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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) : NOVEMBER 1, 2023
FOUR CORNERS PROPERTY TRUST, INC.
(Exact name of registrant as specified in its charter)
 
Maryland001-3753847-4456296
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

591 Redwood Highway, Suite 3215, Mill Valley, California 94941
(Address of principal executive offices, including zip code)
(415) 965-8030
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading SymbolName of Exchange on Which Registered
Common Stock, $0.0001 par value per shareFCPTNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 2.02Results of Operations and Financial Condition.

On November 1, 2023, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2023. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and a copy of the Company’s Supplemental Financial & Operating Information for the quarter ended September 30, 2023 is attached hereto as Exhibit 99.2.

The information in this Item 2.02 and Exhibits 99.1 and 99.2 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.

Item 7.01Regulation FD Disclosure.

Members of management of the Company will present an overview of the Company during upcoming investor presentations. A copy of the presentation is attached as Exhibit 99.3 and incorporated by reference herein.

The information in this Item 7.01 and Exhibit 99.3 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act except as shall be expressly set forth by specific reference in such a filing.

Item 9.01Financial Statements and Exhibits.
(d) Exhibits
 
Exhibit
No.		  Exhibit Description
  
99.1 
99.2 
99.3 
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   
FOUR CORNERS PROPERTY TRUST, INC.
  
By: 
/s/ JAMES L. BRAT
  James L. Brat
Chief Operations Officer, General Counsel, and Secretary
Date: November 1, 2023





FCPT Announces Third Quarter 2023 Financial and Operating Results MILL VALLEY, CA – November 1, 2023 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three months and nine months ended September 30, 2023. Management Comments “Through the first three quarters, FCPT has achieved a record acquisition growth year, up 13% over 2022 total volume, funded through accretive capital raised earlier in the year. Additionally, our portfolio continued to perform well with high rent collections and occupancy,” said CEO Bill Lenehan. “We believe that we are well-positioned in a higher rate environment and expect to be ready to take advantage of opportunities as they arise.” Rent Collection Update As of September 30, 2023, the Company has received rent payments representing 99.9% of its portfolio contractual base rent for the quarter ending September 30, 2023. Financial Results Rental Revenue and Net Income Attributable to Common Shareholders • Rental revenue for the third quarter increased 17.3% over the prior year to $57.2 million. Rental revenue consisted of $56.1 million in cash rents and $1.2 million of straight-line and other non-cash rent adjustments. • Net income attributable to common shareholders was $24.2 million for the third quarter, or $0.27 per diluted share. These results compare to net income attributable to common shareholders of $24.5 million for the same quarter in the prior year, or $0.30 per diluted share. • Net income attributable to common shareholders was $70.9 million for the nine months ended September 30, 2023, or $0.80 per diluted share. These results compare to net income attributed to common shareholders of $74.9 million for the same nine-month period in 2022, or $0.92 per diluted share. Funds from Operations (FFO) • NAREIT-defined FFO per diluted share for the third quarter was $0.41, representing a $0.01 increase compared to the same quarter in 2022. • NAREIT-defined FFO per diluted share for the nine months ended September 30, 2023 was $1.20, representing flat results compared to the same nine-month period in 2022. Adjusted Funds from Operations (AFFO) • AFFO per diluted share for the third quarter was $0.42, representing a $0.01 per share increase compared to the same quarter in 2022. • AFFO per diluted share for the nine months ended September 30, 2023 was $1.24, representing a $0.01 per share increase compared to the same nine-month period in 2022.

 
General and Administrative (G&A) Expense • G&A expense for the third quarter was $5.5 million, which included $1.5 million of stock-based compensation. These results compare to G&A expense in the third quarter of 2022 of $4.9 million, including $1.2 million of stock-based compensation. • Cash G&A expense (after excluding stock-based compensation) for the third quarter was $4.0 million, representing 7.2% of cash rental income for the quarter. Dividends • FCPT declared a dividend of $0.34 per common share for the third quarter of 2023. Real Estate Portfolio • As of September 30, 2023, the Company’s rental portfolio consisted of 1,106 properties located in 47 states. The properties are 99.8% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 8.0 years. Acquisitions • During the third quarter, FCPT acquired 31 properties for a combined purchase price of $130.2 million at an initial weighted average cash yield of 6.4%, on rents in place as of September 30, 2023 and a weighted average remaining lease term of 12.1 years. Dispositions • During the third quarter, FCPT sold two properties for sales price of $11.2 million representing $0.3 million of gain and a cash yield of 6.7% on rents that were previously in place and exclusive of transaction costs. Liquidity and Capital Markets Capital Raising • During the third quarter, the Company did not utilize its at-the-market (ATM) program. • As announced on June 5, 2023, FCPT entered into agreements to issue $100 million of senior unsecured notes (the “Notes”) with a ten-year term and priced at a fixed interest rate of 6.44%. In connection with the offering of the Notes, the Company terminated interest rate swaps entered into previously to hedge the interest rate of this offering. This resulted in a gain of $8.1 million for the Company and a 5.39% yield to maturity including the gain. The gain will be amortized straight line over the life of the Notes and effectively makes the Note’s all-in interest rate, after amortizing the gain, 5.63%. The Notes funded on July 12, 2023. Liquidity • At September 30, 2023, FCPT had approximately $237 million of available liquidity including $6 million of cash and cash equivalents, $11 million of restricted cash from 1031 sales and $220 million of undrawn revolving credit facility capacity. Credit Facility and Unsecured Notes • At September 30, 2023, FCPT had $1,135 million of outstanding debt, consisting of $430 million of term loans and $675 million of unsecured fixed rate notes and $30 million of outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, is 5.6x at quarter-end.

 
Conference Call Information Company management will host a conference call and audio webcast on Thursday, November 2 at 11:00 a.m. Eastern Time to discuss the results. Interested parties can listen to the call via the following: Phone: 1 833 470 1428 (domestic) or 1 404 975 4839 (international), Call Access Code: 334967 Live webcast: https://events.q4inc.com/attendee/459557056 In order to pre-register for the call, investors can visit https://www.netroadshow.com/events/login?show=2d8ebe4f&confId=56347 Replay: Available through January 31, 2023 by dialing 1 866 813 9403 (domestic) or 1 929 458 6194 (international), Replay Access Code 231950 About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at fcpt.com. Cautionary Note Regarding Forward-Looking Statements This press release 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 the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.

 
Notice Regarding Non-GAAP Financial Measures: In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website. Supplemental Materials and Website: Supplemental materials on the Third Quarter 2023 operating results and other information on the Company are available on the investors relations section of FCPT’s website at investors.fcpt.com. FCPT Bill Lenehan, 415-965-8031 CEO Gerry Morgan, 415-965-8032 CFO

 
Four Corners Property Trust Consolidated Statements of Income (Unaudited) (In thousands, except share and per share data) 2023 2022 2023 2022 Revenues: Rental revenue 57,243$ 48,719$ 162,267$ 143,526$ Restaurant revenue 7,596 7,289 23,196 22,304 Total revenues 64,839 56,008 185,463 165,830 Operating expenses: General and administrative 5,498 4,917 17,153 14,884 Depreciation and amortization 13,418 10,588 37,411 30,420 Property expenses 2,916 1,999 8,742 5,835 Restaurant expenses 7,229 6,790 21,721 20,725 Total operating expenses 29,061 24,294 85,027 71,864 Interest expense (12,276) (9,177) (32,245) (26,583) Other income, net 283 164 809 250 Realized gain on sale, net 318 1,828 2,053 7,584 Income tax expense 89 23 (50) (209) Net income 24,192 24,552 71,003 75,008 Net income attributable to noncontrolling interest (31) (34) (92) (105) Net Income Attributable to Common Shareholders 24,161$ 24,518$ 70,911$ 74,903$ Basic net income per share 0.27$ 0.30$ 0.81$ 0.93$ Diluted net income per share 0.27$ 0.30$ 0.80$ 0.92$ Regular dividends declared per share 0.3400$ 0.3325$ 1.0200$ 0.9975$ Weighted-average shares outstanding: Basic 90,366,861 81,884,974 87,872,205 80,797,829 Diluted 90,595,872 82,119,447 88,105,134 81,011,737 Nine Months Ended September 30,Three Months Ended September 30,

 
Four Corners Property Trust Consolidated Balance Sheets (In thousands, except share data) September 30, 2023 (Unaudited) December 31, 2022 Real estate investments: Land 1,235,943$ 1,115,827$ Buildings, equipment and improvements 1,700,513 1,539,875 Total real estate investments 2,936,456 2,655,702 Less: Accumulated depreciation (730,014) (706,702) Total real estate investments, net 2,206,442 1,949,000 Intangible lease assets, net 122,132 106,206 Total real estate investments and intangible lease assets, net 2,328,574 2,055,206 Real estate held for sale 3,150 7,522 Cash and cash equivalents 5,675 26,296 Straight-line rent adjustment 63,844 61,027 Derivative assets 31,292 35,276 Deferred tax assets 1,221 988 Other assets 22,138 12,272 Total Assets 2,455,894$ 2,198,587$ Liabilities: Term loan and revolving credit facility ($460,000 and $430,000 of principal, respectively) 455,342$ 424,134$ Senior unsecured notes 670,756 571,343 Dividends payable 30,724 29,064 Rent received in advance 13,204 11,710 Derivative liabilities - 9 Other liabilities 32,224 24,017 Total liabilities 1,202,250 1,060,277 Equity: Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding - - Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 90,565,195 and 85,637,293 shares issued and outstanding, respectively 9 9 Additional paid-in capital 1,235,247 1,104,522 Accumulated other comprehensive income 35,314 30,944 Noncontrolling interest 2,239 2,259 Retained earnings (deficit) (19,165) 576 Total equity 1,253,644 1,138,310 Total Liabilities and Equity 2,455,894$ 2,198,587$ ASSETS LIABILITIES AND EQUITY

 
Four Corners Property Trust FFO and AFFO (Unaudited) (In thousands, except share and per share data) 2023 2022 2023 2022 Funds from operations (FFO): Net income 24,192$ 24,552$ 71,003$ 75,008$ Depreciation and amortization 13,382 10,558 37,308 30,322 Realized gain on sales of real estate (318) (1,828) (2,053) (7,584) FFO (as defined by NAREIT) 37,256$ 33,282$ 106,258$ 97,746$ Straight-line rental revenue (1,719) (1,648) (4,358) (4,939) Deferred income tax (benefit) expense (1) (184) (118) (232) (57) Stock-based compensation 1,472 1,206 4,798 3,739 Non-cash amortization of deferred financing costs 592 496 1,720 1,460 Non-real estate investment depreciation 36 30 103 98 Other non-cash revenue adjustments 526 543 1,510 1,600 Adjusted Funds from Operations (AFFO) 37,979$ 33,791$ 109,799$ 99,647$ Fully diluted shares outstanding (2) 90,710,431 82,234,006 88,219,693 81,126,296 FFO per diluted share 0.41$ 0.40$ 1.20$ 1.20$ AFFO per diluted share 0.42$ 0.41$ 1.24$ 1.23$ (2) Assumes the issuance of common shares for OP units held by non-controlling interest Three Months Ended September 30, Nine Months Ended September 30, (1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business

 
Q3 2023 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION Four Corners Property Trust N Y S E : F C P T

 
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 expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward- looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2022 and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission. Notice regarding non-GAAP financial measures: The information in this communication contains and refers to certain non-GAAP financial measures, including FFO and AFFO. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the Investors section of our website at www.fcpt.com, and on page 18 of this presentation. F O R W A R D L O O K I N G S T A T E M E N T S A N D D I S C L A I M E R S Q 3 2 0 2 3

 
Q 3 2 0 2 3 3 CONTENTS 1 F I N A N C I A L S U M M A R Y P G 3 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2 3 E X H I B I T S P G 1 7

 
Q 3 2 0 2 3 4 C O N S O L I D A T I N G BAL ANCE SHE E T As of 12/31/2022 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,228,487$ 7,456$ -$ 1,235,943$ 1,115,827$ Buildings, equipment and improvements 1,685,057 15,456 - 1,700,513 1,539,875 Total real estate investments 2,913,544 22,912 - 2,936,456 2,655,702 Less: accumulated depreciation (722,565) (7,449) - (730,014) (706,702) Real estate investments, net 2,190,979 15,463 - 2,206,442 1,949,000 Intangible lease assets, net 122,132 - - 122,132 106,206 Total real estate investments and intangible lease assets, net 2,313,111 15,463 - 2,328,574 2,055,206 Real estate held for sale 3,150 - - 3,150 7,522 Cash and cash equivalents 4,743 932 - 5,675 26,296 Straight-line rent adjustment 63,844 - - 63,844 61,027 Deferred tax assets - 1,221 - 1,221 988 Other assets 17,866 4,272 - 22,138 12,272 Derivative assets 31,292 - - 31,292 35,276 Investment in subsidiary 16,503 - (16,503) - - Intercompany receivable 9 - (9) - - Total Assets 2,450,518$ 21,888$ (16,512)$ 2,455,894$ 2,198,587$ LIABILITIES AND EQUITY Liabilities: Term loan ($430,000, net of deferred financing costs) 425,342$ -$ -$ 425,342$ 424,134$ Revolving facility ($250,000 capacity) 30,000 - - 30,000 - Unsecured notes ($675,000, net of deferred financing costs) 670,756 - - 670,756 571,343 Rent received in advance 13,204 - - 13,204 11,710 Derivative liabilities - - - - 9 Dividends payable 30,724 - - 30,724 29,064 Other liabilities 26,751 5,473 - 32,224 24,017 Intercompany payable - 9 (9) - - Total liabilities 1,196,777$ 5,482$ (9)$ 1,202,250$ 1,060,277$ Equity: Preferred stock -$ -$ -$ -$ -$ Common stock 9 - - 9 9 Additional paid-in capital 1,235,247 16,503 (16,503) 1,235,247 1,104,522 Accumulated other comprehensive income (loss) 35,314 - - 35,314 30,944 Noncontrolling interest 2,239 - - 2,239 2,259 Retained earnings (accumulated deficit) (19,068) (97) - (19,165) 576 Total equity 1,253,741$ 16,406$ (16,503)$ 1,253,644$ 1,138,310$ Total Liabilities and Equity 2,450,518$ 21,888$ (16,512)$ 2,455,894$ 2,198,587$ As of 9/30/2023

 
Q 3 2 0 2 3 5 C O N S O L I D A T E D INCOME STATE ME NT ($000s, except shares and per share data) Unaudited 2023 2022 2023 2022 Revenues: Rental revenue 57,243$ 48,719$ 162,267$ 143,526$ Restaurant revenue 7,596 7,289 23,196 22,304 Total revenues 64,839 56,008 185,463 165,830 Operating expenses: General and administrative 5,498 4,917 17,153 14,884 Depreciation and amortization 13,418 10,588 37,411 30,420 Property expenses 2,916 1,999 8,742 5,835 Restaurant expenses 7,229 6,790 21,721 20,725 Total operating expenses 29,061 24,294 85,027 71,864 Interest expense (12,276) (9,177) (32,245) (26,583) Other income, net 283 164 809 250 Realized gain on sale, net 318 1,828 2,053 7,584 Income tax benefit (expense) 89 23 (50) (209) Net income 24,192 24,552 71,003 75,008 Net income attributable to noncontrolling interest (31) (34) (92) (105) Net Income Attributable to Common Shareholders 24,161$ 24,518$ 70,911$ 74,903$ Basic net income per share 0.27$ 0.30$ 0.81$ 0.93$ Diluted net income per share 0.27$ 0.30$ 0.80$ 0.92$ Regular dividends declared per share 0.3400$ 0.3325$ 1.0200$ 0.9975$ Weighted-average shares outstanding: Basic 90,366,861 81,884,974 87,872,205 80,797,829 Diluted 90,595,872 82,119,447 88,105,134 81,011,737 Three Months Ended September 30, Nine Months Ended September 30,

 
Q 3 2 0 2 3 6 F F O & A F F O RE CONCIL IATION ($000s, except shares and per share data) Unaudited 2023 2022 2023 2022 Net income 24,192$ 24,552$ 71,003$ 75,008$ Depreciation and amortization 13,382 10,558 37,308 30,322 Realized gain on sales of real estate (318) (1,828) (2,053) (7,584) FFO (as defined by NAREIT) 37,256$ 33,282$ 106,258$ 97,746$ Straight-line rental revenue (1,719) (1,648) (4,358) (4,939) Deferred income tax (benefit) expense1 (184) (118) (232) (57) Stock-based compensation 1,472 1,206 4,798 3,739 Non-cash amortization of deferred financing costs 592 496 1,720 1,460 Non-real estate investment depreciation 36 30 103 98 Other non-cash revenue adjustments 526 543 1,510 1,600 Adjusted Funds From Operations (AFFO) 37,979$ 33,791$ 109,799$ 99,647$ Fully diluted shares outstanding2 90,710,431 82,234,006 88,219,693 81,126,296 FFO per diluted share 0.41$ 0.40$ 1.20$ 1.20$ AFFO per diluted share 0.42$ 0.41$ 1.24$ 1.23$ Three Months Ended September 30, Nine Months Ended September 30,

 
Q 3 2 0 2 3 7 N E T A S S E T V A L U E COMPONE NTS Real Estate Portfolio as of 9/30/2023 Purchase Price ($000s) # of Rental Leases Total Square Feet (000s) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage1 Lease Term Remaining (Yrs)2 Annual Cash Base Rent ($000s)3 % Total Cash Base Rent(3) Darden - 455 3,549 31 5.4x 7.0 111,200 51.6% Other restaurant - 400 1,905 32 2.8x 9.9 61,759 28.7% Non-restaurant - 275 1,996 21 3.4x 7.8 42,354 19.7% Total Owned Portfolio - 1,130 7,451 29 4.8x 8.0 215,314 100.0% Q3 2023 Transaction Activity4 Leases acquired 130,191 36 220 38 n/a 12.1 8,368 3.9% Leases sold 11,215 2 18 42 n/a 20.8 (756) (0.4%) Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash 16,299$ Other tangible assets 6,646 Total Tangible Assets 22,945$ Debt Face Value ($000s) Term loan 430,000$ Senior fixed rate notes 675,000 Revolving credit facility 30,000 Total Debt 1,135,000$ Tangible Liabilities Book Value ($000s) Dividends payable 30,724$ Rent received in advance, accrued interest, and other accrued expenses 36,192 Total Tangible Liabilities 66,916$ Shares Outstanding Common stock (shares outstanding as of 9/30/2023) 90,565,195 Operating partnership units (OP units outstanding as of 9/30/2023) 114,559 Total Common Stock and OP Units Outstanding 90,679,754

 
Q 3 2 0 2 3 8 C A P I T I L I Z A T I O N & K E Y C R E D I T ME TRICS % of Market Capitalization Equity: Share price (9/30/2023) 22.19$ Shares and OP units outstanding (9/30/2023) 90,679,754 Equity Value 2,012,184$ 63.9% Debt: Term loan 430,000$ 13.7% Revolving credit facility 30,000 1.0% Unsecured notes 675,000 21.4% Total Debt 1,135,000$ 36.1% Total Market Capitalization 3,147,184$ 100.0% Less: cash and restricted cash (16,299) Implied Enterprise Value 3,130,885$ Dividend Data (fully diluted) Q3 2023 Common dividend per share1 $0.3400 AFFO per share $0.42 AFFO payout ratio 81.2% Credit Metrics Net Debt2 Adjusted EBITDAre 3 Ratio Net debt to Adjusted EBITDAre 1,118,701$ 198,105$ 5.6x Q3 2023 Capitalization ($000s, except shares and per share data)

 
Q 3 2 0 2 3 9 D E B T SUMMARY Note: Please see footnotes on page 20 regarding interest expense Debt Type Maturity Date Balance as of September 30, 2023 ($000s) % of Debt Cash Interest Rate as of September 30, 20234 Weighted Average Maturity (Yrs.) Credit Facility1 Revolving facility Nov-2025 30,000 2.6% 6.25% 2.1 Term loan Nov-2025 150,000 13.2% 3.62% 2.1 Term loan Nov-2026 100,000 8.8% 3.62% 3.1 Term loan Jan-2027 90,000 7.9% 3.57% 3.3 Term loan Jan-2028 90,000 7.9% 3.57% 4.3 Principal Amount 460,000$ Unsecured Notes2 A Jun-2024 50,000$ 4.4% 4.68% 0.7 C Dec-2026 50,000 4.4% 4.63% 3.2 B Jun-2027 75,000 6.6% 4.93% 3.7 D Dec-2028 50,000 4.4% 4.76% 5.2 G Apr-2029 50,000 4.4% 2.74% 5.6 E Jun-2029 50,000 4.4% 3.15% 5.7 F Apr-2030 75,000 6.6% 3.20% 6.5 I Mar-2031 50,000 4.4% 3.09% 7.5 H Apr-2031 50,000 4.4% 2.99% 7.6 J Mar-2032 75,000 6.6% 3.11% 8.5 K Jul-2033 100,000 8.8% 6.44% 9.8 Principal Amount 675,000$ Mortgages Payable3 None - - - - Total/Weighted Average 1,135,000$ 100.0% 3.98% 4.9 Unamortized Deferred Financing Costs Credit facility (4,658)$ Unsecured notes (4,244) Debt Carrying Value (GAAP) 1,126,098$ Fixed rate 1,025,000$ 90% Variable rate 110,000$ 10% Credit Rating (Fitch/Moody's): BBB/Baa3

 
$150 $100 $90 $90 $30 $220 $50 $75 $50 $0 $50 $150 $165 $140 $100 $75 $100 $75 $100 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unsecured Notes Undrawn Revolver Drawn Revolver Unsecured Term Q 3 2 0 2 3 10 4.9-year Weighted average term for notes/term loans 90% Fixed rate debt 3.98% Weighted average cash interest rate $220 million Available on revolver 1 D E B T M A T U R I T Y SCHE DUL E

 
Q 3 2 0 2 3 11 D E B T COVE NANTS As of September 30, 2023 Covenants Q3 2023 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 36.9% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.2x Limitation on unencumbered leverage ≤ 60% 37.1% Unencumbered interest coverage ratio ≥ 1.75x 4.7x Requirement 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

 
Q 3 2 0 2 3 12 1 F I N A N C I A L S U M M A R Y P G 3 3 E X H I B I T S P G 1 7 CONTENTS 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2

 
Q 3 2 0 2 3 P R O P E R T Y L O C A T I O N S B Y BRAND Olive Garden (314) Longhorn Steakhouse (115) Chili’s (83) KFC (33) Buffalo Wild Wings (28) Caliber Collision (28) Burger King (21) WellNow Urgent Care (20) Red Lobster (19) Arby’s (17) NAPA Auto Parts (17) Starbucks (17) Bob Evans (15) Cheddar’s (13) Outback Steakhouse (13) Taco Bell (13) BJ’s Restaurant (12) Texas Roadhouse (12) Verizon (12) Tires Plus (11) Other (317) 1,130 Leases1 148 Brands 13

 
Q 3 2 0 2 3 14 1,130 Leases / 148 Brands Annual Base Rent of $215.3 million1 52% Darden Exposure 59% Investment Grade3 F C P T P O R T F O L I O B R A N D DIVE RSIF ICATION 10% 4% 8% 21% 9% 7% 3% 37% Other restaurants Auto service Medical retail Other retail FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR 1 Olive Garden 314 2,673 37.0% 2 Longhorn Steakhouse 115 645 10.4% 3 Chili's 83 455 7.9% 4 Buffalo Wild Wings 28 171 2.5% 5 Cheddar's 13 112 2.2% 6 Red Lobster 19 138 1.8% 7 Caliber Collision 28 390 1.6% 8 Bahama Breeze 10 92 1.5% 9 KFC 33 95 1.5% 10 WellNow Urgent Care 20 78 1.5% 11 Burger King 21 68 1.4% 12 BJ's Restaurant 12 98 1.3% 13 Take 5 Car Wash 9 35 1.3% 14 Bob Evans 15 83 1.3% 15 Outback Steakhouse 13 88 1.0% 16 Oak Street Health 7 62 1.0% 17 Arby's 17 53 0.8% 18 Texas Roadhouse 12 88 0.8% 19 NAPA Auto Parts 17 120 0.8% 20 Starbucks 17 38 0.8% 21 Fresenius 10 80 0.7% 22 Aspen Dental 10 36 0.6% 23 Verizon 12 34 0.6% 24 Tires Plus 11 70 0.6% 25 National Tire & Battery 9 62 0.5% 26-148 Other 275 1,585 18.4% Total Lease Portfolio 1,130 7,451 100% Other 2

 
Q 3 2 0 2 3 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 OHIN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI G E O G R A P H I C DIVE RSIF ICATION ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties 15 State % ABR Leases TX 10.1% 89 TN 4.0% 37 WI 2.3% 32 OK 1.8% 20 Other 7.9% 88 FL 9.0% 83 VA 2.8% 32 AL 2.2% 32 MO 1.8% 24 OH 7.2% 84 NY 2.7% 34 CA 2.1% 15 IA 1.7% 24 IL 6.8% 76 MD 2.7% 33 KY 2.0% 24 KS 1.4% 15 GA 5.3% 61 SC 2.5% 31 CO 2.0% 26 AZ 1.3% 14 IN 5.0% 73 PA 2.5% 23 LA 1.9% 23 MN 1.1% 11 MI 4.4% 62 NC 2.5% 32 MS 1.9% 24 NV 1.1% 8

 
Q 3 2 0 2 3 16 0.0% 1.7% 2.3% 2.9% 12.8% 11.9% 10.4% 10.0% 9.6% 7.0% 13.5% 1.6% 2.3% 3.4% 2.3% 2.3% 0.6% 1.4% 0.8% 1.7% 0.1% 1.4% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 % A N N U A L I Z E D B A S E R E N T 1 99.8% occupied2 as of 9/30/2023 8.0 years weighted average lease term < 6.9% of rental income matures prior to 2027 L E A S E M A T U R I T Y S C H E D U L E

 
Q 3 2 0 2 3 17 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2 3 E X H I B I T S P G 1 7 1 F I N A N C I A L S U M M A R Y P G 3CONTENTS

 
18 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-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, and to cash flows from operating, investing or financing activities as a measure of profitability and/or liquidity, computed in accordance with GAAP. ABR refers to annual cash base rent as of 9/30/2023 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non-cash and other costs. These non- GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non- GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated quarterly by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. Funds From Operations (“FFO”) is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition. Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income. Adjusted Funds From Operations (“AFFO”) is a non-GAAP measure that is used as a supplemental operating measure specifically for comparing year over year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate adjusted funds from operations by adding to or subtracting from FFO: 1. Transaction costs incurred in connection with business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Non-cash expense (income) adjustments related to deferred tax benefits AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely-reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Properties refers to properties available for lease. G L O S S A R Y A N D N O N - G A A P DE F INIT IONS

 
Q 3 2 0 2 3 19 R E C O N C I L I A T I O N S C H E D U L E S RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL (In thousands) Unaudited 2023 2022 2023 2022 Net Income 24,192$ 24,552$ 71,003$ 75,008$ Adjustments: Interest expense 12,276 9,177 32,245 26,583 Income tax expense (benefit) (89) (23) 50 209 Depreciation and amortization 13,418 10,588 37,411 30,420 EBITDA1 49,797 44,294 140,709 132,220 Adjustments: Gain on dispositions and exchange of real estate (318) (1,828) (2,053) (7,584) Provision for impairment of real estate - - - - EBITDAre 1 49,479 42,466 138,656 124,636 Adjustments: Real estate transaction costs 47 40 150 164 Gain or loss on extinguishment of debt - - - - Adjusted EBITDAre 1 49,526 42,506 138,806 124,800 Annualized Adjusted EBITDAre 198,105$ 170,026$ 185,075$ 166,400$ Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Rental revenue 54,882$ 47,188$ 155,149$ 138,678$ Tenant reimbursement revenue 2,361 1,531 7,118 4,848 Total Rental Revenue 57,243$ 48,719$ 162,267$ 143,526$ (In thousands) 2023 2022 2023 2022 Tenant expense reimbursed 2,361$ 1,531$ 7,118$ 4,848$ Other non-reimbursed property expenses2 555 468 1,624 987 Total Property Expenses 2,916$ 1,999$ 8,742$ 5,835$ Rental Revenue Three Months Ended September 30, Nine Months Ended September 30, Property Expenses Nine Months Ended September 30, Three Months Ended September 30,

 
Q 3 2 0 2 3 20 PAGE 6 FFO & AFFO RECONCILIATION 1. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business 2. Assumes the issuance of common shares for OP units held by non- controlling interest PAGE 9 DEBT SUMMARY 1. Borrowings under the term loans accrue interest at a rate of daily SOFR plus 0.10% plus a 0.95%-1.00% credit spread. FCPT has entered into interest rate swaps that fix 81% of the term loans’ rate exposure through November 2023, 81% through November 2024, 70% through November 2025, and 70% through November 2026. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 3.0% for 2023, 3.0% for 2024, 2.7% for 2025, and 3.3% for 2026. A daily simple SOFR rate of 5.31% as of 9/30/2023 is used for the 19% of term loans that are not fixed through hedges 2. These notes are senior unsecured fixed rate obligations of the Company. Cash interest rate excludes amortization of swap gains and losses incurred in connection with the issuance of these notes. The annual amortization of net hedge gains is currently $182 thousand per year 3. As of 9/30/2023, FCPT had no mortgage debt and 100% of FCPT properties were unencumbered 4. Excludes amortization of deferred financing costs on the credit facility and unsecured notes PAGE 10 DEBT MATURITY SCHEDULE Figures as of 9/30/2023 1. The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026 PAGE 16 LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 9/30/2023 1. Annual cash base rent (ABR) as defined in glossary 2. Occupancy based on portfolio square footage PAGE 7 NET ASSET VALUE COMPONENTS 1. See glossary on page 18 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 95% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 4% of non- restaurant ABR or 65% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending May 2023 and updated average trailing twelve months brand average margins and sales for the quarter ended August 2023 2. Lease term weighted by annual cash base rent (ABR) as defined in glossary 3. Current scheduled minimum contractual rent as of 9/30/2023 4. FCPT acquired 31 properties and leasehold interests in Q3 2023; FCPT had two dispositions in the quarter PAGE 14 BRAND DIVERSIFICATION 1. Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 9/30/2023, as defined in glossary 2. Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants 3. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's PAGE 13 PROPERTY LOCATIONS BY BRAND Figures as of 9/30/2023 1. FCPT owns 1,106 rental properties as of 9/30/2023 with 1,130 leases PAGE 15 GEOGRAPHIC DIVERSIFCATION 1. Annual cash base rent (ABR) as defined in glossary. Includes two leases in Alaska (not pictured) PAGE 19 RECONCILITATION SCHEDULES 1. See glossary on page 18 for non-GAAP definitions 2. Other non-reimbursed property expenses include non- reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 8 CAPITALIZATION & KEY CREDIT METRICS 1. Third quarter 2023 dividend was declared on 9/18/2023, payable on 10/13/2023 2. Principal debt amount less cash and cash equivalents 3. Current quarter annualized. See glossary on page 18 for definitions of EBITDAre and Adjusted EBITDAre and page 19 for reconciliation to net income F O O T N O T E S

 
Four Corners Property Trust N Y S E : F C P T THANK YOU Q3 2023 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION

 
INVESTOR PRESENTATION NOVEMBER 2023 Four Corners Property Trust N Y S E : F C P T

 
N O V E M B E R 2 0 2 3 2 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 expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2022 and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission. Notice regarding non-GAAP financial measures: The information in this communication contains and refers to certain non-GAAP financial measures, including FFO and AFFO. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the Investors section of our website at www.fcpt.com, and on page 26 of this presentation. F O R W A R D L O O K I N G S T A T E M E N T S A N D D I S C L A I M E R S

 
FCPT OVERVIEW REPRESENTATIVE BRANDS SAMPLE 3 H I G H - Q U A L I T Y P O R T F O L I O • Recently assembled, e-commerce resistant portfolio • Strong tenant EBITDAR rent coverage, nationally established brands and low rents provide for high tenant retention and limited vacancies A N A L Y T I C A L , D I S C I P L I N E D I N V E S T M E N T P H I L O S O P H Y • Focus on cost of capital and investment spread • Use of proprietary, data-driven scorecard to objectively rate every property • Detailed memo to our investment committee and a public press release at close for every transaction A C C R E T I V E D I V E R S I F I C A T I O N • Grown from single tenant to 148 brands • Established new verticals in resilient, essential retail categories of auto service and medical retail • Disciplined pricing approach based on maintaining strong credit parameters and high-quality tenant base I N V E S T M E N T G R A D E B A L A N C E S H E E T • Committed to maintaining conservative 5.5x–6.0x leverage • Well-laddered, predominately fixed-rate debt maturity schedule • Significant liquidity, unencumbered assets, high fixed charge coverage

 
N O V E M B E R 2 0 2 3 4 CONTENTS 1 C O M P A N Y O V E R V I E W P G 4 2 H I G H Q U A L I T Y P O R T F O L I O P G 8 3 C O N S E R V A T I V E F I N A N C I A L P O S I T I O N P G 1 9 4 A P P E N D I X P G 2 2

 
5N O V E M B E R 2 0 2 3 I N V E S T M E N T S 4 99.8% occupied 4.8x tenant EBITDAR coverage2 1.4% average annual escalator 8.0-year average lease term remaining Capital deployed Average initial cash yield Initial average lease term Dispositions Cash yield Q 3 2 0 2 3 PORTF OL IO HIGHL IGHT S P O R T F O L I O 1 1,130 leases 148 brands 59% investment grade3 6.9% expirations before 2027 $319.8 6.7% 12-year $130.2 6.4% 12-year Q3 2023 Year to Date $11.2 6.7% $25.5 6.4%

 
N O V E M B E R 2 0 2 3 6 Q 3 2 0 2 3 F I N A N C I A L HIGHL IGHT S $0.27 Net income per share $0.42 AFFO per share1 $0.41 FFO per share1 $237 million Corporate liquidity 100% Unencumbered ABR 5.6x Net debt to adjusted EBITDAre2 4.2x Fixed charge coverage 90% Fixed rate debt 4.9 years Weighted average debt maturity BBB / Baa3 Stable Outlook Fitch / Moody’s

 
E N V I R O N M E N T S O C I A L O U R T E A M G O V E R N A N C E S U S T A I N A B I L I T Y F RAME WOR K Our commitment to sustainability and Environmental, Social and Governance (ESG) principles creates value our shareholders. We continuously review our internal policies to advance in the areas of environmental sustainability, social responsibility, employee well-being, and governance. For more details, see the FCPT ESG Report and policies on our website https://fcpt.com/about-us/ We evaluate our business operations and the environmental risk aspects of our investment portfolio on an ongoing basis and strive to adhere to sustainable business practices We apply values-based negative screening in our underwriting process and do not transact with any tenant, buyer, or seller or acquire any properties with negative social factors. We do not process or have access to any consumer data Our culture is inclusive and team-oriented with a high retention rate. We hire for the long-term and invest in development, with a flat organization that drives employee engagement. We are a certified ‘Great Place to Work’ We aim for best-in-class corporate governance structures and compensation practices that closely align the interests of our Board and leadership with those of our stockholders. Four of our eight Board Directors are female and seven are independent, including our chairperson. Only independent Directors serve on the Board’s committees 7N O V E M B E R 2 0 2 3

 
N O V E M B E R 2 0 2 3 8 1 C O M P A N Y O V E R V I E W P G 4 2 H I G H Q U A L I T Y P O R T F O L I O P G 8 3 C O N S E R V A T I V E F I N A N C I A L P O S I T I O N P G 1 9 4 A P P E N D I X P G 2 2 CONTENTS

 
N O V E M B E R 2 0 2 3 9 G E O G R A P H I C A L L Y D I V E R S E PORTF OL IO • Lower taxes and a shift toward work-from- home has accelerated a demographic shift toward low-cost of living and high-quality of life states • FCPT’s portfolio is primarily suburban and located in fast-growing and diverse regions • Texas and Florida, our largest two states by Annual Base Rent, were the two highest in-migration states according to the 2022 U-Haul growth index2 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 OHIN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties

 
• FCPT’s high caliber portfolio benefits from strong rent coverage from the original Darden spin-off properties where the rents were purposely set low, conservative credit underwriting and a specialized strategy for acquiring low rent properties, including ground leases • Ground leases are characterized by low rents tied to the land value since the tenant constructed and owns the building, ownership of which typically reverts to FCPT at the end of the lease. While many ground leases do not report financials, the low rent levels imply very high EBITDAR to rent coverage L O W R E N T / H I G H C O V E R A G E PORTF OL IO T E N A N T R E N T A L C O V E R A G E 1 47% 11% 42% F C P T P O R T F O L I O 2 Building and Ground Lease 548 Darden Spin Portfolio 410 Ground Lease 172 5.4x 2.8x 4.8x Darden Other Reporting Tenants Total 10N O V E M B E R 2 0 2 3

 
N O V E M B E R 2 0 2 3 11 B R A N D E X P O S U R E B Y ANNUAL IZE D BASE RE NT 314 leases 83 leases 317 leases 58 brands 26 leases 138 leases 29 brands 115 leases Other restaurants Auto service 84 leases 29 brands Medical retail 53 leases 25 brands Other retail 1,130 Leases / 148 Brands Annual Base Rent of $215.3 million1 52% Darden Exposure F C P T P O R T F O L I O 10% 4% 8% 21% 9% 7% 3% 37% Other restaurants Auto serviceMedical retail Other retail Other Other 37% 21% 10% 9% 8% 7% 4% 3% 2 2 3

 
N O V E M B E R 2 0 2 3 12 0.0% 1.7% 2.3% 2.9% 12.8% 11.9% 10.4% 10.0% 9.6% 7.0% 13.5% 1.6% 2.3% 3.4% 2.3% 2.3% 0.6% 1.4% 0.8% 1.7% 0.1% 1.4% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 % A N N U A L I Z E D B A S E R E N T 1 LEASE MATURITY SCHEDULE 99.8% occupied2 as of 9/30/2023 8.0 years weighted average lease term < 6.9% of rental income matures prior to 2027 FCPT has had very high renewal rates on lease maturities to date

 
13 138 leases 9% 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 bases • Focus is on properties that are not dependent on the internal combustion engine and that will remain relevant over the longer-term with higher electric vehicle utilization • Auto service is both e-commerce and recession resistant and tends to operate in high-traffic corridors with good visibility, boosting the intrinsic real estate value and long-term reuse potential • More limited relocation options due to zoning restrictions lead to high tenant renewal probability D I V E R S I F C A T I O N : AUTO INDUSTRY

 
14 84 leases 7% of annual base rent1 D I V E R S I F C A T I O N : ME DICAL RE TAIL • FCPT’s largest medical retail exposures are focused on outpatient services: urgent care, dental, primary care clinics, veterinary care, and outpatient / ambulatory surgery centers • Medical retail is e-commerce and recession resistant given its service-based nature, large customer base and favorable demographic tailwinds • Operator consolidation and organic growth within medical retail is improving tenant credit and scale • Medical retail is emerging as an attractive property type with services moving out of hospitals and into lower-cost, retail specialty care centers

 
“ O U T P A T I E N T TRE NDS Outpatient Visits Inpatient Admissions Inpatient admissions per 1,000 populationsOutpatient visits per 1,000 populations U . S . O U T P A T I E N T v s . H O S P I T A L ( I N P A T I E N T ) A D M I S S I O N S 1 15 Over the past two decades, the availability and access to outpatient treatment have risen dramatically and resulted in more frequent visits across the population Simultaneously, hospital admissions have declined as healthcare systems move away from higher cost care An increasing menu of health services are delivered outside of the hospital setting as consumers and providers focus on convenience, quality of life, and cost The physical real estate is still catching up with this demand trend , , , , , , , ,

 
N O V E M B E R 2 0 2 3 Skilled nursing facilities Primary Care Clinic Pharmacy Virtual Diagnostic / Imaging clinic Hospital Urgent / Dental / Veterinary C ar e A cu it y C os t Care Continuum Freestanding emergency room care Ambulatory surgery / Outpatient treatment Inpatient rehab Outpatient rehab Home care Low Acuity Care Acute care Post-acute care F C P T F O C U S • Target operators provide services that require in-person interaction, while having lighter asset needs and smaller physical building sizes • FCPT’s medical properties are exclusively on the lower end of the acuity care spectrum • FCPT does not own and is not currently pursuing skilled nursing, hospitals or rehabilitation facilities • Pharmacy is established within net lease, but legacy lease structures and the potential for store closures / shrinking store footprints will limit this as a major category for FCPT • The buildings are similar to FCPT’s legacy portfolio – low basis, fungible, and proximate to other retailers Healthcare delivery occurs across a spectrum of real estate and operator cost structures 16 H E A L T H C A R E INDUSTRY TARGE TS FCPT is not targeting investment in verticals denoted with red icons

 
N O V E M B E R 2 0 2 3 17 M E D I C A L R E T A I L INVESTMENT HISTORY Sector 2021 2022 2023 YTD Total Investment Total leases % Total Medical Urgent Care $11 $20 $27 $58 24 25% Primary Care $2 $2 $36 $40 11 17% Veterinary $9 $17 $11 $37 13 16% Dialysis $10 $18 $3 $30 13 13% Dental $8 $7 $13 $28 13 12% Specialty Outpatient/ Ambulatory Surgery $1 - $14 $15 3 6% Emergency Room - - $13 $13 2 6% Other $3 $5 - $7 4 3% Diagnostic / Imaging $2 - - $2 1 1% Total Rental Revenue $46 $69 $117 $231 84 100% F C P T M E D I C A L R E T A I L I N V E S T M E N T S T O D A T E ( ‘ 2 1 - Q 3 ’ 2 3 ) Investments ($ Million) F C P T F O C U S % of FCPT medical retail Primary Care Clinic17% Diagnostic/Imaging clinic1% Freestanding ER care6% Urgent / Dental / Veterinary53% Dialysis / Specialty outpatient / Ambulatory surgery 20% Since 2021, FCPT has made $231 million of investments within medical retail across 84 leases. In 2023, FCPT meaningly outpaced medical retail investments in prior years

 
N O V E M B E R 2 0 2 3 FCPT-owned on restaurant row M E D I C A L R E T A I L CASE STUDY 6 2 0 W . N O R T H A V E M E L R O S E P A R K , I L Melrose Park Multi-Tenant • Two buildings leased to three tenants: urgent care (WellNow), dental care (Aspen Dental) and quick service with drive-thru (Starbucks) • Adjacent to Gottlieb Memorial Hospital, two colleges and several nationally recognized retail anchor tenants such as Target, Costco, and Aldi • Heavy traffic and dense demographics • Re-tenantable box and desirable retail corridor Demographics • Population (3-mi): 205,824 • Median Household Income (3-mi): $81,186 • Traffic (vehicles per day): • 49,200 (W North Ave) • 9,950 (N 5th Ave) 18

 
N O V E M B E R 2 0 2 3 19 2 H I G H Q U A L I T Y P O R T F O L I O P G 8 3 C O N S E R V A T I V E F I N A N C I A L P O S I T I O N P G 1 9 4 A P P E N D I X P G 2 2 1 C O M P A N Y O V E R V I E W P G 4CONTENTS

 
“ N O V E M B E R 2 0 2 3 20 $150 $100 $90 $90 $30 $220 $50 $75 $50 $0 $50 $150 $165 $140 $100 $75 $100 $75 $100 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unsecured Notes Undrawn Revolver Drawn Revolver Unsecured Term D E B T M A T U R I T Y S C H E D U L E ( $ M I L L I O N S ) FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility • Weighted average debt maturity 4.9 years • Minimal near-term debt maturities prior to November 2025 Conservative leverage • Net debt to adjusted EBITDAre ratio is 5.6x1 • Fixed charge coverage of 4.2x Strong liquidity profile • $250 million revolver with $220 million available capacity • Conservative dividend payout ratio of approximately 80% of AFFO Minimal floating rate exposure • 90% of debt is fixed rate including the effect of interest rate hedges Investment grade rated • Rated BBB by Fitch and Baa3 by Moody’s CONSE RVATIVE F I N A N C I A L P O L I C I E S

 
N O V E M B E R 2 0 2 3 21 C O M P A N Y M O M E N T U M SINCE INCE PTION A S O F 9 / 3 0 / 2 3 Rating UNRATED BBB (FITCH) Baa3 (MOODY’S) Team members 4 39 + 35 Annual base rent1 $94.4 million $215.3 million + $120.9 million (+128%) Properties 418 1,106 + 688 (+165%) Brands 5 148 + 143 % Darden2 100% 52% - 48% Weighted avg lease terms 15 years 8.0 years - 7.0 years Equity market cap $848 million $2.0 billion + $1.2 billion Enterprise value $1.3 billion $3.1 billion + $1.8 billion

 
N O V E M B E R 2 0 2 3 22 2 H I G H Q U A L I T Y P O R T F O L I O P G 8 1 C O M P A N Y O V E R V I E W P G 4 3 C O N S E R V A T I V E F I N A N C I A L P O S I T I O N P G 1 9 4 A P P E N D I X P G 2 2 CONTENTS

 
N O V E M B E R 2 0 2 3 23 50% C R E D I T C R I T E R I A • 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 ACQUISIT ION AND UNDERWRITING FRAMEWORK R E A L E S T A T E C R I T E R I A 50% A C Q U I S I T I O N P H I L O S O P H Y • Acquire strong retail brands that are well located with creditworthy lease guarantors • Purchase assets only when accretive to cost of capital with a focus on low basis • Add leading brands in resilient industries, occupying highly fungible buildings U N D E R W R I T I N G C R I T E R I A • Acquisition criteria is approximately split 50% / 50% between credit and real estate metrics based on FCPT’s proprietary scorecard which incorporates over 25 comprehensive categories • The “score” allows FCPT to have an objective, consistent underwriting model and comparison tool for asset management decisions

 
N O V E M B E R 2 0 2 3 24 A C Q U I S I T I O N V O L U M E BY YE AR +83 418 475 515 610 699 799 919 1023 1106 2015 SPIN - 2016 +$94 6.6% 2017 +$99 6.8% 2018 +$263 +6.5% 2019 +$199 +6.5% 2020 +$223 +6.5% 2021 +$257 +6.5% 2022 +$286 +6.5% 2023 YTD +$320 +6.7% +57 +40 +95 +89 +100 +120 +104 YEAR VOLUME ($M) CAP RATE FCPT has been built with a deliberate focus on consistency and efficient execution P R O P E R T Y C O U N T 1

 
N O V E M B E R 2 0 2 3 25 B R A N D DIVE RSIF ICATION Rank Brand Name # Sq Ft (000s) % of ABR(1) 1 Olive Garden 314 2,673 37.0% 2 Longhorn Steakhouse 115 645 10.4% 3 Chili's 83 455 7.9% 4 Buffalo Wild Wings 28 171 2.5% 5 Cheddar's 13 112 2.2% 6 Red Lobster 19 138 1.8% 7 Caliber Collision 28 390 1.6% 8 Bahama Breeze 10 92 1.5% 9 KFC 33 95 1.5% 10 WellNow Urgent Care 20 78 1.5% 11 Burger King 21 68 1.4% 12 BJ's Restaurant 12 98 1.3% 13 Take 5 Car Wash 9 35 1.3% 14 Bob Evans 15 83 1.3% 15 Outback Steakhouse 13 88 1.0% 16 Oak Street Health 7 62 1.0% 17 Arby's 17 53 0.8% 18 Texas Roadhouse 12 88 0.8% 19 NAPA Auto Parts 17 120 0.8% 20 Starbucks 17 38 0.8% 21 Fresenius 10 80 0.7% 22 Aspen Dental 10 36 0.6% 23 Verizon 12 34 0.6% 24 Tires Plus 11 70 0.6% 25 National Tire & Battery 9 62 0.5% 26-148 Other 275 1,585 18.4% Total Lease Portfolio 1,130 7,451 100% TOP 10 FCPT PORTFOLIO BRANDS 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 1 0

 
26 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 calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, and to cash flows from operating, investing or financing activities as a measure of profitability and/or liquidity, computed in accordance with GAAP. ABR refers to annual cash base rent as of 9/30/2023 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non- GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non- cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated quarterly by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. Funds From Operations (“FFO”) is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition. Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income. Adjusted Funds From Operations “AFFO” is a non-GAAP measure that is used as a supplemental operating measure specifically for comparing year over year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate adjusted funds from operations by adding to or subtracting from FFO: 1. Transaction costs incurred in connection with business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Non-cash expense (income) adjustments related to deferred tax benefits AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely-reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Properties refers to properties available for lease. G L O S S A R Y A N D N O N - G A A P D E F I N I T I O N S N O V E M B E R 2 0 2 3

 
N O V E M B E R 2 0 2 3 27 R E C O N C I L I A T I O N SCHE DUL E S RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Unaudited 2023 2022 2023 2022 Net Income $24,192 $24,552 $71,003 $75,008 Adjustments: Interest expense 12,276 9,177 32,245 26,583 Income tax expense (benefit) (89) (23) 50 209 Depreciation and amortization 13,418 10,588 37,411 30,420 EBITDA1 49,797 44,294 140,709 132,220 Adjustments: Gain on dispositions and exchange of real estate (318) (1,828) (2,053) (7,584) Provision for impairment of real estate - - - - EBITDAre1 49,479 42,466 138,656 124,636 Adjustments: Real estate transaction costs 47 40 150 164 Gain or loss on extinguishment of debt - - - - Adjusted EBITDAre1 49,526 42,519 138,806 124,760 Annualized Adjusted EBITDAre $198,105 $170,026 $185,075 $166,400 (In thousands) 2023 2022 2023 2022 Rental revenue $54,882 $47,188 $155,149 $138,678 Tenant reimbursement revenue 2,361 1,531 7,118 4,848 Total Rental Revenue $57,243 $48,719 $162,267 $143,526 RENTAL REVENUE (In thousands) 2023 2022 2023 2022 Tenant expense reimbursed $2,361 $1,531 $7,118 $4,848 Other non-reimbursed property expenses2 555 468 1,624 987 Total Property Expenses $2,916 $1,999 $8,742 $5,835 PROPERTY EXPENSES 3 Months End 9/30 9 Months End 9/30 3 Months End 9/30 9 Months End 9/30 3 Months End 9/30 9 Months End 9/30

 
N O V E M B E R 2 0 2 3 28 F F O & A F F O RE CONCIL IATION (In thousands) Unaudited 2023 2022 2023 2022 Net income $24,192 24,552 71,003 75,008 Depreciation and amortization 13,382 10,558 37,308 30,322 Realized gain on sales of real estate (318) (1,828) (2,053) (7,584) FFO (as defined by NAREIT) $37,256 $33,282 $106,258 $97,746 Straight-line rental revenue (1,719) (1,648) (4,358) (4,939) Deferred income tax (benefit) expense 1 (184) (118) (232) (57) Stock-based compensation 1,472 1,206 4,798 3,739 Non-cash amortization of deferred financing costs 592 496 1,720 1,460 Non-real estate investment depreciation 36 30 103 98 Other non-cash revenue adjustments 526 543 1,510 1,600 Adjusted Funds From Operations (AFFO) $37,979 $33,791 $109,799 $99,647 Fully diluted shares outstanding2 90,710,431 82,234,006 88,219,693 81,126,296 FFO per diluted share $0.41 $0.40 $1.20 $1.20 AFFO per diluted share $0.42 $0.41 $1.24 $1.23 Nine Months Ended September 30,Three Months Ended September 30,

 
N O V E M B E R 2 0 2 3 29 F O O T N O T E S PAGE 5 PORTFOLIO HIGHLIGHTS Figures as of 9/30/2023, unless otherwise noted 1. Weighted averages based on contractual Annual Cash Base Rent as defined in glossary, except for occupancy which is based on portfolio square footage. See glossary for definitions 2. See glossary on page 26 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 95% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 4% of non- restaurant ABR or 65% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending May 2023 and updated average trailing twelve months brand average margins and sales for the quarter ended August 2023 3. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's 4. Acquisitions through September 30, 2023. Excludes renewal options PAGE 9 GEOGRAPHICALLY DIVERSE PORTFOLIO Figures as of 9/30/2023 1. Annual Cash Base Rent (ABR) as defined on page 26 2. Source: U-Haul growth index 2022 PAGE 10 LOW RENT/ HIGH COVERAGE PORTFOLIO 1. See glossary on page 26 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 95% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 4% of non-restaurant ABR or 65% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending May 2023 and updated average trailing twelve months brand average margins and sales for the quarter ended August 2023 2. Represents current Annual Cash Base Rent (ABR) as of 9/30/2023 as defined on page 26 PAGE 11 BRAND EXPOSURE BY ANNUALIZED BASE RENT 1. Represents current Annual Cash Base Rent (ABR) as of 9/30/2023, as defined on page 26 2. Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants 3. Other retail includes properties leased to cell phone stores, bank branches, grocers amongst others. These are often below market rent leases, and many were purchased through the outparcel strategy PAGE 15 OUTPATIENT TRENDS 1. Sources: Kaiser Family Foundation, Advisory Board per Jones Lang LaSalle (JLL) PAGE 6 FINANCIAL HIGHLIGHTS Figures as of 9/30/2023, unless otherwise noted 1. See page 26 for non-GAAP definitions, and page 28 for reconciliation of net income to AFFO 2. See page 27 for reconciliation of net income to adjusted EBITDAre and page 26 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 14 DIVERSIFCATION: MEDICAL RETAIL 1. As of September 30, 2023 PAGE 13 DIVERSIFCATION: AUTO INDUSTRY 1. As of September 30, 2023 PAGE 20 CONSERVATIVE FINANCIAL POLICIES Figures as of 9/30/2023, unless otherwise noted 1. See page 27 for reconciliation of net income to adjusted EBITDAre and page 26 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 21 COMPANY MOMENTUM SINCE INCEPTION 1. Annual Cash Base Rent (ABR) as defined on page 26 2. Based on Annual Base Rent PAGE 24 ACQUISITION VOLUME BY YEAR 1. Figures as of 9/30/2023 Note: Figures exclude capitalized transaction costs. Initial cash yield calculation excludes $2.1 million, and $2.4 million of real estate purchases in our Kerrow operating business for 2019 and 2020, respectively. 2022 initial cash yield reflects near term rent increases and rent credits given at closing; the initial cash yield with rents in place as of closing is 6.4% PAGE 27 RECONCILIATION SCHEDULES 1. See glossary on page 26 for non-GAAP definitions 2. Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 28 FFO & AFFO RECONCILIATION 1. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business 2. Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 25 BRAND DIVERSIFCATION 1. Annual cash base rent (ABR) as defined in glossary PAGE 12 LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 9/30/2023 1. Annual cash base rent (ABR) as defined in glossary 2. Occupancy based on portfolio square footage

 
Four Corners Property Trust N Y S E : F C P T THANK YOU INVESTOR PRESENTATION NOVEMBER 2023

 
v3.23.3
Cover Document
Nov. 01, 2023
Cover [Abstract]  
Title of 12(b) Security Common Stock, $0.0001 par value per share
Written Communications false
Document Type 8-K
Entity Incorporation, State or Country Code MD
Entity Central Index Key 0001650132
Amendment Flag false
Entity File Number 001-37538
Entity Tax Identification Number 47-4456296
Document Period End Date Nov. 01, 2023
Entity Registrant Name FOUR CORNERS PROPERTY TRUST, INC.
Entity Address, Address Line One 591 Redwood Highway
Entity Address, Address Line Two Suite 3215
Entity Address, City or Town Mill Valley
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94941
City Area Code 415
Local Phone Number 965-8030
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Trading Symbol FCPT
Security Exchange Name NYSE
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