Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2026 Earnings Presentation
21 slides from Four Corners Property Trust's earnings presentation, Apr 30, 2026
Slide 1: Q1 2026 Supplemental Financial & Operating Information
Four Corners Property Trust NYSE: FCPT Q1 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
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 t
Slide 3: Contents
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 Q1 2026 3
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 3/31/2026 As of 12/31/2025 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 1,502,145 $ 7,456 $ - $ 1,509,601 $ 1,499,059 Buildings
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended March 31, 2026 2025 (Unaudited) Revenues: Rental revenue $ 69,813 $ 63,482 Restaurant revenue 8,353 7,994 Total revenues 78,166 71,476 Operating expenses: General and administrative 7,485 7,639 Depreciation an
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2026 2025 Net income $ 30,366 $ 26,186 Depreciation and amortization 16,111 14,392 Realized gain on sales of real estate - - FFO (as defined by NAREIT) $ 46,477 $ 40,578 Straight-line rental re
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Tenant Lease Term Annual Cash Price # of Rental Feet Per Square EBITDAR Remaining Base Rent % Total Cash Base 1 2 3 3 Real Estate Portfolio as of 3/31/2026 ($000s) Leases (000s) Foot ($) Coverage (Yrs) ($000s) Rent Darden - 465 3,623 33 5.8x
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q1 2026 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (3/31/2026) $ 23.65 Shares and OP units outstanding (3/31/2026) 109,863,756 Equity Value $ 2,598,278 68.1% Debt: Term loan $ 590,000 15.5% Revolving cre
Slide 9: Debt Summary
DEBT SUMMARY Weighted Balance as of Cash Interest Rate as of Average 4 Debt Type Maturity Date March 31, 2026 ($000s) % of Debt March 31, 2026 Maturity (Yrs.) Credit Facility1 Revolving facility Feb-2029 - - SOFR + 85 bps 2.8 Term loan Nov-2026 100,000 8.2% 4.02% 0.6 Term loan Feb-2027 90,000 7.4% 3
Slide 10: Credit Facility and Hedging Summary
CREDIT FACILITY AND HEDGING SUMMARY FCPT Credit Facility Summary ($ millions) FCPT Credit Facility Summary ($ millions) as of 3/31/2026 as of 4/29/2026 Including Extended Term Including Extended Term 1 Capacity Maturity Extensions Remaining Capacity Maturity Extensions1 Remaining Revolver $350 Feb-2
Slide 11: Fully Extended Debt Maturity Schedule
FULLY EXTENDED DEBT MATURITY SCHEDULE 1 As of 3/31/2026 Undrawn Revolver 2.9-year Weighted average term for notes/term loans Drawn Revolver 100% $350 Fixed rate debt Unsecured Notes 4.03% Weighted average cash interest rate 2 $350 million Unsecured Term Available on revolver $265 $75 $225 $75 $50 $1
Slide 12: Debt Covenants
DEBT COVENANTS As of March 31, 2026 The following is a summary of the key financial covenants for our unsecured credit facility. These calculations are not based on U.S. GAAP measurements and are presented to demonstrate compliance with current credit covenants Covenants Requirement Q1 2026 Limitati
Slide 13: Contents
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 Q1 2026 13
Slide 14: Brand Diversification
BRAND 1,333 Leases / 180 Brands Annual Base Rent of $266.1 million1 DIVERSIFICATION 100% retail FCPT Portfolio Brands Square Feet % of 52% Investment Grade2 Rank Brand Name Number (000s) ABR 1.5% Average Annual Rent Escalator3 1 Olive Garden 316 2,689 31.5% 2 Longhorn Steakhouse 118 662 9.0% 3 Chili
Slide 15: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION WA MT ME ND OR VT MN NH ID SD WI NY MA WY MI RI IA PA CT NE NJ NV OH IN UT IL DE CA CO WV Annualized MO MD Base Rent1 (%) KS VA KY >10% NC TN AZ OK 5.0%–10.0% NM AR SC 3.0%–5.0% AL GA MS 2.0%–3.0% LA TX 1.0 %–2.0% <1.0% FL No Properties (WY/ HI) State % ABR Leases TX 10.0%
Slide 16: Lease Maturity Schedule
LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 2027 is the first year of Darden spin-off lease maturities; FCPT’s Darden leases average 5.8x rent coverage3 Darden Spin 6.7 years Other weighted average lease term 99.6% 11.8% 10.8% 10.4% 10.4% 10.4% 4.0% 6.0% 9.6% occupied2 as of 3/31/2026 6.8% 7.0% 6
Slide 17: Contents
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 Q1 2026 17
Slide 18: Glossary and Non-GAAP Definitions
GLOSSARY AND NON-GAAP DEFINITIONS This document includes certain non-GAAP financial Tenant EBITDAR is calculated as EBITDA plus rental expense. Adjusted Funds From Operations (“AFFO”) is a measures that management believes are helpful in EBITDAR is derived from the most recent data provided by tenan
Slide 19: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Three Months Ended March 31, Unaudited 2026 2025 Net Income $ 30,366 $ 26,186 Adjustments: Interest expense 13,121 12,731 Income tax expense 98 63 Depreciation and amortization 16,186 14,429 EBITDA1 59,771 53,4
Slide 20: Footnotes
FOOTNOTES PAGE 6 FFO & AFFO RECONCILIATION PAGE 11 DEBT MATURITY SCHEDULE 1. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Figures as of 3/31/2026, shown with options fully extended Business 1. The revolving credit facility expires on February 1
Slide 21: Thank You
Four Corners Property Trust NYSE: FCPT THANK YOU Q1 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
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