Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2026 Earnings Presentation
38 slides from Four Corners Property Trust's earnings presentation, Apr 29, 2026
Slide 1: Investor Presentation Q1 2026 Four Corners Property Trust
INVESTOR PRESENTATION Q1 2026 Four Corners Property Trust NYSE: FCPT
Slide 2: Cautionary note regarding forward-looking statements
APRIL 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, be
Slide 3: Recent Highlights at FCPT
Olive Garden and LongHorn now 40% of ABR vs 94% at spin Both brands continue to post strong same-store sales (+3% and +7%, as of Feb. 2026)1 Top 5 brands now ~52% of ABR ~37% of ABR from sectors outside of casual dining Closed on $200 million 7-year term loan on April 6, 2026 Immediate $50 million d
Slide 4: Spotlight on Capital Raising in 2026: $200 Million Seven Year Term Loan
“ APRIL 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 5: FCPT: From Spin-off to Seasoned Net Lease Investor Today
APRIL 2026 FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR TODAY Annual base rent1 $94 million $266 million + $172 million (2.8x) Properties 418 1,313 + 895 (3.1x) Brands 5 180 + 175 Enterprise value $1.3 billion $3.8 billion + $2.5 billion (2.9x) We have grown our team, put in place
Slide 6: Portfolio Snapshot and Sum of the Parts Valuation
APRIL 2026 316 leases 5.60% 188 leases 27 brands Other Casual Dining Restaurants 6.10% 118 leases 5.50% Auto Service 6.25% 82 leases 5.90% Medical Retail 6.50% 234 leases 40 brands 5.90% Quick Service Restaurants Recent cap rates imply that FCPT’s current 6.80% implied portfolio cap rate4 reflects a
Slide 7: Aligned with Strong Restaurant Brand Operators
“ APRIL 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 8: Disclosure Change: Introduction of GAAP Cap Rates
DISCLOSURE CHANGE: INTRODUCTION OF GAAP CAP RATES APRIL 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 insi
Slide 9: Contents
3 CONSERVATIVE FINANCIAL POSITION PG 21 APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 5 APPENDIX: OTHER PG 30 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24
Slide 10: FCPT at a Glance
APRIL 2026 FCPT AT A GLANCE1 1,333 leases 180 brands 6.7-year average lease term $0.45 AFFO per share (Q1), representing 3.4% YoY growth5 $26 million of investments in Q1 2026 at 6.8% cash / 7.3% GAAP cap rate 99.6% occupied 1.5% average annual escalator6 5.1x tenant EBITDAR coverage2 52% investment
Slide 11: Why Own FCPT?
APRIL 2026 WHY OWN FCPT? Superior Capital Allocation Modulate new investments if cost of capital weakens or accretion shrinks Minimize fees and discounts on capital raising Long track record of conservative leverage Avoid sacrificing investment quality to increase spread Fungible Real Estate Excelle
Slide 12: Consistent Annual Investment Growth
APRIL 2026 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($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 COUN
Slide 13: Diversification with Scaled, Creditworthy National Brands
APRIL 2026 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Rank Brand Name FCPT Stores % of ABR1 Total Stores Sales ($mm) Publicly Traded? 1 Olive Garden 316 31.5% 944 $5,438 DRI 2 Longhorn Steakhouse 118 9.0% 608 $3,240 DRI 3 Chili's 82 6.6% 1,206 $5,173 EAT 4 Outback Steakhouse 30 2.4% 6
Slide 14: Contents
APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 5 APPENDIX: OTHER PG 30 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 3 CONSERVATIVE FINANCIAL POSITION PG 21
Slide 15: Focus on Risk Adjusted Quality Net Lease
APRIL 2026 FOCUS ON RISK ADJUSTED QUALITY NET LEASE FCPT had approximately $380 million of available liquidity including approximately $30 million of cash and cash equivalents and $350 million of capacity under revolving credit facility as of March 31, 2026 FCPT has limited near-term debt maturities
Slide 16: Highly Selective Approach to Net Lease
APRIL 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 Entertain
Slide 17: Unique and Highly Secure Net Lease
Our portfolio is primarily outparcel properties in high density retail corridors ~74% of rent featuring unique benefits structurally superior to regular-way net lease. This includes the properties with high rent coverage (Darden and Chili’s), ground leases, master leases, and investment grade guaran
Slide 18: Low Basis Portfolio Limits Downside of Negative Credit Events
APRIL 2026 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 pro
Slide 19: Consistently Strong Portfolio Performance
APRIL 2026 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 20: Darden's Investment Grade Profile Remains a Strong Foundation for FCPT
Darden's INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT APRIL 2026 Darden Senior Credit Default Swaps (CDS) Curve (5-year) Basis Points The historically low pricing of Darden’s CDS demonstrates how their fortress credit profile remains strong Ask price: 44 bps High on 03/20/20: 360 bp
Slide 21: Contents
APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 3 CONSERVATIVE FINANCIAL POSITION PG 21 5 APPENDIX: OTHER PG 30
Slide 22: Pro Forma Debt Maturity Schedule
“ APRIL 2026 PRO FORMA DEBT MATURITY SCHEDULE $ MILLIONS FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility Weighted average debt maturity 2.9 years excluding extensions Limited near-term debt maturities Conservative leverage Committed to maint
Slide 23: FCPT's Historical Leverage Profile
APRIL 2026 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
Slide 24: Contents
CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 APRIL 2026 5 APPENDIX: OTHER PG 30
Slide 25: FCPT's Triple Investment Filter
FCPT National Brands with Strong Credit Profiles Small Building, Fungible Real Estate Low Rent & Investment Basis APRIL 2026 FCPT’S TRIPLE INVESTMENT FILTER Our portfolio is leased to service tenants - principally Restaurants, Auto Service and Medical Retail The intentional focus on these subsectors
Slide 26: Investment and Underwriting Framework
INVESTMENT AND UNDERWRITING FRAMEWORK APRIL 2026 ~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 ESTATE
Slide 27: Net Lease Listings Snapshot
APRIL 2026 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 Unfavorable
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: Casual Dining Comeback: Trading In the Car for In the Booth
APRIL 2026 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 casual in recent quarters Casual dining provides strong consumer value Comparing promotions from 2019 a
Slide 30: Contents
APRIL 2026 CONTENTS 1 COMPANY OVERVIEW PG 9 2 HIGH QUALITY PORTFOLIO PG 14 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 5 APPENDIX: OTHER PG 30 3 CONSERVATIVE FINANCIAL POSITION PG 21
Slide 31: Geographically Diverse
APRIL 2026 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. States with lower income taxes and growing economies have
Slide 32: Laddered Lease Maturity Schedule
APRIL 2026 LADDERED LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 99.6% occupied2 as of 3/31/2026 6.7 years weighted average lease term < 1.0% 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 matu
Slide 33: Construction Costs Continue to Rise
APRIL 2026 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 agg
Slide 34: Glossary and Non-GAAP Definitions
APRIL 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 ca
Slide 35: Reconciliation Schedules
APRIL 2026 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Slide 36: FFO & AFFO Reconciliation
APRIL 2026 FFO & AFFO RECONCILIATION
Slide 37: Endnotes
PAGE 32 LADDERED LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 3/31/2026 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage See glossary on page 34 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant
Slide 38: INVESTOR PRESENTATION Q1 2026
INVESTOR PRESENTATION Q1 2026
Four Corners Property Trust — Q1 2026 Earnings Presentation on 6ix