Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q2 2026 Earnings Presentation
32 slides from Four Corners Property Trust's earnings presentation, Jul 30, 2026
Slide 1: Investor Presentation July 2026
Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION JULY 2026
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: Contents
CONTENTS 1 COMPANY OVERVIEW PG 3 2 HIGH QUALITY PORTFOLIO PG 13 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX PG 25 JULY 2026 3
Slide 4: Recent Highlights at FCPT
RECENT HIGHLIGHTS AT FCPT As of 6/30/2026 + Mission Pet Health Portfolio 1 Historic Investment Executed Acquisitions Recent Marquee Acquisition: Volume Through July 2026 with Strict Discipline Mission Pet Health (MPH) Portfolio Scaled, granular investments with $351 Achieved favorable risk-adjusted
Slide 5: Why Own FCPT – What Makes Us Unique Within Net Lease?
WHY OWN FCPT – WHAT MAKES US UNIQUE WITHIN NET LEASE? We combine a differentiated, disciplined approach to net lease with a highly transparent disclosure regime 1 Superior Capital Allocation 2 Granular Selective Portfolio • Modulate new investments if cost of capital • Portfolio led by Darden, a pre
Slide 6: Spotlight on Capital Raising in 2026: 5-Year Term Loan Upsize and Recast
SPOTLIGHT ON CAPITAL RAISING IN 2026: 5-YEAR TERM LOAN UPSIZE AND RECAST FCPT closed on a new $400 million 5-year Term Loan in July; this is in addition to a $200 million 7-year Term Loan closed in April • Of the $400 million, (i) $190 million was used to pay down maturing Term Loans, and (ii) $210
Slide 7: Case Study: FCPT Acquires $268 Million Veterinary Portfolio
CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO • On July 16, FCPT acquired 102 Mission Pet Health properties for $268 million on initial cash rent of approximately $17.37 million, inclusive of contractual rent increases in September 2026 • This transaction represents a continuation of F
Slide 8: Case Study: FCPT Acquires $268 Million Veterinary Portfolio
CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO Woodruff Road Animal Hospital (Simpsonville, SC) Mission Pet Health Portfolio Portfolio Sample Site Denotes medical property 3-mile Population 51,124 3-mile Median HHI $129,699 Average Vehicles Per Day 25,000 102 locations across 31 states
Slide 9: FCPT at 10 Years: From Spin-Off to Seasoned Net Lease Investor
FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR ANNUAL BASE RENT 2015 Q2 2026 Δ ($ million)1 Properties 418 1,438 + 1,020 (3.4x) $288 As of 6/30/2026 + MPH 3.1x $169 Brands 5 182 + 177 As of 6/30/2026 + MPH 100% $118 41% $94 Investment volume Darden Darden As of 6/30/2026 + MPH - $2.7
Slide 10: Pro Forma Portfolio
PRO FORMA PORTFOLIO $288 million of ABR across 1,457 leases and 182 brands1 As of 6/30/2026 + Mission Pet Health Portfolio 1 • 29% Olive Garden (vs. 74% at inception) • 8% LongHorn (vs. 20% at inception) 317 leases 29% • 41% tenancy outside of casual dining (vs. 0% at inception) 118 leases 8% 83 lea
Slide 11: 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, low investment basis per property and efficient execution PROPERTY COUNT Pro Includes 33 Historical Forma properties 14
Slide 12: Long-Term Capital Returns to Shareholders via Dividends
LONG-TERM CAPITAL RETURNS TO SHAREHOLDERS VIA DIVIDENDS • Since paying our first regular-way FCPT Historical Dividends dividend in 2016, FCPT has delivered ten Year End Date Total Dividends Declared Growth consecutive years of payments and returned more than $1 billion in capital 1 12/31/2016 $0.970
Slide 13: Contents
CONTENTS 1 COMPANY OVERVIEW PG 3 2 HIGH QUALITY PORTFOLIO PG 13 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX PG 25 JULY 2026 13
Slide 14: High-Quality Portfolio Supported by Stable Balance Sheet
HIGH-QUALITY PORTFOLIO SUPPORTED BY STABLE BALANCE SHEET1 As of 6/30/2026 Portfolio Highlights 1,355 leases 6,614 SF average asset size 99.5% occupied 182 brands 29,546 average daily vehicle count 1.5% average annual escalator2 6.6-year average lease term $67,323 median household income 5.2x tenant
Slide 15: FCPT's Triple Investment Filter
FCPT’S TRIPLE INVESTMENT FILTER National • Our portfolio is leased to service Brands tenants - principally Restaurants, with Strong Auto Service and Medical Retail Credit Profiles • The intentional focus on these subsectors reflect a multi-tiered filter that favors fungible, credit- worthy net lease
Slide 16: Highly Selective Approach to Net Lease
HIGHLY SELECTIVE APPROACH TO NET LEASE While we underwrite properties in these sectors and may acquire stores in these sectors in the future, they are not in our current target base and would need to meet our high thresholds to be considered in the future FCPT HAS AVOIDED: • Pharmacies: NO EXPOSURE
Slide 17: Aligned with Strong Restaurant Brand Operators
ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS • FCPT’s restaurant tenants are principally large, publicly-traded companies and brands • Many of these casual dining and quick service restaurant brands that anchor our portfolio have generated strong same-store performance while maintaining a conserva
Slide 18: Low Basis Portfolio Limits Downside of Negative Credit Events
LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1 Average Building Size (SF) Average Basis per Property Acquired (as of 12/31/2025)1 ($ million, 2025)1 $17.2 Industry Average; 19,328 $15.2 19,662 20,755 Industry Average (retail only); 13,012 14,803 11,243 11,461 10,720 Industry Average
Slide 19: 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 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 (5-year) 400 350 Ask price: 39 bps High on 03/20/20: 360 bps 300 Average: 62 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 3 2 HIGH QUALITY PORTFOLIO PG 13 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX PG 25 JULY 2026 21
Slide 22: Conservative Financial Policies
CONSERVATIVE FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility FINANCIAL POLICIES • Weighted average debt maturity of approximately 4.3 years pro forma for new recast and upsized term loan closed in PRO FORMA DEBT MATURITY SCHEDULE July and in
Slide 23: 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 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 positive s
Slide 24: Laddered Lease Maturity Schedule
LADDERED LEASE MATURITY SCHEDULE As of 6/30/2026 6.6 years weighted average lease term %ANNUALIZED BASE RENT1 2027 is the first year of Darden spin-off lease maturities; 99.5% occupied2 as of 6/30/2026 FCPT’s Darden leases average 6.0x rent coverage3 11.7% 6.0x Rent Coverage 10.8% on average for FCP
Slide 25: Contents
CONTENTS 1 COMPANY OVERVIEW PG 3 2 HIGH QUALITY PORTFOLIO PG 13 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX PG 25 JULY 2026 25
Slide 26: Dividend Policy Updated to Monthly Payments
DIVIDEND POLICY UPDATED TO MONTHLY PAYMENTS • In June 2026, FCPT announced an update to its dividend policy to provide monthly payments beginning in Q3 2026, with the first monthly payment slated for July’s dividend (set to be paid in August 2026) • The announced monthly dividend will be $0.1222 whi
Slide 27: Case Study: FCPT's Christian Brothers Sale-Leaseback Portfolio
CASE STUDY: FCPT’S CHRISTIAN BROTHERS SALE-LEASEBACK PORTFOLIO • Christian Brothers Automotive Corporation (CBAC) is a privately held, Christian Brothers (Sarasota, FL) full-service auto repair franchise offering dealership-quality service at Portfolio Portfolio Sample Sample Site Site below-dealers
Slide 28: 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 29: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2026 2025 2026 2025 Net Income $ 29,995 $ 27,955 $ 60,361 $ 54,141 Adjustments: Interest expense 13,813 13,081 26,934 25,812 Income tax expense 67
Slide 30: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2026 2025 2026 2025 Net income $ 29,995 $ 27,955 $ 60,361 $ 54,141 Depreciation and amortization 16,490 14,582 32,601 28,974 1 Realized gain on exchange of real estate
Slide 31: Endnotes
ENDNOTES PAGE 4 RECENT HIGHLIGHTS AT FCPT PAGE 14 HIGH-QUALITY PORTFOLIO SUPPORTED BY STABLE BALANCE SHEET PAGE 18 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1. Representative of 6/30/2026 portfolio data plus Mission Pet Health portfolio Figures as of 6/30/2026 1. Source: Public f
Slide 32: Thank You
Four Corners Property Trust NYSE: FCPT THANK YOU INVESTOR PRESENTATION JULY 2026
Four Corners Property Trust — Q2 2026 Earnings Presentation on 6ix