Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2025 Earnings Presentation
39 slides from Four Corners Property Trust's earnings presentation, Feb 12, 2026
Slide 1: Investor Presentation Q4 2025
Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION Q4 2025
Slide 2: Forward Looking Statements and Disclaimers
FORWARD LOOKING STATEMENTS AND DISCLAIMERS 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
Slide 3: Recent Highlights at FCPT
RECENT HIGHLIGHTS AT FCPT Strong investment Executed investments Optionality in capital sources to volume to finish out 2025 without compromises fund future growth Grew investment volume +20% YoY Maintained disciplined investment Retain dry powder to fuel potential across 53 granular transactions ap
Slide 4: Fourth Quarter 2025 Spotlight
FOURTH QUARTER 2025 SPOTLIGHT Execution at Scale: Expanded Investment Subsectors: • 30 properties acquired • $95 million invested • 7.0% blended cap rate • 10-year weighted average lease term • Transactions sourced without spending premiums on portfolio opportunities. Emphasis on low-basis, fungible
Slide 5: FCPT at 10 Years: From Spin-Off to Seasoned Net Lease Investor
FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR ENTERPRISE VALUE 2015 TODAY ($ million) $3,770 Annual base rent1 $94 million $264 million + $170 million (2.8x) $1,203 2.8x Enterprise value $1.3 billion $3.7 billion + $2.4 billion (2.8x) Properties 418 1,303 + 885 (3.1x) $1,324 $294 $2
Slide 6: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 22 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 5 APPENDIX: OTHER PG 29 FEBRUARY 2026 6
Slide 7: FCPT at a Glance
FCPT AT A GLANCE1 1,325 leases 6,581 SF average asset size $0.45 AFFO per share (Q4)5 179 brands 29,756 average daily vehicle count $318 million / 6.8% cap rate of investments in 2025 6.9-year average lease term $67,235 median household income $95 million / 7.0% cap rate 58,722 average 3-mile popula
Slide 8: Why Own FCPT?
WHY OWN FCPT? We combine a differentiated, disciplined approach to net lease with a transparent disclosure regime 1 Superior Capital Allocation 2 Granular Portfolio • Modulate new investments if cost of capital • Portfolio led by Darden, a premier weakens or accretion shrinks investment grade tenant
Slide 9: Consistent Annual Investment Growth
CONSISTENT ANNUAL INVESTMENT GROWTH 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 1303 1198 1111 1023 919 799 699 610 475 515 418 +57 +40 +95 +89 +100 +120 +104 +8
Slide 10: FCPT at a Glance: Leases across Brands
FCPT AT A GLANCE 1,325 Leases across 179 Brands Annual Base Rent of $264.2 million1 • 32% Olive Garden (vs. 74% at inception) PORTFOLIO BREAKDOWN • 9% LongHorn (vs. 20% at inception) • 26% Non-Restaurant Exposure (vs. 0% at inception) 316 leases 32% 118 leases 9% 9% 82 leases 7% 7% 30 leases 2% 2% 3
Slide 11: Portfolio NAV Snapshot
PORTFOLIO NAV SNAPSHOT SUM OF THE PARTS VALUATION Sale comparables from 2025 indicate that the Other brands and sectors that make up the majority of FCPT has a Medical Retail2 6.70% FCPT’s portfolio have traded inside FCPT’s implied implied cap Retail rate as of cap rate as of today 2/10/2026 3% Rec
Slide 12: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 22 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 5 APPENDIX: OTHER PG 29 FEBRUARY 2026 12
Slide 13: FCPT: Leading in Quality Net Lease
FCPT: LEADING IN QUALITY NET LEASE FCPT had approximately $367 million of available liquidity including approximately $17 million of cash and cash equivalents and $350 million of capacity under revolving credit facility as of February 11, 2026 FCPT has limited near-term debt maturities and 4.9x
Slide 14: Unique and Highly Secure Net Lease
UNIQUE AND HIGHLY Ground Leased 74% structurally SECURE NET LEASE $150k average rent superior to regular way net lease 10% • Our portfolio is primarily outparcel properties in high High density retail corridors Quality • ~74% of rent featuring unique benefits structurally Ground & superior to regula
Slide 15: Low Basis Portfolio Limits Downside of Negative Credit Events
LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1 Average Building Size (SF) Average Basis per Property Acquired (as of 12/31/2024)1 ($ million, 2024)1 $10.2 Industry Average; 18,442 20,591 18,355 $7.5 Industry Average (retail only); 12,447 $7.1 14,218 Industry Average; $5.1 10,647 10,
Slide 16: Consistently Strong Portfolio Performance
CONSISTENTLY STRONG PORTFOLIO PERFORMANCE FCPT has one of the highest-quality and consistent portfolios in the net lease sector. We have established a strong track record over time (even through the COVID-19 pandemic) RENT COLLECTIONS 99.5% 98.8% 99.6% 99.6% 99.7% 99.8% 99.8% 99.8% 99.7% 99.9% 99.8%
Slide 17: Very Strong Historical Credit Results
VERY STRONG HISTORICAL CREDIT RESULTS • FCPT has averaged just 11 basis points annually in bad debt FCPT Historical Bad Debt Expense ($ millions) expense since inception • Bad debt is defined as rent that was deemed Properties with Buildings ABR Bad Debt Basis uncollectable due to the tenant no long
Slide 18: Diversification with Scaled, Creditworthy National Brands
DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS TOP 35 FCPT FCPT METRICS BRAND METRICS2 FCPT Total Sales Publicly PORTFOLIO BRANDS 1 Rank Brand Name Stores % of ABR1 Stores ($mm) Traded? 1 Olive Garden 316 31.7% 936 $5,375 DRI 1 2 3 4 5 2 Longhorn Steakhouse 118 9.0% 601 $3,154 DRI 3 Chili
Slide 19: Highly Selective Approach to Net Lease
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 FCPT HAS AVOIDED: • Pharmacies: NO EXPOSURE
Slide 20: Geographically Diverse
GEOGRAPHICALLY DIVERSE WA • FCPT’s holdings are geographically diverse MT ME with properties in 48 states ND OR VT MN NH ID • The portfolio is primarily comprised of WY SD WI NY MA MI suburban markets in the Midwest and (4%) PA RI IA CT southeast NV NE IN OH NJ IL (7%) DE UT (5%) CA CO (7%) WV • FCP
Slide 21: Darden's Investment Grade Profile Remains a Strong Foundation for FCPT
DARDEN'S INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT Darden Senior Credit Default Swaps (CDS) Curve (5-year) Ask price: 44 bps High on 03/20/20: 360 bps Average: 63 bps Low on 02/12/20: 27 bps Basis Points Very tight pricing spreads for Darden to have a credit event 44 The historic
Slide 22: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 22 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 5 APPENDIX: OTHER PG 29 FEBRUARY 2026 22
Slide 23: Conservative Financial Policies
CONSERVATIVE FCPT maintains a well-laddered debt maturity and 100% FINANCIAL POLICIES unencumbered assets to provide financial flexibility • Weighted average debt maturity 3.2 years excluding extensions DEBT MATURITY SCHEDULE • Limited near-term debt maturities $ MILLIONS Conservative leverage Undra
Slide 24: FCPT's Historical Leverage Profile
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 posi
Slide 25: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 22 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 5 APPENDIX: OTHER PG 29 FEBRUARY 2026 25
Slide 26: FCPT's Triple Investment Filter
FCPT’S TRIPLE INVESTMENT FILTER National • Our portfolio is leased to service Brands tenants - principally Restaurants, with Strong Auto Service and Medical Retail Credit Profiles • The intentional focus on these subsectors reflect a multi-tiered filter that favors fungible, credit- worthy net lease
Slide 27: Investment and Underwriting Framework
INVESTMENT AND UNDERWRITING FRAMEWORK CREDIT CRITERIA REAL ESTATE CRITERIA ~50% ~50% • Guarantor credit and health • Location • Brand durability • Retail corridor strength & demographics • Store performance • Access / visibility • Lease term and structure • Absolute and relative rent • Pad site and
Slide 28: Casual Dining Comeback: Trading "In the Car" for "In the Booth"
CASUAL DINING COMEBACK: TRADING “IN THE CAR” FOR “IN THE BOOTH” • Branded casual dining has seen a resurgence Darden CEO Ricardo Same Store Sales1 • Comparable sales growth for casual Cardenas: Company Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 dining has outpaced quick service and QSR & Fast Casual “C
Slide 29: Contents
CONTENTS 1 COMPANY OVERVIEW PG 6 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 22 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 25 5 APPENDIX: OTHER PG 29 FEBRUARY 2026 29
Slide 30: Laddered Lease Maturity Schedule
LADDERED LEASE MATURITY SCHEDULE 6.9 years weighted average lease term %ANNUALIZED BASE RENT1 2027 is the first year of Darden spin-off lease maturities; 99.6% occupied2 as of 12/31/2025 FCPT’s Darden leases average 5.8x rent coverage3 10.5% 10.5% 10.9% 10.4% 11.9% < 1.5% of rental income 4.0% matur
Slide 31: Net Lease Listings Snapshot
NET LEASE LISTINGS SNAPSHOT New Retail Listings (Illustrative) Favorable FCPT Strike Zone Volume could be increased with increased purchase price (decreased cap rate) Good credit at accretive cap rates Dairy Queen McDonald's Raising Cane's Taco Bell Burger King (10) Caribou Coffee Starbucks Pizza Hu
Slide 32: Construction Costs Continue to Rise
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
Slide 33: FCPT Investments vs. Estimated Replacement Cost
FCPT INVESTMENTS VS. ESTIMATED REPLACEMENT COST Since inception, FCPT has focused on acquiring low basis properties. This investment strategy coupled with inflation has allowed us to purchase many buildings below today’s estimated replacement cost. We believe this may support favorable tenant rete
Slide 34: Underwriting Geared Toward Higher Sales Volume & Brands
UNDERWRITING GEARED TOWARD HIGHER SALES VOLUME & BRANDS Brand Average Sales Casual Volume ($000s)1 Dining $8,000 Quick Service $7,000 FCPT focuses on national brands with strong sales volumes and market appropriate rents $6,000 Fast Casual $5,000 $4,000 $3,000 $2,000 $1,000 $0 FCPT pursues propertie
Slide 35: Glossary and Non-GAAP Definitions
GLOSSARY AND NON-GAAP DEFINITIONS NON-GAAP DEFINITIONS AND CAUTIONARY NOTE REGARDING Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is Adjusted Funds From Operations “AFFO” is a non-GAAP FORWARD-LOOKING STATEMENTS: derived from the most recent data provided by tenants that discl
Slide 36: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Three Months Ended December 31, Twelve Months Ended December 31, Unaudited 2025 2024 2025 2024 Net Income $ 29,470 $ 26,207 $ 112,488 $ 100,595 Adjustments: Interest expense 13,106 12,302 51,873 49,231 Income t
Slide 37: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended December 31, Twelve Months Ended December 31, Unaudited 2025 2024 2025 2024 Net income $ 29,470 $ 26,207 $ 112,488 $ 100,595 Depreciation and amortization 15,421 14,060 59,383 54,372 Realized gain on sales of real
Slide 38: Endnotes
ENDNOTES PAGE 3 RECENT HIGHLIGHTS AT FCPT PAGE 14 UNIQUE AND HIGHLY SECURE NET LEASE PAGE 30 LADDERED LEASE MATURITY SCHEDULE 1. Source: Public filings 1. See glossary on page 35 for tenant EBITDAR and tenant EBITDAR coverage Note: Excludes renewal options. All data as of 12/31/2025 PAGE 5 FCPT AT 1
Slide 39: Thank You
Four Corners Property Trust NYSE: FCPT THANK YOU INVESTOR PRESENTATION Q4 2025
Four Corners Property Trust — Q4 2025 Earnings Presentation on 6ix