Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Investor Presentation (October 2026)
37 slides from Four Corners Property Trust's investor presentation, October 2026
Slide 1: Investor Presentation Q3 2026
Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION Q3 2026
Slide 2: Forward Looking Statements and Disclaimers
FORWARD LOOKING STATEMENTS AND DISCLAIMERS Cautionary note regarding forward-looking statements: 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
Slide 3: Recent Highlights at FCPT
RECENT HIGHLIGHTS AT FCPT Historic investment volume Executed acquisitions Recent 100% renewal of Darden through October 2026 with strict discipline leases for 2027 tranche Largest volume quarter in company Achieved favorable risk-adjusted Renewal agreement covers the 66 history driven by portfolio
Slide 4: FCPT at a Glance
FCPT AT A GLANCE1 1,476 leases 6,746 SF average asset size $0.46 AFFO per share (Q3), representing 2.9% YoY growth2 185 brands 28,705 average daily vehicle count $326 million of investments in 6.7-year average lease term $64,578 median household income Q3 2026 at 6.6% cash / 7.1% 58,323 average 3-mi
Slide 5: 100% Olive Garden and LongHorn 2027 Lease Renewal
100% OLIVE GARDEN AND PRE-DARDEN RENEWAL (9/30)1 LONGHORN 2027 LEASE RENEWAL 11.1% 11.8% 6.7 years 10.0% W.A. lease term 9.7% 9.9% Full renewal of Olive Garden and LongHorn leases 9.3% 3.6% 8.3% within the inaugural spin-off tranche 7.5% Darden Renewal 5.5% 5.1% Darden Spin-Off Leases 5.7% 7.5% • On
Slide 6: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 3 CONSERVATIVE FINANCIAL POSITION PG 19 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 5 APPENDIX: OTHER PG 27 OCTOBER 2026 6
Slide 7: Portfolio Snapshot
PORTFOLIO SNAPSHOT $293 million of ABR across 1,476 leases and 185 brands1 • 29% Olive Garden (vs. 74% at inception) 317 leases 29% • 8% LongHorn (vs. 20% at inception) • 42% tenancy outside of casual dining (vs. 0% at inception) 118 leases 8% 83 leases 6% 8% 30 leases 2% 6% 32 leases 2% 29% 2% 17 l
Slide 8: Consistent Annual Investment Growth
CONSISTENT ANNUAL INVESTMENT GROWTH FCPT has consistently delivered growth and diversification through new investments. We focus on credit-worthy tenants, high quality real estate and efficient execution PROPERTY COUNT 1456 1303 1198 1111 1023 919 799 699 610 475 515 418 +57 +40 +95 +89 +100 +120 +1
Slide 9: Why Own FCPT – What Makes Us Unique Within Net Lease?
WHY OWN FCPT – WHAT MAKES US UNIQUE WITHIN NET LEASE? We combine a differentiated, disciplined approach to net lease with a highly transparent disclosure regime 1 Superior Capital Allocation 2 Granular Selective Portfolio • Modulate investment amount based upon • Portfolio led by Darden, a premier c
Slide 10: FCPT at 11 Years: From Spin-Off to Seasoned Net Lease Investor
FCPT AT 11 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR ANNUAL BASE RENT 2015 TODAY ($ million)1 Annual base rent1 $94 million $293 million + $199 million (3.1x) $293 Enterprise value $1.3 billion $4.0 billion + $2.7 billion (3.1x) 3.1x $174 Properties 418 1,456 + 1,038 (3.5x) 100% $118 40% B
Slide 11: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 3 CONSERVATIVE FINANCIAL POSITION PG 19 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 5 APPENDIX: OTHER PG 27 OCTOBER 2026 11
Slide 12: Highly Selective Approach to Net Lease
HIGHLY SELECTIVE APPROACH TO NET LEASE While we underwrite properties in these sectors and may acquire stores in these sectors in the future, they are not in our current target base and would need to meet our high thresholds to be considered in the future FCPT HAS AVOIDED: • Pharmacies: NO EXPOSURE
Slide 13: Aligned with Strong Restaurant Brand Operators
ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS • FCPT’s restaurant tenants are principally large, publicly-traded companies and brands • Many of these casual dining and quick service restaurant brands that anchor our portfolio have generated strong same-store performance while maintaining a conserva
Slide 14: Unique and Highly Secure Net Lease
UNIQUE AND HIGHLY Ground Leased $155k average rent 74% structurally SECURE NET LEASE superior to regular way net 10% lease • Our portfolio is primarily outparcel properties in high density retail corridors High • ~74% of rent featuring unique benefits structurally Quality Ground & Darden superior to
Slide 15: Low Basis Portfolio Limits Downside of Negative Credit Events
LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1 Average Building Size (SF) Average Basis per Property Acquired (as of 12/31/2025)1 ($ million, 2025)1 Industry Average; $17.2 19,328 $15.2 19,662 20,755 Industry Average Industry (retail only); 13,012 Average; $6.7 14,803 Industry 11,24
Slide 16: Consistently Strong Portfolio Performance
CONSISTENTLY STRONG PORTFOLIO PERFORMANCE FCPT has one of the highest-quality and consistent portfolios in the net lease sector. We have established a strong track record over time (even through the COVID-19 pandemic) RENT COLLECTIONS 99.5% 98.8% 99.6% 99.6% 99.7% 99.8% 99.8% 99.8% 99.7% 99.9% 99.8%
Slide 17: Darden's Investment Grade Profile Remains a Strong Foundation
DARDEN'S INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT Darden Senior Credit Default Swaps (CDS) Curve (5-year) 400 350 Ask price: 42 bps High on 03/20/20: 360 bps 300 Average: 63 bps Low on 02/12/20: 27 bps 250 Basis Points 200 Very tight pricing spreads for 150 Darden to have a cred
Slide 18: Geographically Diverse
GEOGRAPHICALLY DIVERSE WA • FCPT’s holdings are geographically diverse MT ME with properties in 48 states ND OR VT MN NH ID • The portfolio is primarily comprised of WY SD WI NY MA MI suburban markets in the Midwest and (4%) PA RI IA CT southeast NV NE IN OH NJ IL (7%) DE UT (5%) CA CO (7%) WV • FCP
Slide 19: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 3 CONSERVATIVE FINANCIAL POSITION PG 19 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 5 APPENDIX: OTHER PG 27 OCTOBER 2026 19
Slide 20: Conservative Financial Policies
CONSERVATIVE FCPT maintains a well-laddered debt maturity and 100% FINANCIAL POLICIES unencumbered assets to provide financial flexibility • Weighted average debt maturity 3.8 years excluding extensions FULLY EXTENDED DEBT MATURITY • Limited near-term debt maturities (~8% before 2028) SCHEDULE($ MIL
Slide 21: FCPT's Historical Leverage Profile
FCPT’S HISTORICAL LEVERAGE PROFILE • FCPT has a stated leverage target of 5.0x-6.0x and has been below or in the range of its target since inception • Discipline around our leverage is embedded into company culture and our approach to funding growth • FCPT has demonstrated a commitment to positive s
Slide 22: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 3 CONSERVATIVE FINANCIAL POSITION PG 19 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 5 APPENDIX: OTHER PG 27 OCTOBER 2026 22
Slide 23: Diversification with Scaled, Creditworthy National Brands
DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS TOP 35 FCPT FCPT METRICS BRAND METRICS2 FCPT Total Sales Publicly PORTFOLIO BRANDS 1 Rank Brand Name Leases % of ABR1 Stores ($mm) Traded? 1 Olive Garden 317 28.7% 953 $5,624 DRI 1 2 3 4 5 2 Longhorn Steakhouse 118 8.2% 624 $3,508 DRI 3 Missi
Slide 24: FCPT's Triple Investment Filter
FCPT’S TRIPLE INVESTMENT FILTER National • Our portfolio is leased to service Brands tenants - principally Restaurants, with Strong Auto Service and Medical Retail Credit Profiles • The intentional focus on these subsectors reflect a multi-tiered filter that favors fungible, credit- worthy net lease
Slide 25: Investment and Underwriting Framework
INVESTMENT AND UNDERWRITING FRAMEWORK CREDIT CRITERIA REAL ESTATE CRITERIA ~50% ~50% • Guarantor credit and health • Location • Brand durability • Retail corridor strength & demographics • Store performance • Access / visibility • Lease term and structure • Absolute and relative rent • Pad site and
Slide 26: Underwriting Geared Toward Higher Sales Volume & Brands
UNDERWRITING GEARED TOWARD HIGHER SALES VOLUME & BRANDS Brand Average Sales Casual Volume ($000s)1 Dining $8,000 Quick Service $7,000 FCPT focuses on national brands with strong sales volumes and market appropriate rents $6,000 Fast Casual $5,000 $4,000 $3,000 $2,000 $1,000 $0 FCPT pursues propertie
Slide 27: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 3 CONSERVATIVE FINANCIAL POSITION PG 19 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 5 APPENDIX: OTHER PG 27 OCTOBER 2026 27
Slide 28: FCPT's Strong Disposition Track Record
FCPT’S STRONG DISPOSITION TRACK RECORD • Most of FCPT’s historical dispositions were opportunistic and featured low cap rates • 24 properties sold since 2016 • $122 million total proceeds at 5.4% average cap rate • No sold properties since 2023 • We regularly receive reverse inquires to purchase FCP
Slide 29: Case Study: FCPT Acquires $268 Million Veterinary Portfolio
CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO • On July 16, FCPT acquired 102 Mission Pet Health properties for $268 million on initial cash rent of approximately $17.37 million, inclusive of contractual rent increases in September 2026 • This transaction represents a continuation of F
Slide 30: Case Study: FCPT Acquires $268 Million Veterinary Portfolio
CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO Woodruff Road Animal Hospital (Simpsonville, SC) Mission Pet Health Portfolio Portfolio Sample Portfolio Sample Site Site Denotes medical property 3-mile Population 51,124 3-mile Median HHI $129,699 Average Vehicles Per Day 25,000 102 locat
Slide 31: Case Study: FCPT's Christian Brothers Sale-Leaseback Portfolio
CASE STUDY: FCPT’S CHRISTIAN BROTHERS SALE-LEASEBACK PORTFOLIO • Christian Brothers Automotive Corporation (CBAC) is a privately held, Christian Brothers (Sarasota, FL) full-service auto repair franchise offering dealership-quality service at PortfolioSample Portfolio SampleSite Site below-dealershi
Slide 32: Construction Costs Continue to Rise
CONSTRUCTION COSTS CONTINUE TO RISE • Industry-wide, developers are facing a long-term trend of inflated growth for building costs. These costs do not yet factor in the impact of tariffs given their delayed rollouts and stocks of pre-purchased inventories • The Turner Building Cost Index1 aggregates
Slide 33: Glossary and Non-GAAP Definitions
GLOSSARY AND NON-GAAP DEFINITIONS NON-GAAP DEFINITIONS AND CAUTIONARY NOTE REGARDING Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is Adjusted Funds From Operations “AFFO” is a non-GAAP FORWARD-LOOKING STATEMENTS: derived from the most recent data provided by tenants that discl
Slide 34: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2026 2025 2026 2025 Net Income $ 28,879 $ 28,877 $ 89,240 $ 83,018 Adjustments: Interest expense 17,372 12,955 44,306 38,767 Income tax
Slide 35: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2026 2025 2026 2025 Net income $ 28,879 $ 28,877 $ 89,240 $ 83,018 Depreciation and amortization 18,509 14,988 51,110 44,025 1 Realized gain on exchange of r
Slide 36: Endnotes
ENDNOTES PAGE 3 RECENT HIGHLIGHTS AT FCPT PAGE 12 HIGHLY SELECTIVE APPROACH TO NET LEASE PAGE 26 UNDERWRITING GEARED TOWARD HIGHER SALES VOLUME & BRANDS 1. Source: Public filings Note: All data as of 9/30/2026 1. Brand average sales per Nation’s Restaurant News Top 500 (2025 edition, uses 2. As of 3
Slide 37: Thank You
Four Corners Property Trust NYSE: FCPT THANK YOU INVESTOR PRESENTATION Q3 2026
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