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FCPT Four Corners Property Trust

Cover

Cover - USD ($)12 Months Ended
Dec. 31, 2020Feb. 18, 2021Jun. 30, 2020
Cover [Abstract]
Document Type10-K
Document Annual Reporttrue
Document Period End DateDec. 31,
2020
Current Fiscal Year End Date--12-31
Document Transition Reportfalse
Entity File Number1-37538
Entity Registrant NameFOUR CORNERS PROPERTY TRUST, INC.
Entity Incorporation, State or Country CodeMD
Entity Tax Identification Number47-4456296
Entity Address, Address Line One591 Redwood Highway,
Entity Address, Address Line TwoSuite 3215,
Entity Address, City or TownMill Valley,
Entity Address, State or ProvinceCA
Entity Address, Postal Zip Code94941
City Area Code415
Local Phone Number965-8030
Title of 12(b) SecurityCommon Stock, $0.0001 par value per share
Trading SymbolFCPT
Security Exchange NameNYSE
Entity Well-known Seasoned IssuerYes
Entity Voluntary FilersNo
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
ICFR Auditor Attestation Flagtrue
Entity Shell Companyfalse
Entity Public Float $ 1,701,903,221
Entity Common Stock, Shares Outstanding76,109,752
Documents Incorporated by ReferenceDOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s Definitive Proxy Statement for its Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission no later than April 30, 2021 are incorporated by reference into Part III of this Report.
Entity Central Index Key0001650132
Document Fiscal Year Focus2020
Document Fiscal Period FocusFY
Amendment Flagfalse

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)Dec. 31, 2020Dec. 31, 2019
Real estate investments:
Land $ 827,502,000 $ 690,575,000
Buildings, equipment and improvements1,327,641,000 1,277,159,000
Total real estate investments2,155,143,000 1,967,734,000
Less: Accumulated depreciation(657,621,000)(635,630,000)
Total real estate investments, net1,497,522,000 1,332,104,000
Intangible real estate assets, net96,291,000 57,917,000
Total real estate investments and intangible real estate assets, net1,593,813,000 1,390,021,000
Real estate held for sale2,763,000 0
Cash and cash equivalents11,064,000 5,083,000
Straight-line rent adjustment47,938,000 39,350,000
Derivative Assets762,000 1,451,000
Other assets11,839,000 10,165,000
Total assets1,668,179,000 1,446,070,000
Liabilities:
Long-term debt, net of deferred financing costs753,878,000 669,940,000
Dividends payable24,058,000 21,325,000
Rent received in advance11,926,000 10,463,000
Derivative liabilities18,717,000 5,005,000
Other liabilities15,099,000 12,596,000
Total liabilities823,678,000 719,329,000
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, 75,874,966 and 70,020,660 shares issued and outstanding at December 31, 2020 and 2019, respectively8,000 7,000
Additional paid-in capital840,455,000 686,181,000
Retained earnings26,672,000 38,401,000
Accumulated other comprehensive (loss) income(25,695,000)(3,539,000)
Noncontrolling interests3,061,000 5,691,000
Total equity844,501,000 726,741,000
Total Liabilities and Equity $ 1,668,179,000 $ 1,446,070,000

CONSOLIDATED BALANCE SHEETS (PA

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / sharesDec. 31, 2020Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized25,000,000 25,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, shares authorized500,000,000 500,000,000
Common stock, shares issued75,874,966 70,020,660
Common stock, shares outstanding75,874,966 70,020,660

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Revenues:
Total revenues $ 170,944 $ 160,233 $ 143,635
Operating expenses:
General and administrative15,046 13,934 13,206
Depreciation and amortization29,433 26,312 23,884
Total operating expenses64,069 61,457 56,537
Interest expense(29,231)(26,516)(19,959)
Other income, net170 944 781
Realized gain on sale, net0 0 15,271
Income tax expense(247)(265)(262)
Net income77,567 72,939 82,929
Net income attributable to noncontrolling interest(235)(323)(531)
Net Income Available to Common Shareholders $ 77,332 $ 72,616 $ 82,398
Basic, net income per share (in USD per share) $ 1.08 $ 1.06 $ 1.29
Diluted net income per share (in USD per share) $ 1.08 $ 1.06 $ 1.28
Basic (in shares)71,312,326 68,430,841 64,041,255
Diluted (in shares)71,609,068 68,632,010 64,388,929
Dividends declared per common share (in USD per share) $ 1.2325 $ 1.1675 $ 1.1125
Rental
Revenues:
Total revenues $ 154,721 $ 139,682 $ 123,665
Restaurant
Revenues:
Total revenues16,223 20,551 19,970
Operating expenses:
Expenses16,082 19,632 19,014
Property
Operating expenses:
Expenses $ 3,508 $ 1,579 $ 433

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income (Loss) $ 77,567 $ 72,939 $ 82,929
Effective portion of change in fair value of derivative instruments(26,410)(7,818)3,257
Reclassification adjustment of derivative instruments included in net income4,170 (1,722)(2,235)
Other comprehensive (loss) income(22,240)(9,540)1,022
Comprehensive income55,327 63,399 83,951
Net income attributable to noncontrolling interest235 323 531
Other comprehensive (loss) income attributable to noncontrolling interest(84)(45)11
Comprehensive income attributable to noncontrolling interest151 278 542
Comprehensive Income Attributable to Common Shareholders $ 55,176 $ 63,121 $ 83,409

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in ThousandsTotalEquity OfferingATM OfferingCommon StockCommon StockEquity OfferingCommon StockATM OfferingAdditional Paid-in CapitalAdditional Paid-in CapitalEquity OfferingAdditional Paid-in CapitalATM OfferingRetained EarningsAccumulated Other Comprehensive Income (Loss)Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 201761,329,489
Beginning Balance at Dec. 31, 2017 $ 522,268 $ 6 $ 473,685 $ 36,318 $ 4,478 $ 7,781
Beginning Balance (ASU 2017-12 Transition Adjustment) at Dec. 31, 20170 (467)467
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)82,929 82,398 531
Realized and unrealized gain on derivative instruments1,022 1,011 11
Issuance of common stock during period (in shares)4,025,000 2,716,090
Issuance of common stock during period $ 96,325 $ 65,533 $ 1 $ 96,324 $ 65,533
Dividends paid and declared on common stock(72,687)(72,231)(456)
Stock-based compensation, net (in shares)133,466
Stock-based compensation, net3,574 3,574
Ending balance (in shares) at Dec. 31, 201868,204,045
Ending Balance at Dec. 31, 2018698,964 $ 7 639,116 46,018 5,956 7,867
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)72,939 72,616 323
Realized and unrealized loss on derivative instruments(9,540)(9,495)(45)
Issuance of common stock during period (in shares)1,663,116
Issuance of common stock during period47,233 47,233
Redemption of OP units (in shares)5,966
Redemption of OP units(3,167)(1,068)(2,099)
Dividends paid and declared on common stock(80,588)(80,233)(355)
Stock-based compensation, net (in shares)147,533
Stock-based compensation, net $ 900 900
Ending balance (in shares) at Dec. 31, 201970,020,660 70,020,660
Ending Balance at Dec. 31, 2019 $ 726,741 $ 7 686,181 38,401 (3,539)5,691
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)77,567 77,332 235
Realized and unrealized loss on derivative instruments(22,240)(22,156)(84)
Issuance of common stock during period (in shares)5,640,900
Issuance of common stock during period $ 151,746 $ 1 $ 151,745
Redemption of OP units (in shares)90,000
Redemption of OP units(813)1,720 (2,533)
Dividends paid and declared on common stock(89,309)(89,061)(248)
Stock-based compensation, net (in shares)123,406
Stock-based compensation, net $ 809 809
Ending balance (in shares) at Dec. 31, 202075,874,966 75,874,966
Ending Balance at Dec. 31, 2020 $ 844,501 $ 8 $ 840,455 $ 26,672 $ (25,695) $ 3,061

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017Dec. 31, 2016
Net income $ 20,307,000 $ 19,404,000 $ 18,520,000 $ 19,336,000 $ 18,993,000 $ 18,409,000 $ 17,936,000 $ 17,601,000 $ 21,331,000 $ 17,607,000 $ 27,627,000 $ 16,364,000 $ 77,567,000 $ 72,939,000 $ 82,929,000
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization29,433,000 26,312,000 23,884,000
Gain on disposal of land, building, and equipment0 0 (15,271,000)
Gain on exchange of non-financial assets0 0 (228,000)
Non-cash revenue adjustments1,296,000 158,000 64,000
Amortization of financing costs2,132,000 2,050,000 1,834,000
Stock-based compensation expense3,376,000 3,602,000 3,967,000
Changes in assets and liabilities:
Derivative assets and liabilities(7,839,000)(4,000)29,000
Straight-line rent adjustment(8,588,000)(9,207,000)(9,288,000)
Rent received in advance1,463,000 8,854,000 (6,686,000)
Intangible assets (lease incentives)(4,238,000)0 0
Other assets and liabilities(3,144,000)(31,000)(351,000)
Net cash provided by operating activities91,458,000 104,673,000 80,883,000
Cash flows - investing activities
Investments in real estate(230,533,000)(205,154,000)(268,266,000)
Net proceeds from sale of operating real estate0 0 21,139,000
Advance deposits on acquisition of operating real estate1,460,000 (2,199,000)81,000
Net cash used in investing activities(229,073,000)(207,353,000)(247,046,000)
Cash flows - financing activities
Proceeds from issuance of senior notes125,000,000 0 100,000,000
Payment of deferred financing costs(1,194,000)0 (1,481,000)
Proceeds from revolving credit facility176,500,000 52,000,000 25,000,000
Repayment of revolving credit facility(218,500,000)0 (25,000,000)
Payment of dividend to shareholders(86,328,000)(78,488,000)(69,494,000)
Distribution to non-controlling interests(248,000)(355,000)(456,000)
Redemption of non-controlling interests(813,000)(3,167,000)0
Shares withheld for taxes upon vesting(2,567,000)(2,702,000)(393,000)
Net cash provided by financing activities143,596,000 14,521,000 190,034,000
Net increase (decrease) in cash and cash equivalents, including restricted cash5,981,000 (88,159,000)23,871,000
Cash and cash equivalents, including restricted cash, beginning of year $ 5,083,000 $ 93,242,000 $ 69,371,000 5,083,000 93,242,000 69,371,000
Cash and cash equivalents, including restricted cash, ending of year11,064,000 5,083,000 93,242,000 11,064,000 5,083,000 93,242,000 $ 69,371,000
Supplemental disclosures:
Interest paid23,227,000 25,948,000 20,218,000
Taxes paid597,000 589,000 470,000
Operating lease payments received (lessor)143,146,000 129,699,000
Operating lease payments remitted (lessee)698,000 415,000
Non - cash investing and financing activities:
Dividends payable $ 24,058,000 $ 21,325,000 $ 19,580,000 24,058,000 21,325,000 19,580,000
Change in fair value of derivative instruments(14,401,000)(9,536,000)993,000
ATM Offering
Cash flows - financing activities
Net proceeds from issuance of stock151,746,000 47,233,000 65,533,000 $ 32,100,000 $ 640,000
Equity Offering
Cash flows - financing activities
Net proceeds from issuance of stock $ 0 $ 0 $ 96,325,000

ORGANIZATION

ORGANIZATION12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATIONORGANIZATION Four Corners Property Trust, Inc. (together with its subsidiaries, “FCPT”) is an independent, publicly traded, self-administered company, primarily engaged in the ownership, acquisition and leasing of restaurant properties. Substantially all of our business is conducted through Four Corners Operating Partnership, LP (“FCPT OP”), a Delaware limited partnership of which we are the initial and substantial limited partner. Our wholly owned subsidiary, Four Corners GP, LLC (“FCPT GP”), is its sole general partner. Any references to “the Company,” “we,” “us,” or “our,” refer to FCPT as an independent, publicly traded, self-administered company. FCPT was incorporated as a Maryland corporation on July 2, 2015 as a wholly owned indirect subsidiary of Darden Restaurants, Inc., (together with its consolidated subsidiaries “Darden”), for the purpose of owning, acquiring and leasing properties on a triple-net basis, for use in the restaurant and related food service industries. On November 9, 2015, Darden completed a spin-off of FCPT whereby Darden contributed to us 100% of the equity interest in entities that own 418 properties in which Darden operates restaurants, representing five of their brands, and six LongHorn Steakhouse restaurants located in the San Antonio, Texas area (the “Kerrow Restaurant Operating Business”) along with the underlying properties or interests therein associated with the Kerrow Restaurant Operating Business. In exchange, we issued to Darden all of our common stock and paid to Darden $315.0 million in cash. Subsequently, Darden distributed all of our outstanding shares of common stock pro-rata to holders of Darden common stock whereby each Darden shareholder received one share of our common stock for every three shares of Darden common stock held at the close of business on the record date, which was November 2, 2015, as well as cash in lieu of any fractional shares of our common stock which they would have otherwise received. We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2016, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute at least 90% of our adjusted taxable income to our shareholders, subject to certain adjustments and excluding any net capital gain. As a REIT, we will not be subject to federal corporate income tax on that portion of net income that is distributed to our shareholders. However, FCPT’s taxable REIT subsidiaries (“TRS”) will generally be subject to federal, state, and local income taxes. We made our REIT election upon the filing of our 2016 tax return.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements (“the Consolidated Financial Statements”) include the accounts of Four Corners Property Trust, Inc. and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Consolidated Financial Statements reflect all adjustments which are, in the opinion of management, necessary to a fair presentation of the results for the interim periods presented. These adjustments are considered to be of a normal, recurring nature. Use of Estimates The preparation of these Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. The estimates and assumptions used in the accompanying Consolidated Financial Statements are based on management’s evaluation of the relevant facts and circumstances. Actual results may differ from the estimates and assumptions used in preparing the accompanying Consolidated Financial Statements, and such differences could be material. Real Estate Investments, Net Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from seven two Our accounting policies regarding land, buildings, equipment, and improvements, include our judgments regarding the estimated useful lives of these assets, the residual values to which the assets are depreciated or amortized, the determination of what constitutes a reasonably assured lease term, and the determination as to what constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of reported depreciation and amortization expense if different assumptions were used. As discussed further below, these judgments may also impact our need to recognize an impairment charge on the carrying amount of these assets as the cash flows associated with the assets are realized, or as our expectations of estimated future cash flows change. Acquisition of Real Estate The Company evaluates acquisitions to determine whether transactions should be accounted for as asset acquisitions or business combinations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2017-01. The Company has determined the land, building, site improvements, and in-places leases (if any) of assets acquired were each single assets as the building and property improvements are attached to the land and cannot be physically removed and used separately from the land without incurring significant costs or reducing their fair value. Additionally, the Company has not acquired a substantive process used to generate outputs. As substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset and there were no processes acquired, the acquisitions do not qualify as businesses and are accounted for as asset acquisitions. Related transaction costs are generally capitalized and amortized over the useful lives of the acquired assets. The Company allocates the purchase price (including acquisition and closing costs) of real estate acquisitions to land, building, and improvements based on their relative fair values. The determination of the building fair value is on an ‘as-if-vacant’ basis. Value is allocated to acquired lease intangibles (if any) based on the costs avoided and revenue recognized by acquiring the property subject to lease and avoiding an otherwise ‘dark period’. In making estimates of fair values for this purpose, the Company uses a third-party specialist that obtains various information about each property, as well as the pre-acquisition due diligence of the Company and prior leasing activities at the site. Lease Intangibles Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, acquired lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the asset carrying costs, including lost revenue, that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above-market and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease. In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are generally amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is likely the tenant will exercise the renewal option. Should a lease terminate early, the unamortized portion of any related lease intangible is immediately recognized as an impairment loss included in depreciation and amortization expense. To date, the Company has not had significant early terminations. Finance ground lease assets are also included in intangible real estate assets, net on the Consolidated Balance Sheets. See Leases below for additional information. Impairment of Long-Lived Assets Land, buildings and equipment and certain other assets, including definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events and changes may include macroeconomic conditions, including those caused by global pandemics, like the recent coronavirus disease pandemic (“COVID-19”) and restrictions intended to prevent its spread, which may result in property operational disruption and indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If these assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined by appraisals or sales prices of comparable assets. The judgments we make related to the expected useful lives of long-lived assets and our ability to realize undiscounted cash flows in excess of the carrying amounts of these assets are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions, changes in usage or operating performance, desirability of the restaurant sites and other factors, such as our ability to sell our assets held for sale. As we assess the ongoing expected cash flows and carrying amounts of our long-lived assets, significant adverse changes in these factors could cause us to realize a material impairment loss. Exit or disposal activities include the cost of disposing of the assets and are generally expensed as incurred. Upon disposal of the assets, any gain or loss is recorded in the same caption within our Consolidated Income Statements as the original impairment. Provisions for impairment are included in depreciation and amortization expense in the accompanying Consolidated Income Statements. During the years ended December 31, 2020 and 2019, we did not record provisions for impairment. During the year ended December 31, 2018, we recorded impairment expense of $1.5 million, due to the bankruptcy and court ordered termination of a lease by one tenant. These amounts are included in depreciation and amortization in the accompanying Consolidated Income Statements. Real Estate Held for Sale Real estate is classified as held for sale when the sale is probable, will be completed within one year, purchase agreements are executed, the buyer has a significant deposit at risk, and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. Restaurant sites and certain other assets to be disposed of are included in assets held for sale when the likelihood of disposing of these assets within one year is probable. Assets whose disposal is not probable within one year remain in land, buildings, equipment and improvements until their disposal within one year is probable. Disposals of assets that have a major effect on our operations and financial results or that represent a strategic shift in our operating businesses meet the requirements to be reported as discontinued operations. Real estate held for sale is reported at the lower of carrying amount or fair value, less estimated costs to sell. There were two properties held-for-sale at December 31, 2020, which were sold for a gain prior to February 18, 2021. There was no real estate held for sale at December 31, 2019. Cash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents can consist of cash and money market accounts. Restricted cash consists of 1031 exchange proceeds and is included in Other assets on our Consolidated Balance Sheets. The following table provides a reconciliation of cash, cash equivalents, and restricted cash in our Consolidated Balance Sheets to the total amount shown in our Consolidated Statements of Cash Flows. December 31, (In thousands) 2020 2019 2018 Cash and cash equivalents $ 11,064 $ 5,083 $ 92,041 Restricted cash (included in Other assets) — — 1,201 Total Cash, Cash Equivalents, and Restricted Cash $ 11,064 $ 5,083 $ 93,242 Long-term Debt Long-term debt is carried at unpaid principal balance, net of deferred financing costs. All of our long-term debt is currently unsecured and interest is paid monthly on our non-amortizing term loans and revolving credit facility and semi-annually on our senior unsecured fixed rate notes. Deferred Financing Costs Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from their related liabilities on the Consolidated Balance Sheets. See Note 6 - Long-term Debt, Net of Deferred Financing Costs for additional information. Derivative Instruments and Hedging Activities We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments as required by FASB ASC Topic 815, Derivatives and Hedging, and those utilized as economic hedges. Our use of derivative instruments is currently limited to interest rate hedges. These instruments are generally structured as hedges of the variability of cash flows related to forecasted transactions (cash flow hedges). We do not enter into derivative instruments for trading or speculative purposes, where changes in the cash flows of the derivative are not expected to offset changes in cash flows of the hedged item. All derivatives are recognized on the balance sheet at fair value. For those derivative instruments for which we intend to elect hedge accounting, at the time the derivative contract is entered into, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the Consolidated Balance Sheets or to specific forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria in accordance with GAAP, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss), net of tax. These changes in fair value will be reclassified into earnings at the time of the forecasted transaction. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs. See Note 7 - Derivative Financial Instruments for additional information. Other Assets and Liabilities Other assets primarily consist of right of use operating lease assets, pre-acquisition costs, prepaid assets, food and beverage inventories for use by our Kerrow operating subsidiary, escrow deposits, and accounts receivable. Other liabilities primarily consist of accrued compensation, accrued interest, accrued operating expenses, intangible lease liabilities, and operating lease liabilities. See Note 8 - Supplemental detail for certain components of the Consolidated Balance Sheets Leases Effective January 1, 2019, the Company adopted FASB Accounting Standards Codification 842, Leases, including effective amendments (“ASC 842”), using the effective date method. Consolidated Financial Statements for reporting periods beginning on or after January 1, 2019, are presented under the new guidance, while prior periods amounts are not adjusted and continue to be reported in accordance with previous guidance. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported Consolidated Financial Statements and did not result in a cumulative adjustment to equity. All significant lease arrangements are generally recognized at lease commencement. For leases where the Company is the lessee upon adoption of ASC 842, operating or finance lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset during the reasonably certain lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. As part of certain real estate investment transactions, the Company may enter into long-term ground leases as a lessee. The Company recognizes a ground lease (or right-of-use) asset and related lease liability for each of these ground leases. Ground lease assets and lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments. For leases where Company is the lessor, we determine the classification upon commencement. At December 31, 2020, all such leases are classified as operating leases. These operating leases may contain both lease and non-lease components. The Company accounts for lease and non-lease components as a single component. Prior to adoption of ASC 842, lease origination fees were deferred and amortized over the related lease term as an adjustment to depreciation expense. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company expenses certain initial direct costs that are not incremental in obtaining a lease. See Note 5 - Leases for additional information. Rent Concessions In April 2020, the FASB issued a question-and-answer document regarding accounting for lease concessions and other effects of COVID-19. The document clarifies that entities may elect not to evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e., assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). During the second and third quarter of 2020, the Company agreed to lease concessions with certain tenants in response to COVID-19. These concessions resulted in a substantial increase in our rights as lessor, including receiving additional financial information, agreeing to extend the current term of the lease, enhancing the lease guarantee, or consenting to more favorable rent escalations in the future. As such, the Company accounted for these concessions as lease modifications under ASC 842. Rent deferrals agreed upon with respect to rent owed for the second quarter of 2020 were for approximately $1.0 million of contractual base rent as of June 30, 2020 and were fully repaid prior to December 31, 2020. In the third quarter of 2020, the Company agreed to rent abatements as part of lease amendments for concessions of the type described above and for lease payments due in the second quarter. These agreements for abatements represented approximately $1.6 million of rental revenue recognized in the second quarter of 2020. To date, the Company has not abated rent for the third or fourth quarters of 2020. During 2020, the receivables for these abatements were recorded as lease incentives in intangible real estate assets, net on our Consolidated Balance Sheets and are amortized as a reduction of revenue over the amended lease terms. Revenue Recognition Rental revenue For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on a straight-line basis over the applicable lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a deferred rent receivable. In certain circumstances, the Company may offer tenant allowance funds in exchange for increasing rent, extending the term, and including annual sales reporting among other items. These tenant allowance funds are classified as lease incentives upon payment and are amortized as a reduction to revenue over the lease term. Lease incentives are included in Intangible lease assets, net, on our Consolidated Balance Sheets. During the year ended December 31, 2020, the Company paid lease incentives of $4.2 million to tenants. We assess the collectability of our lease receivables, including deferred rents receivable, on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to recover substantially all of the receivable, we derecognize the deferred rent receivable asset and record that amount as a reduction in rental revenue. If we determine the lease receivable will not be collected due to a credit concern, we reduce the recorded revenue for the period and related accounts receivable. For those leases that provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met, the increased rental revenue is recognized as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. Prior to the adoption of ASC 842, lessor costs reimbursed by the lessee were presented on a net basis in our Consolidated Financial Statements. Subsequent to the adoption of ASC 842 on January 1, 2019, costs paid by the lessor and reimbursed by the lessees are included in variable lease payments and presented on a gross basis within rental revenue. Sales taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental revenue. Restaurant revenue Restaurant revenue represents food, beverage, and other products sold and is presented net of the following discounts: coupons, employee meals, and complimentary meals. Revenue from restaurant sales, whether received in cash or by credit card, is recognized when food and beverage products are sold. At December 31, 2020 and 2019, credit card receivables, included in other assets, totaled $68 thousand and $81 thousand, respectively. We recognize sales from our gift cards when the gift card is redeemed by the customer. Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis within restaurant revenue on our Income Statements. Restaurant Expenses Restaurant expenses include restaurant labor, general and administrative expenses, and food and beverage costs. Food and beverage costs include inventory, warehousing, related purchasing and distribution costs. Vendor allowances received in connection with the purchase of a vendor’s products are recognized as a reduction of the related food and beverage costs as earned. Gain on Sale, Net The Company recognizes gain (loss) on sale, net of real estate in accordance with FASB ASU No. 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” The Company evaluates each transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of revenue recognition, as well as transaction price allocation. Earnings Per Share Basic earnings per share (“EPS”) are computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. No effect is shown for any securities that are anti-dilutive. Net income allocated to common shareholders represents net income less income allocated to participating securities and non-controlling interests. None of the Company’s equity awards are participating securities. See Note 10 - Equity for additional information. Noncontrolling Interest Noncontrolling interest represents the aggregate limited partnership interests in FCPT OP held by third parties. In accordance with GAAP, the noncontrolling interest of FCPT OP is shown as a component of equity on our Consolidated Balance Sheets, and the portion of income allocable to third parties is shown as net income attributable to noncontrolling interests in our Income Statements and consolidated statements of comprehensive income (“Comprehensive Income Statement”). The Company follows the guidance issued by the FASB regarding the classification and measurement of redeemable securities. At FCPT OP’s option, it may satisfy this redemption with cash or by exchanging non-registered shares of FCPT common stock on a one-for-one basis. Accordingly, the Company has determined that the common OP units meet the requirements to be classified as permanent equity. A reconciliation of equity attributable to noncontrolling interest is disclosed in our Consolidated Statements of Changes in Equity. See Note 10 - Equity for additional information. Income Taxes We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT commencing with our taxable year ended December 31, 2016, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income. To maintain our qualification as a REIT, we are required under the Code to distribute at least 90% of our REIT taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our shareholders and meet certain other requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Even if we qualify as a REIT, we are subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on our undistributed taxable income. The Kerrow Restaurant Operating Business is a TRS and is taxed as a C corporation. We provide for federal and state income taxes currently payable as well as for those deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits are recorded as a reduction of income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Interest recognized on reserves for uncertain tax positions is included in interest, net in our Consolidated Statements of Comprehensive Income. A corresponding liability for accrued interest is included as a component of other liabilities on our Consolidated Balance Sheets. Penalties, when incurred, are recognized in general and administrative expenses. We estimate certain components of our provision for income taxes. These estimates include, among other items, depreciation and amortization expense allowable for tax purposes, allowable tax credits for items such as taxes paid on reported employee tip income, effective rates for state and local income taxes and the valuation and tax deductibility of certain other items. We adjust our annual effective income tax rate as additional information on outcomes or events becomes available. We base our estimates on the best available information at the time that we prepare the provision. We will generally file our annual income tax returns several months after our year end. Income tax returns are subject to audit by state and local governments, generally years after the returns are filed. These returns could be subject to material adjustments or differing interpretations of the tax laws. The major jurisdictions in which we will file income tax returns are the U.S. federal jurisdiction and all states in the U.S. in which we own properties that have an income tax. U.S. GAAP requires that a position taken or expected to be taken in a tax return be recognized (or derecognized) in the financial statements when it is more likely than not (i.e., a likelihood of more than 50 percent) that the position would be sustained upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We include within our current tax provision the balance of unrecognized tax benefits related to tax positions for which it is reasonably possible that the total amounts could change during the next 12 months based on the outcome of examinations. See Note 9 - Income Taxes for additional information. Stock-Based Compensation The Company’s stock-based compensation plan provides for the grant of restricted stock awards (“RSAs”), deferred stock units (“DSUs”), performance-based awards including performance stock units (“PSUs”), dividend equivalents (“DEUs”), restricted stock units (“RSUs”), and other types of awards to eligible participants. DEUs are earned during the vesting period and received upon vesting of award. Upon forfeiture of an award, DEUs earned during the vesting period are also forfeited. We classify stock-based payment awards either as equity awards or liability awards based upon cash settlement options. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. We recognize costs resulting from the Company’s stock-based compensation awards on a straight-line basis over their vesting periods, which range between one See Note 11 - Stock-based Compensation for additional information. Fair Value of Financial Instruments We use a fair value approach to value certain assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. We use a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The hierarchy consists of three levels: • Level 1 - Quoted market prices in active markets for identical assets or liabilities; • Level 2 - Inputs other than level 1 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 Standards We consider the applicability and impact of all ASUs issued by the FASB. Other than as disclosed below, ASUs not yet adopted were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated result of operations, financial position and cash flows. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform” which provides temporary optional expedients and exceptions to the guidance in US GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). The guidance simplifies the accounting for modifying countless contracts (including those in hedging relationships) that refer to LIBOR and other interbank offered rates. The guidance is effective upon issuance and generally can be applied to contract modifications or existing and new hedge relationships through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. As additional changes in the market occur, the Company will continue to evaluate the impact of the guidance and may apply other elections as applicable.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK12 Months Ended
Dec. 31, 2020
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 leases represent approximately 66% of the scheduled base rents of the properties we own. As our revenues predominately consist of rental payments, we are dependent on Darden for a significant portion of our leasing revenues. The audited and unaudited financial statements for Darden are included in its filings with the SEC, which can be found on the SEC’s internet website at www.sec.gov. Reference to Darden’s filings with the SEC is solely for the information of investors. We do not intend this website to be an active link or to otherwise incorporate the information contained on such website (including Darden’s filings with the SEC) into this report or our other filings with the SEC. We are also subject to concentration risk in terms of restaurant brands that occupy our properties. With 309 locations in our portfolio, Olive Garden branded restaurants comprise approximately 39% of our leased properties and approximately 49% of the revenues received under leases. Longhorn Steakhouse branded restaurants comprise approximately 14% of our leased properties and approximately 14% of the revenues received under leases. Our properties, including the Kerrow Restaurant Operating Business, are located in 46 states with lease revenue concentrations of 10% or greater in two states: Texas (11.6%) and Florida (11.1%). 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, 2020, our exposure to risk related to amounts due from us on our derivative instruments totaling $18.0 million, and the counterparty to such instruments is an investment grade financial institution. Our credit risk exposure with regard to our cash deposits and the $240 million available capacity under the revolver portion of our credit facility is spread among a diversified group of investment grade financial institutions.

REAL ESTATE INVESTMENTS, NET AN

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]
REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NETREAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET Real Estate Investments Real estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business is summarized as follows: December 31, (In thousands) 2020 2019 Land $ 827,502 $ 690,575 Buildings and improvements 1,192,722 1,142,275 Equipment 134,919 134,884 Total gross real estate investments 2,155,143 1,967,734 Less: accumulated depreciation (657,621) (635,630) Real estate investments, net 1,497,522 1,332,104 Intangible real estate assets, net 96,291 57,917 Total Real Estate Investments and Intangible Real Estate Assets, Net $ 1,593,813 $ 1,390,021 During the year ended December 31, 2020, the Company invested $227.3 million, including transaction costs, in 100 restaurant properties located in twenty-nine states, and allocated the investment as follows: $129.5 million to land, $52.6 million to buildings and improvements, and $45.2 million to intangible real estate assets, including finance right-of-use assets. There was no contingent consideration associated with these acquisitions. These properties are 100% occupied under net leases, with a weighted average remaining lease term of 8.4 years as of December 31, 2020. The Company also acquired a plot of land for $2.4 million and incurred capitalized construction costs of $0.8 million for a seventh Longhorn Steakhouse to be operated by the Kerrow Restaurant Operating Business. During the year ended December 31, 2020, the Company did not sell any properties. During the year ended December 31, 2020, the Company exercised its option to purchase three properties where the Company was the lessee under ground leases. These leases were previously accounted for as finance leases. These purchases resulted in an increase in land and a corresponding decrease in finance lease right-of-use assets of $6.0 million. During the year ended December 31, 2019, the Company invested $205.2 million, including transaction costs, in 90 restaurant properties located in twenty-seven states, and allocated the investment as follows: $121.5 million to land, $42.7 million to buildings and improvements, and $41.0 million to intangible assets, including finance right-of-use assets. There was no contingent consideration associated with these acquisitions. These properties were 100% occupied under net leases, with a weighted average remaining lease term of 10.0 years as of December 31, 2019. During the year ended December 31, 2019, the Company did not sell any properties. Intangible Real Estate Assets and Liabilities, Net The following tables detail intangible real estate assets and liabilities. Intangible real estate liabilities are included in Other liabilities on our Consolidated Balance Sheets. Acquired in-place lease intangibles are amortized over the remaining lease term as depreciation and amortization expense. Above-market and below-market leases are amortized over the initial term of the respective leases as an adjustment to rental revenue. December 31, (In thousands) 2020 2019 Acquired in-place lease intangibles $ 63,848 $ 38,844 Above-market leases 13,821 7,754 Lease incentives 5,846 — Finance lease - right of use assets 25,607 16,063 Total 109,122 62,661 Less: accumulated amortization (12,831) (4,744) Intangible Real Estate Assets, Net $ 96,291 $ 57,917 December 31, (In thousands) 2020 2019 Below-market leases $ 2,978 $ 1,923 Less: accumulated amortization (613) (155) Intangible Real Estate Liabilities, Net $ 2,365 $ 1,768 The value of acquired in-place leases amortized and included in depreciation and amortization expense was $6.3 million, and $3.1 million, and $0.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. The value of above-market and below-market leases amortized as a net adjustment to revenue was $1.1 million, $157 thousand and $62 thousand for the years ended December 31, 2020, 2019, and 2018 respectively. The value of lease incentives amortized as a decrease to revenue was $0.2 million for the year ended December 31, 2020. There was no amortization for lease incentives for the years ended December 31, 2019 or 2018. At December 31, 2020, the total weighted average amortization period remaining for our intangible lease assets and liabilities was 9.7 years, and the individual weighted average amortization period remaining for acquired in-place lease intangibles, above-market leases, below-market leases and lease incentives was 9.6 years, 8.0 years, 9.6 years and 14.8 years, respectively. Based on the balance of intangible real estate assets and liabilities at December 31, 2020, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows: (In thousands) December 31, 2020 2021 $ 9,849 2022 9,296 2023 7,641 2024 6,719 2025 5,894 Thereafter 23,229 Total Future Amortization Expense $ 62,628

LEASES

LEASES12 Months Ended
Dec. 31, 2020
Leases [Abstract]
LEASESLEASES Operating Leases as Lessee As a lessee we record right-of-use assets and lease liabilities for the two ground leases at our Kerrow Restaurant Operating Business. These ground leases have extension options, which we believe will be exercised and are included in the calculation of our lease liabilities and right-of-use assets. During the second quarter of 2020, the Company became the lessee of new corporate office space, which qualified as an operating lease at commencement. In calculating the lease obligations under both the ground leases and office lease, we used discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. Operating Lease Liability During the year ended December 31, 2020, the Company acquired the land and lease of one of the Kerrow Restaurant Operating Businesses. The acquisition resulted in an intercompany lease which is eliminated in consolidation, and removed as an operating lease liability for financial reporting purposes. As of December 31, 2020, maturities of operating lease liabilities were as follows: (In thousands) December 31, 2020 2021 $ 673 2022 693 2023 705 2024 718 2025 470 Thereafter 5,381 Total Payments 8,640 Less: Interest (2,582) Operating Lease Liability $ 6,058 The weighted-average discount rate for operating leases at December 31, 2020 was 4.09%. The weighted-average remaining lease term was 17.0 years. Rent expense was $765 thousand, $663 thousand, and $716 thousand for the years ended December 31, 2020, 2019, and 2018, respectively. Operating Leases as Lessor Our leases consist primarily of single-tenant, net leases, in which the tenants are responsible for making payments to third parties for operating expenses such as property taxes, insurance, and other costs associated with the properties leased to them. In leases where costs are paid by the Company and reimbursed by lessees, such payments are considered variable lease payments and recognized in rental revenue. The following table shows the components of rental revenue for the year ended December 31, 2020. (In thousands) Year Ended December 31, 2020 Lease revenue - operating leases $ 152,393 Variable lease revenue (tenant reimbursements) 2,328 Total Rental Revenue $ 154,721 Future Minimum Lease Payments to be Received The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. The table presents future minimum lease payments due during the initial lease term only as lease renewal periods are exercisable at the option of the lessee. (In thousands) December 31, 2020 2021 $ 156,753 2022 158,382 2023 158,656 2024 159,132 2025 159,017 Thereafter 966,890 Total Future Minimum Lease Payments $ 1,758,830 Ground Leases as Lessee
LEASESLEASES Operating Leases as Lessee As a lessee we record right-of-use assets and lease liabilities for the two ground leases at our Kerrow Restaurant Operating Business. These ground leases have extension options, which we believe will be exercised and are included in the calculation of our lease liabilities and right-of-use assets. During the second quarter of 2020, the Company became the lessee of new corporate office space, which qualified as an operating lease at commencement. In calculating the lease obligations under both the ground leases and office lease, we used discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. Operating Lease Liability During the year ended December 31, 2020, the Company acquired the land and lease of one of the Kerrow Restaurant Operating Businesses. The acquisition resulted in an intercompany lease which is eliminated in consolidation, and removed as an operating lease liability for financial reporting purposes. As of December 31, 2020, maturities of operating lease liabilities were as follows: (In thousands) December 31, 2020 2021 $ 673 2022 693 2023 705 2024 718 2025 470 Thereafter 5,381 Total Payments 8,640 Less: Interest (2,582) Operating Lease Liability $ 6,058 The weighted-average discount rate for operating leases at December 31, 2020 was 4.09%. The weighted-average remaining lease term was 17.0 years. Rent expense was $765 thousand, $663 thousand, and $716 thousand for the years ended December 31, 2020, 2019, and 2018, respectively. Operating Leases as Lessor Our leases consist primarily of single-tenant, net leases, in which the tenants are responsible for making payments to third parties for operating expenses such as property taxes, insurance, and other costs associated with the properties leased to them. In leases where costs are paid by the Company and reimbursed by lessees, such payments are considered variable lease payments and recognized in rental revenue. The following table shows the components of rental revenue for the year ended December 31, 2020. (In thousands) Year Ended December 31, 2020 Lease revenue - operating leases $ 152,393 Variable lease revenue (tenant reimbursements) 2,328 Total Rental Revenue $ 154,721 Future Minimum Lease Payments to be Received The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. The table presents future minimum lease payments due during the initial lease term only as lease renewal periods are exercisable at the option of the lessee. (In thousands) December 31, 2020 2021 $ 156,753 2022 158,382 2023 158,656 2024 159,132 2025 159,017 Thereafter 966,890 Total Future Minimum Lease Payments $ 1,758,830 Ground Leases as Lessee

LONG-TERM DEBT, NET OF DEFERRED

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTSLONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS At December 31, 2020, our long-term debt consisted of $400 million in non-amortizing term loans, $10 million in outstanding borrowings under the revolving credit facility, and $350 million of senior unsecured fixed rate notes. At December 31, 2019, our long-term debt consisted of a $400 million, non-amortizing term loan, $52 million outstanding borrowings under the revolving credit facility and $225 million of senior unsecured fixed rate notes. At December 31, 2020 and 2019, the net unamortized deferred financing costs were approximately $6.1 million and $7.1 million, respectively. The weighted average interest rate on the term loans before consideration of the interest rate hedges described below was 1.44% and 3.01% at December 31, 2020 and 2019, respectively. During the years ended December 31, 2020, 2019 and 2018, amortization of deferred financing costs was $2.1 million, $2.0 million, and $1.8 million, respectively. At December 31, 2020, and December 31, 2019, there was $10 million and $52 million balance outstanding under the $250 million revolving credit facility, respectively, and no outstanding letters of credit. Credit Agreement On December 13, 2018, the Company and its subsidiary, FCPT OP, entered into Amendment No. 2 to Amended and Restated Revolving Credit and Term Loan Agreement (the “Credit Facility Amendment”), which amended the existing Amended and Restated Revolving Credit and Term Loan Agreement, dated as of October 2, 2017, as amended (the “Credit Agreement”), by and among the Company, FCPT OP, the Agent, the Lenders and the other agents party thereto. The $400 million Credit Facility Amendment extended the maturity date of certain of the Company's term loan facility such that $150 million, the non-extended portion of the term loan facility, will mature on November 9, 2022, $150 million will mature on November 9, 2023, and $100 million will mature on March 9, 2024. The $150 million revolving credit facility will mature on November 9, 2021 with a one year extension option. The Company intends to exercise extension or refinance prior to maturity. The following table presents the Term Loan balances as of December 31, 2020, and 2019. Outstanding Balance Maturity Interest December 31, (Dollars in thousands) Date Rate 2020 2019 Term Loans: Term Loan 2022, amended and restated October 2017 & December 2018 Nov 2022 1.50 % (a) $ 150,000 $ 150,000 Term Loan 2023, extended December 2018 Nov 2023 1.40 % (a) 150,000 150,000 Term Loan 2024, extended December 2018 Mar 2024 1.40 % (a) 100,000 100,000 Total Term Loans $ 400,000 $ 400,000 (a) Loan is a variable‑rate loan which resets monthly at one-month LIBOR, which was 0.15%, + the applicable credit spread which was 1.25%-1.35% at December 31, 2020. Note Purchase Agreements The Company has entered into note purchase agreements with institutional purchasers to provide for the private placement of four series of senior unsecured fixed rate notes (“Note Purchase Agreements”) aggregating to $350 million. The following table presents the senior unsecured fixed rate notes balance as of December 31, 2020 and 2019. Outstanding Balance Maturity Interest December 31, (Dollars in thousands) Date Rate 2020 2019 Notes Payable: Senior unsecured fixed rate note, issued June 2017 Jun 2024 4.68 % $ 50,000 $ 50,000 Senior unsecured fixed rate note, issued June 2017 Jun 2027 4.93 % 75,000 75,000 Senior unsecured fixed rate note, issued December 2018 Dec 2026 4.63 % 50,000 50,000 Senior unsecured fixed rate note, issued December 2018 Dec 2028 4.76 % 50,000 50,000 Senior, unsecured fixed rate note, issued March 2020 Jun 2029 3.15 % 50,000 — Senior, unsecured fixed rate note, issued March 2020 Apr 2030 3.20 % 75,000 — Total Notes $ 350,000 $ 225,000 The Note Purchase Agreements contains customary events of default, including payment defaults, cross defaults with certain other indebtedness, breaches of covenants and bankruptcy events. In the case of an event of default, the purchasers may, among other remedies, accelerate the payment of all obligations. The Note Purchase Agreements have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States or any other jurisdiction absent registration or an applicable exemption from the registration requirements of the Securities Act and the applicable securities laws of any state or other jurisdiction. FCPT OP offered and sold the notes. Debt Covenants

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS12 Months Ended
Dec. 31, 2020
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 payment of future cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. Cash Flow Hedges of Interest Rate Risk Our objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded on our Consolidated Balance Sheets in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the year ended December 31, 2020, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. We have entered into interest rate swaps to hedge the variability associated with the term loans and the issuance of future unsecured senior fixed rates notes. The following table presents the swaps held as of December 31, 2020. Product Fixed Rate Notional Index Effective Date Maturity Date Swap 1.96 % $ 100,000 1 mo. USD-LIBOR-BBA 11/9/2018 11/9/2021 Swap 2.30 % 100,000 1 mo. USD-LIBOR-BBA 11/9/2020 11/9/2023 Swap (1) 2.00 % 100,000 1 mo. USD-LIBOR-BBA 11/9/2020 11/9/2022 Swap 1.91 % 150,000 1 mo. USD-LIBOR-BBA 11/9/2022 11/9/2024 Swap 0.50 % 50,000 1 mo. USD-LIBOR-BBA 11/9/2020 11/9/2025 Swap (2) 0.82 % 50,000 1 mo. USD-LIBOR-BBA 11/9/2023 11/9/2025 Swap 0.75 % 25,000 3 mo. USD-LIBOR-BBA 5/4/2021 5/1/2031 Swap 0.88 % 25,000 3 mo. USD-LIBOR-BBA 5/4/2021 5/1/2031 (1) In November 2021, the notional amount of the swap increases to $200 million. (2) In November 2024, the notional amount of the swap increases to $150 million. For the years ended December 31, 2020, 2019, and 2018, we did not record hedge ineffectiveness in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable-rate debt. We estimate that during 2021 an additional $6.9 million (unaudited) will be reclassified to earnings as an increase to interest expense. As of December 31, 2020, we had four interest rate swaps outstanding with current notionals of $350 million that were designated as cash flow hedges of interest rate risk. Non-designated Hedges We do not use derivatives for trading or speculative purposes. During the years ended December 31, 2020 and 2019, we did not have any derivatives that were not designated as cash flow hedges for accounting purposes. Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of our derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019. Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value at December 31, Balance Sheet Location Fair Value at December 31, (Dollars in thousands) 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets $ 762 $ 1,451 Derivative liabilities $ 18,717 $ 5,005 Total $ 762 $ 1,451 $ 18,717 $ 5,005 Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Comprehensive Income The table below presents the effect of our interest rate swaps on the Comprehensive Income Statement for the years ending December 31, 2020, 2019, and 2018. (Dollars in thousands) Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing) Total Amount of Interest Expense Presented in the Consolidated Income Statements Interest rate swaps Year Ended $ (26,410) Interest expense $ 4,170 Interest expense — $ 29,231 Year Ended (7,818) Interest expense (1,722) Interest expense — 26,516 Year Ended 3,257 Interest expense (2,235) Interest expense — 19,959 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, 2020 and 2019. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value which provides the location that derivative assets and liabilities are presented on the Consolidated Balance Sheets. Offsetting of Derivative Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets (In thousands) Financial Instruments Cash Collateral Received Net Amount December 31, 2020 $ 762 $ — $ 762 $ (634) $ — $ 128 December 31, 2019 1,451 — 1,451 (1,451) — — Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets (In thousands) Financial Instruments Cash Collateral Posted Net Amount December 31, 2020 $ 18,717 $ — $ 18,717 $ (634) $ — $ 18,083 December 31, 2019 5,005 — 5,005 (1,451) — 3,554 Credit-risk-related Contingent Features The agreement with our derivative counterparties provides that if we default on any of our indebtedness, including default for which repayment of the indebtedness has not been accelerated by the lender, then we could also be declared in default on our derivative obligations. At December 31, 2020 the fair value of derivative in a net liability position related to these agreements was approximately $18.0 million and at December 31, 2019 the fair value of the derivative in a net asset position related to these agreements was $3.6 million. As of December 31, 2020, we have not posted any collateral related to these agreements. If we or our counterparty had breached any of these provisions at December 31, 2020, we could have been required to settle our obligations under the agreements at their termination value of approximately $18.0 million.

SUPPLEMENTAL DETAIL FOR CERTAIN

SUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETS12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETSSUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETS Other Assets The components of Other assets were as follows: December 31, (In thousands) 2020 2019 Prepaid acquisition costs and deposits $ 3,159 $ 4,219 Operating lease right-of-use asset 5,397 3,810 Prepaid assets 1,134 845 Accounts receivable 1,035 380 Inventories 183 196 Other 931 715 Total Other Assets $ 11,839 $ 10,165 Other Liabilities The components of Other liabilities were as follows: December 31, (In thousands) 2020 2019 Operating lease liability $ 6,058 $ 4,403 Intangible real estate liabilities, net 2,365 1,768 Accrued compensation 2,005 1,913 Accrued interest expense 1,597 1,572 Accounts payable 376 799 Accrued operating expenses 223 396 Other 2,475 1,745 Total Other Liabilities $ 15,099 $ 12,596

INCOME TAXES

INCOME TAXES12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXESINCOME TAXES The income tax expense was composed as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Current: Federal $ (3) $ 3 $ — Current state and local 250 262 262 Total current 247 265 262 Deferred: Federal deferred — — — State deferred — — — Total deferred — — — Total Income Tax Expense $ 247 $ 265 $ 262 The following table is a reconciliation of the U.S. statutory income tax rate to the effective income tax rate included in the accompanying Consolidated Income Statements: Year Ended December 31, 2020 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % Current benefit (21.2) (21.0) (21.0) State and local income taxes, net of federal tax benefits 0.3 0.8 0.7 Benefit of federal income tax credits — — — Valuation allowance 0.2 — — Permanent differences — — — Effective Income Tax Rate 0.3 % 0.8 % 0.7 % In December 2017, the Tax Cuts and Jobs Act lowered the federal corporate income tax rate to 21% effective for taxable years after December 31, 2017. Due to FCPT’s REIT status, we did not recognize a significant impact to our reported results resulting from this change. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes, as well as operating loss and tax credit carryforwards. The Company evaluates the realizability of its deferred tax assets and recognizes a valuation allowance if, based on the available evidence, both positive and negative, it is more likely than not that some portion or all of its deferred tax assets will not be realized. When evaluating the realizability of its deferred tax assets, the Company considers, among other matters, estimates of expected future taxable income, nature of current and cumulative losses, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires the Company to forecast its business and general economic environment in future periods. Based on an assessment of all factors, including historical losses of the Kerrow Restaurants Operating Business, it was determined that full valuation allowances were required on the net deferred tax assets as of December 31, 2020. Changes in estimates of deferred tax asset realizability are included in Income tax expense in the Consolidated Income Statements. The tax effects of temporary differences that gave rise to deferred tax assets and liabilities were as follows: December 31, (In thousands) 2020 2019 2018 Compensation and employee benefits $ 32 $ 40 $ 37 Charitable contribution and credit carryforwards 816 636 484 Net operating losses 145 — — Lease payable 133 139 148 UNICAP 12 13 12 Gross deferred tax assets 1,138 828 681 Prepaid expenses (28) (25) (24) Straight-line rent — — — Buildings and equipment (1) (285) (275) (284) Gross deferred tax liabilities (313) (300) (308) Valuation allowance (825) (528) (373) Net Deferred Tax Assets (Liabilities) $ — $ — $ — (1) These buildings and equipment in 2020, 2019 and 2018 relate to the Kerrow Restaurant Operating Business.

EQUITY

EQUITY12 Months Ended
Dec. 31, 2020
Equity [Abstract]
EQUITYEQUITY Preferred Stock At December 31, 2020, the Company was authorized to issue 25,000,000 shares of $0.0001 par value per share of preferred stock. There were no shares issued and outstanding at December 31, 2020 or December 31, 2019. Common Stock At December 31, 2020, the Company was authorized to issue 500,000,000 shares of $0.0001 par value per share of common stock. Each holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. In March 2020, we declared a dividend of $0.3050 per share, which was paid in April 2020 to common shareholders of record as of March 31, 2020. In May 2020, we declared a dividend of $0.3050 per share, which was paid in July 2020 to common shareholders of record as of June 30, 2020. In September 2020, we declared a dividend of $0.3050 per share, which was paid in October 2020 to common shareholders of record as of September 30, 2020. In November 2020 we declared a dividend of $0.3175 per share, which was payable on January 15, 2021 to common shareholders of record as of January 4, 2021. As of December 31, 2020, there were 75,874,966 shares of the Company's common stock issued and outstanding. Common Stock Issuance Under the At-The-Market Program In December 2016, the Company entered into an “At-the-Market” (“ATM”) equity issuance program under which the Company may, at its discretion, issue and sell its common stock with a sales value of up to a maximum of $150.0 million through ATM offerings on the New York Stock Exchange through broker-dealers. During the year ended December 31, 2016, we sold 32,513 shares under the ATM program at a weighted-average selling price of $20.01 per share, for net proceeds of approximately $640 thousand (after issuance costs). During the year ended December 31, 2017, we sold 1,347,010 shares under the ATM program at a weighted-average selling price of $24.35 per share, for net proceeds of approximately $32.1 million (after issuance costs). During the year ended December 31, 2018, we sold 2,716,090 shares under the ATM program at a weighted-average selling price of $24.68 per share, for net proceeds of approximately $65.5 million (after issuance costs). On March 22, 2019, the Company amended its ATM program and increased the maximum sales under ATM offerings to $210.0 million, thus adding an additional $160.0 million to the maximum sales under ATM offerings. In connection with the amended ATM program, the Company may enter into forward sale agreements with certain financial institutions acting as forward purchasers whereby, at the Company's discretion, the forward purchasers may borrow and sell shares of common stock under the amended ATM program. The use of forward sale agreements allows the Company to lock in a share price on the sale of shares of common stock at the time the respective forward sale agreements are executed but defer settling the forward sale agreements and receiving the proceeds from the sale of shares until a later date. During the year ended December 31, 2019, the Company executed and settled a forward sale agreement with a financial institution acting as forward purchaser under the ATM program to sell 1,603,478 shares of common stock at a sales price of $29.30 per share before sales commissions and offering expenses. During the year ended December 31, 2020, we sold 5,640,900 shares under the amended ATM program at a weighted-average selling price of $27.42 per share, for net proceeds of approximately $151.7 million (after issuance costs). At December 31, 2020, there was $7.1 million available for issuance under the ATM program. Noncontrolling Interest At December 31, 2020, there were 159,392 FCPT OP units (“OP units”) outstanding held by third parties. During the year ended December 31, 2020, FCPT OP did not issue any OP units for consideration in real estate transactions. Generally, OP Units participate in net income allocations and distributions and entitle their holder the right, subject to the terms set forth in the partnership agreement, to require the Operating Partnership to redeem all or a portion of the OP Units held by such limited partner. At FCPT OP’s option, it may satisfy this redemption with cash or by exchanging non-registered shares of FCPT common stock on a one-for-one basis. Prior to the redemption of units, the limited partners participate in net income allocations and distributions in a manner equivalent to the common stock holders. The redemption value of outstanding non-controlling interest OP units was $4.7 million, $7.9 million, and $10.8 million as of December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, FCPT is the owner of approximately 99.79% of FCPT’s OP units. The remaining 0.21%, or 159,392, of FCPT’s OP units are held by unaffiliated limited partners. For the year ended December 31, 2020, FCPT OP distributed $248 thousand to limited partners and settled redemptions of 130,000 OP units: 40,000 OP units for cash, at a weighted average price per unit of $20.30 for $0.8 million; and 90,000 OP units for shares of common stock. Earnings Per Share The following table presents the computation of basic and diluted net earnings per common share for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, (In thousands except share and per share data) 2020 2019 2018 Average common shares outstanding – basic 71,312,326 68,430,841 64,041,255 Effect of dilutive stock based compensation 296,742 201,169 347,674 Average common shares outstanding – diluted 71,609,068 68,632,010 64,388,929 Net income $ 77,567 $ 72,939 $ 82,929 Basic net earnings per share $ 1.08 $ 1.06 $ 1.29 Diluted net earnings per share $ 1.08 $ 1.06 $ 1.28 For the years ended December 31, 2020, 2019, and 2018, the number of outstanding equity awards that were anti-dilutive totaled 154,915, 324,246, and 176,945, respectively. Exchangeable OP units have been omitted from the denominator for the purpose of computing diluted earnings per share since FCPT OP, at its option, may satisfy a redemption with cash or by exchanging non-registered shares of FCPT common stock. The weighted average exchangeable OP units outstanding for the year ended December 31, 2020, 2019, and 2018, totaled 214,905, 289,392, and 305,253, respectively.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATIONSTOCK-BASED COMPENSATIONOn October 20, 2015, the Board of Directors of FCPT adopted, and FCPT’s sole shareholder, Rare Hospitality International, Inc., approved, the Four Corners Property Trust, Inc. 2015 Omnibus Incentive Plan (the “Plan”). The Plan provides for the grant of awards of nonqualified stock options, stock appreciation rights, RSAs, RSUs, DSUs, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards (each, an “Award” and collectively, the “Awards”) to eligible participants. Subject to adjustment, the maximum number of shares of stock reserved for issuance under the Plan is equal to 2,100,000 shares. At December 31, 2020, 779,390 shares of common stock were available for award under the Plan. The unamortized compensation cost of awards issued under the Incentive Plan totaled $4.6 million at December 31, 2020 as shown in the following table. Equity Compensation Costs by Award Type (In thousands) Restricted Stock Units Restricted Stock Awards Performance Stock Units Total Unrecognized compensation cost at January 1, 2020 $ 1,290 $ 1,427 $ 406 $ 3,123 Equity grants 1,423 1,548 1,976 4,947 Equity grant forfeitures — (74) (1) (75) Equity compensation expense (958) (1,379) (1,039) (3,376) Unrecognized Compensation Cost at December 31, 2020 $ 1,755 $ 1,522 $ 1,342 $ 4,619 At December 31, 2020, the weighted average amortization period remaining for all of our equity awards was 2.2 years. Restricted Stock Units RSUs are granted at a value equal to the five-day average closing market price of our common stock on the date of grant and are settled in stock at the end of their vesting periods, which range between one The following table summarizes the activities related to RSUs for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding at beginning of period 91,473 $ 26.00 33,592 $ 22.88 64,983 $ 23.34 Units granted 56,629 $ 25.12 67,368 $ 27.17 17,896 $ 23.19 Units vested (10,517) $ 28.53 (9,487) $ 23.19 (49,287) $ 23.60 Units forfeited — — — $ — — $ — Outstanding at End of Period 137,585 $ 25.45 91,473 $ 26.00 33,592 $ 22.88 Expenses related to RSUs were $958 thousand, $732 thousand, and $750 thousand for the years ended December 31, 2020, 2019, and 2018, respectively. Remaining unrecognized compensation cost related to RSU will be recognized over a weighted average period of less than five years. Restrictions on shares of restricted stock outstanding lapse through 2025. The Company expects all RSUs to vest. Restricted Stock Awards The following table summarizes the activities related to RSAs for the years ended December 31, 2020, 2019, and 2018,. Year Ended December 31, 2020 2019 2018 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding at beginning of period 101,267 $ 24.83 100,402 $ 21.76 81,909 $ 19.40 Units granted 54,124 $ 28.60 69,547 $ 26.60 67,845 $ 23.76 Units vested (50,944) $ 24.73 (67,621) $ 22.08 (47,292) $ 20.45 Units forfeited (2,092) $ 27.10 (1,061) $ 25.16 (2,060) $ 23.87 Outstanding at End of Period 102,355 $ 27.16 101,267 $ 24.83 100,402 $ 21.76 Expenses related to RSAs were $1.4 million, $1.7 million, and $1.3 million for the years ended December 31, 2020, 2019, and 2018, respectively. The remaining unrecognized compensation cost will be recognized over a weighted average period of less than three years. Restrictions on shares of RSAs outstanding lapse through 2023. The Company expects all RSAs to vest. Performance-Based Restricted Stock Awards During the years ended December 31, 2020, 2019, and 2018, there were 66,474, 69,730, and 68,490 PSUs as well as dividend equivalent rights granted under the Plan, respectively. The performance period of these grants runs from January 1, 2018 through December 31, 2020, January 1, 2019 through December 31, 2021, and from January 1, 2020 through December 31, 2022, respectively. Pursuant to the performance share award agreement, each participant is eligible to vest in and receive shares of the Company's common stock based on the initial target number of shares granted multiplied by a percentage range between 0% and 200%. The percentage range is based on the attainment of a total shareholder return of the Company compared to certain specified peer groups of companies during the performance period. The fair value of the performance shares were estimated on the date of grant using a Monte Carlo Simulation model. During the years ended December 31, 2020, 2019, and 2018, PSUs were granted at a weighted average fair value of $29.73, $26.57, and $23.64 per unit, respectively. During the year ended December 31, 2020, 63,538 PSUs vested at 200%, resulting in the issuance of 127,076 shares. There were 1,628 target number of PSUs forfeited due to employee departures during the year ended December 31, 2020. The Company expects all PSUs to vest. The grant date fair values of PSUs were determined through Monte-Carlo simulations using the following assumptions: our common stock closing price at the grant date, the average closing price of our common stock price for the 20 trading days prior to the grant date and a range of performance-based vesting based on estimated total shareholder return over three years from the grant date. For the 2020 PSU grant, the Company used an implied volatility assumption of 17.4% (based on historical volatility), and the risk free rate of 2.5% (the three-year Treasury rate on the grant date), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three years performance period as is consistent with the terms of the PSUs). For the 2019 PSU grant, the Company used an implied volatility assumption of 20.6% (based on historical volatility), risk free rates of 2.60% (the three-year Treasury rates on the grant dates), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three years performance period as is consistent with the terms of the PSUs). For the 2018 PSU grant, the Company used an implied volatility assumption of 20.4% (based on historical volatility), risk free rates of 2.20%, 2.26%, and 2.33% (the one-year Treasury rates on the grant date), and a 0% dividend yield (the mathematical equivalent to reinvesting the dividends over the three years performance period as is consistent with the terms of the PSUs).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS12 Months Ended
Dec. 31, 2020
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 derivative assets recorded that are reported at fair value on our Consolidated Balance Sheets on a recurring basis. Derivative Assets and Liabilities Measured at Fair Value on a Recurring Basis (In thousands) Level 1 Level 2 Level 3 Total Derivative Assets December 31, 2020 $ — $ 762 $ — $ 762 December 31, 2019 — 1,451 — 1,451 Derivative Liabilities December 31, 2020 $ — $ 18,717 $ — $ 18,717 December 31, 2019 — 5,005 — 5,005 Derivative Financial Instruments Currently, we use interest rate swaps to manage our interest rate risk associated with our note payable. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options will be determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. We have determined that the significance of the impact of the credit valuation adjustments made to our derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of our derivatives held as of December 31, 2020 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, 2020 (In thousands) Carrying Value Fair Value Liabilities (1) Term loan due 2022 $ 150,000 $ 150,992 Term loan due 2023 150,000 150,980 Term loan due 2024 100,000 100,740 Senior note due June 2024 50,000 55,802 Senior note due June 2027 75,000 89,547 Senior note due June 2026 50,000 58,694 Senior note due June 2028 50,000 60,394 Senior note due June 2029 50,000 54,995 Senior note due April 2030 75,000 82,238 Outstanding Revolver Borrowings 10,000 10,069 (1) Term loan and senior note liabilities exclude deferred financing costs December 31, 2019 (In thousands) Carrying Value Fair Value Liabilities (1) Term loan due 2022 $ 150,000 $ 150,834 Term loan due 2023 150,000 150,510 Term loan due 2024 100,000 100,352 Senior note due June 2024 50,000 52,496 Senior note due June 2027 75,000 81,176 Senior note due June 2026 50,000 52,946 Senior note due June 2028 50,000 53,902 Outstanding Revolver Borrowings 52,000 52,301 (1) Term loan and senior note liabilities exclude deferred financing costs The fair value of the Notes payable (Level 2) is determined using the present value of the contractual cash flows, discounted at the current market cost of debt.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIESCOMMITMENTS AND CONTINGENCIES Litigation We are subject to private lawsuits, administrative proceedings and claims that arise in the ordinary course of our business. A number of these lawsuits, proceedings and claims may exist at any given time. These matters typically involve claims from guests, employee wage and hour claims and others related to operational issues common to the restaurant industry. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits, proceedings or claims. While the resolution of a lawsuit, proceeding or claim may have an impact on our financial results for the period in which it is resolved, we believe that the maximum liability related to probable lawsuits, proceedings and claims in which we are currently involved, individually and in the aggregate, will not have a material adverse effect on our financial position, results of operations or liquidity.

SEGMENTS

SEGMENTS12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENTSSEGMENTS During 2020, 2019, and 2018, we operated in two segments: real estate operations and restaurant operations. Our segments are based on our organizational and management structure, which aligns with how our results are monitored and performance is assessed. The accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies. The following tables present financial information by segment for the years ended December 31, 2020, 2019, and 2018. For the Year Ended December 31, 2020 (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental $ 154,721 — $ — $ 154,721 Intercompany rental 546 — (546) — Restaurant — 16,223 — 16,223 Total revenues 155,267 16,223 (546) 170,944 Operating expenses: General and administrative 15,046 — — 15,046 Depreciation and amortization 28,944 489 — 29,433 Property 3,508 3,508 Restaurant — 16,628 (546) 16,082 Total operating expenses 47,498 17,117 (546) 64,069 Interest expense (29,231) — — (29,231) Other income, net 170 — — 170 Realized gain on sale, net — — — — Income tax expense (165) (82) — (247) Net Income (Loss) $ 78,543 $ (976) $ — $ 77,567 For the Year Ended December 31, 2019 (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental $ 139,682 $ — $ — $ 139,682 Intercompany rental 410 — (410) — Restaurant — 20,551 — 20,551 Total revenues 140,092 20,551 (410) 160,233 Operating expenses: General and administrative 13,934 — — 13,934 Depreciation and amortization 25,780 532 — 26,312 Property 1,579 1,579 Restaurant — 20,042 (410) 19,632 Total operating expenses 41,293 20,574 (410) 61,457 Interest expense (26,516) — — (26,516) Other income, net 944 — — 944 Realized gain on sale, net — — — — Income tax expense (152) (113) — (265) Net Income (Loss) $ 73,075 $ (136) $ — $ 72,939 For the Year Ended December 31, 2018 (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental $ 123,665 $ — $ — $ 123,665 Intercompany rental 401 — (401) — Restaurant — 19,970 — 19,970 Total revenues 124,066 19,970 (401) 143,635 Operating expenses: General and administrative 13,206 — — 13,206 Depreciation and amortization 23,373 511 — 23,884 Property 433 433 Restaurant — 19,415 (401) 19,014 Total operating expenses 37,012 19,926 (401) 56,537 Interest expense (19,959) — — (19,959) Other income, net 781 — — 781 Realized gain on sale, net 15,271 — — 15,271 Income tax expense (156) (106) — (262) Net Income (Loss) $ 82,991 $ (62) $ — $ 82,929 The following table presents supplemental information by segment at December 31, 2020 and 2019. December 31, 2020 (In thousands) Real Estate Operations Restaurant Operations Total Total real estate investments $ 2,138,466 $ 16,677 $ 2,155,143 Accumulated depreciation (652,070) (5,551) (657,621) Total real estate investments, net 1,486,396 11,126 1,497,522 Cash and cash equivalents 10,517 547 11,064 Total assets 1,651,878 16,301 1,668,179 Long-term debt, net of deferred financing costs 753,878 — 753,878 December 31, 2019 (In thousands) Real Estate Operations Restaurant Operations Total Total real estate investments $ 1,952,855 $ 14,879 $ 1,967,734 Accumulated depreciation (630,250) (5,380) (635,630) Total real estate investments, net 1,322,605 9,499 1,332,104 Cash and cash equivalents 4,032 1,051 5,083 Total assets 1,431,003 15,067 1,446,070 Long-term debt, net of deferred financing costs 669,940 — 669,940

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTSSUBSEQUENT EVENTSIn the first quarter through February 18, 2021, the Company invested $6.6 million, net of transaction costs, in acquisitions of three restaurant and retail properties located in two states. These properties are 100% occupied under net leases. The Company funded the acquisitions using the revolving credit facility and cash on hand. The Company anticipates accounting for these acquisitions as asset acquisitions in accordance with GAAP. In February 2020, the Company completed the sales of two real estate properties held-for-sale at December 31, 2020. The properties were sold at a price above the carrying value.There were no material contingent liabilities associated with these transactions at December 31, 2020.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA12 Months Ended
Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
SELECTED QUARTERLY FINANCIAL DATASELECTED QUARTERLY FINANCIAL DATA (In thousands, except per share amounts) January 1, 2020 - March 31, 2020 April 1, 2020 - June 30, 2020 July 1, 2020 - September 30, 2020 October 1, 2020 - December 31, 2020 Revenues: Rental $ 37,725 $ 38,034 $ 38,871 $ 40,091 Restaurant 4,704 2,895 4,097 4,527 Total revenues 42,429 40,929 42,968 44,618 Operating expenses: General and administrative 3,842 3,719 3,741 3,744 Depreciation and amortization 7,054 7,093 7,523 7,763 Property expenses 635 1,066 838 969 Restaurant expense 4,502 3,310 3,987 4,283 Total operating expenses 16,033 15,188 16,089 16,759 Interest expense (7,003) (7,319) (7,410) (7,499) Other income 4 162 2 2 Realized gain on sale, net — — — — Income tax expense $ (61) $ (64) $ (67) $ (55) Net Income $ 19,336 $ 18,520 $ 19,404 $ 20,307 Earnings per share: Basic $ 0.28 $ 0.26 $ 0.27 $ 0.27 Diluted 0.27 0.26 0.27 0.27 Distributions declared per share $ 0.3050 $ 0.3050 $ 0.3050 $ 0.3175 (In thousands, except per share amounts) January 1, 2019 - March 31, 2019 April 1, 2019 - June 30, 2019 July 1, 2019 - September 30, 2019 October 1, 2019 - December 31, 2019 Revenues: Rental $ 34,208 $ 34,415 $ 35,209 $ 35,850 Restaurant 5,393 5,153 4,974 5,031 Total revenues 39,601 39,568 40,183 40,881 Operating expenses: General and administrative 3,946 3,431 3,389 3,168 Depreciation and amortization 6,361 6,518 6,653 6,780 Property expense 308 417 346 508 Restaurant expense 4,983 4,954 4,805 4,890 Total operating expenses 15,598 15,320 15,193 15,346 Interest expense (6,747) (6,557) (6,665) (6,547) Other income 413 306 153 72 Realized gain on sale, net — — — — Income tax expense (68) (61) (69) (67) Net Income $ 17,601 $ 17,936 $ 18,409 $ 18,993 Earnings per share: Basic $ 0.26 $ 0.26 $ 0.27 $ 0.27 Diluted 0.26 0.26 0.27 0.27 Distributions declared per share $ 0.2875 $ 0.2875 $ 0.2875 $ 0.3050 (In thousands, except per share amounts) January 1, 2018 - March 31, 2018 April 1, 2018 - June 30, 2018 July 1, 2018 - September 30, 2018 October 1, 2018 - December 31, 2018 Revenues: Rental $ 29,589 $ 29,596 $ 31,324 $ 33,156 Restaurant 5,214 5,079 4,798 4,879 Total revenues 34,803 34,675 36,122 38,035 Operating expenses: General and administrative 3,567 3,093 3,099 3,447 Depreciation and amortization 5,345 5,225 5,743 7,571 Property expense 86 95 109 143 Restaurant expense 4,870 4,786 4,713 4,645 Total operating expenses 13,868 13,199 13,664 15,806 Interest expense (4,855) (4,877) (4,934) (5,293) Other income 342 215 147 77 Realized gain on sale, net — 10,879 — 4,392 Income tax (expense) benefit (58) (66) (64) (74) Net Income $ 16,364 $ 27,627 $ 17,607 $ 21,331 Earnings per share: Basic $ 0.27 $ 0.44 $ 0.27 $ 0.31 Diluted 0.26 0.44 0.27 0.31 Distributions declared per share $ 0.2750 $ 0.2750 $ 0.2750 $ 0.2875

SCHEDULE III- SCHEDULE OF REAL

SCHEDULE III- SCHEDULE OF REAL ESTATE ASSETS12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III- SCHEDULE OF REAL ESTATE ASSETSFOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total 711 Sussex, WI $1,856 $818 $— $— $— $— $1,856 $818 $— $2,674 $— 1995 12/30/2020 10 - 40 AAA Fairfield, CA 1,060 4,281 — — — — 1,060 4,281 — 5,341 41 2000 9/3/2020 35 AAP Centennial, CO 1,252 694 — — — — 1,252 694 — 1,946 — 2010 12/30/2020 10 - 40 APB Tracy, CA 1,267 — — — — — 1,267 — — 1,267 — 2004 11/20/2018 — APB Lansing, MI 451 1,129 — — — — 451 1,129 — 1,580 39 1995 2/26/2020 10 - 30 ARB Rocky Mount, NC 261 1,405 — — — — 261 1,405 — 1,666 162 2004 9/6/2016 10 - 45 ARB Roanoke Rapids, NC 288 1,563 — — — — 288 1,563 — 1,851 190 2003 9/6/2016 10 - 45 ARB South Hill, VA 538 1,283 — — — — 538 1,283 — 1,821 143 2002 11/3/2016 10 - 50 ARB Wake Forest, NC 805 1,344 — — — — 805 1,344 — 2,149 184 2005 11/3/2016 9 - 49 ARB Birch Run, MI 590 777 — — — — 590 777 — 1,367 128 1991 11/9/2016 10 - 40 ARB Brighton, MI 456 990 — — — — 456 990 — 1,446 131 1987 11/9/2016 10 - 40 ARB Cedar Rapids, IA 485 — — — — — 485 — — 485 — 1987 1/12/2018 — ARB Plainwell, MI 696 837 — — — — 696 837 — 1,533 96 1999 8/6/2018 3 - 36 ARB Logan, UT 827 1,157 — — — — 827 1,157 — 1,984 62 1980 5/1/2019 5 - 40 ARB Spring Lake, MI 317 762 — — — — 317 762 — 1,079 43 1986 6/21/2019 5 - 30 ARB Holland, MI 735 735 — — — — 735 735 — 1,470 54 1988 6/21/2019 5 - 30 ARB Muskegon, MI 486 919 — — — — 486 919 — 1,405 45 1979 6/21/2019 5 - 40 ARB Kokomo, IN 902 — — — — — 902 — — 902 — 2003 8/1/2019 — ARB Roxboro, NC 2 — — — — — 2 — — 2 — 2006 8/26/2020 — ARB Roxboro, NC 1,002 541 — — — — 1,002 541 — 1,543 26 2006 1/6/2020 10 - 25 BA Spokane Valley, WA 961 1,024 — — — — 961 1,024 — 1,985 53 2000 2/21/2020 8 - 25 BB Raleigh, NC 2,507 3,230 155 — 918 314 2,507 4,148 469 7,124 3,119 1999 5/17/1999 2 - 38 BB Duluth, GA 1,292 2,362 254 — 1,378 274 1,292 3,740 528 5,560 3,009 1999 5/24/1999 2 - 38 BB Miami, FL 1,731 3,427 222 — 1,162 422 1,731 4,589 644 6,964 3,401 2000 4/4/2000 2 - 35 BB Fort Myers, FL 1,914 2,863 186 — 916 398 1,914 3,779 584 6,277 2,720 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 2,865 2000 12/18/2000 2 - 35 BB Livonia, MI 2,105 3,856 286 — 362 138 2,105 4,218 424 6,747 3,091 2001 2/6/2001 2 - 36 BB Sunrise, FL 1,515 3,251 138 — 450 224 1,515 3,701 362 5,578 2,387 2002 10/22/2002 2 - 37 BB Jacksonville, FL 2,235 2,295 344 — 50 13 2,235 2,345 357 4,937 1,170 2010 3/29/2010 2 - 45 BB Orlando, FL 1,659 2,340 356 — 324 41 1,659 2,664 397 4,720 1,050 2012 2/27/2012 2 - 47 BB Charleston, SC 2,673 — — — — — 2,673 — — 2,673 — 2020 9/29/2020 — BE Dover, DE 591 1,713 — — — — 591 1,713 — 2,304 178 1993 4/28/2017 10 - 50 BE Indianapolis, IN 603 1,701 — — — — 603 1,701 — 2,304 170 1991 4/28/2017 10 - 50 BE Bowie, MD 506 1,940 — — — — 506 1,940 — 2,446 198 1995 4/28/2017 10 - 50 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total BE Catonsville, MD 170 1,091 — — — — 170 1,091 — 1,261 120 2003 4/28/2017 10 - 50 BE Midland, MI 1,060 1,567 — — — — 1,060 1,567 — 2,627 160 1998 4/28/2017 10 - 50 BE Niagara Falls, NY 304 1,892 — — — — 304 1,892 — 2,196 194 1992 4/28/2017 10 - 50 BE Independence, OH 1,161 1,847 — — — — 1,161 1,847 — 3,008 176 1994 4/28/2017 11 - 51 BE Centerville, OH 947 1,209 — — — — 947 1,209 — 2,156 146 1997 4/28/2017 7 - 45 BE Blacklick, OH 1,178 1,269 — — — — 1,178 1,269 — 2,447 169 1999 4/28/2017 7 - 45 BE Celina, OH 944 1,431 — — — — 944 1,431 — 2,375 151 2005 4/28/2017 9 - 49 BE Canton, OH 755 1,441 — — — — 755 1,441 — 2,196 140 2005 4/28/2017 10 - 50 BE Kent, OH 814 1,215 — — — — 814 1,215 — 2,029 123 1994 4/28/2017 10 - 50 BE Waynesburg, PA 389 1,758 — — — — 389 1,758 — 2,147 196 2006 4/28/2017 10 - 50 BE Kanawha City, WV 405 1,899 — — — — 405 1,899 — 2,304 187 2000 4/28/2017 10 - 50 BE Lima, OH 1,382 1,461 — — — — 1,382 1,461 — 2,843 166 1988 4/28/2017 9 - 49 BE Englewood, OH 958 — — — — — 958 — — 958 — 2004 10/18/2019 — BFG Greensboro, NC 1,254 — — — — — 1,254 — — 1,254 — 2002 2/21/2020 — BJ Youngstown, OH 1,125 — — — — — 1,125 — — 1,125 — 2017 1/12/2018 — BJ Longview, TX 1,508 — — — — — 1,508 — — 1,508 — 2015 11/16/2018 — BJ Livonia, MI 638 3,259 — — — — 638 3,259 — 3,897 125 2018 12/28/2018 14 - 54 BJ Ft. Wayne, IN 2,878 — — — — — 2,878 — — 2,878 — 2016 12/24/2019 — BJ Little Rock, AR 3,646 — — — — — 3,646 — — 3,646 — 2014 12/27/2019 — BJS Oklahoma City, OK 1,879 — — — — — 1,879 — — 1,879 — 2007 2/21/2020 — BJS Sugar Land, TX 3,910 — — — — — 3,910 — — 3,910 — 2005 9/15/2020 — BJS Orange Valley, OH 3,908 — — — — — 3,908 — — 3,908 — 2020 10/30/2020 — BJS/SN/VZW Hagerstown, MD 1,341 4,590 — — — — 1,341 4,590 — 5,931 54 1974 3/12/2020 49 BK Keysville, VA 571 1,424 — — — — 571 1,424 — 1,995 161 1996 10/28/2016 10 - 50 BK Roxboro, NC 601 2,089 — — — — 601 2,089 — 2,690 213 1989 10/28/2016 10 - 50 BK Oxford, NC 449 1,892 — — — — 449 1,892 — 2,341 200 1982 10/28/2016 10 - 50 BK Huntsville, AL 460 1,549 — — — — 460 1,549 — 2,009 179 2000 10/28/2016 10 - 50 BK Amory, MS 570 2,159 — — — — 570 2,159 — 2,729 198 2016 10/28/2016 14 - 54 BK Madisonville, KY 1,071 1,257 — — — — 1,071 1,257 — 2,328 178 1986 11/9/2016 10 - 45 BK Monterey, TN 429 1,611 — — — — 429 1,611 — 2,040 163 2000 12/28/2016 10 - 50 BK Crossville, TN 397 1,873 — — — — 397 1,873 — 2,270 185 1987 12/28/2016 10 - 50 BK Livingston, TN 481 1,354 — — — — 481 1,354 — 1,835 136 2015 12/28/2016 13 - 53 BK Herkimer, NY 308 1,460 — — — — 308 1,460 — 1,768 126 2002 1/12/2017 13 - 53 BK Chattanooga, TN 485 894 — — — — 485 894 — 1,379 107 1998 1/12/2017 10 - 45 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total BK Salem, IN 534 1,608 — — — — 534 1,608 — 2,142 136 2016 6/30/2017 14 - 54 BK Tupelo, MS 772 1,765 — — — — 772 1,765 — 2,537 145 2016 6/30/2017 14 - 54 BK Booneville, MS 448 1,253 — — — — 448 1,253 — 1,701 106 2016 6/30/2017 14 - 54 BK Tupelo, MS 953 1,418 — — — — 953 1,418 — 2,371 141 1998 6/30/2017 10 - 50 BK Memphis, TN 739 1,708 — — — — 739 1,708 — 2,447 133 1996 6/30/2017 15 - 55 BK Columbus, MS 922 1,633 — — — — 922 1,633 — 2,555 152 2000 6/30/2017 12 - 52 BK Tupelo, MS 826 1,774 — — — — 826 1,774 — 2,600 160 1998 6/30/2017 10 - 50 BK Olive Branch, MS 521 1,317 — — — — 521 1,317 — 1,838 108 2016 12/19/2017 14 - 54 BK Holly Springs, MS 335 1,253 — — — — 335 1,253 — 1,588 93 2016 12/19/2017 14 - 54 BK Waldorf, MD 747 1,214 — — — — 747 1,214 — 1,961 70 1989 4/3/2019 10 - 40 BK Florence, SC 1,145 — — — — — 1,145 — — 1,145 — 1980 6/23/2020 — BK Bessemer, AL 1,668 — — — — — 1,668 — — 1,668 — 2009 3/12/2020 — BOJ Winston-Salem, NC 838 569 — — — — 838 569 — 1,407 26 1983 1/29/2020 — BOJ Columbia, SC 1,158 824 — — — — 1,158 824 — 1,982 — 1999 12/23/2020 10 - 25 BOT West St. Paul, MN 1,464 1,096 — — — — 1,464 1,096 — 2,560 17 2001 6/19/2020 10 - 40 BPP South Elgin, IL 3,056 — — — — — 3,056 — — 3,056 — 2004 7/14/2020 — BWW Burlington, IA 137 2,530 — — — — 137 2,530 — 2,667 274 2010 9/15/2016 10 - 49 BWW Galesburg, IL 157 2,510 — — — — 157 2,510 — 2,667 294 2009 9/15/2016 10 - 46 BWW Macomb, IL 138 2,528 — — — — 138 2,528 — 2,666 280 2009 9/15/2016 10 - 48 BWW Springfield, IL 825 2,352 — — — — 825 2,352 — 3,177 190 2006 1/10/2018 10 - 50 BWW Quincy, IL 676 2,378 — — — — 676 2,378 — 3,054 181 2007 1/10/2018 10 - 50 BWW Orange Park, FL 1,768 — — — — — 1,768 — — 1,768 — 1997 1/12/2018 — BWW Florence, SC 1,638 — — — — — 1,638 — — 1,638 — 2011 6/29/2018 — BWW Austin, TX 1,250 — — — — — 1,250 — — 1,250 — 2010 7/16/2018 — BWW Hendersonville, TN 1,401 — — — — — 1,401 — — 1,401 — 2009 8/8/2018 — BWW Grand Junction, CO 1,182 — — — — — 1,182 — — 1,182 — 2004 1/18/2019 — BWW Loredo, TX 1,287 1,923 — — — — 1,287 1,923 — 3,210 114 2001 2/8/2019 10 - 45 BWW Rockaway, NJ 787 — — — — — 787 — — 787 — 2013 2/11/2019 — BWW Centerville, GA 1,001 — — — — — 1,001 — — 1,001 — 2011 8/1/2019 — BWW Mansfield, TX 1,438 845 — — — — 1,438 845 — 2,283 54 2007 10/21/2019 10 - 25 BWW Fort Worth, TX 1,484 922 — — — — 1,484 922 — 2,406 53 2007 11/4/2019 10 - 25 BWW Racine, WI 1,898 — — — — — 1,898 — — 1,898 — 2013 11/12/2019 — BWW Mansfield, TX — 79 — — — — — 79 — 79 54 2007 10/21/2019 15 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total BWW Gastonia, NC 1,373 — — — — — 1,373 — — 1,373 — 2009 10/14/2020 — BWW Suffolk, VA 602 1,779 — — — — 602 1,779 — 2,381 90 2012 12/31/2018 9 - 49 CB Bloomingdale, IL 1,328 — — — — — 1,328 — — 1,328 — 1991 10/18/2019 — CCW Columbia, MO 1,006 — — — — — 1,006 — — 1,006 — 1998 2/21/2020 — CFA Cedar Rapids, IA 1,894 — — — — — 1,894 — — 1,894 — 2012 1/12/2018 — CFA Sioux City, IA 1,162 — — — — — 1,162 — — 1,162 — 2012 6/28/2019 — CFA Rehoboth Beach, DE 2,081 — — — — — 2,081 — — 2,081 — 2013 12/24/2019 — CFA Ft. Wayne, IN 2,251 — — — — — 2,251 — — 2,251 — 2019 12/24/2019 — CFA Carmel, IN 1,056 — — — — — 1,056 — — 1,056 — 2006 9/17/2020 — CFA Florissant, MO 1,416 — — — — — 1,416 — — 1,416 — 2019 12/18/2020 — CFA Florence, SC 1,869 — — — — — 1,869 — — 1,869 — 2018 3/3/2020 — CGR Bloomingdale, IL 1,111 — — — — — 1,111 — — 1,111 — 1990 1/12/2018 — CGR Baton Rouge, LA 1,146 1,077 — — — — 1,146 1,077 — 2,223 114 1985 8/8/2018 5 - 30 CGR Mesquite, TX 2,180 2,938 — — — — 2,180 2,938 — 5,118 168 2012 8/8/2018 13 - 53 CGR Palm Bay, FL 1,666 2,881 — — — — 1,666 2,881 — 4,547 173 1994 8/8/2018 12 - 52 CGR Madison, TN 1,178 2,372 — — — — 1,178 2,372 — 3,550 146 1989 8/8/2018 11 - 51 CGR Ocala, FL 2,017 2,216 — — — — 2,017 2,216 — 4,233 147 1989 8/8/2018 11 - 51 CGR Palmdale, CA 1,234 2,573 — — — — 1,234 2,573 — 3,807 155 1991 8/8/2018 9 - 49 CGR Sebring, FL 1,568 2,275 — — — — 1,568 2,275 — 3,843 144 1992 8/8/2018 11 - 51 CGR Tarpon Springs, FL 1,394 2,232 — — — — 1,394 2,232 — 3,626 149 1994 8/8/2018 10 - 50 CGR Peoria, AZ 867 1,199 — — — — 867 1,199 — 2,066 129 1993 8/8/2018 5 - 31 CGR The Woodlands, TX 1,445 1,218 — — — — 1,445 1,218 — 2,663 121 1995 8/8/2018 5 - 35 CGR Orlando, FL 2,106 1,376 — — — — 2,106 1,376 — 3,482 134 1994 8/8/2018 5 - 35 CGR Kissimmee, FL 2,101 2,052 — — — — 2,101 2,052 — 4,153 147 1994 8/8/2018 7 - 47 CGR Mesa, AZ 1,295 1,628 — — — — 1,295 1,628 — 2,923 140 1994 8/8/2018 5 - 40 CGR Katy, TX 1,930 1,907 — — — — 1,930 1,907 — 3,837 139 1995 8/8/2018 10 - 45 CGR McAllen, TX 759 1,691 — — — — 759 1,691 — 2,450 147 1994 8/8/2018 5 - 35 CGR Winter Haven, FL 922 1,926 — — — — 922 1,926 — 2,848 138 1995 8/8/2018 7 - 47 CGR Ormond Beach, FL 545 1,104 — — — — 545 1,104 — 1,649 119 1995 8/8/2018 3 - 32 CGR Pembroke Pines, FL 1,757 1,514 — — — — 1,757 1,514 — 3,271 150 1996 8/8/2018 5 - 40 CGR High Point, NC 955 1,446 — — — — 955 1,446 — 2,401 106 1996 8/8/2018 5 - 55 CGR Anderson, SC 1,647 2,252 — — — — 1,647 2,252 — 3,899 135 1995 8/8/2018 13 - 53 CGR Burleson, TX 2,612 2,321 — — — — 2,612 2,321 — 4,933 182 1998 8/8/2018 5 - 45 CGR Brownsville, TX 2,111 2,868 — — — — 2,111 2,868 — 4,979 173 1999 8/8/2018 12 -52 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total CGR Hermitage, TN 1,226 1,564 — — — — 1,226 1,564 — 2,790 136 2000 8/8/2018 5 - 39 CGR Reno, NV 723 2,496 — — — — 723 2,496 — 3,219 140 2002 8/8/2018 10 - 50 CGR Bartlesville, OK 1,497 1,571 — — — — 1,497 1,571 — 3,068 112 2002 8/8/2018 10 - 50 CGR Gallatin, TN 821 1,613 — — — — 821 1,613 — 2,434 111 2002 8/8/2018 10 - 50 CGR Tampa, FL 920 1,839 — — — — 920 1,839 — 2,759 141 2002 8/8/2018 7 - 40 CGR Atascocita, TX 1,953 2,256 — — — — 1,953 2,256 — 4,209 142 2002 8/8/2018 12 - 52 CGR Canon City, CO 709 1,928 — — — — 709 1,928 — 2,637 123 2002 8/8/2018 10 - 50 CGR Chattanooga, TN 350 1,852 — — — — 350 1,852 — 2,202 97 2003 8/8/2018 11 - 51 CGR Hobbs, NM 1,424 1,746 — — — — 1,424 1,746 — 3,170 118 2003 8/8/2018 10 - 50 CGR Gonzales, LA 1,681 2,292 — — — — 1,681 2,292 — 3,973 143 2003 8/8/2018 10 - 50 CGR Tupelo, MS 890 1,514 — — — — 890 1,514 — 2,404 132 2003 8/8/2018 5 - 40 CGR Las Cruces, NM 1,645 1,720 — — — — 1,645 1,720 — 3,365 134 1991 8/8/2018 7 - 45 CGR Carson City, NV 775 467 — — — — 775 467 — 1,242 60 2004 8/8/2018 5 - 41 CGR Lady Lake, FL 2,474 2,618 — — — — 2,474 2,618 — 5,092 173 2004 8/8/2018 12 - 52 CGR Lone Tree, CO 753 1,511 — — — — 753 1,511 — 2,264 128 2004 8/8/2018 5 - 41 CGR Bristol, VA 1,059 1,563 — — — — 1,059 1,563 — 2,622 138 2004 8/8/2018 5 - 41 CGR Trinity, FL 1,701 2,613 — — — — 1,701 2,613 — 4,314 157 2004 8/8/2018 13 - 53 CGR Kingsville, TX 1,254 1,719 — — — — 1,254 1,719 — 2,973 115 2004 8/8/2018 9 - 49 CGR Conroe, TX 1,224 1,661 — — — — 1,224 1,661 — 2,885 132 2004 8/8/2018 7 - 45 CGR Portland, TX 1,537 2,089 — — — — 1,537 2,089 — 3,626 147 2005 8/8/2018 10 - 45 CGR Plainview, TX 657 1,302 — — — — 657 1,302 — 1,959 98 2005 8/8/2018 5 - 45 CGR Pinellas Park, FL 2,857 2,352 — — — — 2,857 2,352 — 5,209 151 2005 8/8/2018 10 - 50 CGR Conyers, GA 1,049 2,168 — — — — 1,049 2,168 — 3,217 148 2000 8/8/2018 7 - 45 CGR Eagle Pass, TX 1,338 1,859 — — — — 1,338 1,859 — 3,197 144 2007 8/8/2018 5 - 45 CGR Enid, OK 1,712 2,805 — — — — 1,712 2,805 — 4,517 182 1996 9/14/2018 10 - 45 CGR Lawton, OK 1,072 1,197 — — — — 1,072 1,197 — 2,269 112 1999 9/14/2018 3 - 36 CGR Austin, TX 988 1,330 — — — — 988 1,330 — 2,318 93 2003 9/14/2018 1 - 41 CGR Greenville, TX 1,495 1,431 — — — — 1,495 1,431 — 2,926 104 2002 9/28/2018 10 - 45 CGR Arcadia, FL 1,575 1,408 — — — — 1,575 1,408 — 2,983 110 2005 9/28/2018 5 - 45 CGR Aurora, CO 649 1,534 — — — — 649 1,534 — 2,183 109 1990 10/23/2018 5 - 40 CGR Coralville, IA 1,628 — — — — — 1,628 — — 1,628 — 1998 12/26/2019 — CGR Alamosa, CO 1,992 1,206 — — — — 1,992 1,206 — 3,198 45 2007 12/27/2019 10 - 35 CGR Pueblo, CO 800 1,694 — — — — 800 1,694 — 2,494 68 2005 12/27/2019 10 - 35 CGR Lafayette, LA 3,183 1,579 — — — — 3,183 1,579 — 4,762 61 2005 12/27/2019 10 - 35 CGR Southaven, MS 2,332 1,770 — — — — 2,332 1,770 — 4,102 65 2000 12/27/2019 10 - 35 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total CGR Shawnee, OK 2,077 1,370 — — — — 2,077 1,370 — 3,447 51 2001 12/27/2019 10 - 35 CGR Harlingen, TX 3,054 1,630 — — — — 3,054 1,630 — 4,684 66 1998 12/27/2019 10 - 35 CGR Seguin, TX 2,350 1,778 — — — — 2,350 1,778 — 4,128 65 2004 12/27/2019 10 - 35 CGR Carmel, IN 1,273 — — — — — 1,273 — — 1,273 — 1993 2/13/2020 — CGR Kokomo, IN 858 — — — — — 858 — — 858 — 1999 2/13/2020 — CGR Aiken, SC 1,407 1,565 — — — — 1,407 1,565 — 2,972 — 2001 12/31/2020 13 - 38 CHC Mt Pleasant, IL 1,705 654 — — — — 1,705 654 — 2,359 31 1982 7/15/2020 2 - 15 CHC Palatine, IL 2,010 694 — — — — 2,010 694 — 2,704 16 1998 9/24/2020 3 - 15 CHC Fort Wayne, IN 580 2,444 — — — — 580 2,444 — 3,024 7 1994 11/16/2020 14 - 49 CHC Denver, CO 1,853 — — — — — 1,853 — — 1,853 — 1962 12/9/2020 10 - 40 CHC Midwest City, OK 1,781 — — — — — 1,781 — — 1,781 — 1984 12/9/2020 — CJ Logan, UT 848 — — — — — 848 — — 848 — 1997 6/7/2019 — CK Pawleys Island, SC 1,555 — — — — — 1,555 — — 1,555 — 2003 12/23/2020 — CMG Florence, SC 758 402 — — — — 758 402 — 1,160 18 2013 3/3/2020 10 - 25 CRB Palm Coast , FL 2,146 — — — — — 2,146 — — 2,146 — 2012 6/13/2019 — CRB Charleston, SC 1,334 — — — — — 1,334 — — 1,334 — 2003 7/13/2020 — CRB Tallahassee, FL 3,814 — — — — — 3,814 — — 3,814 — 2000 12/22/2020 — CSK Pensacola, FL 1,530 — — — — — 1,530 — — 1,530 — 1991 6/29/2018 — DEN Amherst, OH 460 998 — — — — 460 998 — 1,458 146 1971 11/9/2016 10 - 40 DQ Tulsa, OK 485 388 — — (90) — 485 298 — 783 50 2015 10/20/2016 14 - 54 DT/MP New Baltimore, MI 435 2,351 — — — — 435 2,351 — 2,786 170 2016 9/15/2017 14 - 54 DTC Coralville, IA 2,142 — — — — — 2,142 — — 2,142 — 1998 12/26/2019 — FAZ Lafayette, IN 244 522 — — — — 244 522 — 766 92 1996 11/9/2016 5 - 40 FEX Oklahoma City, OK 862 — — — — — 862 — — 862 — 1999 2/21/2020 — FS Hagerstown, MD 994 — — — — — 994 — — 994 — 2007 6/23/2020 — HAR Gadsden, AL 464 1,064 — — — — 464 1,064 — 1,528 156 1985 12/15/2016 10 - 40 HAR Baxley, GA 644 1,258 — — — — 644 1,258 — 1,902 199 1983 12/15/2016 10 - 40 HAR Vidalia, GA 364 1,232 — — — — 364 1,232 — 1,596 128 2007 12/15/2016 10 - 50 HAR Hazlehurst, GA 461 1,516 — — — — 461 1,516 — 1,977 153 2013 12/15/2016 12 - 52 HAR Sioux City, IA 901 — — — — — 901 — — 901 — 1979 6/28/2019 — HB Traverse City, MI 805 — — — — — 805 — — 805 — 1992 2/21/2020 — HIE Coralville, IA 1,318 — — — — — 1,318 — — 1,318 — 2000 12/26/2019 — FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total IHOP Grand Junction, CO 853 — — — — — 853 — — 853 — 2002 1/18/2019 — IHOP Christiansburg, VA 739 — — 250 — — 989 — — 989 — 1998 4/19/2019 — IHOP Spokane Valley, WA 572 660 — — — — 572 660 — 1,232 33 2001 2/21/2020 8 - 25 IHOP Florence, SC 1,106 — — — — — 1,106 — — 1,106 — 2000 6/30/2020 — JL Carmel, IN 1,280 352 — — — — 1,280 352 — 1,632 — 1993 12/31/2020 10 - 30 KFC Detroit, MI 294 916 — — — — 294 916 — 1,210 110 1997 9/14/2016 5 - 43 KFC Auburn Hills, MI 98 925 — — — — 98 925 — 1,023 120 2002 9/14/2016 5 - 43 KFC Detroit, MI 75 732 — — — — 75 732 — 807 98 1984 9/14/2016 5 - 40 KFC Detroit, MI 323 635 — — — — 323 635 — 958 101 1984 9/14/2016 5 - 40 KFC Altoona, WI 195 1,714 — — — — 195 1,714 — 1,909 189 1993 11/10/2016 10 - 45 KFC LaCrosse, WI 216 893 — — — — 216 893 — 1,109 141 1979 11/10/2016 5 - 40 KFC Rice Lake, WI 215 1,045 — — — — 215 1,045 — 1,260 162 1991 11/10/2016 5 - 40 KFC Chippewa Falls, WI 167 924 — — — — 167 924 — 1,091 126 2003 11/10/2016 5 - 40 KFC LaCrosse, WI 245 1,042 — — — — 245 1,042 — 1,287 154 1972 11/10/2016 5 - 40 KFC Stevens Point, WI 92 697 — — — — 92 697 — 789 98 1984 11/10/2016 5 - 40 KFC Wisconsin Rapids, WI 179 1,928 — — — — 179 1,928 — 2,107 208 1991 11/10/2016 10 - 45 KFC Wausau, WI 126 1,387 — — — — 126 1,387 — 1,513 149 1979 11/10/2016 10 - 45 KFC Escanaba, MI 143 1,362 — — — — 143 1,362 — 1,505 155 1985 11/10/2016 10 - 43 KFC Menominee, MI 93 862 — — — — 93 862 — 955 121 1995 11/10/2016 10 - 40 KFC Goshen, IN 95 1,041 — — — — 95 1,041 — 1,136 143 1976 11/10/2016 5 - 40 KFC South Bend, IN 141 868 — — — — 141 868 — 1,009 138 1970 11/10/2016 5 - 40 KFC South Bend, IN 155 774 — — — — 155 774 — 929 130 1973 11/10/2016 5 - 40 KFC Mishawaka, IN 72 1,510 — — — — 72 1,510 — 1,582 154 1978 11/10/2016 10 - 45 KFC Kokomo, IN 118 1,093 — — — — 118 1,093 — 1,211 137 1994 11/10/2016 10 - 40 KFC Kokomo, IN 141 1,798 — — — — 141 1,798 — 1,939 194 1994 11/10/2016 10 - 45 KFC Birmingham, AL 1,062 592 — — — — 1,062 592 — 1,654 3 1991 12/8/2020 10 - 25 KFC Fairfield, AL 1,006 543 — — — — 1,006 543 — 1,549 3 1995 12/8/2020 10 - 22 KFC Birmingham, AL 1,101 556 — — — — 1,101 556 — 1,657 3 2002 12/8/2020 7 - 18 KFC Hueytown, AL 719 589 — — — — 719 589 — 1,308 3 1988 12/8/2020 10 - 22 KFC Birmingham, AL 1,102 495 — — — — 1,102 495 — 1,597 2 1995 12/8/2020 10 - 22 KFC Forestdale, AL 972 544 — — — — 972 544 — 1,516 3 1995 12/8/2020 10 - 20 KFC Bessemer, AL 1,105 521 — — — — 1,105 521 — 1,626 3 1994 12/8/2020 10 - 20 KFC Gardendale, AL 926 695 — — — — 926 695 — 1,621 3 1988 12/8/2020 10 - 25 KFC Huntsville, AL 694 776 — — — — 694 776 — 1,470 3 1976 12/8/2020 10 - 22 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total KFC Decatur, AL 734 739 — — — — 734 739 — 1,473 3 1993 12/8/2020 10 - 20 KFC Huntsville, AL 678 762 — — — — 678 762 — 1,440 3 2004 12/8/2020 10 - 25 KFC Madison, AL 845 580 — — — — 845 580 — 1,425 3 1986 12/8/2020 10 - 20 KFC Madison, AL 966 765 — — — — 966 765 — 1,731 4 1999 12/8/2020 10 - 22 KK Troy, MI 1,480 — — — — — 1,480 — — 1,480 — 2003 12/24/2019 — KRYS Gardendale, AL 723 376 — — — — 723 376 — 1,099 34 1976 9/27/2019 5 - 20 KRYS Lenoir City, TN 1,124 338 — — — — 1,124 338 — 1,462 30 1998 10/10/2019 5 - 20 KRYS Pratville, AL 1,077 385 — — — — 1,077 385 — 1,462 34 1998 10/11/2019 5 - 20 LH Tucker, GA 1,407 923 10 — 339 214 1,407 1,262 224 2,893 1,013 1986 10/1/2007 2 - 43 LH Snellville, GA 1,911 925 76 — 422 147 1,911 1,347 223 3,481 1,042 1992 10/1/2007 2 - 43 LH Macon, GA 1,249 718 30 — 420 204 1,249 1,138 234 2,621 1,073 1992 10/1/2007 2 - 44 LH Augusta, GA 1,631 845 46 — 300 103 1,631 1,145 149 2,925 946 1993 10/1/2007 2 - 42 LH Ocala, FL 1,210 1,100 17 — 579 112 1,210 1,679 129 3,018 1,363 1993 10/1/2007 2 - 42 LH Altamonte Springs, FL 1,649 974 22 — 450 135 1,649 1,424 157 3,230 988 1994 10/1/2007 2 - 44 LH Florence, KY — 741 52 1,191 347 165 1,191 1,088 217 2,496 852 1994 10/1/2007 2 - 47 LH Gainesville, GA 1,537 965 19 — 348 140 1,537 1,313 159 3,009 983 1995 10/1/2007 2 - 43 LH Peachtree City, GA 1,485 1,080 9 — 457 159 1,485 1,537 168 3,190 1,133 1995 10/1/2007 2 - 43 LH Lawrenceville, GA 1,865 1,116 17 — 451 117 1,865 1,567 134 3,566 1,067 1996 10/1/2007 2 - 42 LH Jensen Beach, FL 1,322 1,082 33 — 347 153 1,322 1,429 186 2,937 1,065 1996 10/1/2007 2 - 42 LH Destin, FL 2,053 793 16 — 357 224 2,053 1,150 240 3,443 931 1996 10/1/2007 2 - 42 LH Albany, GA 1,500 988 34 — 422 126 1,500 1,410 160 3,070 947 1997 10/1/2007 2 - 42 LH Dublin, OH 1,572 1,205 18 — 510 259 1,572 1,715 277 3,564 1,177 1997 10/1/2007 2 - 42 LH Columbia, SC 1,677 1,291 23 — 495 176 1,677 1,786 199 3,662 1,214 1997 10/1/2007 2 - 42 LH Pineville, NC 1,262 879 11 — 495 195 1,262 1,374 206 2,842 912 1998 10/1/2007 2 - 44 LH Johns Creek, GA 1,694 1,089 18 — 203 123 1,694 1,292 141 3,127 858 1998 10/1/2007 2 - 42 LH Greensboro, NC 1,438 1,017 16 — 270 152 1,438 1,287 168 2,893 806 1999 10/1/2007 2 - 44 LH Huntsville, AL 1,443 983 7 — 350 194 1,443 1,333 201 2,977 842 1999 10/1/2007 2 - 44 LH Hickory, NC 1,333 1,029 7 — 313 166 1,333 1,342 173 2,848 794 1999 10/1/2007 2 - 44 LH Tampa, FL 1,488 1,078 6 — 297 189 1,488 1,375 195 3,058 947 2000 10/1/2007 2 - 35 LH Clarksville, TN 1,662 1,097 15 — 449 112 1,662 1,546 127 3,335 859 1999 10/1/2007 2 - 43 LH Orlando, FL 1,165 749 21 — 264 137 1,165 1,013 158 2,336 705 2000 10/1/2007 2 - 35 LH Concord, NH 1,329 935 7 — 359 172 1,329 1,294 179 2,802 731 2000 10/1/2007 2 - 35 LH Orlando, FL 1,492 1,277 52 — 297 150 1,492 1,574 202 3,268 950 2000 10/1/2007 2 - 35 LH Medina, OH 1,189 820 12 — 268 168 1,189 1,088 180 2,457 692 2000 10/1/2007 2 - 35 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total LH Hoover, AL 1,401 966 17 — 350 160 1,401 1,316 177 2,894 817 2001 10/1/2007 2 - 36 LH Boardman, OH 954 673 17 — 285 151 954 958 168 2,080 590 2001 10/1/2007 2 - 36 LH Prattville, AL 1,481 1,016 27 — 336 134 1,481 1,352 161 2,994 826 2001 10/1/2007 2 - 36 LH Bensalem, PA 1,645 600 17 — 346 160 1,645 946 177 2,768 587 2001 10/1/2007 2 - 36 LH Lee’s Summit, MO 1,705 1,219 34 — 285 88 1,705 1,504 122 3,331 781 2002 10/1/2007 2 - 37 LH Germantown, MD 1,439 1,069 27 — 306 138 1,439 1,375 165 2,979 803 2002 10/1/2007 2 - 37 LH Independence, OH 1,241 686 26 — 231 106 1,241 917 132 2,290 535 2002 10/1/2007 2 - 37 LH Hiram, GA 1,639 1,033 25 — 374 130 1,639 1,407 155 3,201 806 2002 10/1/2007 2 - 37 LH Louisville, KY 1,405 980 18 — 238 113 1,405 1,218 131 2,754 667 2002 10/1/2007 2 - 37 LH Bowie, MD 1,871 1,230 21 — 257 147 1,871 1,487 168 3,526 832 2002 10/1/2007 2 - 37 LH Waldorf, MD 1,929 1,167 26 — 245 162 1,929 1,412 188 3,529 816 2002 10/1/2007 2 - 37 LH West Palm Beach, FL 1,781 1,228 27 — 297 132 1,781 1,525 159 3,465 838 2002 10/1/2007 2 - 37 LH Columbia, MD 1,918 1,439 40 — 268 161 1,918 1,707 201 3,826 929 2003 10/1/2007 2 - 38 LH East Point, GA 1,052 1,232 21 — 291 143 1,052 1,523 164 2,739 848 2003 10/1/2007 2 - 38 LH Lexington, KY 1,251 874 16 — 238 162 1,251 1,112 178 2,541 664 2003 10/1/2007 2 - 42 LH Winter Haven, FL 1,285 1,149 39 — 276 124 1,285 1,425 163 2,873 801 2003 10/1/2007 2 - 38 LH Jacksonville, FL 795 1,302 32 — 210 128 795 1,512 160 2,467 811 2003 10/1/2007 2 - 38 LH Daphne, AL 1,130 757 30 — 308 111 1,130 1,065 141 2,336 664 2003 10/1/2007 2 - 38 LH Anderson, SC 1,445 990 41 — 240 111 1,445 1,230 152 2,827 684 2004 10/1/2007 2 - 39 LH Palm Harbor, FL 1,406 917 32 — 263 93 1,406 1,180 125 2,711 700 2004 10/1/2007 2 - 39 LH West Chester, OH 1,371 927 31 — 248 79 1,371 1,175 110 2,656 672 2004 10/1/2007 2 - 39 LH Jefferson City, MO 1,342 875 60 — 196 68 1,342 1,071 128 2,541 609 2004 10/1/2007 2 - 39 LH Chantilly, VA 1,568 882 50 — 262 66 1,568 1,144 116 2,828 613 2004 10/1/2007 2 - 39 LH Dawsonville, GA 1,084 1,321 51 — 188 100 1,084 1,509 151 2,744 797 2004 10/1/2007 2 - 39 LH Opelika, AL 1,427 1,244 36 — 202 58 1,427 1,446 94 2,967 765 2004 10/1/2007 2 - 39 LH Indianapolis, IN 1,298 854 55 — 211 51 1,298 1,065 106 2,469 602 2005 10/1/2007 2 - 40 LH Grove City, OH 1,566 1,067 53 — 191 61 1,566 1,258 114 2,938 678 2005 10/1/2007 2 - 40 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total LH Springfield, IL 1,573 1,451 65 — 182 79 1,573 1,633 144 3,350 874 2005 10/1/2007 2 - 40 LH Covington, GA 887 1,212 70 — 45 49 887 1,257 119 2,263 662 2005 10/1/2007 2 - 40 LH West Homestead, PA 1,418 947 79 — 33 91 1,418 980 170 2,568 575 2005 10/1/2007 2 - 40 LH Carrollton, GA 1,192 1,227 75 — 15 49 1,192 1,242 124 2,558 672 2005 10/1/2007 2 - 40 LH Tarentum, PA 1,414 931 91 — 84 46 1,414 1,015 137 2,566 576 2005 10/1/2007 2 - 40 LH Commerce, GA 647 1,476 60 — 57 84 647 1,533 144 2,324 755 2006 10/1/2007 2 - 41 LH East Ellijay, GA 1,126 1,272 70 — 21 82 1,126 1,293 152 2,571 694 2006 10/1/2007 2 - 41 LH Acworth, GA 1,941 1,255 70 — 23 82 1,941 1,278 152 3,371 672 2006 10/1/2007 2 - 41 LH Peoria, IL 1,299 848 81 — 143 46 1,299 991 127 2,417 581 2006 10/1/2007 2 - 41 LH Hixson, TN 1,676 1,263 84 — 40 44 1,676 1,303 128 3,107 674 2006 10/1/2007 2 - 41 LH Fredericksburg, VA 1,734 1,174 89 — 42 35 1,734 1,216 124 3,074 691 2006 10/1/2007 2 - 41 LH Morgantown, WV 1,223 812 89 — 27 44 1,223 839 133 2,195 528 2006 10/1/2007 2 - 41 LH Florence, SC 1,628 1,352 90 — 28 35 1,628 1,380 125 3,133 676 2006 10/1/2007 2 - 41 LH Portage, IN 901 1,652 105 — 59 26 901 1,711 131 2,743 829 2006 10/1/2007 2 - 41 LH Macon, GA 1,052 1,840 97 — 135 38 1,052 1,975 135 3,162 989 2007 10/1/2007 2 - 42 LH Panama City Beach, FL 1,379 1,736 99 — 47 95 1,379 1,783 194 3,356 956 2007 10/1/2007 2 - 42 LH LaGrange, GA 979 1,527 111 — 36 52 979 1,563 163 2,705 832 2007 10/1/2007 2 - 42 LH Calhoun, GA 765 1,760 109 — (4) 36 765 1,756 145 2,666 894 2007 10/1/2007 2 - 42 LH Dublin, GA 389 1,910 140 — 27 23 389 1,937 163 2,489 904 2008 1/14/2008 2 - 43 LH Monroe, GA 966 1,549 164 — 30 13 966 1,579 177 2,722 770 2008 4/28/2008 2 - 43 LH Denham Springs, LA 1,306 2,049 283 — 35 12 1,306 2,084 295 3,685 1,203 2008 8/25/2008 2 - 43 LH Cornelia, GA 106 1,542 281 282 52 8 388 1,594 289 2,271 927 2008 12/1/2008 2 - 43 LH Richmond, VA 1,442 1,758 207 — 24 9 1,442 1,782 216 3,440 913 2009 2/23/2009 2 - 44 LH San Antonio, TX 907 1,504 — — 722 529 907 2,226 529 3,662 1,198 2010 1/18/2010 2 - 40 LH Orlando, FL 1,406 1,701 253 — 23 6 1,406 1,724 259 3,389 818 2010 3/8/2010 2 - 45 LH Thomasville, GA 730 1,688 229 — 19 5 730 1,707 234 2,671 849 2010 4/19/2010 2 - 45 LH San Antonio, TX 947 1,436 — — 467 539 947 1,903 539 3,389 1,765 2010 5/10/2010 2 - 40 LH San Antonio, TX 1,206 1,583 — — 268 532 1,206 1,851 532 3,589 1,107 2010 7/5/2010 2 - 40 LH Jackson, TN 1,398 1,257 204 — 16 8 1,398 1,273 212 2,883 644 2010 7/19/2010 2 - 45 LH Conyers, GA 589 1,797 198 — 30 21 589 1,827 219 2,635 844 2010 8/2/2010 2 - 45 LH San Antonio, TX — 1,382 735 1,991 273 (221) 1,991 1,655 514 4,160 1,053 2010 10/11/2010 2 - 40 LH Fort Smith, AR 953 1,610 252 — 23 10 953 1,633 262 2,848 803 2010 11/1/2010 2 - 45 LH Whitehall, PA 1,307 1,901 270 — 24 7 1,307 1,925 277 3,509 897 2010 12/6/2010 2 - 45 FOUR CORNERS PROPERTY TRUST, INC. 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 Property (1) Location Land Buildings and Improvements Equipment Land Building and Improvements Equipment Land Building and Improvements Equipment Total LH New Braunfels, TX — 1,330 681 — 169 (209) — 1,499 472 1,971 927 2011 1/24/2011 2 - 40 LH McAllen, TX 1,128 1,600 284 — 13 13 1,128 1,613 297 3,038 773 2011 3/28/2011 2 - 46 LH Kingsland, GA 849 1,564 236 — 13 5 849 1,577 241 2,667 703 2011 4/25/2011 2 - 46 LH Jonesboro, AR 902 1,704 234 — 15 1 902 1,719 235 2,856 767 2011 4/25/2011 2 - 46 LH Hanover, MD 1,437 2,258 252 — 45 2 1,437 2,303 254 3,994 907 2011 5/16/2011 2 - 46 LH Council Bluffs, IA 869 1,827 236 — 31 7 869 1,858 243 2,970 801 2011 5/31/2011 2 - 46 LH San Antonio, TX — 278 383 — (253) (279) — 25 104 129 13 2011 6/20/2011 2 - 40 LH Tupelo, MS 771 1,717 236 — 13 1 771 1,730 237 2,738 698 2011 8/29/2011 2 - 46 LH Champaign, IL 1,499 1,725 267 — 4 3 1,499 1,729 270 3,498 736 2011 10/10/2011 2 - 46 LH Rapid City, SD 965 1,869 252 — 2 3 965 1,871 255 3,091 814 2011 10/10/2011 2 - 46 LH West Melbourne, FL 1,144 1,858 266 — 4 3 1,144 1,862 269 3,275 780 2011 11/21/2011 2 - 46 LH Flowood, MS 1,088 1,803 327 34 — 2 1,122 1,803 329 3,254 817 2012 2/6/2012 2 - 47 LH McAllen, TX 1,339 1,775 319 — 3 12 1,339 1,778 331 3,448 782 2012 2/27/2012 2 - 47 LH Deptford, NJ 1,799 1,694 287 — 3 (2) 1,799 1,697 285 3,781 706 2012 3/26/2012 2 - 47 LH Athens, GA 970 1,744 289 — 35 13 970 1,779 302 3,051 683 2012 10/29/2012 2 - 47 LH Morehead City, NC 975 1,941 340 — 2 1 975 1,943 341 3,259 732 2013 1/14/2013 2 - 48 LH Columbus, MS 1,155 1,993 256 — 4 4 1,155 1,997 260 3,412 661 2013 2/18/2013 2 - 48 LH Sandusky, OH 1,081 2,027 263 — — 2 1,081 2,027 265 3,373 676 2013 4/22/2013 2 - 48 LH Coralville, IA 953 2,135 288 — — (3) 953 2,135 285 3,373 723 2013 5/13/2013 2 - 48 LH Cleveland, TN 1,054 1,776 337 — — 1 1,054 1,776 338 3,168 648 2013 5/13/2013 2 - 48 LH Cincinnati, OH 1,205 1,758 291 — — 3 1,205 1,758 294 3,257 602 2013 8/26/2013 2 - 48 LH Minot, ND 887 2,230 314 — 15 17 887 2,2

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation and Basis of PresentationPrinciples of Consolidation and Basis of Presentation The accompanying consolidated financial statements (“the Consolidated Financial Statements”) include the accounts of Four Corners Property Trust, Inc. and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of EstimatesUse of Estimates The preparation of these Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. The estimates and assumptions used in the accompanying Consolidated Financial Statements are based on management’s evaluation of the relevant facts and circumstances. Actual results may differ from the estimates and assumptions used in preparing the accompanying Consolidated Financial Statements, and such differences could be material.
Real Estate Investments, NetReal Estate Investments, Net Real estate investments, net are recorded at cost less accumulated depreciation. Building components are depreciated over estimated useful lives ranging from seven two Our accounting policies regarding land, buildings, equipment, and improvements, include our judgments regarding the estimated useful lives of these assets, the residual values to which the assets are depreciated or amortized, the determination of what constitutes a reasonably assured lease term, and the determination as to what constitutes enhancing the value of or increasing the life of existing assets. These judgments and estimates may produce materially different amounts of reported depreciation and amortization expense if different assumptions were used. As discussed further below, these judgments may also impact our need to recognize an impairment charge on the carrying amount of these assets as the cash flows associated with the assets are realized, or as our expectations of estimated future cash flows change. Acquisition of Real Estate The Company evaluates acquisitions to determine whether transactions should be accounted for as asset acquisitions or business combinations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2017-01. The Company has determined the land, building, site improvements, and in-places leases (if any) of assets acquired were each single assets as the building and property improvements are attached to the land and cannot be physically removed and used separately from the land without incurring significant costs or reducing their fair value. Additionally, the Company has not acquired a substantive process used to generate outputs. As substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset and there were no processes acquired, the acquisitions do not qualify as businesses and are accounted for as asset acquisitions. Related transaction costs are generally capitalized and amortized over the useful lives of the acquired assets. The Company allocates the purchase price (including acquisition and closing costs) of real estate acquisitions to land, building, and improvements based on their relative fair values. The determination of the building fair value is on an ‘as-if-vacant’ basis. Value is allocated to acquired lease intangibles (if any) based on the costs avoided and revenue recognized by acquiring the property subject to lease and avoiding an otherwise ‘dark period’. In making estimates of fair values for this purpose, the Company uses a third-party specialist that obtains various information about each property, as well as the pre-acquisition due diligence of the Company and prior leasing activities at the site. Lease Intangibles Lease intangibles, if any, acquired in conjunction with the purchase of real estate represent the value of in-place leases and above- or below-market leases. For real estate acquired subject to existing lease agreements, acquired lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the asset carrying costs, including lost revenue, that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above-market and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and the Company’s estimate of current market lease rates for the property, measured over a period equal to the remaining initial term of the lease. In-place lease intangibles are amortized on a straight-line basis over the remaining initial term of the related lease and included in depreciation and amortization expense. Above-market lease intangibles are amortized over the remaining initial terms of the respective leases as a decrease in rental revenue. Below-market lease intangibles are generally amortized as an increase to rental revenue over the remaining initial term of the respective leases, but may be amortized over the renewal periods if the Company believes it is likely the tenant will exercise the renewal option. Should a lease terminate early, the
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. Such events and changes may include macroeconomic conditions, including those caused by global pandemics, like the recent coronavirus disease pandemic (“COVID-19”) and restrictions intended to prevent its spread, which may result in property operational disruption and indicate that the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted net cash flows expected to be generated by the assets. Identifiable cash flows are measured at the lowest level for which they are largely independent of the cash flows of other groups of assets and liabilities, generally at the restaurant level. If these assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Fair value is generally determined by appraisals or sales prices of comparable assets. The judgments we make related to the expected useful lives of long-lived assets and our ability to realize undiscounted cash flows in excess of the carrying amounts of these assets are affected by factors such as the ongoing maintenance and improvements of the assets, changes in economic conditions, changes in usage or operating performance, desirability of the restaurant sites and other factors, such as our ability to sell our assets held for sale. As we assess the ongoing expected cash flows and carrying amounts of our long-lived assets, significant adverse changes in these factors could cause us to realize a material impairment loss. Exit or disposal activities include the cost of disposing of the assets and are generally expensed as incurred. Upon disposal of the assets, any gain or loss is recorded in the same caption within our Consolidated Income Statements as the original impairment. Provisions for impairment are included in depreciation and amortization expense in the accompanying Consolidated Income Statements.
Real Estate Held for SaleReal Estate Held for SaleReal estate is classified as held for sale when the sale is probable, will be completed within one year, purchase agreements are executed, the buyer has a significant deposit at risk, and no financing contingencies exist which could prevent the transaction from being completed in a timely manner. Restaurant sites and certain other assets to be disposed of are included in assets held for sale when the likelihood of disposing of these assets within one year is probable. Assets whose disposal is not probable within one year remain in land, buildings, equipment and improvements until their disposal within one year is probable. Disposals of assets that have a major effect on our operations and financial results or that represent a strategic shift in our operating businesses meet the requirements to be reported as discontinued operations. Real estate held for sale is reported at the lower of carrying amount or fair value, less estimated costs to sell.
Cash, Cash Equivalents, and Restricted CashCash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents can consist of cash and money market accounts. Restricted cash consists of 1031 exchange proceeds and is included in Other assets on our Consolidated Balance Sheets.
Long-term DebtLong-term Debt Long-term debt is carried at unpaid principal balance, net of deferred financing costs. All of our long-term debt is currently unsecured and interest is paid monthly on our non-amortizing term loans and revolving credit facility and semi-annually on our senior unsecured fixed rate notes. Deferred Financing Costs Financing costs related to long-term debt are deferred and amortized over the remaining life of the debt using the effective interest method. These costs are presented as a direct deduction from their related liabilities on the Consolidated Balance Sheets.
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 Sheets or to specific forecasted transactions. We also formally assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria in accordance with GAAP, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss), net of tax. These changes in fair value will be reclassified into earnings at the time of the forecasted transaction. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.
Other Assets and LiabilitiesOther Assets and Liabilities Other assets primarily consist of right of use operating lease assets, pre-acquisition costs, prepaid assets, food and beverage inventories for use by our Kerrow operating subsidiary, escrow deposits, and accounts receivable. Other liabilities primarily consist of accrued compensation, accrued interest, accrued operating expenses, intangible lease liabilities, and operating lease liabilities.
Leases, LesseeLeases Effective January 1, 2019, the Company adopted FASB Accounting Standards Codification 842, Leases, including effective amendments (“ASC 842”), using the effective date method. Consolidated Financial Statements for reporting periods beginning on or after January 1, 2019, are presented under the new guidance, while prior periods amounts are not adjusted and continue to be reported in accordance with previous guidance. We elected the package of practical expedients which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient which permits entities to use hindsight in determining the lease term and assessing impairment. The adoption of the lease standard did not change our previously reported Consolidated Financial Statements and did not result in a cumulative adjustment to equity. All significant lease arrangements are generally recognized at lease commencement. For leases where the Company is the lessee upon adoption of ASC 842, operating or finance lease right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset during the reasonably certain lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. As part of certain real estate investment transactions, the Company may enter into long-term ground leases as a lessee. The Company recognizes a ground lease (or right-of-use) asset and related lease liability for each of these ground leases. Ground lease assets and lease liabilities are recognized based on the present value of the lease payments. The Company uses its estimated incremental borrowing rate, which is the estimated rate at which the Company could borrow on a collateralized basis with similar payments over a similar term, in determining the present value of the lease payments.
Leases, LessorFor leases where Company is the lessor, we determine the classification upon commencement. At December 31, 2020, all such leases are classified as operating leases. These operating leases may contain both lease and non-lease components. The Company accounts for lease and non-lease components as a single component. Prior to adoption of ASC 842, lease origination fees were deferred and amortized over the related lease term as an adjustment to depreciation expense. Subsequent to the adoption of ASC 842 on January 1, 2019, the Company expenses certain initial direct costs that are not incremental in obtaining a lease.
Revenue RecognitionRevenue Recognition Rental revenue For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on a straight-line basis over the applicable lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a deferred rent receivable. In certain circumstances, the Company may offer tenant allowance funds in exchange for increasing rent, extending the term, and including annual sales reporting among other items. These tenant allowance funds are classified as lease incentives upon payment and are amortized as a reduction to revenue over the lease term. Lease incentives are included in Intangible lease assets, net, on our Consolidated Balance Sheets. During the year ended December 31, 2020, the Company paid lease incentives of $4.2 million to tenants. We assess the collectability of our lease receivables, including deferred rents receivable, on several factors, including payment history, the financial strength of the tenant and any guarantors, historical operations and operating trends of the property, and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to recover substantially all of the receivable, we derecognize the deferred rent receivable asset and record that amount as a reduction in rental revenue. If we determine the lease receivable will not be collected due to a credit concern, we reduce the recorded revenue for the period and related accounts receivable. For those leases that provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met, the increased rental revenue is recognized as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. Prior to the adoption of ASC 842, lessor costs reimbursed by the lessee were presented on a net basis in our Consolidated Financial Statements. Subsequent to the adoption of ASC 842 on January 1, 2019, costs paid by the lessor and reimbursed by the lessees are included in variable lease payments and presented on a gross basis within rental revenue. Sales taxes collected from lessees and remitted to governmental authorities are presented on a net basis within rental revenue. Restaurant revenue Restaurant revenue represents food, beverage, and other products sold and is presented net of the following discounts: coupons, employee meals, and complimentary meals. Revenue from restaurant sales, whether received in cash or by credit card, is recognized when food and beverage products are sold. At December 31, 2020 and 2019, credit card receivables, included in other assets, totaled $68 thousand and $81 thousand, respectively. We recognize sales from our gift cards when the gift card is redeemed by the customer. Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis within restaurant revenue on our Income Statements.
Restaurant 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.
Gain On Sale, NetGain on Sale, NetThe Company recognizes gain (loss) on sale, net of real estate in accordance with FASB ASU No. 2017-05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” The Company evaluates each transaction to determine if control of the asset, as well as other specified criteria, has been transferred to the buyer to determine proper timing of revenue recognition, as well as transaction price allocation
Earnings Per ShareEarnings Per Share Basic earnings per share (“EPS”) are computed by dividing net income allocated to common shareholders by the weighted-average number of common shares outstanding for the reporting period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. No effect is shown
Noncontrolling InterestNoncontrolling InterestNoncontrolling interest represents the aggregate limited partnership interests in FCPT OP held by third parties. In accordance with GAAP, the noncontrolling interest of FCPT OP is shown as a component of equity on our Consolidated Balance Sheets, and the portion of income allocable to third parties is shown as net income attributable to noncontrolling interests in our Income Statements and consolidated statements of comprehensive income (“Comprehensive Income Statement”). The Company follows the guidance issued by the FASB regarding the classification and measurement of redeemable securities. At FCPT OP’s option, it may satisfy this redemption with cash or by exchanging non-registered shares of FCPT common stock on a one-for-one basis. Accordingly, the Company has determined that the common OP units meet the requirements to be classified as permanent equity. A reconciliation of equity attributable to noncontrolling interest is disclosed in our Consolidated Statements of Changes in Equity.
Income TaxesIncome Taxes We believe that we have been organized and have operated in conformity with the requirements for qualification and taxation as a REIT commencing with our taxable year ended December 31, 2016, and we intend to continue to operate in a manner that will enable us to maintain our qualification as a REIT. So long as we qualify as a REIT, we generally will not be subject to U.S. federal income tax on our net income. To maintain our qualification as a REIT, we are required under the Code to distribute at least 90% of our REIT taxable income (without regard to the deduction for dividends paid and excluding net capital gains) to our shareholders and meet certain other requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax on our taxable income at regular corporate rates. Even if we qualify as a REIT, we are subject to certain state, local and franchise taxes. Under certain circumstances, U.S. federal income and excise taxes may be due on our undistributed taxable income. The Kerrow Restaurant Operating Business is a TRS and is taxed as a C corporation. We provide for federal and state income taxes currently payable as well as for those deferred because of temporary differences between reporting income and expenses for financial statement purposes versus tax purposes. Federal income tax credits are recorded as a reduction of income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Interest recognized on reserves for uncertain tax positions is included in interest, net in our Consolidated Statements of Comprehensive Income. A corresponding liability for accrued interest is included as a component of other liabilities on our Consolidated Balance Sheets. Penalties, when incurred, are recognized in general and administrative expenses. We estimate certain components of our provision for income taxes. These estimates include, among other items, depreciation and amortization expense allowable for tax purposes, allowable tax credits for items such as taxes paid on reported employee tip income, effective rates for state and local income taxes and the valuation and tax deductibility of certain other items. We adjust our annual effective income tax rate as additional information on outcomes or events becomes available. We base our estimates on the best available information at the time that we prepare the provision. We will generally file our annual income tax returns several months after our year end. Income tax returns are subject to audit by state and local governments, generally years after the returns are filed. These returns could be subject to material adjustments or differing interpretations of the tax laws. The major jurisdictions in which we will file income tax returns are the U.S. federal jurisdiction and all states in the U.S. in which we own properties that have an income tax.
Stock-Based CompensationStock-Based Compensation The Company’s stock-based compensation plan provides for the grant of restricted stock awards (“RSAs”), deferred stock units (“DSUs”), performance-based awards including performance stock units (“PSUs”), dividend equivalents (“DEUs”), restricted stock units (“RSUs”), and other types of awards to eligible participants. DEUs are earned during the vesting period and received upon vesting of award. Upon forfeiture of an award, DEUs earned during the vesting period are also forfeited. We classify stock-based payment awards either as equity awards or liability awards based upon cash settlement options. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. We recognize costs resulting from the Company’s stock-based compensation awards on a straight-line basis over their vesting periods, which range between one
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 1 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.
Fair Value MeasurementsThe carrying amounts of certain of the Company’s financial instruments including cash equivalents, accounts receivable, accounts payable, accrued liabilities, and derivative financial instruments approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates. Determining which category an asset or liability falls within the hierarchy requires significant judgment. We evaluate hierarchy disclosures each reporting period. The following table presents the derivative assets recorded that are reported at fair value on our Consolidated Balance Sheets on a recurring basis.
Application of New Accounting StandardsApplication of New Accounting Standards We consider the applicability and impact of all ASUs issued by the FASB. Other than as disclosed below, ASUs not yet adopted were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated result of operations, financial position and cash flows. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform” which provides temporary optional expedients and exceptions to the guidance in US GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (SOFR). The guidance simplifies the accounting for modifying countless contracts (including those in hedging relationships) that refer to LIBOR and other interbank offered rates. The guidance is effective upon issuance and generally can be applied to contract modifications or existing and new hedge relationships through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. As additional changes in the market occur, the Company will continue to evaluate the impact of the guidance and may apply other elections as applicable.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Cash and Cash EquivalentsThe following table provides a reconciliation of cash, cash equivalents, and restricted cash in our Consolidated Balance Sheets to the total amount shown in our Consolidated Statements of Cash Flows. December 31, (In thousands) 2020 2019 2018 Cash and cash equivalents $ 11,064 $ 5,083 $ 92,041 Restricted cash (included in Other assets) — — 1,201 Total Cash, Cash Equivalents, and Restricted Cash $ 11,064 $ 5,083 $ 93,242
Restrictions on Cash and Cash EquivalentsThe following table provides a reconciliation of cash, cash equivalents, and restricted cash in our Consolidated Balance Sheets to the total amount shown in our Consolidated Statements of Cash Flows. December 31, (In thousands) 2020 2019 2018 Cash and cash equivalents $ 11,064 $ 5,083 $ 92,041 Restricted cash (included in Other assets) — — 1,201 Total Cash, Cash Equivalents, and Restricted Cash $ 11,064 $ 5,083 $ 93,242

REAL ESTATE INVESTMENTS, NET _2

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]
Real Estate Investments, netReal estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business is summarized as follows: December 31, (In thousands) 2020 2019 Land $ 827,502 $ 690,575 Buildings and improvements 1,192,722 1,142,275 Equipment 134,919 134,884 Total gross real estate investments 2,155,143 1,967,734 Less: accumulated depreciation (657,621) (635,630) Real estate investments, net 1,497,522 1,332,104 Intangible real estate assets, net 96,291 57,917 Total Real Estate Investments and Intangible Real Estate Assets, Net $ 1,593,813 $ 1,390,021
Schedule of Intangible AssetsThe following tables detail intangible real estate assets and liabilities. Intangible real estate liabilities are included in Other liabilities on our Consolidated Balance Sheets. Acquired in-place lease intangibles are amortized over the remaining lease term as depreciation and amortization expense. Above-market and below-market leases are amortized over the initial term of the respective leases as an adjustment to rental revenue. December 31, (In thousands) 2020 2019 Acquired in-place lease intangibles $ 63,848 $ 38,844 Above-market leases 13,821 7,754 Lease incentives 5,846 — Finance lease - right of use assets 25,607 16,063 Total 109,122 62,661 Less: accumulated amortization (12,831) (4,744) Intangible Real Estate Assets, Net $ 96,291 $ 57,917
Schedule of Intangible LiabilitiesDecember 31, (In thousands) 2020 2019 Below-market leases $ 2,978 $ 1,923 Less: accumulated amortization (613) (155) Intangible Real Estate Liabilities, Net $ 2,365 $ 1,768
Schedule of Intangible Assets, Future Amortization ExpenseBased on the balance of intangible real estate assets and liabilities at December 31, 2020, the net aggregate amortization expense for the next five years and thereafter is expected to be as follows: (In thousands) December 31, 2020 2021 $ 9,849 2022 9,296 2023 7,641 2024 6,719 2025 5,894 Thereafter 23,229 Total Future Amortization Expense $ 62,628

LEASES (Tables)

LEASES (Tables)12 Months Ended
Dec. 31, 2020
Leases [Abstract]
Summary of Operating Lease Liability MaturitiesAs of December 31, 2020, maturities of operating lease liabilities were as follows: (In thousands) December 31, 2020 2021 $ 673 2022 693 2023 705 2024 718 2025 470 Thereafter 5,381 Total Payments 8,640 Less: Interest (2,582) Operating Lease Liability $ 6,058
Components of Rental RevenueThe following table shows the components of rental revenue for the year ended December 31, 2020. (In thousands) Year Ended December 31, 2020 Lease revenue - operating leases $ 152,393 Variable lease revenue (tenant reimbursements) 2,328 Total Rental Revenue $ 154,721
Schedule of Future Minimum Lease Payments to be ReceivedThe following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. The table presents future minimum lease payments due during the initial lease term only as lease renewal periods are exercisable at the option of the lessee. (In thousands) December 31, 2020 2021 $ 156,753 2022 158,382 2023 158,656 2024 159,132 2025 159,017 Thereafter 966,890 Total Future Minimum Lease Payments $ 1,758,830

LONG-TERM DEBT, NET OF DEFERR_2

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS (Tables)12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of Term Loans and Notes PayableThe following table presents the Term Loan balances as of December 31, 2020, and 2019. Outstanding Balance Maturity Interest December 31, (Dollars in thousands) Date Rate 2020 2019 Term Loans: Term Loan 2022, amended and restated October 2017 & December 2018 Nov 2022 1.50 % (a) $ 150,000 $ 150,000 Term Loan 2023, extended December 2018 Nov 2023 1.40 % (a) 150,000 150,000 Term Loan 2024, extended December 2018 Mar 2024 1.40 % (a) 100,000 100,000 Total Term Loans $ 400,000 $ 400,000 (a) Loan is a variable‑rate loan which resets monthly at one-month LIBOR, which was 0.15%, + the applicable credit spread which was 1.25%-1.35% at December 31, 2020. Outstanding Balance Maturity Interest December 31, (Dollars in thousands) Date Rate 2020 2019 Notes Payable: Senior unsecured fixed rate note, issued June 2017 Jun 2024 4.68 % $ 50,000 $ 50,000 Senior unsecured fixed rate note, issued June 2017 Jun 2027 4.93 % 75,000 75,000 Senior unsecured fixed rate note, issued December 2018 Dec 2026 4.63 % 50,000 50,000 Senior unsecured fixed rate note, issued December 2018 Dec 2028 4.76 % 50,000 50,000 Senior, unsecured fixed rate note, issued March 2020 Jun 2029 3.15 % 50,000 — Senior, unsecured fixed rate note, issued March 2020 Apr 2030 3.20 % 75,000 — Total Notes $ 350,000 $ 225,000

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Swaps HeldThe following table presents the swaps held as of December 31, 2020. Product Fixed Rate Notional Index Effective Date Maturity Date Swap 1.96 % $ 100,000 1 mo. USD-LIBOR-BBA 11/9/2018 11/9/2021 Swap 2.30 % 100,000 1 mo. USD-LIBOR-BBA 11/9/2020 11/9/2023 Swap (1) 2.00 % 100,000 1 mo. USD-LIBOR-BBA 11/9/2020 11/9/2022 Swap 1.91 % 150,000 1 mo. USD-LIBOR-BBA 11/9/2022 11/9/2024 Swap 0.50 % 50,000 1 mo. USD-LIBOR-BBA 11/9/2020 11/9/2025 Swap (2) 0.82 % 50,000 1 mo. USD-LIBOR-BBA 11/9/2023 11/9/2025 Swap 0.75 % 25,000 3 mo. USD-LIBOR-BBA 5/4/2021 5/1/2031 Swap 0.88 % 25,000 3 mo. USD-LIBOR-BBA 5/4/2021 5/1/2031 (1) In November 2021, the notional amount of the swap increases to $200 million. (2) In November 2024, the notional amount of the swap increases to $150 million.
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 Sheets as of December 31, 2020 and 2019. Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value at December 31, Balance Sheet Location Fair Value at December 31, (Dollars in thousands) 2020 2019 2020 2019 Derivatives designated as hedging instruments: Interest rate swaps Derivative assets $ 762 $ 1,451 Derivative liabilities $ 18,717 $ 5,005 Total $ 762 $ 1,451 $ 18,717 $ 5,005 Offsetting of Derivative Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Assets Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets (In thousands) Financial Instruments Cash Collateral Received Net Amount December 31, 2020 $ 762 $ — $ 762 $ (634) $ — $ 128 December 31, 2019 1,451 — 1,451 (1,451) — — Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheets (In thousands) Financial Instruments Cash Collateral Posted Net Amount December 31, 2020 $ 18,717 $ — $ 18,717 $ (634) $ — $ 18,083 December 31, 2019 5,005 — 5,005 (1,451) — 3,554
Derivative Instruments, Gain (Loss)The table below presents the effect of our interest rate swaps on the Comprehensive Income Statement for the years ending December 31, 2020, 2019, and 2018. (Dollars in thousands) Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing) Total Amount of Interest Expense Presented in the Consolidated Income Statements Interest rate swaps Year Ended $ (26,410) Interest expense $ 4,170 Interest expense — $ 29,231 Year Ended (7,818) Interest expense (1,722) Interest expense — 26,516 Year Ended 3,257 Interest expense (2,235) Interest expense — 19,959

SUPPLEMENTAL DETAIL FOR CERTA_2

SUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETS (Tables)12 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other AssetsThe components of Other assets were as follows: December 31, (In thousands) 2020 2019 Prepaid acquisition costs and deposits $ 3,159 $ 4,219 Operating lease right-of-use asset 5,397 3,810 Prepaid assets 1,134 845 Accounts receivable 1,035 380 Inventories 183 196 Other 931 715 Total Other Assets $ 11,839 $ 10,165
Schedule of Other LiabilitiesThe components of Other liabilities were as follows: December 31, (In thousands) 2020 2019 Operating lease liability $ 6,058 $ 4,403 Intangible real estate liabilities, net 2,365 1,768 Accrued compensation 2,005 1,913 Accrued interest expense 1,597 1,572 Accounts payable 376 799 Accrued operating expenses 223 396 Other 2,475 1,745 Total Other Liabilities $ 15,099 $ 12,596

INCOME TAXES (Tables)

INCOME TAXES (Tables)12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)The income tax expense was composed as follows: Year Ended December 31, (In thousands) 2020 2019 2018 Current: Federal $ (3) $ 3 $ — Current state and local 250 262 262 Total current 247 265 262 Deferred: Federal deferred — — — State deferred — — — Total deferred — — — Total Income Tax Expense $ 247 $ 265 $ 262
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 Income Statements: Year Ended December 31, 2020 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % Current benefit (21.2) (21.0) (21.0) State and local income taxes, net of federal tax benefits 0.3 0.8 0.7 Benefit of federal income tax credits — — — Valuation allowance 0.2 — — Permanent differences — — — Effective Income Tax Rate 0.3 % 0.8 % 0.7 %
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) 2020 2019 2018 Compensation and employee benefits $ 32 $ 40 $ 37 Charitable contribution and credit carryforwards 816 636 484 Net operating losses 145 — — Lease payable 133 139 148 UNICAP 12 13 12 Gross deferred tax assets 1,138 828 681 Prepaid expenses (28) (25) (24) Straight-line rent — — — Buildings and equipment (1) (285) (275) (284) Gross deferred tax liabilities (313) (300) (308) Valuation allowance (825) (528) (373) Net Deferred Tax Assets (Liabilities) $ — $ — $ — (1) These buildings and equipment in 2020, 2019 and 2018 relate to the Kerrow Restaurant Operating Business.

EQUITY (Tables)

EQUITY (Tables)12 Months Ended
Dec. 31, 2020
Equity [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 years ended December 31, 2020, 2019, and 2018. Year Ended December 31, (In thousands except share and per share data) 2020 2019 2018 Average common shares outstanding – basic 71,312,326 68,430,841 64,041,255 Effect of dilutive stock based compensation 296,742 201,169 347,674 Average common shares outstanding – diluted 71,609,068 68,632,010 64,388,929 Net income $ 77,567 $ 72,939 $ 82,929 Basic net earnings per share $ 1.08 $ 1.06 $ 1.29 Diluted net earnings per share $ 1.08 $ 1.06 $ 1.28

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment AwardThe unamortized compensation cost of awards issued under the Incentive Plan totaled $4.6 million at December 31, 2020 as shown in the following table. Equity Compensation Costs by Award Type (In thousands) Restricted Stock Units Restricted Stock Awards Performance Stock Units Total Unrecognized compensation cost at January 1, 2020 $ 1,290 $ 1,427 $ 406 $ 3,123 Equity grants 1,423 1,548 1,976 4,947 Equity grant forfeitures — (74) (1) (75) Equity compensation expense (958) (1,379) (1,039) (3,376) Unrecognized Compensation Cost at December 31, 2020 $ 1,755 $ 1,522 $ 1,342 $ 4,619 The following table summarizes the activities related to RSUs for the years ended December 31, 2020, 2019, and 2018. Year Ended December 31, 2020 2019 2018 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding at beginning of period 91,473 $ 26.00 33,592 $ 22.88 64,983 $ 23.34 Units granted 56,629 $ 25.12 67,368 $ 27.17 17,896 $ 23.19 Units vested (10,517) $ 28.53 (9,487) $ 23.19 (49,287) $ 23.60 Units forfeited — — — $ — — $ — Outstanding at End of Period 137,585 $ 25.45 91,473 $ 26.00 33,592 $ 22.88 The following table summarizes the activities related to RSAs for the years ended December 31, 2020, 2019, and 2018,. Year Ended December 31, 2020 2019 2018 Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Outstanding at beginning of period 101,267 $ 24.83 100,402 $ 21.76 81,909 $ 19.40 Units granted 54,124 $ 28.60 69,547 $ 26.60 67,845 $ 23.76 Units vested (50,944) $ 24.73 (67,621) $ 22.08 (47,292) $ 20.45 Units forfeited (2,092) $ 27.10 (1,061) $ 25.16 (2,060) $ 23.87 Outstanding at End of Period 102,355 $ 27.16 101,267 $ 24.83 100,402 $ 21.76

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring BasisDerivative Assets and Liabilities Measured at Fair Value on a Recurring Basis (In thousands) Level 1 Level 2 Level 3 Total Derivative Assets December 31, 2020 $ — $ 762 $ — $ 762 December 31, 2019 — 1,451 — 1,451 Derivative Liabilities December 31, 2020 $ — $ 18,717 $ — $ 18,717 December 31, 2019 — 5,005 — 5,005
Fair Value of Certain Financial LiabilitiesFair Value of Certain Financial Liabilities December 31, 2020 (In thousands) Carrying Value Fair Value Liabilities (1) Term loan due 2022 $ 150,000 $ 150,992 Term loan due 2023 150,000 150,980 Term loan due 2024 100,000 100,740 Senior note due June 2024 50,000 55,802 Senior note due June 2027 75,000 89,547 Senior note due June 2026 50,000 58,694 Senior note due June 2028 50,000 60,394 Senior note due June 2029 50,000 54,995 Senior note due April 2030 75,000 82,238 Outstanding Revolver Borrowings 10,000 10,069 (1) Term loan and senior note liabilities exclude deferred financing costs December 31, 2019 (In thousands) Carrying Value Fair Value Liabilities (1) Term loan due 2022 $ 150,000 $ 150,834 Term loan due 2023 150,000 150,510 Term loan due 2024 100,000 100,352 Senior note due June 2024 50,000 52,496 Senior note due June 2027 75,000 81,176 Senior note due June 2026 50,000 52,946 Senior note due June 2028 50,000 53,902 Outstanding Revolver Borrowings 52,000 52,301 (1) Term loan and senior note liabilities exclude deferred financing costs

SEGMENTS (Tables)

SEGMENTS (Tables)12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by SegmentThe following tables present financial information by segment for the years ended December 31, 2020, 2019, and 2018. For the Year Ended December 31, 2020 (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental $ 154,721 — $ — $ 154,721 Intercompany rental 546 — (546) — Restaurant — 16,223 — 16,223 Total revenues 155,267 16,223 (546) 170,944 Operating expenses: General and administrative 15,046 — — 15,046 Depreciation and amortization 28,944 489 — 29,433 Property 3,508 3,508 Restaurant — 16,628 (546) 16,082 Total operating expenses 47,498 17,117 (546) 64,069 Interest expense (29,231) — — (29,231) Other income, net 170 — — 170 Realized gain on sale, net — — — — Income tax expense (165) (82) — (247) Net Income (Loss) $ 78,543 $ (976) $ — $ 77,567 For the Year Ended December 31, 2019 (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental $ 139,682 $ — $ — $ 139,682 Intercompany rental 410 — (410) — Restaurant — 20,551 — 20,551 Total revenues 140,092 20,551 (410) 160,233 Operating expenses: General and administrative 13,934 — — 13,934 Depreciation and amortization 25,780 532 — 26,312 Property 1,579 1,579 Restaurant — 20,042 (410) 19,632 Total operating expenses 41,293 20,574 (410) 61,457 Interest expense (26,516) — — (26,516) Other income, net 944 — — 944 Realized gain on sale, net — — — — Income tax expense (152) (113) — (265) Net Income (Loss) $ 73,075 $ (136) $ — $ 72,939 For the Year Ended December 31, 2018 (In thousands) Real Estate Operations Restaurant Operations Intercompany Total Revenues: Rental $ 123,665 $ — $ — $ 123,665 Intercompany rental 401 — (401) — Restaurant — 19,970 — 19,970 Total revenues 124,066 19,970 (401) 143,635 Operating expenses: General and administrative 13,206 — — 13,206 Depreciation and amortization 23,373 511 — 23,884 Property 433 433 Restaurant — 19,415 (401) 19,014 Total operating expenses 37,012 19,926 (401) 56,537 Interest expense (19,959) — — (19,959) Other income, net 781 — — 781 Realized gain on sale, net 15,271 — — 15,271 Income tax expense (156) (106) — (262) Net Income (Loss) $ 82,991 $ (62) $ — $ 82,929 The following table presents supplemental information by segment at December 31, 2020 and 2019. December 31, 2020 (In thousands) Real Estate Operations Restaurant Operations Total Total real estate investments $ 2,138,466 $ 16,677 $ 2,155,143 Accumulated depreciation (652,070) (5,551) (657,621) Total real estate investments, net 1,486,396 11,126 1,497,522 Cash and cash equivalents 10,517 547 11,064 Total assets 1,651,878 16,301 1,668,179 Long-term debt, net of deferred financing costs 753,878 — 753,878 December 31, 2019 (In thousands) Real Estate Operations Restaurant Operations Total Total real estate investments $ 1,952,855 $ 14,879 $ 1,967,734 Accumulated depreciation (630,250) (5,380) (635,630) Total real estate investments, net 1,322,605 9,499 1,332,104 Cash and cash equivalents 4,032 1,051 5,083 Total assets 1,431,003 15,067 1,446,070 Long-term debt, net of deferred financing costs 669,940 — 669,940

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL DATA (Tables)12 Months Ended
Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
Schedule of Quarterly Financial Information(In thousands, except per share amounts) January 1, 2020 - March 31, 2020 April 1, 2020 - June 30, 2020 July 1, 2020 - September 30, 2020 October 1, 2020 - December 31, 2020 Revenues: Rental $ 37,725 $ 38,034 $ 38,871 $ 40,091 Restaurant 4,704 2,895 4,097 4,527 Total revenues 42,429 40,929 42,968 44,618 Operating expenses: General and administrative 3,842 3,719 3,741 3,744 Depreciation and amortization 7,054 7,093 7,523 7,763 Property expenses 635 1,066 838 969 Restaurant expense 4,502 3,310 3,987 4,283 Total operating expenses 16,033 15,188 16,089 16,759 Interest expense (7,003) (7,319) (7,410) (7,499) Other income 4 162 2 2 Realized gain on sale, net — — — — Income tax expense $ (61) $ (64) $ (67) $ (55) Net Income $ 19,336 $ 18,520 $ 19,404 $ 20,307 Earnings per share: Basic $ 0.28 $ 0.26 $ 0.27 $ 0.27 Diluted 0.27 0.26 0.27 0.27 Distributions declared per share $ 0.3050 $ 0.3050 $ 0.3050 $ 0.3175 (In thousands, except per share amounts) January 1, 2019 - March 31, 2019 April 1, 2019 - June 30, 2019 July 1, 2019 - September 30, 2019 October 1, 2019 - December 31, 2019 Revenues: Rental $ 34,208 $ 34,415 $ 35,209 $ 35,850 Restaurant 5,393 5,153 4,974 5,031 Total revenues 39,601 39,568 40,183 40,881 Operating expenses: General and administrative 3,946 3,431 3,389 3,168 Depreciation and amortization 6,361 6,518 6,653 6,780 Property expense 308 417 346 508 Restaurant expense 4,983 4,954 4,805 4,890 Total operating expenses 15,598 15,320 15,193 15,346 Interest expense (6,747) (6,557) (6,665) (6,547) Other income 413 306 153 72 Realized gain on sale, net — — — — Income tax expense (68) (61) (69) (67) Net Income $ 17,601 $ 17,936 $ 18,409 $ 18,993 Earnings per share: Basic $ 0.26 $ 0.26 $ 0.27 $ 0.27 Diluted 0.26 0.26 0.27 0.27 Distributions declared per share $ 0.2875 $ 0.2875 $ 0.2875 $ 0.3050 (In thousands, except per share amounts) January 1, 2018 - March 31, 2018 April 1, 2018 - June 30, 2018 July 1, 2018 - September 30, 2018 October 1, 2018 - December 31, 2018 Revenues: Rental $ 29,589 $ 29,596 $ 31,324 $ 33,156 Restaurant 5,214 5,079 4,798 4,879 Total revenues 34,803 34,675 36,122 38,035 Operating expenses: General and administrative 3,567 3,093 3,099 3,447 Depreciation and amortization 5,345 5,225 5,743 7,571 Property expense 86 95 109 143 Restaurant expense 4,870 4,786 4,713 4,645 Total operating expenses 13,868 13,199 13,664 15,806 Interest expense (4,855) (4,877) (4,934) (5,293) Other income 342 215 147 77 Realized gain on sale, net — 10,879 — 4,392 Income tax (expense) benefit (58) (66) (64) (74) Net Income $ 16,364 $ 27,627 $ 17,607 $ 21,331 Earnings per share: Basic $ 0.27 $ 0.44 $ 0.27 $ 0.31 Diluted 0.26 0.44 0.27 0.31 Distributions declared per share $ 0.2750 $ 0.2750 $ 0.2750 $ 0.2875

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details) - Darden $ in MillionsNov. 09, 2015USD ($)brandproperty
Separation And Spin-Off [Line Items]
Equity interest contributed, percentage1
Number of real estate properties | property418
Number of brands5
Stockholder's equity, conversion ratio0.333333333333333
Revolving credit and term loan | Secured debt
Separation And Spin-Off [Line Items]
Payment from issuance of long-term debt | $ $ 315
Longhorn San Antonio Business
Separation And Spin-Off [Line Items]
Number of brands6

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Investments, Net (Details)12 Months Ended
Dec. 31, 2020
Building and Building Improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)7 years
Building and Building Improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)55 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)2 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)15 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impairment of Long-Lived Assets (Details) - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Accounting Policies [Abstract]
Impairment expense $ 0 $ 0 $ 1,500,000

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Held For Sale (Details)12 Months Ended
Dec. 31, 2020USD ($)Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Real estate held for sale $ 2,763,000 $ 0
Properties held for sale2

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents $ 11,064 $ 5,083 $ 92,041
Restricted cash (included in Other assets)0 0 1,201
Total Cash, Cash Equivalents, and Restricted Cash $ 11,064 $ 5,083 $ 93,242 $ 69,371

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rent Concessions (Details) - USD ($) $ in Millions3 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amount of contractual base rent $ 1
Reserve for rental revenue $ 0 $ 0 $ 1.6

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Lease incentive payment $ 4,238 $ 0 $ 0
Total revenues $ 44,618 $ 42,968 $ 40,929 $ 42,429 $ 40,881 $ 40,183 $ 39,568 $ 39,601 $ 38,035 $ 36,122 $ 34,675 $ 34,803 170,944 160,233 $ 143,635
Credit Card Receivable
Disaggregation of Revenue [Line Items]
Total revenues $ 68 $ 81

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Noncontrolling Interest (Details)Dec. 31, 2020shares
Accounting Policies [Abstract]
Noncontrolling interest redemption ratio1

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-Based Compensation (Details)12 Months Ended
Dec. 31, 2020
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)5 years

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details) $ in Millions12 Months Ended
Dec. 31, 2020USD ($)staterestaurant
Concentration Risk [Line Items]
Number of restaurants | restaurant309
Number of states in which entity operates | state46
Derivative instrument risk exposure | $ $ 18
Secured debt | Revolving credit and term loan
Concentration Risk [Line Items]
Line of credit facility, current borrowing capacity | $ $ 240
Lease revenue | Geographic concentration risk
Concentration Risk [Line Items]
Number of states in which entity operates | state2
Lease revenue | Geographic concentration risk | Texas
Concentration Risk [Line Items]
Concentration risk, percentage11.60%
Lease revenue | Geographic concentration risk | Florida
Concentration Risk [Line Items]
Concentration risk, percentage11.10%
Lease revenue | Olive Garden | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage49.00%
Lease revenue | Longhorn Steakhouse | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage14.00%
Leased properties | Olive Garden | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage39.00%
Leased properties | Longhorn Steakhouse | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage14.00%
Parent | Lease revenue | Darden | Customer concentration risk
Concentration Risk [Line Items]
Concentration risk, percentage66.00%

REAL ESTATE INVESTMENTS, NET _3

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET - Leasing Real Estate (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Property Subject to or Available for Operating Lease [Line Items]
Land $ 827,502 $ 690,575
Total real estate investments2,155,143 1,967,734
Less: Accumulated depreciation(657,621)(635,630)
Total real estate investments, net1,497,522 1,332,104
Intangible real estate assets, net96,291 57,917
Total real estate investments and intangible real estate assets, net1,593,813 1,390,021
Property Subject to Operating Lease
Property Subject to or Available for Operating Lease [Line Items]
Land827,502 690,575
Buildings and improvements1,192,722 1,142,275
Equipment134,919 134,884
Total real estate investments2,155,143 1,967,734
Less: Accumulated depreciation(657,621)(635,630)
Total real estate investments, net $ 1,497,522 $ 1,332,104

REAL ESTATE INVESTMENTS, NET _4

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET - Real Estate Investments (Details)12 Months Ended
Dec. 31, 2020USD ($)statepropertyrestaurantDec. 31, 2019USD ($)propertystate
Property Subject to or Available for Operating Lease [Line Items]
Number of restaurants | restaurant309
Number of states in which entity operates | state46
Real estate investments, contingent consideration $ 0
Number of properties under ground leases | property3
Land For Development
Property Subject to or Available for Operating Lease [Line Items]
Payments to acquire land $ 2,400,000
Incurred capitalized construction costs800,000
Ground lease
Property Subject to or Available for Operating Lease [Line Items]
Purchase6,000,000
Property Subject to Operating Lease
Property Subject to or Available for Operating Lease [Line Items]
Payments to acquire real estate $ 227,300,000 $ 205,200,000
Number of restaurants | property100 90
Number of states in which entity operates | state29 27
Payments to acquire land $ 129,500,000 $ 121,500,000
Payments to acquire buildings and improvements52,600,000 42,700,000
Payments to acquire intangible assets $ 45,200,000 $ 41,000,000
Occupation percent100.00%100.00%
Lessee leasing arrangements, operating leases, term of contract8 years 4 months 24 days10 years
Number of real estate properties | property0

REAL ESTATE INVESTMENTS, NET _5

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Real Estate Assets, Net (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Lease incentives $ 5,846 $ 0
Finance lease - right of use assets25,607 16,063
Intangible lease assets, gross109,122 62,661
Less: accumulated amortization(12,831)(4,744)
Intangible Real Estate Assets, Net96,291 57,917
Acquired in-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets, gross63,848 38,844
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Intangible lease assets, gross $ 13,821 $ 7,754

REAL ESTATE INVESTMENTS, NET _6

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Real Estate Liabilities, Net (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Real Estate [Abstract]
Below-market leases $ 2,978 $ 1,923
Less: accumulated amortization(613)(155)
Intangible Real Estate Liabilities, Net $ 2,365 $ 1,768

REAL ESTATE INVESTMENTS, NET _7

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET - Narrative of Intangible Lease Assets and Liabilities, Net (Details) - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Total weighted average amortization period9 years 8 months 12 days
Acquired in-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets $ 6,300,000 $ 3,100,000 $ 100,000
Total weighted average amortization period9 years 7 months 6 days
Above-market and below-market leases
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets $ 1,100,000 157,000 62,000
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Total weighted average amortization period8 years
Below-market leases
Finite-Lived Intangible Assets [Line Items]
Total weighted average amortization period9 years 7 months 6 days
Lease incentive
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets $ 200,000 $ 0 $ 0
Total weighted average amortization period14 years 9 months 18 days

REAL ESTATE INVESTMENTS, NET _8

REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET - Amortization Expense (Details) $ in ThousandsDec. 31, 2020USD ($)
Real Estate [Abstract]
2021 $ 9,849
20229,296
20237,641
20246,719
20255,894
Thereafter23,229
Total Future Amortization Expense $ 62,628

LEASES - Operating Lease Liabil

LEASES - Operating Lease Liability (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Operating Leases, After Adoption of 842
2021 $ 673
2022693
2023705
2024718
2025470
Thereafter5,381
Total Payments8,640
Less: Interest(2,582)
Operating Lease Liability $ 6,058 $ 4,403
Weighted average discount rate (percentage)4.09%
Weighted average remaining lease term17 years
Rent expense $ 765 $ 663
Rent expense $ 716

LEASES - Operating Leases as Le

LEASES - Operating Leases as Lessor (Details) $ in Thousands12 Months Ended
Dec. 31, 2020USD ($)
Leases [Abstract]
Lease revenue - operating leases $ 152,393
Variable lease revenue (tenant reimbursements)2,328
Total Rental Revenue154,721
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2021156,753
2022158,382
2023158,656
2024159,132
2025159,017
Thereafter966,890
Total Future Minimum Lease Payments $ 1,758,830

LEASES - Ground Leases as Lesse

LEASES - Ground Leases as Lessee (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Operating Leased Assets [Line Items]
Finance ground lease assets $ 25,607 $ 16,063
Ground lease
Operating Leased Assets [Line Items]
Finance ground lease assets $ 25,600
Options to extend lease terms99 years
Weighted average remaining non-cancelable lease term96 years
Ground lease | Minimum
Operating Leased Assets [Line Items]
Ground lease remaining term63 years
Ground lease | Maximum
Operating Leased Assets [Line Items]
Ground lease remaining term99 years

LONG-TERM DEBT, NET OF DEFERR_3

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS - Narrative (Details) - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 13, 2018
Debt Instrument [Line Items]
Net unamortized deferred financing costs $ 6,100,000 $ 7,100,000
Weighted average interest rate1.44%3.01%
Amortization of financing costs $ 2,132,000 $ 2,050,000 $ 1,834,000
Credit facility amendment
Debt Instrument [Line Items]
Amortization of financing costs2,100,000 2,000,000 $ 1,800,000
Credit facility amendment | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt10,000,000 52,000,000
Credit facility, maximum borrowing capacity250,000,000
Term Loan | Credit facility amendment
Debt Instrument [Line Items]
Long-term debt400,000,000 400,000,000 $ 400,000,000
Debt matured on November 9, 2024 $ 100,000,000
Unsecured debt | The Notes
Debt Instrument [Line Items]
Long-term debt350,000,000 225,000,000
Secured debt | Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount $ 0 $ 0

LONG-TERM DEBT, NET OF DEFERR_4

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS - Credit Agreement (Details) - Term Loan - Credit facility amendment - USD ($) $ in MillionsDec. 31, 2020Dec. 31, 2019Dec. 13, 2018
Debt Instrument [Line Items]
Long-term debt $ 400 $ 400 $ 400
Debt matured on November 9, 2022150
Debt matured on November 9, 2023150
Debt matured on November 9, 2024 $ 100

LONG-TERM DEBT, NET OF DEFERR_5

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS - Summary of Term Loans (Details) - Term Loan - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Credit facility amendment
Debt Instrument [Line Items]
Outstanding balance $ 400,000 $ 400,000
Credit facility amendment | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest Rate0.15%
Credit facility amendment | Applicable credit spread | Minimum
Debt Instrument [Line Items]
Interest Rate1.25%
Credit facility amendment | Applicable credit spread | Maximum
Debt Instrument [Line Items]
Interest Rate1.35%
Term loan due 2022
Debt Instrument [Line Items]
Outstanding balance $ 150,000 150,000
Term loan due 2022 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest Rate1.50%
Term loan due 2023
Debt Instrument [Line Items]
Outstanding balance $ 150,000 150,000
Term loan due 2023 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest Rate1.40%
Term loan due 2024
Debt Instrument [Line Items]
Outstanding balance $ 100,000 $ 100,000
Term loan due 2024 | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest Rate1.40%

LONG-TERM DEBT, NET OF DEFERR_6

LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS - Note Purchase Agreements (Details) - Unsecured debt - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
The Notes
Debt Instrument [Line Items]
Long-term debt $ 350,000 $ 225,000
Outstanding balance $ 350,000 225,000
Senior fixed note due June 2024
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage4.68%
Outstanding balance $ 50,000 50,000
Senior fixed note due June 2027
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage4.93%
Outstanding balance $ 75,000 75,000
Senior fixed note due December 2026
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage4.63%
Outstanding balance $ 50,000 50,000
Senior fixed note due December 2028
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage4.76%
Outstanding balance $ 50,000 50,000
Senior fixed note due June 2029
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage3.15%
Outstanding balance $ 50,000 0
Senior fixed note due April 2030
Debt Instrument [Line Items]
Debt Instrument, interest rate, stated percentage3.20%
Outstanding balance $ 75,000 $ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Summary of Swaps Held (Details) - USD ($) $ in ThousandsNov. 30, 2024Nov. 30, 2021Dec. 31, 2020
Derivative [Line Items]
Current notional $ 350,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, Maturity 11/09/2021
Derivative [Line Items]
Fixed Rate1.96%
Current notional $ 100,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, Maturity 11/09/2023
Derivative [Line Items]
Fixed Rate2.30%
Current notional $ 100,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, Maturity 11/09/2022
Derivative [Line Items]
Fixed Rate2.00%
Current notional $ 100,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, Maturity 11/09/2024
Derivative [Line Items]
Fixed Rate1.91%
Current notional $ 150,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, 0.50% Maturity 11/09/2025
Derivative [Line Items]
Fixed Rate0.50%
Current notional $ 50,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, 0.82% Maturity 11/09/2025
Derivative [Line Items]
Fixed Rate0.82%
Current notional $ 50,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, 0.75% Maturity 05/01/2031
Derivative [Line Items]
Fixed Rate0.75%
Current notional $ 25,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Swap, 0.88% Maturity 05/01/2031
Derivative [Line Items]
Fixed Rate0.88%
Current notional $ 25,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Forecast | Swap, Maturity 11/09/2022
Derivative [Line Items]
Current notional $ 200,000
Not Designated as Hedging Instrument | London Interbank Offered Rate (LIBOR) | Forecast | Swap, 0.82% Maturity 11/09/2025
Derivative [Line Items]
Current notional $ 150,000

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions12 Months Ended
Dec. 31, 2021USD ($)Dec. 31, 2020USD ($)swapDec. 31, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Number of instruments | swap4
Current notional $ 350
Derivative fair value $ 18 $ 3.6
Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Estimated reclass to earnings from AOCI $ 6.9

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Balance Sheet (Details) - Designated as Hedging Instrument - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets $ 762 $ 1,451
Derivative Liabilities18,717 5,005
Interest rate swaps | Derivative assets
Derivatives, Fair Value [Line Items]
Derivative Assets762 1,451
Interest rate swaps | Derivative liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities $ 18,717 $ 5,005

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Income Statement (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of change in fair value of derivative instruments $ (26,410) $ (7,818) $ 3,257
Reclassification adjustment of derivative instruments included in net income(4,170)1,722 2,235
Total Amount of Interest Expense Presented in the Consolidated Income Statements $ 7,499 $ 7,410 $ 7,319 $ 7,003 $ 6,547 $ 6,665 $ 6,557 $ 6,747 $ 5,293 $ 4,934 $ 4,877 $ 4,855 29,231 26,516 19,959
Designated as Hedging Instrument | Interest rate swaps | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification adjustment of derivative instruments included in net income4,170 (1,722)(2,235)
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amounts Excluded from Effectiveness Testing)0 0 0
Total Amount of Interest Expense Presented in the Consolidated Income Statements29,231 26,516 19,959
Designated as Hedging Instrument | Interest rate swaps | Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Effective portion of change in fair value of derivative instruments $ (26,410) $ (7,818) $ 3,257

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - Derivatives Offsetting (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Derivative [Line Items]
Net Amounts of Assets Presented in the Consolidated Balance Sheets $ 762 $ 1,451
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets18,717 5,005
Swap
Derivative [Line Items]
Derivative Assets762 1,451
Gross Amounts Offset in the Consolidated Balance Sheets0 0
Net Amounts of Assets Presented in the Consolidated Balance Sheets762 1,451
Financial Instruments(634)(1,451)
Cash Collateral Received0 0
Net Amount128 0
Derivative Liabilities18,717 5,005
Gross Amounts Offset in the Consolidated Balance Sheets0 0
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets18,717 5,005
Financial Instruments(634)(1,451)
Cash Collateral Posted0 0
Net Amount $ 18,083 $ 3,554

SUPPLEMENTAL DETAIL FOR CERTA_3

SUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETS - Other Assets (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid acquisition costs and deposits $ 3,159 $ 4,219
Operating lease right-of-use asset5,397 3,810
Prepaid assets1,134 845
Accounts receivable1,035 380
Inventories183 196
Other931 715
Total Other Assets $ 11,839 $ 10,165

SUPPLEMENTAL DETAIL FOR CERTA_4

SUPPLEMENTAL DETAIL FOR CERTAIN COMPONENTS OF CONSOLIDATED BALANCE SHEETS - Other Liabilities (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating Lease Liability $ 6,058 $ 4,403
Intangible real estate liabilities, net2,365 1,768
Accrued compensation2,005 1,913
Accrued interest expense1,597 1,572
Accounts payable376 799
Accrued operating expenses223 396
Other $ 2,475 $ 1,745
Operating Lease, Liability, Statement of Financial Position [Extensible List]us-gaap:OtherLiabilitiesus-gaap:OtherLiabilities
Total Other Liabilities $ 15,099 $ 12,596

INCOME TAXES - Provision (Benef

INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Current:
Federal $ (3) $ 3 $ 0
Current state and local250 262 262
Total current247 265 262
Deferred:
Federal deferred0 0 0
State deferred0 0 0
Total deferred0 0 0
Total Income Tax Expense $ 55 $ 67 $ 64 $ 61 $ 67 $ 69 $ 61 $ 68 $ 74 $ 64 $ 66 $ 58 $ 247 $ 265 $ 262

INCOME TAXES - Income Tax Rate

INCOME TAXES - Income Tax Rate Reconciliation (Details)12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. statutory rate21.00%21.00%21.00%
Current benefit(21.20%)(21.00%)(21.00%)
State and local income taxes, net of federal tax benefits0.30%0.80%0.70%
Benefit of federal income tax credits0.00%0.00%0.00%
Valuation allowance0.20%0.00%0.00%
Permanent differences0.00%0.00%0.00%
Effective Income Tax Rate0.30%0.80%0.70%

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Taxes Reconciliation (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Income Tax Disclosure [Abstract]
Compensation and employee benefits $ 32 $ 40 $ 37
Charitable contribution and credit carryforwards816 636 484
Net operating losses145 0 0
Lease payable133 139 148
UNICAP12 13 12
Gross deferred tax assets1,138 828 681
Prepaid expenses(28)(25)(24)
Straight-line rent0 0 0
Buildings and equipment(285)(275)(284)
Gross deferred tax liabilities(313)(300)(308)
Valuation allowance(825)(528)(373)
Net deferred tax assets $ 0 $ 0
Net deferred tax liabilities $ 0

EQUITY - Preferred Stock and Co

EQUITY - Preferred Stock and Common Stock (Details)1 Months Ended3 Months Ended12 Months Ended
Nov. 30, 2020$ / sharesSep. 30, 2020$ / sharesMay 31, 2020$ / sharesMar. 31, 2020$ / sharesDec. 31, 2020$ / sharessharesSep. 30, 2020$ / sharesJun. 30, 2020$ / sharesMar. 31, 2020$ / sharesDec. 31, 2019$ / sharessharesSep. 30, 2019$ / sharesJun. 30, 2019$ / sharesMar. 31, 2019$ / sharesDec. 31, 2018$ / sharesSep. 30, 2018$ / sharesJun. 30, 2018$ / sharesMar. 31, 2018$ / sharesDec. 31, 2020property$ / sharessharesDec. 31, 2019$ / sharessharesDec. 31, 2018$ / shares
Equity [Abstract]
Preferred stock, shares authorized25,000,000 25,000,000 25,000,000 25,000,000
Preferred stock, par value (in USD per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001
Preferred stock, shares outstanding0 0 0 0
Preferred stock, shares issued0 0 0 0
Common stock, shares authorized500,000,000 500,000,000 500,000,000 500,000,000
Common stock, par value (in USD per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001 $ 0.0001
Votes per share | property1
Distributions declared per share | $ / shares $ 0.3175 $ 0.3050 $ 0.3050 $ 0.3050 $ 0.3175 $ 0.3050 $ 0.3050 $ 0.3050 $ 0.3050 $ 0.2875 $ 0.2875 $ 0.2875 $ 0.2875 $ 0.2750 $ 0.2750 $ 0.2750 $ 1.2325 $ 1.1675 $ 1.1125
Common stock, shares issued75,874,966 70,020,660 75,874,966 70,020,660

EQUITY - At the Market Offering

EQUITY - At the Market Offering (Details) - USD ($)Mar. 22, 2019Dec. 31, 2016Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017Dec. 31, 2016
ATM Offering
Subsidiary, Sale of Stock [Line Items]
Stock issuance, sales agreement, authorized offering price, maximum $ 160,000,000 $ 150,000,000
Number of common stock sold (in shares)5,640,900 2,716,090 1,347,010 32,513
Sale of stock, price per share (in USD per share) $ 29.30 $ 20.01 $ 24.68 $ 24.35 $ 20.01
Payment of deferred financing costs $ 151,746,000 $ 47,233,000 $ 65,533,000 $ 32,100,000 $ 640,000
Stock issuance, sales agreement, value available for issuance $ 210,000,000 $ 7,100,000
Weighted average share price (in USD per share) $ 27.42
Over-allotment
Subsidiary, Sale of Stock [Line Items]
Number of common stock sold (in shares)1,603,478

EQUITY - Noncontrolling Interes

EQUITY - Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Noncontrolling Interest [Line Items]
OP units (in shares)159,392
Exchanging non-registered shares, ratio1
Redemption value of outstanding non-controlling interest OP units $ 4,700 $ 7,900 $ 10,800
FCPT OP distributed to limited partners $ 248
Redemption settled, number of units130,000
Redemption settled, number of OP units for cash40,000
Weighted average price per unit (in USD per share) $ 20.30
Cash consideration $ 813 $ 3,167 $ 0
Redemption settled, number of OP units for shares90,000
FCPT’s OP units
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by FCPT’s OP units99.79%
Unaffiliated Limited Partners
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners0.21%

EQUITY - Earnings per Share (De

EQUITY - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Equity [Abstract]
Average common shares outstanding – basic71,312,326 68,430,841 64,041,255
Effect of dilutive stock based compensation296,742 201,169 347,674
Average common shares outstanding – diluted71,609,068 68,632,010 64,388,929
Net Income (Loss) $ 20,307 $ 19,404 $ 18,520 $ 19,336 $ 18,993 $ 18,409 $ 17,936 $ 17,601 $ 21,331 $ 17,607 $ 27,627 $ 16,364 $ 77,567 $ 72,939 $ 82,929
Earnings per share, basic (in USD per share) $ 0.27 $ 0.27 $ 0.26 $ 0.28 $ 0.27 $ 0.27 $ 0.26 $ 0.26 $ 0.31 $ 0.27 $ 0.44 $ 0.27 $ 1.08 $ 1.06 $ 1.29
Earnings per share, diluted (in USD per share) $ 0.27 $ 0.27 $ 0.26 $ 0.27 $ 0.27 $ 0.27 $ 0.26 $ 0.26 $ 0.31 $ 0.27 $ 0.44 $ 0.26 $ 1.08 $ 1.06 $ 1.28
Antidilutive securities excluded from computation of earnings per share, amount154,915 324,246 176,945
Weighted average units of partnership interest, amount214,905 289,392 305,253

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018Oct. 20, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized2,100,000
Shares available for grant779,390
Compensation not yet recognized, share-based awards other than options $ 4,619 $ 3,123
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition2 years 2 months 12 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)5 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation not yet recognized, share-based awards other than options $ 1,755 1,290
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition5 years
Average closing market price, common stock, period5 days
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized $ 958 732 $ 750
Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)1 year
Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU vesting period (in years)3 years
Restricted stock award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition3 years
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized $ 1,400 $ 1,700 $ 1,300

STOCK-BASED COMPENSATION - Unam

STOCK-BASED COMPENSATION - Unamortized Compensation Cost of Awards (Details) $ in Thousands12 Months Ended
Dec. 31, 2020USD ($)
Share-based Payment Arrangement, Cost Not yet Recognized [Roll Forward]
Compensation not yet recognized, share-based awards other than options. beginning balance $ 3,123
Equity grants4,947
Equity grant forfeitures(75)
Equity compensation expense(3,376)
Compensation not yet recognized, share-based awards other than options, ending balance4,619
Restricted Stock Units
Share-based Payment Arrangement, Cost Not yet Recognized [Roll Forward]
Compensation not yet recognized, share-based awards other than options. beginning balance1,290
Equity grants1,423
Equity grant forfeitures0
Equity compensation expense(958)
Compensation not yet recognized, share-based awards other than options, ending balance1,755
Restricted Stock Awards
Share-based Payment Arrangement, Cost Not yet Recognized [Roll Forward]
Compensation not yet recognized, share-based awards other than options. beginning balance1,427
Equity grants1,548
Equity grant forfeitures(74)
Equity compensation expense(1,379)
Compensation not yet recognized, share-based awards other than options, ending balance1,522
Performance Stock Units
Share-based Payment Arrangement, Cost Not yet Recognized [Roll Forward]
Compensation not yet recognized, share-based awards other than options. beginning balance406
Equity grants1,976
Equity grant forfeitures(1)
Equity compensation expense(1,039)
Compensation not yet recognized, share-based awards other than options, ending balance $ 1,342

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units - $ / shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Units (In thousands)
Outstanding beginning of period (in shares)91,473 33,592 64,983
Units granted (in shares)56,629 67,368 17,896
Units vested (in shares)(10,517)(9,487)(49,287)
Units forfeited (in shares)0 0 0
Outstanding end of period (in shares)137,585 91,473 33,592
Weighted-Average Grant Date Fair Value Per Share
Weighted average grant date fair value, beginning balance (in USD per share) $ 26 $ 22.88 $ 23.34
Weighted average grant date fair value (in USD per share)25.1227.1723.19
Weighted average grant date fair value, units vested (in USD per share)28.5323.1923.60
Weighted average grant date fair value, units forfeited (in USD per share)0 0 0
Weighted average grant date fair value, ending balance (in USD per share) $ 25.45 $ 26 $ 22.88

STOCK-BASED COMPENSATION - Re_2

STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - Restricted stock award - $ / shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Units (In thousands)
Outstanding beginning of period (in shares)101,267 100,402 81,909
Units granted (in shares)54,124 69,547 67,845
Units vested (in shares)(50,944)(67,621)(47,292)
Units forfeited (in shares)(2,092)(1,061)(2,060)
Outstanding end of period (in shares)102,355 101,267 100,402
Weighted-Average Grant Date Fair Value Per Share
Weighted average grant date fair value, beginning balance (in USD per share) $ 24.83 $ 21.76 $ 19.40
Weighted average grant date fair value (in USD per share)28.6026.6023.76
Weighted average grant date fair value, units vested (in USD per share)24.7322.0820.45
Weighted average grant date fair value, units forfeited (in USD per share)27.1025.1623.87
Weighted average grant date fair value, ending balance (in USD per share) $ 27.16 $ 24.83 $ 21.76

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance-Based Restricted Stock Awards (Details) - Performance Stock Units $ / shares in Units, $ in Millions12 Months Ended
Dec. 31, 2020USD ($)day$ / sharessharesDec. 31, 2019USD ($)$ / sharessharesDec. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)66,474 69,730 68,490
Weighted average grant date fair value (in USD per share) | $ / shares $ 29.73 $ 26.57 $ 23.64
Shares vested in period (in shares)63,538
Percentage of target shares issuance200.00%
Total issuance of shares (in shares)127,076
Units forfeited (in shares)1,628
Threshold trading days | day20
Stockholder return period3 years
Volatility rate17.40%20.60%20.40%
Dividend yield0.00%0.00%0.00%
Risk free rate, minimum220.00%
Risk free rate, maximum2.26%
Compensation expenses | $ $ 1 $ 1.2 $ 1.9
Three-Year Treasury Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate2.50%2.60%
One-Year Treasury Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate2.33%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier, percentage0
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier, percentage2

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets $ 762 $ 1,451
Derivative Liabilities18,717 5,005
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets762 1,451
Derivative Liabilities18,717 5,005
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets0 0
Derivative Liabilities0 0
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets762 1,451
Derivative Liabilities18,717 5,005
Fair value, measurements, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets0 0
Derivative Liabilities $ 0 $ 0

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Liabilities (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Carrying Value | Term loan due 2022 | Term loan
Debt Instrument [Line Items]
Fair value $ 150,000 $ 150,000
Carrying Value | Term loan due 2023 | Term loan
Debt Instrument [Line Items]
Fair value150,000 150,000
Carrying Value | Term loan due 2024 | Term loan
Debt Instrument [Line Items]
Fair value100,000 100,000
Carrying Value | Senior note due June 2024 | Senior notes
Debt Instrument [Line Items]
Fair value50,000 50,000
Carrying Value | Senior note due June 2027 | Senior notes
Debt Instrument [Line Items]
Fair value75,000 75,000
Carrying Value | Senior note due June 2026 | Senior notes
Debt Instrument [Line Items]
Fair value50,000 50,000
Carrying Value | Senior note due June 2028 | Senior notes
Debt Instrument [Line Items]
Fair value50,000 50,000
Carrying Value | Senior note due June 2029 | Senior notes
Debt Instrument [Line Items]
Fair value50,000
Carrying Value | Senior note due April 2030 | Senior notes
Debt Instrument [Line Items]
Fair value75,000
Carrying Value | Revolver Borrowings | Senior notes
Debt Instrument [Line Items]
Fair value10,000 52,000
Fair Value | Term loan due 2022 | Term loan
Debt Instrument [Line Items]
Fair value150,992 150,834
Fair Value | Term loan due 2023 | Term loan
Debt Instrument [Line Items]
Fair value150,980 150,510
Fair Value | Term loan due 2024 | Term loan
Debt Instrument [Line Items]
Fair value100,740 100,352
Fair Value | Senior note due June 2024 | Senior notes
Debt Instrument [Line Items]
Fair value55,802 52,496
Fair Value | Senior note due June 2027 | Senior notes
Debt Instrument [Line Items]
Fair value89,547 81,176
Fair Value | Senior note due June 2026 | Senior notes
Debt Instrument [Line Items]
Fair value58,694 52,946
Fair Value | Senior note due June 2028 | Senior notes
Debt Instrument [Line Items]
Fair value60,394 53,902
Fair Value | Senior note due June 2029 | Senior notes
Debt Instrument [Line Items]
Fair value54,995
Fair Value | Senior note due April 2030 | Senior notes
Debt Instrument [Line Items]
Fair value82,238
Fair Value | Revolver Borrowings | Senior notes
Debt Instrument [Line Items]
Fair value $ 10,069 $ 52,301

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details) - segment12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Segment Reporting [Abstract]
Number of operating segments2 2 2

SEGMENTS - Income by Segment (D

SEGMENTS - Income by Segment (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Segment Reporting Information [Line Items]
Rental $ 154,721 $ 139,682 $ 123,665
Total revenues $ 44,618 $ 42,968 $ 40,929 $ 42,429 $ 40,881 $ 40,183 $ 39,568 $ 39,601 $ 38,035 $ 36,122 $ 34,675 $ 34,803 170,944 160,233 143,635
General and administrative3,744 3,741 3,719 3,842 3,168 3,389 3,431 3,946 3,447 3,099 3,093 3,567 15,046 13,934 13,206
Depreciation and amortization7,763 7,523 7,093 7,054 6,780 6,653 6,518 6,361 7,571 5,743 5,225 5,345 29,433 26,312 23,884
Total operating expenses16,759 16,089 15,188 16,033 15,346 15,193 15,320 15,598 15,806 13,664 13,199 13,868 64,069 61,457 56,537
Interest expense(7,499)(7,410)(7,319)(7,003)(6,547)(6,665)(6,557)(6,747)(5,293)(4,934)(4,877)(4,855)(29,231)(26,516)(19,959)
Other income, net2 2 162 4 72 153 306 413 77 147 215 342 170 944 781
Realized gain on sale, net0 0 0 0 0 0 0 0 4,392 0 10,879 0 0 0 15,271
Income tax expense(55)(67)(64)(61)(67)(69)(61)(68)(74)(64)(66)(58)(247)(265)(262)
Net Income (Loss)20,307 19,404 18,520 19,336 18,993 18,409 17,936 17,601 21,331 17,607 27,627 16,364 77,567 72,939 82,929
Restaurant
Segment Reporting Information [Line Items]
Restaurant16,223 20,551 19,970
Total revenues4,527 4,097 2,895 4,704 5,031 4,974 5,153 5,393 4,879 4,798 5,079 5,214 16,223 20,551 19,970
Expenses4,283 3,987 3,310 4,502 4,890 4,805 4,954 4,983 4,645 4,713 4,786 4,870 16,082 19,632 19,014
Property
Segment Reporting Information [Line Items]
Expenses $ 969 $ 838 $ 1,066 $ 635 $ 508 $ 346 $ 417 $ 308 $ 143 $ 109 $ 95 $ 86 3,508 1,579 433
Operating Segments | Real Estate Operations
Segment Reporting Information [Line Items]
Rental154,721 139,682 123,665
Total revenues155,267 140,092 124,066
General and administrative15,046 13,934 13,206
Depreciation and amortization28,944 25,780 23,373
Total operating expenses47,498 41,293 37,012
Interest expense(29,231)(26,516)(19,959)
Other income, net170 944 781
Realized gain on sale, net0 0 15,271
Income tax expense(165)(152)(156)
Net Income (Loss)78,543 73,075 82,991
Operating Segments | Real Estate Operations | Restaurant
Segment Reporting Information [Line Items]
Restaurant0 0 0
Expenses0 0 0
Operating Segments | Real Estate Operations | Property
Segment Reporting Information [Line Items]
Expenses3,508 1,579 433
Operating Segments | Restaurant Operations
Segment Reporting Information [Line Items]
Rental0 0 0
Total revenues16,223 20,551 19,970
General and administrative0 0 0
Depreciation and amortization489 532 511
Total operating expenses17,117 20,574 19,926
Interest expense0 0 0
Other income, net0 0 0
Realized gain on sale, net0 0 0
Income tax expense(82)(113)(106)
Net Income (Loss)(976)(136)(62)
Operating Segments | Restaurant Operations | Restaurant
Segment Reporting Information [Line Items]
Restaurant16,223 20,551 19,970
Expenses16,628 20,042 19,415
Intercompany
Segment Reporting Information [Line Items]
Rental(546)(410)(401)
Total revenues(546)(410)(401)
General and administrative0 0 0
Depreciation and amortization0 0 0
Total operating expenses(546)(410)(401)
Interest expense0 0 0
Other income, net0 0 0
Realized gain on sale, net0 0 0
Income tax expense0 0 0
Net Income (Loss)0 0 0
Intercompany | Restaurant
Segment Reporting Information [Line Items]
Expenses(546)(410) $ (401)
Intercompany | Real Estate Operations
Segment Reporting Information [Line Items]
Rental(546)(410)
Intercompany | Restaurant Operations
Segment Reporting Information [Line Items]
Rental $ 0 $ 0

SEGMENTS - Supplemental Informa

SEGMENTS - Supplemental Information (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Segment Reporting Information [Line Items]
Total real estate investments $ 2,155,143 $ 1,967,734
Accumulated depreciation(657,621)(635,630)
Total real estate investments, net1,497,522 1,332,104
Cash and cash equivalents11,064 5,083
Total assets1,668,179 1,446,070
Long-term debt, net of deferred financing costs753,878 669,940
Operating Segments | Real Estate Operations
Segment Reporting Information [Line Items]
Total real estate investments2,138,466 1,952,855
Accumulated depreciation(652,070)(630,250)
Total real estate investments, net1,486,396 1,322,605
Cash and cash equivalents10,517 4,032
Total assets1,651,878 1,431,003
Long-term debt, net of deferred financing costs753,878 669,940
Operating Segments | Restaurant Operations
Segment Reporting Information [Line Items]
Total real estate investments16,677 14,879
Accumulated depreciation(5,551)(5,380)
Total real estate investments, net11,126 9,499
Cash and cash equivalents547 1,051
Total assets16,301 15,067
Long-term debt, net of deferred financing costs $ 0 $ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions2 Months Ended12 Months Ended
Feb. 18, 2021USD ($)propertystateDec. 31, 2020USD ($)restaurantpropertystateDec. 31, 2019USD ($)propertystate
Subsequent Event [Line Items]
Number of restaurants | restaurant309
Number of states in which entity operates | state46
Property Subject to Operating Lease
Subsequent Event [Line Items]
Payments to acquire real estate | $ $ 227.3 $ 205.2
Number of restaurants100 90
Number of states in which entity operates | state29 27
Occupation percent100.00%100.00%
Number of real estate properties held for sale0
Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties held for sale2
Subsequent Event | Property Subject to Operating Lease
Subsequent Event [Line Items]
Payments to acquire real estate | $ $ 6.6
Number of restaurants3
Number of states in which entity operates | state2
Occupation percent100.00%

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands1 Months Ended3 Months Ended12 Months Ended
Nov. 30, 2020Sep. 30, 2020May 31, 2020Mar. 31, 2020Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019Sep. 30, 2019Jun. 30, 2019Mar. 31, 2019Dec. 31, 2018Sep. 30, 2018Jun. 30, 2018Mar. 31, 2018Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Revenues:
Total revenues $ 44,618 $ 42,968 $ 40,929 $ 42,429 $ 40,881 $ 40,183 $ 39,568 $ 39,601 $ 38,035 $ 36,122 $ 34,675 $ 34,803 $ 170,944 $ 160,233 $ 143,635
Operating expenses:
General and administrative3,744 3,741 3,719 3,842 3,168 3,389 3,431 3,946 3,447 3,099 3,093 3,567 15,046 13,934 13,206
Depreciation and amortization7,763 7,523 7,093 7,054 6,780 6,653 6,518 6,361 7,571 5,743 5,225 5,345 29,433 26,312 23,884
Total operating expenses16,759 16,089 15,188 16,033 15,346 15,193 15,320 15,598 15,806 13,664 13,199 13,868 64,069 61,457 56,537
Interest expense(7,499)(7,410)(7,319)(7,003)(6,547)(6,665)(6,557)(6,747)(5,293)(4,934)(4,877)(4,855)(29,231)(26,516)(19,959)
Other income, net2 2 162 4 72 153 306 413 77 147 215 342 170 944 781
Realized gain on sale, net0 0 0 0 0 0 0 0 4,392 0 10,879 0 0 0 15,271
Income tax expense(55)(67)(64)(61)(67)(69)(61)(68)(74)(64)(66)(58)(247)(265)(262)
Net income $ 20,307 $ 19,404 $ 18,520 $ 19,336 $ 18,993 $ 18,409 $ 17,936 $ 17,601 $ 21,331 $ 17,607 $ 27,627 $ 16,364 $ 77,567 $ 72,939 $ 82,929
Earnings per share, basic (in USD per share) $ 0.27 $ 0.27 $ 0.26 $ 0.28 $ 0.27 $ 0.27 $ 0.26 $ 0.26 $ 0.31 $ 0.27 $ 0.44 $ 0.27 $ 1.08 $ 1.06 $ 1.29
Earnings per share, diluted (in USD per share)0.270.270.260.270.270.270.260.260.310.270.440.261.081.061.28
Distributions declared per share $ 0.3175 $ 0.3050 $ 0.3050 $ 0.3050 $ 0.3175 $ 0.3050 $ 0.3050 $ 0.3050 $ 0.3050 $ 0.2875 $ 0.2875 $ 0.2875 $ 0.2875 $ 0.2750 $ 0.2750 $ 0.2750 $ 1.2325 $ 1.1675 $ 1.1125
Rental
Revenues:
Total revenues $ 40,091 $ 38,871 $ 38,034 $ 37,725 $ 35,850 $ 35,209 $ 34,415 $ 34,208 $ 33,156 $ 31,324 $ 29,596 $ 29,589 $ 154,721 $ 139,682 $ 123,665
Restaurant
Revenues:
Total revenues4,527 4,097 2,895 4,704 5,031 4,974 5,153 5,393 4,879 4,798 5,079 5,214 16,223 20,551 19,970
Operating expenses:
Expenses4,283 3,987 3,310 4,502 4,890 4,805 4,954 4,983 4,645 4,713 4,786 4,870 16,082 19,632 19,014
Property
Operating expenses:
Expenses $ 969 $ 838 $ 1,066 $ 635 $ 508 $ 346 $ 417 $ 308 $ 143 $ 109 $ 95 $ 86 $ 3,508 $ 1,579 $ 433

SCHEDULE III- SCHEDULE OF REA_2

SCHEDULE III- SCHEDULE OF REAL ESTATE ASSETS (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Initial Cost to Company
Land $ 802,184
Buildings and Improvements948,701
Equipment48,042
Cost Capitalized Since Acquisition
Restaurant Property25,318
Building and Improvements244,021
Equipment86,877
Gross Carrying Value
Land827,502
Building and Improvements1,192,722
Equipment134,919
Total2,155,143 $ 1,967,734 $ 1,805,281
Accumulated Depreciation657,621 $ 635,630 $ 614,584
711 | Suusex, WI
Initial Cost to Company
Land1,856
Buildings and Improvements818
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,856
Building and Improvements818
Equipment0
Total2,674
Accumulated Depreciation0
AAA | Fairfield, CA
Initial Cost to Company
Land1,060
Buildings and Improvements4,281
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,060
Building and Improvements4,281
Equipment0
Total5,341
Accumulated Depreciation $ 41
Life on which Depreciation in latest Statement of Income is Computed35 years
Advance Auto Parts | Centennial, CO
Initial Cost to Company
Land $ 1,252
Buildings and Improvements694
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,252
Building and Improvements694
Equipment0
Total1,946
Accumulated Depreciation0
Applebee's | Tracy, CA
Initial Cost to Company
Land1,267
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,267
Building and Improvements0
Equipment0
Total1,267
Accumulated Depreciation0
Applebee's | Lansing, MI
Initial Cost to Company
Land451
Buildings and Improvements1,129
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land451
Building and Improvements1,129
Equipment0
Total1,580
Accumulated Depreciation39
Arby's | Rocky Mount, NC
Initial Cost to Company
Land261
Buildings and Improvements1,405
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land261
Building and Improvements1,405
Equipment0
Total1,666
Accumulated Depreciation162
Arby's | Roanoke Rapids, NC
Initial Cost to Company
Land288
Buildings and Improvements1,563
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land288
Building and Improvements1,563
Equipment0
Total1,851
Accumulated Depreciation190
Arby's | South Hill, VA
Initial Cost to Company
Land538
Buildings and Improvements1,283
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land538
Building and Improvements1,283
Equipment0
Total1,821
Accumulated Depreciation143
Arby's | Wake Forest, NC
Initial Cost to Company
Land805
Buildings and Improvements1,344
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land805
Building and Improvements1,344
Equipment0
Total2,149
Accumulated Depreciation184
Arby's | Birch Run, MI
Initial Cost to Company
Land590
Buildings and Improvements777
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land590
Building and Improvements777
Equipment0
Total1,367
Accumulated Depreciation128
Arby's | Brighton, MI
Initial Cost to Company
Land456
Buildings and Improvements990
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land456
Building and Improvements990
Equipment0
Total1,446
Accumulated Depreciation131
Arby's | Cedar Rapids, IA
Initial Cost to Company
Land485
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land485
Building and Improvements0
Equipment0
Total485
Accumulated Depreciation0
Arby's | Plainwell, MI
Initial Cost to Company
Land696
Buildings and Improvements837
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land696
Building and Improvements837
Equipment0
Total1,533
Accumulated Depreciation96
Arby's | Logan, UT
Initial Cost to Company
Land827
Buildings and Improvements1,157
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land827
Building and Improvements1,157
Equipment0
Total1,984
Accumulated Depreciation62
Arby's | Spring Lake, MI
Initial Cost to Company
Land317
Buildings and Improvements762
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land317
Building and Improvements762
Equipment0
Total1,079
Accumulated Depreciation43
Arby's | Holland, MI
Initial Cost to Company
Land735
Buildings and Improvements735
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land735
Building and Improvements735
Equipment0
Total1,470
Accumulated Depreciation54
Arby's | Muskegon, MI
Initial Cost to Company
Land486
Buildings and Improvements919
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land486
Building and Improvements919
Equipment0
Total1,405
Accumulated Depreciation45
Arby's | Kokomo, IN
Initial Cost to Company
Land902
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land902
Building and Improvements0
Equipment0
Total902
Accumulated Depreciation0
Arby's | Roxboro, NC, One
Initial Cost to Company
Land2
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land2
Building and Improvements0
Equipment0
Total2
Accumulated Depreciation0
Arby's | Roxboro, NC, Two
Initial Cost to Company
Land1,002
Buildings and Improvements541
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,002
Building and Improvements541
Equipment0
Total1,543
Accumulated Depreciation26
Black Angus Steakhouse | Spokane Valley, WA
Initial Cost to Company
Land961
Buildings and Improvements1,024
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land961
Building and Improvements1,024
Equipment0
Total1,985
Accumulated Depreciation53
Bahama Breeze | Raleigh, NC
Initial Cost to Company
Land2,507
Buildings and Improvements3,230
Equipment155
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements918
Equipment314
Gross Carrying Value
Land2,507
Building and Improvements4,148
Equipment469
Total7,124
Accumulated Depreciation3,119
Bahama Breeze | Duluth, GA
Initial Cost to Company
Land1,292
Buildings and Improvements2,362
Equipment254
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements1,378
Equipment274
Gross Carrying Value
Land1,292
Building and Improvements3,740
Equipment528
Total5,560
Accumulated Depreciation3,009
Bahama Breeze | Miami, FL
Initial Cost to Company
Land1,731
Buildings and Improvements3,427
Equipment222
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements1,162
Equipment422
Gross Carrying Value
Land1,731
Building and Improvements4,589
Equipment644
Total6,964
Accumulated Depreciation3,401
Bahama Breeze | Fort Myers, FL
Initial Cost to Company
Land1,914
Buildings and Improvements2,863
Equipment186
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements916
Equipment398
Gross Carrying Value
Land1,914
Building and Improvements3,779
Equipment584
Total6,277
Accumulated Depreciation2,720
Bahama Breeze | Pembroke Pines, FL
Initial Cost to Company
Land1,808
Buildings and Improvements2,999
Equipment207
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements1,039
Equipment382
Gross Carrying Value
Land1,808
Building and Improvements4,038
Equipment589
Total6,435
Accumulated Depreciation2,865
Bahama Breeze | Livonia, MI
Initial Cost to Company
Land2,105
Buildings and Improvements3,856
Equipment286
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements362
Equipment138
Gross Carrying Value
Land2,105
Building and Improvements4,218
Equipment424
Total6,747
Accumulated Depreciation3,091
Bahama Breeze | Sunrise, FL
Initial Cost to Company
Land1,515
Buildings and Improvements3,251
Equipment138
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements450
Equipment224
Gross Carrying Value
Land1,515
Building and Improvements3,701
Equipment362
Total5,578
Accumulated Depreciation2,387
Bahama Breeze | Jacksonville, FL
Initial Cost to Company
Land2,235
Buildings and Improvements2,295
Equipment344
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements50
Equipment13
Gross Carrying Value
Land2,235
Building and Improvements2,345
Equipment357
Total4,937
Accumulated Depreciation1,170
Bahama Breeze | Orlando, FL
Initial Cost to Company
Land1,659
Buildings and Improvements2,340
Equipment356
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements324
Equipment41
Gross Carrying Value
Land1,659
Building and Improvements2,664
Equipment397
Total4,720
Accumulated Depreciation1,050
Bahama Breeze | Charleston, SC
Initial Cost to Company
Land2,673
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land2,673
Building and Improvements0
Equipment0
Total2,673
Accumulated Depreciation0
Bob Evans | Dover, DE
Initial Cost to Company
Land591
Buildings and Improvements1,713
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land591
Building and Improvements1,713
Equipment0
Total2,304
Accumulated Depreciation178
Bob Evans | Indianapolis, IN
Initial Cost to Company
Land603
Buildings and Improvements1,701
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land603
Building and Improvements1,701
Equipment0
Total2,304
Accumulated Depreciation170
Bob Evans | Bowie, MD
Initial Cost to Company
Land506
Buildings and Improvements1,940
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land506
Building and Improvements1,940
Equipment0
Total2,446
Accumulated Depreciation198
Bob Evans | Catonsville, MD
Initial Cost to Company
Land170
Buildings and Improvements1,091
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land170
Building and Improvements1,091
Equipment0
Total1,261
Accumulated Depreciation120
Bob Evans | Midland, MI
Initial Cost to Company
Land1,060
Buildings and Improvements1,567
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,060
Building and Improvements1,567
Equipment0
Total2,627
Accumulated Depreciation160
Bob Evans | Niagara Falls, NY
Initial Cost to Company
Land304
Buildings and Improvements1,892
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land304
Building and Improvements1,892
Equipment0
Total2,196
Accumulated Depreciation194
Bob Evans | Independence, OH
Initial Cost to Company
Land1,161
Buildings and Improvements1,847
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,161
Building and Improvements1,847
Equipment0
Total3,008
Accumulated Depreciation176
Bob Evans | Centerville, OH
Initial Cost to Company
Land947
Buildings and Improvements1,209
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land947
Building and Improvements1,209
Equipment0
Total2,156
Accumulated Depreciation146
Bob Evans | Blacklick, OH
Initial Cost to Company
Land1,178
Buildings and Improvements1,269
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,178
Building and Improvements1,269
Equipment0
Total2,447
Accumulated Depreciation169
Bob Evans | Celina, OH
Initial Cost to Company
Land944
Buildings and Improvements1,431
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land944
Building and Improvements1,431
Equipment0
Total2,375
Accumulated Depreciation151
Bob Evans | Canton, OH
Initial Cost to Company
Land755
Buildings and Improvements1,441
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land755
Building and Improvements1,441
Equipment0
Total2,196
Accumulated Depreciation140
Bob Evans | Kent, OH
Initial Cost to Company
Land814
Buildings and Improvements1,215
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land814
Building and Improvements1,215
Equipment0
Total2,029
Accumulated Depreciation123
Bob Evans | Waynesburg, PA
Initial Cost to Company
Land389
Buildings and Improvements1,758
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land389
Building and Improvements1,758
Equipment0
Total2,147
Accumulated Depreciation196
Bob Evans | Kanawha City, WV
Initial Cost to Company
Land405
Buildings and Improvements1,899
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land405
Building and Improvements1,899
Equipment0
Total2,304
Accumulated Depreciation187
Bob Evans | Lima, OH
Initial Cost to Company
Land1,382
Buildings and Improvements1,461
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,382
Building and Improvements1,461
Equipment0
Total2,843
Accumulated Depreciation166
Bob Evans | Englewood, OH
Initial Cost to Company
Land958
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land958
Building and Improvements0
Equipment0
Total958
Accumulated Depreciation0
Bonefish Grill | Greensboro, NC
Initial Cost to Company
Land1,254
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,254
Building and Improvements0
Equipment0
Total1,254
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Livonia, MI
Initial Cost to Company
Land638
Buildings and Improvements3,259
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land638
Building and Improvements3,259
Equipment0
Total3,897
Accumulated Depreciation125
BJ's Restaurants and Brewhouse | Youngstown, OH
Initial Cost to Company
Land1,125
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,125
Building and Improvements0
Equipment0
Total1,125
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Longview, TX
Initial Cost to Company
Land1,508
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,508
Building and Improvements0
Equipment0
Total1,508
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Ft. Wayne, IN
Initial Cost to Company
Land2,878
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land2,878
Building and Improvements0
Equipment0
Total2,878
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Little Rock, AR
Initial Cost to Company
Land3,646
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land3,646
Building and Improvements0
Equipment0
Total3,646
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Oklahoma City, OK
Initial Cost to Company
Land1,879
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,879
Building and Improvements0
Equipment0
Total1,879
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Sugar Land, TX
Initial Cost to Company
Land3,910
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land3,910
Building and Improvements0
Equipment0
Total3,910
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Orange Valley, OH
Initial Cost to Company
Land3,908
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land3,908
Building and Improvements0
Equipment0
Total3,908
Accumulated Depreciation0
BJ's Restaurants and Brewhouse | Hagerstown, MD
Initial Cost to Company
Land1,341
Buildings and Improvements4,590
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,341
Building and Improvements4,590
Equipment0
Total5,931
Accumulated Depreciation $ 54
Life on which Depreciation in latest Statement of Income is Computed49 years
Burger King | Roxboro, NC, One
Initial Cost to Company
Land $ 601
Buildings and Improvements2,089
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land601
Building and Improvements2,089
Equipment0
Total2,690
Accumulated Depreciation213
Burger King | Keysville, VA
Initial Cost to Company
Land571
Buildings and Improvements1,424
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land571
Building and Improvements1,424
Equipment0
Total1,995
Accumulated Depreciation161
Burger King | Oxford, NC
Initial Cost to Company
Land449
Buildings and Improvements1,892
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land449
Building and Improvements1,892
Equipment0
Total2,341
Accumulated Depreciation200
Burger King | Huntsville, AL
Initial Cost to Company
Land460
Buildings and Improvements1,549
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land460
Building and Improvements1,549
Equipment0
Total2,009
Accumulated Depreciation179
Burger King | Amory, MS
Initial Cost to Company
Land570
Buildings and Improvements2,159
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land570
Building and Improvements2,159
Equipment0
Total2,729
Accumulated Depreciation198
Burger King | Madisonville, KY
Initial Cost to Company
Land1,071
Buildings and Improvements1,257
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,071
Building and Improvements1,257
Equipment0
Total2,328
Accumulated Depreciation178
Burger King | Monterey, TN
Initial Cost to Company
Land429
Buildings and Improvements1,611
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land429
Building and Improvements1,611
Equipment0
Total2,040
Accumulated Depreciation163
Burger King | Crossville, TN
Initial Cost to Company
Land397
Buildings and Improvements1,873
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land397
Building and Improvements1,873
Equipment0
Total2,270
Accumulated Depreciation185
Burger King | Livingston, TN
Initial Cost to Company
Land481
Buildings and Improvements1,354
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land481
Building and Improvements1,354
Equipment0
Total1,835
Accumulated Depreciation136
Burger King | Herkimer, NY
Initial Cost to Company
Land308
Buildings and Improvements1,460
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land308
Building and Improvements1,460
Equipment0
Total1,768
Accumulated Depreciation126
Burger King | Chattanooga, TN
Initial Cost to Company
Land485
Buildings and Improvements894
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land485
Building and Improvements894
Equipment0
Total1,379
Accumulated Depreciation107
Burger King | Salem, IN
Initial Cost to Company
Land534
Buildings and Improvements1,608
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land534
Building and Improvements1,608
Equipment0
Total2,142
Accumulated Depreciation136
Burger King | Tupelo, MS
Initial Cost to Company
Land772
Buildings and Improvements1,765
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land772
Building and Improvements1,765
Equipment0
Total2,537
Accumulated Depreciation145
Burger King | Booneville, MS
Initial Cost to Company
Land448
Buildings and Improvements1,253
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land448
Building and Improvements1,253
Equipment0
Total1,701
Accumulated Depreciation106
Burger King | Tupelo, MS, Two
Initial Cost to Company
Land953
Buildings and Improvements1,418
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land953
Building and Improvements1,418
Equipment0
Total2,371
Accumulated Depreciation141
Burger King | Memphis, TN
Initial Cost to Company
Land739
Buildings and Improvements1,708
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land739
Building and Improvements1,708
Equipment0
Total2,447
Accumulated Depreciation133
Burger King | Columbus, MS
Initial Cost to Company
Land922
Buildings and Improvements1,633
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land922
Building and Improvements1,633
Equipment0
Total2,555
Accumulated Depreciation152
Burger King | Tupelo, MS, Three
Initial Cost to Company
Land826
Buildings and Improvements1,774
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land826
Building and Improvements1,774
Equipment0
Total2,600
Accumulated Depreciation160
Burger King | Olive Branch, MS
Initial Cost to Company
Land521
Buildings and Improvements1,317
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land521
Building and Improvements1,317
Equipment0
Total1,838
Accumulated Depreciation108
Burger King | Holly Springs, MS
Initial Cost to Company
Land335
Buildings and Improvements1,253
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land335
Building and Improvements1,253
Equipment0
Total1,588
Accumulated Depreciation93
Burger King | Waldorf, MD
Initial Cost to Company
Land747
Buildings and Improvements1,214
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land747
Building and Improvements1,214
Equipment0
Total1,961
Accumulated Depreciation70
Burger King | Florence, SC
Initial Cost to Company
Land1,145
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,145
Building and Improvements0
Equipment0
Total1,145
Accumulated Depreciation0
Burger King | Bessemer, AL
Initial Cost to Company
Land1,668
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,668
Building and Improvements0
Equipment0
Total1,668
Accumulated Depreciation0
Bojangles | Winston-Salem, NC
Initial Cost to Company
Land838
Buildings and Improvements569
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land838
Building and Improvements569
Equipment0
Total1,407
Accumulated Depreciation26
Bojangles | Columbia, SC
Initial Cost to Company
Land1,158
Buildings and Improvements824
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,158
Building and Improvements824
Equipment0
Total1,982
Accumulated Depreciation0
Big O Tires | West St. Paul, MN
Initial Cost to Company
Land1,464
Buildings and Improvements1,096
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,464
Building and Improvements1,096
Equipment0
Total2,560
Accumulated Depreciation17
BP Products North America | South Elgin, IL
Initial Cost to Company
Land3,056
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land3,056
Building and Improvements0
Equipment0
Total3,056
Accumulated Depreciation0
Buffalo Wild Wings | Florence, SC
Initial Cost to Company
Land1,638
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,638
Building and Improvements0
Equipment0
Total1,638
Accumulated Depreciation0
Buffalo Wild Wings | Burlington, IA
Initial Cost to Company
Land137
Buildings and Improvements2,530
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land137
Building and Improvements2,530
Equipment0
Total2,667
Accumulated Depreciation274
Buffalo Wild Wings | Galesburg, IL
Initial Cost to Company
Land157
Buildings and Improvements2,510
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land157
Building and Improvements2,510
Equipment0
Total2,667
Accumulated Depreciation294
Buffalo Wild Wings | Macomb, IL
Initial Cost to Company
Land138
Buildings and Improvements2,528
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land138
Building and Improvements2,528
Equipment0
Total2,666
Accumulated Depreciation280
Buffalo Wild Wings | Springfield, IL
Initial Cost to Company
Land825
Buildings and Improvements2,352
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land825
Building and Improvements2,352
Equipment0
Total3,177
Accumulated Depreciation190
Buffalo Wild Wings | Quincy, IL
Initial Cost to Company
Land676
Buildings and Improvements2,378
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land676
Building and Improvements2,378
Equipment0
Total3,054
Accumulated Depreciation181
Buffalo Wild Wings | Orange Park, FL
Initial Cost to Company
Land1,768
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,768
Building and Improvements0
Equipment0
Total1,768
Accumulated Depreciation0
Buffalo Wild Wings | Austin, TX
Initial Cost to Company
Land1,250
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,250
Building and Improvements0
Equipment0
Total1,250
Accumulated Depreciation0
Buffalo Wild Wings | Hendersonville, TN
Initial Cost to Company
Land1,401
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,401
Building and Improvements0
Equipment0
Total1,401
Accumulated Depreciation0
Buffalo Wild Wings | Grand Junction, CO
Initial Cost to Company
Land1,182
Buildings and Improvements0
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,182
Building and Improvements0
Equipment0
Total1,182
Accumulated Depreciation0
Buffalo Wild Wings | Loredo, TX
Initial Cost to Company
Land1,287
Buildings and Improvements1,923
Equipment0
Cost Capitalized Since Acquisition
Restaurant Property0
Building and Improvements0
Equipment0
Gross Carrying Value
Land1,287
Building and Improvements1,923
Equipment0
Total3,210
Accumulated Depreciation114
Buffalo Wild Wings | Rockaway, NJ
Initial Cost to Company
Land787
Buildings and Improvements