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: November 3, 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 November 3, 2016, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter and nine months ended September 30, 2016. 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 and nine months ended September 30, 2016 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 November 3, 2016
99.2	Supplemental Financial & Operating Information for the Quarter and Nine Months Ended September 30, 2016

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 Secretary

Date: November 3, 2016

EXHIBIT LIST

Exhibit No.	Exhibit Description
99.1	Press Release dated November 3, 2016
99.2	Supplemental Financial & Operating Information for the Quarter and Nine Months Ended September 30, 2016

EX-99.1

Exhibit 99.1

Four Corners Property Trust, Inc. Announces Third Quarter 2016 Earnings

MILL VALLEY, CA – November 3, 2016 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) announced today its operating results for the quarter ended September 30, 2016.

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/.

Highlights for the Quarter Ended September 30, 2016:

• Net income of $15.2 million, or $0.25 per diluted common share.

• GAAP rental income of $26.4 million, consisting of $23.8 million in cash rents and $2.6 million of straight-line rent adjustments.

• NAREIT-defined Funds from Operations (FFO) of $20.3 million, or $0.34 per diluted common share.

• Adjusted Funds from Operations (AFFO) of $18.2 million, or $0.30 per diluted common share.

• Acquired 16 restaurant properties with an investment value of $23.0 million, an initial cash yield of 6.8%, and a weighted average lease term of 16.1 years.

• General and administrative (G&A) expenses for the quarter of $2.6 million including $0.4 million of non-cash, stock-based compensation. Management reconfirms its guidance for an annual G&A run rate of approximately $10 million, excluding non-cash stock-based compensation and acquisition transaction costs.

• Regular dividend of $0.2425 per common share for the third quarter of 2016.

• $350 million of available liquidity at quarter-end on the Company’s revolving credit facility.

CEO Comments:

Bill Lenehan stated, “During the third quarter we closed on our initial acquisitions and continued to build a significant acquisition pipeline. We are partnering with established, creditworthy tenants operating leading national quick service and casual dining brands that will provide diversification and growth on top of our high-quality existing portfolio. As we near our one-year anniversary as a standalone company, we are pleased with the progress we have made in building our team and executing on our strategy.”

Real Estate Portfolio:

As of September 30, 2016, the Company’s rental portfolio consisted of 434 restaurant properties located in 44 states. The properties are 100% occupied under long-term, triple-net leases with a weighted average remaining lease term of approximately 13.8 years and an estimated portfolio weighted average EBITDAR to Lease Rent coverage of 4.2x.

Conference Call Information:

Company management will host a conference call and audio webcast on Thursday, November 3, 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/10094134 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: 1-888-346-5243 (domestic) / 1-412-317-5120 (international). Participants not pre-registered must ask to be joined into the Four Corners Property Trust call.

Replay: Available through November 3, 2016 by dialing 1-877-344-7529 (domestic) / 1-412-317-0088 (international), Access Code 10094134

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 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,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 22, 2016.

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 Third Quarter 2016 operating results and other information on the company are available on the investors relations section of FCPT website at www.fourcornerspropertytrust.com

Four Corners Property Trust

Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
Revenues:
Rental income	$	26,373		$	—		$	78,836	$	—
Restaurant revenues		4,443			4,413			14,003		13,927
Total revenues		30,816			4,413			92,839		13,927
Operating expenses:
General and administrative		2,608			—			8,434		—
Depreciation and amortization		5,059			208			15,347		605
Restaurant expenses		4,308			4,088			13,600		12,936
Interest expense		3,549			—			11,588		—
Total operating expenses		15,524			4,296			48,969		13,541
Income before provision for income taxes		15,292			117			43,870		386
(Provision for) benefit from income taxes		(52	)		(6	)		80,455		5
Net Income	$	15,240		$	111		$	124,325	$	391
Basic net income per share	$	0.25			N/A	(1)	$	2.22		N/A	(1)
Diluted net income per share	$	0.25			N/A	(1)	$	2.09		N/A	(1)
Regular dividends declared per share	$	0.2425			N/A	(1)	$	0.7275		N/A	(1)
Weighted-average shares outstanding:
Basic		59,832,824			N/A	(1)		56,026,594		N/A	(1)
Diluted		59,863,109			N/A	(1)		59,469,008		N/A	(1)

(1) Due to the material change in the Company’s operations as a result of our formation transaction in November 2015, management does not consider presentation of income per share for the pre-formation period to be meaningful.

Four Corners Property Trust

Consolidated Balance Sheets

(In thousands)

	September 30, 2016
	(Unaudited)			December 31, 2015
ASSETS
Real estate investments:
Land	$	405,245		$	404,812
Buildings, equipment and improvements		1,002,393			992,418
Total real estate investments		1,407,638			1,397,230
Less: Accumulated depreciation		(582,870	)		(568,539	)
Total real estate investments, net		824,768			828,691
Real estate held for sale		12,318			—
Cash and cash equivalents		18,870			98,073
Deferred rent		9,299			1,500
Derivative assets		—			165
Other assets		1,130			1,008
Total Assets	$	866,385		$	929,437
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes payable ($400,000, net of $6,504 and $7,698 of deferred financing costs, respectively)	$	393,496		$	392,302
Dividends payable		14,510			—
Deferred rental revenue		7,885			7,940
Derivative liabilities		6,594			477
Deferred tax liabilities		196			80,881
Other liabilities		4,340			6,195
Total liabilities		427,021			487,795
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, 59,888,447 and 42,741,995 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively		6			4
Additional paid-in capital		437,838			436,697
Retained earnings		7,978			5,257
Accumulated other comprehensive loss		(6,458	)		(316	)
Total stockholders’ equity		439,364			441,642
Total Liabilities and Stockholders’ Equity	$	866,385		$	929,437

Four Corners Property Trust

FFO and AFFO

(Unaudited)

(In thousands, except share and per share data)

	Three Months Ended September 30, 2016			Nine Months Ended September 30, 2016
Funds from operations (FFO):
Net income attributable to stockholders in accordance with GAAP	$	15,240		$	124,325
Depreciation and amortization		5,059			15,347
Deferred tax benefit from REIT election		—			(80,410	)
FFO (as defined by NAREIT)	$	20,299		$	59,262
Non-cash stock-based compensation		412			1,158
Non-cash amortization of deferred financing costs		398			1,194
Other non-cash interest (income) expense		(296	)		139
Straight-line rent		(2,609	)		(7,799	)
Adjusted funds from operations (AFFO)	$	18,204		$	53,954
Fully diluted shares outstanding		59,863,109			59,469,008
FFO per diluted share	$	0.34		$	1.00
AFFO per diluted share	$	0.30		$	0.91

EX-99.2

Exhibit 99.2

Supplemental Financial & Operating Information

Quarter Ended - September 30, 2016

Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT), headquartered in Mill Valley, CA, is primarily engaged in the acquisition and leasing of restaurant properties. FCPT seeks 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 September 30, 2016, FCPT’s leased portfolio consists of 434 restaurant properties located in 44 states. The properties are 100% occupied under long-term, triple net leases with a weighted average remaining lease term of approximately 13.8 years and an estimated portfolio weighted average EBITDAR to Lease Rent coverage of 4.2x.

Table of Contents

Non-GAAP Definitions	3
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
FFO and AFFO Statement	7
Leased Portfolio Summary	8
Diversification by State	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. Transaction costs incurred in connection with the acquisition of real estate investments

2. Non-cash stock-based compensation expense

3. Amortization of deferred financing costs

4. Other non-cash interest expense

5. Non-real estate depreciation

6. Merger, restructuring and other related costs

7. Impairment charges

8. Amortization of capitalized leasing costs

9. Straight-line rent revenue adjustment

10. Amortization of above and below market leases

11. Debt extinguishment gains and losses

12. Recurring capital expenditures and tenant improvements

3

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,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 22, 2016.

4

Consolidating Balance Sheet

September, 30 2016

(Unaudited)

(In thousands, except shares and per share data)

	Real Estate Operations			Restaurant Operations			Elimination			Consolidated FCPT
ASSETS
Real estate investments:
Land	$	402,184		$	3,061		$	—		$	405,245
Buildings, equipment and improvements		988,858			13,535			—			1,002,393
Total real estate investments		1,391,042			16,596			—			1,407,638
Less: accumulated depreciation		(577,116	)		(5,754	)		—			(582,870	)
Total real estate investments, net		813,926			10,842			—			824,768
Real estate held for sale		12,318			—			—			12,318
Cash and cash equivalents		15,804			3,066			—			18,870
Deferred rent		9,299			—			—			9,299
Other assets		765			365			—			1,130
Investment in subsidiary		10,953			—			(10,953	)		—
Intercompany receivable		1,872			—			(1,872	)		—
Total Assets	$	864,937		$	14,273		$	(12,825	)	$	866,385
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Notes payable, net of deferred financing costs	$	393,496		$	—		$	—		$	393,496
Derivative liabilities		6,594			—			—			6,594
Deferred rental revenue		7,885			—			—			7,885
Deferred tax liability		196			—			—			196
Dividends payable		14,510			—			—			14,510
Other liabilities		2,532			1,808			—			4,340
Intercompany payable		—			1,872			(1,872	)		—
Total liabilities		425,213			3,680			(1,872	)		427,021
Stockholders’ equity:
Preferred stock		—			—			—			—
Common stock		6			—			—			6
Additional paid-in capital		437,838			10,953			(10,953	)		437,838
Retained earnings		8,338			(360	)		—			7,978
Accumulated other comprehensive loss		(6,458	)		—			—			(6,458	)
Total stockholders’ equity		439,724			10,593			(10,953	)		439,364
Total Liabilities and Stockholders’ Equity	$	864,937		$	14,273		$	(12,825	)	$	866,385

5

Consolidated and Combined Statements of Operations

Three Months and Nine Months Ended September 30, 2016 and 2015

(Unaudited)

(In thousands, except shares and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016		2015
Revenues:
Rental income	$	26,373		$	—		$	78,836	$	—
Restaurant revenues		4,443			4,413			14,003		13,927
Total revenues		30,816			4,413			92,839		13,927
Operating expenses:
General and administrative		2,608			—			8,434		—
Depreciation and amortization		5,059			208			15,347		605
Restaurant expenses		4,308			4,088			13,600		12,936
Interest expense		3,549			—			11,588		—
Total operating expenses		15,524			4,296			48,969		13,541
Income before provision for income taxes		15,292			117			43,870		386
(Provision for) benefit from income taxes		(52	)		(6	)		80,455		5
Net Income	$	15,240		$	111		$	124,325	$	391
Basic net income per share	$	0.25			N/A	(1)	$	2.22		N/A	(1)
Diluted net income per share	$	0.25			N/A	(1)	$	2.09		N/A	(1)
Regular dividends declared per common share	$	0.2425			N/A	(1)	$	0.7275		N/A	(1)
Weighted-average shares outstanding:
Basic		59,832,824			N/A	(1)		56,026,594		N/A	(1)
Diluted		59,863,109			N/A	(1)		59,469,008		N/A	(1)

(1) Due to the material change in the Company’s operations as a result of our formation transaction in November 2015, management does not consider presentation of income per share for the pre-formation period to be meaningful.

6

FFO and AFFO Statement

Three Months and Nine Months Ended September 30, 2016

(Unaudited)

(In thousands, except shares and per share data)

	Three Months Ended September 30, 2016			Nine Months Ended September 30, 2016
Funds from operations (FFO):
Net income attributable to stockholders in accordance with GAAP	$	15,240		$	124,325
Depreciation and amortization		5,059			15,347
Deferred tax benefit from REIT election		—			(80,410	)
FFO (as defined by NAREIT)	$	20,299		$	59,262
Non-cash stock-based compensation		412			1,158
Non-cash amortization of deferred financing costs		398			1,194
Other non-cash interest (income) expense		(296	)		139
Straight-line rent		(2,609	)		(7,799	)
Adjusted funds from operations (AFFO)	$	18,204		$	53,954
Fully diluted shares outstanding		59,863,109			59,469,008
FFO per diluted share	$	0.34		$	1.00
AFFO per diluted share	$	0.30		$	0.91

7

Leased Portfolio Summary

Third Quarter 2016	Properties	Number of Four Corners Properties		Total Square Feet (000s)		Annual Cash Base Rent ($000s)		Percentage of Total Annualized Base Rent		Avg. Rent Per Square Foot ($)		EBITDAR Coverage(1)		Lease Term Before Renewals (Yrs)(2)
Existing properties
	Olive Garden		300		2,565		$70,144		73.1%		$27		4.5x		14.1
	LongHorn Steakhouse		104		579		18,757		19.5%		32		3.3x		12.9
	Other Brands		14		143		5,488		5.7%		38		3.4x		12.4
Properties acquired in Q3 2016(3)
	5 Transactions		16		54		1,558		1.6%		29		2.7x		16.1
Properties sold by location
	No sales in Q3 2016		—		—		—		—		—		—		—
Lease terminations by location
	No terminations in Q3 2016		—		—		—		—		—		—		—
	Total/Weighted Avg.		434		3,341		$95,947		100.0%		$29		4.2x		13.8

(1) EBITDAR Coverage is calculated by dividing our tenants estimated trailing 12-month EBITDAR by annual contractual cash rent paid to FCPT. EBITDAR is defined as earnings before interest, income taxes, depreciation, amortization, and rent. EBITDAR is derived from the most recent data from tenants who disclose this information, representing approximately 100% of our run-rate rental income. FCPT does not independently verify financial information provided by its tenants.

(2) Lease term weighted by cash base rent.

(3) FCPT acquired 16 properties in Q3 2016 consisting of the following brands: Pizza Hut (6), KFC (4), Buffalo Wild Wings (3), Arby’s (2), and Wendy’s (1).

8

Leased Portfolio Diversification by State

State	# of Properties		% of Annual Base Rent
FL		46		13.4	%
TX		43		11.1	%
GA		40		8.2	%
OH		32		6.6	%
MI		20		3.7	%
TN		14		2.9	%
IN		16		2.8	%
PA		13		3.1	%
NC		14		2.9	%
VA		12		2.4	%
IL		16		2.7	%
CA		10		3.3	%
MD		10		2.3	%
AL		9		1.8	%
IA		10		2.0	%
KY		9		2.0	%
NY		9		2.3	%
AZ		8		1.9	%
MN		8		1.8	%
SC		8		1.9	%
WI		8		1.8	%
AR		7		1.4	%
CO		6		1.5	%
LA		6		1.3	%
MO		6		1.1	%
MS		6		1.2	%
NV		6		1.9	%
OK		6		1.4	%
KS		5		1.3	%
WV		5		1.3	%
14 states		26		6.7	%
Total		434		100.0	%

9

Lease Expirations

Leases Expiring In	Number of Properties		Expiring Base 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		1	$	137		4		0.1	%
2027		70		15,626		516		16.3	%
2028		73		16,674		535		17.4	%
2029		68		15,440		534		16.1	%
2030		67		14,498		518		15.1	%
2031		59		13,064		477		13.6	%
2032		41		9,639		351		10.0	%
2033		43		9,963		374		10.4	%
2034		2		228		6		0.2	%
2035		—		—		—		—
2036		10		678		27		0.8	%
Vacant		—		—		—		—
Total		434	$	95,947		3,341		100.0	%

10