8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: March 10, 2016

(Date of earliest event reported)

FOUR CORNERS PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-37538

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

591 Redwood Highway, Suite 1150, Mill Valley, California 94941

(Address of principal executive offices, including zip code)

(415) 965-8030

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On March 10, 2016, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the year ended December 31, 2015. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and a copy of the Company’s Supplemental Financial & Operating Information for the year ended December 31, 2015 is attached hereto as Exhibit 99.2.

The information in this Item 2.02 and Exhibits 99.1 and 99.2 to this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Exhibit Description
99.1	Press Release dated March 10, 2016
99.2	Supplemental Financial & Operating Information for the Year Ended December 31, 2015

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FOUR CORNERS PROPERTY TRUST, INC.
By:	/s/ William H. Lenehan
	William H. Lenehan Chief Executive Officer

Date: March 10, 2016

EXHIBIT LIST

Exhibit No.	Exhibit Description
99.1	Press Release dated March 10, 2016
99.2	Supplemental Financial & Operating Information for the Year Ended December 31, 2015

EX-99.1

Exhibit 99.1

Four Corners Property Trust, Inc. Announces 2015 Financial Results

Company Release 3/10/2016

MILL VALLEY, CA – Business Wire – Four Corners Property Trust, Inc. (“Four Corners” or the “Company”, NYSE: FCPT) today announced operating results for the twelve months ended December 31, 2015.

A supplemental financial and operating report that contains non-GAAP measures and other defined terms, along with this press release, has been posted to the investor relations section of the company’s website at http://investors.fourcornerspropertytrust.com/.

Company Highlights (including Subsequent Events):

• On November 9, 2015, completed the separation from Darden Restaurants, Inc. and initiated operations as an independent company.

• Began operating as a real estate investment trust (“REIT”) for federal income tax purposes beginning January 1, 2016.

• In preparation for our REIT election, declared and paid two dividends in the first quarter of 2016:

• an all-cash dividend of $8.5 million ($0.20 per then outstanding share) which was paid on January 29, 2016 and represented funds distributed for the period from November 9, 2015 through December 31, 2015, and

• a cash and stock dividend of $347.0 million ($8.12 per share) which was paid on March 2, 2016, and represented the Company’s estimated share of taxable earnings and profits generated before the spin-out date of November 9, 2016. The dividend was paid 20% in cash ($69.4 million) and 80% in shares of common stock at a value of $16.24 per share. The stock distribution consisted of 17,085,566 shares and increased the total shares outstanding by 40.0% to a total of 59,827,561 shares.

• Established a $750 million credit facility consisting of a fully funded $400 million 5-year term loan and a $350 million 4-year undrawn revolving credit facility of $350 million.

Real Estate Portfolio:

As of December 31, 2015, Four Corners’ portfolio consists of 424 restaurant properties located in 44 states. The properties are 100% occupied with 418 properties leased to Darden Restaurants under long-term, triple net leases with a weighted average remaining lease term of approximately 14.5 years and an estimated portfolio weighted average EBITDAR to Lease Rent coverage of 4.2x. The remaining six properties are owned and ground leased properties operated by a taxable REIT subsidiary of Four Corners under a franchise agreement with LongHorn Steakhouse.

CEO Comments:

“We are off to a strong start in establishing Four Corners as a premier owner of net-leased restaurant properties,” said Bill Lenehan, Chief Executive Officer. “Going forward, we intend to pursue a disciplined investment approach focused on acquiring properties that are well located, occupied by durable restaurant concepts, with rents well covered by operations.”

Summary Financial Results:

• The Company reported income, Funds from Operation (FFO) and Adjusted Funds from Operation (AFFO) based on 52 days of lease rental income since the spin-out date of November 9^th and a full year of activity in our six-property restaurant operating subsidiary.

• Because the 2015 results only represent a short, stub period of lease operations, the Company’s First Quarter 2016 results will be more indicative of its future results.

Conference Call Information:

Company management will host a conference call and audio webcast on Thursday, March 10, 2016, at 2:00 pm Eastern Time to discuss the results. Presentation materials will be posted prior to the call on the Company’s website, www.fourcornerspropertytrust.com.

Interested parties can listen to the call via the following:

Internet: Go to http://dpregister.com/10081648 at least 15 minutes prior to start time of the call in order to register and to download any necessary audio software. Please note for those that register, the dial-in number will be provided upon registration.

Phone: 1-888-317-6016 (domestic) / 1-412-317-1085 (international). Participants not pre-registered must ask to be joined into the Four Corners Property Trust call.

Replay: Available through March 24, 2016 by dialing 1-877-344-7529 (domestic) / 1-412-317-0088 (international), Access Code 10081648

The webcast will be accessible until June 2, 2016.

About Four Corners:

Four Corners (NYSE: FCPT), headquartered in Mill Valley, CA, is an independent company primarily engaged in the acquisition and leasing of restaurant properties. Four Corners will seek to grow its portfolio by acquiring additional real estate to lease, on a triple net basis, for use in the restaurant and related food services industry.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance; and expectations regarding the making of distributions and the payment of dividends. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly

release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. Factors that could have a material adverse effect on the Company’s operations and future prospects or that could cause actual results to differ materially from the Company’s expectations are included in the sections entitled “Business and Properties,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Information Statement filed as an exhibit to the Company’s Registration Statement on Form 10 filed with the Securities and Exchange Commission in final form on October 21, 2015.

Notice Regarding Non-GAAP Financial Measures:

In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website.

Supplemental Materials and Website:

Supplemental materials on the 2015 operating results and other information on the company are available on the investors relations section of Four Corners website at www.fourcornerspropertytrust.com

Four Corners Property Trust, Inc.

Consolidated and Combined Statements of Operations

(Unaudited)

(In thousands, except shares and per share data)

	Year Ended December 31,
	2015			2014
Revenues:
Rental income	$	15,134		$	—
Restaurant revenues		18,322			17,695
Total revenues		33,456			17,695
Expenses:
General and administrative		1,856			—
Depreciation and amortization		3,758			—
Restaurant expenses		16,996			17,805
Interest expense		2,203			—
Total expenses		24,813			17,805
Income (loss) before provision for income taxes		8,643			(110	)
(Provision for) benefit from income taxes		(2,944	)		142
Net Income	$	5,699		$	32
Basic net income per share	$	0.92		$	—
Diluted net income per share	$	0.91		$	—
Weighted-average shares outstanding1:
Basic		6,206,375			—
Diluted		6,263,921			—

Footnotes:

(1) Weighted average shares outstanding are calculated using the share count throughout 2015. Prior to November 9, 2015, there were no shares outstanding.

Four Corners Property Trust, Inc.

Consolidated and Combined Balance Sheets

(Unaudited)

(In thousands, except shares and per share data)

	December 31, 2015			December 31, 2014
ASSETS
Real estate investments:
Land	$	404,812		$	3,069
Buildings, equipment and improvements		992,418			12,513
Total real estate investments		1,397,230			15,582
Less: accumulated depreciation		(568,539	)		(3,860	)
Total real estate investments, net		828,691			11,722
Cash and cash equivalents		98,073			7
Derivative assets		165			—
Deferred rent		1,500			—
Other assets		1,008			220
Total Assets	$	929,437		$	11,949
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes payable ($400,000, net of $7,698 of deferred financing costs)	$	392,302		$	—
Derivative liabilities		477			—
Deferred rental revenue		7,940			—
Deferred tax liabilities		80,881			1,033
Other liabilities		6,195			1,918
Total liabilities		487,795			2,951
Stockholders’ equity:
Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding		—			—
Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 42,741,995 and zero shares issued and outstanding at December 31, 2015 and 2014, respectively		4			—
Additional paid-in capital		436,697			8,998
Accumulated other comprehensive loss		(316	)		—
Retained earnings		5,257			—
Total stockholders’ equity		441,642			8,998
Total Liabilities and Stockholders’ Equity	$	929,437		$	11,949

Four Corners Property Trust, Inc.

FFO and AFFO

(Unaudited)

(In thousands, except shares and per share data)

	Year Ended December 31, 2015
Net income attributable to stockholders in accordance with GAAP	$	5,699
Depreciation and amortization of real estate assets		3,758
NAREIT funds from Operations (FFO)	$	9,457
Non-cash compensation expense		13
Amortization of deferred financing costs		265
Straight-line rent adjustment		(1,500	)
Gains on hedging instruments due to hedge ineffectiveness		(3	)
Adjusted funds from operations (AFFO)	$	8,232
Fully diluted shares outstanding1		6,263,921
FFO per diluted share		1.51
AFFO per diluted share		1.31

Footnotes:

(1) Weighted average shares outstanding calculated using share count throughout 2015. Prior to November 9, 2015, there were no shares outstanding.

EX-99.2

Exhibit 99.2

Supplemental Financial & Operating Information

Year Ended

December 31, 2015

Four Corners, headquartered in Mill Valley, CA, is an independent company primarily engaged in the acquisition and leasing of restaurant properties. Four Corners will seek to grow its portfolio by acquiring additional real estate to lease, on a triple net basis, for use in the restaurant and related food services industry. As of December 31, 2015, Four Corners’ portfolio consists of 424 restaurant properties located in 44 states. The properties are 100% occupied with 418 properties leased to Darden Restaurants under long-term, triple net leases with a weighted average remaining lease term of approximately 14.5 years and an estimated portfolio weighted average EBITDAR to Lease Rent coverage of 4.2x. The remaining six properties are owned and ground leased properties operated by a taxable REIT subsidiary of Four Corners under a franchise agreement with LongHorn Steakhouse.

Table of Contents

Non-GAAP Definitions	3
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
FFO and AFFO Statement	7
Diversification by Brand	8
Diversification by Geography	9
Lease Expirations	10

2

Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements:

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

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

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

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

1. Plus: Amortization of deferred financing costs

2. Plus: Non-cash (stock based) compensation expense

3. Plus: Non-real estate depreciation

4. Plus: Impairment charges

5. Plus: Below market debt amortization

6. Plus: Non-cash expense on hedging instruments deemed ineffective

7. Plus: Transaction costs incurred in connection with the acquisition of real estate investments

8. Plus: Merger, restructuring and other related costs

9. Plus: Amortization of capitalized leasing costs

3

10. Less: Straight line rent adjustment

11. Less: Amortization of (above) and below market leases

12. Less: Recurring capital expenditures and tenant improvements

13. Less: Debt extinguishment gains (losses)

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

EBITDAR represents earnings before interest, taxes, depreciation, amortization and rent. Calculated as EBITDA plus rental expense.

EBITDAR to Lease Rent coverage is calculated by dividing our reporting tenants’ trailing 12-month EBITDAR by annual contractual rent.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance; and expectations regarding the making of distributions and the payment of dividends. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. Factors that could have a material adverse effect on the Company’s operations and future prospects or that could cause actual results to differ materially from the Company’s expectations are included in the sections entitled “Business and Properties,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Information Statement filed as an exhibit to the Company’s Registration Statement on Form 10 filed with the Securities and Exchange Commission in final form on October 21, 2015.

4

Consolidating Balance Sheets

December 31, 2015

(Unaudited)

(In thousands, except shares and per share data)

	Real Estate Operations			Restaurant Operations			Elimination			Consolidated FCPT
ASSETS
Real estate investments:
Land	$	401,751		$	3,061		$	—		$	404,812
Buildings, equipment and improvements		978,912			13,506						992,418
Total real estate investments		1,380,663			16,567			—			1,397,230
Less: Accumulated depreciation		(563,268	)		(5,271	)					(568,539	)
Total real estate investments, net		817,395			11,296			—			828,691
Cash and cash equivalents		95,873			2,200			—			98,073
Derivative assets		165			—			—			165
Deferred rent		1,500			—			—			1,500
Other assets		610			398			—			1,008
Intercompany receivable		835			—			(835	)		—
Investment in subsidiary		10,953			—			(10,953	)		—
Total Assets	$	927,331		$	13,894		$	(11,788	)	$	929,437
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes payable ($400,000, net of $7,698 of deferred financing costs)	$	392,302		$	—		$	—		$	392,302
Derivative liabilities		477			—			—			477
Deferred rental revenue		7,940			—			—			7,940
Deferred tax liability		80,881			—						80,881
Other liabilities		4,101			2,094			—			6,195
Intercompany payable		—			835			(835	)		—
Total liabilities		485,701			2,929			(835	)		487,795
Stockholders’ equity:
Preferred stock		—			—			—			—
Common stock		4			—			—			4
Additional paid-in capital		436,697			10,953			(10,953	)		436,697
Accumulated other comprehensive loss		(316	)		—			—			(316	)
Retained earnings		5,245			12			—			5,257
Total stockholders’ equity		441,630			10,965			(10,953	)		441,642
Total Liabilities and Stockholders’ Equity	$	927,331		$	13,894		$	(11,788	)	$	929,437

5

Consolidated and Combined Statements of Operations

Year Ended December 31, 2015

(Unaudited)

(In thousands, except shares and per share data)

	2015
Revenues:
Rental income	$	15,134
Restaurant revenues		18,322
Total revenues		33,456
Expenses:
General and administrative		1,856
Depreciation and amortization		3,758
Restaurant expenses		16,996
Interest expense		2,203
Total expenses		24,813
Income before provision for income taxes		8,643
Provision for income taxes		(2,944	)
Net Income	$	5,699
Basic net income per share	$	0.92
Diluted net income per share	$	0.91
Weighted-average shares outstanding1:
Basic		6,206,375
Diluted		6,263,921

Footnotes:

(1) Weighted average shares outstanding were calculated using the share count throughout 2015. Prior to November 9, 2015, there were no shares outstanding.

6

FFO and AFFO Statement

Year Ended December 31, 2015

(Unaudited)

(In thousands, except shares and per share data)

	2015
Net income attributable to stockholders in accordance with GAAP	$	5,699
Depreciation and amortization		3,758
NAREIT funds from operations (FFO)	$	9,457
Non-cash compensation expense		13
Amortization of deferred financing costs		265
Straight-line rent adjustment		(1,500	)
Gains on hedging instruments due to hedge ineffectiveness		(3	)
Adjusted funds from operations (AFFO)	$	8,232
Fully diluted shares outstanding1		6,263,921
FFO per diluted share		1.51
AFFO per diluted share		1.31

Footnotes:

(1) Weighted average shares outstanding were calculated using the share count throughout 2015. Prior to November 9, 2015, there were no shares outstanding.

7

Lease Portfolio Diversification by Brand

2015 Activity	Brand	Number of Four Corners Properties		Total Square Feet (000s)		Annual Cash Base Rent		Percentage of Total Annualized Base Rent $(000s)			Avg. Rent Per Square Foot ($)		2015 EBITDAR Coverage1		Avg. Lease Term Before Renewals (Yrs)		Number of Renewal Periods
Existing properties
	Olive Garden		300		2,565	$	70,144		74.3	%	$	27		4.4x		14.8		Typically 5
	Longhorn SteakHouse		104		579		18,757		19.9	%	$	32		3.8x		13.8		Typically 5
	Bahama Breeze		11		116		4,471		4.8	%	$	39		3.8x		12.9		Typically 5
	Seasons 52		2		18		699		0.7	%	$	39		3.4x		14.3		Typically 5
	Wildfish Seafood		1		9		318		0.3	%	$	35		3.9x		12.8		Typically 5
Properties acquired by location
	No acquisitions in 2015		—		—		—		0.0	%	$	0		0.0x		—		N/A
Properties sold by location
	No sales in 2015		—		—		—		0.0	%	$	0		0.0x		—		N/A
Lease terminations by location
	No terminations in 2015		—		—		—		0.0	%	$	0		0.0x		—		N/A
	Total/Weighted Avg.		418		3,287	$	94,389		100.0	%	$	29		4.2x		14.5

Footnotes:

(1) 2015 EBITDAR Coverage reflects the ratio of EBITDAR to cash rent paid to Four Corners Property Trust. EBITDAR is defined as earnings before interest, income taxes, depreciation, amortization, and rent.

8

Leased Portfolio Diversification by State

State	# of Properties		% of Annual Base Rent
FL		46		13.6	%
TX		42		11.2	%
GA		40		8.4	%
OH		32		6.7	%
MI		16		3.5	%
TN		14		3.0	%
IN		13		2.6	%
PA		13		3.2	%
NC		12		2.7	%
VA		12		2.5	%
IL		11		2.2	%
CA		10		3.3	%
MD		10		2.3	%
AL		9		1.9	%
IA		9		1.8	%
KY		9		2.0	%
NY		9		2.3	%
AZ		8		1.9	%
MN		8		1.8	%
SC		8		2.0	%
WI		8		1.8	%
AR		7		1.4	%
CO		6		1.5	%
LA		6		1.3	%
MO		6		1.1	%
MS		6		1.3	%
NV		6		1.9	%
OK		6		1.4	%
KS		5		1.4	%
WV		5		1.3	%
14 states		26		6.7	%
Total		418		100.0	%

9

Lease Expirations

Leases Expiring In:	Number of Properties		Expiring Annual Rent ($ in thousands)		Total Square Footage (in thousands)		Percent of Total Expiring Annual Rent
2016		—		—		—		—
2017		—		—		—		—
2018		—		—		—		—
2019		—		—		—		—
2020		—		—		—		—
2021		—		—		—		—
2022		—		—		—		—
2023		—		—		—		—
2024		—		—		—		—
2025		—		—		—		—
2026		—		—		—		—
2027		70	$	15,626		516		17	%
2028		70		16,159		518		17	%
2029		68		15,440		534		16	%
2030		67		14,498		518		15	%
2031		59		13,064		477		14	%
2032		41		9,639		351		10	%
2033		43		9,963		374		11	%
Vacant		—		—		—		—
Total Properties		418	$	94,389		3,287		100	%

10