Press Release

FCPT Announces Tax Treatment of 2016 Distributions

Company Release - 1/20/2017 1:32 PM ET

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust, Inc. (NYSE: FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties (“FCPT” or the “Company”), announced today the tax characterization of its 2016 common stock distributions as shown below.

Record Date   Payment Date  

Total
Distribution
($ per share)

   

Form 1099
Box 1a
Ordinary
Taxable
Dividend
($ per share)

 

Form 1099
Box 1b
Qualified
Taxable
Dividend (1)
($ per share)

 

Form 1099
Box 3
Return of
Capital
($ per share)

1/19/2016   1/29/2016  

$0.2000

(2)

  $0.2000   $0.2000   -
1/19/2016 3/2/2016

$8.1183

(2)

$8.1183 $7.5554 -
3/31/2016 4/15/2016 $0.2425 $0.2425 - -
6/30/2016 7/15/2016 $0.2425 $0.1234 - $0.1191
9/30/2016 10/14/2016   $0.2425     $0.0290   -   $0.2135
Totals     $9.0458     $8.7132   $7.7554   $0.3326
 

The common stock dividend of $0.2425 per share that was paid on January 13, 2017, with a record date of December 31, 2016, will be applicable to the 2017 tax year.

(1) Qualified Taxable Dividends are a subset of, and included in, Ordinary Taxable Dividends.

(2) Reflects special catch-up distributions of cash and stock, which included the remaining amount of the company’s undistributed earnings and profits attributable to all taxable periods ending on or prior to December 31, 2015, which, in accordance with tax rules applicable to real estate investment trust (“REIT”) conversions, the Company was required to pay to its stockholders on or before December 31, 2016 in connection with its conversion to a REIT.

If you held common stock of FCPT in your name at any time during 2016, an IRS Form 1099-DIV will be provided to you by Wells Fargo Shareholder Services, FCPT’s transfer agent. If you held shares in "street name" during 2016, the IRS form provided by your bank, brokerage firm or nominee may report only the gross distributions paid to you. Therefore, you may need the information included in this press release to properly complete your federal tax return.

The IRS requires historical C-corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to stockholders, including whether and to what extent each distribution is characterized as a qualified vs. nonqualified ordinary dividend. There are other important considerations associated with the taxability of the company’s distributions in 2016. This information has been prepared using the best available information to date. FCPT’s federal income tax return for the year ended December 31, 2016 has not yet been filed. Please note that federal tax laws affect taxpayers differently, and we cannot advise you on how distributions should be reported on your federal income tax return. Also note that state and local taxation of REIT distributions vary and may not be the same as the taxation under the federal rules. Shareholders are encouraged to consult with their tax advisors as to their specific tax treatment related to FCPT common stock dividends.

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. Additional information about FCPT can be found on the Company’s website at http://www.fcpt.com/.

Four Corners Property Trust, Inc.
Gerry Morgan, 415-965-8032
CFO

Source: Four Corners Property Trust, Inc.