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Four Corners Property Trust (FCPT)

Document and Entity Information

Document and Entity Information - USD ($)12 Months Ended
Dec. 31, 2015Mar. 16, 2016
Document And Entity Information [Abstract]
Entity Registrant NameFour Corners Property Trust, Inc.
Entity Central Index Key1650132
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Document Type10-K
Document Period End DateDec. 31,
2015
Document Fiscal Year Focus2015
Document Fiscal Period FocusFY
Amendment Flagfalse
Entity Common Stock, shares outstanding59,827,561
Entity Well-known Seasoned IssuerNo
Entity Voluntary FilersNo
Entity Current Reporting StatusYes
Entity Public Float $ 1,061,778,572

CONSOLIDATED AND COMBINED BALAN

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Real estate investments:
Land and improvements $ 404,812 $ 3,069
Buildings, equipment and improvements992,418 12,513
Total real estate investments1,397,230 15,582
Less: Accumulated depreciation(568,539)(3,860)
Total real estate investments, net828,691 11,722
Cash and cash equivalents98,073 7
Derivative assets165 0
Deferred rent1,500 0
Other assets1,008 220
Total Assets929,437 11,949
Liabilities:
Notes payable, net of deferred financing costs392,302 0
Derivative liabilities477 0
Deferred rental revenue7,940 0
Deferred tax liabilities80,881 1,033
Other liabilities6,195 1,918
Total liabilities487,795 2,951
Stockholders’ and parent company equity:
Preferred stock, par value $0.0001 per share, 25,000,000 authorized, zero shares issued and outstanding.0 0
Common stock, par value $0.0001 per share; 500,000,000 shares authorized, 42,741,995 and zero shares issued and outstanding at December 31, 2015 and 2014, respectively4 0
Additional paid-in capital436,697 0
Accumulated other comprehensive loss(316)0
Retained earnings5,257 0
Total stockholders’ equity441,642 0
Parent company equity8,998
Total Liabilities and Equity $ 929,437 $ 11,949

CONSOLIDATED AND COMBINED BALA3

CONSOLIDATED AND COMBINED BALANCE SHEETS (PARENTHETICAL) - $ / sharesDec. 31, 2015Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share) $ 0.0001
Preferred stock, shares authorized25,000,000
Preferred stock, shares issued0
Preferred stock, shares outstanding0
Common stock, par value (in USD per share) $ 0.0001
Common stock, shares authorized500,000,000
Common stock, shares issued42,741,995 0
Common stock, shares outstanding42,741,995 0

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Revenues:
Rental income $ 15,134 $ 0 $ 0
Restaurant revenues18,322 17,695 16,907
Total revenues33,456 17,695 16,907
Operating expenses:
General and administrative1,856 0 0
Depreciation and amortization3,758 863 875
Restaurant expenses16,996 16,942 16,127
Interest expense2,203 0 0
Total expenses24,813 17,805 17,002
Income (loss) before income tax8,643 (110)(95)
(Provision for) benefit from income tax(2,944)142 124
Net Income5,699 32 29
Other comprehensive income (loss):
Realized and unrealized loss in hedging transactions, net(316)0 0
Comprehensive Income $ 5,383 $ 32 $ 29
Earnings per share, basic (in USD per share) $ 0.92
Earnings per share, diluted (in USD per share) $ 0.91
Weighted average common shares outstanding – basic6,206,375
Weighted average common shares outstanding –diluted6,263,921

CONSOLIDATED AND COMBINED STAT5

CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in ThousandsTotalCommon Stock [Member]Additional Paid-in Capital [Member]Parent Company [Member]Retained Earnings [Member]AOCI Attributable to Parent [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Parent company equity $ 10,731
Beginning Balance at Dec. 31, 2012 $ 10,731
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net transfers to parent(888)(888)
Net Income29 29
Ending Balance at Dec. 31, 20139,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Parent company equity9,872
Net transfers to parent(906)(906)
Net Income32 32
Ending Balance at Dec. 31, 20140 8,998
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Parent company equity $ 8,998
Common stock, shares outstanding0
Contribution in connection with Spin-Off $ 427,257 $ 436,697 (8,998) $ (442)
Issuance of common stock in connection with Spin-Off, shares42,741,995
Issuance of common stock in connection with Spin-Off4 $ 4
Net Income5,699 5,699
Realized and unrealized gain (loss) on derivative instruments(316) $ (316)
Ending Balance at Dec. 31, 2015 $ 441,642 $ 4 $ 436,697 $ 0 $ 5,257 $ (316)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding42,741,995 42,741,995

CONSOLIDATED AND COMBINED STAT6

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Statement of Cash Flows [Abstract]
Net income $ 5,699 $ 32 $ 29
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization3,758 863 875
Amortization of financing costs265
Loss on disposal of operating real estate25 15 14
Stock based compensation expense101 117 118
Deferred income taxes1,195 (194)(186)
Changes in assets and liabilities:
Deferred rent asset(1,500)
Deferred rental revenue7,940
Deferred rent expense94 78 79
Other assets and liabilities4,116 50 (15)
Net cash provided by operating activities21,693 961 914
Cash flows - investing activities
Purchases of real estate investments(556)(55)(26)
Net cash used in investing activities(556)(55)(26)
Cash flows - financing activities
Proceeds from term loan borrowings400,000
Payment of financing costs(7,964)
Net distribution to Darden related to the Spin-Off(314,985)
Predecessor transfers to parent(122)(906)(888)
Net cash provided by (used in) financing activities76,929 (906)(888)
Net change in cash98,066
Cash and cash equivalents, beginning of year7 7 7
Cash and cash equivalents, ending of year98,073 $ 7 $ 7
Supplemental cash flow information
Cash interest paid982
Non - cash investing and financing activities:
Real estate investments, net acquired through Spin-Off820,196
Other assets acquired through Spin-Off at carrying value144
Other liabilities assumed through Spin-Off at carrying value77,972
Change in fair value of derivative instruments $ (316)

Organization

Organization12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OrganizationORGANIZATION Four Corners Property Trust, Inc. (together with its subsidiaries “Four Corners”) 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 industry and potentially other industries. On November 9, 2015, Darden completed a spin-off of Four Corners whereby Darden contributed to us 100% of the equity interest in entities that own 418 properties (the “Properties” or “Property”) 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 (the “Spin-Off”). The Spin-Off is intended to qualify as tax-free to Darden shareholders for U. S. federal income tax purposes, except for cash paid in lieu of fractional shares. We intend to qualify as a real estate investment trust (“REIT,”) for U.S. federal income tax purposes with the taxable year beginning January 1, 2016. Following completion of the Spin-Off, we became 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 (“Four Corners OP”), a Delaware limited partnership of which we are the initial limited partner and our wholly owned subsidiary, Four Corners GP, LLC (“Four Corners GP”), is its sole general partner and our wholly owned subsidiary. We intend to elect to be taxed, and have operated and intend to continue to operate in a manner that will allow us to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with our taxable year beginning January 1, 2016. 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, Four Corners’ taxable REIT subsidiaries (“TRS”) will generally be subject to federal, state, and local income taxes. We will make our REIT election upon the filing of our 2016 tax return. Any references to “the Company,” “we,” “us,” “our” or “the Successor” refer to Four Corners as an independent, publicly traded, self-administered company. Any references to the Kerrow Restaurant Operating Business refer to the Kerrow Restaurant Operating as owned by Darden and for all periods prior to November 9, 2015 and as owned by us for periods subsequent to November 9, 2015.

Summary of Significant Accounti

Summary of Significant Accounting Policies12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting PoliciesSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated and combined financial statements include the accounts of Four Corners Property Trust, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The historical financial statements for the Kerrow Restaurant Operating Business were prepared on a stand-alone basis and were derived from the consolidated financial statements and accounting records of Darden. These statements reflect the historical financial condition and results of operations of Kerrow Restaurant Operating Business in accordance with GAAP. The consolidated and combined financial statements include all revenues and costs allocable to us either through specific identification or allocation, and all assets and liabilities directly attributable to us as derived from the operations of the restaurants. The consolidated and combined statements of comprehensive income include allocations of certain costs from Darden incurred on our behalf. See Note 4 - Related Party Transactions for a further description of allocated expenses. Reclassifications Certain amounts previously reported under specific financial statement captions have been reclassified to be consistent with the current period presentation. For the year ended December 31, 2015, we have conformed the prior presentation of the Kerrow Restaurant Operating Business to the current format for comparability purposes. Use of Estimates The preparation of these consolidated and combined 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 and combined financial statements are based on management’s evaluation of the relevant facts and circumstances as of the date of the combination. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements, and such differences could be material. Real Estate Investments Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from seven to forty-two years using the straight-line method. Leasehold improvements, which are reflected on our 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 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 our accompanying statements of comprehensive income. 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. 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. 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. Restaurant sites and certain other assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. Restaurant sites and certain other assets to be disposed of are included in assets held for sale when certain criteria are met. These criteria include the requirement that 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 and equipment 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 are reviewed to determine whether those assets would also meet the requirements to be reported as discontinued operations. 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 statements of comprehensive income as the original impairment. Cash and Cash Equivalents 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. Inventories Inventories consist of food and beverages and are valued at the lower of weighted-average cost or market. 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 sheet 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 currently in earnings in the period in which it occurs. See Note 8 - Derivative Financial Instruments for additional information. Other Assets and Liabilities Other assets primarily consist of prepaid assets, inventories, and accounts receivable. Other liabilities primarily consist of accrued compensation, accrued operating expenses, and deferred rent obligations on certain operating leases. 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 balance sheets. Revenue Recognition Rental income For those triple-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 straight-line rent receivable. Taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental income in our consolidated and combined statements of comprehensive income. 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. Income from rent, lease termination fees and all other income is recognized when all of the following criteria are met in accordance with SEC Staff Accounting Bulletin 104: (i) the applicable agreement has been fully executed and delivered; (ii) services have been rendered; (iii) the amount is fixed or determinable; and (iv) collectability is reasonable assured. We assess the collectability of our lease receivables, including straight-line receivables. We base our assessment of the collectability of rent receivables (other than straight-line rent receivables) on several factors, including payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. We also base our assessment of the collectability of straight-line rent receivables on several factors, including among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we provide a reserve against the recognized straight-line rent receivable asset for the portion, up to its full value, that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectability of future rent payments required by lease, we may adjust our reserve or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates. Restaurant revenue Restaurant revenue represents food and beverage product sold and is presented net of the following discounts: coupons, employee meals, complimentary meals and gift cards. Revenue from restaurant sales is recognized when food and beverage products are sold. 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 consolidated and combined statements of comprehensive income. See Application of New Accounting Standards below for discussion of the application of ASU 2014-09. 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. For expenses incurred prior to November 9, 2015, advance payments were made to Darden by the vendors based on estimates of volume to be purchased from the vendors and the terms of the agreement. As we made purchases from the vendors each period, Darden allocated the pro rata portion of allowances earned by us. We recorded these allowances as a reduction of food and beverage costs in the period earned. We considered the allocation methodology and results to be reasonable for the periods presented. Income Taxes We will be taxed as a C corporation and expect to pay U.S. federal corporate income taxes for our taxable year ending December 31, 2015. 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. that have an income tax. Tax accounting guidance 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. We intend to elect and qualify as a REIT for U.S. federal income tax purposes commencing with the taxable year ending December 31, 2016. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. To maintain our qualification as a REIT, we will be 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 stockholders 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 may also be 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. Prior to the Spin-Off we were included in the consolidated federal income tax return of Darden, as well as certain state tax returns where Darden files on a combined basis. The Predecessor has applied the provisions of FASB ASC Topic 740, Income Taxes, and computed the provision for income taxes on a separate return basis. The separate return method applies the accounting guidance for income taxes to the stand-alone consolidated and combined financial statements as if the Predecessor was a separate taxpayer and a stand-alone enterprise for the periods presented. The calculation of income taxes for the Predecessor on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. We believe that the assumptions and estimates used to compute these tax amounts are reasonable. However, the Predecessor’s financial statements may not necessarily reflect its income tax expense or tax payments in the future, or what our tax amounts would have been had it been a stand-alone enterprise during the periods presented. Federal and state income taxes payable prior to the Spin-Off were settled though their parent company equity account. The Predecessor provided for taxes that are deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits have been recorded as a reduction of income taxes. Deferred tax assets and liabilities have been 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 have been 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 have been recognized in earnings in the period that includes the enactment date. Excluding our charitable contribution carryforward, we generally expect to fully utilize the deferred tax assets; however, when necessary, we have recorded a valuation allowance to reduce the net deferred tax assets to the amount that is more likely than not to be realized. In determining the need for a valuation allowance or the need for uncertain tax positions, the Predecessor made certain estimates and assumptions. These estimates and assumptions were based on, among other things, knowledge of the operations, markets, historical trends and likely future changes and, when appropriate, the opinion of advisors with knowledge and expertise in relevant fields. Due to certain risks associated with our estimates and assumptions, actual results could differ. See Note 10 - Income Taxes for additional information. Stock-Based Compensation We recognize costs resulting from Four Corner’s stock-based compensation transactions over their vesting periods. We classify share-based payment awards granted in exchange for employee services 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 value each reporting period. Awards are classified as liability awards to the extent that settlement features allow the recipient to determine percentage of the restricted stock awards withheld to meet the recipients' tax withholding requirements. As these awards vest, with a range between one and five years, the value is calculated as the estimated number of shares earned during the year times the stock price at year end, less estimated forfeitures. No compensation cost is recognized for awards for which employees do not render the requisite services. Earnings Per Share Basic net earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding for the reporting period. Diluted net earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Restricted stock unites granted by us represent the only dilutive effect reflected in diluted weighted-average shares outstanding. These stock-based compensation instruments do not impact the numerator of the diluted net earnings per share computation. No effect is shown for any securities that are anti-dilutive. The following table presents the computation of basic and diluted net earnings per common share for the year ended December 31, 2015. (In thousands except for per share data) Year Ended December 31, 2015 Average common shares outstanding – basic 6,206 Effect of dilutive stock based compensation 58 Average common shares outstanding –diluted 6,264 Net income $ 5,699 Basic net earnings per share $ 0.92 Diluted net earnings per share $ 0.91 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: • Level 1 - Quoted market prices in active markets for identical assets or liabilities; • Level 2 - Inputs other than level one inputs that are either directly or indirectly observable; and • Level 3 - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Parent Company Equity Parent company equity in our consolidated balance sheet represents Darden’s historical investment in us, our accumulated net income after taxes, and the net effect of transactions with, and allocations from, Darden. All intercompany transactions effected through parent company equity in our consolidated balance sheets have been considered cash receipts and payments for purposes of our consolidated statements of cash flows and are reflected in financing activities in the accompanying consolidated statements of cash flows. See Note 4 - Related Party Transactions for additional information. Emerging Growth Company Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected not to take advantage of this extended transition period, and such election is irrevocable pursuant to Section 107(b) of the JOBS Act. Application of New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. The standard outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive for those goods or services. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 for one year. The standard is now effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption for annual periods beginning after December 15, 2016 and interim periods within those annual periods is permitted. We are evaluating the effect this guidance will have on our consolidated and combined financial statements and related disclosures. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” which makes certain changes to both the variable interest model and the voting model including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for us beginning January 1, 2016. Adoption of this guidance has had no material impact on our consolidated and combined financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This update simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction for the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. We adopted this guidance in 2015. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, first-out (“LIFO”). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. We are currently evaluating the impact of adopting this guidance. In August 2015, the FASB issued ASU No. 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements; Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.” This update adds SEC paragraphs regarding the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements and allow for deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit facility, regardless of whether there are any outstanding borrowings on the line-of-credit facility. We adopted this guidance in 2015. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. We are currently evaluating the impact of adopting this guidance.

Concentration of Credit Risk

Concentration of Credit Risk12 Months Ended
Dec. 31, 2015
Concentration of Credit Risk [Abstract]
Concentration of Credit RiskCONCENTRATION OF CREDIT RISK Our tenant base and the restaurant brands operating our properties are highly concentrated. With respect to our tenant base, Darden is the sole tenant of the Properties, which constitute approximately 99% of the properties we own. In addition, Darden Restaurants, Inc. has guaranteed the obligations of the tenants under substantially all of the Leases entered into in respect of the Properties. As our revenues predominately consist of rental payments under the Leases, we are dependent on Darden for substantially all of our leasing revenues. The audited financial statements for Darden can be found in the Investor Relations section at www.darden.com. We also are subject to concentration risk in terms of the restaurant brands that operate the Properties. With 302 locations in our portfolio, Olive Garden brand restaurants comprise approximately 72% of the Properties and approximately 75% of the revenues receive under the Leases, based on the total number of locations leased. Our properties are located in 44 states with concentrations of 10% or greater in two states, Florida ( 11% ) and Texas ( 11% ). Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. 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, 2015, our exposure to risk related to our derivative instruments totaled $312 thousand , and the counterparty to such instruments is an investment grade financial institution. Our credit risk exposure with regard to our cash and the $350 million available capacity under the revolver portion of our credit facility is spread among a diversified group of investment grade financial institutions.

Related Party Transactions

Related Party Transactions12 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party TransactionsRELATED PARTY TRANSACTIONS Allocation of Darden Corporate Expenses to the Predecessor Prior to the Spin-Off, we were managed in the normal course of business by Darden and its subsidiaries. All direct costs incurred in connection with the our operations for which specific identification was practical have been included in the stand-alone combined financial statements. Additionally, certain shared costs and certain support functions have been allocated to the us and reflected as expenses in the stand-alone consolidated and combined financial statements. Management considers the allocation methodologies used to be reasonable and appropriate reflections of the historical Darden expenses allocable to the us for purposes of the stand-alone financial statements; however, the expenses reflected in the consolidated and combined financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if we had operated as a separate, stand-alone entity. Management does not believe, however, that it is practicable to estimate what these expenses would have been had we operated as a separate, stand-alone entity, including any expenses associated with obtaining any of these services from unaffiliated entities. Actual costs that would have been incurred had we been a stand-alone entity would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure . In addition, the expenses reflected in the combined financial statements may not be indicative of expenses that will be incurred by us in the future. The costs allocated to us were made on the basis of operating weeks, net sales or other relevant measures. Corporate expense allocations primarily relate to centralized corporate functions, including advertising, finance, accounting, treasury, tax, legal, internal audit, human resources, facilities, risk management functions, employee benefits and stock based compensation (except for specifically identified stock-based compensation benefits discussed in Note 11 - Stock-Based Compensation). In addition, corporate expenses include, among other costs, maintenance of existing software, technology and websites, development of new or improved software technology, professional fees for legal, accounting, and financial services, non-income taxes and expenses related to litigation, investigations, or similar matters. Corporate expenses allocated to us were $0.9 million for the year ended December 31, 2015 and $1.2 million for each of the years ended December 31, 2014 and 2013 and have been included within restaurant expenses in our combined statements of comprehensive income. All of the corporate allocations of costs are deemed to have been incurred and settled through parent company equity in the period where the costs were recorded. Following the Spin-Off, we have begun performing these functions using our own resources or purchased services. For an interim period, however, some of these functions will continue to be provided by Darden under transition services agreements. During 2015, amounts earned by Darden under the transition services agreements were $110 thousand . Subsequent to the Spin-Off on November 9, 2015, Darden is no longer a related party. Cash Management and Treasury Darden uses a centralized approach to cash management and financing of operations. Prior to the Spin-Off, cash was deposited into its depository bank account on a regular schedule and Darden “swept” the account nightly to a zero balance, moving the funds to Darden’s corporate account. Darden also funded our operating and investing activities as needed. Transfers of cash both to and from Darden (including year-end receivable or payable balances) are included within parent company investment on the combined statements of changes in equity. Interest costs for intercompany borrowings associated with major capital outlays for the construction of land, buildings, and equipment associated with opening restaurants or significant remodelings, are charged to the restaurants. No interest charges for intercompany cash transactions have been included, since historically, Darden has not allocated interest related to short term working capital intercompany advances to any of its businesses. Darden has issued debt for general corporate purposes and acquisitions but in no case has any such debt been guaranteed or assumed by us or otherwise secured by our assets. Aside from the aforementioned capital outlays, as Darden’s debt and related interest was not directly allocable to the us, these amounts have not been reflected in our combined financial statements.

Real Estate Investments, Net

Real Estate Investments, Net12 Months Ended
Dec. 31, 2015
Real Estate [Abstract]
Real Estate Investments, NetREAL ESTATE INVESTMENTS, NET Real estate investments, net, which consist of land, buildings and improvements leased to others subject to triple-net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business is summarized as follows: December 31, (In thousands) 2015 2014 Land $ 404,812 $ 3,069 Buildings and improvements 851,967 8,992 Equipment 140,451 3,521 Total gross real estate investments 1,397,230 15,582 Less: accumulated depreciation (568,539 ) (3,860 ) Total Real Estate Investments, Net $ 828,691 $ 11,722 The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. Because lease renewal periods are exercisable at the option of the lessee, the table presents future minimum lease payments due during the initial lease term only. December 31, (In millions) 2015 2016 $ 95 2017 96 2018 97 2019 99 2020 100 Thereafter 1,034 Total Future Minimum Rentals $ 1,521

Supplemental Detail for Certain

Supplemental Detail for Certain Components of Consolidated Balance Sheet12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Detail for Certain Balance Sheet ComponentsSUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEET The components of other assets were as follows: December 31, (In thousands) 2015 2014 Accounts receivable $ 70 $ — Inventories 198 113 Prepaid rent 689 62 Deferred tax assets — 38 Other 51 7 Total Other Assets $ 1,008 $ 220 The components of other liabilities were as follows: December 31, (In thousands) 2015 2014 Accounts payable $ 922 $ 450 Accrued interest expense 959 — Accrued compensation 465 136 Other accrued income taxes 2,008 407 Deferred rent 580 484 Other 1,261 441 Total Other Liabilities $ 6,195 $ 1,918

Notes Payable

Notes Payable12 Months Ended
Dec. 31, 2015
Notes Payable [Abstract]
Notes PayableNOTES PAYABLE On November 9, 2015, immediately preceding the consummation of the Spin-Off, we entered into the Revolving Credit and Term Loan Agreement (the “Loan Agreement”) that provides for borrowings of up to $750.0 million and consists of (1) a $400.0 million non-amortizing term loan that matures on November 9, 2020 and (2) a $350.0 million revolving credit facility that provides for loans and letters of credits and matures on November 9, 2019. The revolving credit facility provides for a letter of credit sub-limit of $45.0 million . The Loan Agreement is a syndicated credit facility that contains an accordion feature such that the aggregate principal amount of the revolving credit facility or term loan can be increased by an additional $250.0 million to an amount not to exceed $1.0 billion in the aggregate, subject to certain conditions, including one or more new or existing lenders agreeing to provide commitments for such increased amounts. The obligations under the Loan Agreement are secured by a pledge of Four Corners OP’s ownership interests in substantially all of its material subsidiaries, subject to certain exceptions, and are guaranteed, on a joint and several basis, by substantially all of Four Corners OP’s material subsidiaries, subject to certain exceptions. The collateral will be released, if, as a result of growth in the value of our assets following the Spin-Off, the aggregate asset growth capitalization value (as defined in the Loan Agreement) exceeds $300.0 million . The Loan Agreement contains customary affirmative and negative covenants that, among other things, require customary reporting obligations, contain obligations to maintain REIT status, and restrict, subject to certain exceptions, the incurrence of debt and liens, the consummation of certain mergers, consolidations and asset sales, the making of distributions and other restricted payments, and entering into transactions with affiliates. In addition, Four Corners OP will be required to comply with the following financial covenants (all terms as defined in the Loan Agreement): (1) total indebtedness to consolidated capitalization value not to exceed 60% ; (2) mortgage-secured leverage ratio not to exceed 40% ; (3) total secured recourse indebtedness not to exceed 5% of consolidated capitalization value; (4) minimum fixed charge coverage ratio of 1.75 to 1.00; (5) minimum consolidated tangible net worth; (6) unhedged floating rate debt not to exceed 50% of all indebtedness; (7) maximum unencumbered leverage ratio not to exceed 60% ; and (8) minimum unencumbered debt service coverage ratio of 1.50 to 1.00. The Loan Agreement also contains customary events of default including, without limitation, payment defaults, violation 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 Four Corners and Four Corners OP 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 under the Loan Agreement with respect to the collateral. The term loan and revolving credit facility interest rates are based on either (1) a LIBOR rate plus a margin ranging from 1.70% to 2.45% (in the case of the term loan) or 1.75% to 2.50% (in the case of the revolving credit facility) or, (2) at our option, an alternate base rate (the “ABR Rate”), plus a margin ranging from 0.70% to 1.45% (in the case of the term loan) or 0.75% to 1.50% (in the case of the revolving credit facility). The actual applicable margin is determined on a quarterly basis according to our total leverage ratio as defined by the Loan Agreement. The unused commitment fee on the revolving credit facility is 0.25% or 0.35% per year, depending on the amount of the unused portion of the revolving credit facility, is computed based on the average daily amount of the unused portion of the revolving credit facility, and is payable quarterly. The interest rate will increase by a rate of 2% per year over the prevailing interest rate on outstanding borrowings and other amounts due and owing following the occurrence and during the continuation of an event of default. Amounts owing 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 a LIBOR rate election is in effect. Immediately preceding the Spin-Off, we drew down the full amount of the term loan using a portion of the proceeds to pay Darden $315.0 million in connection with the Spin-Off. The remainder of the proceeds has been used to pay all of the cash portion of the purging distribution required in connection with qualifying as a REIT, for working capital purposes and for general corporate purposes. At December 31, 2015, the unamortized deferred financing costs were $7.7 million and the weighted average interest rate on the term loan was 1.99% . During the year ended December 31, 2015, amortization of deferred financing costs was $265 thousand . As of December 31, 2015, there were no outstanding borrowings under the revolving credit facility and no outstanding letters of credit. On November 10, 2015, we entered into two interest rate swaps pursuant to an International Swaps and Derivatives Association Master Agreement with J.P. Morgan Chase Bank, N.A. to economically hedge its exposure in cash flows associated with its variable rate debt obligations described above. One swap has a fixed notional value of $200.0 million that matures on November 9, 2018, where the fixed rate paid by Four Corners OP is equal to 1.16% and the variable rate received resets monthly to the one month LIBOR rate. The second swap has a fixed notional value of $200.0 million that matures on November 9, 2020, where the fixed rate paid by Four Corners OP is equal to 1.56% and the variable rate received resets monthly to the one month LIBOR rate. These hedging agreements were not entered into for trading purposes and have been designated as cash flow hedges. Changes in the effective portion of the fair value of these hedges will be recorded as a component of other comprehensive income and reclassified into earnings in the same periods during which the hedged transaction affect earnings. Changes in the fair value of the ineffective portion of these hedges are recorded in earnings.

Derivative Financial Instrument

Derivative Financial Instruments12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial InstrumentsDERIVATIVE 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 receipt or 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 objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, 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 effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded on our consolidated balance sheet in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the period November 9, 2015 through December 31, 2015, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. For the year ended December 31, 2015, we recorded approximately $3 thousand of hedge ineffectiveness in earnings attributable to zero-percent floor and rounding mismatches in the hedging relationships. 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 2016 an additional $3.5 million will be reclassified to earnings as an increase to interest expense. As of December 31, 2015, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Product Number of Instruments Current Notional Interest Rate Swaps 2 $400,000,000 Non-designated Hedges We do not use derivatives for trading or speculative purposes. During the year ending December 31, 2015 we did not have any derivatives that were not designated as hedges. Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2015. Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value at Balance Sheet Location Fair Value at (Dollars in thousands) December 31, 2015 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets $ 165 Derivative liabilities $ 477 Total $ 165 $ 477 Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income The table below presents the effect of our derivative financial instruments on the statements of comprehensive income for the year ending December 31, 2015. (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) Interest rate swaps $ (938 ) Interest expense $ (622 ) Interest expense $ 3 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, 2015. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet. The Predecessor had no derivative financial instruments at December 31, 2014. Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ 165 $ — $ 165 $ (165 ) $ — $ — Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 477 — $ 477 $ (165 ) $ — $ 312 Credit-risk-related Contingent Features The agreement with our derivative counterparty contains a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. As of December 31, 2015, the fair value of derivatives in a net liability position related to these agreements was approximately $618 thousand . As of December 31, 2015, we have not posted any collateral related to these agreements. If we had breached any of these provisions at December 31, 2015, we could have been required to settle our obligations under the agreements at their termination value of approximately $618 thousand .

Stock-Based Compensation

Stock-Based Compensation12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based CompensationSTOCK-BASED COMPENSATION On October 20, 2015, the Board of Directors of Four Corners adopted, and Four Corners’ sole shareholder, Rare Hospitality International, Inc., approved, the Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan (the “Plan”). The Plan provides for the grant of awards of nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), deferred stock units, 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. Subject to adjustment, the maximum number of shares of stock reserved for issuance under the Plan is equal to 2,100,000 shares. The Plan will terminate on the first to occur of (a) October 20, 2025, which is the tenth (10th) anniversary of the effective date of the Plan, (b) the date determined in accordance with the Board’s authority to terminate the Plan, or (c) the date determined in accordance with the provisions of the Plan addressing the effect of a Change in Control (as defined in the Plan). Upon such termination of the Plan, all outstanding Awards will continue to have full force and effect in accordance with the provisions of the terminated Plan and the applicable award agreement (or other documents evidencing such Awards). 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 will be settled in stock at the end of their vesting periods, which range between one and three years, at the then market price of our common stock. Equity-Classified RSUs At December 31, 2015, there were 57,546 RSUs outstanding, of which none have vested. There were 57,546 RSUs granted and no forfeitures and no distributions during the twelve months ended December 31, 2015. Unvested RSUs at December 31, 2015 will vest through 2018. Units Weighted-Average Grant Date Fair Outstanding beginning of period — $— Units granted 57,546 23.40 Units vested — — Units forfeited — — Outstanding End of Period 57,546 $23.40 As of December 31, 2015 there was $1.3 million of unrecognized stock-based compensation expense related to RSUs to be recognized over a weighted-average period of 2.6 years . Other RSUs Certain of the Predecessor employees participated in a stock-based compensation plan sponsored by Darden. In connection with the Spin-Off, all unvested cash-settled Darden stock units were converted to unvested RSUs based on the market price of the Company’s common stock. The number of awarded units were adjusted to maintain the value of the award pre- and post-spin. The vesting schedule and all other terms and conditions for the awards did not change, and range between four and five years . At December 31, 2015, 3,272 of these RSUs were outstanding, of which the expense will be be recognized over the next two years. At December 31, 2015, and 2014, the liability associated with these RSUs was $96 thousand and $127 thousand , respectively, which was recorded in other liabilities on our consolidated balance sheet.

Income Taxes

Income Taxes12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income TaxesINCOME TAXES Our operating results were included in Darden’s consolidated U.S. federal and one state income tax return. For purposes of the our consolidated financial statements, income tax expense and benefit, and deferred tax balances have been recorded as if we filed tax returns on a stand-alone basis separate from Darden. The separate return method applies the accounting guidance for income taxes to the stand-alone financial statements as if we were a separate taxpayer and a stand-alone enterprise for the periods presented. Income taxes currently receivable are deemed to have been remitted to Darden, in cash, in the period the receivable arose had we been a separate taxpayer. The components of income (loss) before income taxes and the provision for income taxes and benefit thereon were as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Income (loss) before income tax $ 8,643 $ (110 ) $ (95 ) The provision (benefit) for income taxes was as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Current: Federal $ 1,502 $ 33 $ 43 Current state and local 247 19 19 Total current 1,749 52 62 Deferred: Federal deferred 1,133 (194 ) (186 ) State deferred 62 — — Total deferred 1,195 (194 ) (186 ) Total Income Tax (Benefit) $ 2,944 $ (142 ) $ (124 ) Income taxes receivable settled through the Predecessor’s parent company equity were as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Income taxes receivable settled through parent company equity $ 35 $ 52 $ 62 Income taxes payable 1,713 — — As we were in a tax receivable position for the years ended December 31, 2014 and 2013, no income taxes were paid. No income taxes were paid for the year ended December 31, 2015. 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 statements of comprehensive income: Year Ended December 31, 2015 2014 2013 U.S. statutory rate 34.0 % 34.0 % 34.0 % State and local income taxes, net of federal tax benefits 2.6 (11.4 ) (13.1 ) Benefit of federal income tax credits (0.3 ) 177.1 193.8 Valuation allowance (0.6 ) (29.3 ) (49.3 ) Permanent differences 0.2 (41.3 ) (34.9 ) Effective Income Tax Rate 35.9 % 129.1 % 130.5 % The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows: December 31, (In thousands) 2015 2014 Compensation and employee benefits $ 200 $ 171 Charitable contribution and credit carryforwards — 370 Valuation allowance - carryforward items — (140 ) UNICAP 8 4 Gross deferred tax assets 208 405 Prepaid expenses (252 ) — Straight-line rent (549 ) — Buildings and equipment (80,288 ) (1,400 ) Gross deferred tax liabilities (81,089 ) (1,400 ) Net Deferred Tax Liabilities $ (80,881 ) $ (995 )

Stockholders' Equity

Stockholders' Equity12 Months Ended
Dec. 31, 2015
Equity [Abstract]
Stockholders' EquitySTOCKHOLDERS’ EQUITY Preferred Stock At December 31, 2015, 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. Common Stock At December 31, 2015, 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. As of December 31, 2015, there were 42,741,995 shares of the Company's common stock issued and outstanding. Spin-Off On November 9, 2015, in connection with the separation and spin-off of Four Corners from Darden, Darden contributed to us 100% of the equity interest in entities that held 418 properties in which Darden operates restaurants, representing five of their brands (the “Four Corners Properties”), and six LongHorn Steakhouse ® restaurants located in the San Antonio, Texas area (the “Kerrow Restaurant Operating Business”) and the underlying properties or interests therein associated with the Kerrow Restaurant Operating Business. In exchange, we issued to Darden 42,741,995 shares of our common stock, par value $0.0001 per share and paid to Darden $315.0 million in cash, which we funded from the proceeds of our term loan borrowings under the Loan Agreement. Subsequently, Darden distributed the 42,741,995 shares of our common stock pro rata to holders of Darden common stock whereby each Darden shareholder received one share of Four Corners 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 (the “Spin-Off”). The Spin-Off is intended to qualify as tax-free to Darden shareholders for U. S. federal income tax purposes, except for cash paid in lieu of fractional shares. Darden obtained a private letter ruling from the IRS regarding the tax-free treatment of the Spin-Off. To preserve that tax-free treatment to Darden, for the two year period following the Spin-Off, we may be prohibited, except in specific circumstances, from taking certain actions, including: (1) entering into any transaction pursuant to which all or a portion of our stock would be acquired, whether by merger or otherwise, (2) issuing equity securities beyond certain thresholds, or (3) repurchasing our common stock. In addition, we will be prohibited from taking or failing to take any other action that prevents the Spin-Off and related transactions from being tax-free. These restrictions may limit our ability to pursue strategic transactions or engage in new business or other transactions that may maximize the value of our business. However, these restrictions are inapplicable in the event that the IRS has granted a favorable ruling to Darden or Four Corners or in the event that Darden or Four Corners has received an opinion from counsel that Four Corners can take such actions under certain safe harbor exceptions without adversely affecting the tax-free status of the Spin-Off and related transactions.

Fair Value Measurements

Fair Value Measurements12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFAIR 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 assets and liabilities recorded that are reported at fair value on our consolidated balance sheets on a recurring basis. Assets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Total Assets Derivative assets $ — $ 165 $ — $ 165 Total $ — $ 165 $ — $ 165 Liabilities Derivative liabilities $ — $ 477 $ — $ 477 Total $ — $ 477 $ — $ 477 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 are 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, 2015 were classified as Level 2 of the fair value hierarchy. 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 December 31, 2015 (In thousands) Carrying Value Fair Value Liabilities Note payable, excluding deferred offering costs $ 400,000 $ 400,146 The fair value of the note payable is determined using the present value of the contractual cash flows, discounted at the current market cost of debt.

Commitments and Contingencies

Commitments and Contingencies12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCOMMITMENTS AND CONTINGENCIES Rentals Rent expense ground leases, under which our Kerrow subsidiary is lessee to third-party owners, was $441 thousand for the years ended December 31, 2015, 2014, and 2013. The annual future lease commitments under non-cancelable operating leases for each of the five years subsequent to December 31, 2015 and thereafter is as follows: (In thousands) December 31, 2015 2016 $ 497 2017 515 2018 518 2019 407 2020 397 Thereafter 9,678 Total Future Lease Commitments $ 12,012 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.

Segments

Segments12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]
SegmentsSEGMENTS During 2015, we operated in two segments: real estate operations and restaurant operations. Prior to the Spin-Off transaction on November 9, 2015, we operated in one segment, 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 year ended December 31, 2015. (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental income $ 15,134 $ — $ — $ 15,134 Intercompany rental income 65 — (65 ) — Restaurant revenues — 18,322 — 18,322 Total revenues 15,199 18,322 (65 ) 33,456 Operating expenses: General and administrative 1,856 — — 1,856 Depreciation and amortization 2,953 805 — 3,758 Restaurant expenses — 17,061 (65 ) 16,996 Interest expense 2,203 — — 2,203 Total operating expenses 7,012 17,866 (65 ) 24,813 Income before provision for income taxes 8,187 456 — 8,643 Provision for income taxes (2,942 ) (2 ) — (2,944 ) Net Income $ 5,245 $ 454 $ — $ 5,699 The following table presents supplemental information by segment at December 31, 2015. (In thousands) Real Estate Operations Restaurant Operations Total Total real estate investments $ 1,380,663 $ 16,567 $ 1,397,230 Accumulated depreciation (563,268 ) (5,271 ) (568,539 ) Total real estate investments, net $ 817,395 $ 11,296 $ 828,691 Cash and cash equivalents $ 95,873 $ 2,200 $ 98,073 Total assets $ 915,543 $ 13,894 $ 929,437 Notes payable, net of deferred financing costs $ 392,302 $ — $ 392,302 Deferred tax liability $ 80,881 $ — $ 80,881

Subsequent Events

Subsequent Events12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent EventsSUBSEQUENT EVENTS On March 2, 2016, we paid a $347.0 million dividend in cash and shares of common stock (the “Pre-Spin Dividend”), or $8.12 per share based on approximately 42.7 million shares outstanding as of January 7, 2016, representing our estimated share of earning and profits that are required to be distributed for the operating period prior to November 9, 2015. An aggregate of 17,085,566 additional shares of common stock were issued in connection with the Pre-Spin Dividend, bringing the Company’s total shares of common stock to 59,827,561 . Cash dividends related to the Pre-Spin Dividend totaled $69.5 million . As discussed in Note 2 above, for the year ended December 31, 2015, Four Corners will be taxed as a C corporation. Due to this tax treatment, we recorded a deferred tax liability of $80.3 million at December 31, 2015, associated with the difference between the GAAP and tax basis of our real estate investments or fixed assets. In the first quarter of 2016, in connection with our satisfaction of all requirements to be taxed as a REIT and our intention to do so, we will recognize an income tax benefit of approximately $80.3 million in our consolidated statements of income for the quarter ended March 31, 2016.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)12 Months Ended
Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (In thousands, except per share amounts) January 1, 2015 - March 31, 2015 April 1, 2015 - June 30, 2015 July 1, 2015 - September 30, 2015 October 1, 2015 - December 31, 2015 Revenues: Rental income $ — $ — $ — $ 15,134 Restaurant revenues 4,890 4,624 4,413 4,395 Total revenues 4,890 4,624 4,413 19,529 Operating expenses: General and administrative — — — 1,856 Depreciation and amortization 212 185 208 3,153 Restaurant expense 4,513 4,335 4,088 4,060 Interest expense — $ — $ — 2,203 Total expenses 4,725 4,520 4,296 11,272 Income Before Income Taxes $ 165 $ 104 $ 117 $ 8,257 Earnings per share: Basic NA NA NA $ 0.85 Diluted NA NA NA $ 0.84 Distributions declared per share NA NA NA NA NA – not applicable (In thousands, except per share amounts) January 1, 2014 - March 31, 2014 April 1, 2014 - June 30, 2014 July 1, 2014 September 30, 2014 October 1, 2014 - December 31, 2014 Revenues: Rental income $ — $ — $ — $ — Restaurant revenues 4,654 4,372 4,339 4,330 Total revenues 4,654 4,372 4,339 4,330 Operating expenses: General and administrative — — — — Depreciation and amortization 217 201 213 232 Restaurant expense 4,367 4,209 4,145 4,221 Interest expense — — — — Total expenses 4,584 4,410 4,358 4,453 Income Before Income Taxes $ 70 $ (38 ) $ (19 ) $ (123 ) Earnings per share: Basic NA NA NA NA Diluted NA NA NA NA Distributions declared per share NA NA NA NA NA – not applicable

Schedule III Schedule of Real E

Schedule III Schedule of Real Estate Assets12 Months Ended
Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Schedule of Real Estate AssetsFOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total OG McAllen, TX 803 857 76 — 1,160 476 803 2,017 552 3,372 1,642 4/29/1991 4/29/1991 2 - 42 OG Jacksonville, FL 1,124 863 74 — 1,185 438 1,124 2,048 512 3,684 1,747 8/12/1991 8/12/1991 2 - 42 OG Boardman, OH 675 993 48 — 1,208 329 675 2,201 377 3,253 2,001 8/5/1991 8/5/1991 2 - 38 OG San Bernardino, CA 1,393 1,210 83 — 756 301 1,393 1,966 384 3,743 1,807 3/9/1992 3/9/1992 2 - 42 OG West Melbourne, FL 983 953 22 — 1,390 578 983 2,343 600 3,926 1,885 8/19/1991 8/19/1991 2 - 47 OG Houston, TX 627 947 68 — 1,084 435 627 2,031 503 3,161 1,846 11/11/1991 11/11/1991 2 - 40 OG Palmdale, CA 679 1,080 109 — 1,093 315 679 2,173 424 3,276 1,844 8/3/1992 8/3/1992 2 - 39 OG Woodbridge, VA 1,228 1,071 56 — 1,163 444 1,228 2,234 500 3,962 1,974 2/3/1992 2/3/1992 2 - 41 OG Roanoke, VA 607 714 33 — 783 350 607 1,497 383 2,487 1,300 12/9/1991 12/9/1991 2 - 42 OG Provo, UT 702 714 128 — 805 284 702 1,519 412 2,633 1,418 11/11/1991 11/11/1991 2 - 40 OG Omaha, NE 315 1,230 51 — 1,642 341 315 2,872 392 3,579 2,104 10/28/1991 10/28/1991 2 - 42 OG Pittsburgh, PA 1,125 1,170 65 — 1,202 279 1,125 2,372 344 3,841 1,969 12/9/1991 12/9/1991 2 - 38 OG Harrisburg, PA 769 837 108 — 1,117 328 769 1,954 436 3,159 1,730 12/9/1991 12/9/1991 2 - 35 OG Pineville, NC 1,018 972 71 — 950 281 1,018 1,922 352 3,292 1,768 1/27/1992 1/27/1992 2 - 42 OG Palm Desert, CA 607 987 100 — 617 185 607 1,604 285 2,496 1,479 1/27/1992 1/27/1992 2 - 40 OG Elkhart, IN 381 724 145 — 683 281 381 1,407 426 2,214 1,406 2/3/1992 2/3/1992 2 - 40 OG Lafayette, LA 555 751 69 — 997 304 555 1,748 373 2,676 1,591 1/27/1992 1/27/1992 2 - 42 OG Little Rock, AR 335 895 105 — 749 265 335 1,644 370 2,349 1,557 3/9/1992 3/9/1992 2 - 40 OG Cincinnati, OH 842 953 107 — 986 344 842 1,939 451 3,232 1,809 3/16/1992 3/16/1992 2 - 38 OG Myrtle Beach, SC 520 872 51 — 845 386 520 1,717 437 2,674 1,511 3/16/1992 3/16/1992 2 - 42 OG Louisville, KY 492 1,571 76 — 869 254 492 2,440 330 3,262 2,067 6/15/1992 6/15/1992 2 - 42 OG Highlands Ranch, CO 813 980 49 — 1,177 380 813 2,157 429 3,399 1,753 5/11/1992 5/11/1992 2 - 41 OG Novi, MI 866 1,629 31 — 867 296 866 2,496 327 3,689 2,145 5/25/1992 5/25/1992 2 - 42 OG Longview, TX 505 816 90 — 1,133 290 505 1,949 380 2,834 1,571 2/22/1993 2/22/1993 2 - 45 OG Erie, PA 1,078 1,412 91 — 1,129 408 1,078 2,541 499 4,118 2,164 11/2/1992 11/2/1992 2 - 42 OG Greensburg, PA 579 1,272 143 — 1,026 352 579 2,298 495 3,372 1,731 8/31/1992 8/31/1992 2 - 40 OG Roswell, GA 838 897 79 — 764 339 838 1,661 418 2,917 1,541 9/14/1992 9/14/1992 2 - 40 OG Clarksville, TN 302 771 101 — 443 207 302 1,214 308 1,824 1,134 8/3/1992 8/3/1992 2 - 38 OG Green Bay, WI 453 789 97 — 675 260 453 1,464 357 2,274 1,432 9/14/1992 9/14/1992 2 - 40 OG Cincinnati, OH 917 939 62 — 1,041 360 917 1,980 422 3,319 1,713 8/17/1992 8/17/1992 2 - 38 OG Sioux Falls, SD 247 1,325 78 — 917 217 247 2,242 295 2,784 1,870 9/7/1992 9/7/1992 2 - 40 OG Yakima, WA — 1,296 124 409 568 294 409 1,864 418 2,691 1,862 3/22/1993 3/22/1993 2 - 40 OG Harlingen, TX 453 803 107 — 1,013 426 453 1,816 533 2,802 1,375 10/19/1992 10/19/1992 2 - 42 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total OG Chico, CA 984 923 95 — 850 308 984 1,773 403 3,160 1,527 11/9/1992 11/9/1992 2 - 40 OG Las Vegas, NV 1,055 1,005 108 — 849 297 1,055 1,854 405 3,314 1,735 12/14/1992 12/14/1992 2 - 42 OG Laurel, MD 1,241 1,552 121 — 1,403 388 1,241 2,955 509 4,705 2,590 1/25/1993 1/25/1993 2 - 42 OG Arlington, TX 782 766 70 — 795 441 782 1,561 511 2,854 1,461 3/29/1993 3/29/1993 2 - 44 OG Racine, WI 608 1,247 140 — 914 198 608 2,161 338 3,107 1,872 2/1/1993 2/1/1993 2 - 40 OG Mesa, AZ 551 888 97 — 803 274 551 1,691 371 2,613 1,499 4/12/1993 4/12/1993 2 - 40 OG Fort Collins, CO 809 1,105 97 — 1,011 350 809 2,116 447 3,372 1,957 2/8/1993 2/8/1993 2 - 41 OG Raleigh, NC 855 877 76 — 855 318 855 1,732 394 2,981 1,626 3/8/1993 3/8/1993 2 - 42 OG Dover, DE 614 1,055 127 — 656 279 614 1,711 406 2,731 1,525 4/19/1993 4/19/1993 2 - 38 OG Lafayette, IN 455 875 98 — 635 221 455 1,510 319 2,284 1,453 3/22/1993 3/22/1993 2 - 40 OG Addison, TX 1,221 1,746 79 — 1,032 374 1,221 2,778 453 4,452 2,423 4/26/1993 4/26/1993 2 - 41 OG Appleton, WI 424 956 117 — 646 216 424 1,602 333 2,359 1,424 5/17/1993 5/17/1993 2 - 40 OG Panama City, FL 465 957 84 — 1,082 400 465 2,039 484 2,988 1,576 10/11/1993 10/11/1993 2 - 42 OG Texas City, TX 732 1,093 97 — 871 319 732 1,964 416 3,112 1,693 7/19/1993 7/19/1993 2 - 44 OG Muncie, IN 454 1,003 92 — 1,065 296 454 2,068 388 2,910 1,399 8/23/1993 8/23/1993 2 - 49 OG Kenner, LA 695 969 86 — 1,112 361 695 2,081 447 3,223 1,893 7/5/1993 7/5/1993 2 - 40 OG Duncanville, TX 835 1,057 91 — 945 370 835 2,002 461 3,298 1,714 6/28/1993 6/28/1993 2 - 40 OG Pembroke Pines, FL 1,134 1,249 77 — 1,166 511 1,134 2,415 588 4,137 1,909 3/28/1994 3/28/1994 2 - 42 OG Poughkeepsie, NY 873 1,613 108 — 823 174 873 2,436 282 3,591 1,888 11/29/1993 11/29/1993 2 - 40 OG Billings, MT 479 1,107 89 — 775 301 479 1,882 390 2,751 1,654 10/18/1993 10/18/1993 2 - 42 OG Rochester, NY 974 1,108 101 — 824 243 974 1,932 344 3,250 1,533 11/15/1993 11/15/1993 2 - 42 OG Whitehall, PA 936 1,291 90 — 1,025 331 936 2,316 421 3,673 2,053 11/8/1993 11/8/1993 2 - 36 OG Paducah, KY 452 1,083 82 — 700 288 452 1,783 370 2,605 1,552 11/8/1993 11/8/1993 2 - 40 OG Dearborn, MI 542 1,219 59 — 713 242 542 1,932 301 2,775 1,648 1/10/1994 1/10/1994 2 - 40 OG Bangor, ME 357 1,120 96 — 1,027 282 357 2,147 378 2,882 1,764 12/13/1993 12/13/1993 2 - 42 OG Grand Rapids, MI 804 866 87 — 637 257 804 1,503 344 2,651 1,390 1/24/1994 1/24/1994 2 - 40 OG Peoria, IL 668 1,204 81 — 914 323 668 2,118 404 3,190 1,725 2/14/1994 2/14/1994 2 - 42 OG Newington, NH 915 1,051 103 — 803 355 915 1,854 458 3,227 1,643 1/17/1994 1/17/1994 2 - 42 OG Tyler, TX 485 1,041 92 — 1,279 340 485 2,320 432 3,237 1,845 1/17/1994 1/17/1994 2 - 47 OG Janesville, WI 370 1,069 86 — 712 287 370 1,781 373 2,524 1,464 3/7/1994 3/7/1994 2 - 40 OG Las Vegas, NV 879 1,344 95 — 596 317 879 1,940 412 3,231 1,652 3/7/1994 3/7/1994 2 - 40 OG Middletown, OH 424 1,044 95 — 863 318 424 1,907 413 2,744 1,668 3/7/1994 3/7/1994 2 - 42 OG Concord, NH 469 1,284 115 — 594 194 469 1,878 309 2,656 1,543 2/14/1994 2/14/1994 2 - 38 OG Branson, MO 1,056 1,893 69 — 785 295 1,056 2,678 364 4,098 2,163 5/16/1994 5/16/1994 2 - 40 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total OG Coon Rapids, MN 514 1,248 67 — 588 245 514 1,836 312 2,662 1,566 9/26/1994 9/26/1994 2 - 40 OG Fairfax, VA 985 1,127 69 — 1,021 406 985 2,148 475 3,608 1,840 10/3/1994 10/3/1994 2 - 42 OG Amherst, NY 1,215 1,394 88 — 891 307 1,215 2,285 395 3,895 1,881 12/12/1994 12/12/1994 2 - 38 OG Dallas, TX 764 1,212 55 — 811 281 764 2,023 336 3,123 1,747 10/10/1994 10/10/1994 2 - 44 OG Asheville, NC 1,031 1,198 94 — 655 292 1,031 1,853 386 3,270 1,607 10/31/1994 10/31/1994 2 - 40 OG Waldorf, MD 779 1,152 81 — 1,258 357 779 2,410 438 3,627 2,049 5/22/1995 5/22/1995 2 - 42 OG Fairborn, OH 804 1,290 82 — 681 221 804 1,971 303 3,078 1,640 2/20/1995 2/20/1995 2 - 40 OG Joplin, MO 654 1,219 102 — 662 323 654 1,881 425 2,960 1,593 1/9/1995 1/9/1995 2 - 40 OG Middletown, NY 807 1,581 97 — 592 345 807 2,173 442 3,422 1,812 1/30/1995 1/30/1995 2 - 40 OG Cedar Rapids, IA 510 1,148 105 — 608 311 510 1,756 416 2,682 1,526 12/5/1994 12/5/1994 2 - 40 OG Eau Claire, WI 600 1,193 110 — 538 268 600 1,731 378 2,709 1,519 1/23/1995 1/23/1995 2 - 40 OG Voorhees, NJ 804 1,696 101 — 600 303 804 2,296 404 3,504 1,928 2/20/1995 2/20/1995 2 - 38 OG Henderson, NV 1,109 1,289 74 — 826 383 1,109 2,115 457 3,681 1,857 2/20/1995 2/20/1995 2 - 42 OG Clay, NY 782 1,705 98 — 866 356 782 2,571 454 3,807 1,928 4/24/1995 4/24/1995 2 - 42 OG Norman, OK 596 1,246 96 — 449 172 596 1,695 268 2,559 1,417 3/7/1995 3/7/1995 2 - 38 OG Heath, OH 599 1,353 65 — 971 331 599 2,324 396 3,319 1,817 5/22/1995 5/22/1995 2 - 46 OG Jackson, MI 699 1,156 73 — 764 320 699 1,920 393 3,012 1,530 3/20/1995 3/20/1995 2 - 42 OG Hampton, VA 1,074 1,061 86 — 674 225 1,074 1,735 311 3,120 1,445 3/13/1995 3/13/1995 2 - 40 OG Tempe, AZ 703 1,131 75 — 746 353 703 1,877 428 3,008 1,683 5/15/1995 5/15/1995 2 - 40 OG Waterloo, IA 466 891 79 — 873 331 466 1,764 410 2,640 1,396 5/22/1995 5/22/1995 2 - 42 OG Barboursville, WV 1,139 1,062 84 — 731 203 1,139 1,793 287 3,219 1,442 2/27/1995 2/27/1995 2 - 40 OG Peoria, AZ 551 1,294 81 — 623 242 551 1,917 323 2,791 1,604 5/22/1995 5/22/1995 2 - 38 OG Onalaska, WI 603 1,283 102 — 339 197 603 1,622 299 2,524 1,402 4/24/1995 4/24/1995 2 - 38 OG Grapevine, TX 752 1,026 99 — 793 404 752 1,819 503 3,074 1,672 5/8/1995 5/8/1995 2 - 40 OG Midland, TX 400 1,340 88 — 566 314 400 1,906 402 2,708 1,561 10/16/1995 10/16/1995 2 - 40 OG Spring, TX 780 1,329 80 — 1,289 327 780 2,618 407 3,805 2,050 9/11/1995 9/11/1995 2 - 40 OG Colonie, NY 966 1,862 57 — 984 273 966 2,846 330 4,142 2,057 11/27/1995 11/27/1995 2 - 42 OG Fort Smith, AR 527 893 113 — 427 187 527 1,320 300 2,147 1,098 2/19/1996 2/19/1996 2 - 38 OG Jackson, MS 641 1,195 110 — 846 268 641 2,041 378 3,060 1,650 3/25/1996 3/25/1996 2 - 42 OG Lancaster, OH 372 846 115 — 603 284 372 1,449 399 2,220 1,200 5/6/1996 5/6/1996 2 - 40 OG Lima, OH 471 930 67 — 387 282 471 1,317 349 2,137 1,107 5/20/1996 5/20/1996 2 - 38 OG Williamsburg, VA 673 1,268 31 — 743 202 673 2,011 233 2,917 1,478 8/19/1996 8/19/1996 2 - 40 OG Dubuque, IA 518 1,103 76 — 391 221 518 1,494 297 2,309 1,015 5/20/1996 5/20/1996 2 - 38 OG Zanesville, OH 707 1,065 25 — 673 323 707 1,738 348 2,793 1,306 8/5/1996 8/5/1996 2 - 40 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total OG Frederick, MD 638 1,276 79 — 787 344 638 2,063 423 3,124 1,554 10/21/1996 10/21/1996 2 - 40 OG Westminster, MD 595 1,741 124 — 452 204 595 2,193 328 3,116 1,550 4/20/1998 4/20/1998 2 - 38 OG Hyannis, MA 664 2,097 90 — 665 175 664 2,762 265 3,691 2,098 11/17/1997 11/17/1997 2 - 35 OG Wyomissing, PA 963 1,926 109 — 498 206 963 2,424 315 3,702 1,799 5/11/1998 5/11/1998 2 - 38 OG Eugene, OR 761 1,486 91 — 356 200 761 1,842 291 2,894 1,455 5/11/1998 5/11/1998 2 - 38 OG Savannah, GA 952 1,781 189 — 660 147 952 2,441 336 3,729 1,673 4/10/2000 4/10/2000 2 - 35 OG Mentor, OH — 1,955 138 1,474 288 241 1,474 2,243 379 4,096 1,604 5/22/2000 5/22/2000 2 - 35 OG Douglasville, GA 1,189 1,978 144 — 406 248 1,189 2,384 392 3,965 1,713 5/1/2000 5/1/2000 2 - 35 OG Buford, GA 1,493 1,688 179 — 542 203 1,493 2,230 382 4,105 1,581 5/22/2000 5/22/2000 2 - 35 OG Maple Grove, MN 807 1,924 176 — 227 124 807 2,151 300 3,258 1,470 5/22/2000 5/22/2000 2 - 35 OG Olathe, KS 796 2,121 109 — 489 256 796 2,610 365 3,771 1,719 3/12/2001 3/12/2001 2 - 36 OG Austin, TX 1,239 2,295 154 — 168 96 1,239 2,463 250 3,952 1,553 9/3/2002 9/3/2002 2 - 37 OG Coeur D’Alene, ID 681 1,661 131 — 278 305 681 1,939 436 3,056 1,334 1/29/2001 1/29/2001 2 - 36 OG Frisco, TX 1,029 2,038 139 — 279 218 1,029 2,317 357 3,703 1,643 6/25/2001 6/25/2001 2 - 36 OG Bolingbrook, IL 1,006 2,424 147 — 253 129 1,006 2,677 276 3,959 1,750 7/23/2001 7/23/2001 2 - 36 OG Muskegon, MI 691 1,704 168 — 108 41 691 1,812 209 2,712 1,206 10/8/2001 10/8/2001 2 - 36 OG Memphis, TN 1,142 1,790 100 — 246 171 1,142 2,036 271 3,449 1,297 10/8/2001 10/8/2001 2 - 36 OG Kennewick, WA 763 1,980 149 — 259 158 763 2,239 307 3,309 1,531 5/14/2001 5/14/2001 2 - 36 OG Round Rock, TX 953 2,090 149 — 335 153 953 2,425 302 3,680 1,451 3/25/2002 3/25/2002 2 - 37 OG Killeen, TX 806 1,705 187 — 322 118 806 2,027 305 3,138 1,417 8/5/2002 8/5/2002 2 - 37 OG Los Angeles, CA 1,701 2,558 202 — 170 70 1,701 2,728 272 4,701 1,618 3/24/2003 3/24/2003 2 - 38 OG Omaha, NE 1,202 1,778 120 — 217 147 1,202 1,995 267 3,464 1,260 10/7/2002 10/7/2002 2 - 37 OG Bloomington, IN 947 1,747 150 — 419 94 947 2,166 244 3,357 1,333 11/18/2002 11/18/2002 2 - 37 OG Dayton, OH 677 1,675 172 — 210 72 677 1,885 244 2,806 1,169 5/1/2003 5/1/2003 2 - 38 OG Fayetteville, AR 849 1,845 160 — 138 79 849 1,983 239 3,071 1,252 12/11/2002 12/11/2002 2 - 37 OG Oklahoma City, OK 925 2,053 158 — 128 43 925 2,181 201 3,307 1,232 3/14/2005 3/14/2005 2 - 40 OG Lithonia, GA 1,403 1,872 174 — 306 122 1,403 2,178 296 3,877 1,325 11/18/2002 11/18/2002 2 - 37 OG Rochester, MN 829 1,889 192 — 146 140 829 2,035 332 3,196 1,310 12/16/2002 12/16/2002 2 - 37 OG Newport News, VA 796 1,989 172 — 88 63 796 2,077 235 3,108 1,287 5/5/2003 5/5/2003 2 - 38 OG Albuquerque, NM 771 1,716 179 — 131 104 771 1,847 283 2,901 1,143 5/19/2003 5/19/2003 2 - 38 OG Fort Gratiot, MI 604 2,246 186 — 132 57 604 2,378 243 3,225 1,383 11/17/2003 11/17/2003 2 - 38 OG Denton, TX 869 1,946 177 — 182 94 869 2,128 271 3,268 1,389 6/9/2003 6/9/2003 2 - 38 OG Lynchburg, VA 771 2,304 125 — 103 54 771 2,407 179 3,357 1,307 2/16/2004 2/16/2004 2 - 39 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total OG Duluth, MN 886 2,043 173 — 123 58 886 2,166 231 3,283 1,276 11/10/2003 11/10/2003 2 - 38 OG Tucson, AZ 1,019 2,073 104 — 121 135 1,019 2,194 239 3,452 1,189 9/20/2004 9/20/2004 2 - 39 OG Columbia, SC 1,119 2,175 161 — 110 85 1,119 2,285 246 3,650 1,251 4/5/2005 4/5/2005 2 - 40 OG Visalia, CA 1,151 1,830 151 — 133 46 1,151 1,963 197 3,311 1,100 3/15/2004 3/15/2004 2 - 39 OG San Antonio, TX 932 2,582 191 — 190 103 932 2,772 294 3,998 1,458 6/27/2005 6/27/2005 2 - 40 OG Anderson, SC 903 1,841 133 — 181 111 903 2,022 244 3,169 1,214 3/29/2004 3/29/2004 2 - 39 OG Lake Charles, LA 806 2,070 161 — 174 87 806 2,244 248 3,298 1,348 4/5/2004 4/5/2004 2 - 39 OG Houma, LA 736 2,190 150 — 185 148 736 2,375 298 3,409 1,317 2/14/2005 2/14/2005 2 - 40 OG Tupelo, MS 823 2,102 193 — 127 82 823 2,229 275 3,327 1,281 1/31/2005 1/31/2005 2 - 40 OG Jackson, TN 874 1,964 151 — 175 36 874 2,139 187 3,200 1,176 2/7/2005 2/7/2005 2 - 40 OG College Station, TX 581 2,236 173 — 42 44 581 2,278 217 3,076 1,314 1/24/2005 1/24/2005 2 - 40 OG Newnan, GA 829 2,239 157 — 152 55 829 2,391 212 3,432 1,269 5/23/2005 5/23/2005 2 - 40 OG Owensboro, KY 762 2,134 173 — 70 57 762 2,204 230 3,196 1,293 5/23/2005 5/23/2005 2 - 40 OG Mesa, AZ 598 1,844 132 — 110 129 598 1,954 261 2,813 1,074 10/3/2005 10/3/2005 2 - 40 OG Southaven, MS 1,048 2,209 158 — 117 50 1,048 2,326 208 3,582 1,185 11/21/2005 11/21/2005 2 - 40 OG Yuma, AZ 842 2,037 160 — 62 87 842 2,099 247 3,188 1,090 12/5/2005 12/5/2005 2 - 40 OG Oakdale, MN 956 2,355 185 — 30 35 956 2,385 220 3,561 1,256 12/5/2005 12/5/2005 2 - 40 OG Garland, TX 903 2,271 156 — 115 94 903 2,386 250 3,539 1,319 10/31/2005 10/31/2005 2 - 40 OG Tarentum, PA 1,119 2,482 148 — 179 47 1,119 2,661 195 3,975 1,273 2/20/2006 2/20/2006 2 - 41 OG Texarkana, TX 871 2,279 151 — 90 87 871 2,369 238 3,478 1,251 3/27/2006 3/27/2006 2 - 41 OG Hot Springs, AR 797 2,415 186 — 84 73 797 2,499 259 3,555 1,163 10/23/2006 10/23/2006 2 - 41 OG Florence, SC — 1,817 169 1,503 119 84 1,503 1,936 253 3,692 1,033 8/21/2006 8/21/2006 2 - 41 OG Victoria, TX 782 2,327 240 — 39 30 782 2,366 270 3,418 1,238 1/15/2007 1/15/2007 2 - 42 OG Dothan, AL 850 2,242 131 — 62 92 850 2,304 223 3,377 1,115 8/28/2006 8/28/2006 2 - 41 OG San Angelo, TX 360 2,020 157 — 74 104 360 2,094 261 2,715 1,112 9/11/2006 9/11/2006 2 - 41 OG New Braunfels, TX 1,049 2,162 147 — 32 83 1,049 2,194 230 3,473 1,076 9/25/2006 9/25/2006 2 - 41 OG Grove City, OH 1,200 2,271 140 — 63 55 1,200 2,334 195 3,729 1,140 9/25/2006 9/25/2006 2 - 41 OG Opelika, AL 878 2,255 154 — 54 43 878 2,309 197 3,384 1,106 11/13/2006 11/13/2006 2 - 41 OG West Wichita, KS 1,227 1,801 154 — 84 86 1,227 1,885 240 3,352 894 11/6/2006 11/6/2006 2 - 41 OG Pueblo, CO 770 2,330 212 — 51 76 770 2,381 288 3,439 1,207 2/5/2007 2/5/2007 2 - 42 OG Sioux City, IA 1,304 2,114 137 — 89 99 1,304 2,203 236 3,743 1,073 12/11/2006 12/11/2006 2 - 41 OG Detroit, MI 1,400 2,956 234 — 81 87 1,400 3,037 321 4,758 1,312 5/21/2007 5/21/2007 2 - 42 OG Phoenix, AZ 753 2,153 246 — 97 72 753 2,250 318 3,321 1,155 4/23/2007 4/23/2007 2 - 42 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total OG Jacksonville, NC 1,174 2,287 239 — 32 81 1,174 2,319 320 3,813 1,140 11/19/2007 11/19/2007 2 - 42 OG Columbus, OH 995 2,286 184 — 61 27 995 2,347 211 3,553 1,040 12/17/2007 12/17/2007 2 - 42 OG Mount Juliet, TN 873 2,294 212 — 76 47 873 2,370 259 3,502 1,136 10/22/2007 10/22/2007 2 - 42 OG Triadelphia, WV 970 2,342 225 — 58 76 970 2,400 301 3,671 1,132 12/17/2007 12/17/2007 2 - 42 OG Reynoldsburg, OH 1,208 2,183 242 — 48 37 1,208 2,231 279 3,718 1,035 4/21/2008 4/21/2008 2 - 43 OG Florence, KY 1,007 2,099 155 — 52 88 1,007 2,151 243 3,401 1,014 8/4/2008 8/4/2008 2 - 43 OG Cincinnati, OH 1,072 2,170 236 — 57 43 1,072 2,227 279 3,578 1,054 4/28/2008 4/28/2008 2 - 43 OG Bismarck, ND 1,156 2,319 263 — 31 38 1,156 2,350 301 3,807 1,057 11/24/2008 11/24/2008 2 - 43 OG Spring Hill, TN 1,295 2,269 228 — 29 45 1,295 2,298 273 3,866 931 2/16/2009 2/16/2009 2 - 44 OG San Antonio, TX 1,359 2,492 230 — 23 33 1,359 2,515 263 4,137 972 3/30/2009 3/30/2009 2 - 44 OG Michigan City, IN 762 2,646 238 — 17 39 762 2,663 277 3,702 1,021 7/13/2009 7/13/2009 2 - 44 OG Broken Arrow, OK 1,461 2,261 231 — 73 57 1,461 2,334 288 4,083 917 5/25/2009 5/25/2009 2 - 44 OG Bossier City, LA 1,006 2,405 264 — 51 32 1,006 2,456 296 3,758 927 7/27/2009 7/27/2009 2 - 44 OG Jacksonville, FL 1,006 2,001 263 — 21 30 1,006 2,022 293 3,321 802 10/5/2009 10/5/2009 2 - 44 OG Richmond, KY 1,054 1,974 236 — 14 32 1,054 1,988 268 3,310 789 9/14/2009 9/14/2009 2 - 44 OG Ankeny, IA 704 2,218 248 — 9 17 704 2,227 265 3,196 703 1/10/2011 1/10/2011 2 - 46 OG Kingsport, TN 1,071 1,840 282 — 11 22 1,071 1,851 304 3,226 647 5/3/2010 5/3/2010 2 - 45 OG Las Cruces, NM 839 2,201 297 — 15 34 839 2,216 331 3,386 795 5/10/2010 5/10/2010 2 - 45 OG Manhattan, KS 791 2,253 237 — 33 69 791 2,286 306 3,383 846 4/26/2010 4/26/2010 2 - 45 OG Pleasant Prairie, WI 1,101 2,134 303 — 36 — 1,101 2,170 303 3,574 745 9/27/2010 9/27/2010 2 - 45 OG Morehead City, NC 853 1,864 315 — 62 23 853 1,926 338 3,117 714 7/19/2010 7/19/2010 2 - 45 OG Louisville, KY — 2,072 266 904 12 38 904 2,084 304 3,292 752 11/1/2010 11/1/2010 2 - 45 OG Wilson, NC 528 1,948 268 — 24 29 528 1,972 297 2,797 692 10/11/2010 10/11/2010 2 - 45 OG Council Bluffs, IA 955 2,051 254 — 4 32 955 2,055 286 3,296 680 10/25/2010 10/25/2010 2 - 45 OG Queen Creek, AZ 875 2,377 307 — 30 (1) 875 2,407 306 3,588 670 1/10/2011 1/10/2011 2 - 46 OG Utica, NY 908 2,728 362 — (470) — 908 2,258 362 3,528 424 8/12/2013 8/12/2013 2 - 48 OG Niagara Falls, NY 1,057 2,187 327 — 38 15 1,057 2,225 342 3,624 652 9/19/2011 9/19/2011 2 - 46 OG Gainesville, GA 985 1,915 274 — — 5 985 1,915 279 3,179 577 6/20/2011 6/20/2011 2 - 46 OG Cleveland, TN 962 1,941 324 — 14 6 962 1,955 330 3,247 589 11/28/2011 11/28/2011 2 - 46 OG Katy, TX 1,602 2,170 285 — — 5 1,602 2,170 290 4,062 565 4/9/2012 4/9/2012 2 - 47 OG Beckley, WV 1,013 2,105 314 — 25 1 1,013 2,130 315 3,458 481 10/1/2012 10/1/2012 2 - 47 OG Chicago, IL 942 2,626 337 — (484) — 942 2,142 337 3,421 667 3/26/2012 3/26/2012 2 - 47 OG Oklahoma City, OK 1,204 2,370 403 — (221) — 1,204 2,149 403 3,756 444 4/29/2013 4/29/2013 2 - 48 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total OG Columbus, OH 954 2,236 324 — 4 — 954 2,240 324 3,518 416 3/18/2013 3/18/2013 2 - 48 BB Orlando, FL 2,356 2,453 62 — 2,691 750 2,356 5,144 812 8,312 3,427 2/19/1996 2/19/1996 2 - 49 BB Tampa, FL 2,052 2,906 138 428 3,073 601 2,480 5,979 739 9,198 3,749 11/30/1998 11/30/1998 2 - 48 BB Raleigh, NC 2,507 3,230 155 — 918 314 2,507 4,148 469 7,124 2,798 5/17/1999 5/17/1999 2 - 38 BB Duluth, GA 2,006 2,362 254 — 1,378 274 2,006 3,740 528 6,274 2,740 5/24/1999 5/24/1999 2 - 38 BB Miami, FL 1,731 3,427 222 — 1,162 422 1,731 4,589 644 6,964 2,948 4/4/2000 4/4/2000 2 - 35 BB Fort Myers, FL 1,914 2,863 186 — 916 398 1,914 3,779 584 6,277 2,296 5/16/2000 5/16/2000 2 - 35 BB Pembroke Pines, FL 1,808 2,999 207 — 1,039 382 1,808 4,038 589 6,435 2,392 12/18/2000 12/18/2000 2 - 35 BB Livonia, MI 2,105 3,856 286 — 362 138 2,105 4,218 424 6,747 2,790 2/6/2001 2/6/2001 2 - 36 BB Sunrise, FL 1,515 3,251 138 — 450 224 1,515 3,701 362 5,578 2,028 10/22/2002 10/22/2002 2 - 37 BB Jacksonville, FL 2,235 2,295 344 — 50 13 2,235 2,345 357 4,937 871 3/29/2010 3/29/2010 2 - 45 BB Orlando, FL 1,659 2,340 356 — 324 41 1,659 2,664 397 4,720 641 2/27/2012 2/27/2012 2 - 47 S52 Naples, FL 2,912 3,619 447 — 7 37 2,912 3,626 484 7,022 1,036 10/10/2011 10/10/2011 2 - 46 S52 Jacksonville, FL 2,216 2,729 416 — 6 3 2,216 2,735 419 5,370 827 10/24/2011 10/24/2011 2 - 46 LH Tucker, GA 1,407 923 10 — 339 214 1,407 1,262 224 2,893 890 10/21/1986 10/1/2007 2 - 43 LH Snellville, GA 1,911 925 76 — 422 147 1,911 1,347 223 3,481 918 7/19/1992 10/1/2007 2 - 43 LH Macon, GA 1,249 718 30 — 420 204 1,249 1,138 234 2,621 962 12/5/1992 10/1/2007 2 - 44 LH Augusta, GA 1,631 845 46 — 300 103 1,631 1,145 149 2,925 860 6/28/1993 10/1/2007 2 - 42 LH Ocala, FL 1,210 1,100 17 — 579 112 1,210 1,679 129 3,018 1,264 5/12/1993 10/1/2007 2 - 42 LH Altamonte Springs, FL 1,649 974 22 — 450 135 1,649 1,424 157 3,230 860 4/12/1994 10/1/2007 2 - 44 LH Florence, KY — 741 52 1,191 347 165 1,191 1,088 217 2,496 719 8/16/1994 10/1/2007 2 - 47 LH Gainesville, GA 1,537 965 19 — 348 140 1,537 1,313 159 3,009 862 7/10/1995 10/1/2007 2 - 43 LH Peachtree City, GA 1,485 1,080 9 — 457 159 1,485 1,537 168 3,190 1,006 11/10/1995 10/1/2007 2 - 43 LH Lawrenceville, GA 1,865 1,116 17 — 451 117 1,865 1,567 134 3,566 952 7/15/1996 10/1/2007 2 - 42 LH Jensen Beach, FL 1,322 1,082 33 — 347 153 1,322 1,429 186 2,937 932 11/25/1996 10/1/2007 2 - 42 LH Destin, FL 2,053 793 16 — 357 224 2,053 1,150 240 3,443 805 12/16/1996 10/1/2007 2 - 42 LH Albany, GA 1,500 988 34 — 422 126 1,500 1,410 160 3,070 821 9/1/1997 10/1/2007 2 - 42 LH Dublin, OH 1,572 1,205 18 — 510 259 1,572 1,715 277 3,564 987 8/26/1997 10/1/2007 2 - 42 LH Columbia, SC 1,677 1,291 23 — 495 176 1,677 1,786 199 3,662 1,055 8/18/1997 10/1/2007 2 - 42 LH Pineville, NC 1,262 879 11 — 495 195 1,262 1,374 206 2,842 769 1/19/1998 10/1/2007 2 - 44 LH Johns Creek, GA 1,694 1,089 18 — 203 123 1,694 1,292 141 3,127 733 5/18/1998 10/1/2007 2 - 42 LH Greensboro, NC 1,438 1,017 16 — 270 152 1,438 1,287 168 2,893 659 5/3/1999 10/1/2007 2 - 44 LH Huntsville, AL 1,443 983 7 — 350 194 1,443 1,333 201 2,977 679 6/28/1999 10/1/2007 2 - 44 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total LH Hickory, NC 1,333 1,029 7 — 313 166 1,333 1,342 173 2,848 631 10/25/1999 10/1/2007 2 - 44 LH Tampa, FL 1,488 1,078 6 — 297 189 1,488 1,375 195 3,058 771 1/11/2000 10/1/2007 2 - 35 LH Clarksville, TN 1,662 1,097 15 — 449 112 1,662 1,546 127 3,335 725 11/15/1999 10/1/2007 2 - 43 LH Orlando, FL 1,165 749 21 — 264 137 1,165 1,013 158 2,336 563 3/21/2000 10/1/2007 2 - 35 LH Concord, NH 1,329 935 7 — 359 172 1,329 1,294 179 2,802 538 2/22/2000 10/1/2007 2 - 35 LH Orlando, FL 1,492 1,277 52 — 297 150 1,492 1,574 202 3,268 757 4/10/2000 10/1/2007 2 - 35 LH Medina, OH 1,189 820 12 — 268 168 1,189 1,088 180 2,457 537 9/5/2000 10/1/2007 2 - 35 LH Hoover, AL 1,401 966 17 — 350 160 1,401 1,316 177 2,894 645 1/10/2001 10/1/2007 2 - 36 LH Boardman, OH 954 673 17 — 285 151 954 958 168 2,080 448 3/5/2001 10/1/2007 2 - 36 LH Prattville, AL 1,481 1,016 27 — 336 134 1,481 1,352 161 2,994 653 7/2/2001 10/1/2007 2 - 36 LH Bensalem, PA 1,645 600 17 — 346 160 1,645 946 177 2,768 440 10/15/2001 10/1/2007 2 - 36 LH Lee’s Summit, MO 1,705 1,219 34 — 285 88 1,705 1,504 122 3,331 618 1/21/2002 10/1/2007 2 - 37 LH Germantown, MD 1,439 1,069 27 — 306 138 1,439 1,375 165 2,979 650 5/13/2002 10/1/2007 2 - 37 LH Independence, OH 1,241 686 26 — 231 106 1,241 917 132 2,290 412 9/16/2002 10/1/2007 2 - 37 LH Hiram, GA 1,639 1,033 25 — 374 130 1,639 1,407 155 3,201 638 1/14/2002 10/1/2007 2 - 37 LH Louisville, KY 1,405 980 18 — 238 113 1,405 1,218 131 2,754 516 10/28/2002 10/1/2007 2 - 37 LH Bowie, MD 1,871 1,230 21 — 257 147 1,871 1,487 168 3,526 639 3/25/2002 10/1/2007 2 - 37 LH Waldorf, MD 1,929 1,167 26 — 245 162 1,929 1,412 188 3,529 619 8/26/2002 10/1/2007 2 - 37 LH West Palm Beach, FL 1,781 1,228 27 — 297 132 1,781 1,525 159 3,465 651 11/25/2002 10/1/2007 2 - 37 LH Columbia, MD 1,918 1,439 40 — 268 161 1,918 1,707 201 3,826 730 1/27/2003 10/1/2007 2 - 38 LH East Point, GA 1,052 1,232 21 — 291 143 1,052 1,523 164 2,739 668 3/24/2003 10/1/2007 2 - 38 LH Lexington, KY 1,251 874 16 — 238 162 1,251 1,112 178 2,541 521 3/10/2003 10/1/2007 2 - 42 LH Winter Haven, FL 1,285 1,149 39 — 276 124 1,285 1,425 163 2,873 610 6/23/2003 10/1/2007 2 - 38 LH Jacksonville, FL 795 1,302 32 — 210 128 795 1,512 160 2,467 629 8/18/2003 10/1/2007 2 - 38 LH Daphne, AL 1,130 757 30 — 308 111 1,130 1,065 141 2,336 541 9/2/2003 10/1/2007 2 - 38 LH Anderson, SC 1,445 990 41 — 240 111 1,445 1,230 152 2,827 551 2/2/2004 10/1/2007 2 - 39 LH Palm Harbor, FL 1,406 917 32 — 263 93 1,406 1,180 125 2,711 564 5/17/2004 10/1/2007 2 - 39 LH West Chester, OH 1,371 927 31 — 248 79 1,371 1,175 110 2,656 544 3/15/2004 10/1/2007 2 - 39 LH Jefferson City, MO 1,342 875 60 — 196 68 1,342 1,071 128 2,541 490 8/23/2004 10/1/2007 2 - 39 LH Chantilly, VA 1,568 882 50 — 262 66 1,568 1,144 116 2,828 491 10/4/2004 10/1/2007 2 - 39 LH Dawsonville, GA 1,084 1,321 51 — 188 100 1,084 1,509 151 2,744 628 8/9/2004 10/1/2007 2 - 39 LH Opelika, AL 1,427 1,244 36 — 202 58 1,427 1,446 94 2,967 627 9/27/2004 10/1/2007 2 - 39 LH Indianapolis, IN 1,298 854 55 — 211 51 1,298 1,065 106 2,469 499 7/25/2005 10/1/2007 2 - 40 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (Dollars in thousands) Initial Cost to Company Cost Capitalized Since Acquisition Gross Carrying Value (2) Accumulated Depreciation Construction Date Acquisition Date Life on which Depreciation in latest Statement of Income is Computed Restaurant Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total LH Grove City, OH 1,566 1,067 53 — 191 61 1,566 1,258 114 2,938 550 6/27/2005 10/1/2007 2 - 40 LH Springfield, IL 1,573 1,451 65 — 182 79 1,573 1,633 144 3,350 711 5/2/2005 10/1/2007 2 - 40 LH Covington, GA 887 1,212 70 — 45 49 887 1,257 119 2,263 543 5/23/2005 10/1/2007 2 - 40 LH West Homestead, PA 1,418 947 79 — 33 91 1,418 980 170 2,568 439 7/25/2005 10/1/2007 2 - 40 LH Carrollton, GA 1,192 1,227 75 — 15 49 1,192 1,242 124 2,558 554 10/24/2005 10/1/2007 2 - 40 LH Tarentum, PA 1,414 931 91 — 84 46 1,414 1,015 137 2,566 465 11/7/2005 10/1/2007 2 - 40 LH Commerce, GA 1,335 1,466 65 — 57 84 1,335 1,523 149 3,007 591 4/24/2006 10/1/2007 2 - 41 LH East Ellijay, GA 1,126 1,272 70 — 21 82 1,126 1,293 152 2,571 555 1/23/2006 10/1/2007 2 - 41 LH Acworth, GA 1,941 1,255 70 — 23 82 1,941 1,278 152 3,371 533 2/20/2006 10/1/2007 2 - 41 LH Peoria, IL 1,299 848 81 — 143 46 1,299 991 127 2,417 476 5/1/2006 10/1/2007 2 - 41 LH Hixson, TN 1,676 1,263 84 — 40 44 1,676 1,303 128 3,107 545 3/20/2006 10/1/2007 2 - 41 LH Fredericksburg, VA 1,734 1,174 89 — 42 35 1,734 1,216 124 3,074 577 7/24/2006 10/1/2007 2 - 41 LH Morgantown, WV 1,223 812 89 — 27 44 1,223 839 133 2,195 432 8/28/2006 10/1/2007 2 - 41 LH Florence, SC 1,628 1,352 90 — 28 35 1,628 1,380 125 3,133 535 9/5/2006 10/1/2007 2 - 41 LH Portage, IN 901 1,652 105 — 59 26 901 1,711 131 2,743 669 10/25/2006 10/1/2007 2 - 41 LH Macon, GA 1,052 1,840 97 — 135 38 1,052 1,975 135 3,162 814 2/5/2007 10/1/2007 2 - 42 LH Panama City Beach, FL 1,379 1,736 99 — 47 95 1,379 1,783 194 3,356 773 3/19/2007 10/1/2007 2 - 42 LH LaGrange, GA 979 1,527 111 — 36 52 979 1,563 163 2,705 682 4/30/2007 10/1/2007 2 - 42 LH Calhoun, GA 765 1,760 109 — (4) 36 765 1,756 145 2,666 733 6/11/2007 10/1/2007 2 - 42 LH Dublin, GA 389 1,910 140 — 27 23 389 1,937 163 2,489 722 1/14/2008 1/14/2008 2 - 43 LH Monroe, GA 966 1,549 164 — 30 13 966 1,579 177 2,722 617 4/28/2008 4/28/2008 2 - 43 LH Denham Springs, LA 1,306 2,049 283 — 35 12 1,306 2,084 295 3,685 994 8/25/2008 8/25/2008 2 - 43 LH Cornelia, GA 106 1,542 281 282 52 8 388 1,594 289 2,271 737 12/1/2008 12/1/2008 2 - 43 LH Richmond, VA 1,442 1,758 207 — 24 9 1,442 1,782 216 3,440 728 2/23/2009 2/23/2009 2 - 44 LH Hanover, MD 1,437 2,258 252 — 45 2 1,437 2,303 254 3,994 609 5/16/2011 5/16/2011 2 - 46 LH Orlando, FL 1,406 1,701 253 — 23 6 1,406 1,724 259 3,389 588 3/8/2010 3/8/2010 2 - 45 LH San Antonio, TX 907 1,504 — — 699 751 907 2,203 751 3,861 1,024 1/18/2010 1/18/2010 2 - 40 LH Conyers, GA 589 1,797 198 — 30 21 589 1,827 219 2,635 621 8/2/2010 8/2/2010 2 - 45 LH San Antonio, TX 1,206 1,583 — — 245 753 1,206 1,828 753 3,787 926 7/5/2010 7/5/2010 2 - 40 LH Thomasville, GA 730 1,688 229 — 19 5 730 1,707 234 2,671 630 4/19/2010 4/19/2010 2 - 45 LH San Antonio, TX 947 1,436 — — 444 801 947 1,880 801 3,628 987 5/10/2010 5/10/2010 2 - 40 LH Whitehall, PA 1,307 1,901 270 — 24 7 1,307 1,925 277 3,509 626 12/6/2010 12/6/2010 2 - 45 LH Fort Smith, AR 953 1,610 252 — 23 10 953 1,633 262 2,848 563 11/1/2010 11/1/2010 2 - 45 FOUR CORNERS PROPERTY, TRUST, INC. SCHEDULE III SCHEDULE OF REAL EATATE ASSETS AND ACCUMULAT

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Basis of PresentationPrinciples of Consolidation and Basis of Presentation The accompanying consolidated and combined financial statements include the accounts of Four Corners Property Trust, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The historical financial statements for the Kerrow Restaurant Operating Business were prepared on a stand-alone basis and were derived from the consolidated financial statements and accounting records of Darden. These statements reflect the historical financial condition and results of operations of Kerrow Restaurant Operating Business in accordance with GAAP. The consolidated and combined financial statements include all revenues and costs allocable to us either through specific identification or allocation, and all assets and liabilities directly attributable to us as derived from the operations of the restaurants. The consolidated and combined statements of comprehensive income include allocations of certain costs from Darden incurred on our behalf.
Use of EstimatesUse of Estimates The preparation of these consolidated and combined 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 and combined financial statements are based on management’s evaluation of the relevant facts and circumstances as of the date of the combination. Actual results may differ from the estimates and assumptions used in preparing the accompanying financial statements, and such differences could be material.
Real Estate InvestmentsReal Estate Investments Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from seven to forty-two years using the straight-line method. Leasehold improvements, which are reflected on our 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 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 our accompanying statements of comprehensive income. 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.
Impairment of Long-Lived AssetsImpairment 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. 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. Restaurant sites and certain other assets to be disposed of are reported at the lower of their carrying amount or fair value, less estimated costs to sell. Restaurant sites and certain other assets to be disposed of are included in assets held for sale when certain criteria are met. These criteria include the requirement that 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 and equipment 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 are reviewed to determine whether those assets would also meet the requirements to be reported as discontinued operations. 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 statements of comprehensive income as the original impairment.
Cash and Cash EquivalentsCash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
InventoriesInventories Inventories consist of food and beverages and are valued at the lower of weighted-average cost or market.
Derivative Instruments and Hedging ActivitiesDerivative 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 sheet 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 currently in earnings in the period in which it occurs.
Deferred Financing CostsDeferred 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 balance sheets.
Revenue RecognitionRevenue Recognition Rental income For those triple-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 straight-line rent receivable. Taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental income in our consolidated and combined statements of comprehensive income. 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. Income from rent, lease termination fees and all other income is recognized when all of the following criteria are met in accordance with SEC Staff Accounting Bulletin 104: (i) the applicable agreement has been fully executed and delivered; (ii) services have been rendered; (iii) the amount is fixed or determinable; and (iv) collectability is reasonable assured. We assess the collectability of our lease receivables, including straight-line receivables. We base our assessment of the collectability of rent receivables (other than straight-line rent receivables) on several factors, including payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. We also base our assessment of the collectability of straight-line rent receivables on several factors, including among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we provide a reserve against the recognized straight-line rent receivable asset for the portion, up to its full value, that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectability of future rent payments required by lease, we may adjust our reserve or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates. Restaurant revenue Restaurant revenue represents food and beverage product sold and is presented net of the following discounts: coupons, employee meals, complimentary meals and gift cards. Revenue from restaurant sales is recognized when food and beverage products are sold. 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 consolidated and combined statements of comprehensive income.
Restaurant ExpensesRestaurant 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. For expenses incurred prior to November 9, 2015, advance payments were made to Darden by the vendors based on estimates of volume to be purchased from the vendors and the terms of the agreement. As we made purchases from the vendors each period, Darden allocated the pro rata portion of allowances earned by us. We recorded these allowances as a reduction of food and beverage costs in the period earned. We considered the allocation methodology and results to be reasonable for the periods presented.
Income TaxesIncome Taxes We will be taxed as a C corporation and expect to pay U.S. federal corporate income taxes for our taxable year ending December 31, 2015. 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. that have an income tax. Tax accounting guidance 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. We intend to elect and qualify as a REIT for U.S. federal income tax purposes commencing with the taxable year ending December 31, 2016. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income that we distribute currently to our stockholders. To maintain our qualification as a REIT, we will be 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 stockholders 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 may also be 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. Prior to the Spin-Off we were included in the consolidated federal income tax return of Darden, as well as certain state tax returns where Darden files on a combined basis. The Predecessor has applied the provisions of FASB ASC Topic 740, Income Taxes, and computed the provision for income taxes on a separate return basis. The separate return method applies the accounting guidance for income taxes to the stand-alone consolidated and combined financial statements as if the Predecessor was a separate taxpayer and a stand-alone enterprise for the periods presented. The calculation of income taxes for the Predecessor on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. We believe that the assumptions and estimates used to compute these tax amounts are reasonable. However, the Predecessor’s financial statements may not necessarily reflect its income tax expense or tax payments in the future, or what our tax amounts would have been had it been a stand-alone enterprise during the periods presented. Federal and state income taxes payable prior to the Spin-Off were settled though their parent company equity account. The Predecessor provided for taxes that are deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits have been recorded as a reduction of income taxes. Deferred tax assets and liabilities have been 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 have been 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 have been recognized in earnings in the period that includes the enactment date. Excluding our charitable contribution carryforward, we generally expect to fully utilize the deferred tax assets; however, when necessary, we have recorded a valuation allowance to reduce the net deferred tax assets to the amount that is more likely than not to be realized. In determining the need for a valuation allowance or the need for uncertain tax positions, the Predecessor made certain estimates and assumptions. These estimates and assumptions were based on, among other things, knowledge of the operations, markets, historical trends and likely future changes and, when appropriate, the opinion of advisors with knowledge and expertise in relevant fields. Due to certain risks associated with our estimates and assumptions, actual results could differ.
Stock-Based CompensationStock-Based Compensation We recognize costs resulting from Four Corner’s stock-based compensation transactions over their vesting periods. We classify share-based payment awards granted in exchange for employee services 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 value each reporting period. Awards are classified as liability awards to the extent that settlement features allow the recipient to determine percentage of the restricted stock awards withheld to meet the recipients' tax withholding requirements. As these awards vest, with a range between one and five years, the value is calculated as the estimated number of shares earned during the year times the stock price at year end, less estimated forfeitures. No compensation cost is recognized for awards for which employees do not render the requisite services.
Earnings Per ShareEarnings Per Share Basic net earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding for the reporting period. Diluted net earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Restricted stock unites granted by us represent the only dilutive effect reflected in diluted weighted-average shares outstanding. These stock-based compensation instruments do not impact the numerator of the diluted net earnings per share computation. No effect is shown for any securities that are anti-dilutive.
Fair Value of Financial InstrumentsFair 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: • Level 1 - Quoted market prices in active markets for identical assets or liabilities; • Level 2 - Inputs other than level one inputs that are either directly or indirectly observable; and • Level 3 - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.
Application of New Accounting StandardsApplication of New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”. The standard outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive for those goods or services. On July 9, 2015, the FASB decided to delay the effective date of ASU 2014-09 for one year. The standard is now effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption for annual periods beginning after December 15, 2016 and interim periods within those annual periods is permitted. We are evaluating the effect this guidance will have on our consolidated and combined financial statements and related disclosures. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” which makes certain changes to both the variable interest model and the voting model including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for us beginning January 1, 2016. Adoption of this guidance has had no material impact on our consolidated and combined financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” This update simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction for the carrying amount of that debt liability, consistent with debt discounts. The amendments in this update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. We adopted this guidance in 2015. In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” which applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, first-out (“LIFO”). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. We are currently evaluating the impact of adopting this guidance. In August 2015, the FASB issued ASU No. 2015-15, “Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements; Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting.” This update adds SEC paragraphs regarding the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements and allow for deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit facility, regardless of whether there are any outstanding borrowings on the line-of-credit facility. We adopted this guidance in 2015. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief.
Fair Value MeasurementDetermining 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 assets and liabilities recorded that are reported at fair value on our consolidated balance sheets on a recurring basis.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThe following table presents the computation of basic and diluted net earnings per common share for the year ended December 31, 2015. (In thousands except for per share data) Year Ended December 31, 2015 Average common shares outstanding – basic 6,206 Effect of dilutive stock based compensation 58 Average common shares outstanding –diluted 6,264 Net income $ 5,699 Basic net earnings per share $ 0.92 Diluted net earnings per share $ 0.91

Real Estate Investments, Net (T

Real Estate Investments, Net (Tables)12 Months Ended
Dec. 31, 2015
Real Estate [Abstract]
Schedule of Property Subject to or Available for Operating LeaseReal estate investments, net, which consist of land, buildings and improvements leased to others subject to triple-net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business is summarized as follows: December 31, (In thousands) 2015 2014 Land $ 404,812 $ 3,069 Buildings and improvements 851,967 8,992 Equipment 140,451 3,521 Total gross real estate investments 1,397,230 15,582 Less: accumulated depreciation (568,539 ) (3,860 ) Total Real Estate Investments, Net $ 828,691 $ 11,722 The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. Because lease renewal periods are exercisable at the option of the lessee, the table presents future minimum lease payments due during the initial lease term only. December 31, (In millions) 2015 2016 $ 95 2017 96 2018 97 2019 99 2020 100 Thereafter 1,034 Total Future Minimum Rentals $ 1,521

Supplemental Detail for Certa27

Supplemental Detail for Certain Components of Consolidated Balance Sheet - (Tables)12 Months Ended
Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets and Other LiabilitiesThe components of other assets were as follows: December 31, (In thousands) 2015 2014 Accounts receivable $ 70 $ — Inventories 198 113 Prepaid rent 689 62 Deferred tax assets — 38 Other 51 7 Total Other Assets $ 1,008 $ 220
Other LiabilitiesThe components of other liabilities were as follows: December 31, (In thousands) 2015 2014 Accounts payable $ 922 $ 450 Accrued interest expense 959 — Accrued compensation 465 136 Other accrued income taxes 2,008 407 Deferred rent 580 484 Other 1,261 441 Total Other Liabilities $ 6,195 $ 1,918

Derivative Financial Instrume28

Derivative Financial Instruments - (Tables)12 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative InstrumentsAs of December 31, 2015, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Product Number of Instruments Current Notional Interest Rate Swaps 2 $400,000,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair ValueThe table below presents the fair value of our derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2015. Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value at Balance Sheet Location Fair Value at (Dollars in thousands) December 31, 2015 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets $ 165 Derivative liabilities $ 477 Total $ 165 $ 477 The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheet. The Predecessor had no derivative financial instruments at December 31, 2014. Offsetting of Derivative Assets Gross Amounts Not Offset in the Consolidated Balance Sheet (Dollars in thousands) Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amount Derivatives $ 165 $ — $ 165 $ (165 ) $ — $ — Offsetting of Derivative Liabilities Gross Amounts Not Offset in the Consolidated Balance Sheet (Dollars in thousands) Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Posted Net Amount Derivatives $ 477 — $ 477 $ (165 ) $ — $ 312
Derivative Instruments, Gain (Loss)The table below presents the effect of our derivative financial instruments on the statements of comprehensive income for the year ending December 31, 2015. (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) Interest rate swaps $ (938 ) Interest expense $ (622 ) Interest expense $ 3

Stock-Based Compensation - (Tab

Stock-Based Compensation - (Tables)12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award Units Weighted-Average Grant Date Fair Outstanding beginning of period — $— Units granted 57,546 23.40 Units vested — — Units forfeited — — Outstanding End of Period 57,546 $23.40

Income Taxes - (Tables)

Income Taxes - (Tables)12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and ForeignThe components of income (loss) before income taxes and the provision for income taxes and benefit thereon were as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Income (loss) before income tax $ 8,643 $ (110 ) $ (95 )
Schedule of Components of Income Tax Expense (Benefit)The provision (benefit) for income taxes was as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Current: Federal $ 1,502 $ 33 $ 43 Current state and local 247 19 19 Total current 1,749 52 62 Deferred: Federal deferred 1,133 (194 ) (186 ) State deferred 62 — — Total deferred 1,195 (194 ) (186 ) Total Income Tax (Benefit) $ 2,944 $ (142 ) $ (124 )
Income Tax Receivable SettlementIncome taxes receivable settled through the Predecessor’s parent company equity were as follows: Year Ended December 31, (In thousands) 2015 2014 2013 Income taxes receivable settled through parent company equity $ 35 $ 52 $ 62 Income taxes payable 1,713 — —
Schedule of Effective Income Tax Rate ReconciliationThe following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate included in the accompanying consolidated statements of comprehensive income: Year Ended December 31, 2015 2014 2013 U.S. statutory rate 34.0 % 34.0 % 34.0 % State and local income taxes, net of federal tax benefits 2.6 (11.4 ) (13.1 ) Benefit of federal income tax credits (0.3 ) 177.1 193.8 Valuation allowance (0.6 ) (29.3 ) (49.3 ) Permanent differences 0.2 (41.3 ) (34.9 ) Effective Income Tax Rate 35.9 % 129.1 % 130.5 %
Schedule of Deferred Tax Assets and LiabilitiesThe tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows: December 31, (In thousands) 2015 2014 Compensation and employee benefits $ 200 $ 171 Charitable contribution and credit carryforwards — 370 Valuation allowance - carryforward items — (140 ) UNICAP 8 4 Gross deferred tax assets 208 405 Prepaid expenses (252 ) — Straight-line rent (549 ) — Buildings and equipment (80,288 ) (1,400 ) Gross deferred tax liabilities (81,089 ) (1,400 ) Net Deferred Tax Liabilities $ (80,881 ) $ (995 )

Fair Value Measurements- (Table

Fair Value Measurements- (Tables)12 Months Ended
Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring BasisAssets and Liabilities Measured at Fair Value on a Recurring Basis December 31, 2015 (In thousands) Level 1 Level 2 Level 3 Total Assets Derivative assets $ — $ 165 $ — $ 165 Total $ — $ 165 $ — $ 165 Liabilities Derivative liabilities $ — $ 477 $ — $ 477 Total $ — $ 477 $ — $ 477
Fair Value Measurements, NonrecurringFair Value of Certain Financial Liabilities December 31, 2015 (In thousands) Carrying Value Fair Value Liabilities Note payable, excluding deferred offering costs $ 400,000 $ 400,146

Commitments and Contingencies -

Commitments and Contingencies - (Tables)12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating LeasesThe following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. Because lease renewal periods are exercisable at the option of the lessee, the table presents future minimum lease payments due during the initial lease term only. December 31, (In millions) 2015 2016 $ 95 2017 96 2018 97 2019 99 2020 100 Thereafter 1,034 Total Future Minimum Rentals $ 1,521 The annual future lease commitments under non-cancelable operating leases for each of the five years subsequent to December 31, 2015 and thereafter is as follows: (In thousands) December 31, 2015 2016 $ 497 2017 515 2018 518 2019 407 2020 397 Thereafter 9,678 Total Future Lease Commitments $ 12,012

Segments (Tables)

Segments (Tables)12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by SegmentThe following tables present financial information by segment for the year ended December 31, 2015. (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental income $ 15,134 $ — $ — $ 15,134 Intercompany rental income 65 — (65 ) — Restaurant revenues — 18,322 — 18,322 Total revenues 15,199 18,322 (65 ) 33,456 Operating expenses: General and administrative 1,856 — — 1,856 Depreciation and amortization 2,953 805 — 3,758 Restaurant expenses — 17,061 (65 ) 16,996 Interest expense 2,203 — — 2,203 Total operating expenses 7,012 17,866 (65 ) 24,813 Income before provision for income taxes 8,187 456 — 8,643 Provision for income taxes (2,942 ) (2 ) — (2,944 ) Net Income $ 5,245 $ 454 $ — $ 5,699 The following table presents supplemental information by segment at December 31, 2015. (In thousands) Real Estate Operations Restaurant Operations Total Total real estate investments $ 1,380,663 $ 16,567 $ 1,397,230 Accumulated depreciation (563,268 ) (5,271 ) (568,539 ) Total real estate investments, net $ 817,395 $ 11,296 $ 828,691 Cash and cash equivalents $ 95,873 $ 2,200 $ 98,073 Total assets $ 915,543 $ 13,894 $ 929,437 Notes payable, net of deferred financing costs $ 392,302 $ — $ 392,302 Deferred tax liability $ 80,881 $ — $ 80,881

Selected Quarterly Financial 34

Selected Quarterly Financial Data (Unaudited) - (Tables)12 Months Ended
Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Schedule of Quarterly Financial Information (In thousands, except per share amounts) January 1, 2015 - March 31, 2015 April 1, 2015 - June 30, 2015 July 1, 2015 - September 30, 2015 October 1, 2015 - December 31, 2015 Revenues: Rental income $ — $ — $ — $ 15,134 Restaurant revenues 4,890 4,624 4,413 4,395 Total revenues 4,890 4,624 4,413 19,529 Operating expenses: General and administrative — — — 1,856 Depreciation and amortization 212 185 208 3,153 Restaurant expense 4,513 4,335 4,088 4,060 Interest expense — $ — $ — 2,203 Total expenses 4,725 4,520 4,296 11,272 Income Before Income Taxes $ 165 $ 104 $ 117 $ 8,257 Earnings per share: Basic NA NA NA $ 0.85 Diluted NA NA NA $ 0.84 Distributions declared per share NA NA NA NA NA – not applicable (In thousands, except per share amounts) January 1, 2014 - March 31, 2014 April 1, 2014 - June 30, 2014 July 1, 2014 September 30, 2014 October 1, 2014 - December 31, 2014 Revenues: Rental income $ — $ — $ — $ — Restaurant revenues 4,654 4,372 4,339 4,330 Total revenues 4,654 4,372 4,339 4,330 Operating expenses: General and administrative — — — — Depreciation and amortization 217 201 213 232 Restaurant expense 4,367 4,209 4,145 4,221 Interest expense — — — — Total expenses 4,584 4,410 4,358 4,453 Income Before Income Taxes $ 70 $ (38 ) $ (19 ) $ (123 ) Earnings per share: Basic NA NA NA NA Diluted NA NA NA NA Distributions declared per share NA NA NA NA NA – not applicable

Organization (Details)

Organization (Details) $ in ThousandsNov. 09, 2015USD ($)propertybrandDec. 31, 2015USD ($)
Separation And Spin-Off [Line Items]
Payment from issuance of long-term debt $ 314,985
Revolving Credit and Term Loan [Member] | Secured Debt [Member]
Separation And Spin-Off [Line Items]
Payment from issuance of long-term debt $ 315,000
Darden [Member]
Separation And Spin-Off [Line Items]
Equity interest contributed, percentage1
Number of real estate properties | property418
Number of brands | brand5
Stockholder's equity, conversion ratio3
Darden [Member] | Revolving Credit and Term Loan [Member] | Secured Debt [Member]
Separation And Spin-Off [Line Items]
Payment from issuance of long-term debt $ 315,000
Longhorn San Antonio Business [Member] | Darden [Member]
Separation And Spin-Off [Line Items]
Number of brands | brand6

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Operations (Details)12 Months Ended
Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Assets held for sale disposal period1 year
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life (in years)7 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life (in years)42 years
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life (in years)2 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life (in years)15 years

Summary of Significant Accoun37

Summary of Significant Accounting Policies- Additional Information (Details)Oct. 20, 2015shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Issuance of common stock in connection with Spin-Off, shares2,100,000

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member]12 Months Ended
Dec. 31, 2015
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)3 years
Predecessor [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)4 years
Predecessor [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)5 years

Summary of Significant Accoun39

Summary of Significant Accounting Policies- Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2015Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income $ 5,699 $ 32 $ 29
Average common shares outstanding – basic6,206,375
Effect of dilutive stock based compensation58,000
Average common shares outstanding –diluted6,263,921
Earnings per share, basic (in USD per share) $ 0.85 $ 0.92
Earnings per share, diluted (in USD per share) $ 0.84 $ 0.91

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) $ in Thousands12 Months Ended
Dec. 31, 2015USD ($)staterestaurantNov. 09, 2015USD ($)
Concentration Risk [Line Items]
Number of states in which entity operates | state44
Number of restaurants | restaurant302
Derivative instrument risk exposure | $ $ 312
Net Assets, Geographic Area [Member] | Geographic Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage10.00%
Number of states in which entity operates | state2
Net Assets, Geographic Area [Member] | Geographic Concentration Risk [Member] | Florida [Member]
Concentration Risk [Line Items]
Concentration risk, percentage11.00%
Net Assets, Geographic Area [Member] | Geographic Concentration Risk [Member] | Texas [Member]
Concentration Risk [Line Items]
Concentration risk, percentage11.00%
Olive Garden [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage72.00%
Olive Garden [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage75.00%
Darden [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk, percentage99.00%
Secured Debt [Member] | Revolving Credit and Term Loan [Member]
Concentration Risk [Line Items]
Line of credit facility, current borrowing capacity | $ $ 350,000 $ 350,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2015Sep. 30, 2015Jun. 30, 2015Mar. 31, 2015Dec. 31, 2014Sep. 30, 2014Jun. 30, 2014Mar. 31, 2014Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Related Party Transaction [Line Items]
Operating expenses $ 11,272 $ 4,296 $ 4,520 $ 4,725 $ 4,453 $ 4,358 $ 4,410 $ 4,584 $ 24,813 $ 17,805 $ 17,002
Revenues $ 19,529 $ 4,413 $ 4,624 $ 4,890 $ 4,330 $ 4,339 $ 4,372 $ 4,654 33,456 17,695 16,907
Selling, General and Administrative Expenses [Member] | Corporate Segment [Member]
Related Party Transaction [Line Items]
Operating expenses900 $ 1,200 $ 1,200
Darden [Member]
Related Party Transaction [Line Items]
Revenues $ 110

Leasing Real Estate (Details)

Leasing Real Estate (Details) - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Property Subject to or Available for Operating Lease [Line Items]
Total real estate investments $ 1,397,230 $ 15,582
Less: Accumulated depreciation(568,539)(3,860)
Total real estate investments, net828,691 11,722
Property Subject to Operating Lease [Member]
Property Subject to or Available for Operating Lease [Line Items]
Land404,812 3,069
Buildings and improvements851,967 8,992
Equipment140,451 3,521
Total real estate investments1,397,230 15,582
Less: Accumulated depreciation(568,539)(3,860)
Total real estate investments, net $ 828,691 $ 11,722

Real Estate Investments, Net Co

Real Estate Investments, Net Contractual Rent Due (Details) $ in MillionsDec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,016 $ 95
2,017 96
2,018 97
2,019 99
2,020 100
Thereafter1,034
Total Future Minimum Rentals $ 1,521

Supplemental Detail for Certa44

Supplemental Detail for Certain Components of Consolidated Balance Sheet Narrative - (Details) - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable $ 70 $ 0
Inventories198 113
Prepaid rent689 62
Deferred tax assets0 38
Other51 7
Total Other Assets $ 1,008 $ 220

Supplemental Detail for Certa45

Supplemental Detail for Certain Components of Consolidated Balance Sheet Other Liabilities (Details) - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable $ 922 $ 450
Accrued interest expense959 0
Accrued compensation465 136
Other accrued income taxes2,008 407
Deferred rent580 484
Other1,261 441
Total Other Liabilities $ 6,195 $ 1,918

Notes Payable - (Details)

Notes Payable - (Details)Nov. 09, 2015USD ($)Dec. 31, 2015USD ($)Nov. 10, 2015USD ($)swap
Debt Instrument [Line Items]
Note payable, excluding deferred offering costs $ 400,000,000
Payment from issuance of long-term debt314,985,000
Amortization of financing costs265,000
Number of interest rate derivatives held | swap2
Current Notional400,000,000
London Interbank Offered Rate (LIBOR) [Member] | Swap Agreement, Maturity 2018 [Member] | Cash Flow Hedging [Member]
Debt Instrument [Line Items]
Current Notional $ 200,000,000
Derivative, fixed interest rate1.16%
London Interbank Offered Rate (LIBOR) [Member] | Swap Agreement, Maturity 2020 [Member] | Cash Flow Hedging [Member]
Debt Instrument [Line Items]
Current Notional $ 200,000,000
Derivative, fixed interest rate1.56%
Revolving Credit and Term Loan [Member]
Debt Instrument [Line Items]
Revolving credit and term loan, maximum borrowing capacity $ 750,000,000
Revolving credit and term loan, accordion feature, increase limit250,000,000
Revolving credit and term loan, accordion feature, maximum1,000,000,000
Asset growth capitalization $ 300,000,000
Debt instrument, total indebtedness to capitalization value0.6
Debt instrument, mortgage-secured leverage ratio0.4
Debt instrument, total secured recourse indebtedness to consolidated capitalization, percent0.05
Debt instrument, fixed charge coverage ratio, minimum1.75
Debt instrument, unhedged floating rate debt, maximum0.5
Debt instrument, unencumbered leverage ratio, maximum0.6
Debt instrument, unencumbered debt service coverage ratio, minimum1.50
Debt instrument, interest rate, increase due an event of default (percent)2.00%
Unamortized deferred financing costs7,700,000
Revolving Credit and Term Loan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Note payable, excluding deferred offering costs $ 400,000,000
Line of credit facility, current borrowing capacity350,000,000 $ 350,000,000
Payment from issuance of long-term debt315,000,000
Weighted average interest rate1.99%
Letter of Credit [Member]
Debt Instrument [Line Items]
Revolving credit and term loan, maximum borrowing capacity $ 45,000,000
Term Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate1.70%
Term Loan [Member] | Secured Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate2.45%
Term Loan [Member] | Secured Debt [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate0.70%
Term Loan [Member] | Secured Debt [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate1.45%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate1.75%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate2.50%
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate0.75%
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate1.50%
Revolving Credit Facility [Member] | Line of Credit [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused commitment fee percentage0.25%
Revolving Credit Facility [Member] | Line of Credit [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, unused commitment fee percentage0.35%

Derivative Financial Instrume47

Derivative Financial Instruments Narrative - (Details) $ in Thousands12 Months Ended
Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Hedge ineffectiveness recognized $ 3
Estimated reclass to earnings from AOCI3,500
Derivative fair value $ 618

Interest Rate Derivatives Summa

Interest Rate Derivatives Summary (Details)Dec. 31, 2015USD ($)swap
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of Instruments | swap2
Current Notional | $ $ 400,000,000

Derivatives Balance Sheet (Deta

Derivatives Balance Sheet (Details) - Designated as Hedging Instrument [Member] $ in ThousandsDec. 31, 2015USD ($)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset $ 165
Other Assets [Member] | Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset165
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset477
Other Liabilities [Member] | Interest Rate Contract [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset $ 477

Derivatives Income Statement (D

Derivatives Income Statement (Details) - Interest Rate Contract [Member] - Designated as Hedging Instrument [Member] $ in Thousands12 Months Ended
Dec. 31, 2015USD ($)
Operating Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) $ (622)
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing)3
Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) $ (938)

Derivatives Offsetting (Details

Derivatives Offsetting (Details) $ in ThousandsDec. 31, 2015USD ($)
Derivative [Line Items]
Financial Instruments $ 165
Cash Collateral Received0
Net Amount0
Financial Instruments165
Cash Collateral Posted0
Net Amount312
Swap [Member]
Derivative [Line Items]
Gross Amounts of Recognized Assets(165)
Gross Amounts Offset in the Consolidated Balance Sheet0
Net Amounts of Assets Presented in the Consolidated Balance Sheet165
Gross Amounts of Recognized Liabilities(477)
Gross Amounts Offset in the Consolidated Balance Sheet0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet $ 477

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - sharesOct. 20, 2015Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock in connection with Spin-Off, shares2,100,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average closing market price, common stock, period5 days
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)1 year
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)3 years

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity-Classified RSUs (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Millions12 Months Ended
Dec. 31, 2015Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs Outstanding57,546 0
RSUs Vested0
RSUs Granted57,546
RSUs Forfeited0
RSUs Distributed0
Compensation cost not yet recognized $ 1.3
Period for recognition (in years)2 years 6 months 20 days

Stock-Based Compensation - Eq54

Stock-Based Compensation - Equity RSUs Rollforward (Details) - Restricted Stock Units (RSUs) [Member]12 Months Ended
Dec. 31, 2015$ / sharesshares
Units (In thousands)
Outstanding beginning of period0
Units granted57,546
Units vested0
Units forfeited0
Outstanding End of Period57,546
Weighted-Average Grant Date Fair Value Per Share
Weighted average grant date fair value (in USD per share) | $ / shares $ 23.40
Weighted average grant date fair value, outstanding at end of period (in USD per share) | $ / shares $ 23.40

Stock-Based Compensation - Othe

Stock-Based Compensation - Other RSUs (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2015Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs Outstanding57,546 0
Period for recognition (in years)2 years 6 months 20 days
RSU liability $ 96 $ 127
Predecessor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs Outstanding3,272
Period for recognition (in years)2 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)1 year
Minimum [Member] | Predecessor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)4 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)3 years
Maximum [Member] | Predecessor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)5 years

Income Taxes - Income Before Ta

Income Taxes - Income Before Taxes (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2015Sep. 30, 2015Jun. 30, 2015Mar. 31, 2015Dec. 31, 2014Sep. 30, 2014Jun. 30, 2014Mar. 31, 2014Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income (loss) before income tax $ 8,257 $ 117 $ 104 $ 165 $ (123) $ (19) $ (38) $ 70 $ 8,643 $ (110) $ (95)

Income Taxes- Provision (Benefi

Income Taxes- Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Current:
Federal $ 1,502 $ 33 $ 43
Current state and local247 19 19
Total current1,749 52 62
Deferred:
Federal deferred1,133 (194)(186)
State deferred62 0 0
Total deferred1,195 (194)(186)
Total Income Tax (Benefit) $ 2,944 $ (142) $ (124)

Income Taxes- Settlement of Rec

Income Taxes- Settlement of Receivable (Details) - Predecessor [Member] - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Income Tax Receivable Settlement [Line Items]
Income taxes receivable settled through parent company equity $ 35 $ 52 $ 62
Income taxes payable $ 1,713 $ 0 $ 0

Income Taxes - Income Tax Rate

Income Taxes - Income Tax Rate Reconciliation (Details)12 Months Ended
Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Income Tax Disclosure [Abstract]
U.S. statutory rate34.00%34.00%34.00%
State and local income taxes, net of federal tax benefits2.60%(11.40%)(13.10%)
Benefit of federal income tax credits(0.30%)177.10%193.80%
Valuation allowance(0.60%)(29.30%)(49.30%)
Permanent differences0.20%(41.30%)(34.90%)
Effective Income Tax Rate35.90%129.10%130.50%

Income Taxes- Schedule of Defer

Income Taxes- Schedule of Deferred Taxes Reconciliation (Details) - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Income Tax Disclosure [Abstract]
Compensation and employee benefits $ 200 $ 171
Charitable contribution and credit carryforwards0 370
Valuation allowance - carryforward items0 (140)
UNICAP8 4
Gross deferred tax assets208 405
Prepaid expenses(252)
Straight-line rent(549)
Buildings and equipment(80,288)(1,400)
Gross deferred tax liabilities(81,089)(1,400)
Net Deferred Tax Liabilities $ (80,881) $ (995)

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in ThousandsNov. 09, 2015USD ($)propertybrand$ / sharessharesDec. 31, 2015USD ($)$ / sharessharesDec. 31, 2014shares
Equity [Abstract]
Preferred stock, shares authorized25,000,000
Preferred stock, par value (in USD per share) | $ / shares $ 0.0001
Preferred stock, shares issued0
Preferred stock, shares outstanding0
Common stock, shares authorized500,000,000
Common stock, voting rightsone vote
Common stock, shares outstanding42,741,995 0
Class of Stock [Line Items]
Common stock, par value (in USD per share) | $ / shares $ 0.0001
Common stock, shares issued42,741,995 0
Payment from issuance of long-term debt | $ $ 314,985
Darden [Member]
Class of Stock [Line Items]
Equity interest contributed, percentage1
Number of real estate properties | property418
Number of brands | brand5
Common stock, par value (in USD per share) | $ / shares $ 0.0001
Common stock, shares issued42,741,995
Stockholder's equity, conversion ratio3
Tax-Free, accounting treatment, period of restriction (years)two year
Secured Debt [Member] | Revolving Credit and Term Loan [Member]
Class of Stock [Line Items]
Payment from issuance of long-term debt | $ $ 315,000
Secured Debt [Member] | Revolving Credit and Term Loan [Member] | Darden [Member]
Class of Stock [Line Items]
Payment from issuance of long-term debt | $ $ 315,000
Longhorn San Antonio Business [Member] | Darden [Member]
Class of Stock [Line Items]
Number of brands | brand6

Fair Value Measurements- Assets

Fair Value Measurements- Assets and Liabilities at Fair Value (Details) - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Assets
Derivative assets $ 165 $ 0
Liabilities
Derivative liabilities477 $ 0
Fair Value, Measurements, Recurring [Member]
Assets
Derivative assets165
Total165
Liabilities
Derivative liabilities477
Total477
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets
Derivative assets165
Total165
Liabilities
Derivative liabilities477
Total $ 477

Fair Value Measurements - Finan

Fair Value Measurements - Financial Liabilities (Details) $ in ThousandsDec. 31, 2015USD ($)
Fair Value Disclosures [Abstract]
Note payable, excluding deferred offering costs $ 400,000
Notes Payable, Fair Value Disclosure $ 400,146

Commitments and Contingencies-

Commitments and Contingencies- Ground Leases (Details) $ in Thousands12 Months Ended
Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rent expense ground lease $ 441

Commitments and Contingencies65

Commitments and Contingencies - Operating Leases (Details) $ in ThousandsDec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating leases, future minimum payments due, next twelve months $ 497
Operating leases, future minimum payments, due in two years515
Operating leases, future minimum payments, due in three years518
Operating leases, future minimum payments, due in four years407
Operating leases, future minimum payments, due in five years397
Thereafter9,678
Total Future Lease Commitments $ 12,012

Segments (Details)

Segments (Details)10 Months Ended12 Months Ended
Nov. 08, 2015segmentDec. 31, 2015state
Segment Reporting [Abstract]
Number of operating segments1 2

Segments Income by Segment (Det

Segments Income by Segment (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2015Sep. 30, 2015Jun. 30, 2015Mar. 31, 2015Dec. 31, 2014Sep. 30, 2014Jun. 30, 2014Mar. 31, 2014Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Segment Reporting Information [Line Items]
Rental income $ 15,134 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 15,134 $ 0 $ 0
Intercompany rental income0
Restaurant revenues4,395 4,413 4,624 4,890 4,330 4,339 4,372 4,654 18,322 17,695 16,907
Total revenues19,529 4,413 4,624 4,890 4,330 4,339 4,372 4,654 33,456 17,695 16,907
General and administrative1,856 0 0 0 0 0 0 0 1,856 0 0
Depreciation and amortization3,153 208 185 212 232 213 201 217 3,758 863 875
Restaurant expenses4,060 4,088 4,335 4,513 4,221 4,145 4,209 4,367 16,996 16,942 16,127
Interest expense2,203 0 0 0 0 2,203 0 0
Total expenses11,272 4,296 4,520 4,725 4,453 4,358 4,410 4,584 24,813 17,805 17,002
Income (loss) before income tax $ 8,257 $ 117 $ 104 $ 165 $ (123) $ (19) $ (38) $ 70 8,643 (110)(95)
(Provision for) benefit from income tax(2,944)142 124
Net Income5,699 $ 32 $ 29
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Rental income15,134
Intercompany rental income65
Restaurant revenues0
Total revenues15,199
General and administrative1,856
Depreciation and amortization2,953
Restaurant expenses0
Interest expense2,203
Total expenses7,012
Income (loss) before income tax8,187
(Provision for) benefit from income tax(2,942)
Net Income5,245
Restaurant Operations [Member]
Segment Reporting Information [Line Items]
Rental income0
Intercompany rental income0
Restaurant revenues18,322
Total revenues18,322
General and administrative0
Depreciation and amortization805
Restaurant expenses17,061
Interest expense0
Total expenses17,866
Income (loss) before income tax456
(Provision for) benefit from income tax(2)
Net Income454
Intercompany [Member]
Segment Reporting Information [Line Items]
Rental income0
Intercompany rental income(65)
Restaurant revenues0
Total revenues(65)
General and administrative0
Depreciation and amortization0
Restaurant expenses(65)
Interest expense0
Total expenses(65)
Income (loss) before income tax0
(Provision for) benefit from income tax0
Net Income $ 0

Segments Additional Information

Segments Additional Information (Details) - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Segment Reporting Information [Line Items]
Total real estate investments $ 1,397,230 $ 15,582
Accumulated depreciation(568,539)(3,860)
Total real estate investments, net828,691 11,722
Cash and cash equivalents98,073 7
Total assets929,437 11,949
Notes payable, net of deferred financing costs392,302 0
Deferred tax liability80,881 $ 1,033
Real Estate Operations [Member]
Segment Reporting Information [Line Items]
Total real estate investments1,380,663
Accumulated depreciation(563,268)
Total real estate investments, net817,395
Cash and cash equivalents95,873
Total assets915,543
Notes payable, net of deferred financing costs392,302
Deferred tax liability80,881
Restaurant Operations [Member]
Segment Reporting Information [Line Items]
Total real estate investments16,567
Accumulated depreciation(5,271)
Total real estate investments, net11,296
Cash and cash equivalents2,200
Total assets13,894
Notes payable, net of deferred financing costs0
Deferred tax liability $ 0

Subsequent Events - Dividend (D

Subsequent Events - Dividend (Details) - USD ($) $ / shares in Units, $ in MillionsMar. 02, 2016Oct. 20, 2015Dec. 31, 2015Jan. 07, 2016Dec. 31, 2014
Subsequent Event [Line Items]
Common stock, shares outstanding42,741,995 0
Issuance of common stock in connection with Spin-Off, shares2,100,000
Common Stock [Member]
Subsequent Event [Line Items]
Common stock, shares outstanding42,741,995
Issuance of common stock in connection with Spin-Off, shares42,741,995
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends $ 347
Common stock, dividends paid per share (in USD per share) $ 8.12
Common stock, shares outstanding59,827,561 42,700,000
Cash dividends $ 69.5
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Issuance of common stock in connection with Spin-Off, shares17,085,566

Subsequent Events - Income Tax

Subsequent Events - Income Tax (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2016Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Subsequent Event [Line Items]
Deferred tax liability $ 80,288 $ 1,400
(Provision for) benefit from income tax2,944 $ (142) $ (124)
Subsequent Event [Member]
Subsequent Event [Line Items]
(Provision for) benefit from income tax $ 80,300
Other Noncurrent Assets [Member]
Subsequent Event [Line Items]
Deferred tax liability $ 80,300

Selected Quarterly Financial 71

Selected Quarterly Financial Data (Unaudited) - (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2015Sep. 30, 2015Jun. 30, 2015Mar. 31, 2015Dec. 31, 2014Sep. 30, 2014Jun. 30, 2014Mar. 31, 2014Dec. 31, 2015Dec. 31, 2014Dec. 31, 2013
Revenues:
Rental income $ 15,134 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 15,134 $ 0 $ 0
Restaurant revenues4,395 4,413 4,624 4,890 4,330 4,339 4,372 4,654 18,322 17,695 16,907
Total revenues19,529 4,413 4,624 4,890 4,330 4,339 4,372 4,654 33,456 17,695 16,907
Operating Expenses [Abstract]
General and administrative1,856 0 0 0 0 0 0 0 1,856 0 0
Depreciation and amortization3,153 208 185 212 232 213 201 217 3,758 863 875
Restaurant expenses4,060 4,088 4,335 4,513 4,221 4,145 4,209 4,367 16,996 16,942 16,127
Interest expense2,203 0 0 0 0 2,203 0 0
Total expenses11,272 4,296 4,520 4,725 4,453 4,358 4,410 4,584 24,813 17,805 17,002
Income before income taxes $ 8,257 $ 117 $ 104 $ 165 $ (123) $ (19) $ (38) $ 70 $ 8,643 $ (110) $ (95)
Earnings per share, basic (in USD per share) $ 0.85 $ 0.92
Earnings per share, diluted (in USD per share) $ 0.84 $ 0.91

Schedule III Schedule of Real72

Schedule III Schedule of Real Estate Assets (Details) - USD ($) $ in ThousandsDec. 31, 2015Dec. 31, 2014
Initial Cost to Company
Land $ 380,453
Buildings and Improvements594,956
Equipment48,432
Cost Capitalized Since Acquisition
Land24,359
Building and Improvements257,011
Equipment92,019
Gross Carrying Value (2)
Land404,812
Building and Improvements851,967
Equipment140,451
Total1,397,230 $ 15,582
Accumulated Depreciation568,539 $ 3,860
Aggregate cost1,362,061
Net Book Value609,811
Mill Valley, CA [Member]
Initial Cost to Company
Land0
Buildings and Improvements0
Equipment28
Cost Capitalized Since Acquisition
Land0
Building and Improvements0
Equipment0
Gross Carrying Value (2)
Land0
Building and Improvements0
Equipment28
Total28
Accumulated Depreciation0
Olive Garden [Member] | Kissimmee, FL [Member]
Initial Cost to Company
Land400
Buildings and Improvements710
Equipment2
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,803
Equipment615
Gross Carrying Value (2)
Land400
Building and Improvements2,513
Equipment617
Total3,530
Accumulated Depreciation2,270
Olive Garden [Member] | Greenwood, IN [Member]
Initial Cost to Company
Land400
Buildings and Improvements749
Equipment1
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,883
Equipment625
Gross Carrying Value (2)
Land400
Building and Improvements2,632
Equipment626
Total3,658
Accumulated Depreciation2,025
Olive Garden [Member] | Indianapolis, IN [Member]
Initial Cost to Company
Land333
Buildings and Improvements755
Equipment15
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,839
Equipment541
Gross Carrying Value (2)
Land333
Building and Improvements2,594
Equipment556
Total3,483
Accumulated Depreciation1,842
Olive Garden [Member] | Las Vegas, NV [Member]
Initial Cost to Company
Land597
Buildings and Improvements557
Equipment12
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,108
Equipment316
Gross Carrying Value (2)
Land597
Building and Improvements1,665
Equipment328
Total2,590
Accumulated Depreciation1,636
Olive Garden [Member] | Ocala, FL [Member]
Initial Cost to Company
Land470
Buildings and Improvements416
Equipment11
Cost Capitalized Since Acquisition
Land0
Building and Improvements2,112
Equipment383
Gross Carrying Value (2)
Land470
Building and Improvements2,528
Equipment394
Total3,392
Accumulated Depreciation1,870
Olive Garden [Member] | Huntsville, AL [Member]
Initial Cost to Company
Land317
Buildings and Improvements719
Equipment1
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,092
Equipment338
Gross Carrying Value (2)
Land317
Building and Improvements1,811
Equipment339
Total2,467
Accumulated Depreciation1,594
Olive Garden [Member] | Granger, IN [Member]
Initial Cost to Company
Land220
Buildings and Improvements650
Equipment15
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,309
Equipment348
Gross Carrying Value (2)
Land220
Building and Improvements1,959
Equipment363
Total2,542
Accumulated Depreciation1,936
Olive Garden [Member] | Toledo, OH [Member]
Initial Cost to Company
Land275
Buildings and Improvements343
Equipment6
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,146
Equipment244
Gross Carrying Value (2)
Land275
Building and Improvements1,489
Equipment250
Total2,014
Accumulated Depreciation1,498
Olive Garden [Member] | Bradenton,FL [Member]
Initial Cost to Company
Land207
Buildings and Improvements837
Equipment4
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,779
Equipment602
Gross Carrying Value (2)
Land207
Building and Improvements2,616
Equipment606
Total3,429
Accumulated Depreciation1,970
Olive Garden [Member] | Clearwater, FL [Member]
Initial Cost to Company
Land717
Buildings and Improvements593
Equipment17
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,521
Equipment446
Gross Carrying Value (2)
Land717
Building and Improvements2,114
Equipment463
Total3,294
Accumulated Depreciation1,777
Olive Garden [Member] | Lakeland, FL [Member]
Initial Cost to Company
Land754
Buildings and Improvements772
Equipment24
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,745
Equipment565
Gross Carrying Value (2)
Land754
Building and Improvements2,517
Equipment589
Total3,860
Accumulated Depreciation2,073
Olive Garden [Member] | Mesquite, TX [Member]
Initial Cost to Company
Land722
Buildings and Improvements772
Equipment10
Cost Capitalized Since Acquisition
Land233
Building and Improvements1,649
Equipment437
Gross Carrying Value (2)
Land955
Building and Improvements2,421
Equipment447
Total3,823
Accumulated Depreciation1,943
Olive Garden [Member] | North Richland Hills, TX [Member]
Initial Cost to Company
Land468
Buildings and Improvements1,187
Equipment19
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,414
Equipment342
Gross Carrying Value (2)
Land468
Building and Improvements2,601
Equipment361
Total3,430
Accumulated Depreciation2,299
Olive Garden [Member] | Fort Worth, TX [Member]
Initial Cost to Company
Land654
Buildings and Improvements626
Equipment29
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,273
Equipment403
Gross Carrying Value (2)
Land654
Building and Improvements1,899
Equipment432
Total2,985
Accumulated Depreciation1,729
Olive Garden [Member] | Indianapolis, IN, Two [Member]
Initial Cost to Company
Land526
Buildings and Improvements82
Equipment2
Cost Capitalized Since Acquisition
Land0
Building and Improvements2,534
Equipment406
Gross Carrying Value (2)
Land526
Building and Improvements2,616
Equipment408
Total3,550
Accumulated Depreciation1,627
Olive Garden [Member] | Austin, TX [Member]
Initial Cost to Company
Land492
Buildings and Improvements1,183
Equipment6
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,690
Equipment440
Gross Carrying Value (2)
Land492
Building and Improvements2,873
Equipment446
Total3,811
Accumulated Depreciation2,492
Olive Garden [Member] | Morrow, GA [Member]
Initial Cost to Company
Land446
Buildings and Improvements813
Equipment10
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,448
Equipment423
Gross Carrying Value (2)
Land446
Building and Improvements2,261
Equipment433
Total3,140
Accumulated Depreciation2,125
Olive Garden [Member] | Fort Myers, FL [Member]
Initial Cost to Company
Land289
Buildings and Improvements1,124
Equipment14
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,786
Equipment550
Gross Carrying Value (2)
Land289
Building and Improvements2,910
Equipment564
Total3,763
Accumulated Depreciation2,238
Olive Garden [Member] | Tulsa, OK [Member]
Initial Cost to Company
Land702
Buildings and Improvements637
Equipment23
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,137
Equipment291
Gross Carrying Value (2)
Land702
Building and Improvements1,774
Equipment314
Total2,790
Accumulated Depreciation1,585
Olive Garden [Member] | Mobile, AL [Member]
Initial Cost to Company
Land698
Buildings and Improvements872
Equipment31
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,209
Equipment479
Gross Carrying Value (2)
Land698
Building and Improvements2,081
Equipment510
Total3,289
Accumulated Depreciation1,753
Olive Garden [Member] | Canton, OH [Member]
Initial Cost to Company
Land275
Buildings and Improvements834
Equipment8
Cost Capitalized Since Acquisition
Land0
Building and Improvements829
Equipment426
Gross Carrying Value (2)
Land275
Building and Improvements1,663
Equipment434
Total2,372
Accumulated Depreciation1,611
Olive Garden [Member] | Bakersfield, CA [Member]
Initial Cost to Company
Land529
Buildings and Improvements861
Equipment54
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,294
Equipment264
Gross Carrying Value (2)
Land529
Building and Improvements2,155
Equipment318
Total3,002
Accumulated Depreciation1,965
Olive Garden [Member] | Pinellas Park, FL [Member]
Initial Cost to Company
Land0
Buildings and Improvements509
Equipment1
Cost Capitalized Since Acquisition
Land958
Building and Improvements1,511
Equipment352
Gross Carrying Value (2)
Land958
Building and Improvements2,020
Equipment353
Total3,331
Accumulated Depreciation1,549
Olive Garden [Member] | Duluth, GA [Member]
Initial Cost to Company
Land675
Buildings and Improvements906
Equipment18
Cost Capitalized Since Acquisition
Land351
Building and Improvements1,247
Equipment313
Gross Carrying Value (2)
Land1,026
Building and Improvements2,153
Equipment331
Total3,510
Accumulated Depreciation1,948
Olive Garden [Member] | Middleberg Heights, OH [Member]
Initial Cost to Company
Land555
Buildings and Improvements882
Equipment18
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,285
Equipment400
Gross Carrying Value (2)
Land555
Building and Improvements2,167
Equipment418
Total3,140
Accumulated Depreciation2,031
Olive Garden [Member] | Fairview Heights, IL [Member]
Initial Cost to Company
Land735
Buildings and Improvements1,162
Equipment19
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,163
Equipment518
Gross Carrying Value (2)
Land735
Building and Improvements2,325
Equipment537
Total3,597
Accumulated Depreciation2,196
Olive Garden [Member] | Orlando, FL [Member]
Initial Cost to Company
Land0
Buildings and Improvements894
Equipment6
Cost Capitalized Since Acquisition
Land1,585
Building and Improvements1,792
Equipment614
Gross Carrying Value (2)
Land1,585
Building and Improvements2,686
Equipment620
Total4,891
Accumulated Depreciation2,460
Olive Garden [Member] | Sterling Heights, MI [Member]
Initial Cost to Company
Land855
Buildings and Improvements1,158
Equipment32
Cost Capitalized Since Acquisition
Land0
Building and Improvements984
Equipment403
Gross Carrying Value (2)
Land855
Building and Improvements2,142
Equipment435
Total3,432
Accumulated Depreciation2,144
Olive Garden [Member] | Reno, NV [Member]
Initial Cost to Company
Land0
Buildings and Improvements639
Equipment29
Cost Capitalized Since Acquisition
Land1,215
Building and Improvements1,581
Equipment560
Gross Carrying Value (2)
Land1,215
Building and Improvements2,220
Equipment589
Total4,024
Accumulated Depreciation2,214
Olive Garden [Member] | Akron, OH [Member]
Initial Cost to Company
Land577
Buildings and Improvements1,048
Equipment6
Cost Capitalized Since Acquisition
Land0
Building and Improvements879
Equipment281
Gross Carrying Value (2)
Land577
Building and Improvements1,927
Equipment287
Total2,791
Accumulated Depreciation1,699
Olive Garden [Member] | Grand Rapids, MI [Member]
Initial Cost to Company
Land0
Buildings and Improvements959
Equipment14
Cost Capitalized Since Acquisition
Land749
Building and Improvements753
Equipment288
Gross Carrying Value (2)
Land749
Building and Improvements1,712
Equipment302
Total2,763
Accumulated Depreciation1,673
Olive Garden [Member] | Montclair, CA [Member]
Initial Cost to Company
Land0
Buildings and Improvements873
Equipment44
Cost Capitalized Since Acquisition
Land1,231
Building and Improvements736
Equipment238
Gross Carrying Value (2)
Land1,231
Building and Improvements1,609
Equipment282
Total3,122
Accumulated Depreciation1,609
Olive Garden [Member] | Knoxville. TN [Member]
Initial Cost to Company
Land375
Buildings and Improvements1,397
Equipment33
Cost Capitalized Since Acquisition
Land0
Building and Improvements700
Equipment220
Gross Carrying Value (2)
Land375
Building and Improvements2,097
Equipment253
Total2,725
Accumulated Depreciation1,946
Olive Garden [Member] | Fairfield, OH [Member]
Initial Cost to Company
Land325
Buildings and Improvements1,230
Equipment15
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,303
Equipment276
Gross Carrying Value (2)
Land325
Building and Improvements2,533
Equipment291
Total3,149
Accumulated Depreciation2,204
Olive Garden [Member] | Toledo, OH, Two [Member]
Initial Cost to Company
Land0
Buildings and Improvements891
Equipment38
Cost Capitalized Since Acquisition
Land652
Building and Improvements726
Equipment201
Gross Carrying Value (2)
Land652
Building and Improvements1,617
Equipment239
Total2,508
Accumulated Depreciation1,622
Olive Garden [Member] | Lansing, IL [Member]
Initial Cost to Company
Land0
Buildings and Improvements814
Equipment18
Cost Capitalized Since Acquisition
Land912
Building and Improvements1,200
Equipment379
Gross Carrying Value (2)
Land912
Building and Improvements2,014
Equipment397
Total3,323
Accumulated Depreciation1,788
Olive Garden [Member] | Bloomington, MN [Member]
Initial Cost to Company
Land525
Buildings and Improvements1,779
Equipment20
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,212
Equipment393
Gross Carrying Value (2)
Land525
Building and Improvements2,991
Equipment413
Total3,929
Accumulated Depreciation2,876
Olive Garden [Member] | Vernon Hills, IL [Member]
Initial Cost to Company
Land750
Buildings and Improvements1,252
Equipment17
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,289
Equipment474
Gross Carrying Value (2)
Land750
Building and Improvements2,541
Equipment491
Total3,782
Accumulated Depreciation2,170
Olive Garden [Member] | Augusta, GA [Member]
Initial Cost to Company
Land402
Buildings and Improvements803
Equipment6
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,118
Equipment470
Gross Carrying Value (2)
Land402
Building and Improvements1,921
Equipment476
Total2,799
Accumulated Depreciation1,709
Olive Garden [Member] | Chattanooga, TN [Member]
Initial Cost to Company
Land604
Buildings and Improvements760
Equipment19
Cost Capitalized Since Acquisition
Land0
Building and Improvements937
Equipment405
Gross Carrying Value (2)
Land604
Building and Improvements1,697
Equipment424
Total2,725
Accumulated Depreciation1,598
Olive Garden [Member] | Flint, MI [Member]
Initial Cost to Company
Land426
Buildings and Improvements1,089
Equipment14
Cost Capitalized Since Acquisition
Land0
Building and Improvements882
Equipment234
Gross Carrying Value (2)
Land426
Building and Improvements1,971
Equipment248
Total2,645
Accumulated Depreciation1,810
Olive Garden [Member] | Plantation, GA [Member]
Initial Cost to Company
Land888
Buildings and Improvements982
Equipment27
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,189
Equipment392
Gross Carrying Value (2)
Land888
Building and Improvements2,171
Equipment419
Total3,478
Accumulated Depreciation1,843
Olive Garden [Member] | Livonia, MI [Member]
Initial Cost to Company
Land0
Buildings and Improvements459
Equipment25
Cost Capitalized Since Acquisition
Land890
Building and Improvements2,624
Equipment331
Gross Carrying Value (2)
Land890
Building and Improvements3,083
Equipment356
Total4,329
Accumulated Depreciation2,819
Olive Garden [Member] | Sarasota, FL [Member]
Initial Cost to Company
Land1,136
Buildings and Improvements725
Equipment24
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,427
Equipment570
Gross Carrying Value (2)
Land1,136
Building and Improvements2,152
Equipment594
Total3,882
Accumulated Depreciation1,832
Olive Garden [Member] | Saginaw, MI [Member]
Initial Cost to Company
Land828
Buildings and Improvements813
Equipment22
Cost Capitalized Since Acquisition
Land0
Building and Improvements787
Equipment340
Gross Carrying Value (2)
Land828
Building and Improvements1,600
Equipment362
Total2,790
Accumulated Depreciation1,556
Olive Garden [Member] | Irving, TX [Member]
Initial Cost to Company
Land710
Buildings and Improvements647
Equipment33
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,603
Equipment309
Gross Carrying Value (2)
Land710
Building and Improvements2,250
Equipment342
Total3,302
Accumulated Depreciation1,848
Olive Garden [Member] | Brandon, FL [Member]
Initial Cost to Company
Land700
Buildings and Improvements967
Equipment24
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,566
Equipment577
Gross Carrying Value (2)
Land700
Building and Improvements2,533
Equipment601
Total3,834
Accumulated Depreciation2,023
Olive Garden [Member] | Columbus, OH [Member]
Initial Cost to Company
Land740
Buildings and Improvements909
Equipment38
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,057
Equipment232
Gross Carrying Value (2)
Land740
Building and Improvements1,966
Equipment270
Total2,976
Accumulated Depreciation1,713
Olive Garden [Member] | North Olmsted, OH [Member]
Initial Cost to Company
Land931
Buildings and Improvements1,060
Equipment63
Cost Capitalized Since Acquisition
Land0
Building and Improvements925
Equipment343
Gross Carrying Value (2)
Land931
Building and Improvements1,985
Equipment406
Total3,322
Accumulated Depreciation1,758
Olive Garden [Member] | York, PA [Member]
Initial Cost to Company
Land555
Buildings and Improvements931
Equipment31
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,048
Equipment462
Gross Carrying Value (2)
Land555
Building and Improvements1,979
Equipment493
Total3,027
Accumulated Depreciation1,846
Olive Garden [Member] | Oklahoma City, OK [Member]
Initial Cost to Company
Land280
Buildings and Improvements1,043
Equipment58
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,095
Equipment371
Gross Carrying Value (2)
Land280
Building and Improvements2,138
Equipment429
Total2,847
Accumulated Depreciation1,695
Olive Garden [Member] | West Des Moines, IA [Member]
Initial Cost to Company
Land0
Buildings and Improvements377
Equipment24
Cost Capitalized Since Acquisition
Land1,130
Building and Improvements2,047
Equipment338
Gross Carrying Value (2)
Land1,130
Building and Improvements2,424
Equipment362
Total3,916
Accumulated Depreciation2,049
Olive Garden [Member] | San Antonio, TX [Member]
Initial Cost to Company
Land400
Buildings and Improvements783
Equipment17
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,458
Equipment449
Gross Carrying Value (2)
Land400
Building and Improvements2,241
Equipment466
Total3,107
Accumulated Depreciation1,964
Olive Garden [Member] | Kennesaw, GA [Member]
Initial Cost to Company
Land754
Buildings and Improvements824
Equipment32
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,233
Equipment390
Gross Carrying Value (2)
Land754
Building and Improvements2,057
Equipment422
Total3,233
Accumulated Depreciation1,649
Olive Garden [Member] | Portage, MI [Member]
Initial Cost to Company
Land325
Buildings and Improvements1,290
Equipment32
Cost Capitalized Since Acquisition
Land0
Building and Improvements892
Equipment266
Gross Carrying Value (2)
Land325
Building and Improvements2,182
Equipment298
Total2,805
Accumulated Depreciation1,955
Olive Garden [Member] | West Dundee, IL [Member]
Initial Cost to Company
Land828
Buildings and Improvements1,167
Equipment32
Cost Capitalized Since Acquisition
Land0
Building and Improvements964
Equipment325
Gross Carrying Value (2)
Land828
Building and Improvements2,131
Equipment357
Total3,316
Accumulated Depreciation1,926
Olive Garden [Member] | Saint Peters, MO [Member]
Initial Cost to Company
Land697
Buildings and Improvements930
Equipment134
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,034
Equipment292
Gross Carrying Value (2)
Land697
Building and Improvements1,964
Equipment426
Total3,087
Accumulated Depreciation1,780
Olive Garden [Member] | San Antonio, TX, Two [Member]
Initial Cost to Company
Land0
Buildings and Improvements720
Equipment1
Cost Capitalized Since Acquisition
Land677
Building and Improvements1,330
Equipment395
Gross Carrying Value (2)
Land677
Building and Improvements2,050
Equipment396
Total3,123
Accumulated Depreciation1,763
Olive Garden [Member] | Corpus Christi, TX [Member]
Initial Cost to Company
Land0
Buildings and Improvements713
Equipment21
Cost Capitalized Since Acquisition
Land880
Building and Improvements1,463
Equipment553
Gross Carrying Value (2)
Land880
Building and Improvements2,176
Equipment574
Total3,630
Accumulated Depreciation1,817
Olive Garden [Member] | Houston, TX [Member]
Initial Cost to Company
Land616
Buildings and Improvements746
Equipment40
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,228
Equipment492
Gross Carrying Value (2)
Land616
Building and Improvements1,974
Equipment532
Total3,122
Accumulated Depreciation1,725
Olive Garden [Member] | Beaumont, TX [Member]
Initial Cost to Company
Land608
Buildings and Improvements721
Equipment33
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,163
Equipment375
Gross Carrying Value (2)
Land608
Building and Improvements1,884
Equipment408
Total2,900
Accumulated Depreciation1,683
Olive Garden [Member] | Winter Haven, FL [Member]
Initial Cost to Company
Land0
Buildings and Improvements832
Equipment49
Cost Capitalized Since Acquisition
Land563
Building and Improvements1,673
Equipment543
Gross Carrying Value (2)
Land563
Building and Improvements2,505
Equipment592
Total3,660
Accumulated Depreciation2,092
Olive Garden [Member] | Southgate, MI [Member]
Initial Cost to Company
Land476
Buildings and Improvements1,138
Equipment31
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,103
Equipment242
Gross Carrying Value (2)
Land476
Building and Improvements2,241
Equipment273
Total2,990
Accumulated Depreciation1,969
Olive Garden [Member] | Champaign, IL [Member]
Initial Cost to Company
Land521
Buildings and Improvements1,158
Equipment26
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,009
Equipment343
Gross Carrying Value (2)
Land521
Building and Improvements2,167
Equipment369
Total3,057
Accumulated Depreciation1,978
Olive Garden [Member] | Orlando, FL, Two [Member]
Initial Cost to Company
Land787
Buildings and Improvements998
Equipment17
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,877
Equipment431
Gross Carrying Value (2)
Land787
Building and Improvements2,875
Equipment448
Total4,110
Accumulated Depreciation2,224
Olive Garden [Member] | Fort Wayne, IN [Member]
Initial Cost to Company
Land700
Buildings and Improvements1,045
Equipment23
Cost Capitalized Since Acquisition
Land0
Building and Improvements927
Equipment320
Gross Carrying Value (2)
Land700
Building and Improvements1,972
Equipment343
Total3,015
Accumulated Depreciation1,752
Olive Garden [Member] | Fargo, ND [Member]
Initial Cost to Company
Land313
Buildings and Improvements864
Equipment20
Cost Capitalized Since Acquisition
Land0
Building and Improvements680
Equipment264
Gross Carrying Value (2)
Land313
Building and Improvements1,544
Equipment284
Total2,141
Accumulated Depreciation1,424
Olive Garden [Member] | North Little Rock, AR [Member]
Initial Cost to Company
Land0
Buildings and Improvements437
Equipment94
Cost Capitalized Since Acquisition
Land766
Building and Improvements1,623
Equipment293
Gross Carrying Value (2)
Land766
Building and Improvements2,060
Equipment387
Total3,213
Accumulated Depreciation1,840
Olive Garden [Member] | Jacksonville, FL [Member]
Initial Cost to Company
Land0
Buildings and Improvements755
Equipment39
Cost Capitalized Since Acquisition
Land905
Building and Improvements1,137
Equipment487
Gross Carrying Value (2)
Land905
Building and Improvements1,892
Equipment526
Total3,323
Accumulated Depreciation1,741
Olive Garden [Member] | Las Vegas, NV, Two [Member]
Initial Cost to Company
Land1,085
Buildings and Improvements1,191
Equipment47
Cost Capitalized Since Acquisition
Land0
Building and Improvements967
Equipment310
Gross Carrying Value (2)
Land1,085
Building and Improvements2,158
Equipment357
Total3,600
Accumulated Depreciation1,991
Olive Garden [Member] | Victorville, CA [Member]
Initial Cost to Company
Land603
Buildings and Improvements985
Equipment31
Cost Capitalized Since Acquisition
Land0
Building and Improvements888
Equipment271
Gross Carrying Value (2)
Land603
Building and Improvements1,873
Equipment302
Total2,778
Accumulated Depreciation1,585
Olive Garden [Member] | Naples, FL [Member]
Initial Cost to Company
Land992
Buildings and Improvements677
Equipment40
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,201
Equipment526
Gross Carrying Value (2)
Land992
Building and Improvements1,878
Equipment566
Total3,436
Accumulated Depreciation1,689
Olive Garden [Member] | Rochester, NY [Member]
Initial Cost to Company
Land1,104
Buildings and Improvements1,113
Equipment61
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,102
Equipment376
Gross Carrying Value (2)
Land1,104
Building and Improvements2,215
Equipment437
Total3,756
Accumulated Depreciation1,933
Olive Garden [Member] | Chesapeake, VA [Member]
Initial Cost to Company
Land506
Buildings and Improvements863
Equipment44
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,046
Equipment344
Gross Carrying Value (2)
Land506
Building and Improvements1,909
Equipment388
Total2,803
Accumulated Depreciation1,792
Olive Garden [Member] | Maplewood, MN [Member]
Initial Cost to Company
Land556
Buildings and Improvements1,009
Equipment86
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,126
Equipment250
Gross Carrying Value (2)
Land556
Building and Improvements2,135
Equipment336
Total3,027
Accumulated Depreciation2,001
Olive Garden [Member] | Fayetteville, NC [Member]
Initial Cost to Company
Land637
Buildings and Improvements856
Equipment56
Cost Capitalized Since Acquisition
Land0
Building and Improvements879
Equipment461
Gross Carrying Value (2)
Land637
Building and Improvements1,735
Equipment517
Total2,889
Accumulated Depreciation1,629
Olive Garden [Member] | Lynnwood, WA [Member]
Initial Cost to Company
Land875
Buildings and Improvements1,132
Equipment66
Cost Capitalized Since Acquisition
Land0
Building and Improvements855
Equipment316
Gross Carrying Value (2)
Land875
Building and Improvements1,987
Equipment382
Total3,244
Accumulated Depreciation1,760
Olive Garden [Member] | Columbia, MO [Member]
Initial Cost to Company
Land602
Buildings and Improvements983
Equipment53
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,070
Equipment327
Gross Carrying Value (2)
Land602
Building and Improvements2,053
Equipment380
Total3,035
Accumulated Depreciation1,786
Olive Garden [Member] | Topeka, KS [Member]
Initial Cost to Company
Land701
Buildings and Improvements812
Equipment18
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,658
Equipment381
Gross Carrying Value (2)
Land701
Building and Improvements2,470
Equipment399
Total3,570
Accumulated Depreciation2,000
Olive Garden [Member] | Wichita, KS [Member]
Initial Cost to Company
Land779
Buildings and Improvements802
Equipment80
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,022
Equipment274
Gross Carrying Value (2)
Land779
Building and Improvements1,824
Equipment354
Total2,957
Accumulated Depreciation1,655
Olive Garden [Member] | Antioch, TN [Member]
Initial Cost to Company
Land0
Buildings and Improvements811
Equipment61
Cost Capitalized Since Acquisition
Land892
Building and Improvements628
Equipment241
Gross Carrying Value (2)
Land892
Building and Improvements1,439
Equipment302
Total2,633
Accumulated Depreciation1,366
Olive Garden [Member] | Greenfield, WI [Member]
Initial Cost to Company
Land956
Buildings and Improvements802
Equipment29
Cost Capitalized Since Acquisition
Land114
Building and Improvements1,174
Equipment295
Gross Carrying Value (2)
Land1,070
Building and Improvements1,976
Equipment324
Total3,370
Accumulated Depreciation1,742
Olive Garden [Member] | Orange City, FL [Member]
Initial Cost to Company
Land551
Buildings and Improvements727
Equipment16
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,163
Equipment479
Gross Carrying Value (2)
Land551
Building and Improvements1,890
Equipment495
Total2,936
Accumulated Depreciation1,467
Olive Garden [Member] | Terre Haute, IN [Member]
Initial Cost to Company
Land560
Buildings and Improvements1,128
Equipment34
Cost Capitalized Since Acquisition
Land0
Building and Improvements872
Equipment355
Gross Carrying Value (2)
Land560
Building and Improvements2,000
Equipment389
Total2,949
Accumulated Depreciation1,785
Olive Garden [Member] | Richmond, VA [Member]
Initial Cost to Company
Land467
Buildings and Improvements1,363
Equipment93
Cost Capitalized Since Acquisition
Land0
Building and Improvements966
Equipment399
Gross Carrying Value (2)
Land467
Building and Improvements2,329
Equipment492
Total3,288
Accumulated Depreciation2,117
Olive Garden [Member] | Columbia, SC [Member]
Initial Cost to Company
Land613
Buildings and Improvements782
Equipment35
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,055
Equipment230
Gross Carrying Value (2)
Land613
Building and Improvements1,837
Equipment265
Total2,715
Accumulated Depreciation1,574
Olive Garden [Member] | Talleyville, DE [Member]
Initial Cost to Company
Land737
Buildings and Improvements1,278
Equipment95
Cost Capitalized Since Acquisition
Land0
Building and Improvements805
Equipment377
Gross Carrying Value (2)
Land737
Building and Improvements2,083
Equipment472
Total3,292
Accumulated Depreciation2,036
Olive Garden [Member] | Littleton, CO [Member]
Initial Cost to Company
Land750
Buildings and Improvements859
Equipment79
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,324
Equipment359
Gross Carrying Value (2)
Land750
Building and Improvements2,183
Equipment438
Total3,371
Accumulated Depreciation1,923
Olive Garden [Member] | Miami, FL [Member]
Initial Cost to Company
Land1,059
Buildings and Improvements879
Equipment89
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,413
Equipment549
Gross Carrying Value (2)
Land1,059
Building and Improvements2,292
Equipment638
Total3,989
Accumulated Depreciation2,049
Olive Garden [Member] | Roseville, MN [Member]
Initial Cost to Company
Land754
Buildings and Improvements1,106
Equipment90
Cost Capitalized Since Acquisition
Land0
Building and Improvements784
Equipment178
Gross Carrying Value (2)
Land754
Building and Improvements1,890
Equipment268
Total2,912
Accumulated Depreciation1,663
Olive Garden [Member] | Colorado Springs, CO [Member]
Initial Cost to Company
Land0
Buildings and Improvements690
Equipment87
Cost Capitalized Since Acquisition
Land571
Building and Improvements2,173
Equipment415
Gross Carrying Value (2)
Land571
Building and Improvements2,863
Equipment502
Total3,936
Accumulated Depreciation2,527
Olive Garden [Member] | Aurora, CO [Member]
Initial Cost to Company
Land803
Buildings and Improvements1,169
Equipment14
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,368
Equipment343
Gross Carrying Value (2)
Land803
Building and Improvements2,537
Equipment357
Total3,697
Accumulated Depreciation2,079
Olive Garden [Member] | Boise, ID [Member]
Initial Cost to Company
Land627
Buildings and Improvements839
Equipment76
Cost Capitalized Since Acquisition
Land0
Building and Improvements858
Equipment386
Gross Carrying Value (2)
Land627
Building and Improvements1,697
Equipment462
Total2,786
Accumulated Depreciation1,579
Olive Garden [Member] | Eastpointe, MI [Member]
Initial Cost to Company
Land897
Buildings and Improvements1,367
Equipment75
Cost Capitalized Since Acquisition
Land0
Building and Improvements598
Equipment244
Gross Carrying Value (2)
Land897
Building and Improvements1,965
Equipment319
Total3,181
Accumulated Depreciation1,810
Olive Garden [Member] | Parkersburg, WV [Member]
Initial Cost to Company
Land454
Buildings and Improvements1,096
Equipment60
Cost Capitalized Since Acquisition
Land0
Building and Improvements723
Equipment323
Gross Carrying Value (2)
Land454
Building and Improvements1,819
Equipment383
Total2,656
Accumulated Depreciation1,671
Olive Garden [Member] | Clovis, CA [Member]
Initial Cost to Company
Land489
Buildings and Improvements796
Equipment62
Cost Capitalized Since Acquisition
Land0
Building and Improvements787
Equipment300
Gross Carrying Value (2)
Land489
Building and Improvements1,583
Equipment362
Total2,434
Accumulated Depreciation1,527
Olive Garden [Member] | Dallas, TX [Member]
Initial Cost to Company
Land750
Buildings and Improvements776
Equipment36
Cost Capitalized Since Acquisition
Land70
Building and Improvements1,001
Equipment305
Gross Carrying Value (2)
Land820
Building and Improvements1,777
Equipment341
Total2,938
Accumulated Depreciation1,546
Olive Garden [Member] | Houston, TX, Two [Member]
Initial Cost to Company
Land723
Buildings and Improvements960
Equipment87
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,234
Equipment498
Gross Carrying Value (2)
Land723
Building and Improvements2,194
Equipment585
Total3,502
Accumulated Depreciation2,024
Olive Garden [Member] | Columbia, MD [Member]
Initial Cost to Company
Land1,283
Buildings and Improvements1,199
Equipment92
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,020
Equipment297
Gross Carrying Value (2)
Land1,283
Building and Improvements2,219
Equipment389
Total3,891
Accumulated Depreciation2,003
Olive Garden [Member] | McAllen, TX [Member]
Initial Cost to Company
Land803
Buildings and Improvements857
Equipment76
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,160
Equipment476
Gross Carrying Value (2)
Land803
Building and Improvements2,017
Equipment552
Total3,372
Accumulated Depreciation1,642
Olive Garden [Member] | Jacksonville, FL, Two [Member]
Initial Cost to Company
Land1,124
Buildings and Improvements863
Equipment74
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,185
Equipment438
Gross Carrying Value (2)
Land1,124
Building and Improvements2,048
Equipment512
Total3,684
Accumulated Depreciation1,747
Olive Garden [Member] | Boardman, OH [Member]
Initial Cost to Company
Land675
Buildings and Improvements993
Equipment48
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,208
Equipment329
Gross Carrying Value (2)
Land675
Building and Improvements2,201
Equipment377
Total3,253
Accumulated Depreciation2,001
Olive Garden [Member] | San Bernardino, CA [Member]
Initial Cost to Company
Land1,393
Buildings and Improvements1,210
Equipment83
Cost Capitalized Since Acquisition
Land0
Building and Improvements756
Equipment301
Gross Carrying Value (2)
Land1,393
Building and Improvements1,966
Equipment384
Total3,743
Accumulated Depreciation1,807
Olive Garden [Member] | West Melbourne, FL [Member]
Initial Cost to Company
Land983
Buildings and Improvements953
Equipment22
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,390
Equipment578
Gross Carrying Value (2)
Land983
Building and Improvements2,343
Equipment600
Total3,926
Accumulated Depreciation1,885
Olive Garden [Member] | Houston, TX, Three [Member]
Initial Cost to Company
Land627
Buildings and Improvements947
Equipment68
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,084
Equipment435
Gross Carrying Value (2)
Land627
Building and Improvements2,031
Equipment503
Total3,161
Accumulated Depreciation1,846
Olive Garden [Member] | Palmdale, CA [Member]
Initial Cost to Company
Land679
Buildings and Improvements1,080
Equipment109
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,093
Equipment315
Gross Carrying Value (2)
Land679
Building and Improvements2,173
Equipment424
Total3,276
Accumulated Depreciation1,844
Olive Garden [Member] | Woodbridge, VA [Member]
Initial Cost to Company
Land1,228
Buildings and Improvements1,071
Equipment56
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,163
Equipment444
Gross Carrying Value (2)
Land1,228
Building and Improvements2,234
Equipment500
Total3,962
Accumulated Depreciation1,974
Olive Garden [Member] | Roanoke, VA [Member]
Initial Cost to Company
Land607
Buildings and Improvements714
Equipment33
Cost Capitalized Since Acquisition
Land0
Building and Improvements783
Equipment350
Gross Carrying Value (2)
Land607
Building and Improvements1,497
Equipment383
Total2,487
Accumulated Depreciation1,300
Olive Garden [Member] | Provo, UT [Member]
Initial Cost to Company
Land702
Buildings and Improvements714
Equipment128
Cost Capitalized Since Acquisition
Land0
Building and Improvements805
Equipment284
Gross Carrying Value (2)
Land702
Building and Improvements1,519
Equipment412
Total2,633
Accumulated Depreciation1,418
Olive Garden [Member] | Omaha, NE [Member]
Initial Cost to Company
Land315
Buildings and Improvements1,230
Equipment51
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,642
Equipment341
Gross Carrying Value (2)
Land315
Building and Improvements2,872
Equipment392
Total3,579
Accumulated Depreciation2,104
Olive Garden [Member] | Pittsburgh, PA [Member]
Initial Cost to Company
Land1,125
Buildings and Improvements1,170
Equipment65
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,202
Equipment279
Gross Carrying Value (2)
Land1,125
Building and Improvements2,372
Equipment344
Total3,841
Accumulated Depreciation1,969
Olive Garden [Member] | Harrisburg, PA [Member]
Initial Cost to Company
Land769
Buildings and Improvements837
Equipment108
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,117
Equipment328
Gross Carrying Value (2)
Land769
Building and Improvements1,954
Equipment436
Total3,159
Accumulated Depreciation1,730
Olive Garden [Member] | Pineville, NC [Member]
Initial Cost to Company
Land1,018
Buildings and Improvements972
Equipment71
Cost Capitalized Since Acquisition
Land0
Building and Improvements950
Equipment281
Gross Carrying Value (2)
Land1,018
Building and Improvements1,922
Equipment352
Total3,292
Accumulated Depreciation1,768
Olive Garden [Member] | Palm Desert, CA [Member]
Initial Cost to Company
Land607
Buildings and Improvements987
Equipment100
Cost Capitalized Since Acquisition
Land0
Building and Improvements617
Equipment185
Gross Carrying Value (2)
Land607
Building and Improvements1,604
Equipment285
Total2,496
Accumulated Depreciation1,479
Olive Garden [Member] | Elkhart, IN [Member]
Initial Cost to Company
Land381
Buildings and Improvements724
Equipment145
Cost Capitalized Since Acquisition
Land0
Building and Improvements683
Equipment281
Gross Carrying Value (2)
Land381
Building and Improvements1,407
Equipment426
Total2,214
Accumulated Depreciation1,406
Olive Garden [Member] | Lafayette, LA [Member]
Initial Cost to Company
Land555
Buildings and Improvements751
Equipment69
Cost Capitalized Since Acquisition
Land0
Building and Improvements997
Equipment304
Gross Carrying Value (2)
Land555
Building and Improvements1,748
Equipment373
Total2,676
Accumulated Depreciation1,591
Olive Garden [Member] | Little Rock, AR [Member]
Initial Cost to Company
Land335
Buildings and Improvements895
Equipment105
Cost Capitalized Since Acquisition
Land0
Building and Improvements749
Equipment265
Gross Carrying Value (2)
Land335
Building and Improvements1,644
Equipment370
Total2,349
Accumulated Depreciation1,557
Olive Garden [Member] | Cincinnati, OH [Member]
Initial Cost to Company
Land842
Buildings and Improvements953
Equipment107
Cost Capitalized Since Acquisition
Land0
Building and Improvements986
Equipment344
Gross Carrying Value (2)
Land842
Building and Improvements1,939
Equipment451
Total3,232
Accumulated Depreciation1,809
Olive Garden [Member] | Myrtle Beach, SC [Member]
Initial Cost to Company
Land520
Buildings and Improvements872
Equipment51
Cost Capitalized Since Acquisition
Land0
Building and Improvements845
Equipment386
Gross Carrying Value (2)
Land520
Building and Improvements1,717
Equipment437
Total2,674
Accumulated Depreciation1,511
Olive Garden [Member] | Louisville, KY [Member]
Initial Cost to Company
Land492
Buildings and Improvements1,571
Equipment76
Cost Capitalized Since Acquisition
Land0
Building and Improvements869
Equipment254
Gross Carrying Value (2)
Land492
Building and Improvements2,440
Equipment330
Total3,262
Accumulated Depreciation2,067
Olive Garden [Member] | Highlands Ranch, CO [Member]
Initial Cost to Company
Land813
Buildings and Improvements980
Equipment49
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,177
Equipment380
Gross Carrying Value (2)
Land813
Building and Improvements2,157
Equipment429
Total3,399
Accumulated Depreciation1,753
Olive Garden [Member] | Novi, MI [Member]
Initial Cost to Company
Land866
Buildings and Improvements1,629
Equipment31
Cost Capitalized Since Acquisition
Land0
Building and Improvements867
Equipment296
Gross Carrying Value (2)
Land866
Building and Improvements2,496
Equipment327
Total3,689
Accumulated Depreciation2,145
Olive Garden [Member] | Longview, TX [Member]
Initial Cost to Company
Land505
Buildings and Improvements816
Equipment90
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,133
Equipment290
Gross Carrying Value (2)
Land505
Building and Improvements1,949
Equipment380
Total2,834
Accumulated Depreciation1,571
Olive Garden [Member] | Erie, PA [Member]
Initial Cost to Company
Land1,078
Buildings and Improvements1,412
Equipment91
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,129
Equipment408
Gross Carrying Value (2)
Land1,078
Building and Improvements2,541
Equipment499
Total4,118
Accumulated Depreciation2,164
Olive Garden [Member] | Greensburg, PA [Member]
Initial Cost to Company
Land579
Buildings and Improvements1,272
Equipment143
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,026
Equipment352
Gross Carrying Value (2)
Land579
Building and Improvements2,298
Equipment495
Total3,372
Accumulated Depreciation1,731
Olive Garden [Member] | Roswell, GA [Member]
Initial Cost to Company
Land838
Buildings and Improvements897
Equipment79
Cost Capitalized Since Acquisition
Land0
Building and Improvements764
Equipment339
Gross Carrying Value (2)
Land838
Building and Improvements1,661
Equipment418
Total2,917
Accumulated Depreciation1,541
Olive Garden [Member] | Clarksville, TN [Member]
Initial Cost to Company
Land302
Buildings and Improvements771
Equipment101
Cost Capitalized Since Acquisition
Land0
Building and Improvements443
Equipment207
Gross Carrying Value (2)
Land302
Building and Improvements1,214
Equipment308
Total1,824
Accumulated Depreciation1,134
Olive Garden [Member] | Green Bay, WI [Member]
Initial Cost to Company
Land453
Buildings and Improvements789
Equipment97
Cost Capitalized Since Acquisition
Land0
Building and Improvements675
Equipment260
Gross Carrying Value (2)
Land453
Building and Improvements1,464
Equipment357
Total2,274
Accumulated Depreciation1,432
Olive Garden [Member] | Cincinnati, OH, Two [Member]
Initial Cost to Company
Land917
Buildings and Improvements939
Equipment62
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,041
Equipment360
Gross Carrying Value (2)
Land917
Building and Improvements1,980
Equipment422
Total3,319
Accumulated Depreciation1,713
Olive Garden [Member] | Sioux Falls, SD [Member]
Initial Cost to Company
Land247
Buildings and Improvements1,325
Equipment78
Cost Capitalized Since Acquisition
Land0
Building and Improvements917
Equipment217
Gross Carrying Value (2)
Land247
Building and Improvements2,242
Equipment295
Total2,784
Accumulated Depreciation1,870
Olive Garden [Member] | Yakima, WA [Member]
Initial Cost to Company
Land0
Buildings and Improvements1,296
Equipment124
Cost Capitalized Since Acquisition
Land409
Building and Improvements568
Equipment294
Gross Carrying Value (2)
Land409
Building and Improvements1,864
Equipment418
Total2,691
Accumulated Depreciation1,862
Olive Garden [Member] | Harlingen, TX [Member]
Initial Cost to Company
Land453
Buildings and Improvements803
Equipment107
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,013
Equipment426
Gross Carrying Value (2)
Land453
Building and Improvements1,816
Equipment533
Total2,802
Accumulated Depreciation1,375
Olive Garden [Member] | Chico, CA [Member]
Initial Cost to Company
Land984
Buildings and Improvements923
Equipment95
Cost Capitalized Since Acquisition
Land0
Building and Improvements850
Equipment308
Gross Carrying Value (2)
Land984
Building and Improvements1,773
Equipment403
Total3,160
Accumulated Depreciation1,527
Olive Garden [Member] | Las Vegas, NV, Three [Member]
Initial Cost to Company
Land1,055
Buildings and Improvements1,005
Equipment108
Cost Capitalized Since Acquisition
Land0
Building and Improvements849
Equipment297
Gross Carrying Value (2)
Land1,055
Building and Improvements1,854
Equipment405
Total3,314
Accumulated Depreciation1,735
Olive Garden [Member] | Laurel, MD [Member]
Initial Cost to Company
Land1,241
Buildings and Improvements1,552
Equipment121
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,403
Equipment388
Gross Carrying Value (2)
Land1,241
Building and Improvements2,955
Equipment509
Total4,705
Accumulated Depreciation2,590
Olive Garden [Member] | Arlington, TX [Member]
Initial Cost to Company
Land782
Buildings and Improvements766
Equipment70
Cost Capitalized Since Acquisition
Land0
Building and Improvements795
Equipment441
Gross Carrying Value (2)
Land782
Building and Improvements1,561
Equipment511
Total2,854
Accumulated Depreciation1,461
Olive Garden [Member] | Racine, WI [Member]
Initial Cost to Company
Land608
Buildings and Improvements1,247
Equipment140
Cost Capitalized Since Acquisition
Land0
Building and Improvements914
Equipment198
Gross Carrying Value (2)
Land608
Building and Improvements2,161
Equipment338
Total3,107
Accumulated Depreciation1,872
Olive Garden [Member] | Mesa, AZ [Member]
Initial Cost to Company
Land551
Buildings and Improvements888
Equipment97
Cost Capitalized Since Acquisition
Land0
Building and Improvements803
Equipment274
Gross Carrying Value (2)
Land551
Building and Improvements1,691
Equipment371
Total2,613
Accumulated Depreciation1,499
Olive Garden [Member] | Fort Collins, CO [Member]
Initial Cost to Company
Land809
Buildings and Improvements1,105
Equipment97
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,011
Equipment350
Gross Carrying Value (2)
Land809
Building and Improvements2,116
Equipment447
Total3,372
Accumulated Depreciation1,957
Olive Garden [Member] | Raleigh, NC [Member]
Initial Cost to Company
Land855
Buildings and Improvements877
Equipment76
Cost Capitalized Since Acquisition
Land0
Building and Improvements855
Equipment318
Gross Carrying Value (2)
Land855
Building and Improvements1,732
Equipment394
Total2,981
Accumulated Depreciation1,626
Olive Garden [Member] | Dover, DE [Member]
Initial Cost to Company
Land614
Buildings and Improvements1,055
Equipment127
Cost Capitalized Since Acquisition
Land0
Building and Improvements656
Equipment279
Gross Carrying Value (2)
Land614
Building and Improvements1,711
Equipment406
Total2,731
Accumulated Depreciation1,525
Olive Garden [Member] | Lafayette, IN [Member]
Initial Cost to Company
Land455
Buildings and Improvements875
Equipment98
Cost Capitalized Since Acquisition
Land0
Building and Improvements635
Equipment221
Gross Carrying Value (2)
Land455
Building and Improvements1,510
Equipment319
Total2,284
Accumulated Depreciation1,453
Olive Garden [Member] | Addison, TX [Member]
Initial Cost to Company
Land1,221
Buildings and Improvements1,746
Equipment79
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,032
Equipment374
Gross Carrying Value (2)
Land1,221
Building and Improvements2,778
Equipment453
Total4,452
Accumulated Depreciation2,423
Olive Garden [Member] | Appleton, WI [Member]
Initial Cost to Company
Land424
Buildings and Improvements956
Equipment117
Cost Capitalized Since Acquisition
Land0
Building and Improvements646
Equipment216
Gross Carrying Value (2)
Land424
Building and Improvements1,602
Equipment333
Total2,359
Accumulated Depreciation1,424
Olive Garden [Member] | Panama City, FL [Member]
Initial Cost to Company
Land465
Buildings and Improvements957
Equipment84
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,082
Equipment400
Gross Carrying Value (2)
Land465
Building and Improvements2,039
Equipment484
Total2,988
Accumulated Depreciation1,576
Olive Garden [Member] | Texas City, TX [Member]
Initial Cost to Company
Land732
Buildings and Improvements1,093
Equipment97
Cost Capitalized Since Acquisition
Land0
Building and Improvements871
Equipment319
Gross Carrying Value (2)
Land732
Building and Improvements1,964
Equipment416
Total3,112
Accumulated Depreciation1,693
Olive Garden [Member] | Muncie, IN [Member]
Initial Cost to Company
Land454
Buildings and Improvements1,003
Equipment92
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,065
Equipment296
Gross Carrying Value (2)
Land454
Building and Improvements2,068
Equipment388
Total2,910
Accumulated Depreciation1,399
Olive Garden [Member] | Kenner, LA [Member]
Initial Cost to Company
Land695
Buildings and Improvements969
Equipment86
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,112
Equipment361
Gross Carrying Value (2)
Land695
Building and Improvements2,081
Equipment447
Total3,223
Accumulated Depreciation1,893
Olive Garden [Member] | Duncanville, TX [Member]
Initial Cost to Company
Land835
Buildings and Improvements1,057
Equipment91
Cost Capitalized Since Acquisition
Land0
Building and Improvements945
Equipment370
Gross Carrying Value (2)
Land835
Building and Improvements2,002
Equipment461
Total3,298
Accumulated Depreciation1,714
Olive Garden [Member] | Pembroke Pines, FL [Member]
Initial Cost to Company
Land1,134
Buildings and Improvements1,249
Equipment77
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,166
Equipment511
Gross Carrying Value (2)
Land1,134
Building and Improvements2,415
Equipment588
Total4,137
Accumulated Depreciation1,909
Olive Garden [Member] | Poughkeepsie, NY [Member]
Initial Cost to Company
Land873
Buildings and Improvements1,613
Equipment108
Cost Capitalized Since Acquisition
Land0
Building and Improvements823
Equipment174
Gross Carrying Value (2)
Land873
Building and Improvements2,436
Equipment282
Total3,591
Accumulated Depreciation1,888
Olive Garden [Member] | Billings, MT [Member]
Initial Cost to Company
Land479
Buildings and Improvements1,107
Equipment89
Cost Capitalized Since Acquisition
Land0
Building and Improvements775
Equipment301
Gross Carrying Value (2)
Land479
Building and Improvements1,882
Equipment390
Total2,751
Accumulated Depreciation1,654
Olive Garden [Member] | Rochester, NY, Two [Member]
Initial Cost to Company
Land974
Buildings and Improvements1,108
Equipment101
Cost Capitalized Since Acquisition
Land0
Building and Improvements824
Equipment243
Gross Carrying Value (2)
Land974
Building and Improvements1,932
Equipment344
Total3,250
Accumulated Depreciation1,533
Olive Garden [Member] | Whitehall, PA [Member]
Initial Cost to Company
Land936
Buildings and Improvements1,291
Equipment90
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,025
Equipment331
Gross Carrying Value (2)
Land936
Building and Improvements2,316
Equipment421
Total3,673
Accumulated Depreciation2,053
Olive Garden [Member] | Paducah, KY [Member]
Initial Cost to Company
Land452
Buildings and Improvements1,083
Equipment82
Cost Capitalized Since Acquisition
Land0
Building and Improvements700
Equipment288
Gross Carrying Value (2)
Land452
Building and Improvements1,783
Equipment370
Total2,605
Accumulated Depreciation1,552
Olive Garden [Member] | Dearborn, MI [Member]
Initial Cost to Company
Land542
Buildings and Improvements1,219
Equipment59
Cost Capitalized Since Acquisition
Land0
Building and Improvements713
Equipment242
Gross Carrying Value (2)
Land542
Building and Improvements1,932
Equipment301
Total2,775
Accumulated Depreciation1,648
Olive Garden [Member] | Bangor, ME [Member]
Initial Cost to Company
Land357
Buildings and Improvements1,120
Equipment96
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,027
Equipment282
Gross Carrying Value (2)
Land357
Building and Improvements2,147
Equipment378
Total2,882
Accumulated Depreciation1,764
Olive Garden [Member] | Grand Rapids, MI, Two [Member]
Initial Cost to Company
Land804
Buildings and Improvements866
Equipment87
Cost Capitalized Since Acquisition
Land0
Building and Improvements637
Equipment257
Gross Carrying Value (2)
Land804
Building and Improvements1,503
Equipment344
Total2,651
Accumulated Depreciation1,390
Olive Garden [Member] | Peoria, IL [Member]
Initial Cost to Company
Land668
Buildings and Improvements1,204
Equipment81
Cost Capitalized Since Acquisition
Land0
Building and Improvements914
Equipment323
Gross Carrying Value (2)
Land668
Building and Improvements2,118
Equipment404
Total3,190
Accumulated Depreciation1,725
Olive Garden [Member] | Newington, NH [Member]
Initial Cost to Company
Land915
Buildings and Improvements1,051
Equipment103
Cost Capitalized Since Acquisition
Land0
Building and Improvements803
Equipment355
Gross Carrying Value (2)
Land915
Building and Improvements1,854
Equipment458
Total3,227
Accumulated Depreciation1,643
Olive Garden [Member] | Tyler, TX [Member]
Initial Cost to Company
Land485
Buildings and Improvements1,041
Equipment92
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,279
Equipment340
Gross Carrying Value (2)
Land485
Building and Improvements2,320
Equipment432
Total3,237
Accumulated Depreciation1,845
Olive Garden [Member] | Janesville, WI [Member]
Initial Cost to Company
Land370
Buildings and Improvements1,069
Equipment86
Cost Capitalized Since Acquisition
Land0
Building and Improvements712
Equipment287
Gross Carrying Value (2)
Land370
Building and Improvements1,781
Equipment373
Total2,524
Accumulated Depreciation1,464
Olive Garden [Member] | Las Vegas, NV, Four [Member]
Initial Cost to Company
Land879
Buildings and Improvements1,344
Equipment95
Cost Capitalized Since Acquisition
Land0
Building and Improvements596
Equipment317
Gross Carrying Value (2)
Land879
Building and Improvements1,940
Equipment412
Total3,231
Accumulated Depreciation1,652
Olive Garden [Member] | Middletown, OH [Member]
Initial Cost to Company
Land424
Buildings and Improvements1,044
Equipment95
Cost Capitalized Since Acquisition
Land0
Building and Improvements863
Equipment318
Gross Carrying Value (2)
Land424
Building and Improvements1,907
Equipment413
Total2,744
Accumulated Depreciation1,668
Olive Garden [Member] | Concord, NH [Member]
Initial Cost to Company
Land469
Buildings and Improvements1,284
Equipment115
Cost Capitalized Since Acquisition
Land0
Building and Improvements594
Equipment194
Gross Carrying Value (2)
Land469
Building and Improvements1,878
Equipment309
Total2,656
Accumulated Depreciation1,543
Olive Garden [Member] | Branson, MO [Member]
Initial Cost to Company
Land1,056
Buildings and Improvements1,893
Equipment69
Cost Capitalized Since Acquisition
Land0
Building and Improvements785
Equipment295
Gross Carrying Value (2)
Land1,056
Building and Improvements2,678
Equipment364
Total4,098
Accumulated Depreciation2,163
Olive Garden [Member] | Coon Rapids, MN [Member]
Initial Cost to Company
Land514
Buildings and Improvements1,248
Equipment67
Cost Capitalized Since Acquisition
Land0
Building and Improvements588
Equipment245
Gross Carrying Value (2)
Land514
Building and Improvements1,836
Equipment312
Total2,662
Accumulated Depreciation1,566
Olive Garden [Member] | Fairfax, VA [Member]
Initial Cost to Company
Land985
Buildings and Improvements1,127
Equipment69
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,021
Equipment406
Gross Carrying Value (2)
Land985
Building and Improvements2,148
Equipment475
Total3,608
Accumulated Depreciation1,840
Olive Garden [Member] | Amherst, NY [Member]
Initial Cost to Company
Land1,215
Buildings and Improvements1,394
Equipment88
Cost Capitalized Since Acquisition
Land0
Building and Improvements891
Equipment307
Gross Carrying Value (2)
Land1,215
Building and Improvements2,285
Equipment395
Total3,895
Accumulated Depreciation1,881
Olive Garden [Member] | Dallas, TX, Two [Member]
Initial Cost to Company
Land764
Buildings and Improvements1,212
Equipment55
Cost Capitalized Since Acquisition
Land0
Building and Improvements811
Equipment281
Gross Carrying Value (2)
Land764
Building and Improvements2,023
Equipment336
Total3,123
Accumulated Depreciation1,747
Olive Garden [Member] | Asheville, NC [Member]
Initial Cost to Company
Land1,031
Buildings and Improvements1,198
Equipment94
Cost Capitalized Since Acquisition
Land0
Building and Improvements655
Equipment292
Gross Carrying Value (2)
Land1,031
Building and Improvements1,853
Equipment386
Total3,270
Accumulated Depreciation1,607
Olive Garden [Member] | Waldorf, MD [Member]
Initial Cost to Company
Land779
Buildings and Improvements1,152
Equipment81
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,258
Equipment357
Gross Carrying Value (2)
Land779
Building and Improvements2,410
Equipment438
Total3,627
Accumulated Depreciation2,049
Olive Garden [Member] | Fairborn, OH [Member]
Initial Cost to Company
Land804
Buildings and Improvements1,290
Equipment82
Cost Capitalized Since Acquisition
Land0
Building and Improvements681
Equipment221
Gross Carrying Value (2)
Land804
Building and Improvements1,971
Equipment303
Total3,078
Accumulated Depreciation1,640
Olive Garden [Member] | Joplin, MO [Member]
Initial Cost to Company
Land654
Buildings and Improvements1,219
Equipment102
Cost Capitalized Since Acquisition
Land0
Building and Improvements662
Equipment323
Gross Carrying Value (2)
Land654
Building and Improvements1,881
Equipment425
Total2,960
Accumulated Depreciation1,593
Olive Garden [Member] | Middletown, NY [Member]
Initial Cost to Company
Land807
Buildings and Improvements1,581
Equipment97
Cost Capitalized Since Acquisition
Land0
Building and Improvements592
Equipment345
Gross Carrying Value (2)
Land807
Building and Improvements2,173
Equipment442
Total3,422
Accumulated Depreciation1,812
Olive Garden [Member] | Cedar Rapids, IA [Member]
Initial Cost to Company
Land510
Buildings and Improvements1,148
Equipment105
Cost Capitalized Since Acquisition
Land0
Building and Improvements608
Equipment311
Gross Carrying Value (2)
Land510
Building and Improvements1,756
Equipment416
Total2,682
Accumulated Depreciation1,526
Olive Garden [Member] | Eau Claire, WI [Member]
Initial Cost to Company
Land600
Buildings and Improvements1,193
Equipment110
Cost Capitalized Since Acquisition
Land0
Building and Improvements538
Equipment268
Gross Carrying Value (2)
Land600
Building and Improvements1,731
Equipment378
Total2,709
Accumulated Depreciation1,519
Olive Garden [Member] | Voorhees, NJ [Member]
Initial Cost to Company
Land804
Buildings and Improvements1,696
Equipment101
Cost Capitalized Since Acquisition
Land0
Building and Improvements600
Equipment303
Gross Carrying Value (2)
Land804
Building and Improvements2,296
Equipment404
Total3,504
Accumulated Depreciation1,928
Olive Garden [Member] | Henderson, NV [Member]
Initial Cost to Company
Land1,109
Buildings and Improvements1,289
Equipment74
Cost Capitalized Since Acquisition
Land0
Building and Improvements826
Equipment383
Gross Carrying Value (2)
Land1,109
Building and Improvements2,115
Equipment457
Total3,681
Accumulated Depreciation1,857
Olive Garden [Member] | Clay, NY [Member]
Initial Cost to Company
Land782
Buildings and Improvements1,705
Equipment98
Cost Capitalized Since Acquisition
Land0
Building and Improvements866
Equipment356
Gross Carrying Value (2)
Land782
Building and Improvements2,571
Equipment454
Total3,807
Accumulated Depreciation1,928
Olive Garden [Member] | Norman, OK [Member]
Initial Cost to Company
Land596
Buildings and Improvements1,246
Equipment96
Cost Capitalized Since Acquisition
Land0
Building and Improvements449
Equipment172
Gross Carrying Value (2)
Land596
Building and Improvements1,695
Equipment268
Total2,559
Accumulated Depreciation1,417
Olive Garden [Member] | Heath, OH [Member]
Initial Cost to Company
Land599
Buildings and Improvements1,353
Equipment65
Cost Capitalized Since Acquisition
Land0
Building and Improvements971
Equipment331
Gross Carrying Value (2)
Land599
Building and Improvements2,324
Equipment396
Total3,319
Accumulated Depreciation1,817
Olive Garden [Member] | Jackson, MI [Member]
Initial Cost to Company
Land699
Buildings and Improvements1,156
Equipment73
Cost Capitalized Since Acquisition
Land0
Building and Improvements764
Equipment320
Gross Carrying Value (2)
Land699
Building and Improvements1,920
Equipment393
Total3,012
Accumulated Depreciation1,530
Olive Garden [Member] | Hampton, VA [Member]
Initial Cost to Company
Land1,074
Buildings and Improvements1,061
Equipment86
Cost Capitalized Since Acquisition
Land0
Building and Improvements674
Equipment225
Gross Carrying Value (2)
Land1,074
Building and Improvements1,735
Equipment311
Total3,120
Accumulated Depreciation1,445
Olive Garden [Member] | Tempe, AZ [Member]
Initial Cost to Company
Land703
Buildings and Improvements1,131
Equipment75
Cost Capitalized Since Acquisition
Land0
Building and Improvements746
Equipment353
Gross Carrying Value (2)
Land703
Building and Improvements1,877
Equipment428
Total3,008
Accumulated Depreciation1,683
Olive Garden [Member] | Waterloo, IA [Member]
Initial Cost to Company
Land466
Buildings and Improvements891
Equipment79
Cost Capitalized Since Acquisition
Land0
Building and Improvements873
Equipment331
Gross Carrying Value (2)
Land466
Building and Improvements1,764
Equipment410
Total2,640
Accumulated Depreciation1,396
Olive Garden [Member] | Barboursville, WV [Member]
Initial Cost to Company
Land1,139
Buildings and Improvements1,062
Equipment84
Cost Capitalized Since Acquisition
Land0
Building and Improvements731
Equipment203
Gross Carrying Value (2)
Land1,139
Building and Improvements1,793
Equipment287
Total3,219
Accumulated Depreciation1,442
Olive Garden [Member] | Peoria, AZ [Member]
Initial Cost to Company
Land551
Buildings and Improvements1,294
Equipment81
Cost Capitalized Since Acquisition
Land0
Building and Improvements623
Equipment242
Gross Carrying Value (2)
Land551
Building and Improvements1,917
Equipment323
Total2,791
Accumulated Depreciation1,604
Olive Garden [Member] | Onalaska, WI [Member]
Initial Cost to Company
Land603
Buildings and Improvements1,283
Equipment102
Cost Capitalized Since Acquisition
Land0
Building and Improvements339
Equipment197
Gross Carrying Value (2)
Land603
Building and Improvements1,622
Equipment299
Total2,524
Accumulated Depreciation1,402
Olive Garden [Member] | Grapevine, TX [Member]
Initial Cost to Company
Land752
Buildings and Improvements1,026
Equipment99
Cost Capitalized Since Acquisition
Land0
Building and Improvements793
Equipment404
Gross Carrying Value (2)
Land752
Building and Improvements1,819
Equipment503
Total3,074
Accumulated Depreciation1,672
Olive Garden [Member] | Midland, TX [Member]
Initial Cost to Company
Land400
Buildings and Improvements1,340
Equipment88
Cost Capitalized Since Acquisition
Land0
Building and Improvements566
Equipment314
Gross Carrying Value (2)
Land400
Building and Improvements1,906
Equipment402
Total2,708
Accumulated Depreciation1,561
Olive Garden [Member] | Spring, TX [Member]
Initial Cost to Company
Land780
Buildings and Improvements1,329
Equipment80
Cost Capitalized Since Acquisition
Land0
Building and Improvements1,289
Equipment327
Gross Carrying Value (2)
Land780
Building and Improvements2,618
Equipment407
Total3,805
Accumulated Depreciation2,050
Olive Garden [Member] | Colonie, NY [Member]
Initial Cost to Company
Land966
Buildings and Improvements1,862
Equipment57
Cost Capitalized Since Acquisition
Land0
Building and Improvements984
Equipment273
Gross Carrying Value (2)
Land966
Building and Improvements2,846
Equipment330
Total4,142
Accumulated Depreciation2,057
Olive Garden [Member] | Fort Smith, AR [Member]
Initial Cost to Company
Land527
Buildings and Improvements893
Equipment113
Cost Capitalized Since Acquisition
Land0
Building and Improvements427
Equipment187
Gross Carrying Value (2)
Land527
Building and Improvements1,320
Equipment300
Total2,147
Accumulated Depreciation1,098
Olive Garden [Member] | Jackson, MS [Member]
Initial Cost to Company
Land641
Buildings and Improvements1,195
Equipment110
Cost Capitalized Since Acquisition
Land0
Building and Improvements846
Equipment268
Gross Carrying Value (2)
Land641
Building and Improvements2,041
Equipment378
Total3,060
Accumulated Depreciation1,650
Olive Garden [Member] | Lancaster, OH [Member]
Initial Cost to Company
Land372
Buildings and Improvements846
Equipment115
Cost Capitalized Since Acquisition
Land0
Building and Improvements603
Equipment284
Gross Carrying Value (2)
Land372
Building and Improvements1,449
Equipment399
Total2,220
Accumulated Depreciation1,200
Olive Garden [Member] | Lima, OH [Member]
Initial Cost to Company
Land471
Buildings and Improvements930
Equipment67
Cost Capitalized Since Acquisition
Land0
Building and Improvements387
Equipment282
Gross Carrying Value (2)
Land471
Building and Improvements1,317
Equipment349
Total2,137
Accumulated Depreciation1,107
Olive Garden [Member] | Williamsburg, VA [Member]
Initial Cost to Company
Land673
Buildings and Improvements1,268
Equipment31
Cost Capitalized Since Acquisition
Land0
Building and Improvements743
Equipment202
Gross Carrying Value (2)
Land673
Building and Improvements2,011
Equipment233
Total2,917
Accumulated Depreciation1,478
Olive Garden [Member] | Dubuque, IA [Member]
Initial Cost to Company
Land518
Buildings and Improvements1,103
Equipment76
Cost Capitalized Since Acquisition
Land0
Building and Improvements391
Equipment221
Gross Carrying Value (2)
Land518
Building and Improvements1,494
Equipment297
Total2,309
Accumulated Depreciation1,015
Olive Garden [Member] | Zanesville, OH [Member]
Initial Cost to Company
Land707
Buildings and Improvements1,065
Equipment25
Cost Capitalized Since Acquisition
Land0
Building and Improvements673
Equipment323
Gross Carrying Value (2)
Land707
Building and Improvements1,738
Equipment348
Total2,793
Accumulated Depreciation1,306
Olive Garden [Member] | Frederick, MD [Member]
Initial Cost to Company
Land638
Buildings and Improvements1,276
Equipment79
Cost Capitalized Since Acquisition
Land0
Building and Improvements787
Equipment344
Gross Carrying Value (2)
Land638
Building and Improvements2,063
Equipment423
Total3,124
Accumulated Depreciation1,554
Olive Garden [Member] | Westminster, MD [Member]
Initial Cost to Company
Land595
Buildings and Improvements1,741
Equipment124
Cost Capitalized Since Acquisition
Land0
Building and Improvements452
Equipment204
Gross Carrying Value (2)
Land595
Building and Improvements2,193
Equipment328
Total3,116
Accumulated Depreciation1,550
Olive Garden [Member] | Hyannis, MA [Member]
Initial Cost to Company
Land664
Buildings and Improvements2,097
Equipment90
Cost Capitalized Since Acquisition
Land0
Building and Improvements665
Equipment175
Gross Carrying Value (2)
Land664
Building and Improvements2,762
Equipment265
Total3,691
Accumulated Depreciation2,098
Olive Garden [Member] | Wyomissing, PA [Member]
Initial Cost to Company
Land963
Buildings and Improvements1,926
Equipment109
Cost Capitalized Since Acquisition
Land0
Building and Improvements498
Equipment206
Gross Carrying Value (2)
Land963
Building and Improvements2,424
Equipment315
Total3,702
Accumulated Depreciation1,799
Olive Garden [Member] | Eugene, OR [Member]
Initial Cost to Company
Land761
Buildings and Improvements1,486
Equipment91
Cost Capitalized Since Acquisition
Land0
Building and Improvements356
Equipment200
Gross Carrying Value (2)
Land761
Building and Improvements1,842
Equipment291
Total2,894
Accumulated Depreciation1,455
Olive Garden [Member] | Savannah, GA [Member]
Initial Cost to Company
Land952
Buildings and Improvements1,781
Equipment189
Cost Capitalized Since Acquisition
Land0
Building and Improvements660
Equipment147
Gross Carrying Value (2)
Land952
Building and Improvements2,441
Equipment336
Total3,729
Accumulated Depreciation1,673
Olive Garden [Member] | Mentor, OH [Member]
Initial Cost to Company
Land0
Buildings and Improvements1,955
Equipment138
Cost Capitalized Since Acquisition
Land1,474
Building and Improvements288
Equipment241
Gross Carrying Value (2)
Land1,474
Building and Improvements2,243
Equipment379
Total4,096
Accumulated Depreciation1,604
Olive Garden [Member] | Douglasville, GA [Member]
Initial Cost to Company
Land1,189
Buildings and Improvements1,978
Equipment144
Cost Capitalized Since Acquisition
Land0
Building and Improvements406
Equipment248
Gross Carrying Value (2)
Land1,189
Building and Improvements2,384
Equipment392
Total3,965
Accumulated Depreciation1,713
Olive Garden [Member] | Buford, GA [Member]
Initial Cost to Company
Land1,493
Buildings and Improvements1,688
Equipment179
Cost Capitalized Since Acquisition
Land0
Building and Improvements542
Equipment203
Gross Carrying Value (2)
Land1,493
Building and Improvements2,230
Equipment382
Total4,105
Accumulated Depreciation1,581
Olive Garden [Member] | Maple Grove, MN [Member]
Initial Cost to Company
Land807
Buildings and Improvements1,924
Equipment176
Cost Capitalized Since Acquisition
Land0
Building and Improvements227
Equipment124
Gross Carrying Value (2)
Land807
Building and Improvements2,151
Equipment300
Total3,258
Accumulated Depreciation1,470
Olive Garden [Member] | Olathe, KS [Member]