Four Corners Property Trust (NYSE: FCPT) lifts 2025 earnings, expands net lease portfolio

Q: How did Four Corners Property Trust (FCPT) perform financially in Q4 2025?

FCPT’s Q4 2025 results showed solid growth. Rental revenue increased 11.6% year over year to $67.8 million, and net income attributable to common shareholders was $29.4 million, or $0.28 per diluted share, compared with $26.2 million, or $0.27 per diluted share, in Q4 2024.

Q: What were FCPT’s full-year 2025 earnings and cash flow metrics?

For 2025, FCPT delivered higher earnings and cash flow. Net income attributable to common shareholders reached $112.4 million, or $1.09 per diluted share. NAREIT FFO per diluted share was $1.68 and AFFO per diluted share was $1.78, both above 2024 levels, reflecting portfolio growth and stable operations.

Q: How large is Four Corners Property Trust’s real estate portfolio at year-end 2025?

FCPT has a sizable, highly occupied net lease portfolio. As of December 31, 2025, the company owned 1,303 properties across 48 states. The portfolio was 99.6% occupied by square footage under long-term net leases, with a weighted average remaining lease term of approximately 6.9 years, supporting recurring rental income.

Q: What acquisitions did FCPT complete in 2025 and at what yields?

FCPT was active on acquisitions throughout 2025. The company acquired 105 properties for a combined purchase price of $317.9 million at an initial weighted average cash yield of 6.8%. In Q4 2025 alone, it bought 30 properties for $95.0 million at a 7.0% initial weighted average cash yield.

Q: How strong were FCPT’s rent collections and occupancy in 2025?

Rent collections and occupancy remained very strong. As of December 31, 2025, FCPT had received 99.5% of contractual base rent for Q4 2025 and 99.8% for the full year. The rental portfolio was 99.6% occupied, indicating limited vacancy risk and stable tenant performance across the net lease assets.

Q: What is FCPT’s leverage and liquidity position as of December 31, 2025?

FCPT maintained moderate leverage with substantial liquidity. Total debt was $1,215 million, and net debt to adjusted EBITDAre was 5.1x, or 4.9x including outstanding forward equity. Available liquidity totaled about $402 million, including $12 million of cash, roughly $40 million of forward sale proceeds, and $350 million of revolver capacity.

Q: Did FCPT increase its dividend for the fourth quarter of 2025?

Yes, FCPT raised its quarterly dividend. The company declared a fourth-quarter 2025 dividend of $0.3665 per common share, representing a 3.2% increase over the prior quarter. This higher dividend is supported by growth in AFFO per diluted share to $1.78 for the full year 2025.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Four Corners Property Trust reported higher 2025 earnings and continued portfolio growth. For the fourth quarter, rental revenue rose 11.6% year over year to $67.8 million, and net income attributable to common shareholders increased to $29.4 million, or $0.28 per diluted share.

For the full year 2025, net income attributable to common shareholders was $112.4 million, or $1.09 per diluted share, up from $100.5 million, or $1.07 per diluted share, in 2024. AFFO per diluted share grew to $1.78 and NAREIT FFO per diluted share reached $1.68.

The company invested about $317.9 million across 105 properties in 2025 at an initial weighted average cash yield of 6.8%, ending the year with 1,303 properties that were 99.6% occupied and a 6.9‑year weighted average remaining lease term. Rent collections remained very strong at 99.5% for the fourth quarter and 99.8% for the full year.

FCPT declared a fourth‑quarter 2025 dividend of $0.3665 per share, a 3.2% increase over the prior quarter. At December 31, 2025, the company reported net debt to adjusted EBITDAre of 5.1x (4.9x including forward equity), with approximately $402 million of available liquidity and 98% of debt effectively fixed-rate.

Insights

FCPT delivered steady earnings growth, high collections, active acquisitions, and maintained conservative leverage.

Four Corners Property Trust showed solid operating performance in 2025. Rental revenue grew to $262.6M for the year, while net income attributable to common shareholders increased to $112.4M. AFFO per diluted share rose to $1.78, supporting a higher quarterly dividend of $0.3665 per share.

From a balance sheet perspective, FCPT ended December 31, 2025 with $1,215M of debt, net debt to adjusted EBITDAre of 5.1x (4.9x including forward equity), and 98% of debt effectively fixed-rate. Available liquidity was about $402M, including a fully undrawn $350M revolver, then approximately $367M as of February 11, 2026.

Strategically, FCPT invested $317.9M across 105 properties in 2025 at a 6.8% initial weighted average cash yield, growing its rental portfolio to 1,303 properties that were 99.6% occupied with a 6.9‑year weighted average remaining lease term. Rent collections of 99.5% for Q4 2025 and 99.8% for the year underscore strong tenant performance and the resilience of the net lease portfolio.

02/11/2026 - 04:30 PM

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

     Date of Report (Date of earliest event reported): February 11, 2026

    

Four Corners Property Trust, Inc.

(Exact name of Registrant as Specified in Its Charter)


Maryland	001-37538	47-4456296
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

591 Redwood Highway Suite 3215
Mill Valley, California		94941
(Address of Principal Executive Offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: (415) 965-8030

    

(Former Name or Former Address, if Changed Since Last Report)

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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	FCPT	New York Stock Exchange

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 February 11, 2026, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter and twelve months ended December 31, 2025. 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 and twelve months ended December 31, 2025 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.

(d) Exhibits


Exhibit No.		Exhibit Description
99.1		Press Release Dated February 11, 2026
99.2		Supplemental Financial & Operating Information For Quarter and Twelve Months Ended December 31, 2025
99.3		Investor Presentation of Four Corners Property Trust, Inc.
104		Cover Page Interactive Data File (embedded within Inline XBRL document)

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.


			FOUR CORNERS PROPERTY TRUST, INC.

Date:	February 11, 2026	By:	/s/ JAMES L. BRAT
			James L. Brat Chief Operations Officer and Secretary

FCPT Announces Fourth Quarter 2025 Financial and Operating Results

MILL VALLEY, CA – February 11, 2026 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three and twelve months ended December 31, 2025.

Management Comments

“FCPT delivered another strong year in 2025, achieved by raising capital efficiently and by deploying that capital into a series of high value new investments. We invested a near record $318 million across 105 properties located in strong retail corridors and leased to a set of nationally branded operators. We achieved these results while never wavering from our commitment to using an insights driven scoring system and to maintaining a steadfast set of pricing objectives,” said CEO Bill Lenehan. “We funded acquisitions primarily through equity issued at accretive pricing which lowers our leverage profile and provides us with an over-equitized capital position and significant leverage capacity entering 2026. We believe that we are in a very strong position to continue progress toward our growth objectives.”

Rent Collection Update

As of December 31, 2025, the Company has received rent payments representing 99.5% of its portfolio contractual base rent for the quarter ending December 31, 2025, 99.8% for the year ending December 31, 2025.

Financial Results

Rental Revenue and Net Income Attributable to Common Shareholders

•

Rental revenue for the fourth quarter increased 11.6% over the prior year to $67.8 million. Rental revenue consisted of $67.5 million in cash rents and $0.3 of straight-line and other non-cash rent adjustments.

•

Net income attributable to common shareholders was $29.4 million for the fourth quarter, or $0.28 per diluted share. These results compare to net income attributable to common shareholders of $26.2 million for the same quarter in the prior year, or $0.27 per diluted share.

•

Net income attributable to common shareholders was $112.4 million for the twelve months ended December 31, 2025, or $1.09 per diluted share. These results compare to net income attributed to common shareholders of $100.5 million for the same twelve-month period in 2024, or $1.07 per diluted share.

Adjusted Funds from Operations (AFFO)

•

AFFO per diluted share for the fourth quarter was $0.45, representing a $0.01 per share increase compared to the same quarter in 2024.

•

AFFO per diluted share for the year ended December 31, 2025 was $1.78, representing a $0.05 per share increase compared to the same twelve-month period in 2024.

Funds from Operations (FFO)

•

NAREIT-defined FFO per diluted share for the fourth quarter was $0.43, a $0.02 per share increase compared to the same quarter in 2024.

•

NAREIT-defined FFO per diluted share for the year ended December 31, 2025 was $1.68, representing a $0.03 per share increase compared to the same twelve-month period in 2024.

General and Administrative (G&A) Expense

•

G&A expense for the fourth quarter was $6.2 million, which included $1.9 million of stock-based compensation. These results compare to G&A expense in the fourth quarter of 2024 of $5.7 million, including $1.8 million of stock-based compensation.

•

Cash G&A expense (after excluding stock-based compensation) for the fourth quarter was $4.4 million, representing 6.5% of cash rental income for the quarter, compared to $3.9 million of cash G&A in the fourth quarter of 2024 representing 6.5% of cash rental income.

•

Cash G&A expense in 2025 was $18.0 million, representing 6.9% of cash rental income for the year, compared to $16.8 million of cash G&A in 2024 representing 7.1% of cash rental income.

Dividends

•

FCPT declared a dividend of $0.3665 per common share for the fourth quarter of 2025, an increase of 3.2% over the prior quarter.

Real Estate Portfolio

•

As of December 31, 2025, the Company’s rental portfolio consisted of 1,303 properties located in 48 states. The properties are 99.6% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 6.9 years.

Acquisitions

•

During the fourth quarter, FCPT acquired 30 properties for a combined purchase price of $95.0 million at an initial weighted average cash yield of 7.0%, on rents in place as of December 31, 2025 and a weighted average remaining lease term of 9.8 years. The properties were 48% medical retail, 22% auto service, 15% casual dining restaurants, 9% other retail, and 6% quick service restaurants by purchase price.

•

During 2025, FCPT acquired 105 properties for a combined purchase price of $317.9 million at an initial weighted average cash yield of 6.8% and a weighted average remaining lease term of 12.2 years as of December 31, 2025. The properties were 37% auto service, 24% medical retail, 22% quick service restaurants, 14% casual dining restaurants, and 3% other retail by purchase price.

Dispositions

•

During the fourth quarter and twelve months ended December 31, 2025, FCPT did not sell any properties.

Liquidity and Capital Markets

Liquidity

•

On December 31, 2025, FCPT had approximately $402 million of available liquidity including $12 million of cash and cash equivalents, anticipated net proceeds of approximately $40 million under existing forward sale agreements and $350 million of capacity under the revolving credit facility.

•

On February 11, 2026, FCPT had approximately $367 million of available liquidity including approximately $17 million of cash and cash equivalents, no outstanding forward sale agreements and $350 million of capacity under the revolving credit facility.

Capital Raising

•

During the fourth quarter, the Company did not sell shares of Common Stock via the at-the-market (ATM) program.

•

In 2025, FCPT sold 6,108,008 shares of Common Stock via the ATM at an average gross price of $28.27 per share for anticipated gross proceeds of $172.7 million. As of February 11, 2026, no shares remain to be settled under existing forward sale agreements.

Credit Facility and Unsecured Notes

•

On December 31, 2025, FCPT had $1,215 million of outstanding debt, consisting of $590 million of term loans, $625 million of unsecured fixed rate notes and no outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, was 5.1x at quarter-end, or 4.9x inclusive of outstanding equity under forward sales agreements as of December 31, 2025.

Conference Call Information

Company management will host a conference call and audio webcast on Thursday, February 12 at 12:00 p.m. Eastern Time to discuss the results.

Interested parties can listen to the call via the following:

Phone: 1 833 470 1428 (domestic) or 1 646 844 6383 (international), Call Access Code: 751891

Live webcast: https://events.q4inc.com/attendee/529803407

In order to pre-register for the call, investors can visit: NetRoadshow

Replay: Available through May 11, 2026 by dialing 1 866 813 9403 (domestic) or 1 929 458 6194 (international), Replay Access Code 769850

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 Fourth Quarter 2025 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

(In thousands, except share and per share data)


	Three Months Ended December 31,		Twelve Months Ended December 31,
	2025	2024	2025	2024
	(Unaudited)
Revenues:
Rental revenue	$67,844	$60,734	$262,648	$237,134
Restaurant revenue	7,821	7,602	31,484	30,939
Total revenues	75,665	68,336	294,132	268,073
Operating expenses:
General and administrative	6,248	5,725	26,843	23,789
Depreciation and amortization	16,324	14,096	60,424	54,514
Property expenses	3,230	3,044	13,559	11,575
Restaurant expenses	7,296	7,099	29,442	29,024
Total operating expenses	33,098	29,964	130,268	118,902

Interest expense	(13,106)	(12,302)	(51,873)	(49,231)
Other income, net	107	242	800	963
Income tax expense	(98)	(105)	(303)	(308)
Net income	29,470	26,207	112,488	100,595

Net income attributable to noncontrolling interest	(31)	(31)	(124)	(122)
Net Income Attributable to Common Shareholders	$29,439	$26,176	$112,364	$100,473

Basic net income per share	$0.28	$0.27	$1.09	$1.07
Diluted net income per share	$0.28	$0.27	$1.09	$1.07
Regular dividends declared per share	$0.3665	$0.3550	$1.4315	$1.3900

Weighted-average shares outstanding:
Basic	106,270,287	96,614,382	102,691,563	93,643,129
Diluted	106,537,791	97,168,769	102,948,617	94,064,498

Four Corners Property Trust

Consolidated Balance Sheets

(In thousands, except share data)


	December 31, 2025	December 31, 2024

ASSETS
Real estate investments:
Land	$1,499,059	$1,360,772
Buildings, equipment and improvements	1,998,573	1,837,872
Total real estate investments	3,497,632	3,198,644
Less: Accumulated depreciation	(816,992)	(775,505)
Total real estate investments, net	2,680,640	2,423,139
Intangible lease assets, net	129,371	123,613
Total real estate investments and intangible lease assets, net	2,810,011	2,546,752
Cash and cash equivalents	12,144	4,081
Straight-line rent adjustment	71,765	68,562
Derivative assets	9,385	20,733
Deferred tax assets	1,679	1,448
Other assets	15,742	11,450
Total Assets	$2,920,726	$2,653,026

LIABILITIES AND EQUITY

Liabilities:
Term loan and revolving credit facility ($590,000 and $520,000 of principal, respectively)	$581,880	$516,250
Senior unsecured notes	622,291	621,639
Dividends payable	39,567	35,358
Rent received in advance	17,939	6,738
Derivative liabilities	5,055	473
Other liabilities	24,155	21,778
Total liabilities	1,290,887	1,202,236

Equity:
Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding	—	—
Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 108,188,605 and 99,825,119 shares issued and outstanding, respectively	11	10
Additional paid-in capital	1,713,606	1,482,698
Accumulated other comprehensive income	7,665	23,633
Noncontrolling interest	2,112	2,178
Accumulated deficit	(93,555)	(57,729)
Total equity	1,629,839	1,450,790
Total Liabilities and Equity	$2,920,726	$2,653,026

Four Corners Property Trust

FFO and AFFO

(Unaudited)

(In thousands, except share and per share data)


	Three Months Ended December 31,		Twelve Months Ended December 31,
	2025	2024	2025	2024
Funds from operations (FFO):
Net income	$29,470	$26,207	$112,488	$100,595
Depreciation and amortization	15,421	14,060	59,383	54,372
Provision for impairment	827	—	827	—
FFO (as defined by NAREIT)	$45,718	$40,267	$172,698	$154,967
Straight-line rental revenue	(784)	(467)	(3,203)	(3,810)
Deferred income tax benefit (1)	(62)	(47)	(231)	(200)
Stock-based compensation	1,885	1,801	8,854	6,987
Non-cash amortization of deferred financing costs	799	653	3,158	2,597
Non-real estate investment depreciation	76	36	214	142
Other non-cash revenue adjustments	481	509	1,923	2,072
Adjusted Funds from Operations (AFFO)	$48,113	$42,752	$183,413	$162,755

Weighted average fully diluted shares outstanding (2)	106,652,350	97,283,328	103,063,176	94,179,057

FFO per diluted share	$0.43	$0.41	$1.68	$1.65

AFFO per diluted share	$0.45	$0.44	$1.78	$1.73


(1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business
(2) Assumes the issuance of common shares for OP units held by non-controlling interest

Q4 2025 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 Q4 2025

Q4 2025 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17

Q4 2025 CONSOLIDATING BALANCE SHEET

Q4 2025 CONSOLIDATED INCOME STATEMENT

Q4 2025 FFO & AFFO RECONCILIATION

Q4 2025 NET ASSET VALUE COMPONENTS

Q4 2025 CAPITALIZATION & KEY CREDIT METRICS

Q4 2025 DEBT SUMMARY

Q4 2025 CREDIT FACILITY AND HEDGING SUMMARY

Q4 2025 3.2-year Weighted average term for notes/term loans 98% Fixed rate debt 4.05% Weighted average cash interest rate $350 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 12/31/2025 2

Q4 2025 DEBT COVENANTS

Q4 2025 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13

Q4 2025 1,325 Leases / 179 Brands Annual Base Rent of $264.2 million1 100% retail 53% Investment Grade2 1.5% Average Annual Rent Escalator3 BRAND DIVERSIFICATION Other casual dining restaurants Auto service Medical retail Other retail 4 Quick service restaurants 5 FCPT Portfolio Brands Rank Brand Name Number Square Feet(000s) % of ABR 1 Olive Garden 316 2,689 31.7% 2 Longhorn Steakhouse 118 662 9.0% 3 Chili's 82 450 6.6% 4 Outback Steakhouse 30 195 2.4% 5 Buffalo Wild Wings 31 190 2.3% 6 Burger King 42 134 2.3% 7 Caliber Collision 35 515 2.2% 8 Cheddar's 17 147 2.2% 9 Christian Brothers 19 108 2.0% 10 Red Lobster 18 130 1.4% 11 Bahama Breeze 10 91 1.3% 12 KFC 33 95 1.2% 13 BJ's Restaurant 13 105 1.2% 14 Carrabba's 14 93 1.1% 15 Whistle Express Car Wash 9 35 1.1% 16 Bob Evans 15 83 1.1% 17 Oak Street Health 10 87 1.0% 18 Arby's 17 53 0.7% 19 NAPA Auto Parts 18 129 0.7% 20 WellNow Urgent Care 12 44 0.7% 21 Starbucks 17 38 0.7% 22 Tires Plus 14 89 0.6% 23 NVA 8 55 0.6% 24 Fresenius 10 80 0.6% 25 VCA 8 62 0.6% 26 Mavis 11 74 0.6% 27 Taco Bell 15 38 0.6% 28 Texas Roadhouse 11 81 0.6% 29 Express Oil 9 45 0.6% 30 AFC Urgent Care 9 47 0.6% 31 Verizon 12 34 0.5% 32 Aspen Dental 10 36 0.5% 33 Tire Discounters 8 73 0.5% 34 Whataburger 7 25 0.5% 35 Jiffy Lube 9 20 0.4% 36 - 179 Other 308 1,885 19.0% Total Lease Portfolio 1,325 8,720 100%

Q4 2025 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)

Q4 2025 %ANNUALIZED BASE RENT1 99.6% occupied2 as of 12/31/2025 6.9 years weighted average lease term < 1.5% of rental income matures prior to 2027 LEASE MATURITY SCHEDULE 2027 is the first year of Darden spin-off lease maturities; FCPT’s Darden leases average 5.8x rent coverage3

Q4 2025 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 12/31/2025 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. Q4 2025 GLOSSARY AND NON-GAAP DEFINITIONS

Q4 2025 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL

Q4 2025 PAGE 6 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 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 2028, FCPT has entered into interest rate swaps that fix $560 million through November 2026, $560 through November 2027, and $485 through November 2028. 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, 3.9% for 2027, and 4.3% for 2028. A daily simple SOFR rate of 3.87% as of 12/31/2025 is used for the 5% of term loans that are not fixed through hedges 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 12/31/2025, 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 12/31/2025, 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 12/31/2025 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 100% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 9% of non-restaurant ABR or 63% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended November 2025 and the averaged brand margins for the last twelve months ended November 2025 Lease term weighted by annual cash base rent (ABR) as defined in glossary Current scheduled minimum contractual rent as of 12/31/2025 FCPT acquired 30 properties and leasehold interests in Q4 2025; FCPT had no dispositions in the quarter PAGE 14 BRAND DIVERSIFICATION Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 12/31/2025, 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 December 31, 2031 (weighted by annualized base rent). 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 Driven Brands completed the sale of its U.S. car wash business (Take 5 Car Washes) to Whistle Express Car Wash on April 10, 2025 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 Fourth quarter 2025 dividend was declared on 11/10/2025, and paid on 1/15/2026 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 Includes forward equity contracts outstanding as of 12/31/2025 for anticipated net proceeds of $40 million 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 Through 2028, FCPT has entered into interest rate swaps that fix $560 million through November 2026, $560 through November 2027, and $485 through November 2028. 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, 3.9% for 2027, and 4.3% for 2028. A daily simple SOFR rate of 3.87% as of 12/31/2025 is used for the 5% of term loans that are not fixed through hedges

Q4 2025 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION

INVESTOR PRESENTATION Q4 2025 Four Corners Property Trust NYSE: FCPT

FEBRUARY 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 35 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS

Improved diversification over time Olive Garden and LongHorn now 32% and 9% of ABR vs combined 94% at inception Both brands continue to post strong same-store sales (5% and 6%, as of November 2025)1 Top 5 brands now ~52% of ABR Extended and upsized credit facility capacity in January 2025 $350 million revolver capacity $225 million term loan Removed 10 basis point SOFR adjustment in September ~98% of debt is fixed rate through Q4 ’27 FEBRUARY 2026 RECENT HIGHLIGHTS AT FCPT Maintained disciplined investment approach Cash rent CAGR of ~12% since inception Acquired ~90-100+ buildings annually in recent years, including 105 in 2025 Grew investment volume +20% YoY across 53 granular transactions Acquired $318 million in 2025 at a ~6.8% cap rate $95 million of investments in Q4 at a ~7.0% cap rate Low basis of $3 million per property and $6 million per transaction during the year Retain dry powder to fuel potential growth in 2026 Fully undrawn $350 million revolver capacity Current leverage at the bottom part of our target range of 5-6x (4.9x as of December 31, 2025) High collections (>99%) while avoiding net lease credit issues Zero exposure to Zips Car Wash, Walgreens, or Family Dollar No lost rent nor rejected leases from Red Lobster bankruptcy ~70% of portfolio assembled after the onset of COVID-19 Strong investment volume to finish out 2025 Optionality in capital sources to fund future growth Continued diversification progress Sidestepped credit issues impacting peers Oriented balance sheet for future opportunities Executed investments without compromises

FOURTH QUARTER 2025 SPOTLIGHT FEBRUARY 2026 Execution at Scale: 30 properties acquired $95 million invested 7.0% blended cap rate 10-year weighted average lease term Transactions sourced without spending premiums on portfolio opportunities. Emphasis on low-basis, fungible real estate consistent with activity throughout 2025 Expanded Investment Subsectors: Accelerated Portfolio Diversification: Continued execution of sale-leasebacks, which accounted for 37% of 2025 volume Seven new tenants added to portfolio, including: Restaurant: Hawaiian Bros Automotive: Telle Tire Medical: Mission Pet Health and SCA Health Sprout’s Farmers Market (Memphis, TN) United Rentals (Huntsville, AL) Public grocer with 400+ locations No long-term debt on balance sheet $8.6 million basis is low for concept and sector overall Largest equipment-rental operator in the U.S. with 1,600+ locations Public credit, rated BB+ by S&P These transactions are consistent with our in-place underwriting approach of focusing on recession-resistant, essential service retailers with high-quality and fungible real estate in line with our established investment verticals

FEBRUARY 2026 FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR TODAY Annual base rent1 $94 million $264 million + $170 million (2.8x) Properties 418 1,303 + 885 (3.1x) Brands 5 179 + 174 Enterprise value $1.3 billion $3.7 billion + $2.4 billion (2.8x) We have grown our team, put in place substantial risk management and refined our investment and property management capabilities all while improving access to capital2 ANNUAL BASE RENT ($ million) ENTERPRISE VALUE ($ million) Top 5 brands as % of ABR 100% 52% - 48% Investment volume (cumulative) $2.3 billion + $2.3 billion $3,770 $1,324 2015 Equity Net Debt 2.8x Revenue growth (cash) + 11% Growth year-over-year + 12% Average annual growth since inception - - 2.8x EBITDAR coverage 4.2x 5.1x + 0.9x AFFO per share (LTM) $1.22 $1.78 + $0.56 (1.5x) Dividend per share (annualized) $0.80 $1.47 + $0.67 (1.8x) $264 100% Darden 45% Darden

3 CONSERVATIVE FINANCIAL POSITION PG 22 FEBRUARY 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 5 APPENDIX: OTHER PG 29 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25

FEBRUARY 2026 FCPT AT A GLANCE1 1,325 leases 179 brands 6.9-year average lease term $0.45 AFFO per share (Q4)5 $318 million / 6.8% cap rate of investments in 2025 $95 million / 7.0% cap rate of investments in Q4 2025 99.6% occupied 1.5% average annual escalator6 5.1x tenant EBITDAR coverage2 53% investment grade3 6,581 SF average asset size 29,756 average daily vehicle count $67,235 median household income 58,722 average 3-mile population $350 million undrawn revolver 4.9x net debt to adj. EBITDAre4 4.8x fixed charge coverage 98% fixed rate debt as of December 31, 2025 Baa3 / BBB (Moody’s / Fitch)

Granular 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 FEBRUARY 2026 WHY OWN FCPT? 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 of 5.1x1 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 (81% of ABR) in this presentation REPRESENTATIVE BRANDS 1 3 2 4 We combine a differentiated, disciplined approach to net lease with a transparent disclosure regime

FEBRUARY 2026 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($M) CAP RATE +88 FCPT has consistently delivered growth and diversification through new investments. We focus on credit-worthy tenants, high quality real estate and efficient execution PROPERTY COUNT 1 AVERAGE SIZE ($M) +87 +105 FCPT has consistently focused on low basis properties, safeguarding the portfolio value at risk

FEBRUARY 2026 PORTFOLIO BREAKDOWN 316 leases 82 leases 109 leases 23 brands 201 leases 37 brands 118 leases Other Casual Dining Restaurants Auto Service 134 leases 44 brands Medical Retail 54 leases 28 brands Other Retail 1,325 Leases across 179 Brands Annual Base Rent of $264.2 million1 32% Olive Garden (vs. 74% at inception) 9% LongHorn (vs. 20% at inception) 26% Non-Restaurant Exposure (vs. 0% at inception) Other Casual Dining Restaurants Auto Service Medical Retail Other retail 32% 9% 9% 13% 7% 10% 3% 2 The spin-off Darden portfolio remains a strong foundation tenant for FCPT. Over half the portfolio has been diversified into new restaurant brands, medical retail and auto service 30 leases 2% 2 Quick Service Restaurants 233 leases 41 brands 11% Quick Service Restaurants 17 leases 2% 31 leases 2% FCPT AT A GLANCE

FEBRUARY 2026 316 leases 5.60% 187 leases 26 brands Other Casual Dining Restaurants 6.10% 118 leases 5.50% Auto Service 6.25% 82 leases 5.90% Medical Retail 6.50% 233 leases 41 brands 5.90% Quick Service Restaurants Recent cap rates imply that FCPT’s current 6.70% implied portfolio cap rate4 reflects an approximate ~11% discount5 to private market valuation6 for similar net lease assets PORTFOLIO NAV SNAPSHOT Quick Service Restaurants Other Casual Dining Restaurants Auto Service Medical Retail SUM OF THE PARTS VALUATION Sale comparables from 2025 indicate that the brands and sectors that make up the majority of FCPT’s portfolio have traded inside FCPT’s implied cap rate as of today Weighted Average3 5.95% Lease count Recent Cap Rate1 Brand / Sector 5.95% Blended Other Retail2 54 leases 28 brands Other Retail2 3% ABR% 32% 9% 7% 16% 11% 13% 10% 201 leases 37 brands 134 leases 44 brands 6.60% FCPT has a 6.70% implied cap rate as of 2/10/2026 Recent Cap Rates are rounded and representative of transactions that closed in 2025 involving the respective brand / sector, including 7 Olive Garden transactions, 5 LongHorn Steakhouses transactions, 4 Chili’s transactions, 50 Casual Dining Restaurant transactions, 296 Quick Service Restaurant transactions, 31 Auto Service transactions, and 12 Medical Retail transactions. Data courtesy of Lee & Associates. Recent Cap Rate for Other Retail courtesy of The Boulder Group’s Q4 2025 Net Lease Market Report FCPT's implied valuation assumes sales at comparable cap rates. Actual cap rates at sale are contingent on various factors beyond FCPT's control including, but not limited to, market conditions

FEBRUARY 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 5 APPENDIX: OTHER PG 29 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 3 CONSERVATIVE FINANCIAL POSITION PG 22

FEBRUARY 2026 FCPT: LEADING IN QUALITY NET LEASE FCPT had approximately $367 million of available liquidity including approximately $17 million of cash and cash equivalents and $350 million of capacity under revolving credit facility as of February 11, 2026 FCPT has limited near-term debt maturities and 4.9x net leverage is at one of its lowest levels since 2018 FCPT employs a very granular investment approach, with an average property basis of ~$3 million, minimizing value at risk of each property investment FCPT has a proven track record of being responsive to cost of capital and modulating capital raising and deployment when necessary Defensive portfolio built on two unique pillars: Our spin-off from Darden Restaurants included a hand-picked portfolio of industry-leading brands with low rent and unprecedented 5.8x rent coverage1 Diversified low-rent and small building size portfolio principally comprised of Restaurant, Auto Service, and Medical Retail properties FCPT is intentional about choosing resilient industries and avoiding higher-risk tenants (i.e., pharmacies, big box tenants, movie theaters, etc.) ~99% of rent collected since inception, including throughout COVID FCPT is a lean company with low overhead burden and a management team aligned with shareholders

Our portfolio is primarily outparcel properties in high density retail corridors ~74% of rent featuring unique benefits structurally superior to regular-way net lease. This include the properties with high rent coverage (Darden and Chili’s), ground leases, master leases, and investment grade guarantors or operators The original Darden spin-off properties represent a seed portfolio with low rent levels resulting in unmatched rent coverage (5.8x)1 The ground lease portfolio is characterized by low rents which also typically implies high rent coverage FCPT’s investment strategy focuses on acquiring new low rent properties with above average rent coverage UNIQUE AND HIGHLY SECURE NET LEASE Average Ground Lease Rent: Average All Other Leases Rent: Average FCPT Portfolio Rent: FEBRUARY 2026 $150 thousand $209 thousand $201 thousand FCPT COVERAGE VS PEERS1 Ground Leased $150k average rent Darden 5.8x coverage1 Chili’s Master Leased Other Investment Grade Leases2 High Quality Ground & Building Leases $164k average rent 74% structurally superior to regular way net lease 10% 90% 100%

FEBRUARY 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 (<15,000) retail properties. This has resulted in high tenant renewal rates and capturing high re-leasing spreads at lease maturity

FEBRUARY 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

FEBRUARY 2026 VERY STRONG HISTORICAL CREDIT RESULTS FCPT has averaged just 11 basis points annually in bad debt expense since inception Bad debt is defined as rent that was deemed uncollectable due to the tenant no longer able to pay (e.g., bankruptcy) and is compared to the starting Annual Base Rent each year. This number does not include recoveries for released properties This represents ~$176,000 per year or $1.8 million since inception This 11 basis points compares to net lease peers with a stated track record or expectations of 25-75 basis points This figure excludes the positive impact of releasing to new tenants and subsequent rent recoveries Since inception, FCPT has experienced very few tenant credit issues; bad debt expense (excluding the benefit of recoveries) has averaged just 11 basis points of ABR annually

FEBRUARY 2026 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Rank Brand Name FCPT Stores % of ABR1 Total Stores Sales ($mm) Publicly Traded? 1 Olive Garden 316 31.7% 936 $5,375 DRI 2 Longhorn Steakhouse 118 9.0% 601 $3,154 DRI 3 Chili's 82 6.6% 1,206 $5,120 EAT 4 Outback Steakhouse 30 2.4% 679 $2,243 BLMN 5 Buffalo Wild Wings 31 2.3% 1,323 - - 6 Burger King 42 2.3% 6,701 $11,000 QSR 7 Caliber Collision 35 2.2% 1829 - - 8 Cheddar's 17 2.2% 184 $746 DRI 9 Christian Brothers 19 2.0% 335 - - 10 Red Lobster 18 1.4% 518 - - 11 Bahama Breeze 10 1.3% 28 $229 DRI 12 KFC 33 1.2% 3,625 $4,900 YUM 13 BJ's Restaurant 13 1.2% 219 $1,388 BJRI 14 Carrabba's 14 1.1% 207 $707 BLMN 15 Whistle Express Car Wash3 9 1.1% 163 - - 16 Bob Evans 15 1.1% 430 - - 17 Oak Street Health 10 1.0% 230 - CVS 18 Arby's 17 0.7% 3,365 - - 19 NAPA Auto Parts 18 0.7% 6,000 $24,061 GPC 20 WellNow Urgent Care 12 0.7% 133 - - 21 Starbucks 17 0.7% 16,941 $37,681 SBUX 22 Tires Plus 14 0.6% 400 - 5108-JP 23 NVA 8 0.6% 1,343 - - 24 Fresenius 10 0.6% 2,621 $24,693 FSNUY 25 VCA 8 0.6% 827 - - 26 Mavis 11 0.6% 857 - - 27 Taco Bell 15 0.6% 7,670 $16,200 YUM 28 Texas Roadhouse 11 0.6% 736 $5,438 TXRH 29 Express Oil 9 0.6% 363 - - 30 AFC Urgent Care 9 0.6% 400 - - 31 Verizon 12 0.5% N/A $138,191 VZ 32 Aspen Dental 10 0.5% 1,400 - - 33 Tire Discounters 8 0.5% 202 - - 34 Whataburger 7 0.5% 1,085 $4,100 - 35 Jiffy Lube 9 0.4% 2,010 - SHEL 36-179 Other 308 19.0% Total Portfolio 1,325 100% TOP 35 FCPT PORTFOLIO BRANDS1 1 2 3 4 5 6 7 8 9 1 0 11 12 13 14 1 5 16 17 18 19 2 0 21 22 24 2 5 FCPT METRICS BRAND METRICS2 FCPT is aligned with leading national brands with scale and large store counts 26 27 28 29 30 23 31 32 33 34 35

FEBRUARY 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 (No exposure to brands listed here) General Merchandise: 0.7% ABR exposure2 (No exposure to brands listed here) Car Washes: 1.1% ABR exposure3 (No exposure to brands listed here) FCPT HAS AVOIDED: Service Centers

FEBRUARY 2026 GEOGRAPHICALLY DIVERSE FCPT’s holdings are geographically diverse with properties in 48 states The portfolio is primarily comprised of suburban markets in the Midwest and southeast FCPT’s portfolio is aligned with macro tailwinds. States with lower income taxes and growing economies have accelerated retail development, population growth, and strong retail demand by tenants Texas and Florida, our largest states (as measured by Annual Base Rent), were the two highest in-migration states according to the 2025 U-Haul growth index2 >10% 5.0%–10.0% 3.0%–5.0% State Annualized Base Rent1 (%) 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties (WY/ HI) WA OR CA MT ID NV AZ UT WY CO NM TX (10%) OK KS NE SD ND MN IA MO AR LA MS AL (3%) GA (6%) FL (8%) SC TN (5%) NC IL (7%) WI MI (4%) OH (7%) IN (5%) KY WV VA PA NY ME VT NH NJ DE MD MA CT RI Note: Portfolio includes two leases in AK (not pictured)

Darden's INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT FEBRUARY 2026 Darden Senior Credit Default Swaps (CDS) Curve (5-year) Ask price: 44 bps High on 03/20/20: 360 bps Average: 63 bps Low on 02/12/20: 27 bps Very tight pricing spreads for Darden to have a credit event Basis Points The historically low pricing of Darden’s CDS demonstrates how their fortress credit profile remains strong 44

FEBRUARY 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 3 CONSERVATIVE FINANCIAL POSITION PG 22 5 APPENDIX: OTHER PG 29

“ FEBRUARY 2026 DEBT MATURITY SCHEDULE $ MILLIONS FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility Weighted average debt maturity 3.2 years excluding extensions Limited near-term debt maturities Conservative leverage Committed to maintaining conservative 5.0x–6.0x max leverage Net debt to adjusted EBITDAre ratio is at the bottom of our range. Leverage was 4.9x1 including undrawn net equity forwards as of 12/31/2025 Strong liquidity profile $350 million revolver availability Conservative dividend payout ratio of ~80% of AFFO $367 million available liquidity including cash and cash equivalents and undrawn revolver balance as of February 11, 2026 Minimal floating rate exposure 98% of debt is fixed rate including the effect of interest rate hedges 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

FEBRUARY 2026 FCPT’S HISTORICAL LEVERAGE PROFILE FCPT has a stated leverage target of 5.0x-6.0x and has been below or in the lower 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 and a focus on cost of capital FCPT maintained a conservative leverage profile even when cost of equity weakened (2020, late 2023, early 2024) 2 FCPT HISTORICAL LEVERAGE1

CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 22 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 FEBRUARY 2026 5 APPENDIX: OTHER PG 29

FCPT National Brands with Strong Credit Profiles Small Building, Fungible Real Estate Low Rent & Investment Basis FEBRUARY 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

INVESTMENT AND UNDERWRITING FRAMEWORK FEBRUARY 2026 ~50% CREDIT CRITERIA Guarantor credit and health Brand durability Store performance Lease term and structure Location Retail corridor strength & demographics Access / visibility Absolute and relative rent Pad site and building reusability REAL ESTATE CRITERIA ~50% INVESTMENT PHILOSOPHY Acquire strong retail brands that are well located with creditworthy lease guarantors Seek to purchase assets when accretive to cost of capital with a focus on low basis Add leading brands in resilient industries, occupying highly fungible buildings UNDERWRITING CRITERIA FCPT’s proprietary scorecard which incorporates over 25 comprehensive categories The “score” allows FCPT to have an objective, consistent underwriting model and comparison tool for asset management decisions

FEBRUARY 2026 CASUAL DINING COMEBACK: TRADING “IN THE CAR” FOR “IN THE BOOTH” Branded casual dining has seen a resurgence Comparable sales growth for casual dining has outpaced quick service and fast casual in recent quarters Casual dining provides strong consumer value Comparing promotions from 2019 and early 2020, many quick service restaurants raised prices significantly (~40%) or combos shrunk to include fewer items1 This compares to casual dining where Chili’s “3 For Me” promotion experienced increase of 10%, over the same period1 As the value pricing of restaurants has converged, consumers see similar value going to branded casual dining while also receiving higher service Darden CEO Ricardo Cardenas: “Consumers are figuring out that casual dining is a great value… we think we're taking some wallet share from fast food and fast casual”1 2025 Casual dining has taken market share, and leading brands continue to post impressive growth

FEBRUARY 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 5 APPENDIX: OTHER PG 29 3 CONSERVATIVE FINANCIAL POSITION PG 22

FEBRUARY 2026 LADDERED LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 99.6% occupied2 as of 12/31/2025 6.9 years weighted average lease term < 1.5% of rental income matures prior to 2027 FCPT has had 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 5.8x rent coverage3

FEBRUARY 2026 New properties are brought to market everyday, but many are priced aggressively, have weak credit, or are in sectors we avoid. Rather than swing at every opportunity, our strategy is to wait for the right “pitch” Cap rate could be increased with less favorable credit Favorable Unfavorable FCPT Sector Outlook Approximate Cap Rate1 FCPT Strike Zone Good credit at accretive cap rates New Retail Listings (Illustrative) Volume could be increased with increased purchase price (decreased cap rate) NET LEASE LISTINGS SNAPSHOT

FEBRUARY 2026 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 the developer inputs of labor rates, productivity, material prices and the competitive condition of the marketplace. 2022, 2023 and 2025 experienced highly accelerated growth at 8.0% and 6.0%, and 6.0%, respectively Cumulatively, constructions costs as measured by the Turner Building Cost Index have far outpaced general inflation over the past twelve years Annual Cumulative

FEBRUARY 2026 FCPT INVESTMENTS VS. ESTIMATED REPLACEMENT COST Since inception, FCPT has focused on acquiring low basis properties. This investment strategy coupled with inflation has allowed us to purchase many buildings below today’s estimated replacement cost. We believe this may support favorable tenant retention dynamics and mitigate downside risks in a vacancy event From 2021 to 2024, FCPT’s basis was ~60% of estimated new development (~40% below estimated replacement cost) Estimated new construction costs, 2024 Estimated land acquisition costs, 2024 FCPT’s average basis from 2021-24 is 40% below estimated replacement cost FCPT Investments vs. Estimated Replacement Cost Illustrative Example 1 2 Note: Estimated Construction Cost and Land Cost vary by market. The figures on this page are intended to be illustrative and demonstrate the trend of estimated replacement costs rising vs. existing buildings 1. CBRE, U.S. Real Estate Market Outlook 2024 2. Crexi listings as of August 2025 $2.69 (FCPT 4-yr. average)

UNDERWRITING GEARED TOWARD HIGHER SALES VOLUME & BRANDS FCPT focuses on national brands with strong sales volumes and market appropriate rents FCPT pursues properties within the median range of Casual Dining, Fast Casual and Quick Service; concepts with mid-level sales volumes provide rent support, while keeping rent at replaceable levels in case of vacancy Casual Dining Brand Average Sales Volume ($000s)1 FEBRUARY 2026 Quick Service Fast Casual

FEBRUARY 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 12/31/2025 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.

Q4 2025 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL

FEBRUARY 2026 FFO & AFFO RECONCILIATION

PAGE 30 LADDERED LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 12/31/2025 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage See glossary on page 35 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 10% of non-restaurant ABR or 64% 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 2025 and the brand average margins for the year ended May 2025 FEBRUARY 2026 ENDNOTES PAGE 9 CONSISTENT ANNUAL INVESTMENT GROWTH 1. Figures as of 12/31/2025 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 14 UNIQUE AND HIGHLY SECURE NET LEASE See glossary on page 35 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 100% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 9% of non-restaurant ABR or 63% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended November 2025 and the averaged brand margins for the last twelve months ended November 2025. Refer to peer coverage figures as defined in latest available public filings for each respective company Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies PAGE 7 FCPT AT A GLANCE Figures as of 12/31/2025 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 35 for definitions See glossary on page 35 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 100% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 9% of non-restaurant ABR or 63% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended November 2025 and the averaged brand margins for the last twelve months ended November 2025 Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies See page 36 for reconciliation of net income to adjusted EBITDAre and page 35 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents See page 35 for non-GAAP definitions, and page 37 for reconciliation of net income to AFFO Average annual rent escalation through December 31, 2031 (weighted by annualized base rent). 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 PAGE 5 FCPT AT 10 YEARS: Annual Cash Base Rent (ABR) as defined in glossary Past performance does not guarantee future results PAGE 10 FCPT AT A GLANCE: PORTFOLIO BREAKDOWN Represents current Annual Cash Base Rent (ABR) as of 12/31/2025 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 36 RECONCILIATION SCHEDULES See glossary on page 35 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 37 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 18 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Represents current Annual Cash Base Rent (ABR) as of 12/31/2025 as defined in glossary on page 35 Source: Nation’s Restaurant Top 500 Restaurants, public filings, Placer.ai., company websites, Focus Advisors Automotive M&A, Tire Business Magazine; Dash indicates private company or confidential information Driven Brands completed the sale of its U.S. car wash business (Take 5 Car Washes) to Whistle Express Car Wash on April 10, 2025 PAGE 23 CONSERVATIVE FINANCIAL POLICIES Figures as of 12/31/2025, except otherwise noted See page 36 for reconciliation of net income to adjusted EBITDAre and page 35 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 16 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 24 FCPT’S HISTORICAL LEVERAGE PROFILE See page 36 for reconciliation of net income to adjusted EBITDAre and page 35 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 19 HIGHLY SELECTIVE APPROACH TO NET LEASE Note: All data as of 12/31/2025 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 20 GEOGRAPHICALLY DIVERSE Figures as of 12/31/2025 Annual Cash Base Rent (ABR) as defined in glossary Source: U-Haul growth index 2025 PAGE 15 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1. Source: Public filings as of 12/31/2025 PAGE 31 NET LEASE LISTINGS SNAPSHOT Depicts new listings +30 basis points above asking cap rate to reflect assumption of seller strike price. FCPT Acquired (2025) deals are shown at the actual closed transaction cap rate. Note: This graphic is designed to represent a snapshot of how FCPT best sees fit to allocate its time and is not meant to indicate brand or cap rates we may acquire PAGE 3 RECENT HIGHLIGHTS AT FCPT Source: Public filings PAGE 28 CASUAL DINING COMEBACK: TRADING “IN THE CAR” FOR “IN THE BOOTH” Source: Public filings PAGE 8 WHY OWN FCPT? Based on coverage as disclosed by FCPT’s peer net lease companies PAGE 32 CONSTRUCTION COSTS CONTINUE TO RISE Per Turner, “The TBCI is determined by the following factors considered on a nationwide basis: labor rates and productivity, material prices, and the competitive condition of the marketplace.” https://www.turnerconstruction.com/cost-index PAGE 11 PORTFOLIO NAV SNAPSHOT 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 Weighted Average is calculated by weighting FCPT’s ABR exposure percentage to each brand / sector by the Recent Cap Rate Source: FactSet as of 2/10/2026 FCPT's discount does not account for costs associated with the sale of the portfolio or individual sites, which would likely have an impact on the discount

INVESTOR PRESENTATION Q4 2025

Source: View Original Filing on SEC EDGAR

FAQ

How did Four Corners Property Trust (FCPT) perform financially in Q4 2025?

FCPT’s Q4 2025 results showed solid growth. Rental revenue increased 11.6% year over year to $67.8 million, and net income attributable to common shareholders was $29.4 million, or $0.28 per diluted share, compared with $26.2 million, or $0.27 per diluted share, in Q4 2024.

What were FCPT’s full-year 2025 earnings and cash flow metrics?

For 2025, FCPT delivered higher earnings and cash flow. Net income attributable to common shareholders reached $112.4 million, or $1.09 per diluted share. NAREIT FFO per diluted share was $1.68 and AFFO per diluted share was $1.78, both above 2024 levels, reflecting portfolio growth and stable operations.

How large is Four Corners Property Trust’s real estate portfolio at year-end 2025?

FCPT has a sizable, highly occupied net lease portfolio. As of December 31, 2025, the company owned 1,303 properties across 48 states. The portfolio was 99.6% occupied by square footage under long-term net leases, with a weighted average remaining lease term of approximately 6.9 years, supporting recurring rental income.

What acquisitions did FCPT complete in 2025 and at what yields?

FCPT was active on acquisitions throughout 2025. The company acquired 105 properties for a combined purchase price of $317.9 million at an initial weighted average cash yield of 6.8%. In Q4 2025 alone, it bought 30 properties for $95.0 million at a 7.0% initial weighted average cash yield.

How strong were FCPT’s rent collections and occupancy in 2025?

Rent collections and occupancy remained very strong. As of December 31, 2025, FCPT had received 99.5% of contractual base rent for Q4 2025 and 99.8% for the full year. The rental portfolio was 99.6% occupied, indicating limited vacancy risk and stable tenant performance across the net lease assets.

What is FCPT’s leverage and liquidity position as of December 31, 2025?

FCPT maintained moderate leverage with substantial liquidity. Total debt was $1,215 million, and net debt to adjusted EBITDAre was 5.1x, or 4.9x including outstanding forward equity. Available liquidity totaled about $402 million, including $12 million of cash, roughly $40 million of forward sale proceeds, and $350 million of revolver capacity.

Did FCPT increase its dividend for the fourth quarter of 2025?

Yes, FCPT raised its quarterly dividend. The company declared a fourth-quarter 2025 dividend of $0.3665 per common share, representing a 3.2% increase over the prior quarter. This higher dividend is supported by growth in AFFO per diluted share to $1.78 for the full year 2025.

Filing Exhibits & Attachments

4 documents

Four Corners Property Trust (NYSE: FCPT) lifts 2025 earnings, expands net lease portfolio

Rhea-AI Filing Summary

Positive

Negative

Insights

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

Rent Collection Update

Financial Results

Supplemental Materials and Website:

FAQ

How did Four Corners Property Trust (FCPT) perform financially in Q4 2025?

What were FCPT’s full-year 2025 earnings and cash flow metrics?

How large is Four Corners Property Trust’s real estate portfolio at year-end 2025?

What acquisitions did FCPT complete in 2025 and at what yields?

How strong were FCPT’s rent collections and occupancy in 2025?

What is FCPT’s leverage and liquidity position as of December 31, 2025?

Did FCPT increase its dividend for the fourth quarter of 2025?

Filing Exhibits & Attachments

Press Releases

Other Documents

NYSE:FCPT

FCPT Rankings

FCPT Latest News

FCPT Latest SEC Filings

FCPT Stock Data

Trending News

Four Corners Property Trust (NYSE: FCPT) lifts 2025 earnings, expands net lease portfolio

Rhea-AI Filing Summary

Positive

Negative

Insights

REIT and credit analyst neutral

FORM 8-K

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

Item 9.01 Financial Statements and Exhibits.

Rent Collection Update

Financial Results

Supplemental Materials and Website:

FAQ

How did Four Corners Property Trust (FCPT) perform financially in Q4 2025?

What were FCPT’s full-year 2025 earnings and cash flow metrics?

How large is Four Corners Property Trust’s real estate portfolio at year-end 2025?

What acquisitions did FCPT complete in 2025 and at what yields?

How strong were FCPT’s rent collections and occupancy in 2025?

What is FCPT’s leverage and liquidity position as of December 31, 2025?

Did FCPT increase its dividend for the fourth quarter of 2025?

Filing Exhibits & Attachments

Press Releases

Other Documents

NYSE:FCPT

FCPT Rankings

FCPT Latest News

FCPT Latest SEC Filings

FCPT Stock Data