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 (Date of earliest event reported) : April 27, 2021

FOUR CORNERS PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

 

Maryland	001-37538	47-4456296
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

591 Redwood Highway, Suite 3215, 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))

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

Title of each class	Trading Symbol	Name of Exchange on Which Registered
Common Stock, $0.0001 par value per share	FCPT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On April 27, 2021, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2021. 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 quarter ended March 31, 2021 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 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or 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 April 27, 2021
99.2	Supplemental Financial & Operating Information for the Quarter Ended March 31, 2021

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/ JAMES L. BRAT
	James L. Brat Chief Transaction Officer, General Counsel and Secretary

Date: April 27, 2021

EXHIBIT LIST

Exhibit No.	Exhibit Description
99.1	Press Release dated April 27, 2021
99.2	Supplemental Financial & Operating Information for the Quarter Ended March 31, 2021

EX-99.1

FCPT Announces First Quarter 2021 Financial and Operating Results MILL VALLEY, CA – April 27, 2021 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three months ended March 31, 2021. Management Comments “First quarter results demonstrate the continuing robustness of the Four Corners’ portfolio,” said CEO Bill Lenehan. “We maintained industry-leading collections in the existing portfolio and benefited from a full quarter of ownership of the properties acquired at the end of 2020. We continue to acquire quality properties while remaining disciplined in our pricing. We recently raised an unsecured private note offering at an all-time low rate as a result of our strong balance sheet.” Rent Collection Update As of March 31, 2021, the Company has received rent payments representing 99.7% of its portfolio contractual base rent for the quarter ending March 31, 2021. Financial Results Rental Revenue and Net Income Attributable to Common Shareholders • Rental revenue for the first quarter increased 10.0% over the prior year to $41.5 million. Rental revenue consisted of $40.0 million in cash rents and $1.5 million of straight-line and other non-cash rent adjustments. • Net income attributable to common shareholders was $20.6 million for the first quarter, or $0.27 per diluted share. These results compare to net income attributable to common shareholders of $19.3 million in the prior year, or $0.27 per diluted share. Funds from Operations (FFO) • NAREIT-defined FFO per diluted share for the first quarter was $0.37, representing flat per share results compared to the first quarter in 2020. Adjusted Funds from Operations (AFFO) • AFFO per diluted share for the first quarter was $0.38, representing a $0.01 per share increase compared to the first quarter in 2020. General and Administrative (G&A) Expense • G&A expense for the first quarter was $4.8 million, which included $1.4 million of stock-based compensation. These results compare to G&A expense in the first quarter of 2020 of $3.8 million, including $0.8 million of stock-based compensation. • Cash G&A expense (after excluding stock-based compensation) for the first quarter was $3.4 million, representing 8.5% of cash rental income for the quarter. Cash G&A expenses increased over the subsequent quarter principally due to seasonally higher payroll-related taxes in the first quarter and team member additions to support the growth of the portfolio and our operations. Dividends • FCPT declared a dividend of $0.3175 per common share for the first quarter of 2021.

Portfolio Activities Acquisitions • During the first quarter of 2021, FCPT acquired 13 properties for a combined purchase price of $33.9 million at an initial weighted average cash yield of 6.6% and a weighted average remaining lease term of 9.9 years. Dispositions • During the first quarter of 2021, FCPT sold 2 properties for a combined purchase price of $3.5 million representing $0.4 million of gain and a 6.1% cash capitalization rate on rents that were previously in place and exclusive of transaction costs. Liquidity and Capital Markets Capital Raising • During the first quarter, FCPT issued 161,509 shares of common stock via its At-The-Market (ATM) stock program at a weighted average offering price of $29.56 for gross proceeds of $4.8 million. • As announced on February 25, 2021, FCPT recently entered into agreements to issue $100 million of senior unsecured notes (the “Notes”) in the second quarter. The Notes consist of $50 million of notes with a ten-year term maturing on April 29, 2031, and priced at a fixed interest rate of 2.99%, and $50 million of notes with a eight-year term, maturing on April 30, 2029, and priced at a fixed interest rate of 2.74%. Both notes funded on April 27, 2021. In connection with this offering, the Company terminated interest rate swaps entered into previously to partially hedge the Treasury rate of this offering at a gain which will be amortized over the life of the Notes and lower by approximately 0.17% the all-in annual interest rate expense on these Notes. Including the gain amortization, the all-in interest rate on the combined offering is 2.70%. Liquidity • At March 31, 2021, FCPT had $227.5 million of available liquidity including $11.5 million of cash and cash equivalents and $216 million of undrawn credit line capacity. Credit Facility and Unsecured Note • At March 31, 2021, FCPT had $784 million of outstanding debt, consisting of $400 million of term loans, $350 million of unsecured fixed rate notes, and $34 million drawn on FCPT’s $250 million revolving credit facility. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, is 5.3x at quarter-end. Kerrow Restaurant Operating Business • The Kerrow restaurant subsidiary, which now operates seven LongHorn Steakhouses in San Antonio, reported improving results with positive EBITDA of $373 thousand in the first quarter as compared to EBITDA of $244 thousand in the fourth quarter of 2020. Kerrow opened its seventh LongHorn restaurant in late April. The additional restaurant will contribute to results for the rest of the year offset with pre-opening costs that will occur in the second quarter. Real Estate Portfolio • As of March 31, 2021, the Company’s rental portfolio consisted of 810 properties located in 46 states. The properties are 99.7% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 10.0 years.

Conference Call Information Company management will host a conference call and audio webcast on Wednesday, April 28 at 11:00 a.m. Eastern Time to discuss the results. Interested parties can listen to the call via the following: Phone: 1-888-346-5243 (domestic) / 1-412-317-5120 (international). Participants not pre-registered must ask to be joined into the Four Corners Property Trust call. Internet: Live webcast: https://services.choruscall.com/links/fcpt210428.html In order to pre-register for the call, investors can visit https://dpregister.com/sreg/10154505/e67b592d35 and enter in their contact information. Replay: Available through July 28, 2021 by dialing 1-877-344-7529 (domestic) / 1-412-317- 0088 (international), Replay Access Code 10154505. About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. 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, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics such as COVID-19 on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. 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. In addition, the extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.

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 First Quarter 2021 operating results and other information on the Company are available on the investors relations section of FCPT’s website at www.investors.fcpt.com. FCPT Bill Lenehan, 415-965-8031 CEO Gerry Morgan, 415-965-8032 CFO

Four Corners Property Trust Consolidated Statements of Income (Unaudited) (In thousands, except share and per share data) 2021 2020 Revenues: Rental revenue 41,515$ 37,725$ Restaurant revenue 5,231 4,704 Total revenues 46,746 42,429 Operating expenses: General and administrative 4,763 3,842 Depreciation and amortization 8,236 7,054 Property expenses 1,002 635 Restaurant expenses 4,859 4,502 Total operating expenses 18,860 16,033 Interest expense (7,633) (7,003) Other income, net 1 4 Realized gain on sale, net 431 - Income tax expense (63) (61) Net income 20,622 19,336 Net income attributable to noncontrolling interest (43) (71) Net Income Attributable to Common Shareholders 20,579$ 19,265$ Basic net income per share 0.27$ 0.28$ Diluted net income per share 0.27$ 0.27$ Regular dividends declared per share 0.3175$ 0.3050$ Weighted-average shares outstanding: Basic 75,969,887 70,052,772 Diluted 76,131,563 70,258,211 Three Months Ended March 31,

Four Corners Property Trust Consolidated Balance Sheets (In thousands, except share data) March 31, 2021 (unaudited) December 31, 2020 Real estate investments: Land 843,024$ 827,502$ Buildings, equipment and improvements 1,338,187 1,327,641 Total real estate investments 2,181,211 2,155,143 Less: Accumulated depreciation (660,411) (657,621) Total real estate investments, net 1,520,800 1,497,522 Intangible lease assets, net 96,297 96,291 Total real estate investments and intangible lease assets, net 1,617,097 1,593,813 Real estate held for sale 3,992 2,763 Cash and cash equivalents 11,483 11,064 Straight-line rent adjustment 49,825 47,938 Derivative assets 2,305 762 Other assets 12,575 11,839 Total Assets 1,697,277$ 1,668,179$ Liabilities: Long-term debt ($784,000 and $760,000 principal, respectively) 778,394$ 753,878$ Dividends payable 24,147 24,058 Rent received in advance 10,143 11,926 Derivative liabilities 14,189 - Other liabilities 18,503 33,816 Total liabilities 845,376 823,678 Equity: Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding - - Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 76,171,261 and 75,874,966 shares issued and outstanding, respectively 8 8 Additional paid-in capital 843,458 840,455 Accumulated other comprehensive (loss) income (17,706) (25,695) Noncontrolling interest 3,070 3,061 Retained earnings 23,071 26,672 Total equity 851,901 844,501 Total Liabilities and Equity 1,697,277$ 1,668,179$ ASSETS LIABILITIES AND EQUITY

Four Corners Property Trust FFO and AFFO (Unaudited) (In thousands, except share and per share data) 2021 2020 Funds from operations (FFO): Net income 20,622$ 19,336$ Depreciation and amortization 8,215 7,036 Realized gain on sales of real estate (431) - FFO (as defined by NAREIT) 28,406$ 26,372$ Straight-line rental revenue (2,011) (2,161) Stock-based compensation 1,371 831 Non-cash amortization of deferred financing costs 543 512 Other non-cash interest income (expense) - (1) Non-real estate investment depreciation 21 18 Other non-cash revenue adjustments 506 185 Adjusted Funds from Operations (AFFO) 28,836$ 25,756$ Fully diluted shares outstanding (1) 76,290,955 70,515,859 FFO per diluted share 0.37$ 0.37$ AFFO per diluted share 0.38$ 0.37$ (1) Assumes the issuance of common shares for OP units held by non-controlling interest. Three Months Ended March 31,

EX-99.2

| FCPT | Q1 20211 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q1 2021 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T

| FCPT | Q1 20212 C A U T I O N A R Y N O T E R E G A R D I N G F O R W A R D - L O O K I N G S T A T E M E N T S This presentation 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 FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics such as COVID-19 on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. 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 FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’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 FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward- looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2020, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission

| FCPT | Q1 20213 TABLE OF CONTENTS Financial Summary Page Consolidating Balance Sheet 4 Consolidated Income Statement 5 FFO and AFFO Reconciliation 6 Net Asset Value Components 7 Capitalization and Key Credit Metrics 8 Debt Summary 9 Debt Maturity Schedule 10 Debt Covenants 11 Real Estate Portfolio Summary Property Locations by Brand 12 Brand Diversification 13 Geographic Diversification 14 Lease Maturity Schedule 15 Exhibits Glossary and Non-GAAP Definitions 16 Reconciliation of Net Income to Adjusted EBITDAre 17

| FCPT | Q1 20214 CONSOLIDATING BALANCE SHEET As of 12/31/2020 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 837,973$ 5,051$ -$ 843,024$ 827,502$ Buildings, equipment and improvements 1,326,288 11,899 - 1,338,187 1,327,641 Total real estate investments 2,164,261 16,950 - 2,181,211 2,155,143 Less: accumulated depreciation (654,749) (5,662) - (660,411) (657,621) Real estate investments, net 1,509,512 11,288 - 1,520,800 1,497,522 Intangible lease assets, net 96,297 - - 96,297 96,291 Total real estate investments and intangible lease assets, net 1,605,809 11,288 - 1,617,097 1,593,813 Real estate held for sale 3,992 - - 3,992 2,763 Cash and cash equivalents 9,931 1,552 - 11,483 11,064 Straight-line rent adjustment 49,825 - - 49,825 47,938 Other assets 8,054 4,521 - 12,575 11,839 Derivative assets 2,305 - - 2,305 762 Investment in subsidiary 12,272 - (12,272) - - Intercompany receivable 1,677 - (1,677) - - Total Assets 1,693,865$ 17,361$ (13,949)$ 1,697,277$ 1,668,179$ LIABILITIES AND EQUITY Liabilities: Term loan ($400,000, net of deferred financing costs) 397,178$ -$ -$ 397,178$ 396,744$ Revolving facility ($250,000 capacity) 34,000 - - 34,000 10,000 Unsecured notes ($350,000, net of deferred financing costs) 347,216 - - 347,216 347,134 Rent received in advance 10,143 - - 10,143 11,926 Derivative liabilities 14,189 - - 14,189 18,717 Dividends payable 24,147 - - 24,147 24,058 Other liabilities 13,185 5,318 - 18,503 15,099 Intercompany payable - 1,677 (1,677) - - Total liabilities 840,058$ 6,995$ (1,677)$ 845,376$ 823,678$ Equity: Preferred stock -$ -$ -$ -$ -$ Common stock 8 - - 8 8 Additional paid-in capital 843,458 12,272 (12,272) 843,458 840,455 Accumulated other comprehensive (loss) income (17,706) - - (17,706) (25,695) Noncontrolling interest 3,070 - - 3,070 3,061 Retained earnings 24,977 (1,906) - 23,071 26,672 Total equity 853,807$ 10,366$ (12,272)$ 851,901$ 844,501$ Total Liabilities and Equity 1,693,865$ 17,361$ (13,949)$ 1,697,277$ 1,668,179$ As of 3/31/2021

| FCPT | Q1 20215 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2021 2020 Revenues: Rental revenue 41,515$ 37,725$ Restaurant revenue 5,231 4,704 Total revenues 46,746 42,429 Operating expenses: General and administrative 4,763 3,842 Depreciation and amortization 8,236 7,054 Property expenses 1,002 635 Restaurant expenses 4,859 4,502 Total operating expenses 18,860 16,033 Interest expense (7,633) (7,003) Other income, net 1 4 Realized gain on sale, net 431 - Income tax expense (63) (61) Net income 20,622 19,336 Net income attributable to noncontrolling interest (43) (71) Net Income Attributable to Common Shareholders 20,579$ 19,265$ Basic net income per share 0.27$ 0.28$ Diluted net income per share 0.27$ 0.27$ Regular dividends declared per share 0.3175$ 0.3050$ Weighted-average shares outstanding: Basic 75,969,887 70,052,772 Diluted 76,131,563 70,258,211 Three Months Ended March 31,

| FCPT | Q1 20216 FFO & AFFO RECONCILIATION ___________________________ (1) Assumes the issuance of common shares for OP units held by non-controlling interest. ($000s, except shares and per share data) Unaudited 2021 2020 Net income 20,622$ 19,336$ Depreciation and amortization 8,215 7,036 Realized gain on sales of real estate (431) - FFO (as defined by NAREIT) 28,406$ 26,372$ Straight-line rent (2,011) (2,161) Stock-based compensation 1,371 831 Non-cash amortization of deferred financing costs 543 512 Other non-cash interest income (expense) - (1) Non-real estate investment depreciation 21 18 Other non-cash revenue adjustments 506 185 Adjusted Funds From Operations (AFFO) 28,836$ 25,756$ Fully diluted shares outstanding(1) 76,290,955 70,515,859 FFO per diluted share 0.37$ 0.37$ AFFO per diluted share 0.38$ 0.37$ Three Months Ended March 31,

| FCPT | Q1 20217 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: 85% of portfolio ABR reporting. We have estimated Darden current quarter EBITDAR coverage using latest FCPT portfolio reported sales results for the quarter ended November 2020 and Darden brand average margins and sales growth reported for the quarter ended February 2021. Non-Darden tenant EBITDAR coverage this quarter includes some financial information provided by tenants for time periods prior to the COVID-19 pandemic. (2) Lease term weighted by annual cash base rent (ABR) as defined in glossary. (3) Current scheduled minimum contractual rent as of 3/31/2021. (4) FCPT acquired 13 properties and leasehold interests in Q1 2021; FCPT sold 2 properties in the quarter. Real Estate Portfolio as of 3/31/2021 Purchase Price ($000s) # of Rental Properties Total Square Feet (000s) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage(1) Lease Term Remaining (Yrs)(2) Annual Cash Base Rent ($000s)(3) % Total Cash Base Rent(3) Olive Garden - 309 2,630 29 5.0x 9.4 76,274 48.2% LongHorn Steakhouse - 115 645 34 4.6x 8.2 21,729 13.7% Other Brands - Non-Darden - 372 1,888 30 2.7x 11.6 55,803 35.3% Other Brands - Darden - 14 128 34 2.5x 7.7 4,403 2.8% Total Owned Portfolio - 810 5,291 30 4.1x 10.0 158,209 100.0% Q1 2021 Transaction Activity(4) Properties acquired 33,917 13 76 28 N/A 9.9 2,159 1.4% Properties sold 3,525 2 8 25 N/A 15.9 (214) (0.1%) Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash 11,483$ Other tangible assets 6,029 Total Tangible Assets 17,512$ Debt Face Value ($000s) Term loan 400,000$ Senior fixed rate notes 350,000 Revolving credit facility 34,000 Total Debt 784,000$ Tangible Liabilities Book Value ($000s) Dividends payable 24,147$ Rent received in advance, accrued interest, and other accrued expenses 20,387 Total Tangible Liabilities 44,534$ Shares Outstanding Common stock (shares outstanding as of 3/31/2021) 76,171,261 Operating partnership units (OP units outstanding as of 3/31/2021) 159,392 Total Common Stock and OP Units Outstanding 76,330,653

| FCPT | Q1 20218 CAPITALIZATION & KEY CREDIT METRICS ___________________________ (1) First quarter 2021 dividend was declared on 3/8/2021, payable on 4/15/2021. (2) Principal debt amount less cash and cash equivalents. (3) Current quarter annualized. See glossary on page 16 for definitions of EBITDAre and Adjusted EBITDAre and page 17 for reconciliation to net income. % of Market Capitalization Equity: Share price (3/31/2021) 27.40$ Shares and OP units outstanding (3/31/2021) 76,330,653 Equity Value 2,091,460$ 72.7% Debt: Term loan 400,000$ 13.9% Revolving credit facility 34,000 1.2% Unsecured notes 350,000 12.2% Total Debt 784,000$ 27.3% Total Market Capitalization 2,875,460$ 100.0% Less: cash (11,483) Implied Enterprise Value 2,863,977$ Dividend Data (fully diluted) Q1 2021 Common dividend per share(1) $0.3175 AFFO per share $0.38 AFFO payout ratio 83.6% Credit Metrics Net Debt (2) Adjusted EBITDAre (3) Ratio Net debt to Adjusted EBITDAre 772,517$ 144,606$ 5.3x Q1 2021 Capitalization ($000s, except shares and per share data)

| FCPT | Q1 20219 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at an average rate of LIBOR plus 1.29%. FCPT has entered into interest rate swaps that fix 88% of the term loans’ rate exposure through November 2022, 75% through November 2023, and 63% through March 2024. The all-in cash interest rate on the portion of the term loan that is fixed is approximately 3.1% and 3.2% for 2021 and 2022, respectively. A LIBOR rate of 0.11% as of 3/31/2021 is used for the 13% of term loans that are not hedged. (2) These notes are senior unsecured fixed rate obligations of the Company. Cash interest rate excludes amortization of swap gains and losses incurred in connection with the issuance of these notes. The annual amortization of net hedge losses is currently $841.8 thousand per year. (3) As of 3/31/2021, FCPT had no mortgage debt and 100% of FCPT properties were unencumbered. (4) Excludes amortization of deferred financing costs on the credit facility and unsecured notes. Debt Type Maturity Date Balance as of March 31, 2021 ($000s) % of Debt Cash Interest Rate as of March 31, 2021(4) Weighted Average Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21 34,000$ 4.3% 1.56% 0.6 Term loan Nov-22 150,000 19.1% 2.99% 1.6 Term loan Nov-23 150,000 19.1% 2.89% 2.6 Term loan Mar-24 100,000 12.8% 2.89% 2.9 Principal Amount 434,000$ Unsecured Notes(2) June 2017 Jun-24 50,000$ 6.4% 4.68% 3.2 December 2018 Dec-26 50,000 6.4% 4.63% 5.7 June 2017 Jun-27 75,000 9.6% 4.93% 6.2 December 2018 Dec-28 50,000 6.4% 4.76% 7.7 March 2020 Jun-29 50,000 6.4% 3.15% 8.2 March 2020 Apr-30 75,000 9.6% 3.20% 9.0 Principal Amount 350,000$ Mortgages Payable(3) None - - - - Total/Weighted Average 784,000$ 100.0% 3.44% 4.2 Unamortized Deferred Financing Costs Credit facility (2,822)$ Unsecured notes (2,784) Debt Carrying Value (GAAP) 778,394$ Fixed rate 700,000$ 89% Variable rate 84,000$ 11% Credit Rating (Fitch): BBB-

| FCPT | Q1 202110 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 3/31/2021 (1) The revolving credit facility expires on November 9, 2021 subject to FCPT’s availability to extend the term for two additional six-month periods to November 9, 2022. Current Debt Maturity Schedule $50 $50 $34 $250 $150 $150 $150 $0 $75 $50 $50 $75 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Undrawn Revolver Capacity Drawn Revolver Unsecured Term Loan Unsecured Notes $100 4.4-year weighted average term for notes/term loans 89% fixed rate debt 3.4% weighted average cash interest rate $216 million available on revolver (1) 4% 19% 19% 19% 0% 6% 6% 10%6% 10%% of Total Debt Outstanding

| FCPT | Q1 202111 DEBT COVENANTS As of March 31, 2021 Covenants Q1 2021 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 34.1% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 5.1x Limitation on unencumbered leverage ≤ 60% 34.3% Unencumbered interest coverage ratio ≥ 1.75x 5.6x Requirement The following is a summary of the key financial covenants for our unsecured credit facility. These calculations are not based on U.S. GAAP measurements and are presented to demonstrate compliance with current credit covenants.

| FCPT | Q1 202112 PROPERTY LOCATIONS BY BRAND 819 Leases (1) 85 Brands ___________________________ Figures as of 3/31/2021 (1) FCPT owns 810 rental properties as of 3/31/2021 with 819 leases. Lease Count: Olive Garden (309) Longhorn Steakhouse (115) Chili’s (68) KFC (33) Burger King (23) Red Lobster (21) Buffalo Wild Wings (19) Bob Evans (16) Arby’s (15) BJ’s Restaurant (11) Starbucks (11) Taco Bell (11) Verizon (11) Bahama Breeze (10) Texas Roadhouse (10) Outback Steakhouse (8) Wendy’s (8) Chick-Fil-A (7) Caliber Collision (6) Panera (6) Other (101)

| FCPT | Q1 202113 48% 309 Units 14% 115 Units 9% 68 Units 3% 14 Units Other Restaurants 22% 259 units 44 brands Non-Restaurant Retail 5% / 54 units / 34 brands Other Darden2 BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 3/31/2021, as defined in glossary. (2) Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants. FCPT total ABR(1): $158.2 million FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR(1) 1 Olive Garden 309 2,630 48.2% 2 Longhorn Steakhouse 115 645 13.7% 3 Chili's 68 372 8.5% 4 Red Lobster 21 155 3.1% 5 Burger King 23 74 2.0% 6 Bahama Breeze 10 92 2.0% 7 Buffalo Wild Wings 19 117 2.0% 8 KFC 33 95 1.9% 9 Bob Evans 16 88 1.7% 10 BJ's Restaurant 11 89 1.6% 11 Arby's 15 47 1.0% 12 Outback Steakhouse 8 51 0.9% 13 Texas Roadhouse 10 73 0.9% 14 Verizon 11 30 0.7% 15 Starbucks 11 24 0.7% 16 Taco Bell 11 28 0.6% 17 Caliber Collision 6 83 0.6% 18 Wendy's 8 27 0.5% 19 REI 2 48 0.5% 20 Seasons 52 2 18 0.5% 21 Chick-Fil-A 7 34 0.5% 22 Panera 6 30 0.5% 23 McDonald's 5 23 0.5% 24 McAlister's Deli 4 15 0.4% 25 Carrabba's 3 22 0.3% 26-85 Other 85 368 6.1% Total Lease Portfolio 819 5,277 100%

| FCPT | Q1 202114 % ABR(1) ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties MN SD NJ OH INIL VT NHID AL AZ AR CA CO CT DE FL GA IA KS KY LA ME MD MA MI MS MO MT NE NV NM NY NC ND OK OR PA RI SC TN TX UT VA WA WV WI WY GEOGRAPHIC DIVERSIF ICATION ___________________________ (1) Annual cash base rent (ABR) as defined in glossary. State % ABR Leases TX 11.5% 75 TN 3.2% 28 MD 2.6% 21 MN 1.6% 11 MO 1.1% 10 FL 10.9% 72 PA 2.8% 20 CO 2.3% 23 KY 1.5% 11 Other 7.6% 57 OH 7.0% 57 SC 2.7% 26 MS 2.2% 19 AZ 1.5% 11 GA 5.9% 49 CA 2.7% 15 WI 2.1% 23 NV 1.4% 8 MI 4.3% 42 VA 2.6% 22 IA 2.1% 22 LA 1.3% 9 IN 4.3% 51 AL 2.6% 31 OK 1.9% 15 AR 1.1% 8 IL 3.9% 39 NC 2.6% 23 NY 1.8% 13 KS 1.1% 8

| FCPT | Q1 202115 0.1% 0.9% 0.9% 1.6% 1.9% 1.9% 12.1% 13.3% 11.5% 11.2% 10.8% 7.1% 14.7% 1.5% 1.6% 2.2% 2.8% 0.1% 0.6% 0.2% 0.2% 0.0% 0.0% 2.8% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LEASE MATURITY SCHEDULE ___________________ Note: Excludes renewal options. All data as of 3/31/2021 (1) Annual cash base rent (ABR) as defined in glossary. (2) Occupancy based on portfolio square footage. Lease Maturity Schedule (% Annualized Cash Base Rent1) 99.7% occupied2 as of 3/31/2021 Weighted average lease term of 10.0 years Less than 7.4% of rental income matures prior to 2027

| FCPT | Q1 202116 GLOSSARY AND NON-GAAP DEFINIT IONS 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. ABR refers to annual cash base rent as of 3/31/2021 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non- GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non-cash and other costs. These non- GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated once annually by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. 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 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. Transaction costs incurred in connection with business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Recurring capital expenditures and tenant improvements 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. Properties refers to properties available for lease. Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements:

| FCPT | Q1 202117 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 16 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 Net Income 20,622$ 19,336$ Adjustments: Interest expense 7,633 7,003 Income tax expense 63 61 Depreciation and amortization 8,236 7,054 EBITDA(1) 36,554 33,454 Adjustments: Gain on dispositions and exchange of real estate (431) - Provision for impairment of real estate - - EBITDAre (1) 36,123 33,454 Adjustments: Real estate transaction costs 28 23 Gain or loss on extinguishment of debt - - Adjusted EBITDAre (1) 36,151 33,477 Annualized Adjusted EBITDAre 144,606$ 133,907$ Three Months Ended March 31,

| FCPT | Q1 202118 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q1 2021 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T

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Cover Document	Apr. 27, 2021
Cover [Abstract]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Written Communications	false
Document Type	8-K
Entity Incorporation, State or Country Code	MD
Entity Central Index Key	0001650132
Amendment Flag	false
Entity File Number	001-37538
Entity Tax Identification Number	47-4456296
Document Period End Date	Apr. 27, 2021
Entity Registrant Name	FOUR CORNERS PROPERTY TRUST, INC.
Entity Address, Address Line One	591 Redwood Highway
Entity Address, Address Line Two	Suite 3215
Entity Address, City or Town	Mill Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94941
City Area Code	415
Local Phone Number	965-8030
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Trading Symbol	FCPT
Security Exchange Name	NYSE