Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Nareit REITweek June 2026
20 slides from Four Corners Property Trust's conference presentation, Jun 1, 2026
Slide 1: Investor Presentation Nareit June 2026
INVESTOR PRESENTATION NAREIT JUNE 2026 Four Corners Property Trust NYSE: FCPT
Slide 2: Cautionary note regarding forward-looking statements
JUNE 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, bel
Slide 3: Recent Updates for FCPT
JUNE 2026 RECENT UPDATES FOR FCPT Continued Investment Execution: 17 properties acquired year-to-date $52 million invested with $3.1 million average basis per property 6.9% cash / 7.4% GAAP cap rate 1.5% portfolio rent escalator1 10-year weighted avg lease term Continued emphasis on low-basis, fungi
Slide 4: Case Study: FCPT to Acquire $268 Million Veterinary Portfolio
CASE STUDY: FCPT TO ACQUIRE $268 MILLION VETERINARY PORTFOLIO On May 29, FCPT entered into a definitive agreement to acquire up to 102 Mission Pet Health properties for up to $268 million on initial cash rent of up to $17.33 million This transaction represents a continuation of FCPT’s strategy to ow
Slide 5: Mission Pet Health Portfolio locations across states
JUNE 2026 Mission Pet Health Portfolio 102 locations across 31 states CASE STUDY: FCPT TO ACQUIRE $268 MILLION VETERINARY PORTFOLIO Portfolio Sample Site Denotes medical property Portfolio Sample Site
Slide 6: $285 million of ABR across 1,442 leases and brands
JUNE 2026 $285 million of ABR across 1,442 leases and 182 brands1 29% Olive Garden (vs. 74% at inception) 8% LongHorn (vs. 20% at inception) 31% Non-Restaurant Exposure (vs. 0% at inception) Other Casual Dining Restaurants Auto Service Other Medical Retail Other Retail The spin-off Darden portfolio
Slide 7: Consistent Annual Investment Growth
JUNE 2026 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($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
Slide 8: Spotlight on Capital Raising in 2026: $200 Million Seven Year Term Loan
“ JUNE 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
Slide 9: Aligned with Strong Restaurant Brand Operators
“ JUNE 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
Slide 10: Highly Selective Approach to Net Lease
JUNE 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 Entertainm
Slide 11: FCPT Investments vs. Estimated Replacement Cost
JUNE 2026 FCPT INVESTMENTS VS. ESTIMATED REPLACEMENT COST FCPT has a historical track record of acquiring low basis properties below replacement cost Estimated new retail construction costs, 2025 Estimated land acquisition costs, 2025 3 3 $4.4 $2.76 (FCPT 5-yr. average) Since inception, FCPT has foc
Slide 12: Disclosure Update: Introduction of GAAP Cap Rates
DISCLOSURE UPDATE: INTRODUCTION OF GAAP CAP RATES JUNE 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 insig
Slide 13: Veterinary Sector Landscape
VETERINARY SECTOR LANDSCAPE JUNE 2026
Slide 14: Corporate Sponsorship Has Entered Veterinary Medicine
JUNE 2026 CORPORATE SPONSORSHIP HAS ENTERED VETERINARY MEDICINE From Fragmented Industry to Institutional Asset Class Rapid Consolidation Trend Corporate ownership of general-practice clinics grew from ~1% (1994) to ~30% today2 Specialty & emergency veterinary clinics are now ~80% consolidated3 ~45
Slide 15: Diversification & Acceleration of Veterinary Revenue
JUNE 2026 DIVERSIFICATION & ACCELERATION OF VETERINARY REVENUE Historically, veterinary clinics relied heavily on in-clinic services. Today, growth increasingly comes from2: Prescription medications and chronic care Insurance-enabled diagnostics and procedures Digital health / telehealth Subscriptio
Slide 16: Mission Pet Health – An Umbrella of Local Brands
Strong client retention Seller appeal (legacy operations preservation) Lower transition costs Independent practice perception Real Estate: Potentially streamlined vacancy backfill to former veterinarian(s) with no need for re-branding JUNE 2026 Mission Pet Health is a corporate label, not a customer
Slide 17: Appendix
APPENDIX 7
Slide 18: Glossary and Non-GAAP Definitions
JUNE 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 cal
Slide 19: Endnotes
JUNE 2026 ENDNOTES PAGE 8: SPOTLIGHT ON CAPITAL RAISING IN 2026: $200 MILLION SEVEN YEAR TERM LOAN Figures as of 3/31/2026 Based on floating SOFR rate of 3.65% as of April 6, 2026, plus credit spread of 1.25% PAGE 4 CASE STUDY: FCPT TO ACQUIRE $268 MILLION VETERINARY PORTFOLIO Representative of 3/31
Slide 20: Nareit June 2026
INVESTOR PRESENTATION NAREIT JUNE 2026
Four Corners Property Trust — Nareit REITweek June 2026 on 6ix