FCPT (NYSE: FCPT) lifts Q1 rent, AFFO and adds $200M term loan
Rhea-AI Filing Summary
Four Corners Property Trust reported stronger Q1 2026 results with continued balance sheet discipline. Rental revenue rose 10.0% year over year to $69.8 million, within total revenue of $78.2 million. Net income attributable to common shareholders was $30.3 million, or $0.28 per diluted share, compared with $26.2 million, or $0.26 per diluted share, a year earlier.
AFFO per diluted share was $0.45, up 3.4% from Q1 2025, while NAREIT FFO per diluted share was $0.42, up 4.7%. The portfolio comprised 1,313 properties in 48 states, 99.6% occupied with a 6.7-year weighted average lease term. FCPT acquired ten properties for $26.2 million at a 6.8% initial cash yield and a 7.3% GAAP yield.
As of March 31, 2026, FCPT had about $380 million of liquidity, including $30 million of cash and $350 million of revolver capacity, against $1,215 million of debt and leverage of 5.0x net debt to adjusted EBITDAre. On April 6, 2026, the company entered into a new $200 million seven-year senior unsecured delayed draw term loan, drawing $50 million at close to fund its investment pipeline.
Positive
- None.
Negative
- None.
Insights
FCPT delivered steady Q1 growth, maintained high occupancy, and added low-cost term debt while keeping leverage moderate.
Four Corners Property Trust showed healthy top-line momentum, with rental revenue up 10.0% to $69.8 million and total revenue of $78.2 million. Net income attributable to common shareholders increased to $30.3 million, or $0.28 per diluted share, aided by a larger, fully leased portfolio.
Cash generation remained solid: AFFO per diluted share reached $0.45, up 3.4%, and NAREIT FFO per diluted share was $0.42, up 4.7%. The company kept G&A contained at $7.5 million, including $2.6 million of stock-based compensation, while sustaining a quarterly dividend of $0.3665 per share.
From a balance sheet angle, FCPT ended the quarter with $380 million of liquidity and net debt to adjusted EBITDAre of 5.0x. The new $200 million seven-year term loan, priced at SOFR plus 1.25%, extends duration and is earmarked for the investment pipeline and general corporate purposes, supporting measured growth without a sharp leverage increase.
8-K Event Classification
Key Figures
Key Terms
Adjusted Funds from Operations (AFFO) financial
Funds from Operations (FFO) financial
EBITDAre financial
term loan facility financial
net lease financial
tenant EBITDAR coverage financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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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 April 29, 2026, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 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 March 31, 2026 is attached hereto as Exhibit 99.2.
The information in this Item 2.02 and Exhibits 99.1 and 99.2 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure.
Members of management of the Company will present an overview of the Company during upcoming investor presentations. A copy of the presentation is attached as Exhibit 99.3 and incorporated by reference herein.
The information in this Item 7.01 and Exhibit 99.3 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
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Exhibit Description |
99.1 |
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Press Release Dated April 29, 2026 |
99.2 |
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Supplemental Financial & Operating Information For Quarter Ended March 31, 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: |
April 29, 2026 |
By: |
/s/ JAMES L. BRAT |
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James L. Brat |
FCPT Announces First Quarter 2026 Financial and Operating Results
MILL VALLEY, CA – April 29, 2026 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three months ended March 31, 2026.
Management Comments
“FCPT started off 2026 in a strong position. After raising record liquidity and lowering our leverage profile in 2025, we closed on an attractively priced $200 million Term Loan to fund the investment pipeline at a 200+ basis point spread to historical acquisition yields,” said CEO Bill Lenehan. “The portfolio continues to perform at a high level, with continued strong collections and occupancy. Our new capital and fortress portfolio gives us the ability to play offense and boost growth.”
Rent Collection Update
As of March 31, 2026, the Company has received rent payments representing 99.7% of its portfolio contractual base rent for the quarter ending March 31, 2026.
Financial Results
Rental Revenue and Net Income Attributable to Common Shareholders
Adjusted Funds from Operations (AFFO)
Funds from Operations (FFO)
General and Administrative (G&A) Expense
Dividends
Real Estate Portfolio
Acquisitions
Dispositions
Liquidity and Capital Markets
Liquidity
Capital Raising
Credit Facility and Unsecured Notes
Conference Call Information
Company management will host a conference call and audio webcast on Thursday, April 30 at 12:00 p.m. Eastern Time to discuss the results.
Interested parties can listen to the call via the following:
Phone: 1 833 461 5787 (domestic) or 1 626 884 3620 (international), and reference the FCPT First Quarter 2026 Financial Results Conference Call
Live webcast: https://events.q4inc.com/attendee/865913566
Replay: A conference call replay will be available for one year via the webcast.
About FCPT
FCPT is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at fcpt.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.
Notice Regarding Non-GAAP Financial Measures:
In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website.
Supplemental Materials and Website:
Supplemental materials on the First Quarter 2026 operating results and other information on the Company are available on the investors relations section of FCPT’s website at investors.fcpt.com.
FCPT
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
Four Corners Property Trust
Consolidated Statements of Income
(Unaudited)
(In thousands, except share and per share data)
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Three Months Ended March 31, |
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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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$ |
69,813 |
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$ |
63,482 |
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Restaurant revenue |
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8,353 |
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7,994 |
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Total revenues |
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78,166 |
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71,476 |
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Operating expenses: |
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General and administrative |
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7,485 |
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7,639 |
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Depreciation and amortization |
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16,186 |
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14,429 |
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Property expenses |
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3,375 |
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3,265 |
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Restaurant expenses |
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7,877 |
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7,555 |
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Total operating expenses |
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34,923 |
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32,888 |
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Interest expense |
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(13,121 |
) |
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(12,731 |
) |
Other income, net |
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342 |
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392 |
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Realized gain on sale, net |
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— |
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— |
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Income tax expense |
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(98 |
) |
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(63 |
) |
Net income |
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30,366 |
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26,186 |
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Net income attributable to noncontrolling interest |
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(32 |
) |
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(30 |
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Net Income Attributable to Common Shareholders |
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$ |
30,334 |
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$ |
26,156 |
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Basic net income per share |
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$ |
0.28 |
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$ |
0.26 |
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Diluted net income per share |
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$ |
0.28 |
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$ |
0.26 |
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Regular dividends declared per share |
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$ |
0.3665 |
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$ |
0.3550 |
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Weighted-average shares outstanding: |
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Basic |
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109,281,022 |
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99,708,806 |
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Diluted |
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109,558,530 |
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100,072,018 |
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Four Corners Property Trust
Consolidated Balance Sheets
(In thousands, except share data)
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March 31, 2026 |
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December 31, 2025 |
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(Unaudited) |
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ASSETS |
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Real estate investments: |
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Land |
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$ |
1,509,601 |
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$ |
1,499,059 |
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Buildings, equipment and improvements |
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2,012,376 |
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1,998,573 |
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Total real estate investments |
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3,521,977 |
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3,497,632 |
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Less: Accumulated depreciation |
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(828,495 |
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(816,992 |
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Total real estate investments, net |
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2,693,482 |
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2,680,640 |
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Intangible lease assets, net |
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126,589 |
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129,371 |
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Total real estate investments and intangible lease assets, net |
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2,820,071 |
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2,810,011 |
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Cash and cash equivalents |
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29,646 |
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12,144 |
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Straight-line rent adjustment |
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72,543 |
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71,765 |
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Derivative assets |
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11,492 |
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9,385 |
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Deferred tax assets |
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1,719 |
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1,679 |
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Other assets |
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16,408 |
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15,742 |
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Total Assets |
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$ |
2,951,879 |
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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 ($590,000 and $590,000 of principal, |
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$ |
582,516 |
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$ |
581,880 |
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Senior unsecured notes |
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622,454 |
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622,291 |
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Dividends payable |
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40,129 |
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39,567 |
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Rent received in advance |
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16,372 |
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17,939 |
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Derivative liabilities |
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2,882 |
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5,055 |
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Other liabilities |
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23,401 |
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24,155 |
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Total liabilities |
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1,287,754 |
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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 authorized, |
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— |
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— |
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Common stock, $0.0001 par value per share, 500,000,000 shares authorized, |
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11 |
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11 |
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Additional paid-in capital |
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1,753,431 |
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1,713,606 |
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Accumulated other comprehensive income |
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11,927 |
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7,665 |
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Noncontrolling interest |
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2,106 |
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2,112 |
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Accumulated deficit |
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(103,350 |
) |
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(93,555 |
) |
Total equity |
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1,664,125 |
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1,629,839 |
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Total Liabilities and Equity |
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$ |
2,951,879 |
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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 March 31, |
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2026 |
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2025 |
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Funds from operations (FFO): |
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Net income |
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$ |
30,366 |
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$ |
26,186 |
|
Depreciation and amortization |
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|
16,111 |
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|
14,392 |
|
Realized gain on sales of real estate |
|
|
— |
|
|
|
— |
|
FFO (as defined by NAREIT) |
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$ |
46,477 |
|
|
$ |
40,578 |
|
Straight-line rental revenue |
|
|
(778 |
) |
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|
(726 |
) |
Deferred income tax benefit (1) |
|
|
(40 |
) |
|
|
(55 |
) |
Stock-based compensation |
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2,613 |
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|
2,760 |
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Non-cash amortization of deferred financing costs |
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|
799 |
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|
782 |
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Non-real estate investment depreciation |
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75 |
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37 |
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Other non-cash revenue adjustments |
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|
544 |
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|
486 |
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Adjusted Funds from Operations (AFFO) |
|
$ |
49,690 |
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$ |
43,862 |
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Weighted average fully diluted shares outstanding (2) |
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|
109,673,089 |
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100,186,577 |
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FFO per diluted share |
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$ |
0.42 |
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$ |
0.41 |
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AFFO per diluted share |
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$ |
0.45 |
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$ |
0.44 |
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(1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business |
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(2) Assumes the issuance of common shares for OP units held by non-controlling interest |
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Q1 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION Four Corners Property Trust NYSE: FCPT
Cautionary note regarding forward-looking statements: This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2025 and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission. Notice regarding non-GAAP financial measures: The information in this communication contains and refers to certain non-GAAP financial measures, including FFO and AFFO. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the Investors section of our website at www.fcpt.com, and on page 18 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS Q1 2026
Q1 2026 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17
Q1 2026 CONSOLIDATING BALANCE SHEET
Q1 2026 CONSOLIDATED INCOME STATEMENT
Q1 2026 FFO & AFFO RECONCILIATION
Q1 2026 NET ASSET VALUE COMPONENTS
Q1 2026 CAPITALIZATION & KEY CREDIT METRICS
Q1 2026 DEBT SUMMARY
Q1 2026 CREDIT FACILITY AND HEDGING SUMMARY
Q1 2026 2.9-year Weighted average term for notes/term loans 100% Fixed rate debt 4.03% Weighted average cash interest rate $350 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 3/31/2026 2
Q1 2026 DEBT COVENANTS
Q1 2026 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13
Q1 2026 1,333 Leases / 180 Brands Annual Base Rent of $266.1 million1 100% retail 52% Investment Grade2 1.5% Average Annual Rent Escalator3 BRAND DIVERSIFICATION Other casual dining restaurants Auto service Medical retail Other retail 4 Quick service restaurants
Q1 2026 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI GEOGRAPHIC DIVERSIFICATION 15 >10% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties (WY/ HI) Note: Portfolio includes two leases in AK (not pictured)
Q1 2026 %ANNUALIZED BASE RENT1 99.6% occupied2 as of 3/31/2026 6.7 years weighted average lease term < 1.0% 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
Q1 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 3/31/2026 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. Q1 2026 GLOSSARY AND NON-GAAP DEFINITIONS
Q1 2026 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Q1 2026 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 2029, FCPT has entered into interest rate swaps that fix $590 million through November 2026, $590 through November 2027, $565 through November 2028 and $330 through November 2029. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.0% for 2026, 4.0% for 2027, 4.3% for 2028, and 4.5% for 2029 These notes are senior unsecured fixed rate obligations of the Company. Cash interest rate excludes amortization of swap gains and losses incurred in connection with the issuance of these notes. The annual amortization (benefit) of net hedge gains is currently $219 thousand per year As of 3/31/2026, FCPT had no mortgage debt and 100% of FCPT properties were unencumbered Excludes amortization of deferred financing costs on the credit facility and unsecured notes PAGE 11 DEBT MATURITY SCHEDULE Figures as of 3/31/2026, shown with options fully extended The revolving credit facility expires on February 1, 2029 subject to FCPT’s availability to extend the term for two additional six-month periods to February 1, 2030 Term Loan A-1 expires on February 1, 2029, Term Loan A-2 expires on November 9, 2026, and Term Loan A-5 expires March 14, 2027, subject to FCPT’s availability to extend the term for one additional one-year period PAGE 16 LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 3/31/2026 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 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 3/31/2026 FCPT acquired 10 properties and leasehold interests in Q1 2026; FCPT had no dispositions in the quarter PAGE 14 BRAND DIVERSIFICATION Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 3/31/2026, 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 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 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 First quarter 2026 dividend was declared on 3/5/2026, and paid on 4/15/2026 Principal debt amount less cash and cash equivalents Current quarter annualized. See glossary on page 18 for definitions of EBITDAre and Adjusted EBITDAre and page 18 for reconciliation to net income FOOTNOTES PAGE 10 CREDIT FACILITY AND HEDGING SUMMARY The revolving credit facility expires on February 1, 2029 subject to FCPT’s availability to extend the term for two additional six-month periods to February 1, 2030. Term Loan A-1 expires on February 1, 2029, Term Loan A-2 expires on November 9, 2026, and Term Loan A-5 expires March 14, 2027, subject to availability to extend the term for one additional one-year period Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.95%-1.00% credit spread. As of 3/31/2026, through 2029, FCPT has entered into interest rate swaps that fix $590 million through November 2026, $590 through November 2027, $565 through November 2028 and $330 through November 2029. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.0% for 2026, 4.0% for 2027, 4.3% for 2028, and 4.5% for 2029 Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.95%-1.25% credit spread. As of 4/29/2026, through 2029, FCPT has entered into interest rate swaps that fix $640 million through November 2026, $640 through November 2027, $615 through November 2028 and $380 through November 2029. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.0% for 2026, 4.0% for 2027, 4.3% for 2028, and 4.5% for 2029
Q1 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
INVESTOR PRESENTATION Q1 2026 Four Corners Property Trust NYSE: FCPT
APRIL 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 34 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS
Olive Garden and LongHorn now 40% of ABR vs 94% at spin Both brands continue to post strong same-store sales (+3% and +7%, as of Feb. 2026)1 Top 5 brands now ~52% of ABR ~37% of ABR from sectors outside of casual dining Closed on $200 million 7-year term loan on April 6, 2026 Immediate $50 million draw with the remainder expected to be drawn in Q2 and Q3 ~100% of current outstanding debt is fixed rate through November 2027 ~200 basis point spread to historical acquisition yields APRIL 2026 RECENT HIGHLIGHTS AT FCPT Achieved favorable risk-adjusted pricing for high quality net lease assets with credit-worthy tenants 52% of ABR leased to investment-grade operators Cash rent CAGR of ~12% since inception 9 consecutive years of cash rent growth >8% Continued to prioritize granular acquisitions with average property basis of $2.6 million in Q1 2026 Focus on restaurant, auto, and medical retail; regularly evaluating new sectors of grocery, equipment rental, and surgery centers Ample capacity to fuel growth $380 million of liquidity including cash, cash equivalents, and fully undrawn revolver Low leverage of 5.0x as of 3/31/2026 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 ~71% of portfolio assembled after the onset of COVID-19 (focus on essential services) Building up investment volume to start 2026 Optionality in capital sources to fund future growth Continued diversification progress Sidestepped credit issues impacting peers Balancing debt with equity for long-term accretion Executed acquisitions with strict discipline
“ APRIL 2026 SPOTLIGHT ON CAPITAL RAISING IN 2026: $200 MILLION SEVEN YEAR TERM LOAN FCPT closed on an incremental $200 million 7-year delayed draw Term Loan on April 6, 2026 $50 million was drawn at closing to fund the immediate investment pipeline and other general corporate purposes The remaining $150 million is expected to fund additional pipeline acquisitions via the delayed draw feature FCPT expects to draw the remaining Term Loan balance during Q2 and Q3 for acquisitions and general corporate purposes Term Loan coupon is SOFR + 1.25% for an estimated all-in rate of 4.9%.1 This represents 200+ basis points of spread to historical acquisition yields2 Inclusive of the $50 million drawn term loan, FCPT has hedged 100% of outstanding Term Loans at a 3.1% blended hedged rate and its overall debt profile is 100% fixed through November 2027 Pro forma for fully drawing and deploying the $200 million Term Loan, FCPT’s estimated run-rate leverage is ~5.4x Note: Term Loan and Revolver maturities are shown fully extended. New Term Loan shown fully drawn PRO FORMA DEBT MATURITY SCHEDULE ($ MILLIONS) Based on floating SOFR rate of 3.65% as of April 6, 2026, plus credit spread of 1.25% Based on historical cash yields of last three years averaging ~6.9%
APRIL 2026 FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR TODAY Annual base rent1 $94 million $266 million + $172 million (2.8x) Properties 418 1,313 + 895 (3.1x) Brands 5 180 + 175 Enterprise value $1.3 billion $3.8 billion + $2.5 billion (2.9x) We have grown our team, put in place substantial risk management and refined our investment and property management capabilities all while improving access to capital2 ANNUAL BASE RENT ($ million) ENTERPRISE VALUE ($ million) Top 5 brands as % of ABR 100% 52% - 48% Investment volume (cumulative) $2.4 billion + $2.4 billion $3,784 $1,324 2015 Equity Net Debt 2.9x Revenue growth (cash) + 8% Growth year-over-year + 12% Average annual growth since inception - - 2.8x EBITDAR coverage 4.2x 5.1x (Darden 5.8x) + 0.9x AFFO per share (LTM) $1.22 $1.79 + $0.57 (1.5x) Dividend per share (annualized) $0.80 $1.47 + $0.67 (1.8x) $266 100% Darden 44% Darden
APRIL 2026 316 leases 5.60% 188 leases 27 brands Other Casual Dining Restaurants 6.10% 118 leases 5.50% Auto Service 6.25% 82 leases 5.90% Medical Retail 6.50% 234 leases 40 brands 5.90% Quick Service Restaurants Recent cap rates imply that FCPT’s current 6.80% implied portfolio cap rate4 reflects an approximate ~13% discount5 to private market valuation6 for similar net lease assets PORTFOLIO 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 Rate Comps1 Brand / Sector 5.95% Blended Other Retail2 54 leases 28 brands Other Retail2 3% ABR% 31% 9% 7% 16% 11% 13% 11% 205 leases 38 brands 136 leases 44 brands 6.60% FCPT has a 6.80% implied cap rate as of 4/28/2026 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 Q1 2026 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
“ APRIL 2026 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS FCPT’s restaurant tenants are principally large, publicly-traded companies and brands Many of these casual dining and quick service restaurant brands that anchor our portfolio have generated strong same-store performance while maintaining a conservative leverage position 2 3 4 Share Price Return 1 1
DISCLOSURE CHANGE: INTRODUCTION OF GAAP CAP RATES APRIL 2026 FCPT has historically reported acquisition cap rates on a cash basis to demonstrate initial accretion on “Day 1” We believe cap rates on a cash basis provides the clearest view of accretion, but without further context, it also limits insight to accretion over the life of a long-term lease. For purposes of allowing easier comparison to the net lease peer set, FCPT will begin to also disclose GAAP cap rates on a quarterly basis Note on Terminology: Cash cap rate is calculated as cash rent / purchase price GAAP cap rate is calculated as GAAP rent (i.e., includes straight-line rent) / purchase price. This reflects the average cap rate over the life of the initial lease term FCPT’s GAAP cap rate has exceeded the cash cap rate by ~70 basis points from 2023 to 2025 (on average) 1
3 CONSERVATIVE FINANCIAL POSITION PG 21 APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 5 APPENDIX: OTHER PG 30 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24
APRIL 2026 FCPT AT A GLANCE1 1,333 leases 180 brands 6.7-year average lease term $0.45 AFFO per share (Q1), representing 3.4% YoY growth5 $26 million of investments in Q1 2026 at 6.8% cash / 7.3% GAAP cap rate 99.6% occupied 1.5% average annual escalator6 5.1x tenant EBITDAR coverage2 52% investment grade3 6,594 SF average asset size 29,737 average daily vehicle count $67,308 median household income 58,738 average 3-mile population $350 million undrawn revolver 5.0x net debt to adj. EBITDAre4 4.8x fixed charge coverage 100% fixed rate debt as of March 31, 2026 Baa3 / BBB (Moody’s / Fitch)
APRIL 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 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 ~$3 million per property Just 11 bps of historical bad debt on average since 2015 and none in 2025 REPRESENTATIVE BRANDS 1 3 2 4 We combine a differentiated, disciplined approach to net lease with a transparent disclosure regime
APRIL 2026 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($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 ($M) +87 +105 FCPT has consistently focused on low basis properties, safeguarding the portfolio value at risk +10
APRIL 2026 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Rank Brand Name FCPT Stores % of ABR1 Total Stores Sales ($mm) Publicly Traded? 1 Olive Garden 316 31.5% 944 $5,438 DRI 2 Longhorn Steakhouse 118 9.0% 608 $3,240 DRI 3 Chili's 82 6.6% 1,206 $5,173 EAT 4 Outback Steakhouse 30 2.4% 666 $2,237 BLMN 5 Buffalo Wild Wings 31 2.3% 1,323 - - 6 Caliber Collision 36 2.3% 1,829 - - 7 Burger King 42 2.3% 6,701 - QSR 8 Cheddar's 17 2.2% 184 $746 DRI 9 Christian Brothers 19 2.0% 339 - - 10 Red Lobster 18 1.4% 518 - - 11 Bahama Breeze 10 1.3% 27 $229 DRI 12 KFC 33 1.2% 3,523 $4,900 YUM 13 Carrabba’s 15 1.2% 204 $707 BLMN 14 BJ’s Restaurant 13 1.2% 219 $1,407 BJRI 15 Whistle Express Car Wash 9 1.1% 169 - - 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 $24,800 GPC 20 VCA 9 0.7% 829 - - 21 WellNow Urgent Care 12 0.7% 150 - - 22 Starbucks 17 0.7% 16,941 $38,836 SBUX 23 Mavis 12 0.6% 866 - - 24 Tires Plus 14 0.6% 400 - 5108-JP 25 NVA 8 0.6% 1,341 - - 26 Fresenius 10 0.6% 2,594 $27,066 FSNUY 27 Taco Bell 15 0.6% 7,784 $16,200 YUM 28 Texas Roadhouse 11 0.6% 684 $5,475 TXRH 29 Express Oil 9 0.6% 366 - - 30 AFC Urgent Care 9 0.6% 400 - - 31 Verizon 12 0.5% 5,160 $141,087 VZ 32 Aspen Dental 10 0.5% 1,400 - - 33 Tire Discounters 8 0.5% 201 - - 34 Whataburger 7 0.5% 1,085 - - 35 Panera 8 0.4% 2,250 - - 36-180 Other 313 19.2% Total Portfolio 1,333 100% 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
APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 5 APPENDIX: OTHER PG 30 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 3 CONSERVATIVE FINANCIAL POSITION PG 21
APRIL 2026 FOCUS ON RISK ADJUSTED QUALITY NET LEASE FCPT had approximately $380 million of available liquidity including approximately $30 million of cash and cash equivalents and $350 million of capacity under revolving credit facility as of March 31, 2026 FCPT has limited near-term debt maturities and 5.0x 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
APRIL 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
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 (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: APRIL 2026 $151k $238k $201k FCPT COVERAGE VS PEERS1 Ground Leased $151k average rent Darden 5.8x coverage1 Chili’s Master Leased Other Investment Grade Leases2 High Quality Ground & Building Leases $165k average rent 74% structurally superior to regular way net lease 10% 90% 100%
APRIL 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
APRIL 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 APRIL 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: 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
APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 3 CONSERVATIVE FINANCIAL POSITION PG 21 5 APPENDIX: OTHER PG 30
“ APRIL 2026 PRO FORMA DEBT MATURITY SCHEDULE $ MILLIONS FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility Weighted average debt maturity 2.9 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 5.0x1 as of 3/31/2026 Strong liquidity profile $350 million revolver availability Conservative dividend payout ratio of ~80% of AFFO $380 million available liquidity including cash and cash equivalents and undrawn revolver balance Minimal floating rate exposure 100% 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
APRIL 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) FCPT HISTORICAL LEVERAGE1
CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 APRIL 2026 5 APPENDIX: OTHER PG 30
FCPT National Brands with Strong Credit Profiles Small Building, Fungible Real Estate Low Rent & Investment Basis APRIL 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 APRIL 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
APRIL 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
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 APRIL 2026 Quick Service Fast Casual
APRIL 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
APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 5 APPENDIX: OTHER PG 30 3 CONSERVATIVE FINANCIAL POSITION PG 21
APRIL 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)
APRIL 2026 LADDERED LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 99.6% occupied2 as of 3/31/2026 6.7 years weighted average lease term < 1.0% 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
APRIL 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, construction costs as measured by the Turner Building Cost Index have far outpaced general inflation over the past twelve years Annual Cumulative
APRIL 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 3/31/2026 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.
APRIL 2026 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
APRIL 2026 FFO & AFFO RECONCILIATION
PAGE 32 LADDERED LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 3/31/2026 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage See glossary on page 34 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 APRIL 2026 ENDNOTES PAGE 12 CONSISTENT ANNUAL INVESTMENT GROWTH 1. Figures as of 3/31/2026 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 17 UNIQUE AND HIGHLY SECURE NET LEASE See glossary on page 34 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 10 FCPT AT A GLANCE Figures as of 3/31/2026 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 34 for definitions See glossary on page 34 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 35 for reconciliation of net income to adjusted EBITDAre and page 34 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents See page 34 for non-GAAP definitions, and page 36 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 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 35 RECONCILIATION SCHEDULES See glossary on page 34 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 36 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 13 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Represents current Annual Cash Base Rent (ABR) as of 3/31/2026 as defined in glossary on page 34 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 22 CONSERVATIVE FINANCIAL POLICIES Figures as of 3/31/2026, except otherwise noted See page 35 for reconciliation of net income to adjusted EBITDAre and page 34 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 19 CONSISTENTLY STRONG PORTFOLIO PERFORMANCE FCPT reported 92% collected rent in Q2 2020, with 4% abated in return for lease modifications and 3% deferred. FCPT collected the 3% deferred rent in Q4 2020. The 98.8% number above included deferred rent that was paid and the abated rent for which FCPT received beneficial lease modifications Occupancy based on portfolio square footage PAGE 23 FCPT’S HISTORICAL LEVERAGE PROFILE See page 35 for reconciliation of net income to adjusted EBITDAre and page 34 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents. Includes any forward equity contracts outstanding as of quarter end PAGE 16 HIGHLY SELECTIVE APPROACH TO NET LEASE Note: All data as of 3/31/2026 Annual cash base rent (ABR) as defined in glossary; FCPT owns 1 dollar store site leased to Dollar General Annual cash base rent (ABR) as defined in glossary; FCPT owns 7 general merchandise sites leased to REI (2), Jared Jewelry (2), Orvis (1), Mattress Firm (1), and Sleep Number (1) Annual cash base rent (ABR) as defined in glossary; FCPT owns 10 car wash sites leased to Whistle Express (9) and Club Car Wash (1) PAGE 31 GEOGRAPHICALLY DIVERSE Figures as of 3/31/2026 Annual Cash Base Rent (ABR) as defined in glossary Source: U-Haul growth index 2025 PAGE 18 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1. Source: Public filings as of 3/31/2026 PAGE 27 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 29 CASUAL DINING COMEBACK: TRADING “IN THE CAR” FOR “IN THE BOOTH” Source: Public filings PAGE 11 WHY OWN FCPT? Based on coverage as disclosed by FCPT’s peer net lease companies PAGE 33 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 6 PORTFOLIO 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 4/28/2026 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 PAGE 7 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS Source: Public filings as of 3/31/2026 Past performance does not guarantee future results FactSet’s All Restaurant Index is composed of 22 restaurant and food service equities FCPT’s Portfolio Restaurant Index is weighted based on the share of FCPT’s ABR attributable to brands operated by public companies. For private-operated brands in our portfolio, we use FactSet’s All Restaurant Index as a proxy PAGE 8 DISCLOSURE CHANGE: INTRODUCTION OF GAAP CAP RATES Cap rates calculated exclusive of transaction costs PAGE 15 FOCUS ON RISK ADJUSTED QUALITY NET LEASE See glossary on page 34 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
INVESTOR PRESENTATION Q1 2026