Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — London Investor Conference December 2025
52 slides from Four Corners Property Trust's conference presentation, Dec 1, 2025
Slide 1: London Investor Conference December 2025
LONDON INVESTOR CONFERENCE DECEMBER 2025 Four Corners Property Trust NYSE: FCPT
Slide 2: Cautionary note regarding forward-looking statements
DECEMBER 2025 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,
Slide 3: Introduction to the FCPT Leadership Team
DECEMBER 2025 INTRODUCTION TO THE FCPT LEADERSHIP TEAM William Lenehan President & Chief Executive Officer CEO of FCPT since inception (10 years) Former Board member and Chair of the Finance and Real Estate Committee at Darden Restaurants Former Board member at Macy’s Former Board member and Chairma
Slide 4: FCPT at a Glance Today
DECEMBER 2025 FCPT AT A GLANCE TODAY1 1,294 leases 170 brands 7.1-year average lease term $0.45 AFFO per share (Q3)5 $355 million / 6.8% cap rate of investments as of LTM September 30, 2025 $82 million / 6.8% cap rate of investments in Q3 2025 99.5% occupied 1.4% average annual escalator 5.1x tenant
Slide 5: Why Own FCPT?
Granular 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 DECEMBER 2025 WHY OWN FCPT? Superior Capital Alloca
Slide 6: Contents
3 FCPT UNDERWRITING PG 24 DECEMBER 2025 CONTENTS 1 FCPT ORIGIN & EVOLUTION PG 6 2 FORTRESS QUALITY PORTFOLIO PG 14 6 APPENDIX: OTHER PG 46 4 CONSERVATIVE FINANCIAL POSITION PG 33 5 APPENDIX: PRIMARY RETAIL SUBSECTORS PG 36
Slide 7: FCPT Origin Story: The Darden Spin-Co
FCPT ORIGIN STORY: “THE DARDEN SPIN-CO” On November 9, 2015, Darden Restaurants (NYSE: DRI) completed the spin-off of Four Corners Property Trust (NYSE: FCPT), a newly formed REIT with 424 properties and an enterprise value of ~$1.3 billion. This marked the culmination of a multi-year activist campa
Slide 8: Darden Spin Portfolio Asset Selection
Ground Leased (704) Select filtering criteria included: Operating below a minimum EBITDAR margin threshold Identified as Darden locations that may be relocated New restaurants without long-term performance data Fully Leased (260) Sold individually over a few months Average cap rate of 5.4% with a ra
Slide 9: FCPT at 10 Years: From Spin-Off to Seasoned Net Lease Investor
DECEMBER 2025 FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR TODAY Annual base rent1 $94 million $256 million + $162 million (2.7x) Properties 418 1,273 + 855 (3.0x) Brands 5 170 + 165 Enterprise value $1.3 billion $3.8 billion + $2.6 billion (2.9x) We have grown our team, put in pla
Slide 10: Consistent Annual Investment Growth
DECEMBER 2025 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($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 C
Slide 11: FCPT Portfolio: 1,294 Leases across 170 Brands
DECEMBER 2025 315 leases 82 leases 108 leases 23 brands 191 leases 33 brands 118 leases Other Casual Dining Restaurants Auto Service 120 leases 41 brands Medical Retail 53 leases 27 brands Other Retail 1,294 Leases across 170 Brands Annual Base Rent of $255.6 million1 32% Olive Garden (vs. 74% at in
Slide 12: Highly Selective Approach to Net Lease
DECEMBER 2025 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 Entert
Slide 13: Geographically Diverse
DECEMBER 2025 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 in the U.S. Lower income taxes and growing economies has
Slide 14: Contents
3 FCPT UNDERWRITING PG 24 DECEMBER 2025 CONTENTS 6 APPENDIX: OTHER PG 46 4 CONSERVATIVE FINANCIAL POSITION PG 33 5 APPENDIX: PRIMARY RETAIL SUBSECTORS PG 36 2 FORTRESS PORTFOLIO PG 14 1 FCPT ORIGIN & EVOLUTION PG 6
Slide 15: Unique and Highly Secure Net Lease
Our portfolio is primarily outparcel properties in high density retail corridors ~75% of rent featuring unique benefits structurally superior to regular-way net lease. This include the properties with high rent coverage (Darden and Chili’s), ground leases, master leases, and investment grade guarant
Slide 16: Very Strong Historical Credit Results
DECEMBER 2025 VERY STRONG HISTORICAL CREDIT RESULTS FCPT has averaged just 12 basis points annually in bad debt expense since inception 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 Ren
Slide 17: Consistently Strong Portfolio Performance
DECEMBER 2025 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
Slide 18: Food & Beverage, Auto Among Most E-Commerce Resistant Retail Categories
DECEMBER 2025 FOOD & BEVERAGE, AUTO AMONG MOST E-COMMERCE RESISTANT RETAIL CATEGORIES Online and digital sales for food & beverage along with auto retail have increased since the advent of COVID-19 but have overall remained limited
Slide 19: U.S. Food Away From Home Is Significant
DECEMBER 2025 U.S. FOOD AWAY FROM HOME IS SIGNIFICANT Just as the United States has evolved different political, educational, and healthcare institutions than the UK or European Union, it also has also developed a different density of food away from home options Our portfolio is aligned with Olive G
Slide 20: The Benefits of Darden as the Base to the Portfolio
DECEMBER 2025 THE BENEFITS OF DARDEN AS THE BASE TO THE PORTFOLIO After 10 years of diversifying through new acquisitions, Darden is now ~46% of FCPT’s rent roll by ABR1 Darden is a strong anchor tenant for our portfolio and the preeminent casual dining operator globally BBB / Baa2 credit, $12 billi
Slide 21: Casual Dining Size & Scale vs. Top Franchisees
Publicly traded casual dining operators maintain a significant size and scale advantage over hundreds of franchisee tenants in the overall restaurant industry Darden sales are >16x the largest 20 franchisees and >72x the sales of the largest 200 franchisees. Brinker and Bloomin have similar scale ad
Slide 22: Darden's Investment Grade Profile Remains a Strong Foundation
Darden's INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT DECEMBER 2025 Ask price: 51 bps High on 03/20/20: 360 bps Average: 64 bps Low on 02/12/20: 27 bps Very tight pricing spreads for Darden to have a credit event Darden Senior Credit Default Swaps (CDS) Curve (5-year) Basis Points T
Slide 23: Casual Dining Comeback
DECEMBER 2025 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 causal in recent quarters Casual dining provides strong consumer value Comparing promotions from 201
Slide 24: Contents
3 FCPT UNDERWRITING PG 24 DECEMBER 2025 CONTENTS 6 APPENDIX: OTHER PG 46 4 CONSERVATIVE FINANCIAL POSITION PG 33 5 APPENDIX: PRIMARY RETAIL SUBSECTORS PG 36 1 FCPT ORIGIN & EVOLUTION PG 6 2 FORTRESS QUALITY PORTFOLIO PG 14
Slide 25: Investment and Underwriting Framework
INVESTMENT AND UNDERWRITING FRAMEWORK DECEMBER 2025 ~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 ESTA
Slide 26: FCPT's Triple Investment Filter
FCPT National Brands with Strong Credit Profiles Small Building, Fungible Real Estate Low Rent & Investment Basis DECEMBER 2025 FCPT’S TRIPLE INVESTMENT FILTER Our portfolio is leased to service tenants, principally Restaurants, Auto Service and Medical Retail The intentional focus on these subsecto
Slide 27: Diversification with Scaled, Creditworthy National Brands
DECEMBER 2025 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Rank Brand Name FCPT Stores % of ABR1 Total Stores Sales ($mm) Publicly Traded? 1 Olive Garden 315 32.2% 933 $5,305 DRI 2 Longhorn Steakhouse 118 9.2% 595 $3,088 DRI 3 Chili's 82 6.8% 1,208 $4,835 EAT 4 Outback Steakhouse 29 2.4
Slide 28: Underwriting Geared Toward Higher Sales Volume & Brands
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,
Slide 29: Low Basis Portfolio Limits Downside of Negative Credit Events
DECEMBER 2025 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
Slide 30: Construction Costs Continue to Rise
DECEMBER 2025 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
Slide 31: FCPT Investments vs. Estimated Replacement Cost
DECEMBER 2025 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
Slide 32: Net Lease Listings Snapshot
DECEMBER 2025 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 Unfavora
Slide 33: Contents
DECEMBER 2025 CONTENTS 6 APPENDIX: OTHER PG 46 5 APPENDIX: PRIMARY RETAIL SUBSECTORS PG 36 1 FCPT ORIGIN & EVOLUTION PG 6 2 FORTRESS QUALITY PORTFOLIO PG 14 4 CONSERVATIVE FINANCIAL POSITION PG 33 3 FCPT UNDERWRITING PG 24
Slide 34: Debt Maturity Schedule and Conservative Financial Policies
“ DECEMBER 2025 DEBT MATURITY SCHEDULE $ MILLIONS FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility Weighted average debt maturity 3.4 years No near-term debt maturities Conservative leverage Committed to maintaining conservative 5.0x–6.0x max
Slide 35: FCPT's Historical Leverage Profile
DECEMBER 2025 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
Slide 36: Contents
DECEMBER 2025 CONTENTS 6 APPENDIX: OTHER PG 46 4 CONSERVATIVE FINANCIAL POSITION PG 33 1 FCPT ORIGIN & EVOLUTION PG 6 2 FORTRESS QUALITY PORTFOLIO PG 14 5 APPENDIX: PRIMARY SUBSECTORS PG 36 3 FCPT UNDERWRITING PG 24
Slide 37: Restaurants: 75% of Annual Base Rent
930 leases 75% of annual base rent1 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
Slide 38: Restaurant Industry Targets
DECEMBER 2025 RESTAURANT INDUSTRY TARGETS Quick Service Lacking Drive-Thru or Dine-In Only Small Franchisees In-Line Real Estate Fast Casual Casual Dining FCPT’S CURRENT FOCUS Regional Brands FCPT pursues mature, national brands with significant scale in terms of units, revenue, and brand AUV FCPT a
Slide 39: 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 retail position along frontage of University Drive Strong brand and credit profile of neighbors, indicating high corridor quality Robust surrounding 3-mile
Slide 40: Auto Service: 13% of Annual Base Rent
191 leases 13% of annual base rent1 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 bas
Slide 41: Auto Service Industry Targets
DECEMBER 2025 AUTO SERVICE INDUSTRY TARGETS Full-Service Rental Services Dealerships & Specialty High Basis / Franchisee Car Washes & Gas Stations Tire Collision Service Centers Post-acute care FCPT targets categories in the Auto Industry that are not tied to traditional, gas-powered vehicles as the
Slide 42: Real Estate Characteristics: Automotive Service
DECEMBER 2025 FCPT REAL ESTATE CHARACTERISTICS: AUTOMOTIVE SERVICE 42 To Peachland Promenade and 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 an
Slide 43: Medical Retail: 10% of Annual Base Rent
120 leases 10% of annual base rent1 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
Slide 44: Healthcare Industry Targets
DECEMBER 2025 HEALTHCARE INDUSTRY TARGETS Ambulatory Surgery / Outpatient Treatment Freestanding ER Care Urgent / Dental / Veterinary Diagnostic / Imaging Clinic Primary Care Clinic FCPT GENERALLY AVOIDS1 (Pharmacy & High Accuity) Healthcare delivery occurs across a spectrum of real estate and opera
Slide 45: Real Estate Characteristics: Medical Retail
DECEMBER 2025 FCPT REAL ESTATE CHARACTERISTICS: MEDICAL RETAIL 45 To , , and American Family 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 neighbo
Slide 46: Contents: Appendix Other
6 APPENDIX: OTHER PG 46 DECEMBER 2025 CONTENTS 4 CONSERVATIVE FINANCIAL POSITION PG 33 1 FCPT ORIGIN & EVOLUTION PG 6 2 FORTRESS QUALITY PORTFOLIO PG 14 3 FCPT UNDERWRITING PG 24 5 APPENDIX: PRIMARY RETAIL SUBSECTORS PG 36
Slide 47: Laddered Lease Maturity Schedule
DECEMBER 2025 LADDERED LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 99.5% occupied2 as of 9/30/2025 7.1 years weighted average lease term < 1.9% 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 m
Slide 48: Glossary and Non-GAAP Definitions
DECEMBER 2025 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
Slide 49: Reconciliation Schedules
DECEMBER 2025 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Slide 50: FFO & AFFO Reconciliation
DECEMBER 2025 FFO & AFFO RECONCILIATION
Slide 51: Laddered Lease Maturity Schedule and Footnotes
PAGE 47 LADDERED LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 9/30/2025 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage See glossary on page 48 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant
Slide 52: London Investor Conference December 2025
LONDON INVESTOR CONFERENCE DECEMBER 2025
Four Corners Property Trust — London Investor Conference December 2025 on 6ix