |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| OLVGR | Hagerstown, MD | 1175 |  |  |  |  |  | 1175 |  |  | 1175 |  | 2007 | 6/23/2020 |  |
| OLVGR | Greenville, SC | 2672 |  |  |  |  |  | 2672 |  |  | 2672 |  | 2006 | 10/20/2020 |  |
| OLVGR | Easton, PA | 1979 | 2304 |  |  |  |  | 1979 | 2304 |  | 4283 | 85 | 2009 | 12/22/2021 | 10 - 35 |
| OLVGR | Hoover, AL | 3255 |  |  |  |  |  | 3255 |  |  | 3255 |  | 1987 | 3/30/2022 |  |
| OLVGR | Hyattsville, MD | 2742 |  |  |  |  |  | 2742 |  |  | 2742 |  | 2006 | 9/15/2022 |  |
| ORAUT | Chicago, IL | 888 | 1282 |  |  |  |  | 888 | 1282 |  | 2170 | 64 | 1959 | 8/25/2021 | 10 - 30 |
| OUTB | Grand Junction, CO | 947 |  |  |  |  |  | 947 |  |  | 947 |  | 1999 | 1/18/2019 |  |
| OUTB | Mentor, OH | 1576 |  |  |  |  |  | 1576 |  |  | 1576 |  | 2018 | 9/27/2019 |  |
| OUTB | Camp Hill, PA | 1288 |  |  |  |  |  | 1288 |  |  | 1288 |  | 2020 | 12/30/2019 |  |
| OUTB | Springfield, IL | 1768 |  |  |  |  |  | 1768 |  |  | 1768 |  | 2017 | 12/24/2019 |  |
| OUTB | Ocala, FL | 3863 |  |  |  |  |  | 3863 |  |  | 3863 |  | 1991 | 12/22/2020 |  |
| OUTB | Sarasota, FL | 4072 |  |  |  |  |  | 4072 |  |  | 4072 |  | 1994 | 12/22/2020 |  |
| OUTB | Kissimmee, FL | 2166 |  |  |  |  |  | 2166 |  |  | 2166 |  | 2019 | 7/22/2021 |  |
| OUTB | Spokane, WA | 1804 |  |  |  |  |  | 1804 |  |  | 1804 |  | 1999 | 7/16/2021 |  |
| OUTB | Hoover, AL | 1874 |  |  |  |  |  | 1874 |  |  | 1874 |  | 2016 | 3/30/2022 |  |
| OUTB | Indianapolis, IN | 779 | 1454 |  |  |  |  | 779 | 1454 |  | 2233 | 43 | 1978 | 7/22/2022 | 10 - 15 |
| OUTB | Hyattsville, MD | 1666 |  |  |  |  |  | 1666 |  |  | 1666 |  | 1990 | 9/15/2022 |  |
| PANDA | Cedar Rapids, IA | 1252 |  |  |  |  |  | 1252 |  |  | 1252 |  | 2016 | 1/12/2018 |  |
| PANE | Beavercreek, OH | 851 |  |  |  |  |  | 851 |  |  | 851 |  | 2000 | 6/29/2018 |  |
| PANE | Carpentersville, IL | 326 | 514 |  |  |  |  | 326 | 514 |  | 840 | 105 | 1992 | 11/20/2018 | 5 - 30 |
| PANE | Carbondale, IL | 534 | 1633 |  |  | 58 |  | 534 | 1691 |  | 2225 | 190 | 2004 | 5/31/2019 | 10 - 40 |
| PANE | Lansing, MI | 649 | 966 |  |  |  |  | 649 | 966 |  | 1615 | 137 | 2017 | 2/26/2020 | 12 - 27 |
| PANE | Albany, GA | 1938 |  |  |  |  |  | 1938 |  |  | 1938 |  | 2016 | 12/23/2020 |  |
| PEYES | Kingsport, TN | 496 | 1221 |  |  |  |  | 496 | 1221 |  | 1717 | 143 | 2013 | 4/30/2018 | 11 - 51 |
| PEYES | Springfield, IL | 1137 |  |  |  |  |  | 1137 |  |  | 1137 |  | 2001 | 12/24/2019 |  |
| PEYES | Anderson, SC | 724 | 761 |  |  |  |  | 724 | 761 |  | 1485 | 80 | 2019 | 9/30/2020 | 14 - 29 |
| PEYES | Charlotte, NC | 1354 | 585 |  |  |  |  | 1354 | 585 |  | 1939 | 36 | 2019 | 8/5/2021 | 14 - 29 |
| PIZHT | Joliet, IL | 173 | 890 |  |  |  |  | 173 | 890 |  | 1063 | 138 | 1970 | 7/18/2016 | 5 - 45 |
| PIZHT | Morris, IL | 248 | 533 |  |  |  |  | 248 | 533 |  | 781 | 125 | 1972 | 7/18/2016 | 5 - 40 |
| PIZHT | Yorkville, IL | 200 | 581 |  |  |  |  | 200 | 581 |  | 781 | 128 | 1976 | 7/18/2016 | 5 - 40 |
| PIZHT | Lowell, IN | 258 | 611 |  |  |  |  | 258 | 611 |  | 869 | 141 | 1978 | 7/18/2016 | 5 - 40 |
| PIZHT | Schereville, IN | 243 | 942 |  |  |  |  | 243 | 942 |  | 1185 | 178 | 1975 | 7/18/2016 | 5 - 40 |
| PIZHT | Portage, IN | 330 | 1016 |  |  |  |  | 330 | 1016 |  | 1346 | 205 | 2002 | 7/18/2016 | 5 - 40 |
| PNCB | Beavercreek, OH | 1537 |  |  |  |  |  | 1537 |  |  | 1537 |  | 1994 | 10/18/2019 |  |
| PNCB | Muskegon, MI | 1373 |  |  |  |  |  | 1373 |  |  | 1373 |  | 1970 | 12/5/2019 |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| PNCB | Cincinnati, OH | 676 | 831 |  |  |  |  | 676 | 831 |  | 1507 | 68 | 1975 | 12/22/2020 | 10 - 40 |
| POLLO | Tulsa, OK | 485 | 388 |  |  | (90) |  | 485 | 298 |  | 783 | 101 | 2015 | 10/20/2016 | 14 - 54 |
| PORTI | Ft. Wayne, IN | 3829 |  |  |  |  |  | 3829 |  |  | 3829 |  | 2019 | 12/24/2019 |  |
| PORTI | Madison, WI | 3134 |  |  |  |  |  | 3134 |  |  | 3134 |  | 2021 | 12/29/2021 |  |
| PVA | Bountiful, UT | 562 | 1100 |  |  |  |  | 562 | 1100 |  | 1662 | 57 | 1972 | 5/17/2021 | 10 - 35 |
| RADNT | Fort Pierce, FL | 645 | 1403 |  |  |  |  | 645 | 1403 |  | 2048 | 55 | 1983 | 12/3/2021 | 10 - 35 |
| RALLY | Greenwood, IN | 653 |  |  |  |  |  | 653 |  |  | 653 |  | 1989 | 10/31/2018 |  |
| RCANE | Bloomingdale, IL | 2057 |  |  |  |  |  | 2057 |  |  | 2057 |  | 2021 | 10/19/2021 |  |
| RCANE | Beavercreek, OH | 1948 |  |  |  |  |  | 1948 |  |  | 1948 |  | 2020 | 1/27/2021 |  |
| RDLB | Canton, GA | 761 | 2323 |  |  |  |  | 761 | 2323 |  | 3084 | 311 | 1999 | 11/2/2017 | 10 - 50 |
| RDLB | Grandville, MI | 1119 | 2462 |  |  |  |  | 1119 | 2462 |  | 3581 | 368 | 2001 | 11/2/2017 | 10 - 50 |
| RDLB | Cincinnati, OH | 1394 | 2348 |  |  |  |  | 1394 | 2348 |  | 3742 | 361 | 1975 | 11/2/2017 | 10 - 45 |
| RDLB | Cedar Rapids, IA | 654 |  |  |  |  |  | 654 |  |  | 654 |  | 1997 | 1/12/2018 |  |
| RDLB | Uniontown, PA | 1682 |  |  |  |  |  | 1682 |  |  | 1682 |  | 1992 | 5/29/2018 |  |
| RDLB | Louisville, KY | 1188 | 2087 |  |  |  |  | 1188 | 2087 |  | 3275 | 269 | 1991 | 12/17/2018 | 5 - 40 |
| RDLB | Talleyville, DE | 1222 | 3402 |  |  |  |  | 1222 | 3402 |  | 4624 | 378 | 1991 | 12/17/2018 | 10 - 45 |
| RDLB | Southaven, MS | 1967 | 2521 |  |  |  |  | 1967 | 2521 |  | 4488 | 299 | 2005 | 12/17/2018 | 10 - 50 |
| RDLB | St. Cloud, MN | 1490 | 3665 |  |  |  |  | 1490 | 3665 |  | 5155 | 378 | 1990 | 12/17/2018 | 10 - 45 |
| RDLB | Columbus, IN | 1220 | 1575 |  |  |  |  | 1220 | 1575 |  | 2795 | 222 | 1991 | 12/17/2018 | 5 - 40 |
| RDLB | Grand Junction, CO | 751 |  |  |  |  |  | 751 |  |  | 751 |  | 1993 | 1/18/2019 |  |
| RDLB | Louisville, KY | 764 | 1420 |  |  |  |  | 764 | 1420 |  | 2184 | 227 | 1991 | 6/6/2019 | 10 - 30 |
| RDLB | Grand Forks, ND | 1970 | 2203 |  |  |  |  | 1970 | 2203 |  | 4173 | 348 | 1992 | 6/6/2019 | 10 - 30 |
| RDLB | Talleyville, DE | 1337 | 1418 |  |  |  |  | 1337 | 1418 |  | 2755 | 252 | 1991 | 6/6/2019 | 10 - 30 |
| RDLB | Southaven, MS | 936 | 2119 |  |  |  |  | 936 | 2119 |  | 3055 | 207 | 2005 | 6/6/2019 | 5 - 40 |
| RDLB | St. Cloud, MN | 1813 | 2675 |  |  |  |  | 1813 | 2675 |  | 4488 | 297 | 1990 | 6/6/2019 | 5 - 45 |
| RDLB | Sioux City, IA | 806 |  |  |  |  |  | 806 |  |  | 806 |  | 1990 | 6/28/2019 |  |
| RDLB | Coralville, IA | 2078 |  |  |  |  |  | 2078 |  |  | 2078 |  | 2001 | 12/26/2019 |  |
| RDLB | Horseheads, NY | 1769 |  |  |  |  |  | 1769 |  |  | 1769 |  | 1992 | 12/30/2021 |  |
| RDLB | Tucson, AZ | 2258 |  |  |  |  |  | 2258 |  |  | 2258 |  | 2009 | 3/29/2022 |  |
| RDLB | Ronkonkoma, NY | 3221 |  |  |  |  |  | 3221 |  |  | 3221 |  | 2005 | 12/28/2022 |  |
| REI | Kentwood, MI | 711 | 4090 |  |  |  |  | 711 | 4090 |  | 4801 | 270 | 2019 | 1/24/2020 | 14 - 54 |
| REI | Virginia Beach, VA | 6386 |  |  |  |  |  | 6386 |  |  | 6386 |  | 2016 | 11/22/2022 |  |
| RROBN | Idaho Falls, ID | 1538 |  |  |  |  |  | 1538 |  |  | 1538 |  | 2008 | 12/29/2021 |  |
| RROBN | Frederick, MD | 2290 |  |  |  |  |  | 2290 |  |  | 2290 |  | 2011 | 6/30/2022 |  |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| S52 | Naples, FL | 2912 | 3619 | 447 |  | 7 | 37 | 2912 | 3626 | 484 | 7022 | 1671 | 2011 | 10/10/2011 | 2 - 46 |
| S52 | Jacksonville, FL | 2216 | 2729 | 416 |  | 6 | 3 | 2216 | 2735 | 419 | 5370 | 1320 | 2011 | 10/24/2011 | 2 - 46 |
| SEVEN | Suusex, WI | 1856 | 818 |  |  |  |  | 1856 | 818 |  | 2674 | 64 | 1995 | 12/30/2020 | 10 - 40 |
| SEVEN | Cleveland, OH | 2534 | 947 |  |  |  |  | 2534 | 947 |  | 3481 | 45 | 2001 | 8/4/2021 | 10 - 40 |
| SMKYB | Rockford, IL | 1216 | 2810 |  |  |  |  | 1216 | 2810 |  | 4026 | 66 | 2019 | 3/21/2022 | 10 - 35  |
| SMKYB | Ronkonkoma, NY | 3191 |  |  |  |  |  | 3191 |  |  | 3191 |  | 2005 | 12/28/2022 |  |
| SONIC | Tracy, CA | 979 |  |  |  |  |  | 979 |  |  | 979 |  | 2004 | 11/20/2018 |  |
| SONIC | Campbellsville, KY | 1277 | 356 |  |  |  |  | 1277 | 356 |  | 1633 | 39 | 1997 | 7/30/2021 | 10 - 15 |
| SONIC | Louisville, KY | 1710 | 535 |  |  |  |  | 1710 | 535 |  | 2245 | 42 | 2008 | 7/30/2021 | 10 - 25 |
| SONIC | Louisville, KY | 635 | 350 |  |  |  |  | 635 | 350 |  | 985 | 40 | 2001 | 7/30/2021 | 10 - 15 |
| SONIC | Shepherdsville, KY | 1468 | 395 |  |  |  |  | 1468 | 395 |  | 1863 | 38 | 2000 | 7/30/2021 | 10 - 20 |
| SONIC | Radcliff, KY | 333 | 330 |  |  |  |  | 333 | 330 |  | 663 | 34 | 2008 | 7/30/2021 | 7 - 18 |
| SONIC | Munfordville, KY | 310 | 466 |  |  |  |  | 310 | 466 |  | 776 | 37 | 2008 | 7/30/2021 | 10 - 22 |
| SONIC | Elizabethtown, KY | 1326 | 332 |  |  |  |  | 1326 | 332 |  | 1658 | 37 | 2001 | 7/30/2021 | 10 - 15 |
| SONIC | Jeffersontown, KY | 676 | 319 |  |  |  |  | 676 | 319 |  | 995 | 41 | 1997 | 7/30/2021 | 7 - 15 |
| SOPTI | West Allis, WI | 1154 | 809 |  |  |  |  | 1154 | 809 |  | 1963 | 43 | 2018 | 6/28/2021 | 12 - 32 |
| STAR | Beavercreek, OH | 582 | 710 |  |  |  |  | 582 | 710 |  | 1292 | 125 | 2014 | 1/12/2018 | 11 - 51 |
| STAR | Orland Park (Chicago), IL | 954 | 847 |  |  |  |  | 954 | 847 |  | 1801 | 164 | 1993 | 6/29/2018 | 5 - 30 |
| STAR | Hagerstown, MD | 755 | 1620 |  |  |  |  | 755 | 1620 |  | 2375 | 186 | 2014 | 10/11/2018 | 11 - 51 |
| STAR | Decatur, AL | 473 | 627 |  |  |  |  | 473 | 627 |  | 1100 | 63 | 2007 | 10/30/2018 | 25 - 45 |
| STAR | Manchester, CN | 725 | 995 |  |  |  |  | 725 | 995 |  | 1720 | 57 | 1998 | 11/10/2020 | 14 - 49 |
| STAR | Jacksonville, NC | 665 | 483 |  |  |  |  | 665 | 483 |  | 1148 | 58 | 2006 | 6/23/2020 | 10 - 30 |
| STAR | Clinton, MS | 620 | 478 |  |  |  |  | 620 | 478 |  | 1098 | 32 | 2005 | 11/20/2020 | 10 - 45 |
| STAR | Maryville, TN | 1469 | 490 |  |  |  |  | 1469 | 490 |  | 1959 | 36 | 2007 | 12/30/2020 | 10 - 45 |
| STAR | Pelham, AL | 1613 | 558 |  |  |  |  | 1613 | 558 |  | 2171 | 33 | 2019 | 3/30/2021 | 13 - 43 |
| STAR | Melrose Park, IL | 1278 | 913 |  |  |  |  | 1278 | 913 |  | 2191 | 66 | 2020 | 3/18/2021 | 14 - 34 |
| STAR | Syracuse, NY | 2550 | 1099 |  |  |  |  | 2550 | 1099 |  | 3649 | 55 | 2019 | 4/1/2021 | 14 - 49 |
| STKNS | Peru, IL | 560 | 813 |  |  |  |  | 560 | 813 |  | 1373 | 194 | 1996 | 11/9/2016 | 5 - 40 |
| STKNS | Vero Beach, FL | 435 | 930 |  |  |  |  | 435 | 930 |  | 1365 | 205 | 1998 | 11/9/2016 | 10 - 40 |
| STKNS | Indianapolis, IN | 571 | 1050 |  |  |  |  | 571 | 1050 |  | 1621 | 209 | 1989 | 1/12/2017 | 10 - 40 |
| STKNS | Carmel, IN | 887 |  |  |  |  |  | 887 |  |  | 887 |  | 1992 | 12/30/2019 |  |
| SUNAU | Chesterfield, MO | 1541 | 1511 |  |  |  |  | 1541 | 1511 |  | 3052 | 5 | 2008 | 12/12/2022 | 10 - 35 |
| SUNAU | Manchester, MO | 858 | 1207 |  |  |  |  | 858 | 1207 |  | 2065 | 4 | 2006 | 12/12/2022 | 10 - 35 |
| SUNAU | O'Fallon, MO | 1668 | 1391 |  |  |  |  | 1668 | 1391 |  | 3059 | 5 | 1998 | 12/12/2022 | 10 - 30 |

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| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| SVCKG | Fort Worth, TX | 948 | 1904 |  |  |  |  | 948 | 1904 |  | 2852 | 90 | 2002 | 8/2/2021 | 10 - 40 |
| SVCKG | Plano, TX | 1446 | 1952 |  |  |  |  | 1446 | 1952 |  | 3398 | 92 | 2002 | 8/2/2021 | 10 - 40 |
| TACOB | Newburgh, IN | 139 | 1069 |  |  |  |  | 139 | 1069 |  | 1208 | 157 | 1994 | 11/15/2016 | 14 - 53 |
| TACOB | Anniston, AL | 200 | 611 |  |  |  |  | 200 | 611 |  | 811 | 114 | 2000 | 1/12/2017 | 8 - 48 |
| TACOB | Columbia, SC | 1161 | 1086 |  |  |  |  | 1161 | 1086 |  | 2247 | 221 | 2009 | 1/13/2017 | 12 - 50 |
| TACOB | Gas City, IN | 503 | 951 |  |  |  |  | 503 | 951 |  | 1454 | 182 | 1999 | 7/26/2017 | 5 - 40 |
| TACOB | Logansport, IN | 447 | 1261 |  |  |  |  | 447 | 1261 |  | 1708 | 185 | 1990 | 7/26/2017 | 10 - 50 |
| TACOB | Manchester, CT | 1393 |  |  |  |  |  | 1393 |  |  | 1393 |  | 2013 | 7/27/2018 |  |
| TACOB | Greenwood, IN | 540 |  |  |  |  |  | 540 |  |  | 540 |  | 2007 | 10/31/2018 |  |
| TACOB | Grand Junction, CO | 886 |  |  |  |  |  | 886 |  |  | 886 |  | 1996 | 1/18/2019 |  |
| TACOB | Clovis, NM | 307 |  |  |  |  |  | 307 |  |  | 307 |  | 1995 | 11/21/2019 |  |
| TACOB | Southaven, MS | 935 |  |  |  |  |  | 935 |  |  | 935 |  | 2006 | 12/20/2019 |  |
| TACOB | El Paso, TX | 1197 |  |  |  |  |  | 1197 |  |  | 1197 |  | 2004 | 8/31/2022 |  |
| TBANK | Greensboro, NC | 941 |  |  |  |  |  | 941 |  |  | 941 |  | 1998 | 1/31/2022 |  |
| TBANK | Virginia Beach, VA | 2157 |  |  |  |  |  | 2157 |  |  | 2157 |  | 1990 | 11/22/2022 |  |
| THRIV | Elmhurst, IL | 603 | 700 |  |  |  |  | 603 | 700 |  | 1303 | 28 | 1976 | 8/24/2021 | 10 - 35 |
| THRIV | Hoffman Estates, IL | 3003 | 8458 |  |  |  |  | 3003 | 8458 |  | 11461 | 130 | 2003 | 7/8/2022 | 10 - 35  |
| TIRES | Overland Park, KS | 1395 | 650 |  |  |  |  | 1395 | 650 |  | 2045 | 118 | 1999 | 8/12/2020 | 5 - 25 |
| TIRES | Athens, GA | 287 | 402 |  |  |  |  | 287 | 402 |  | 689 | 64 | 1993 | 8/25/2021 | 5 - 20 |
| TIRES | Athens, GA | 366 | 781 |  |  |  |  | 366 | 781 |  | 1147 | 36 | 1992 | 8/25/2021 | 10 - 40 |
| TIRES | Bogart, GA | 282 | 865 |  |  |  |  | 282 | 865 |  | 1147 | 35 | 1990 | 8/25/2021 | 10 - 40 |
| TIRES | Watkinsville, GA | 297 | 802 |  |  |  |  | 297 | 802 |  | 1099 | 36 | 1994 | 8/25/2021 | 10 - 40 |
| TIRES | Athens, GA | 1187 | 1020 |  |  |  |  | 1187 | 1020 |  | 2207 | 47 | 1999 | 8/25/2021 | 10 - 40 |
| TIRES | Loganville, GA | 920 | 924 |  |  |  |  | 920 | 924 |  | 1844 | 43 | 1999 | 8/25/2021 | 10 - 40 |
| TIRES | Lawrenceville, GA | 1038 | 1021 |  |  |  |  | 1038 | 1021 |  | 2059 | 43 | 1998 | 8/25/2021 | 10 - 40 |
| TIRES | Suwanee, GA | 1039 | 890 |  |  |  |  | 1039 | 890 |  | 1929 | 45 | 1998 | 8/25/2021 | 10 - 40 |
| TIRES | Rockford, IL | 1080 | 1114 |  |  |  |  | 1080 | 1114 |  | 2194 | 30 | 1998 | 4/25/2022 | 10 - 35  |
| TIRES | Toledo, OH | 648 | 1306 |  |  |  |  | 648 | 1306 |  | 1954 | 8 | 2002 | 10/19/2022 | 10 - 35  |
| TORCH | St. Petersburg, FL | 2129 |  |  |  |  |  | 2129 |  |  | 2129 |  | 2018 | 10/19/2022 |  |
| TXRD | Fort Gratiot, MI | 1248 |  |  |  |  |  | 1248 |  |  | 1248 |  | 2007 | 11/20/2018 |  |
| TXRD | Sierra Vista, AZ | 1305 |  |  |  |  |  | 1305 |  |  | 1305 |  | 2007 | 11/20/2018 |  |
| TXRD | Logan, UT | 1272 |  |  |  |  |  | 1272 |  |  | 1272 |  | 2009 | 5/1/2019 |  |
| TXRD | La Crosse, WI | 1352 |  |  |  |  |  | 1352 |  |  | 1352 |  | 2012 | 7/25/2019 |  |
| TXRD | Florence, SC | 1860 |  |  |  |  |  | 1860 |  |  | 1860 |  | 2019 | 12/30/2019 |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| TXRD | Augusta, ME | 860 |  |  |  |  |  | 860 |  |  | 860 |  | 2009 | 7/2/2020 |  |
| TXRD | Aurora, CO | 2404 | 1650 |  |  |  |  | 2404 | 1650 |  | 4054 | 187 | 2000 | 6/26/2020 | 10 - 30 |
| TXRD | Joilet, IL | 1660 | 1856 |  |  |  |  | 1660 | 1856 |  | 3516 | 169 | 2000 | 9/22/2020 | 10 - 30 |
| TXRD | Ocala, FL | 2172 |  |  |  |  |  | 2172 |  |  | 2172 |  | 2019 | 9/24/2021 |  |
| TXRD | East Peoria, IL | 1551 | 1328 |  |  |  |  | 1551 | 1328 |  | 2879 | 105 | 2002 | 2/25/2021 | 10 - 30 |
| USBNK | Littleton, CO | 3547 |  |  |  |  |  | 3547 |  |  | 3547 |  | 1982 | 4/30/2021 |  |
| VACANT | Gadsden, AL | 464 | 1064 |  |  |  |  | 464 | 1064 |  | 1528 | 233 | 1985 | 12/15/2016 | 10 - 40 |
| VCA | Fort Pierce, FL | 787 | 1625 |  |  |  |  | 787 | 1625 |  | 2412 | 71 | 2009 | 9/2/2021 | 10 - 35 |
| VCA | St. Paul, MN | 554 | 716 |  |  |  |  | 554 | 716 |  | 1270 | 61 | 1940 | 6/10/2021 | 10 - 20 |
| VCA | Lafayette, IN | 258 | 725 |  |  | 44 |  | 258 | 769 |  | 1027 | 22 | 1999 | 7/27/2022 | 10 - 15 |
| VCA | Marshall, MI | 291 | 1314 |  |  |  |  | 291 | 1314 |  | 1605 | 59 | 2007 | 1/10/2022 | 10 - 35 |
| VRZN | North Augusta, SC | 752 | 567 |  |  |  |  | 752 | 567 |  | 1319 | 54 | 2016 | 12/30/2020 | 11 - 46 |
| VRZN | Greenwood, IN | 1117 | 391 |  |  |  |  | 1117 | 391 |  | 1508 | 31 | 1998 | 12/30/2020 | 10 - 45 |
| VRZN | Farmington, NM | 1400 | 516 |  |  |  |  | 1400 | 516 |  | 1916 | 28 | 2019 | 12/30/2020 | 14 - 49 |
| VRZN | Kent, OH | 965 | 527 |  |  |  |  | 965 | 527 |  | 1492 | 34 | 2019 | 11/2/2020 | 14 - 49 |
| VRZN | Zanesville, OH | 1156 | 476 |  |  |  |  | 1156 | 476 |  | 1632 | 28 | 2019 | 11/2/2020 | 14 - 49 |
| VRZN | Philadelphia, OH | 1173 | 570 |  |  |  |  | 1173 | 570 |  | 1743 | 39 | 2019 | 11/2/2020 | 14 - 49 |
| VRZN | Connellsville, PA | 1204 | 678 |  |  |  |  | 1204 | 678 |  | 1882 | 53 | 2019 | 11/2/2020 | 14 - 49 |
| VRZN | Fort Meyers, FL | 605 | 426 |  |  |  |  | 605 | 426 |  | 1031 | 31 | 2006 | 10/16/2020 | 10 - 40 |
| VRZN | Littleton, CO | 1411 | 458 |  |  |  |  | 1411 | 458 |  | 1869 | 14 | 1993 | 2/25/2022 | 10 - 35  |
| WCASTL | Carmel, IN | 625 |  |  |  |  |  | 625 |  |  | 625 |  | 1992 | 12/30/2019 |  |
| WELLN | Gloversville, NY | 1204 | 936 |  |  |  |  | 1204 | 936 |  | 2140 | 46 | 2021 | 5/28/2021 | 15 - 45 |
| WELLN | Brockport, NY | 1115 | 1177 |  |  |  |  | 1115 | 1177 |  | 2292 | 35 | 2021 | 12/28/2021 | 15 - 45 |
| WELLN | Syracuse, NY | 1220 | 1623 |  |  |  |  | 1220 | 1623 |  | 2843 | 43 | 2021 | 12/28/2021 | 15 - 45 |
| WELLN | Escanaba, MI | 536 | 1748 |  |  |  |  | 536 | 1748 |  | 2284 |  | 2022 | 12/20/2022 | 10 - 50 |
| WELLN | Piqua, OH | 1012 | 1418 |  |  |  |  | 1012 | 1418 |  | 2430 | 11 | 2022 | 10/4/2022 | 15 - 39  |
| WELLN | Troy, OH | 1153 | 1689 |  |  |  |  | 1153 | 1689 |  | 2842 | 13 | 2022 | 10/4/2022 | 15 - 39  |
| WELLN | Mentor-on-the-lake, OH | 967 | 1791 |  |  |  |  | 967 | 1791 |  | 2758 | 13 | 2022 | 10/4/2022 | 15 - 39  |
| WELLN | Berea, OH | 854 | 2087 |  |  |  |  | 854 | 2087 |  | 2941 | 6 | 2008 | 11/29/2022 | 10 - 35  |
| WELLN | Streetboro, OH | 1122 | 1869 |  |  |  |  | 1122 | 1869 |  | 2991 | 5 | 2022 | 11/29/2022 | 15 - 39 |
| WELLS | Idaho Falls, ID | 578 | 1164 |  |  |  |  | 578 | 1164 |  | 1742 | 73 | 1985 | 9/23/2020 | 10 - 50 |
| WELLS | Whitehall, PA | 971 |  |  |  |  |  | 971 |  |  | 971 |  | 1998 | 9/24/2021 |  |
| WELLS | Prattville, AL | 2387 |  |  |  |  |  | 2387 |  |  | 2387 |  | 2008 | 5/4/2022 |  |
| WELLS | Nashville, TN | 2511 |  |  |  |  |  | 2511 |  |  | 2511 |  | 2008 | 5/4/2022 |  |
| WENDY | Odessa, TX | 822 | 1327 |  |  |  |  | 822 | 1327 |  | 2149 | 276 | 1995 | 8/2/2016 | 10 - 45 |
| WENDY | Wheat Ridge, CO | 453 | 467 |  | (127) |  |  | 326 | 467 |  | 793 | 125 | 1978 | 11/9/2016 | 5 - 40 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** | **FOUR CORNERS PROPERTY TRUST, INC.**<br>**SCHEDULE III**<br>**SCHEDULE OF REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**<br>**DECEMBER 31, 2022**<br>**(Dollars in thousands)** |
|  |  | Initial Cost to Company | Initial Cost to Company | Initial Cost to Company | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Cost Capitalized Since Acquisition | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Gross Carrying Value | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| Property (1) | Location | Land | Buildings and Improvements | Equipment | Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | Total | Accumulated Depreciation | Construction Date | Acquisition Date | Life on which Depreciation in latest Statement of Income is Computed |
| WENDY | Warren, MI | 323 | 946 |  |  |  |  | 323 | 946 |  | 1269 | 191 | 2003 | 11/9/2016 | 10 - 40 |
| WENDY | Grand Junction, CO | 1113 |  |  |  |  |  | 1113 |  |  | 1113 |  | 1994 | 1/18/2019 |  |
| WENDY | Clayton, OH | 814 | 1097 |  |  |  |  | 814 | 1097 |  | 1911 | 164 | 2004 | 6/26/2019 | 5 - 40 |
| WENDY | Warwick, RI | 1343 |  |  |  |  |  | 1343 |  |  | 1343 |  | 1999 | 12/24/2019 |  |
| WENDY | Chesapeake, VA | 1133 |  |  |  |  |  | 1133 |  |  | 1133 |  | 1993 | 10/29/2020 |  |
| WENDY | Columbia, MO | 1387 |  |  |  |  |  | 1387 |  |  | 1387 |  | 1985 | 2/21/2020 |  |
| WHABU | Pensacola, FL | 571 | 599 |  |  |  |  | 571 | 599 |  | 1170 | 4 | 1986 | 11/14/2022 | 10 - 30 |
| WILDF | San Antonio, TX |  |  | 8 | 2790 | 2069 | 69 | 2790 | 2069 | 77 | 4936 | 665 | 2008 | 11/14/2011 | 2 - 43 |
| ZAXBY | Snellville, GA | 859 | 1168 |  |  |  |  | 859 | 1168 |  | 2027 | 213 | 2003 | 11/9/2016 | 10 - 45 |
| ASPDE/STAR | Morries, IL | 988 | 2267 |  |  |  |  | 988 | 2267 |  | 3255 | 80 | 2021 | 7/23/2021 | 14 - 44 |
| ASPDE/WELLN | Melrose Park, IL | 1744 | 2482 |  |  |  |  | 1744 | 2482 |  | 4226 | 113 | 2020 | 3/18/2021 | 14 - 44 |
| ASPDE/WELLN | Oswego, NY | 943 | 1853 |  |  |  |  | 943 | 1853 |  | 2796 | 67 | 1997 | 12/3/2021 | 11 - 36 |
| BJS/SLEEP/VRZN | Hagerstown, MD | 1341 | 4590 |  |  |  |  | 1341 | 4590 |  | 5931 | 269 | 1974 | 3/12/2020 | 14 - 49 |
| BWW/CHIP | Clovis, NM | 1328 | 1897 |  |  |  |  | 1328 | 1897 |  | 3225 | 71 | 1997 | 11/22/2021 | 10 - 35 |
| DAVTA/NEPHA | Panama City, FL | 1494 | 2647 |  |  |  |  | 1494 | 2647 |  | 4141 | 89 | 1985 | 12/30/2021 | 5 - 35 |
| DTACO/MODPZ | New Baltimore, MI | 435 | 2351 |  |  |  |  | 435 | 2351 |  | 2786 | 272 | 2016 | 9/15/2017 | 14 - 54 |
| EYECA/STOREB | Warwick, RI | 951 | 1469 |  |  |  |  | 951 | 1469 |  | 2420 | 53 | 2009 | 8/24/2021 | 10 - 45 |
| LONGH/OLVGR/ADB | Auburn, ME | 3355 |  |  |  |  |  | 3355 |  |  | 3355 |  | 2005 | 10/31/2019 |  |
| OSG/SS/JJ | San Antonio, TX | 6940 | 4049 |  |  |  |  | 6940 | 4049 |  | 10989 | 275 | 1970 | 12/24/2019 | 14 - 54 |
| PANE/ATT | Terra Haute, IN | 1310 | 1062 |  |  |  |  | 1310 | 1062 |  | 2372 | 68 | 2005 | 10/26/2020 | 10 - 45 |
| PEYES/USC/GC | Moline, IL | 1298 | 1396 |  |  |  |  | 1298 | 1396 |  | 2694 | 115 | 2017 | 12/10/2019 | 14 - 54 |
| POB/VRZN | Mount Pleasant, WI | 1031 | 908 |  |  |  |  | 1031 | 908 |  | 1939 | 82 | 2017 | 1/29/2020 | 12 - 47 |
| STAR/ATT | Overland Park, KS | 1695 | 1674 |  |  |  |  | 1695 | 1674 |  | 3369 | 5 | 2000 | 12/2/2022 | 10 - 35 |
| STAR/VRZN/ATI | Huntington, IN | 1927 | 1158 |  |  |  |  | 1927 | 1158 |  | 3085 | 84 | 2019 | 11/28/2019 | 14 - 54 |
| WELLN/ATT/ASPDE/BANFD/ADDUS | Chicago, IL | 3112 | 7239 |  |  |  |  | 3112 | 7239 |  | 10351 |  | 2008 | 12/29/2022 | 10 - 45 |
|  |  | $1090476 | $1158906 | $48002 | $25351 | $245292 | $87675 | $1115827 | $1404198 | $135677 | $2655702 | $706702 |  |  |  |

---

------

***Tax Cost***

The aggregate gross cost of the Company's properties for federal income tax purposes approximated $2.6 billion (unaudited) as of December 31, 2022.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) AAA refers to the AAA® properties.

ABANK refers to the Androscoggin Bank® properties.

ADAUT refers to the Advance Auto Parts properties.

ADDUS refers to the Addus Homecare® properties.

APPLB refers to the Applebee's® properties.

ARBYS refers to the Arby's® properties.

ASPDE refers to the Aspen Dental® properties.

ATIPT refers to the ATI Physical Therapy® properties.

ATT refers to the AT&T® properties.

BANFD refers to Banfield Pet Hospital® properties.

BFISH refers to the Bonefish Grill properties.

BHAMA refers to the Bahama Breeze® properties.

BIGO refers to the Big O Tires® properties.

BJS refers to the BJ's Restaurants and Brewhouse® properties.

BK refers to the Burger King® properties.

BLACK refers to the Black Angus Steakhouse properties.

BOBE refers to the Bob Evans® properties.

BOFA refers to the Bank of America® properties.

BOJAN refers to the Bojangles properties.

BP refers to the BP Products North America properties.

BRNSC refers to the BarnesCare® properties.

BUBBA refers to the Bubba's 33 properties.

BWW refers to the Buffalo Wild Wings® properties.

CALCO refers to the Caliber Holdings Corp properties.

CAPON refers to the Capital One® properties.

CARRAB refers to the Carrabba's Italian Grill® properties.

CCKFA refers to the Cheesecake Factory® properties.

------

CEC refers to the Chuck E. Cheese® properties.

CFILA refers to the Chick-fil-A® properties.

CHASE refers to the Chase Bank® properties.

CHEDD refers to the Cheddar's Scratch Kitchen® properties.

CHILI refers to the Chili's Grill & Bar® properties.

CHIP refers to the Chipotle Mexican Grill, Inc. properties.

CIRCK refers to the Circle K Stores Inc. properties.

CITI refers to the Citibank® properties.

COHWK refers to the Cooper's Hawk® properties.

COLUM refers to the Columbia Mall Car Wash properties.

CRLJR refers to the Carl's Jr.® properties.

DAIRY QUEEN refers to the Dairy Queen® properties.

DAVTA refers to the DaVita® properties.

DENNY refers to the Denny's® properties.

DTACO refers to the Del Taco® and MODPZ Pizza® properties.

EXOIL refers to the Express Oil® properties.

EYECA refers to the Eye Care for Animals® properties.

FAZOL refers to the Fazoli's® properties.

FEDEX refers to the FedEx Office® properties.

FMBNK refers to the First Midwest Bank® properties.

FRES refers to the Fresenius® properties.

FRSTN refers to the Firestone Tire and Rubber Company® properties.

GCLIP refers to the Great Clips® properties.

GERCO refers to the Gerber Collision® properties.

GOOD refers to the Goodyear® properties.

HARDE refers to the Hardee's® properties.

HBANK refers to the Huntington National Bank® properties.

------

HKREL refers to the Hook & Reel® properties.

HLTHY refers to the Healthy Outlook Primary Care® properties.

HOLDY refers to the Holiday Inn Express® properties.

HRTLD refers to the Heartland Dental® properties.

IHOP refers to the IHOP® properties.

JARED refers to the Jared® properties.

JKBOX refers to the Jack in the Box® properties.

JLUBE refers to the Jiffy Lube properties.

KCAUT refers to the KC Complete Auto Repair properties.

KFC refers to the KFC® properties.

KRIS refers to the Krispy Kreme® properties.

KRYST refers to the Krystal® properties.

KUMBO refers to the KUM & Go® properties.

LONGH refers to the LongHorn Steakhouse® properties.

LTGNL refers to the Little General® properties.

MAVIS refers to the the Mavis Discount Tires® properties.

MCDC refers to the the McDonald's® properties.

MDELI refers to the McAlister's Deli® properties.

MILLR refers to the Miller's Ale House® properties.

MONRO refers to the Monro Tire's® properties.

MRTIR refers to the Mr. Tire® properties.

NAPA refers to the NAPA Auto Parts® properties.

NEPHA refers to the Nephrology Associates® properties.

NTB refers to the National Tire & Battery® properties.

OAKST refers to the Oak Street Health® properties.

OLVGR refers to the Olive Garden® properties.

ORAUT refers to the O'Reilly Auto Parts® properties.

------

ORVSG refers to the Orvis® properties.

OUTB refers to the Outback Steakhouse® properties.

PANDA refers to the Panda Express® properties.

PANE refers to the Panera Bread® properties.

PEYES refers to the Popeyes Louisiana Kitchen® properties.

PIZHT refers to the the Pizza Hut® properties.

PNCB refers to the PNC Bank® properties.

POB refers to the Potbelly Sandwich Shop® properties.

POLLO refers to Pollo Campero® properties.

PORTI refers to the Portillo's® properties.

PVA refers to the Pathway Vet Alliance® properties.

RADNT refers to the RadNet Imaging® properties.

RALLY refers to the Rally's Drive-in® properties.

RT refers to the Ruby Tuesday® properties.

RCANE refers to the Raising Cane's® properties.

RDLB refers to the Red Lobster® properties.

REI refers to the Recreational Equipment, Inc.® properties.

RROBN refers to the Red Robin® properties.

S52 refers to the Seasons 52® properties.

SEVEN refers to the 7-Eleven properties.

SLEEP refers to the Sleep Number® properties.

SMKYB refers to the Smokey Bones® properties.

SONIC refers to the Sonic Drive-In® properties.

SOPTI refers to the Stanton Optical® properties.

SSHCK refers to the Shake Shack® properties.

STAR refers to the Starbucks® properties.

STKNS refers to the Steak N' Shake® properties.

------

STOREB refers to the StoreBuild® properties.

SUNAU refers to the Sun Auto® properties.

SVCKG refers to the Service King® properties.

TACOB refers to the Taco Bell® properties.

TBANK refers to the Truist Bank® properties.

THRIV refers to the Thrive Vet Care® properties.

TIRES refers to the Tires Plus properties.

TORCH refers to the Torchy's Tacos® properties.

TXRD refers to the Texas Roadhouse® properties.

USBNK refers to the US Bank® properties.

USCEL refers to the U.S. Cellular® properties.

VCA refers to the VCA® properties.

VRZN refers to the Verizon Wireless® properties.

WCASTL refers to the White Castle® properties.

WELLN refers to the WellNow Urgent Care® properties.

WELLS refers to the Wells Fargo Bank® properties.

WENDY refers to the Wendy's® properties.

WHABU refers to the Whataburger® properties.

WILDF refers to the Wildfish Seafood Grille® properties.

ZAXBY refers to the Zaxby's® properties.

------

**SCHEDULE III**

**REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| *Carrying Costs* |  |  |
| Balance - beginning of period | $2404405 | $2155143 |
| Additions placed in service | 278011 | 249536 |
| Movement: Held for Sale | (7719) |  |
| Dispositions | (18995) | (274) |
| Balance - end of year | $2655702 | $2404405 |
| *Accumulated Depreciation* |  |  |
| Balance - beginning of year | $(682430) | $(657621) |
| Depreciation expense | (28090) | (25083) |
| Movement: Held for Sale | 724 |  |
| Dispositions | 3094 | 274 |
| Balance - end of year | $(706702) | $(682430) |

---

------

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.1 | <u>[Articles of Amendment and Restatement of Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on October 27, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013215000026/exhibit31charter.htm)</u> |
| 3.2 | <u>[Amended and Restated Bylaws of Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on October 27, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013215000026/exhibit32bylawsfinal.htm)</u> |
| 4.1 | <u>[Specimen Stock Certificate of Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 4.1 to the Company Registration Statement on Form 10/A filed on October 5, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013215000011/exhibit41.htm)</u> |
| 4.2 | <u>[Description of Securities Registered Pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019).](https://www.sec.gov/Archives/edgar/data/1650132/000165013220000031/fcptexhibit42toform10kde.htm)</u> |
| 10.1 | <u>[Amended and Restated Agreement of Limited Partnership of Four Corners Operating Partnership, L.P., dated November 7, 2016 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 10, 2016).](http://www.sec.gov/Archives/edgar/data/1650132/000119312516764787/d281722dex101.htm)</u> |
| 10.2 | <u>[Employment Agreement dated as of November 27, 2018, by and between Four Corners Property Trust, Inc. and William Lenehan (incorporated by reference to exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 28, 2018).](http://www.sec.gov/Archives/edgar/data/1650132/000165013218000118/ceoemploymentagreement.htm)</u> |
| 10.3 | <u>[Employment Agreement dated as of November 27, 2018, by and between Four Corners Property Trust, Inc. and Gerald Morgan (incorporated by reference to exhibit 10.2 to the Company's Current Report on Form 8-K filed on November 28, 2018).](http://www.sec.gov/Archives/edgar/data/1650132/000165013218000118/cfoemploymentagreement.htm)</u> |
| 10.4 | <u>[Employment Agreement dated as of November 27, 2018, by and between Four Corners Property Trust, Inc. and James Brat (incorporated by reference to exhibit 10.3 to the Company's Current Report on Form 8-K filed on November 28, 2018).](http://www.sec.gov/Archives/edgar/data/1650132/000165013218000118/gcemploymentagreement.htm)</u> |
| 10.5 | <u>[Tax Matters Agreement, dated as of November 9, 2015, by and between Darden Restaurants, Inc. and Four Corners Property Trust, Inc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on November 10, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013215000034/ex101tma.htm)</u> |
| 10.6 | <u>[Third Amended and Restated Revolving Credit and Term Loan Agreement, dated October 25, 2022, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc., certain lenders party thereto and JPMorgan Chase Bank, N.A. as administrative agent (Incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K (File No. 001-37538) filed with the Securities and Exchange Commission on October 25, 2022).](https://www.sec.gov/Archives/edgar/data/1650132/000119312522268495/d408204dex101.htm)</u> |
| 10.7 | <u>[Third Amended and Restated Parent Guaranty, dated October 25, 2022, by Four Corners Property Trust, Inc. and Four Corners GP, LLC, for the benefit of JPMorgan Chase Bank, N.A. (Incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K (File No. 001-37538) filed with the Securities and Exchange Commission on October 25, 2022).](https://www.sec.gov/Archives/edgar/data/1650132/000119312522268495/d408204dex102.htm)</u> |
| 10.8 | <u>[Amended and Restated Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan (Incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K (File No. 001-37538) filed with the Securities and Exchange Commission on June 14, 2022).](https://www.sec.gov/Archives/edgar/data/1650132/000114036122015570/ny20001955x1_def14a.htm#tAB)</u> |
| 10.10 | <u>[Form of Lease (incorporated by reference to Exhibit 10.1 to the Company's Registration Statement on Form 10/A filed on October 5, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013215000011/exhibit101formoflease.htm)</u> |
| 10.11 | <u>[Form of Guaranty by Darden Restaurants, Inc. in respect of certain Leases (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form 10/A filed on October 5, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013215000011/exhibit102guaranty.htm)</u> |
| 10.12 | <u>[Form of Franchise Agreement (incorporated by reference to Exhibit 10.11 to the Company's Registration Statement on Form 10/A filed on October 5, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013215000011/exhibit1011formoffranchise.htm)</u> |
| 10.13 | <u>[Form of Restricted Stock Unit Award Agreement for Non-Employee Directors (incorporated by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K for the year ended December 31, 2017).](http://www.sec.gov/Archives/edgar/data/1650132/000165013218000025/fcpt201710-kexhibit1014non.htm)</u> |
| 10.14 | <u>[Form of FY 2015 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 24, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000119312515413217/d41292dex102.htm)</u> |
| 10.15 | <u>[Amendment to Form of FY 2015 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).](http://www.sec.gov/Archives/edgar/data/1650132/000162828016016174/fcpt10-qexhibit103.htm)</u> |

---

------

---

| | |
|:---|:---|
| 10.16 | <u>[Form of Performance-based Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 9, 2016).](http://www.sec.gov/Archives/edgar/data/1650132/000119312516455429/d129182dex101.htm)</u> |
| 10.17 | <u>[Amendment to Form of Performance-based Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).](http://www.sec.gov/Archives/edgar/data/1650132/000162828016016174/fcpt10-qexhibit105.htm)</u> |
| 10.18 | <u>[Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on February 9, 2016).](http://www.sec.gov/Archives/edgar/data/1650132/000119312516455429/d129182dex102.htm)</u> |
| 10.19 | <u>[Amendment to Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016).](http://www.sec.gov/Archives/edgar/data/1650132/000162828016016174/fcpt10-qexhibit104.htm)</u> |
| 10.20 | <u>[Note Purchase Agreement, dated April 19, 2017, among Four Corners Operating Partnership, LP, Four Corners Property Trust, Inc. and the purchasers party thereto (incorporated be reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 20, 2017).](http://www.sec.gov/Archives/edgar/data/1650132/000119312517129673/d380911dex101.htm)</u> |
| 10.21 | <u>[Form of FY 2020 Performance Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.24 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019).](https://www.sec.gov/Archives/edgar/data/1650132/000165013220000031/a1024formoffy2020perform.htm)</u> |
| 10.22 | <u>[Form of FY 2020 Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.25 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019).](https://www.sec.gov/Archives/edgar/data/1650132/000165013220000031/a1025formoffy2020restric.htm)</u> |
| 10.23 | <u>[Second Amendment to Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019).](https://www.sec.gov/Archives/edgar/data/1650132/000165013220000031/a1026secondamendmenttofo.htm)</u> |
| 10.24 | <u>[Second Amendment to Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019).](https://www.sec.gov/Archives/edgar/data/1650132/000165013220000031/a1027secondamendmenttofo.htm)</u> |
| 21.1\* | <u>[List of Subsidiaries of Four Corners Property Trust, Inc.](fcpt2022ex211subsidiaries.htm)</u> |
| 23.1\* | <u>[Consent of Independent Accountants](fcpt202210-kexhibit231.htm)</u> |
| 31 (a)\* | <u>[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.](fcpt202210-kexhibit31a.htm)</u> |
| 31 (b)\* | <u>[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.](fcpt202210-kexhibit31b.htm)</u> |
| 32 (a)\* | <u>[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.](fcpt202210-kexhibit32a.htm)</u> |
| 32 (b)\* | <u>[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.](fcpt202210-kexhibit32b.htm)</u> |
| 99.1 | <u>[Form of Lease (incorporated by reference to Exhibit 99.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2015).](http://www.sec.gov/Archives/edgar/data/1650132/000165013216000041/fcpt10-kexhibit991.htm)</u> |
| 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 |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

------

**SIGNATURE**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | FOUR CORNERS PROPERTY TRUST, INC. | FOUR CORNERS PROPERTY TRUST, INC. |
| Dated: | February 17, 2023 | By: | /s/ William H. Lenehan |
|  |  |  | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/S/ WILLIAM H. LENEHAN</u><br> **William H. Lenehan** | Director and Chief Executive Officer<br>*(Principal Executive Officer)* | February 17, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/S/ GERALD R. MORGAN</u><br> **Gerald R. Morgan** | Chief Financial Officer<br>*(Principal Financial Officer)* | February 17, 2023 |
| <u>/S/ NICCOLE M. STEWART</u><br>**Niccole M. Stewart** | Chief Accounting Officer<br>*(Principal Accounting Officer)* | February 17, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/S/ JOHN S. MOODY</u><br>**John S. Moody** | Director and Chairman of the <br>Board of Directors | February 17, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/S/ DOUGLAS B. HANSEN</u> <br>**Douglas B. Hansen** | Director | February 17, 2023 |
| <u>/S/ CHARLES L. JEMLEY</u> <br>**Charles L. Jemley** | Director | February 17, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/S/ MARRAN H. OGILVIE</u> <br>**Marran H. Ogilvie**  | Director | February 17, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/S/ TONI STEELE</u><br>**Toni Steele** | Director | February 17, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/S/ ELIZABETH TENNICAN</u><br>**Elizabeth Tennican** | Director | February 17, 2023 |

---

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of Four Corners Property Trust, Inc. (a Maryland corporation)**

---

| | |
|:---|:---|
| <u>Name of Subsidiary</u> | <u>Jurisdiction of Incorporation/Formation</u> |
| Four Corners GP, LLC | Delaware |
| FCPT TRS, LLC | Delaware |
| FCPT OP Holdings, LP | Delaware |
| Four Corners Operating Partnership, LP | Delaware |
| Kerrow Holdings, LLC | Texas |
| Kerrow Restaurants, LLC | Texas |
| FCPT Garden Properties, LLC | Delaware |
| FCPT Hospitality Properties, LLC | Delaware |
| FCPT International Drive, LLC | Delaware |
| FCPT Keystone Properties 11, LLC | Delaware |
| FCPT Keystone Properties, LLC | Delaware |
| FCPT PA Hospitality Properties 11, LLC | Delaware |
| FCPT PA Hospitality Properties, LLC | Delaware |
| FCPT Remington Properties, LLC | Texas |
| FCPT Restaurant Properties, LLC | Texas |
| FCPT Sunshine Properties, LLC | Delaware |
| FCPT SW Properties, LLC | Delaware |
| FCPT Acquisitions, LLC | Delaware |
| FCPT Holdings, LLC | Delaware |
| FC Vacant, LLC | Delaware |

---

## Exhibit 23.1

**EXHIBIT 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-268205) on Form S-3ASR of our reports dated February 17, 2023, with respect to the consolidated financial statements and financial statement schedule III of Four Corners Property Trust, Inc. and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

San Francisco, California

February 17, 2023

## Ex-31.A

**EXHIBIT 31(a)**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, William H. Lenehan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K of Four Corners Property Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 17, 2023 |
| | /s/ William H. Lenehan |
| | President and Chief Executive Officer |

---

## Ex-31.B

**EXHIBIT 31(b)**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, Gerald R. Morgan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K of Four Corners Property Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 17, 2023 |
| | /s/ Gerald R. Morgan |
| | Chief Financial Officer |

---

## Ex-32.A

**EXHIBIT 32(a)**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Four Corners Property Trust, Inc. ("Company") on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof ("Report"), I, William H. Lenehan, President and Chief Executive Officer of the Company, certify, to my knowledge, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | February 17, 2023 |
| | /s/ William H. Lenehan |
| | President and Chief Executive Officer |

---

This certification accompanies the Form 10-K to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Four Corners Property Trust, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

## Ex-32.B

**EXHIBIT 32(b)**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350**

**AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Four Corners Property Trust, Inc. ("Company") on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof ("Report"), I, Gerald R. Morgan, Chief Financial Officer of the Company, certify, to my knowledge, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | February 17, 2023 |
| | /s/ Gerald R. Morgan |
| | Chief Financial Officer |

---

This certification accompanies the Form 10-K to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Four Corners Property Trust, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.

<br>