Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q3 2025 Earnings Presentation
45 slides from Four Corners Property Trust's earnings presentation, Oct 29, 2025
Slide 1: Investor Presentation Q3 2025
Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION Q3 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 Steadied investment Executed investments Opportunistically raised capital pace since Q4 2024 without compromises for 2025 and beyond Record investment volume in Remained active on the ATM and Q4 ’24 and Q1 ’25, with continued Maintained disciplined investment built out abil
Slide 4: 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 ($ million) 2015 TODAY $3,771 Annual base rent1 $94 million $256 million + $162 million (2.7x) $1,219 2.9x Enterprise value $1.3 billion $3.8 billion + $2.6 billion (2.9x) $1,324 $294 $2,552 Net Debt Properties 418 1,273
Slide 5: Contents
CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 5 APPENDIX: OTHER PG 37 OCTOBER 2025 5
Slide 6: FCPT at a Glance
FCPT AT A GLANCE1 1,294 leases 6,561 SF average asset size $0.45 AFFO per share (Q3)5 170 brands 29,797 average daily vehicle count $355 million / 6.8% cap rate of investments as of LTM 7.1-year average lease term $66,891 median household income September 30, 2025 58,370 average 3-mile population $8
Slide 7: FCPT's Differentiated Approach Within Net Lease
FCPT’S DIFFERENTIATED APPROACH WITHIN NET LEASE 1 Superior Capital Raising & Allocation 2 Granular Portfolio Construction • Modulate investments if cost of capital • Portfolio led by Darden, a premier weakens investment grade tenant • Minimize fees and discounts on capital • Analytical underwriting
Slide 8: 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 1273 1198 1111 1023 919 799 699 610 475 515 418 +57 +40 +95 +89 +100 +120 +104 +8
Slide 9: FCPT at a Glance: Portfolio Breakdown
FCPT AT A GLANCE 1,294 Leases across 170 Brands Annual Base Rent of $255.6 million1 • 32% Olive Garden (vs. 74% at inception) PORTFOLIO BREAKDOWN • 9% LongHorn (vs. 20% at inception) • 25% Non-Restaurant Exposure (vs. 0% at inception) 315 leases 32% 118 leases 9% 9% 82 leases 7% 7% 29 leases 2% 32%
Slide 10: FCPT at a Glance: Geographically Diverse Portfolio
FCPT AT A GLANCE WA GEOGRAPHICALLY MT ND ME DIVERSE PORTFOLIO OR ID MN VT NH SD WI NY MA WY MI RI • Lower income taxes and growing IA PA CT economies has accelerated a population NV NE IN OH NJ UT IL DE shift toward low-cost of living states in CA CO WV MD the southeast KS MO KY VA NC TN • FCPT’s po
Slide 11: Laddered Lease Maturity Schedule
LADDERED LEASE MATURITY SCHEDULE 7.1 years weighted average lease term %ANNUALIZED BASE RENT1 2027 is the first year of Darden spin-off lease maturities; 99.5% occupied2 as of 9/30/2025 FCPT’s Darden leases average 5.7x rent coverage3 11.0% 10.7% 11.0% 10.5% 12.0% < 1.9% of rental income 4.1% mature
Slide 12: Contents
CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 5 APPENDIX: OTHER PG 37 OCTOBER 2025 12
Slide 13: FCPT: Leading in Quality Net Lease
FCPT: LEADING IN QUALITY NET LEASE FCPT has over $446 million of liquidity inclusive of cash, $100 million of unsettled equity forwards (as of October 28) and undrawn $339 million revolver FCPT has no near-term debt maturities and 4.7x net leverage is at one of its lowest levels since 2018 FCP
Slide 14: Unique and Highly Secure Net Lease
UNIQUE AND HIGHLY Ground Leased 75% structurally SECURE NET LEASE $149k average rent superior to regular way net lease 11% • Our portfolio is primarily outparcel properties in high High density retail corridors Quality • ~75% of rent featuring unique benefits structurally Ground & superior to regula
Slide 15: Low Basis Portfolio Limits Downside of Negative Credit Events
LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1 Average Building Size (SF) Average Basis per Property Acquired (as of 12/31/2024)1 ($ 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; $5.1 10,647 10,
Slide 16: Consistently Strong Portfolio Performance
CONSISTENTLY STRONG PORTFOLIO PERFORMANCE FCPT has one of the highest-quality and consistent portfolios in the net lease sector. We have established a strong track record over time (even through the COVID-19 pandemic) RENT COLLECTIONS 99.5% 98.8% 99.6% 99.6% 99.7% 99.8% 99.8% 99.8% 99.7% 99.9% 99.8%
Slide 17: Very Strong Historical Credit Results
VERY STRONG HISTORICAL CREDIT RESULTS • Bad debt is defined as rent that was deemed uncollectable due to the tenant no longer able to pay (e.g., bankruptcy) and is compared to the starting Annual Base Rent each FCPT Historical Bad Debt Expense ($ millions) year. This number does not include recoveri
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 315 32.2% 933 $5,305 DRI 1 2 3 4 5 2 Longhorn Steakhouse 118 9.2% 595 $3,088 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: 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 400 (5-year) 350 Ask price: 47 bps 300 High on 03/20/20: 360 bps Average: 64 bps Low on 02/12/20: 27 bps 250 Basis Points 200 Very tight pricing spreads for 150 Darden to have a cred
Slide 21: Contents
CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 5 APPENDIX: OTHER PG 37 OCTOBER 2025 21
Slide 22: 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 3.4 years • No near-term debt maturities DEBT MATURITY SCHEDULE $ MILLIONS Conservative leverage • Committed to maintaining cons
Slide 23: FCPT's Historical Leverage Profile
FCPT’S HISTORICAL LEVERAGE PROFILE • FCPT has a stated leverage target of 5.0x-6.0x but 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 24: Contents
CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 5 APPENDIX: OTHER PG 37 OCTOBER 2025 24
Slide 25: FCPT's Investment Filters
FCPT’S INVESTMENT FILTERS Low Rent & Investment • Our portfolio is principally leased to Basis restaurants, Auto Service and Medical Retail tenants • The intentional focus on these subsectors reflect a multi-tiered filter that favors fungible, credit- worthy net lease tenants with low rent • There a
Slide 26: 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 27: Restaurants
RESTAURANTS • FCPT seeks to acquire nationally recognized branded restaurants from premier lease guarantors located within the strongest retail corridors • FCPT has increased its restaurant diversification since inception by targeting a variety of meal price-points, cuisine types, and geographies •
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 Cardenas: as quick service and fast casual restaurants Same Store Sales1 become increasingly expensive Company Q3 2024 Q4 2024 Q1 2025 Q2 2025 “Consumers are figuring out
Slide 29: Restaurant Industry Targets
RESTAURANT INDUSTRY TARGETS FCPT prioritizes tenant credit, fungible real estate, and concept durability in its restaurant investments • FCPT pursues mature, national brands FCPT’S CURRENT FOCUS FCPT GENERALLY AVOIDS1 with significant scale in terms of units, Casual Dining In-Line Real Estate revenu
Slide 30: FCPT Real Estate Characteristics: Casual Dining & Quick Service
FCPT REAL ESTATE CHARACTERISTICS: CASUAL DINING & QUICK SERVICE Olive Garden BURLINGTON, NC • Adjacent to University Commons shopping center and Alamance Crossing outdoor mall • Excellent visibility and prominent To Alamance Crossing Mall retail position along frontage of University Drive University
Slide 31: Auto Service
AUTO SERVICE • Principally targeting auto service centers, including collision repair and tire service leased to credit worthy operators. We have made select investments in gas stations with large format convenience stores, car wash and auto part retailers at attractive, low bases • Focus is on prop
Slide 32: Auto Service Industry Targets
AUTO SERVICE INDUSTRY TARGETS FCPT targets categories for the long-term with high renewal probabilities • FCPT targets categories in the Auto FCPT’S CURRENT FOCUS FCPT GENERALLY AVOIDS1 Industry that are not tied to Collision Service Centers High Basis / Franchisee traditional, gas-powered vehicles
Slide 33: FCPT Real Estate Characteristics: Automotive Service
FCPT REAL ESTATE CHARACTERISTICS: AUTOMOTIVE SERVICE Christian Brothers Automotive Port Charlotte, FL • Adjacent to Peachland Promenade shopping center • Excellent visibility and prominent retail position along Veterans and Peachland Boulevards • Strong brand and credit profile of neighbors, indicat
Slide 34: Medical Retail
MEDICAL RETAIL • FCPT’s largest Medical Retail exposures are focused on outpatient services: urgent care, dental, primary care, veterinary care, and outpatient / ambulatory surgery centers • Medical Retail is e-commerce and recession resistant given its service-based nature, large customer base and
Slide 35: Healthcare Industry Targets
HEALTHCARE INDUSTRY TARGETS Healthcare delivery occurs across a spectrum of real estate and operator cost structures • FCPT target operators provide services FCPT’S CURRENT FOCUS FCPT GENERALLY AVOIDS1 that require in-person interaction, while (Pharmacy & High Accuity) having lighter asset needs and
Slide 36: FCPT Real Estate Characteristics: Medical Retail
FCPT REAL ESTATE CHARACTERISTICS: MEDICAL RETAIL American Family To , , and Urgent Care Birmingham, AL • Outparcel to Walmart Supercenter, other anchors • Strong visibility and prominent retail position along Montclair Road and Frederick Street • Strong brand and credit profile of neighbors, indicat
Slide 37: Contents
CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 46 5 APPENDIX: OTHER PG 37 OCTOBER 2025 37
Slide 38: 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 39: 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 40: 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 41: 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 42: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2025 2024 2025 2024 Net Income $ 28,877 $ 25,612 $ 83,018 $ 74,388 Adjustments: Interest expense 12,955 12,324 38,767 36,929 Income tax
Slide 43: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2025 2024 2025 2024 Net income $ 28,877 $ 25,612 $ 83,018 $ 74,388 Depreciation and amortization 14,988 13,572 43,961 40,312 Realized gain on sales of real e
Slide 44: Footnotes
FOOTNOTES PAGE 3 RECENT HIGHLIGHTS AT FCPT PAGE 14 UNIQUE AND HIGHLY SECURE NET LEASE PAGE 30 FCPT REAL ESTATE CHARACTERISTICS: CASUAL DINING & QUICK 1. Source: Public filings 1. See glossary on page 41 for tenant EBITDAR and tenant EBITDAR coverage SERVICE PAGE 4 FCPT AT 10 YEARS: definitions: resu
Slide 45: Thank You
Four Corners Property Trust NYSE: FCPT THANK YOU INVESTOR PRESENTATION Q3 2025
Four Corners Property Trust — Q3 2025 Earnings Presentation on 6ix