Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2025 Earnings Presentation
21 slides from Four Corners Property Trust's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Supplemental Financial & Operating Information
Q4 2025 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION Four Corners Property Trust NYSE: FCPT
Slide 2: Cautionary note regarding forward-looking statements
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, belief or exp
Slide 3: Q4 2025 Contents
Q4 2025 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17
Slide 4: Consolidating Balance Sheet
Q4 2025 CONSOLIDATING BALANCE SHEET
Slide 5: Consolidated Income Statement
Q4 2025 CONSOLIDATED INCOME STATEMENT
Slide 6: FFO & AFFO Reconciliation
Q4 2025 FFO & AFFO RECONCILIATION
Slide 7: Net Asset Value Components
Q4 2025 NET ASSET VALUE COMPONENTS
Slide 8: Capitalization & Key Credit Metrics
Q4 2025 CAPITALIZATION & KEY CREDIT METRICS
Slide 9: Debt Summary
DEBT SUMMARY Weighted Balance as of Cash Interest Rate as of Average Debt Type Maturity Date December 3], 2025 ($000s) %of Debt December 3], 2025* Maturity (Yrs.) Credit Facility’ Revolving facility Feb-2029 - - 31, Term loan Nov-2026 100,000 8.2% 4.04% 09 Term loan Feb-2027 90,000 TA% 3.99% 11 Term
Slide 10: Credit Facility and Hedging Summary
Q4 2025 CREDIT FACILITY AND HEDGING SUMMARY
Slide 11: Fully Extended Debt Maturity Schedule
Q4 2025 3.2-year Weighted average term for notes/term loans 98% Fixed rate debt 4.05% Weighted average cash interest rate $350 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 12/31/2025 2
Slide 12: Debt Covenants
DEBT COVENANTS As of December 3], 2025 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 Q4 2025 Limit
Slide 13: Real Estate Portfolio Summary
Q4 2025 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13
Slide 14: Brand Diversification
Q4 2025 1,325 Leases / 179 Brands Annual Base Rent of $264.2 million1 100% retail 53% Investment Grade2 1.5% Average Annual Rent Escalator3 BRAND DIVERSIFICATION Other casual dining restaurants Auto service Medical retail Other retail 4 Quick service restaurants 5 FCPT Portfolio Brands Rank Brand Na
Slide 15: Geographic Diversification
Q4 2025 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI GEOGRAPHIC DIVERSIFICATION 15 >10% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties (WY/ HI) Note: Portfolio
Slide 16: Lease Maturity Schedule
Q4 2025 %ANNUALIZED BASE RENT1 99.6% occupied2 as of 12/31/2025 6.9 years weighted average lease term < 1.5% of rental income matures prior to 2027 LEASE MATURITY SCHEDULE 2027 is the first year of Darden spin-off lease maturities; FCPT’s Darden leases average 5.8x rent coverage3
Slide 17: Exhibits
Q4 2025 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 1 FINANCIAL SUMMARY PG 3 CONTENTS
Slide 18: Non-GAAP financial measures definitions
This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The non-G
Slide 19: Reconciliation Schedules
Q4 2025 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Slide 20: FFO & AFFO Reconciliation Notes
Q4 2025 PAGE 6 FFO & AFFO RECONCILIATION Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 9 DEBT SUMMARY Borrowings under the term loans accrue intere
Slide 21: Supplemental Financial & Operating Information
Q4 2025 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
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