$FCPT
Four Corners Property Trust, Inc.

2018 Q2 Form 10-Q Financial Statement

#000165013218000084 Filed on July 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $34.68M $33.15M
YoY Change 4.59% 7.32%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.990M $8.040M
YoY Change -0.62% 13.24%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.300M $5.400M
YoY Change -1.85% 5.88%
% of Gross Profit
Operating Expenses $13.20M $13.46M
YoY Change -1.95% -16.18%
Operating Profit
YoY Change
Interest Expense $4.877M $4.509M
YoY Change 8.16% 16.87%
% of Operating Profit
Other Income/Expense, Net $230.0K $30.00K
YoY Change 666.67% 50.0%
Pretax Income $27.69M $18.50M
YoY Change 49.68% 24.58%
Income Tax $66.00K $61.00K
% Of Pretax Income 0.24% 0.33%
Net Earnings $27.45M $18.31M
YoY Change 49.87% 23.73%
Net Earnings / Revenue 79.15% 55.24%
Basic Earnings Per Share $0.44 $0.30
Diluted Earnings Per Share $0.44 $0.30
COMMON SHARES
Basic Shares Outstanding 61.75M shares 60.32M shares
Diluted Shares Outstanding 61.91M shares 60.44M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.40M $81.30M
YoY Change 8.73% 110.08%
Cash & Equivalents $88.37M $81.33M
Short-Term Investments
Other Short-Term Assets $400.0K $400.0K
YoY Change 0.0% 0.0%
Inventory $156.0K $152.0K
Prepaid Expenses
Receivables $400.0K $200.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $89.40M $82.10M
YoY Change 8.89% 108.38%
LONG-TERM ASSETS
Property, Plant & Equipment $984.8M $949.4M
YoY Change 3.73% 16.01%
Goodwill
YoY Change
Intangibles $8.273M $2.301M
YoY Change 259.54%
Long-Term Investments
YoY Change
Other Assets $27.50M $18.40M
YoY Change 49.46% 174.63%
Total Long-Term Assets $1.033B $972.2M
YoY Change 6.3% 17.8%
TOTAL ASSETS
Total Short-Term Assets $89.40M $82.10M
Total Long-Term Assets $1.033B $972.2M
Total Assets $1.123B $1.054B
YoY Change 6.5% 21.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $500.0K
YoY Change 40.0% -28.57%
Accrued Expenses $2.900M $3.000M
YoY Change -3.33% 30.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.30M $26.50M
YoY Change 10.57% 4.33%
LONG-TERM LIABILITIES
Long-Term Debt $516.4M $518.0M
YoY Change -0.31% 31.77%
Other Long-Term Liabilities $1.400M $1.400M
YoY Change 0.0% -86.27%
Total Long-Term Liabilities $517.8M $519.4M
YoY Change -0.31% 28.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.30M $26.50M
Total Long-Term Liabilities $517.8M $519.4M
Total Liabilities $547.1M $546.2M
YoY Change 0.18% 27.35%
SHAREHOLDERS EQUITY
Retained Earnings $45.42M $30.42M
YoY Change 49.29% 319.74%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $567.8M $508.1M
YoY Change
Total Liabilities & Shareholders Equity $1.123B $1.054B
YoY Change 6.5% 21.93%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $27.45M $18.31M
YoY Change 49.87% 23.73%
Depreciation, Depletion And Amortization $5.300M $5.400M
YoY Change -1.85% 5.88%
Cash From Operating Activities $19.20M $20.20M
YoY Change -4.95% 17.44%
INVESTING ACTIVITIES
Capital Expenditures -$16.90M -$52.30M
YoY Change -67.69%
Acquisitions
YoY Change
Other Investing Activities $15.70M $4.900M
YoY Change 220.41%
Cash From Investing Activities -$1.300M -$47.40M
YoY Change -97.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.70M 90.40M
YoY Change -80.42% -723.45%
NET CHANGE
Cash From Operating Activities 19.20M 20.20M
Cash From Investing Activities -1.300M -47.40M
Cash From Financing Activities 17.70M 90.40M
Net Change In Cash 35.60M 63.20M
YoY Change -43.67% 2240.74%
FREE CASH FLOW
Cash From Operating Activities $19.20M $20.20M
Capital Expenditures -$16.90M -$52.30M
Free Cash Flow $36.10M $72.50M
YoY Change -50.21% 321.51%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
89573 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
160169 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
150377 shares
CY2017Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2018Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
8898000 USD
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
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3914000 USD
CY2018Q2 us-gaap Intangible Assets Net Excluding Goodwill
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8273000 USD
CY2017Q2 us-gaap Interest Expense
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4508000 USD
us-gaap Interest Expense
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8604000 USD
CY2018Q2 us-gaap Interest Expense
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4877000 USD
us-gaap Interest Expense
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us-gaap Interest Paid
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1290000 USD
CY2018Q2 us-gaap Interest Payable Current And Noncurrent
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186000 USD
CY2018Q2 us-gaap Inventory Net
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156000 USD
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CY2018Q2 us-gaap Liabilities
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547134000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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1068659000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
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us-gaap Limited Partners Capital Account Distribution Amount
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224000 USD
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7781000 USD
CY2018Q2 us-gaap Minority Interest
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7896000 USD
CY2018Q2 us-gaap Minority Interest Ownership Percentage By Noncontrolling Owners
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0.0066
CY2018Q2 us-gaap Minority Interest Ownership Percentage By Parent
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0.9934
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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39234000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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40987000 USD
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us-gaap Net Income Loss
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CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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245000 USD
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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182000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
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291000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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CY2017Q4 us-gaap Notes Payable
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CY2017Q2 us-gaap Number Of Operating Segments
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CY2018Q2 us-gaap Number Of Operating Segments
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2 state
us-gaap Number Of Operating Segments
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2 segment
CY2018Q2 us-gaap Number Of States In Which Entity Operates
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44 state
CY2017Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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550000 USD
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Receivable
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CY2017Q4 us-gaap Other Assets Miscellaneous
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CY2017Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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855000 USD
CY2018Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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2144000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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2719000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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-7000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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3000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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14000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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48000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-409000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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-1034000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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575000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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814000 USD
CY2017Q2 us-gaap Other Cost Of Services
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4583000 USD
us-gaap Other Cost Of Services
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9251000 USD
CY2018Q2 us-gaap Other Cost Of Services
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4786000 USD
us-gaap Other Cost Of Services
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9656000 USD
CY2017Q2 us-gaap Other Income
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34000 USD
us-gaap Other Income
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39000 USD
CY2018Q2 us-gaap Other Income
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231000 USD
us-gaap Other Income
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588000 USD
CY2017Q4 us-gaap Other Liabilities
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5706000 USD
CY2018Q2 us-gaap Other Liabilities
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4946000 USD
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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122000 USD
us-gaap Payments For Proceeds From Deposits On Real Estate Acquisitions
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122000 USD
us-gaap Payments Of Capital Distribution
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249000 USD
us-gaap Payments Of Capital Distribution
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224000 USD
us-gaap Payments Of Dividends
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29054000 USD
us-gaap Payments Of Dividends
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33697000 USD
us-gaap Payments Of Financing Costs
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1690000 USD
us-gaap Payments Of Financing Costs
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0 USD
us-gaap Payments To Acquire Property Plant And Equipment
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64013000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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37989000 USD
us-gaap Payments To Minority Shareholders
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988000 USD
us-gaap Payments To Minority Shareholders
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0 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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CY2018Q2 us-gaap Preferred Stock Shares Authorized
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CY2017Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
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0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value Outstanding
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0 USD
CY2018Q2 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2017Q4 us-gaap Prepaid Expense Current And Noncurrent
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CY2018Q2 us-gaap Prepaid Expense Current And Noncurrent
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449000 USD
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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34609000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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125000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Lines Of Credit
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36000000 USD
us-gaap Proceeds From Lines Of Credit
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0 USD
us-gaap Proceeds From Repayments Of Debt
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us-gaap Proceeds From Repayments Of Debt
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us-gaap Proceeds From Repayments Of Secured Debt
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us-gaap Proceeds From Repayments Of Secured Debt
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0 USD
us-gaap Proceeds From Sale Of Buildings
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5001000 USD
us-gaap Proceeds From Sale Of Buildings
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15714000 USD
CY2017Q2 us-gaap Profit Loss
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18441000 USD
us-gaap Profit Loss
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34081000 USD
CY2018Q2 us-gaap Profit Loss
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27627000 USD
us-gaap Profit Loss
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43990000 USD
CY2018Q2 us-gaap Real Estate Heldforsale
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CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
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598846000 USD
CY2018Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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605407000 USD
CY2017Q4 us-gaap Real Estate Investment Property At Cost
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1564955000 USD
CY2018Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
1590218000 USD
CY2017Q4 us-gaap Real Estate Investment Property Net
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966109000 USD
CY2018Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
984811000 USD
CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
10600000 USD
CY2018Q2 us-gaap Redeemable Noncontrolling Interest Equity Redemption Value
RedeemableNoncontrollingInterestEquityRedemptionValue
9800000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
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4905000 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents
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278000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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36318000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
45418000 USD
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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33153000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
65857000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
34675000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
69479000 USD
CY2017Q2 us-gaap Revenues
Revenues
33153000 USD
us-gaap Revenues
Revenues
65857000 USD
CY2018Q2 us-gaap Revenues
Revenues
34675000 USD
us-gaap Revenues
Revenues
69479000 USD
us-gaap Share Based Compensation
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1198000 USD
us-gaap Share Based Compensation
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2107000 USD
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1634657 shares
us-gaap Stock Issued1
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3608000 USD
us-gaap Stock Issued1
StockIssued1
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CY2015Q4 us-gaap Stock Issued During Period Shares New Issues
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2100000 shares
us-gaap Stock Issued During Period Value New Issues
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34609000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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1941000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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522268000 USD
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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575740000 USD
CY2018Q2 us-gaap Units Of Partnership Interest Amount
UnitsOfPartnershipInterestAmount
409320 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61911699 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60438606 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60215050 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61661560 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60319521 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60125477 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61751530 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61511183 shares
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:138%;padding-bottom:8px;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;">Derivative Instruments and Hedging Activities</font></div><div style="line-height:138%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">We enter into derivative instruments for risk management purposes only, including derivatives designated as hedging instruments as required by FASB ASC Topic 815, Derivatives and Hedging, and those utilized as economic hedges. Our use of derivative instruments is currently limited to interest rate hedges. These instruments are generally structured as hedges of the variability of cash flows related to forecasted transactions (cash flow hedges). We do not enter into derivative instruments for trading or speculative purposes, where changes in the cash flows of the derivative are not expected to offset changes in cash flows of the hedged item. All derivatives are recognized on the balance sheet at fair value. For those derivative instruments for which we intend to elect hedge accounting, at the time the derivative contract is entered into, we document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking the various hedge transactions. This process includes linking all derivatives designated as cash flow hedges to specific assets and liabilities on the consolidated balance sheet or to specific forecasted transactions. We also formally assess, both at the hedge&#8217;s inception and on an ongoing basis, whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.</font></div><div style="line-height:138%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, and otherwise meet the cash flow hedge accounting criteria in accordance with United States generally accepted accounting principals (&#8220;U.S. GAAP&#8221;), changes in the derivatives&#8217; fair value are not included in current earnings but are included in accumulated other comprehensive income (loss), net of tax. These changes in fair value will be reclassified into earnings at the time of the forecasted transaction. Ineffectiveness measured in the hedging relationship is recorded in earnings in the period in which it occurs.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:138%;padding-bottom:8px;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;">Reclassifications</font></div><div style="line-height:138%;padding-bottom:8px;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Certain amounts previously reported under specific financial statement captions have been reclassified to be consistent with the current period presentation. </font></div></div>
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:138%;padding-bottom:8px;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;">Revenue Recognition</font></div><div style="line-height:138%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Effective January 1, 2018, the Company adopted FASB ASU No. 2014-09, &#8220;Revenue from Contracts with Customers&#8221; using the modified retrospective method. The standard outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for those goods or services. Effective January 1, 2018, the Company also adopted FASB ASU No. 2017-15, &#8220;Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.&#8221; Through the evaluation and implementation process, we have determined FCPT&#8217;s key revenue stream that could be impacted by FASB ASU No. 2014-09, as amended by FASB ASU No. 2017-05, is the gain on disposition of real estate reported on the Consolidated Statements of Income and Comprehensive Income. We previously recognized revenue from asset sales at the time of closing (i.e., transfer of asset). After adoption of FASB No. ASU 2014-09, as amended by FASB ASU No. 2017-05, we will evaluate the transaction to determine if control has been transferred to the buyer to determine proper timing of revenue recognition, as well as transaction price allocation. Adoption of this guidance did not have a material impact on our consolidated financial statements or related disclosures.</font></div><div style="line-height:138%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Refer to the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;">Restaurant Revenue</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> section below for details of the impact of FASB ASU No. 2014-09 on the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Kerrow Restaurant Operating Business.</font></div><div style="line-height:138%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:normal;text-decoration:none;">Rental Revenue</font></div><div style="line-height:138%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">For those net leases that provide for periodic and determinable increases in base rent, base rental revenue is recognized on a straight-line basis over the applicable lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a deferred rent receivable. Lease origination fees are deferred and amortized over the related lease term as an adjustment to rental revenue. Taxes </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">collected from lessees and remitted to governmental authorities are presented on a net basis within rental revenue in our Consolidated Statements of Income and Comprehensive Income.</font></div><div style="line-height:138%;padding-bottom:8px;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">For those leases that provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met, the increased rental revenue is recognized as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term.</font></div><div style="line-height:138%;padding-bottom:8px;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">We assess the collectability of our lease receivables, including deferred rent receivables. We base our assessment of the collectability of rent receivables (other than deferred rent receivables) on several factors, including payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. We also base our assessment of the collectability of deferred rent receivables on several factors, including among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we provide a reserve against the recognized deferred rent receivable asset for the portion, up to its full value, that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectability of future rent payments required by a lease, we may adjust our reserve or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates.</font></div><div style="line-height:138%;padding-bottom:8px;text-align:justify;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:normal;text-decoration:none;">Restaurant Revenue</font></div><div style="line-height:138%;padding-bottom:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Restaurant revenue represents food, beverage, and other products sold and is presented net of the following discounts: coupons, employee meals, complimentary meals and gift cards. Revenue from restaurant sales, whether received in cash or by credit card, is recognized when food and beverage products are sold. At June 30, 2018, and December 31, 2017, credit card receivables totaled $</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">86 thousand</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> and $</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">90 thousand</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">, respectively. We recognize sales from our gift cards when the gift card is redeemed by the customer. Sales taxes collected from customers and remitted to governmental authorities are presented on a net basis within restaurant revenue on our consolidated statements of income. </font></div><div style="line-height:138%;padding-bottom:8px;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;"></font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:138%;padding-bottom:8px;padding-top:12px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:138%;padding-bottom:8px;padding-top:13px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the reporting period. The estimates and assumptions used in the accompanying consolidated financial statements are based on management&#8217;s evaluation of the relevant facts and circumstances as of the date of the combination. Actual results may differ from the estimates and assumptions used in preparing the accompanying consolidated financial statements, and such differences could be material.</font></div></div>

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