Four Corners Property Trust buys $326M of properties
Q3 property acquisitions totaled $326.3 million, while the board authorized up to $100 million in common-stock repurchases.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Four Corners Property Trust, Inc. (FCPT) reported results for the quarter and nine months ended September 30, 2026. Third-quarter rental revenue rose 13.8% year over year to $75.7 million. Net income attributable to common shareholders was $28.8 million, or $0.26 per diluted share, versus $28.8 million and $0.28 a year earlier; nine-month net income was $89.1 million, or $0.81 per diluted share, versus $82.9 million and $0.81. AFFO per diluted share was $0.46, up 2.9%.
FCPT acquired 120 properties for $326.3 million at an initial weighted average cash yield of 6.6%. Rent payments represented 99.7% of contractual base rent. Its portfolio was 99.5% occupied across 1,456 properties. The board authorized repurchases of up to $100 million of common stock; the program does not obligate FCPT to purchase a particular amount and may be suspended or discontinued at its discretion. Monthly dividends of $0.1265 per share were declared for October, November and December, a 3.5% increase from the prior quarter.
As of September 30, outstanding debt was $1,585 million and net debt to adjusted EBITDAre was 6.0x. A July credit amendment added a $400 million term loan maturing in August 2031.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter rental revenue rose 13.8% to $75.7 million.
- Moderate pointNine-month common-shareholder net income reached $89.1 million, versus $82.9 million.
- Minor pointMonthly dividends increased 3.5% from the prior quarter.
Negative
- Moderate pointThird-quarter diluted EPS was $0.26, versus $0.28 a year earlier.
Filing Explained
Of the July $400 million term loan, $190 million had refinanced near-term debt, while $40 million remained undrawn at September 30.
The July amendment added a
Through
8-K Event Classification
Key Figures
Key Terms
Adjusted Funds from Operations (AFFO) financial
NAREIT-defined FFO financial
initial weighted average cash yield financial
Adjusted EBITDAre financial
SOFR financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much rental revenue did FCPT report in Q3 2026?
How many properties did FCPT acquire in Q3 2026, and at what yield?
What dividend did FCPT declare for October through December?
How did FCPT amend its credit facility in July 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): |
(Exact name of Registrant as Specified in Its Charter)
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code: |
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(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:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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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 October 28, 2026, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended September 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 September 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.
Exhibit No. |
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Exhibit Description |
99.1 |
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Press Release Dated October 28, 2026 |
99.2 |
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Supplemental Financial & Operating Information For Quarter Ended September 30, 2026 |
99.3 |
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Investor Presentation of Four Corners Property Trust, Inc. |
104 |
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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.
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FOUR CORNERS PROPERTY TRUST, INC. |
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Date: |
October 28, 2026 |
By: |
/s/ JAMES L. BRAT |
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James L. Brat |
FCPT Announces Third Quarter 2026 Financial and Operating Results
MILL VALLEY, CA – October 28, 2026 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three and nine months ended September 30, 2026.
Management Comments
“We acquired more than $326 million in net lease properties during the quarter. This volume was a record for FCPT and was funded entirely with low-cost debt. This summer, we also successfully refinanced and upsized our credit facility to significantly extend our maturity profile. As expected, we also recently extended 100% of Olive Garden and LongHorn leases maturing in 2027 without landlord concessions,” said Bill Lenehan, Chief Executive Officer. “Our portfolio is in great shape, and as we look forward, we remain as focused as ever on accretive capital allocation. As such and given current market conditions, we have announced our inaugural share repurchase program. At the current share price, we view share repurchases as delivering more value than property purchases. That said, we have started to see new acquisitions being priced at higher cap rates. We will continue to modulate our capital allocation decisions to maximize shareholder value creation.”
Rent Collection Update
As of September 30, 2026, the Company has received rent payments representing 99.7% of its portfolio contractual base rent for the quarter ending September 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
Equity Activity
Credit Facilities and Unsecured Notes
Conference Call Information
Company management will host a conference call and audio webcast on Thursday, October 29 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 307029499
Live webcast: https://events.q4inc.com/attendee/307029499
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, the timing, manner, amount and completion of any share repurchases, if any, and the continuation, modification, suspension or termination of the Company’s share repurchase program, 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 Third Quarter 2026 operating results and other information on the Company are available on the investor relation 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)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Rental revenue |
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$ |
75,678 |
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$ |
66,508 |
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$ |
215,526 |
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$ |
194,804 |
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Restaurant revenue |
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8,006 |
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7,641 |
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24,742 |
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23,663 |
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Total revenues |
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83,684 |
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74,149 |
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240,268 |
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218,467 |
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Operating expenses: |
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General and administrative |
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6,889 |
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6,516 |
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21,615 |
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20,595 |
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Depreciation and amortization |
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18,582 |
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15,051 |
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51,332 |
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44,100 |
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Property expenses |
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3,998 |
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3,678 |
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10,996 |
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10,329 |
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Restaurant expenses |
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7,763 |
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7,230 |
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23,439 |
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22,146 |
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Total operating expenses |
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37,232 |
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32,475 |
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107,382 |
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97,170 |
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Interest expense |
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(17,372 |
) |
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(12,955 |
) |
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(44,306 |
) |
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(38,767 |
) |
Other income, net |
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253 |
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188 |
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1,279 |
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693 |
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Income tax expense |
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(454 |
) |
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(30 |
) |
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(619 |
) |
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(205 |
) |
Net income |
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28,879 |
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28,877 |
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89,240 |
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83,018 |
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Net income attributable to noncontrolling interest |
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(30 |
) |
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(32 |
) |
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(93 |
) |
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(93 |
) |
Net Income Attributable to Common Shareholders |
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$ |
28,849 |
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$ |
28,845 |
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$ |
89,147 |
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$ |
82,925 |
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Basic net income per share |
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$ |
0.26 |
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$ |
0.28 |
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$ |
0.81 |
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$ |
0.82 |
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Diluted net income per share |
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$ |
0.26 |
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$ |
0.28 |
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$ |
0.81 |
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$ |
0.81 |
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Regular dividends declared per share |
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$ |
0.3666 |
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$ |
0.3550 |
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$ |
1.0996 |
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$ |
1.0650 |
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Weighted-average shares outstanding: |
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Basic |
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109,500,640 |
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103,881,846 |
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109,426,522 |
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101,485,547 |
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Diluted |
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109,838,433 |
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104,167,774 |
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109,743,738 |
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101,770,250 |
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Four Corners Property Trust
Consolidated Balance Sheets
(In thousands, except share data)
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September 30, 2026 |
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December 31, 2025 |
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ASSETS |
(Unaudited) |
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Real estate investments: |
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Land |
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$ |
1,640,158 |
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$ |
1,499,059 |
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Buildings, equipment and improvements |
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2,225,600 |
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1,998,573 |
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Total real estate investments |
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3,865,758 |
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3,497,632 |
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Less: Accumulated depreciation |
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(852,694 |
) |
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(816,992 |
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Total real estate investments, net |
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3,013,064 |
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2,680,640 |
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Intangible lease assets, net |
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161,541 |
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129,371 |
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Total real estate investments and intangible lease assets, net |
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3,174,605 |
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2,810,011 |
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Real estate held for sale |
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- |
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- |
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Cash and cash equivalents |
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7,198 |
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12,144 |
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Straight-line rent adjustment |
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73,916 |
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71,765 |
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Derivative assets |
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31,004 |
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9,385 |
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Deferred tax assets |
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1,849 |
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1,679 |
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Other assets |
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14,206 |
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15,742 |
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Total Assets |
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$ |
3,302,778 |
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$ |
2,920,726 |
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LIABILITIES AND EQUITY |
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Liabilities: |
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Term loan and revolving credit facility ($960,000 and $590,000 of principal, respectively) |
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$ |
946,380 |
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$ |
581,880 |
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Senior unsecured notes |
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622,779 |
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622,291 |
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Dividends payable |
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54,936 |
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39,567 |
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Rent received in advance |
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18,269 |
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17,939 |
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Derivative liabilities |
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3 |
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5,055 |
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Other liabilities |
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29,145 |
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|
24,155 |
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Total liabilities |
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1,671,512 |
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1,290,887 |
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Equity: |
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Preferred stock, $0.0001 par value per share, 25,000,000 shares |
|
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- |
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- |
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Common stock, $0.0001 par value per share, 500,000,000 shares |
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|
11 |
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11 |
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Additional paid-in capital |
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1,758,035 |
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1,713,606 |
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Accumulated other comprehensive income |
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37,534 |
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|
7,665 |
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Noncontrolling interest |
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2,053 |
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2,112 |
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Accumulated deficit |
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(166,367 |
) |
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(93,555 |
) |
Total equity |
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1,631,266 |
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1,629,839 |
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Total Liabilities and Equity |
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$ |
3,302,778 |
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$ |
2,920,726 |
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Four Corners Property Trust
FFO and AFFO
(Unaudited)
(In thousands, except share and per share data)
|
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Funds from operations (FFO): |
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Net income |
|
$ |
28,879 |
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$ |
28,877 |
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|
$ |
89,240 |
|
|
$ |
83,018 |
|
Depreciation and amortization |
|
|
18,509 |
|
|
|
14,988 |
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|
|
51,110 |
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|
44,025 |
|
Realized gain on exchange of real estate (1) |
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- |
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- |
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(377 |
) |
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|
- |
|
FFO (as defined by NAREIT) |
|
$ |
47,388 |
|
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$ |
43,865 |
|
|
$ |
139,973 |
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$ |
127,043 |
|
Straight-line rental revenue |
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(957 |
) |
|
|
(856 |
) |
|
|
(2,205 |
) |
|
|
(1,563 |
) |
Deferred income tax benefit (2) |
|
|
249 |
|
|
|
(100 |
) |
|
|
172 |
|
|
|
(69 |
) |
Stock-based compensation |
|
|
2,149 |
|
|
|
2,208 |
|
|
|
7,217 |
|
|
|
6,969 |
|
Non-cash amortization of deferred financing costs |
|
|
965 |
|
|
|
790 |
|
|
|
2,652 |
|
|
|
1,568 |
|
Non-real estate investment depreciation |
|
|
73 |
|
|
|
63 |
|
|
|
222 |
|
|
|
75 |
|
Other non-cash revenue adjustments |
|
|
455 |
|
|
|
478 |
|
|
|
1,466 |
|
|
|
964 |
|
Adjusted Funds from Operations (AFFO) |
|
$ |
50,322 |
|
|
$ |
46,448 |
|
|
$ |
149,497 |
|
|
$ |
134,987 |
|
|
|
|
|
|
|
|
|
|
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Weighted average fully diluted shares outstanding (3) |
|
|
109,952,992 |
|
|
|
104,282,333 |
|
|
|
109,858,297 |
|
|
|
101,884,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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FFO per diluted share |
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
1.27 |
|
|
$ |
1.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AFFO per diluted share |
|
$ |
0.46 |
|
|
$ |
0.45 |
|
|
$ |
1.36 |
|
|
$ |
1.33 |
|
(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
Q3 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, the timing, manner, amount and completion of any share repurchases, if any, and the continuation, modification, suspension or termination of the Company’s share repurchase program, 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 Q3 2026
Q3 2026 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17
Q3 2026 CONSOLIDATING BALANCE SHEET
Q3 2026 CONSOLIDATED INCOME STATEMENT
Q3 2026 FFO & AFFO RECONCILIATION
Q3 2026 NET ASSET VALUE COMPONENTS
Q3 2026 CAPITALIZATION & KEY CREDIT METRICS
Q3 2026 DEBT SUMMARY Fully drawn Term Loan is $400 million. $40 million is undrawn as of September 30, 2026
Q3 2026 CREDIT FACILITY AND HEDGING SUMMARY Fully drawn Term Loan is $400 million. $40 million is undrawn as of September 30, 2026
Q3 2026 3.8-year W.A. term for notes/term loans 85% Fixed rate debt 4.21% W.A. hedged cash interest rate $350 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 9/30/2026 2
Q3 2026 DEBT COVENANTS
Q3 2026 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13
Q3 2026 1,476 Leases / 185 Brands Annual Base Rent of $292.8 million1 100% retail 48% Investment Grade2 1.6% Average Annual Rent Escalator3 BRAND DIVERSIFICATION Other casual dining restaurants Auto service Other medical retail Other retail 4 Quick service restaurants Medical Retail 16%
Q3 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 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 four leases in AK (not pictured)
Q3 2026 %ANNUALIZED BASE RENT1 99.5% occupied2 as of 9/30/2026 6.7 years weighted average lease term FCPT’s Darden leases average 6.0x rent coverage3 100% renewal for 2027 Olive Garden and LongHorn tranche LEASE MATURITY SCHEDULE AS OF 9/30/2026
Q3 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 9/30/2026 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. Q3 2026 GLOSSARY AND NON-GAAP DEFINITIONS
Q3 2026 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Q3 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 0.90% or 1.25% credit spread. 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. 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 These notes are senior unsecured fixed rate obligations of the Company As of 9/30/2026, FCPT had no mortgage debt and 100% of FCPT properties were unencumbered Excludes amortization of deferred financing costs on the unsecured notes and includes the impact of interest rate swaps on the Term Loans PAGE 11 FULLY EXTENDED DEBT MATURITY SCHEDULE Figures as of 9/30/2026, 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 and Term Loan A-5 expires March 14, 2028, 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 9/30/2026 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 26% 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 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 9/30/2026 FCPT acquired 120 properties and leasehold interests in Q3 2026; FCPT had no dispositions in the quarter PAGE 14 BRAND DIVERSIFICATION Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 9/30/2026, 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 September 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 four 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 Third quarter 2026 dividends were declared on 6/8/2026, and paid on 8/17/2026, 9/15/2026, and 10/15/2026 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 and Term Loan A-5 expires March 14, 2028, 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 0.90% or 1.25% credit spread. As of 9/30/2026, 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. 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
Q3 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
INVESTOR PRESENTATION Q3 2026 Four Corners Property Trust NYSE: FCPT
OCTOBER 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, the timing, manner, amount and completion of any share repurchases, if any, and the continuation, modification, suspension or termination of the Company’s share repurchase program 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 33 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS
Olive Garden and LongHorn now 37% of ABR vs 94% at spin Both brands continue to post strong same-store sales (+1.0% and +6.8%, as of Oct. 2026)1 Top 5 brands now ~51% of ABR ~42% of ABR from sectors outside of casual dining Proactively extended ~23% of outstanding debt with low-coupon term loans2 $200 million 7-year term loan at SOFR+125 bps (~4.9%) $400 million 5-year term loan at SOFR+90 bps (~4.5%) OCTOBER 2026 RECENT HIGHLIGHTS AT FCPT Achieved favorable risk-adjusted pricing for high-quality net lease assets with creditworthy tenants 48% of ABR leased to investment-grade operators Cash rent CAGR of ~12% since inception Largest volume quarter in company history driven by portfolio of 102 Mission Pet Health properties ($268 million). LTM investment volume of more than $500 million Maintained focus on restaurant, auto, and medical retail Renewal agreement covers the 66 Olive Garden and LongHorn restaurants expiring in 2027 along with six additional leases expiring after 2027 Extended for approx. 5 years with 1.5% annual increases No landlord rent concessions or capital contributions High collections (>99%) while avoiding net lease credit issues No exposure to Zips Car Wash, Walgreens, or Family Dollar Targeting fungible real estate with high re-use potential Portfolio focus on essential services Historic investment volume through October 2026 Recent 100% renewal of Darden leases for 2027 tranche Sustained diversification progress across portfolio Sidestepped credit issues impacting peers Low-rate debt issued at scale to fuel growth Executed acquisitions with strict discipline
OCTOBER 2026 FCPT AT A GLANCE1 1,476 leases 185 brands 6.7-year average lease term $0.46 AFFO per share (Q3), representing 2.9% YoY growth2 $326 million of investments in Q3 2026 at 6.6% cash / 7.1% GAAP cap rate 99.5% occupied 1.6% average annual escalator3 5.3x tenant EBITDAR coverage4 48% investment grade5 6,746 SF average asset size 28,705 average daily vehicle count $64,578 median household income 58,323 average 3-mile population $350 million undrawn revolver 6.0x net debt to adj. EBITDAre6 4.0x fixed charge coverage 85% fixed rate debt as of September 30, 2026 Baa3 / BBB (Moody’s / Fitch)
OCTOBER 2026 100% OLIVE GARDEN AND LONGHORN 2027 LEASE RENEWAL On October 14, FCPT announced that Darden extended 100% of Olive Garden and LongHorn leases maturing in 2027 Additionally, Darden exercised early renewal of six leases expiring in October 2028 Leases have been extended by an average of five years and will continue to increase by 1.5% annually FCPT did not provide any rent concessions or capital expenditures to incentivize renewals Pro forma for the renewal, FCPT now has approximately 2.7% of annual base rent expiring before 2028 and weighted average lease term increased to approximately 7.0 years PRE-DARDEN RENEWAL (9/30)1 PRO FORMA FOR RENEWAL1 6.7 years W.A. lease term 7.0 years W.A. lease term Darden Renewal Full renewal of Olive Garden and LongHorn leases within the inaugural spin-off tranche
3 CONSERVATIVE FINANCIAL POSITION PG 19 OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 5 APPENDIX: OTHER PG 27 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22
OCTOBER 2026 $293 million of ABR across 1,476 leases and 185 brands1 29% Olive Garden (vs. 74% at inception) 8% LongHorn (vs. 20% at inception) 42% tenancy outside of casual dining (vs. 0% at inception) Other Casual Dining Restaurants Auto Service Other Medical Retail Other Retail The spin-off Darden portfolio remains a strong foundation tenant for FCPT. Over half the portfolio (~60%) has been diversified to new tenants across restaurant, medical retail and auto service industries 227 leases 39 brands Auto Service 13% 107 leases 6% 57 leases 30 brands Other Retail 3% 2 2 Quick Service Restaurants 2% 83 leases 6% 30 leases 111 leases 25 brands Other Casual Dining Restaurants 9% 118 leases 317 leases 29% 8% 237 leases 40 brands 10% Quick Service Restaurants 17 leases 2% 32 leases 2% PORTFOLIO SNAPSHOT 140 leases 44 brands Other Medical Retail 10% Medical Retail 16%
OCTOBER 2026 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($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 +153 FCPT accelerated growth through scaled transactions while declining to acquiesce to larger, riskier individual assets
OCTOBER 2026 WHY OWN FCPT – WHAT MAKES US UNIQUE WITHIN NET LEASE? Superior Capital Allocation Modulate investment amount based upon cost of capital, if cost of capital weakens Long track record of conservative leverage Avoid sacrificing investment quality to increase spread Willing to buy back stock when share price falls below intrinsic value Fungible Real Estate Excellent visibility and access paired with strong demographics Target sectors are e-commerce and recession resistant Industry-leading EBITDAR coverage1 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 ~$3 million per property REPRESENTATIVE BRANDS 1 3 2 4 We combine a differentiated, disciplined approach to net lease with a highly transparent disclosure regime
ENTERPRISE VALUE ($ million) $3,969 3.1x Equity Net Debt $1,324 OCTOBER 2026 FCPT AT 11 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR TODAY Annual base rent1 $94 million $293 million + $199 million (3.1x) Properties 418 1,456 + 1,038 (3.5x) Brands 5 185 + 180 Enterprise value $1.3 billion $4.0 billion + $2.7 billion (3.1x) 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 Top 5 brands as % of ABR 100% 51% - 49% Investment volume (cumulative) $2.7 billion + $2.7 billion 2015 Revenue growth (cash) + 14% Growth year-over-year + 12% Average annual growth since inception - - EBITDAR coverage 4.2x 5.3x (Darden 6.0x) + 1.1x AFFO per share (LQA) $1.16 Q1 2016 $1.84 + $0.68 (1.6x) Dividend per share (annualized) $0.80 $1.52 + $0.72 (1.9x) ANNUAL BASE RENT ($ million)1 3.1x $293 40% Darden 100% Darden 10
OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 5 APPENDIX: OTHER PG 27 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 3 CONSERVATIVE FINANCIAL POSITION PG 19
OCTOBER 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: 0.0% ABR exposure1 (No exposure to brands listed here) General Merchandise: 0.5% ABR exposure2 (No exposure to brands listed here) Car Washes: 1.0% ABR exposure3 (No exposure to brands listed here) FCPT HAS AVOIDED: Service Centers
“ OCTOBER 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 Share Price Return 1 1 1 1
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 includes 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 and strong store-level performance resulting in unmatched rent coverage (6.0x)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: OCTOBER 2026 $155k $205k $199k FCPT COVERAGE VS PEERS1 Ground Leased $155k average rent Darden 6.0x coverage1 Chili’s Master Leased Other Investment Grade Leases2 High Quality Ground & Building Leases $169k average rent 74% structurally superior to regular way net lease 10% 90% 100%
OCTOBER 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
OCTOBER 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 OCTOBER 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: 42 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
OCTOBER 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 (9%) 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)
OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 3 CONSERVATIVE FINANCIAL POSITION PG 19 5 APPENDIX: OTHER PG 27
“ OCTOBER 2026 FULLY EXTENDED DEBT MATURITY SCHEDULE($ MILLIONS) FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility Weighted average debt maturity 3.8 years excluding extensions Limited near-term debt maturities (~8% before 2028) Conservative leverage Committed to maintaining conservative 5.0x–6.0x max leverage Net debt to adjusted EBITDAre ratio is within our range. Leverage was 6.0x1 as of 9/30/2026 Strong liquidity profile $350 million revolver availability Conservative dividend payout ratio of ~80% of AFFO $397 million available liquidity including cash and cash equivalents and undrawn Term Loan and revolver balance Minimal floating rate exposure As of 9/30/2026, 85% of debt is fixed rate including the effect of interest rate hedges Investment grade rated Rated BBB by Fitch and Baa3 by Moody’s CONSERVATIVE FINANCIAL POLICIES Note: Term Loan and Revolver maturities are shown fully extended 3.8 years W.A. debt maturity 3% 5% 9% 12% 19% 29% 5% 19% Year % of Total Debt
OCTOBER 2026 FCPT’S HISTORICAL LEVERAGE PROFILE FCPT has a stated leverage target of 5.0x-6.0x and has been below or in the range of its target since inception Discipline around our leverage is embedded into company culture and our approach to funding growth FCPT has demonstrated a commitment to positive spread investing above its cost of capital FCPT has always maintained its commitment to a conservative leverage profile throughout its corporate history regardless of the broader capital markets landscape FCPT HISTORICAL LEVERAGE1
CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 3 CONSERVATIVE FINANCIAL POSITION PG 19 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 OCTOBER 2026 5 APPENDIX: OTHER PG 27
OCTOBER 2026 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Rank Brand Name FCPT Leases % of ABR1 Total Stores Sales ($mm) Publicly Traded? 1 Olive Garden 317 28.7% 953 $5,624 DRI 2 Longhorn Steakhouse 118 8.2% 624 $3,508 DRI 3 Mission Pet Health 107 6.2% 970 - - 4 Chili's 83 6.1% 1,209 $5,297 EAT 5 Outback Steakhouse 30 2.2% 666 $2,243 BLMN 6 Buffalo Wild Wings 32 2.2% 1,397 - - 7 Burger King 43 2.1% 6,649 $11,074 QSR 8 Caliber Collision 36 2.1% 1,268 - - 9 Cheddar's 17 2.0% 187 $759 DRI 10 Christian Brothers 19 1.8% 352 - - 11 Red Lobster 18 1.3% 520 - - 12 BJ's Restaurant 14 1.2% 219 $1,433 BJRI 13 KFC 33 1.1% 3,424 $4,682 YUM 14 Carrabba's 15 1.1% 204 $707 BLMN 15 Whistle Express Car Wash 9 1.0% 303 - - 16 Bob Evans 15 1.0% 418 - - 17 Bahama Breeze 8 0.9% 10 - DRI 18 Oak Street Health 10 0.9% 239 - CVS 19 Plaza Tire Service 17 0.8% 102 - - 20 Arby's 19 0.7% 3,265 - - 21 NVA 9 0.7% 1,325 - - 22 NAPA Auto Parts 18 0.6% 6,000 $25,333 GPC 23 WellNow Urgent Care 12 0.6% 150 - - 24 VCA 9 0.6% 850 - - 25 Tires Plus 15 0.6% 400 - 5108-JP 26 Starbucks 17 0.6% 16,864 $38,317 SBUX 27 Novant Health 13 0.6% 21 - - 28 Mavis 12 0.6% 886 - - 29 Fresenius 10 0.6% 2,622 $27,295 FSNUY 30 Taco Bell 15 0.5% 7,670 $17,247 YUM 31 Texas Roadhouse 11 0.5% 832 $5,438 TXRH 32 Cooper's Hawk 3 0.5% 77 - - 33 Express Oil 9 0.5% 387 - - 34 AFC Urgent Care 9 0.5% 400 - - 35 Aspen Dental 10 0.5% 1,100 - - 36-185 Other 344 19.5% Total Portfolio 1,476 100% 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
FCPT National Brands with Strong Credit Profiles Small Building, Fungible Real Estate Low Rent & Investment Basis OCTOBER 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 OCTOBER 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
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 OCTOBER 2026 Quick Service Fast Casual
OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 5 APPENDIX: OTHER PG 27 3 CONSERVATIVE FINANCIAL POSITION PG 19
FCPT’S STRONG DISPOSITION TRACK RECORD OCTOBER 2026 Most of FCPT’s historical dispositions were opportunistic and featured low cap rates 24 properties sold since 2016 $122 million total proceeds at 5.4% average cap rate No sold properties since 2023 We regularly receive reverse inquires to purchase FCPT properties. We view dispositions as another potential capital raising tool
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 40% of 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 OCTOBER 2026 Advanced Pet Care (Parker, CO) Livewell Animal Hospital (Cypress, TX)
OCTOBER 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
OCTOBER 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
OCTOBER 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%, 6.0%, and 6.0%, respectively Cumulatively, construction costs as measured by the Turner Building Cost Index have far outpaced general inflation over the past twelve years Annual Cumulative
OCTOBER 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 9/30/2026 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.
Q3 2026 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Q3 2026 FFO & AFFO RECONCILIATION
OCTOBER 2026 ENDNOTES PAGE 8 CONSISTENT ANNUAL INVESTMENT GROWTH 1. Figures as of 9/30/2026 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 33 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 26% 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 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 PAGE 4 FCPT AT A GLANCE Figures as of 9/30/2026 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 33 for definitions See page 33 for non-GAAP definitions, and page 35 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 Average annual rent escalation through September 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 33 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 26% 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 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 34 for reconciliation of net income to adjusted EBITDAre and page 33 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 10 FCPT AT 11 YEARS: Annual Cash Base Rent (ABR) as defined in glossary Past performance does not guarantee future results PAGE 34 RECONCILIATION SCHEDULES See glossary on page 33 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 35 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 23 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Represents current Annual Cash Base Rent (ABR) as of 9/30/2026 as defined in glossary on page 33 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 PAGE 20 CONSERVATIVE FINANCIAL POLICIES Figures as of 9/30/2026, except where otherwise noted See page 34 for reconciliation of net income to adjusted EBITDAre and page 33 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 21 FCPT’S HISTORICAL LEVERAGE PROFILE See page 34 for reconciliation of net income to adjusted EBITDAre and page 33 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 12 HIGHLY SELECTIVE APPROACH TO NET LEASE Note: All data as of 9/30/2026 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), 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 GEOGRAPHICALLY DIVERSE Figures as of 9/30/2026 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 3 RECENT HIGHLIGHTS AT FCPT Source: Public filings As of 3/31/2026 PAGE 9 WHY OWN FCPT – WHAT MAKES US UNIQUE WITHIN NET LEASE? 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 7 PORTFOLIO SNAPSHOT Annual Cash Base Rent (ABR) as defined in glossary 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 13 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS Source: Public filings as of 9/30/2026 FactSet’s All Restaurant Index is composed of 21 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 5 100% OLIVE GARDEN AND LONGHORN 2027 LEASE RENEWAL Note: Excludes renewal options Annual cash base rent (ABR) as defined in glossary PAGE 28 FCPT’S STRONG DISPOSITION TRACK RECORD Some transactions are subject to confidentiality provisions which prevent corporate disclosure of individual cap rates. Our blended rate of 5.4% includes all transactions PAGE 26 UNDERWRITING GEARED TOWARD HIGHER SALES VOLUME & BRANDS Brand average sales per Nation’s Restaurant News Top 500 (2025 edition, uses 2024 sales volumes) PAGE 29 CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO Representative of 9/30/2026 portfolio data. FCPT previously owned five Mission Pet Health properties
INVESTOR PRESENTATION Q3 2026