FCPT Announces CFO Transition; Gerry Morgan to Retire as CFO and Patrick Wernig Named as Successor

Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), announced today that it plans to promote Patrick Wernig, Managing Director of Acquisitions, to Chief Financial Officer subject to his appointment by the Board of Directors (the “Board”).

Mr. Wernig, following a transitional period and subject to his appointment by the Board, will succeed Gerry Morgan as Chief Financial Officer subsequent to the release of the Company’s financial results for the quarter ending March 31, 2024. Mr. Morgan will retire effective May 3, 2024, and assume an interim advisory role within the Company to facilitate the transition. Mr. Wernig has been with the Company since 2016 and has led the Company’s acquisition team since 2018. Prior to FCPT, Mr. Wernig spent several years in J.P. Morgan’s investment banking group focused on clients in the real estate and gaming sectors.

Bill Lenehan, CEO of FCPT, said, “I would like to thank Gerry for his service as CFO. Gerry helped us grow from our spin-off from Darden in 2015 to the ownership of over 1,100 properties. Gerry has been instrumental in making FCPT what it is today, and we wish him all the best in the future.” Mr. Lenehan continued, “I couldn’t be more excited to have Patrick step into the CFO role at FCPT. Patrick was one of our very first hires and brings both institutional knowledge and a deep understanding of capital markets and our acquisitions process.”

Gerry Morgan said, “I am proud of all that we have accomplished over my tenure at FCPT and want to thank Bill and the Board for their support in this process. I am leaving FCPT in great hands with Patrick and the rest of the executive team. FCPT is a special place and I look forward to its continued success. I’d be remiss not to call out Niccole Stewart, the Company’s Chief Accounting Officer, and thank her for her accounting expertise and her partnership over the years.”

John Moody, Chair of FCPT’s Board, said, “Gerry has been a great financial steward for FCPT, and we are sad to see him go. We are excited for what the future holds with Patrick as CFO and look forward to a smooth transition.”

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail 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. Additional information about FCPT can be found on the website at www.fcpt.com.