Four Corners Property Trust (NYSE: FCPT) posts Q2 gains, adds $268M vet portfolio
Rhea-AI Filing Summary
Four Corners Property Trust, Inc. reported second quarter 2026 rental revenue of $70.0 million, up 8.0% year over year. Net income attributable to common shareholders was $30.0 million, or $0.27 per diluted share, versus $27.9 million and $0.28 a year earlier. AFFO per diluted share was $0.45, up 1.4%, and NAREIT FFO per diluted share was $0.42, flat year over year. For the first six months of 2026, net income was $60.3 million ($0.55 per diluted share), with AFFO per share of $0.90 and FFO per share of $0.84. Rent collections remained very high, with 99.7% of contractual base rent received for the quarter. The company declared a $0.3665 quarterly dividend and is transitioning to monthly dividends of $0.1222 per share for July, August and September.
As of June 30, 2026, FCPT’s rental portfolio comprised 1,336 properties in 48 states, 99.5% occupied, under long-term net leases with a weighted average remaining term of 6.6 years23 properties for $57.2 million at a 6.8% initial cash yield and 7.5% GAAP yield, with no dispositions. Management highlighted that through July the company has already surpassed its prior record for annual investment, including the $268 million, 102-building Mission Pet Health veterinary portfolio completed in July, largely under two master NNN leases and with more than 6x rent coverage, which further diversifies rent and reduces Darden exposure to approximately 41% of total rent.
Liquidity at quarter-end was about $525 million, including $25 million of cash, $150 million of undrawn delayed-draw term loans and a fully undrawn $350 million revolver. Total debt was $1,265 million (term loans and unsecured notes), and leverage measured as net debt to adjusted EBITDAre was 5.2x. FCPT closed a new $200 million seven-year senior unsecured delayed-draw term loan in April and, on July 28, entered a Fifth Amended and Restated Credit Agreement that increased the overall facility to $1.15 billion, added a new $400 million term loan maturing in 2031, improved credit spreads (SOFR plus 0.90% on term loans and 0.85% on revolver draws based on current ratings), and extended certain maturities. The company reports 100% fixed-rate debt as of June 30, 2026 and investment grade ratings of BBB/Baa3 on its senior unsecured debt.
Positive
- $268 million acquisition of the 102-property Mission Pet Health veterinary portfolio, the largest single investment in company history, further diversifies rent and reduces Darden exposure to approximately 41% of total annual base rent with portfolio rent coverage above 6x.
- Q2 2026 operating performance remained solid, with rental revenue up 8.0% to $70.0 million, AFFO per share of $0.45 growing 1.4%, rent collections at 99.7%, and portfolio occupancy of 99.5% across 1,336 properties.
- Balance sheet flexibility is supported by about $525 million of liquidity, a fully undrawn $350 million revolver, total debt of $1,265 million at 5.2x net debt to adjusted EBITDAre, and improved term loan spreads at SOFR plus 0.90%–1.25% with largely fixed rates.
Negative
- None.
Filing Explained
By July 29, FCPT had drawn the remaining
8-K Event Classification
Key Figures
Key Terms
Adjusted Funds from Operations (AFFO) financial
Funds From Operations (FFO) financial
EBITDAre financial
annual base rent (ABR) financial
NNN leases financial
Earnings Snapshot
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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
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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:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On July 29, 2026, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 2026. 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 ended June 30, 2026 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 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure.
Members of management of the Company will present an overview of the Company during upcoming investor presentations. A copy of the presentation is attached as Exhibit 99.3 and incorporated by reference herein.
The information in this Item 7.01 and Exhibit 99.3 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
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Press Release Dated July 29, 2026 |
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Supplemental Financial & Operating Information For Quarter Ended June 30, 2026 |
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Investor Presentation of Four Corners Property Trust, Inc. |
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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.
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FOUR CORNERS PROPERTY TRUST, INC. |
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July 29, 2026 |
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/s/ JAMES L. BRAT |
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James L. Brat |
FCPT Announces Second Quarter 2026 Financial and Operating Results
MILL VALLEY, CA – July 29, 2026 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three and six months ended June 30, 2026.
Management Comments
“FCPT delivered strong results in the second quarter of 2026 and, through July, has already surpassed its prior record for total annual investment in a single calendar year,” said Bill Lenehan, Chief Executive Officer. “During July, we completed the largest single investment in the Company’s history with the acquisition of The Mission Pet Health portfolio, which includes 102 buildings for an aggregate purchase price of $268 million. The transaction represents an important diversification milestone, as FCPT has now acquired more than 1,000 properties since founding and reduced our Darden exposure to approximately 41% of total rent. We also successfully refinanced and upsized our credit facility at attractive rates while broadening our lending syndicate to support future growth. With a fully undrawn $350 million revolver, FCPT remains well positioned to pursue its growth objectives.”
Rent Collection Update
As of June 30, 2026, the Company has received rent payments representing 99.7% of its portfolio contractual base rent for the quarter ending June 30, 2026.
Financial Results
Rental Revenue and Net Income Attributable to Common Shareholders
Adjusted Funds from Operations (AFFO)
Funds from Operations (FFO)
General and Administrative (G&A) Expense
Dividends
Real Estate Portfolio
Acquisitions
Dispositions
Liquidity and Capital Markets
Liquidity
Capital Raising
Credit Facilities and Unsecured Notes
Conference Call Information
Company management will host a conference call and audio webcast on Thursday, July 30 at 12:00 p.m. Eastern Time to discuss the results.
Interested parties can listen to the call via the following:
Phone: 1 833 461 5787 (domestic toll free) or 1 585 542 9983 (international) with the meeting ID 641392493
Live webcast: https://events.q4inc.com/attendee/641392493
Replay: A conference call replay will be available for one year via the webcast
About FCPT
FCPT 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 fcpt.com.
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, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. 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. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.
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 Second Quarter 2026 operating results and other information on the Company are available on the investors relations section of FCPT’s website at investors.fcpt.com.
FCPT
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
Four Corners Property Trust
Consolidated Statements of Income
(Unaudited)
(In thousands, except share and per share data)
Four Corners Property Trust
Consolidated Balance Sheets
(In thousands, except share data)
Four Corners Property Trust
FFO and AFFO
(Unaudited)
(In thousands, except share and per share data)
(1) Non-cash gain recognized for GAAP purposes on the exchange of nonfinancial assets related to real estate property
(2) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business
(3) Assumes the issuance of common shares for OP units held by non-controlling interest
Q2 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION Four Corners Property Trust NYSE: FCPT
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 those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. 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 FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’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 FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2025 and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission. Notice regarding non-GAAP financial measures: The information in this communication contains and refers to certain non-GAAP financial measures, including FFO and AFFO. 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 Investors section of our website at www.fcpt.com, and on page 18 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS Q2 2026
Q2 2026 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17
Q2 2026 CONSOLIDATING BALANCE SHEET
Q2 2026 CONSOLIDATED INCOME STATEMENT
Q2 2026 FFO & AFFO RECONCILIATION
Q2 2026 NET ASSET VALUE COMPONENTS
Q2 2026 CAPITALIZATION & KEY CREDIT METRICS
Q2 2026 DEBT SUMMARY
Q2 2026 CREDIT FACILITY AND HEDGING SUMMARY Note: Includes hedges effective as of August 2026 Fully drawn Term Loan is $400 million. $40 million is undrawn as of July 29, 2026 4
Q2 2026 2.9-year Weighted average term for notes/term loans 100% Fixed rate debt 4.06% Weighted average cash interest rate $350 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 6/30/2026 2
Q2 2026 DEBT COVENANTS
Q2 2026 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13
Q2 2026 1,355 Leases / 182 Brands Annual Base Rent of $270.5 million1 100% retail 51% Investment Grade2 1.5% Average Annual Rent Escalator3 BRAND DIVERSIFICATION Other casual dining restaurants Auto service Medical retail Other retail 4 Quick service restaurants
Q2 2026 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI GEOGRAPHIC DIVERSIFICATION 15 >10% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties (WY/ HI) Note: Portfolio includes two leases in AK (not pictured)
Q2 2026 %ANNUALIZED BASE RENT1 99.5% occupied2 as of 6/30/2026 6.6 years weighted average lease term FCPT’s Darden leases average 6.0x rent coverage3 2027 is the first year of Darden spin-off lease maturities LEASE MATURITY SCHEDULE
Q2 2026 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 1 FINANCIAL SUMMARY PG 3 CONTENTS
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. ABR refers to annual cash base rent as of 6/30/2026 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non-cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated biannually by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. 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 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: Transaction costs incurred in connection with business combinations Straight-line rent Stock-based compensation expense Non-cash amortization of deferred financing costs Other non-cash interest expense (income) Non-real estate investment depreciation Merger, restructuring and other related costs Impairment charges Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives Amortization of capitalized leasing costs Debt extinguishment gains and losses Non-cash expense (income) adjustments related to deferred tax benefits 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. Properties refers to properties available for lease. Q2 2026 GLOSSARY AND NON-GAAP DEFINITIONS
Q2 2026 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Q2 2026 PAGE 6 FFO & AFFO RECONCILIATION Non-cash gain recognized for GAAP purposes on the exchange of nonfinancial assets related to real estate property Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 9 DEBT SUMMARY Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.95%-1.00% credit spread. Through 2029, FCPT has entered into interest rate swaps that fix $640 million through November 2026, $640 through November 2027, $615 through November 2028 and $380 through November 2029. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.0% for 2026, 4.0% for 2027, 4.3% for 2028, and 4.5% for 2029 These notes are senior unsecured fixed rate obligations of the Company. Cash interest rate excludes amortization of swap gains and losses incurred in connection with the issuance of these notes. The annual amortization (benefit) of net hedge gains is currently $219 thousand per year As of 6/30/2026, FCPT had no mortgage debt and 100% of FCPT properties were unencumbered Excludes amortization of deferred financing costs on the credit facility and unsecured notes PAGE 11 DEBT MATURITY SCHEDULE Figures as of 6/30/2026, shown with options fully extended The revolving credit facility expires on February 1, 2029 subject to FCPT’s availability to extend the term for two additional six-month periods to February 1, 2030 Term Loan A-1 expires on February 1, 2029, Term Loan A-2 expires on November 9, 2026, and Term Loan A-5 expires March 14, 2027, subject to FCPT’s availability to extend the term for one additional one-year period PAGE 16 LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 6/30/2026 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage PAGE 7 NET ASSET VALUE COMPONENTS See glossary on page 18 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 97% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 9% of non-restaurant ABR or 61% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2026 and the trailing twelve months brand margin ended May 2026 Lease term weighted by annual cash base rent (ABR) as defined in glossary Current scheduled minimum contractual rent as of 6/30/2026 FCPT acquired 23 properties and leasehold interests in Q2 2026; FCPT had no dispositions in the quarter PAGE 14 BRAND DIVERSIFICATION Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 6/30/2026, as defined in glossary Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody’s Average annual rent escalation through June 30, 2031 (weighted by annualized base rent) using the previous twelve months as a base year. Previously, annual rent escalation was calculated assuming expiring leases remained flat. In light of our historical experience of renewals at contractual rent increases, the methodology has been revised to exclude expiring leases from the blended five-year average. Leases owned for less than one year are included based on the annualized first month’s rent Other retail includes properties leased to cell phone stores, bank branches, grocers amongst others. These are often below market rent leases, and many were purchased through the outparcel strategy PAGE 15 GEOGRAPHIC DIVERSIFICATION Annual cash base rent (ABR) as defined in glossary. Includes two leases in Alaska (not pictured) PAGE 19 RECONCILIATION SCHEDULES See glossary on page 18 for non-GAAP definitions Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 8 CAPITALIZATION & KEY CREDIT METRICS Second quarter 2026 dividend was declared on 6/8/2026, and paid on 7/15/2026 Principal debt amount less cash and cash equivalents Current quarter annualized. See glossary on page 18 for definitions of EBITDAre and Adjusted EBITDAre and page 18 for reconciliation to net income FOOTNOTES PAGE 10 CREDIT FACILITY AND HEDGING SUMMARY The revolving credit facility expires on February 1, 2029 subject to FCPT’s availability to extend the term for two additional six-month periods to February 1, 2030. Term Loan A-1 expires on February 1, 2029, Term Loan A-2 expires on November 9, 2026, and Term Loan A-5 expires March 14, 2027, subject to availability to extend the term for one additional one-year period Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.95%-1.00% credit spread. As of 6/30/2026, through 2029, FCPT has entered into interest rate swaps that fix $640 million through November 2026, $640 through November 2027, $615 through November 2028 and $380 through November 2029. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.0% for 2026, 4.0% for 2027, 4.3% for 2028, and 4.5% for 2029 Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.90%-1.25% credit spread. As of 7/29/2026, through 2029, FCPT has entered into interest rate swaps that fix $715 million through November 2026, $715 through November 2027, $690 through November 2028 and $455 through November 2029. A SOFR rate of 3.68% as of 6/30/2026 is used for the 26% unhedged. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.1% for 2026, 4.1% for 2027, 4.4% for 2028, and 4.6% for 2029 PAGE 4 CONSOLIDATING BALANCE SHEET Dividends payable increase is due a one-time transition to a monthly dividends starting in August 2026 in which the Board of Directors declared both the final quarterly dividend payment paid in July 2026 and the first three monthly dividends
Q2 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
INVESTOR PRESENTATION JULY 2026 Four Corners Property Trust NYSE: FCPT
JULY 2026 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 those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, investment pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. 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 FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’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 FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2025 and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission. Notice regarding non-GAAP financial measures: The information in this communication contains and refers to certain non-GAAP financial measures, including FFO and AFFO. 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 Investors section of our website at www.fcpt.com, and on page 28 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS
3 CONSERVATIVE FINANCIAL POSITION PG 21 JULY 2026 CONTENTS 1 COMPANY OVERVIEW PG 3 2 HIGH QUALITY PORTFOLIO PG 13 4 APPENDIX PG 25
JULY 2026 RECENT HIGHLIGHTS AT FCPT As of 6/30/2026 + Mission Pet Health Portfolio1 Approximately 41% of ABR from sectors outside of casual dining Darden is now approximately 41% of ABR vs. 100% at spin in 20151 Darden EBITDAR / rent coverage has grown to approximately 6.0x3 Dividend will be paid monthly starting in August to benefit shareholders via real-time return of capital Completed largest portfolio purchase in company history on July 16 with 102-property MPH veterinary portfolio for $268 million Strong consistency with in-place portfolio featuring low basis, modest rents, strong store-level performance, and scaled operator Average rent coverage of >6x Recent Marquee Acquisition: Mission Pet Health (MPH) Portfolio Diversification Progress & New Monthly Dividend Policy $600 million raised with spread of over 200 bps vs. historic acquisition yields2 $200 million 7-year term loan closed in April at SOFR+125 bps (approximately 4.9% all-in) $400 million 5-year term loan closed in July at SOFR+90 bps (approximately 4.5% all-in) Scaled, granular investments with $351 million acquired through 6/30/2026 + MPH portfolio (avg. price of $2.6 million) FCPT has acquired over 1,000 properties since inception in 2015 Principal focus on restaurant, auto service, and medical retail Select investments in new sectors including grocery, equipment rental, and surgery centers Historic Investment Volume Through July 2026 Low-Rate Debt Issued at Scale to Fuel Growth Achieved favorable risk-adjusted pricing for high-quality net lease assets with credit-worthy tenants ~48% of ABR1 leased to investment-grade operators Avoided sacrificing investment quality to increase spread Cash rent CAGR of approximately 11% since inception FCPT targets fungible real estate with high re-use potential and modest rent High collections (>99%) while avoiding major credit issues No exposure to Zips Car Wash, Walgreens, or Family Dollar Focused on essential services and e-commerce resistant tenants Sidestepped Credit Issues Impacting Peers Executed Acquisitions with Strict Discipline Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties
JULY 2026 WHY OWN FCPT – WHAT MAKES US UNIQUE WITHIN NET LEASE? Superior Capital Allocation Modulate new investments if cost of capital weakens or accretion shrinks Minimize fees and discounts on capital raising Long track record of conservative leverage Avoid sacrificing investment quality to increase spread Fungible Real Estate Excellent visibility and access paired with strong demographics Target sectors are e-commerce and recession resistant Industry-leading EBITDAR coverage Avoided problem tenants prone to credit issues Shareholders First Low overhead with aligned compensation Top-decile governance scores Hyper-transparent disclosure regime High level of executive alignment and ownership Full list of portfolio sites displayed on our website and disclosure of our top 35 brands Granular Selective Portfolio Portfolio led by Darden, a premier investment grade tenant Highly selective underwriting through a consistent model balanced between credit and real estate Low value at risk with average purchase price of ~$3 million per property REPRESENTATIVE BRANDS 1 3 2 4 We combine a differentiated, disciplined approach to net lease with a highly transparent disclosure regime
“ JULY 2026 SPOTLIGHT ON CAPITAL RAISING IN 2026: 5-YEAR TERM LOAN UPSIZE AND RECAST FCPT closed on a new $400 million 5-year Term Loan in July; this is in addition to a $200 million 7-year Term Loan closed in April Of the $400 million, (i) $190 million was used to pay down maturing Term Loans, and (ii) $210 million of incremental proceeds was used to pay down the revolver and will be used to fund the investment pipeline and other general corporate purposes $360 million was immediately drawn at closing with the remaining $40 million expected to be drawn in Q3 or early Q4 2026 The coupon of SOFR+0.90% provides an estimated all-in interest rate of approximately 4.5%,1 representing over 200 basis points of spread to historical acquisition yields2 Inclusive of hedges effective in August 2026 and inclusive of the fully drawn term loan, FCPT has fixed SOFR for approximately 72% of Term Loans at a blended rate of 3.1%; the overall debt profile including private notes is approximately 82% fixed Other Highlights of the Recast: FCPT’s lenders agreed to improved spreads under the agreement to SOFR+0.90% for other term loan tranches. FCPT expects this could provide interest expense savings of approximately $450,000 annually across the $800 million of total term loans in the subject facility3 FCPT’s lenders agreed to extend the maturity of Tranche A-5 ($85 million) to March 2028 and provide and additional one-year extension option to March 2029. This further improves FCPT’s debt maturity laddering Note: Term Loan and Revolver maturities are shown fully extended. New Term Loan shown fully drawn PRO FORMA DEBT MATURITY SCHEDULE ($ MILLIONS) Weighted Avg. Maturity: approximately 4.3 years (incl. extension options)
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 FCPT’s strategy to own high-quality real estate with strong underlying tenant operating performance. This deal further increased FCPT’s portfolio rent coverage and accelerated the tenant diversification of our total portfolio Lease Structure: 100 of 102 properties are contained within two master NNN leases. The portfolio has 10 years of weighted average lease term remaining with strong annual rent increases of above 2% Performance: Portfolio EBITDAR covers rent at a very strong aggregate ratio of more than 6x Funding: FCPT funded the purchase with a mix of cash and existing debt capacity; closing was not contingent on any equity capital raising Pro Forma Diversification Snapshot: Mission Pet Health is now FCPT’s third-largest brand by cash rent; Darden exposure is approximately 41% of pro forma ABR1 Attractive Real Estate: This portfolio features high-performing stores in attractive retail and medical corridors, and score well on FCPT’s proprietary scorecard Established, Trusted Counterparty: Shore Capital, a $14+ billion AUM private equity firm, both operates Mission Pet Health and owns the underlying real estate being sold to FCPT through a separate vehicle. This provides full alignment between the tenant business and lease structuring assets Shore has deep healthcare investing experience and a strong track record of scaling their portfolio businesses Mission Pet Health’s financial profile was further augmented by a minority investment from Silver Lake, underscoring the platform’s demonstrated growth trajectory and institutional credibility Large-Scale Acquisition Capability: FCPT has built a platform and team that can handle scaled portfolio opportunities. FCPT moved efficiently and effectively while remaining firmly within our underwriting standards. FCPT will continue to pursue incremental scaled transactions so long as quality and accretion thresholds are met JULY 2026 Advanced Pet Care (Parker, CO) Livewell Animal Hospital (Cypress, TX) Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties
JULY 2026 Mission Pet Health Portfolio 102 locations across 31 states CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO Portfolio Sample Site Denotes medical property Portfolio Sample Site
ANNUAL BASE RENT ($ million)1 3.1x $288 41% Darden + MPH Portfolio 100% Darden JULY 2026 FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR Q2 2026 Properties As of 6/30/2026 + MPH 418 1,438 + 1,020 (3.4x) Brands As of 6/30/2026 + MPH 5 182 + 177 We have grown our team, put in place substantial risk management and refined our investment and property management capabilities all while improving access to capital2 Darden as % of ABR As of 6/30/2026 + MPH 100% 41% - 59% Investment volume As of 6/30/2026 + MPH $2.7 billion + $2.7 billion 2015 - AFFO per share (LTM) As of 6/30/2026 $1.22 $1.80 + $0.58 (1.5x) Dividend per share (annualized) $0.80 (Q4 2015) $1.47 + $0.67 (1.8x) ENTERPRISE VALUE ($ million) $3,938 3.0x Equity Net Debt $1,324 EBITDAR coverage As of 6/30/2026 4.2x 5.2x (Darden 6.0x) + 1.0x Δ Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties. Annual Cash Base Rent (ABR) as defined in glossary
JULY 2026 $288 million of ABR across 1,457 leases and 182 brands1 29% Olive Garden (vs. 74% at inception) 8% LongHorn (vs. 20% at inception) 41% tenancy outside of casual dining (vs. 0% at inception) Other Casual Dining Restaurants Auto Service Other Medical Retail Other Retail The spin-off Darden portfolio remains a strong foundation tenant for FCPT. Over half the portfolio (~59%) has been diversified to new tenants across restaurant, medical retail and auto service industries1 222 leases 38 brands Auto Service 13% 107 leases 6% 55 leases 28 brands Other Retail 3% 2 2 Quick Service Restaurants 2% 83 leases 6% 30 leases 110 leases 25 brands Other Casual Dining Restaurants 9% 118 leases 317 leases 29% 8% 234 leases 40 brands 10% Quick Service Restaurants 17 leases 2% 31 leases 2% PRO FORMA PORTFOLIO As of 6/30/2026 + Mission Pet Health Portfolio1 133 leases 44 brands Other Medical Retail 10% 1 1 Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties Pro Forma Medical Retail 16% 1
JULY 2026 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($M) CAP RATE +88 FCPT has consistently delivered growth and diversification through new investments. We focus on credit-worthy tenants, high quality real estate, low investment basis per property and efficient execution PROPERTY COUNT AVERAGE SIZE ($M) +87 +105 2026 is already a record acquisition year for the company with five months remaining Includes 33 properties closed through 6/30/2026 and 102 Mission Pet Health properties1 1 1 1 +135 Pro Forma Historical Through 6/30/26+MPH Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties
JULY 2026 LONG-TERM CAPITAL RETURNS TO SHAREHOLDERS VIA DIVIDENDS FCPT Historical Dividends Year End Date Total Dividends Declared Growth 1 12/31/2016 $0.9700 – 2 12/31/2017 $1.0025 +3.4% 3 12/31/2018 $1.1125 +11.0% 4 12/31/2019 $1.1675 +4.9% 5 12/31/2020 $1.2325 +5.6% 6 12/31/2021 $1.2850 +4.3% 7 12/31/2022 $1.3375 +4.1% 8 12/31/2023 $1.3650 +2.1% 9 12/31/2024 $1.3900 +1.8% 10 12/31/2025 $1.4315 +3.0% Total Growth Since Inception: +47.6% 9-Year CAGR: +4.4% Since paying our first regular-way dividend in 2016, FCPT has delivered ten consecutive years of payments and returned more than $1 billion in capital to shareholders We have never missed, delayed, or cut a dividend payment – not even during the height of the COVID pandemic Since inception, we have increased the dividend every year for a total of +48%, representing a +4.4% compound annual growth rate Investors who bought FCPT shares at a 5% dividend yield in 2016 would today be earning an approximate 7.5% yield on that original cost basis In June 2026, FCPT announced a shift to monthly dividend payments as a continuation of shareholder-focused decision making
JULY 2026 CONTENTS 1 COMPANY OVERVIEW PG 3 2 HIGH QUALITY PORTFOLIO PG 13 4 APPENDIX PG 25 3 CONSERVATIVE FINANCIAL POSITION PG 21
JULY 2026 HIGH-QUALITY PORTFOLIO SUPPORTED BY STABLE BALANCE SHEET1 As of 6/30/2026 1,355 leases 182 brands 6.6-year average lease term $271 million annual base rent (ABR) $0.450 AFFO per share (Q2), representing 1.4% YoY growth5 $57 million of investments (Q2) at 6.8% cash / 7.5% GAAP cap rate 99.5% occupied 1.5% average annual escalator2 5.2x tenant EBITDAR coverage3 51% investment grade4 6,614 SF average asset size 29,546 average daily vehicle count $67,323 median household income 58,617 average 3-mile population $350 million undrawn revolver 5.2x net debt to adj. EBITDAre6 4.6x fixed charge coverage 100% fixed rate debt as of 6/30/26 Baa3 / BBB (Moody’s / Fitch) Portfolio Highlights Financial Highlights
FCPT National Brands with Strong Credit Profiles Small Building, Fungible Real Estate Low Rent & Investment Basis JULY 2026 FCPT’S TRIPLE INVESTMENT FILTER Our portfolio is leased to service tenants - principally Restaurants, Auto Service and Medical Retail The intentional focus on these subsectors reflect a multi-tiered filter that favors fungible, credit-worthy net lease tenants with low rent There are many properties in other retail subsectors that meet these thresholds, but we have found the deepest opportunity set within Restaurants, Auto Service, and Medical Retail Our investment approach seeks to de-risk net lease investing through a highly-filtered selection process
JULY 2026 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 Pharmacies: NO EXPOSURE Entertainment: NO EXPOSURE Gyms: NO EXPOSURE Furniture: NO EXPOSURE EV-only Auto Service: NO EXPOSURE Dollar Stores: 0.05% ABR exposure1 as of 6/30/2026 (No exposure to brands listed here) General Merchandise: 0.6% ABR exposure2 as of 6/30/2026 (No exposure to brands listed here) Car Washes: 1.1% ABR exposure3 as of 6/30/2026 (No exposure to brands listed here) FCPT HAS AVOIDED: Service Centers
“ JULY 2026 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 conservative leverage position 2 3 4 Share Price Return 1 Representative of 6/30/2026 portfolio data 1
JULY 2026 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS FCPT seeks and acquires properties with a significantly lower value at risk per site as compared to peers FCPT’s emphasis on low rents and fungible buildings have created a portfolio with minimal liability at the individual property level, reducing risk in the event of lease maturity or in the event of tenant credit issues 1 FCPT’s strategy focuses on low basis investments in small box (<20,000 SF) retail properties. This has resulted in high tenant renewal rates and capturing high re-leasing spreads at lease maturity
JULY 2026 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 OCCUPANCY2 1
Darden's INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT JULY 2026 Darden Senior Credit Default Swaps (CDS) Curve (5-year) Basis Points The historically low pricing of Darden’s CDS demonstrates how their fortress credit profile remains strong Ask price: 39 bps High on 03/20/20: 360 bps Average: 62 bps Low on 02/12/20: 27 bps Very tight pricing spreads for Darden to have a credit event
JULY 2026 CONTENTS 1 COMPANY OVERVIEW PG 3 2 HIGH QUALITY PORTFOLIO PG 13 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX PG 25
“ JULY 2026 PRO FORMA DEBT MATURITY SCHEDULE ($ MILLIONS) FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility Weighted average debt maturity of approximately 4.3 years pro forma for new recast and upsized term loan closed in July and including extensions Limited near-term debt maturities Conservative leverage and strong liquidity profile Committed to maintaining conservative 5.0x–6.0x leverage range $350 million revolver availability Conservative dividend payout ratio of approximately 80% of AFFO Minimal floating rate exposure 82% of debt is fixed rate including the effect of interest rate hedges and pro forma for the new, fully drawn term loan closed in July (as of hedges effective August 2026) Investment grade rated Rated BBB by Fitch and Baa3 by Moody’s CONSERVATIVE FINANCIAL POLICIES Note: Term Loan and Revolver maturities are shown fully extended
JULY 2026 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 spread investing above its cost of capital FCPT has always maintained its commitment to a conservative leverage profile throughout its corporate history regardless of the broader capital markets landscape FCPT HISTORICAL LEVERAGE1
JULY 2026 LADDERED LEASE MATURITY SCHEDULE As of 6/30/2026 %ANNUALIZED BASE RENT1 99.5% occupied2 as of 6/30/2026 6.6 years weighted average lease term 6.0x Rent Coverage on average for FCPT’s Darden leases3 FCPT has a very well-laddered maturity schedule and has a track record of very high renewal rates on lease maturities to date 2027 is the first year of Darden spin-off lease maturities; FCPT’s Darden leases average 6.0x rent coverage3
JULY 2026 CONTENTS 1 COMPANY OVERVIEW PG 3 2 HIGH QUALITY PORTFOLIO PG 13 4 APPENDIX PG 25 3 CONSERVATIVE FINANCIAL POSITION PG 21
“ $0.3666 JULY 2026 DIVIDEND POLICY UPDATED TO MONTHLY PAYMENTS In June 2026, FCPT announced an update to its dividend policy to provide monthly payments beginning in Q3 2026, with the first monthly payment slated for July’s dividend (set to be paid in August 2026) The announced monthly dividend will be $0.1222 which is the equivalent to the current quarterly $0.3665 rate Key Summary Points: Shareholder-friendly Better alignment with monthly rent collection Low incremental cost Long-established, well-received practice amongst several peers in the net lease sector Future dividends are authorized and declared at discretion of FCPT’s Board of Directors 1 Monthly Dividend
JULY 2026 CASE STUDY: FCPT’S CHRISTIAN BROTHERS SALE-LEASEBACK PORTFOLIO Portfolio Sample Site Christian Brothers Automotive Corporation (CBAC) is a privately held, full-service auto repair franchise offering dealership-quality service at below-dealership prices in a recession resilient, repair-over-replacement category. This tenant represents a continuation of FCPT’s strategy to build scaled exposure to high-quality, growing operators Sale-Leaseback Pipeline: Since Q4 2024, FCPT has executed three direct sale-leasebacks with CBAC for total proceeds of approximately $69 million Strong, Guaranteed Counterparty: CBAC offers a broad service menu (oil changes, brakes, diagnostics, transmission, routine maintenance) and has grown rapidly from 213 locations (2019) to 300+ sites (2026) across the U.S. CBAC’s corporate arm signs and guarantees every lease, then subleases to a vetted franchisee with fewer than 2% of applicants approved Strong brand equity: 300+ units across 30 states #1 on the J.D. Power Aftermarket Service Index for four consecutive years Lease Structure: Individual 15-year absolute NNN leases Funding & Efficiency: FCPT leveraged pre-negotiated form documents across successive deals to lower costs and improve execution efficiency, with 42 days LOI-to-close on average Attractive Real Estate: New construction, single-tenant freestanding sites in growing retail corridors near national anchors that score well on FCPT’s proprietary scorecard Portfolio Sample Site Christian Brothers (Sarasota, FL) Denotes automotive property
JULY 2026 GLOSSARY AND NON-GAAP DEFINITIONS 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. ABR refers to annual cash base rent as of 6/30/2026 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non-cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated biannually by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. 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 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 business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Non-cash expense (income) adjustments related to deferred tax benefits 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. Properties refers to properties available for lease.
JULY 2026 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
JULY 2026 FFO & AFFO RECONCILIATION
PAGE 4 RECENT HIGHLIGHTS AT FCPT Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties Based on historical cash yields averaging approximately 6.6% and historical cash yields of last three years (2025-2023) averaging approximately 6.9% See glossary on page 28 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 97% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 9% of non-restaurant ABR or 61% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2026 and the trailing twelve months brand margin ended May 2026 PAGE 24 LADDERED LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 6/30/2026 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage See glossary on page 28 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 97% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 9% of non-restaurant ABR or 61% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2026 and the trailing twelve months brand margin ended May 2026 JULY 2026 ENDNOTES PAGE 5 WHY OWN FCPT? Based on coverage as disclosed by FCPT’s peer net lease companies PAGE 14 HIGH-QUALITY PORTFOLIO SUPPORTED BY STABLE BALANCE SHEET Figures as of 6/30/2026 Weighted averages based on contractual Annual Cash Base Rent as defined in glossary, except for occupancy which is based on portfolio square footage. See glossary on page 28 for definitions Average annual rent escalation through June 30, 2031 (weighted by annualized base rent) using the previous twelve months as a base year. Previously, annual rent escalation was calculated assuming expiring leases remained flat. In light of our historical experience of renewals at contractual rent increases, the methodology has been revised to exclude expiring leases from the blended five-year average. Leases owned for less than one year are included based on the annualized first month’s rent See glossary on page 28 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 97% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 9% of non-restaurant ABR or 61% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2026 and the trailing twelve months brand margin ended May 2026 Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies See page 28 for non-GAAP definitions, and page 30 for reconciliation of net income to AFFO. FCPT reports the per share growth rate for FFO and AFFO as the reporting period's year-over-year increase in the per share metrics rounded to 3 decimal places See page 29 for reconciliation of net income to adjusted EBITDAre and page 28 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 9 FCPT AT 10 YEARS Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties. Annual Cash Base Rent (ABR) as defined in glossary Past performance does not guarantee future results PAGE 29 RECONCILIATION SCHEDULES See glossary on page 28 for non-GAAP definitions Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 30 FFO & AFFO RECONCILIATION Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 22 CONSERVATIVE FINANCIAL POLICIES Figures as of 6/30/2026, except otherwise noted See page 29 for reconciliation of net income to adjusted EBITDAre and page 28 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 19 CONSISTENTLY STRONG PORTFOLIO PERFORMANCE FCPT reported 92% collected rent in Q2 2020, with 4% abated in return for lease modifications and 3% deferred. FCPT collected the 3% deferred rent in Q4 2020. The 98.8% number above included deferred rent that was paid and the abated rent for which FCPT received beneficial lease modifications Occupancy based on portfolio square footage PAGE 23 FCPT’S HISTORICAL LEVERAGE PROFILE See page 29 for reconciliation of net income to adjusted EBITDAre and page 28 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents. Includes any forward equity contracts outstanding as of quarter end PAGE 16 HIGHLY SELECTIVE APPROACH TO NET LEASE Note: All data as of 6/30/2026 Annual cash base rent (ABR) as defined in glossary; FCPT owns 1 dollar store site leased to Dollar General Annual cash base rent (ABR) as defined in glossary; FCPT owns 7 general merchandise sites leased to REI (2), Jared Jewelry (2), Orvis (1), Mattress Firm (1), and Sleep Number (1) Annual cash base rent (ABR) as defined in glossary; FCPT owns 10 car wash sites leased to Whistle Express (9) and Club Car Wash (1) PAGE 18 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1. Source: Public filings as of 12/31/2025 PAGE 10 PRO FORMA PORTFOLIO Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties Other retail includes properties leased to cell phone stores, bank branches, grocers amongst others. These are often below market rent leases, and many were purchased through the outparcel strategy PAGE 17 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS Representative of 6/30/2026 portfolio data Source: Public filings as of 7/28/2026 FactSet’s All Restaurant Index is composed of 22 restaurant and food service equities FCPT’s Portfolio Restaurant Index is weighted based on the share of FCPT’s ABR attributable to brands operated by public companies. For private-operated brands in our portfolio, we use FactSet’s All Restaurant Index as a proxy PAGE 11 CONSISTENT ANNUAL INVESTMENT GROWTH Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties Note: Figures exclude capitalized transaction costs. Initial cash yield calculation excludes $2.1 million, and $2.4 million of real estate purchases in our Kerrow operating business for 2019 and 2020, respectively. 2022 initial cash yield reflects near term rent increases and rent credits given at closing; the initial cash yield with rents in place as of closing is 6.4% PAGE 6 SPOTLIGHT ON CAPITAL RAISING IN 2026: 5-YEAR TERM LOAN UPSIZE AND RECAST Based on floating SOFR rate of approximately 3.6% as of July 27, 2026, plus credit spread of 0.90% Based on historical cash yields averaging approximately 6.6% and historical cash yields of last three years (2025-2023) averaging approximately 6.9% Excludes seven-year term loan facility closed in April 2026. Credit spread for said facility remains SOFR + 1.25% PAGE 7 CASE STUDY: FCPT TO ACQUIRE $268 MILLION VETERINARY PORTFOLIO Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio closed on 7/16/2026. FCPT previously owned five Mission Pet Health properties
INVESTOR PRESENTATION JULY 2026