8-K - FCPT - Equibles

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) : October 26, 2021

FOUR CORNERS PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	001-37538	47-4456296
(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 class	Trading Symbol	Name of Exchange on Which Registered
Common Stock, $0.0001 par value per share	FCPT	New 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 2.02	Results of Operations and Financial Condition.

On October 26, 2021, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2021. 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, 2021 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 7.01	Regulation 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 9.01	Financial Statements and Exhibits.

(d) Exhibits

Exhibit<br>No.	Exhibit Description
99.1	Press Release dated October 26, 2021
99.2	Supplemental Financial & Operating Information for the Quarter Ended September 30, 2021
99.3	Investor Presentation of Four Corners Property Trust, Inc.

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<br>Chief Transaction Officer, General Counsel and Secretary

Date: October 26, 2021

EXHIBIT LIST

Exhibit<br>No.	Exhibit Description
99.1	Press Release dated October 26, 2021
99.2	Supplemental Financial & Operating Information for the Quarter Ended September 30, 2021
99.3	Investor Presentation of Four Corners Property Trust, Inc.

fcpt-2021q3earningspr_10

FCPT Announces Third Quarter 2021 Financial and Operating Results MILL VALLEY, CA – October 26, 2021 / 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, 2021. Management Comments “We are very pleased with our investment pace in the quarter with over $107 million of acquired properties, and a strong pipeline heading into the fourth quarter,” said CEO Bill Lenehan. “We acquired net-lease properties with great brands and fundamentals. Consistent with the first half of the year, over half of the properties were in non-restaurant categories including the targeted verticals of medical retail and auto services. The portfolio continues to perform well with 99.8% collections in the third quarter, and the balance sheet benefits from low leverage and no near-term maturities.” Rent Collection Update As of September 30, 2021, the Company has received rent payments representing 99.8% of its portfolio contractual base rent for the quarter ending September 30, 2021. Financial Results Rental Revenue and Net Income Attributable to Common Shareholders • Rental revenue for the third quarter increased 12.3% over the prior year to $43.7 million. Rental revenue consisted of $42.2 million in cash rents and $1.4 million of straight-line and other non-cash rent adjustments. • Net income attributable to common shareholders was $21.2 million for the third quarter, or $0.28 per diluted share. These results compare to net income attributable to common shareholders of $19.3 million for the same quarter in the prior year, or $0.27 per diluted share. • Net income attributable to common shareholders was $61.9 million for the nine months ended September 30, 2021, or $0.81 per diluted share. These results compare to net income attributed to common shareholders of $57.1 million for the same nine-month period in 2020, or $0.81 per diluted share. Funds from Operations (FFO) • NAREIT-defined FFO per diluted share for the third quarter was $0.39, representing a $0.01 per share increase compared to the same quarter in 2020. • NAREIT-defined FFO per diluted share for the nine months ended September 30, 2021 was $1.14, representing a $0.03 per share increase compared to the same nine-month period in 2020. Adjusted Funds from Operations (AFFO) • AFFO per diluted share for the third quarter was $0.39, representing a $0.02 per share increase compared to the same quarter in 2020. • AFFO per diluted share for the nine months ended September 30, 2021 was $1.15, representing a $0.08 per share increase compared to the same nine-month period in 2020.

General and Administrative (G&A) Expense • G&A expense for the third quarter was $4.3 million, which included $0.8 million of stock-based compensation. These results compare to G&A expense in the third quarter of 2020 of $3.7 million, including $0.9 million of stock-based compensation. • Cash G&A expense (after excluding stock-based compensation) for the nine months ended September 30, 2021 was $10.4 million, representing 8.4% of cash rental income for the quarter, compared to 8.1% in the same nine-month period in 2020. Dividends • FCPT declared a dividend of $0.3175 per common share for the third quarter of 2021. Portfolio Activities Acquisitions • During the third quarter of 2021, FCPT acquired 53 properties for a combined purchase price of $107.4 million at an initial weighted average cash yield of 6.4% and a weighted average remaining lease term of 10.3 years. Liquidity and Capital Markets Capital Raising • During the third quarter, FCPT issued 1,000,193 shares of common stock via its At-The-Market (ATM) stock program at a weighted average offering price of $27.67 for gross proceeds of $27.7 million. Liquidity • At September 30, 2021, FCPT had approximately $204.8 million of available liquidity including $7.8 million of cash and cash equivalents and $197.0 million of undrawn credit line capacity. Credit Facility and Unsecured Notes • At September 30, 2021, FCPT had $903 million of outstanding debt, consisting of $400 million of term loans and $450 million of unsecured fixed rate notes and $53 million outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, is 5.8x at quarter-end. Real Estate Portfolio • As of September 30, 2021, the Company’s rental portfolio consisted of 886 properties located in 46 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 9.6 years.

Conference Call Information Company management will host a conference call and audio webcast on Wednesday, October 27 at 11:00 a.m. Eastern Time to discuss the results. Interested parties can listen to the call via the following: Phone: 1 844 200 6205 (domestic) or 1 929 526 1599 (international), Call Access Code: 050726. Live webcast: https://events.q4inc.com/attendee/855955293 In order to pre-register for the call, investors can visit https://www.incommglobalevents.com/registration/q4inc/8962/fcpt-third-quarter-2021-financial-results- conference-call/ and enter in their contact information. Replay: Available through January 27, 2022 by dialing 1 866 813 9403 (domestic) or 44 204 525 0658 (international), Replay Access Code 151051. 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 such as COVID-19 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. In addition, the extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. 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 2021 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) 2021 2020 2021 2020 Revenues: Rental revenue 43,673$ 38,871$ 127,350$ 114,631$ Restaurant revenue 7,033 4,097 19,374 11,696 Total revenues 50,706 42,968 146,724 126,327 Operating expenses: General and administrative 4,262 3,741 13,490 11,303 Depreciation and amortization 8,831 7,523 25,455 21,670 Property expenses 1,453 838 3,657 2,539 Restaurant expenses 6,546 3,987 17,994 11,799 Total operating expenses 21,092 16,089 60,596 47,311 Interest expense (8,311) (7,410) (24,328) (21,732) Other income, net 2 2 10 168 Realized gain on sale, net - - 431 - Income tax expense (97) (67) (231) (192) Net income 21,208 19,404 62,010 57,260 Net income attributable to noncontrolling interest (44) (55) (129) (180) Net Income Attributable to Common Shareholders 21,164$ 19,349$ 61,881$ 57,080$ Basic net income per share 0.28$ 0.27$ 0.81$ 0.81$ Diluted net income per share 0.28$ 0.27$ 0.81$ 0.81$ Regular dividends declared per share 0.3175$ 0.3050$ 0.9525$ 0.9150$ Weighted-average shares outstanding: Basic 76,250,614 71,009,154 76,094,133 70,430,037 Diluted 76,360,526 71,230,481 76,222,167 70,658,500 Three Months Ended September 30, Nine Months Ended September 30,

Four Corners Property Trust Consolidated Balance Sheets (In thousands, except share data) September 30, 2021 (unaudited) December 31, 2020 Real estate investments: Land 926,628$ 827,502$ Buildings, equipment and improvements 1,410,635 1,327,641 Total real estate investments 2,337,263 2,155,143 Less: Accumulated depreciation (675,827) (657,621) Total real estate investments, net 1,661,436 1,497,522 Intangible lease assets, net 101,072 96,291 Total real estate investments and intangible lease assets, net 1,762,508 1,593,813 Real estate held for sale - 2,763 Cash and cash equivalents 7,809 11,064 Straight-line rent adjustment 53,589 47,938 Derivative assets 2,994 762 Other assets 11,210 11,839 Total Assets 1,838,110$ 1,668,179$ Liabilities: Long-term debt ($903,000 and $760,000 principal, respectively) 894,154$ 753,878$ Dividends payable 24,508 24,058 Rent received in advance 10,729 11,926 Derivative liabilities 11,565 18,717 Other liabilities 20,101 15,099 Total liabilities 961,057 823,678 Equity: Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding - - Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 77,245,726 and 75,874,966 shares issued and outstanding, respectively 8 8 Additional paid-in capital 873,174 840,455 Accumulated other comprehensive (loss) income (14,052) (25,695) Noncontrolling interest 2,215 3,061 Retained earnings 15,708 26,672 Total equity 877,053 844,501 Total Liabilities and Equity 1,838,110$ 1,668,179$ ASSETS LIABILITIES AND EQUITY

Four Corners Property Trust FFO and AFFO (Unaudited) (In thousands, except share and per share data) 2021 2020 2021 2020 Funds from operations (FFO): Net income 21,208$ 19,404$ 62,010$ 57,260$ Depreciation and amortization 8,797 7,503 25,378 21,615 Realized gain on sales of real estate - - (431) - FFO (as defined by NAREIT) 30,005$ 26,907$ 86,957$ 78,875$ Straight-line rental revenue (1,979) (2,248) (5,775) (6,519) Recognized rental revenue abated (1) - (196) - (1,568) Stock-based compensation 844 868 3,092 2,496 Non-cash amortization of deferred financing costs 468 543 1,901 1,589 Other non-cash interest income (expense) - 1 - (1) Non-real estate investment depreciation 34 20 77 55 Other non-cash revenue adjustments 536 412 1,590 799 Adjusted Funds from Operations (AFFO) 29,908$ 26,307$ 87,842$ 75,726$ Fully diluted shares outstanding (2) 76,519,431 71,434,873 76,381,395 70,879,855 FFO per diluted share 0.39$ 0.38$ 1.14$ 1.11$ AFFO per diluted share 0.39$ 0.37$ 1.15$ 1.07$ (2) Assumes the issuance of common shares for OP units held by non-controlling interest. (1) Amount represents base rent that the Company believed it would abate as a result of lease amendments. GAAP requires revenue recognition for the abated rent in the current period. For the second and third quarters of 2020, this amount was recorded in rental revenue and accounts receivable. When the related amendments were signed, the accounts receivable balance equal to the abated rental payment was recognized as a lease incentive and amortized as a reduction to rental revenue over the future lease term. Three Months Ended September 30, Nine Months Ended September 30,

q32021supplemental_10252

1 | FCPT | Q3 2021 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q3 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T

2 | FCPT | Q3 2021 C AU T I O N AR Y N O T E R E G AR D I N G F O R W AR D - L O O K I N G S T AT E M E N T S 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 such as COVID-19 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, 2020, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission

3 | FCPT | Q3 2021 TABLE OF CONTENTS Financial Summary Page Consolidating Balance Sheet 4 Consolidated Income Statement 5 FFO and AFFO Reconciliation 6 Net Asset Value Components 7 Capitalization and Key Credit Metrics 8 Debt Summary 9 Debt Maturity Schedule 10 Debt Covenants 11 Real Estate Portfolio Summary Property Locations by Brand 12 Brand Diversification 13 Geographic Diversification 14 Lease Maturity Schedule 15 Exhibits Glossary and Non-GAAP Definitions 16 Reconciliation of Net Income to Adjusted EBITDAre 17

4 | FCPT | Q3 2021 CONSOLIDATING BALANCE SHEET As of 12/31/2020 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 919,172$ 7,456$ -$ 926,628$ 827,502$ Buildings, equipment and improvements 1,398,005 12,630 - 1,410,635 1,327,641 Total real estate investments 2,317,177 20,086 - 2,337,263 2,155,143 Less: accumulated depreciation (670,848) (4,979) - (675,827) (657,621) Real estate investments, net 1,646,329 15,107 - 1,661,436 1,497,522 Intangible lease assets, net 101,072 - - 101,072 96,291 Total real estate investments and intangible lease assets, net 1,747,401 15,107 - 1,762,508 1,593,813 Real estate held for sale - - - - 2,763 Cash and cash equivalents 6,733 1,076 - 7,809 11,064 Straight-line rent adjustment 53,589 - - 53,589 47,938 Other assets 7,129 4,081 - 11,210 11,839 Derivative assets 2,994 - - 2,994 762 Investment in subsidiary 15,370 - (15,370) - - Intercompany receivable 889 - (889) - - Total Assets 1,834,105$ 20,264$ (16,259)$ 1,838,110$ 1,668,179$ LIABILITIES AND EQUITY Liabilities: Term loan ($400,000, net of deferred financing costs) 394,467$ -$ -$ 394,467$ 396,744$ Revolving facility ($250,000 capacity) 53,000 - - 53,000 10,000 Unsecured notes ($450,000, net of deferred financing costs) 446,687 - - 446,687 347,134 Rent received in advance 10,729 - - 10,729 11,926 Derivative liabilities 11,565 - - 11,565 18,717 Dividends payable 24,508 - - 24,508 24,058 Other liabilities 14,511 5,590 - 20,101 15,099 Intercompany payable - 889 (889) - - Total liabilities 955,467$ 6,479$ (889)$ 961,057$ 823,678$ Equity: Preferred stock -$ -$ -$ -$ -$ Common stock 8 - - 8 8 Additional paid-in capital 873,174 15,370 (15,370) 873,174 840,455 Accumulated other comprehensive (loss) income (14,052) - - (14,052) (25,695) Noncontrolling interest 2,215 - - 2,215 3,061 Retained earnings 17,293 (1,585) - 15,708 26,672 Total equity 878,638$ 13,785$ (15,370)$ 877,053$ 844,501$ Total Liabilities and Equity 1,834,105$ 20,264$ (16,259)$ 1,838,110$ 1,668,179$ As of 9/30/2021

5 | FCPT | Q3 2021 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Revenues: Rental revenue 43,673$ 38,871$ 127,350$ 114,631$ Restaurant revenue 7,033 4,097 19,374 11,696 Total revenues 50,706 42,968 146,724 126,327 Operating expenses: General and administrative 4,262 3,741 13,490 11,303 Depreciation and amortization 8,831 7,523 25,455 21,670 Property expenses 1,453 838 3,657 2,539 Restaurant expenses 6,546 3,987 17,994 11,799 Total operating expenses 21,092 16,089 60,596 47,311 Interest expense (8,311) (7,410) (24,328) (21,732) Other income, net 2 2 10 168 Realized gain on sale, net - - 431 - Income tax expense (97) (67) (231) (192) Net income 21,208 19,404 62,010 57,260 Net income attributable to noncontrolling interest (44) (55) (129) (180) Net Income Attributable to Common Shareholders 21,164$ 19,349$ 61,881$ 57,080$ Basic net income per share 0.28$ 0.27$ 0.81$ 0.81$ Diluted net income per share 0.28$ 0.27$ 0.81$ 0.81$ Regular dividends declared per share 0.3175$ 0.3050$ 0.9525$ 0.9150$ Weighted-average shares outstanding: Basic 76,250,614 71,009,154 76,094,133 70,430,037 Diluted 76,360,526 71,230,481 76,222,167 70,658,500 Three Months Ended September 30, Nine Months Ended September 30,

6 | FCPT | Q3 2021 FFO & AFFO RECONCIL IATION ___________________________ (1) Amount represents base rent that the Company believed it would abate as a result of lease amendments. GAAP requires revenue recognition for the abated rent in the current period. For the second and third quarters of 2020, this amount was recorded in rental revenue and accounts receivable. When the related lease amendments were signed, the accounts receivable balance equal to the abated rental payment was recognized as a lease incentive and amortized as a reduction to rental revenue over the future lease term. (2) Assumes the issuance of common shares for OP units held by non-controlling interest. ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Net income 21,208$ 19,404$ 62,010$ 57,260$ Depreciation and amortization 8,797 7,503 25,378 21,615 Realized gain on sales of real estate - - (431) - FFO (as defined by NAREIT) 30,005$ 26,907$ 86,957$ 78,875$ Straight-line rent (1,979) (2,248) (5,775) (6,519) Recognized rental revenue abated(1) - (196) - (1,568) Stock-based compensation 844 868 3,092 2,496 Non-cash amortization of deferred financing costs 468 543 1,901 1,589 Other non-cash interest income (expense) - 1 - (1) Non-real estate investment depreciation 34 20 77 55 Other non-cash revenue adjustments 536 412 1,590 799 Adjusted Funds From Operations (AFFO) 29,908$ 26,307$ 87,842$ 75,726$ Fully diluted shares outstanding(2) 76,519,431 71,434,873 76,381,395 70,879,855 FFO per diluted share 0.39$ 0.38$ 1.14$ 1.11$ AFFO per diluted share 0.39$ 0.37$ 1.15$ 1.07$ Three Months Ended September 30, Nine Months Ended September 30,

7 | FCPT | Q3 2021 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: 80% of portfolio ABR reporting. Non-restaurant not reported due to most tenants not reporting financial data. We have estimated Darden current quarter EBITDAR coverage using latest FCPT portfolio reported sales results for the quarter ended May 2021 and Darden brand average margins and sales growth reported for the quarter ended August 2021. (2) Lease term weighted by annual cash base rent (ABR) as defined in glossary. (3) Current scheduled minimum contractual rent as of 9/30/2021. (4) FCPT acquired 53 properties and leasehold interests in Q3 2021; FCPT had no dispositions in the quarter. Real Estate Portfolio as of 9/30/2021 Purchase Price ($000s) # of Rental Leases Total Square Feet (000s) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage(1) Lease Term Remaining (Yrs)(2) Annual Cash Base Rent ($000s)(3) % Total Cash Base Rent(3) Darden - 438 3,403 30 5.5x 8.6 102,422 60.7% Other restaurant - 355 1,633 32 3.0x 12.1 52,416 31.0% Non-restaurant - 105 744 19 n/a 7.0 13,999 8.3% Total Owned Portfolio - 898 5,780 29 4.6x 9.6 168,837 100.0% Q3 2021 Transaction Activity(4) Leases acquired 107,400 55 376 18 n/a 10.3 6,883 4.1% No sales in Q3 2021 Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash 7,809$ Other tangible assets 5,813 Total Tangible Assets 13,622$ Debt Face Value ($000s) Term loan 400,000$ Senior fixed rate notes 450,000 Revolving credit facility 53,000 Total Debt 903,000$ Tangible Liabilities Book Value ($000s) Dividends payable 24,508$ Rent received in advance, accrued interest, and other accrued expenses 23,012 Total Tangible Liabilities 47,520$ Shares Outstanding Common stock (shares outstanding as of 9/30/2021) 77,245,726 Operating partnership units (OP units outstanding as of 9/30/2021) 114,559 Total Common Stock and OP Units Outstanding 77,360,285

8 | FCPT | Q3 2021 C APITALIZ ATION & KEY CREDIT METRICS ___________________________ (1) Third quarter 2021 dividend was declared on 9/27/2021, payable on 10/15/2021. (2) Principal debt amount less cash and cash equivalents. (3) Current quarter annualized. See glossary on page 16 for definitions of EBITDAre and Adjusted EBITDAre and page 17 for reconciliation to net income. % of Market Capitalization Equity: Share price (9/30/2021) 26.86$ Shares and OP units outstanding (9/30/2021) 77,360,285 Equity Value 2,077,897$ 69.7% Debt: Term loan 400,000$ 13.4% Revolving credit facility 53,000 1.8% Unsecured notes 450,000 15.1% Total Debt 903,000$ 30.3% Total Market Capitalization 2,980,897$ 100.0% Less: cash (7,809) Implied Enterprise Value 2,973,088$ Dividend Data (fully diluted) Q3 2021 Common dividend per share(1) $0.3175 AFFO per share $0.39 AFFO payout ratio 81.4% Credit Metrics Net Debt(2) Adjusted EBITDAre (3) Ratio Net debt to Adjusted EBITDAre 895,191$ 154,063$ 5.8x Q3 2021 Capitalization ($000s, except shares and per share data)

9 | FCPT | Q3 2021 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at a rate of LIBOR plus 1.25%-1.35%. FCPT has entered into interest rate swaps that fix 87.5% of the term loans’ rate exposure through November 2022, 75% through November 2023, 63% through November 2024, and 50% through November 2025. The all-in cash interest rate on the portion of the term loan that is fixed is approximately 3.1% for 2021, 3.2% for 2022, and 3.1% for 2023. A LIBOR rate of 0.08% as of 9/30/2021 is used for the 12.5% of term loans that are not hedged. (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 losses is currently $669 thousand per year. (3) As of 9/30/2021, 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. Debt Type Maturity Date Balance as of September 30, 2021 ($000s) % of Debt Cash Interest Rate as of September 30, 2021(4) Weighted Average Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-2025 53,000 5.9% 1.38% 4.1 Term loan Nov-2023 50,000 5.5% 2.89% 2.1 Term loan Mar-2024 100,000 11.1% 2.89% 2.4 Term loan Nov-2025 150,000 16.6% 2.94% 4.1 Term loan Nov-2026 100,000 11.1% 2.94% 5.1 Principal Amount 453,000$ Unsecured Notes(2) June 2017 Jun-2024 50,000$ 5.5% 4.68% 2.7 June 2017 Jun-2027 75,000 8.3% 4.93% 5.7 December 2018 Dec-2026 50,000 5.5% 4.63% 5.2 December 2018 Dec-2028 50,000 5.5% 4.76% 7.2 March 2020 Jun-2029 50,000 5.5% 3.15% 7.7 March 2020 Apr-2030 75,000 8.3% 3.20% 8.5 January 2021 Apr-2029 50,000 5.5% 2.74% 7.6 January 2021 Apr-2031 50,000 5.5% 2.99% 9.6 Principal Amount 450,000$ Mortgages Payable(3) None - - - - Total/Weighted Average 903,000$ 100.0% 3.32% 5.3 Unamortized Deferred Financing Costs Credit facility (5,533)$ Unsecured notes (3,313) Debt Carrying Value (GAAP) 894,154$ Fixed rate 800,000$ 89% Variable rate 103,000$ 11% Credit Rating (Fitch): BBB-

10 | FCPT | Q3 2021 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 9/30/2021 (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. Current Debt Maturity Schedule ($ millions) $50 $50 $150 $100 $53 $197 $0 $0 $50 $150 $150 $75 $50 $100 $75 $50 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Undrawn Revolver Capacity Drawn Revolver Unsecured Term Loan Unsecured Notes $100 22% 5.3-year weighted average term for notes/term loans 89% fixed rate debt 3.32% weighted average cash interest rate $197 million available on revolver (1) 0% 0% 6% 17% 17% 11% 8% 6%8% 6%% of Total Debt Outstanding

11 | FCPT | Q3 2021 DEBT COVENANTS As of September 30, 2021 Covenants Q3 2021 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 37.0% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.9x Limitation on unencumbered leverage ≤ 60% 37.1% Unencumbered interest coverage ratio ≥ 1.75x 5.4x 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.

12 | FCPT | Q3 2021 PROPERTY LOCATIONS BY BRAND 898 Leases (1) 101 Brands ___________________________ Figures as of 9/30/2021 (1) FCPT owns 886 rental properties as of 9/30/2021 with 898 leases. Lease Count: Olive Garden (309) Longhorn Steakhouse (115) Chili’s (77) KFC (33) Burger King (25) Red Lobster (21) Buffalo Wild Wings (20) Arby’s (16) Bob Evans (16) Caliber Collision (15) Starbucks (13) BJ’s Restaurant (11) Taco Bell (11) Texas Roadhouse (11) Verizon (11) Bahama Breeze (10) Outback Steakhouse (10) Sonic (9) Tires Plus (9) Wendy’s (8) Other (148)

13 | FCPT | Q3 2021 45% 309 Units 13% 115 Units 9% 77 Units 3% 14 Units Other Restaurants 22% 278 units 44 brands Non-Restaurant Retail 8% / 105 units / 51 brands Other Darden(2) BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 9/30/2021, 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. FCPT total ABR(1): $168.8 million % Investment Grade(3): 65% FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR(1) 1 Olive Garden 309 2,630 45.2% 2 Longhorn Steakhouse 115 645 12.9% 3 Chili's 77 422 9.1% 4 Red Lobster 21 155 2.9% 5 Burger King 25 80 2.0% 6 Buffalo Wild Wings 20 123 1.9% 7 Bahama Breeze 10 92 1.9% 8 KFC 33 95 1.8% 9 Bob Evans 16 88 1.6% 10 BJ's Restaurant 11 89 1.5% 11 Caliber Collision 15 199 1.0% 12 Arby's 16 50 1.0% 13 Outback Steakhouse 10 64 1.0% 14 Texas Roadhouse 11 81 0.9% 15 Starbucks 13 29 0.8% 16 Verizon 11 30 0.7% 17 Tires Plus 9 56 0.6% 18 National Tire & Battery 7 47 0.6% 19 Taco Bell 11 28 0.6% 20 Wendy's 8 27 0.5% 21 REI 2 48 0.5% 22 Seasons 52 2 18 0.4% 23 Sonic 9 13 0.4% 24 Chick-Fil-A 7 34 0.4% 25 Panera 6 30 0.4% 26-101 Other 124 607 9.1% Total Lease Portfolio 898 5,780 100%

14 | FCPT | Q3 2021 % ABR(1) ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties MN SD NJ OHINIL VT NHID AL AZ AR CA CO CT DE FL GA IA KS KY LA ME MD MA MI MS MO MT NE NV NM NY NC ND OK OR PA RI SC TN TX UT VA WA WV WI WY GEOGRAPHIC DIVERSIF ICATION ___________________________ (1) Annual cash base rent (ABR) as defined in glossary. State % ABR Leases TX 11.2% 78 VA 3.0% 27 AL 2.4% 30 KY 1.8% 19 MO 1.0% 10 FL 10.5% 75 TN 3.0% 28 NY 2.4% 21 MN 1.5% 12 Other 7.4% 62 OH 7.2% 68 PA 2.8% 22 CO 2.3% 24 LA 1.5% 13 GA 6.1% 57 MD 2.6% 24 WI 2.3% 28 AZ 1.4% 11 IL 4.2% 45 SC 2.6% 26 MS 2.3% 22 NV 1.3% 8 MI 4.0% 42 NC 2.6% 25 IA 2.0% 23 AR 1.0% 8 IN 4.0% 51 CA 2.5% 15 OK 1.8% 16 KS 1.0% 8

15 | FCPT | Q3 2021 0.0% 0.7% 1.2% 2.7% 2.0% 2.1% 11.7% 12.9% 11.3% 10.8% 10.5% 6.9% 14.0% 1.4% 1.8% 2.9% 1.2% 0.2% 0.6% 1.7% 0.8% 0.0% 0.0% 2.7% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LEASE MATURITY SCHEDULE ___________________ Note: Excludes renewal options. All data as of 9/30/2021 (1) Annual cash base rent (ABR) as defined in glossary. (2) Occupancy based on portfolio square footage. Lease Maturity Schedule (% Annualized Cash Base Rent1) 99.8% occupied2 as of 9/30/2021 Weighted average lease term of 9.6 years Less than 8.7% of rental income matures prior to 2027

16 | FCPT | Q3 2021 GLOSSARY AND NON-GAAP DEFINIT IONS 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 9/30/2021 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 once annually by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the 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. Recurring capital expenditures and tenant improvements 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. Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements:

17 | FCPT | Q3 2021 RECONCIL IATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 16 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Net Income 21,208$ 19,404$ 62,010$ 57,260$ Adjustments: Interest expense 8,311 7,410 24,328 21,732 Income tax expense 97 67 231 192 Depreciation and amortization 8,831 7,523 25,455 21,670 EBITDA(1) 38,447 34,404 112,024 100,854 Adjustments: Gain on dispositions and exchange of real estate - - (431) - Provision for impairment of real estate - - - - EBITDAre (1) 38,447 34,404 111,593 100,854 Adjustments: Real estate transaction costs 69 68 139 200 Gain or loss on extinguishment of debt - - - - Adjusted EBITDAre (1) 38,516 34,472 111,732 101,054 Annualized Adjusted EBITDAre 154,063$ 137,889$ 148,976$ 134,739$ Three Months Ended September 30, Nine Months Ended September 30,

18 | FCPT | Q3 2021 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q3 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T

fcptinvestorpres_vf20211

1 | FCPT | OCTOBER 2021 www.fcpt .comINVESTOR PRESENTATION | OCTOBER 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T

2 | FCPT | OCTOBER 2021 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 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 such as COVID-19 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, 2020 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.

3 | FCPT | OCTOBER 2021 AGENDA Company Overview Page 3 Restaurant Industry Update Page 9 Appendix and Selected Supplemental Slides Page 13

4 | FCPT | OCTOBER 2021 EXECUTIVE SUMMARY Portfolio Update1 FCPT is a public net-lease REIT focused primarily on the acquisition and ownership of high-quality restaurant and other retail properties  Portfolio of 886 properties across 101 restaurant and retail brands continues to perform well with occupancy at 99.8%, and sector leading rent collections of 99.8% for the third quarter of 2021  Weighted average lease term of 9.6 years with less than 8.7% of portfolio base rent expiring before 2027  Many of FCPT’s restaurant tenants are experiencing sales levels in excess of 2019 pre-pandemic levels Liquidity and Capital Markets  During the third quarter, issued $27.7 million of common stock via its At-The-Market (ATM) program at a weighted average offering price of $27.67 per share  At September 30, 2021, FCPT had approximately $205 million of available liquidity including $8 million of cash and $197 million of undrawn credit line capacity  No near-term debt maturities with weighted average maturity of 5.3 years and current leverage at 5.8x2 Acquisitions  Acquired $107.4 million of properties in the third quarter at a weighted average cap rate of 6.4%  Acquired $187.0 million year to date at a weighted average cap rate of 6.6%  Expanded acquisitions in non-restaurant sectors which have represented $112.2 million closed year to date, including a focus on the medical retail and auto service sectors which are more e-commerce and recession resistant ____________________ Figures as of 9/30/2021, unless otherwise noted 1. Based on contractual Annual Base Rent as defined in glossary, except for occupancy which is based on portfolio square footage. 2. Net debt to adjusted EBITDAre leverage as of 9/30/2021, see page 27 for reconciliation of net income to adjusted EBITDAre and page 26 for non-GAAP definitions.

5 | FCPT | OCTOBER 2021 ACQUIS IT IONS BY YEAR 5 | FCPT | OCTOBER 2019 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. 1. Announced closings through 9/30/2021. 2016 2017 2018 59 properties $94 million 6.6% initial cash yield 0% non-restaurant 10% corporate 43 properties $99 million 6.8% initial cash yield 0% non-restaurant 51% corporate 97 properties $263 million 6.5% initial cash yield 0% non-restaurant 90% corporate 2019 2020 2021 (YTD)1 90 properties $199 million 6.5% initial cash yield 13% non-restaurant 80% corporate 101 properties $223 million 6.5% initial cash yield 32% non-restaurant 71% corporate 89 properties $187 million 6.6% initial cash yield 62% non-restaurant 83% corporate FCPT has experienced strong acquisition levels since initiating acquisition activity in July 2016

6 | FCPT | OCTOBER 2021 Q1 THROUGH Q3 2021 ACQUIS IT IONS 1. Totals indicate weighted average. 2021 Closed Acquisitions Q3 2021 Closed Acquisitions: Tenant Location # of Properties Operator / Guarantor Purchase Price ($ millions) Initial Cash Yield1 Initial Term (years)1 Announcement Date Brookfield: Outback Steakhouse WA 1 Franchisee $1.9 -- 3 7/16/2021 Outback Steakhouse FL 1 Corporate $2.3 -- 8 7/22/2021 Aspen Dental / Starbucks IL 1 Corporate $3.4 -- -- 7/23/2021 Sonic Portfolio KY 8 Franchisee $10.6 6.2% 20 7/30/2021 Service King TX 2 Corporate $6.6 6.2% 20 8/2/2021 BP / 7-Eleven OH 1 Corporate $3.7 6.4% 14 8/4/2021 Popeyes / Bojangles NC 2 Franchisee $4.6 -- 15 8/5/2021 National Tire & Battery / Goodyear LA 2 Corporate $2.7 6.7% 6 8/17/2021 Gerber Collision WI 1 Corporate $1.7 7.0% 9 8/18/2021 Eye Care for Animals / Thrive Vet Care IL, RI 2 Corporate $3.9 6.6% 8 8/24/2021 O'Reilly Auto Parts IL 1 Corporate $2.3 6.5% 5 8/25/2021 Tires Plus Portfolio GA 8 Corporate $12.9 -- -- 8/25/2021 Caliber Collision VA 1 Corporate $1.4 6.4% 11 8/26/2021 VCA FL 1 Corporate $2.5 6.5% 8 9/2/2021 Chili's Portfolio VA, MD 6 Corporate $20.6 -- 15 9/2/2021 Fresenius LA 1 Corporate $3.1 6.6% 6 9/3/2021 Firestone IL 1 Corporate $3.8 7.6% 3 9/7/2021 Caliber Collision Portfolio OH 5 Corporate $4.1 6.6% 9 9/20/2021 NAPA Auto Parts IA 1 Corporate $1.1 6.4% 3 9/21/2021 Caliber Collision Portfolio NY 3 Corporate $7.2 6.8% 7 9/21/2021 Arby's OH 1 Corporate $1.9 6.6% 5 9/23/2021 WPG: BWW / Wells Fargo / Texas Roadhouse FL, PA 3 Corporate $5.1 -- 5 9/24/2021 Q3 2021 Summary: 53 $107.4 6.4% 10 Q1 2021 Summary: 13 $33.9 6.6% 10 Q2 2021 Summary: 23 $45.6 6.9% 7 2021 Q1 - Q3 Summary: 89 $187.0 6.6% 9

7 | FCPT | OCTOBER 2021 ACQUIS IT ION GROWTH Annual Cash Base Rent ($ million)1 7 | FCPT | OCTOBER 2019 Number of Properties . 94.4 94.4 94.4 95.9 101.0 102.1 105.2 105.3 108.0 109.4 109.6 120.9 125.6 126.8 129.7 130.9 139.4 142.0 144.1 147.8 156.0 158.2 161.6 168.8 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 +11% CAGR ___________________ 1. As defined on page 26. +14% CAGR 418 418 418 434 475 484 506 508 515 527 535 591 610 621 642 650 699 722 733 751 799 810 833 886 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21

8 | FCPT | OCTOBER 2021 ___________________ Figures represent FCPT financials as of and for three months ended 9/30/2021 1. Represents Q3 2021 annualized results. See page 27 for reconciliation of net income to adjusted EBITDAre and page 26 for non-GAAP definitions. 2. Figure represents Annual Cash Base Rent (ABR) as of 9/30/2021. 3. Based on quarterly cash dividend of $0.3175 per share declared on 9/27/2021 and paid on 10/15/2021 annualized. The declaration of future dividends will be at the discretion of FCPT’s Board of Directors. 4. Dividend yield calculated based on the price per share as of 9/30/2021 and declared dividend per share for the most recent quarter, annualized. 5. Net debt figure (in $ millions) represents total debt ($903 million) less cash and cash equivalents ($8 million) as of 9/30/2021. SUMMARY CAPITALIZATION AND F INANCIALS Capitalization ($ million, except per share) Share price (9/30/2021) $26.86 Shares and OP units outstanding (millions) 77.4 Equity value $2,078 Debt: Bank term debt $400 Revolving credit facility $53 Unsecured private notes $450 Total market capitalization $2,981 Less: Cash and cash equivalents ($8) Implied enterprise Value $2,973 Credit Metrics Current Net debt5 to enterprise value 30.1% Net debt5 to adjusted EBITDAre1 5.8x Current Trading Metrics Annual base rent2 ($ million) $168.8 Implied Cap Rate 5.6% Annualized Dividend per share3 $1.27 Dividend Yield3,4 4.7%

9 | FCPT | OCTOBER 2021 AGENDA Restaurant Industry Update Page 9 Company Overview Page 3 Appendix and Selected Supplemental Slides Page 13

10 | FCPT | OCTOBER 2021 DARDEN PERFORMANCE AND CONCENTRATION Inception November 2015 FCPT BBB- Rating January 2017 Pre-COVID Q4 2019 Current Q3 2021 Darden Restaurants Rating BBB BBB BBB BBB- Sales per Store - Olive Garden ($ millions) $4.9 $4.9 $5.1 $5.0 Sales per Store - LongHorn ($ millions) $3.7 $3.6 $3.8 $4.2 EBITDA Margins - Olive Garden 20.3% 19.9% 21.0% 23.2% EBITDA Margins - LongHorn 17.8% 19.1% 19.2% 19.0% Total Revenue ($ millions) $7,513 $7,738 $8,916 $9,224 Share Price (Dollars per Share) ~$55 ~$85 ~$120 ~$145 FCPT FCPT Rating N/A BBB- BBB- BBB- Darden Rent Coverage 4.2x 4.8x 5.1x 5.5x Number of Darden Restaurants 418 416 426 438 Darden as Percent of ABR1 100% 90% 71% 61% ___________________ 1. As defined on page 26. Note: Darden public SEC filing data from the fourth quarter (ended May) of each year annualized, except Post-COVID results which represents Darden’s fiscal first quarter 2022 annualized (ending August 2021). FCPT data is for Q4 2015, Q2 2017, Q4 2019, and Q3 2021, respectively • Darden has reported strong results as it returns to pre-COVID sales levels

11 | FCPT | OCTOBER 2021 • Baird’s weekly restaurant survey shows both quick service and casual dining restaurants are performing above pre-COVID levels Baird Restaurants Surveys: Weekly Same-Store Sales vs. Two-Years Prior (2019) ____________________ Source: Data per The Baird Restaurant Surveys (produced by R.W. Baird & Co. Equity Research) reported 10/18/2021 Note: Results shown may not be indicative of the ability or willingness of our tenants to pay rent on a timely basis or at all +12% +4% +18% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% Q2 2020 4/4/2021 5/2/2021 5/30/2021 6/27/2021 7/25/2021 8/22/2021 9/19/2021 10/17/2021 Overall Casual Dining Quick Service RESTAURANT SALES TRENDS BY SECTOR

12 | FCPT | OCTOBER 2021 -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% Jan-20 Mar-20 Apr-20 Jun-20 Jul-20 Aug-20 Oct-20 Nov-20 Jan-21 Feb-21 Apr-21 May-21 Jul-21 Aug-21 Oct-21 State of emergency declared Christmas Grocery shortages begin • Kerrow operates seven franchised LongHorn Steakhouses in San Antonio as a 100% subsidiary of FCPT • Revenue is largely above pre-COVID levels, even when excluding the seventh location which opened in April 2021 Dining rooms go to 50-person max Cruise passengers test positive School starts Start take out beer/wine sales; simplified menu goes live First day dining rooms closed in San Antonio Stay at home order starts Ice storm causes water and power issues Public offices and local events close KERROW LONGHORN STEAKHOUSE COVID-19 IN IT IATIVES & PERFORMANCE Mother’s Day; ran drive through business out of back door and dine in up front for social distancing First positive case in San Antonio Dining rooms reopen to 100% capacity Dining room 25% capacity begins Dining room 50% capacity begins Worked on low-cost dining room refresh while closed Year-over-year revenue1 Dining room 75% capacity begins Dining room capacity drops back to 50% Thanksgiving Dining room increases to 75% capacity Dining room capacity drops back to 50% Dining rooms reopen to 75% capacity ____________________ 1. Revenue post March 7th, 2021 is compared to 2019 revenue levels, as 2020 results after March 7th were impacted by the COVID-19 pandemic. Revenues also exclude the seventh LongHorn Steakhouse which opened April 26th, 2021. Father’s Day Seventh LongHorn Steakhouse opens1

13 | FCPT | OCTOBER 2021 AGENDA Appendix and Selected Supplemental Slides Page 13 Restaurant Industry Update Page 9 Company Overview Page 3

14 | FCPT | OCTOBER 2021 NON-RESTAURANT ACQUIS IT IONS OVERVIEW 14 | FCPT | OCTOBER 2019 ___________________ Figures as of 9/30/2021, unless otherwise noted 1. As defined on page 26.  FCPT began focusing on non-restaurants as an outgrowth of the outparcel strategy  The properties share similar characteristics as restaurants with good real estate qualities such as strong demographics, customer visibility, and are supported by attractive residual land values  First non-restaurant transaction closed in October 2019  Non-restaurant properties (105 leases) currently represent 8% of the portfolio by annual base rent1  Current focus is primarily on auto service and medical retail as these are sectors that are more resistant to both e-commerce and recessionary pressures  Additionally, these sectors were deemed essential during the COVID-19 Pandemic

15 | FCPT | OCTOBER 2021  Auto service is a resilient industry as it is both e-commerce and recession resistant. It has a service component and consumer cost-savings angle to repair instead of purchasing new vehicles  Most auto service tenants were deemed “essential” businesses during COVID-19  Auto service tends to operate in high-traffic corridors with good visibility, boosting the intrinsic real estate value and reuse potential  More limited relocation options due to zoning restrictions lead to high tenant renewal probability Representative Acquired Brands  Portfolio includes 57 leases (5% of annual base rent) in auto service sector1  FCPT is targeting auto service centers (including collision and tire), auto part retailers, and gas stations with large format convenience stores  FCPT’s focus is on sectors and properties that are resistant to a long-term electric vehicle transition NON-RESTAURANT: AUTO SERVICE INDUSTRY ___________________ 1. As of September 30, 2021.

16 | FCPT | OCTOBER 2021 Representative Acquired Brands NON-RESTAURANT: MEDICAL RETAIL INDUSTRY  Portfolio includes 14 properties (1% of annual base rent)1  FCPT targets medical retail locations such as urgent care, dental clinics, dialysis centers, and veterinary care  E-commerce and recession resistant industry given its service- based nature  Deemed “essential” businesses during COVID-19  Large opportunity for growth with rapid spending increases on healthcare and pets – The number of urgent care centers has grown 52% since 20132 – Spending on pets has grown 14.7% since 20183  Medical net-lease opportunities are increasing given credit upgrades and store count growth that comes with consolidation amongst regional and national operators to take advantage of shared resources and costs  Site selection process is similar to that of branded restaurants for both chain dental and urgent care clinics boosting intrinsic real estate value and reuse potential  Large customer base as healthcare remains an essential service across lifespan  Favorable demographic tailwinds with both the aging of baby boomers and increased pet ownership ___________________ 1. As of September 30, 2021. 2. Source: Urgent Care Association. 3. Source: American Pet Products Association 2021 State of the Industry.

17 | FCPT | OCTOBER 2021 MAINTAINING ACQUIS IT ION PHILOSOPHY AND CRITERIA Acquisition Philosophy • Acquire strong restaurants and 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 • Focused on adding concepts that are category-leaders in resilient industries—only leading brands and no theaters, fitness, or entertainment in FCPT’s portfolio or pipeline Underwriting Criteria • Acquisition criteria is approximately split 50% / 50% between credit and real estate metrics based on FCPT’s proprietary scorecard • The “score” allows FCPT to have an objective underwriting model and comparison tool for asset management as well Real Estate Criteria (~50%): − Location − Retail corridor strength and demographics − Access/visibility − Absolute and market rent − Pad site and building reusability Credit Criteria (~50%): − Guarantor credit and fitness − Brand durability − Store performance − Lease term − Lease structure

18 | FCPT | OCTOBER 2021 SUSTAINABIL ITY FRAMEWORK Our commitment to sustainability and Environmental, Social and Governance (ESG) principles creates value for FCPT and our shareholders. We continuously review our internal policies to advance in the areas of environmental sustainability, social responsibility, employee wellbeing, and governance Social 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 Governance 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. Three of our eight board directors are female and seven are independent, including our chairperson. Only independent directors serve on the board’s committees Our Team 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 Great Place to Work’ certified company Environment 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 More information can be found in the FCPT 2021 ESG Report on our website at https://fcpt.com/about-us/

19 | FCPT | OCTOBER 2021 OUTPARCEL STRATEGY: A QUICK UPDATE ___________________ 1. Certain properties have been removed from the portfolios since transactions were initially announced as a result of continued deal negotiations. 2. The remaining to be closed transactions are each subject to customary closing conditions, diligence and regulatory approvals and there can be no assurance that these transactions will be consummated on the contemplated timeline, or at all, or that the Company’s actual results will not differ materially from the figures set forth above.  FCPT continues to engage with mall and shopping center owners including WPG, Brookfield, Seritage, and PREIT in repeat and expanded transactions. The parcelization process can take 3 to 12+ months depending on the jurisdiction  FCPT has closed on $255 million of outparcel transactions representing 133 properties since initiating the strategy in October 2017, and currently expects to close on an additional $16 million of previously announced transactions  For the closed major announced outparcel deals, 75% are ground leased, low rent properties, and 83% are corporate operators or lease guarantors with strong, national brands showing the strength of these acquired properties Outparcel Closings Update As of 10/21/2021 WPG II Brookfield Seritage Other Outparcels Total / Weighted Average1 Closed (Properties / $ millions) 12 / $20 19 / $35 23 / $71 79 / $129 133 / $255 Remaining to be Closed 2 Purchase Price ($ millions) $3.5 $4.9 $7.3 $16 Leases 1 2 3 6 Price per Lease ($ millions) $3.5 $2.5 $2.4 $2.6 Rent per square foot $50 $14 $27 $20

20 | FCPT | OCTOBER 2021 COM PAN Y MOM ENTUM SINCE INCEPTION IN NOV EMBER 2015 Team Members 4 +25 29 Annual Base Rent1 $94.4 million +$74.4 million / +79% $168.8 million Properties 418 +468 / +120% 886 Brands 5 +96 101 % Darden2 100% -39% 61% Overhead Efficiency3 10.0% -1.6% 8.4% Equity Market Cap $848 million +$1.2 billion $2.1 billion4 Enterprise Value $1.3 billion +$1.7 billion $3.0 billion4 Financial Leverage 4.6x +1.2x 5.8x4 Weighted Average Lease Term 15 years - 5.4 years 9.6 years As of 9/30/2021 1. Annual Cash Base Rent (ABR) as defined on page 26. 2. Based on Annual Base Rent. 3. Overhead Efficiency defined as cash G&A expense divided by cash rental income. 4. See page 8 for calculation. Restaurant Non-Restaurant At Inception Representative Brands

21 | FCPT | OCTOBER 2021 F C P T E V O L U T I ON S I N C E S P I N - O FF : S I G N I F I C A N T P R O G R E S S O N T E N A N T D I V E R S I F I C A TI ON ___________________ 1. Represents current Annual Cash Base Rent (ABR) as of 9/30/2021, as defined on page 26. 2. Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants. 74% 20% 6% Initial Portfolio at Spin: 418 Leases / 5 Brands Annual Base Rent of $94.4 million 100% Darden Exposure 104 leases 300 leases 14 leases FCPT Portfolio Today: 898 Leases / 101 Brands Annual Base Rent of $168.8 million1 61% Darden Exposure +79% in rent 45% 309 leases 13% 115 leases 3% 14 leases 9% 77 leases Other Restaurants 22% 278 leases 44 brands Non-Restaurant Retail 8% / 105 Leases / 51 Brands Other Darden2 Other Darden Brand Exposure by Annualized Base Rent (ABR)

22 | FCPT | OCTOBER 2021 GEOGRAPHIC DIVERSIF ICATION ___________________ Figures as of 9/30/2021. Excludes seven owned / ground leased restaurants in the Kerrow Restaurant Operating Business 1. Annual Cash Base Rent (ABR) as defined on page 26. 886 Properties 46 States 101 Brands 5.8 mm sq ft Portfolio at Inception Representative Acquired Brands Annualized Base Rent (%) ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties 1 MN SD NJ OHINIL VT NHID AL AZ AR CA CO CT DE FL GA IA KS KY LA ME MD MA MI MS MO MT NE NV NM NY NC ND OK OR PA RI SC TN TX UT VA WA WV WI WY

23 | FCPT | OCTOBER 2021 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 9/30/2021 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. Current Debt Maturity Schedule ($ millions) $50 $50 $150 $100 $53 $197 $0 $0 $50 $150 $150 $75 $50 $100 $75 $50 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Undrawn Revolver Capacity Drawn Revolver Unsecured Term Loan Unsecured Notes $100 22% 5.3-year weighted average term for notes/term loans 89% fixed rate debt 3.32% weighted average cash interest rate $197 million available on revolver (1) 0% 0% 6% 17% 17% 11% 8% 6%8% 6%% of Total Debt Outstanding

24 | FCPT | OCTOBER 2021 0.0% 0.7% 1.2% 2.7% 2.0% 2.1% 11.7% 12.9% 11.3% 10.8%10.5% 6.9% 14.0% 1.4% 1.8% 2.9% 1.2% 0.2% 0.6% 1.7% 0.8% 0.0% 0.0% 2.7% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LEASE MATURITY SCHEDULE ___________________ Note: Excludes renewal options. All data as of 9/30/2021 1. Annual cash base rent (ABR) as defined on page 26. 2. Occupancy based on portfolio square footage. Lease Maturity Schedule (% Annualized Cash Base Rent1) 99.8% occupied2 as of 9/30/2021 Weighted average lease term of 9.6 years Less than 8.7% of rental income matures prior to 2027

25 | FCPT | OCTOBER 2021 BRAND DIVERSIF ICATION ___________________ 1. Annual Cash Base Rent (ABR) as of 9/30/2021 as defined on page 26. 2. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's. FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR(1) Rank Brand Name Number Square Feet (000s) % of ABR(1) 1 Olive Garden 309 2,630 45.2% 16 Verizon 11 30 0.7% 2 Longhorn Steakhouse 115 645 12.9% 17 Tires Plus 9 56 0.6% 3 Chili's 77 422 9.1% 18 National Tire & Battery 7 47 0.6% 4 Red Lobster 21 155 2.9% 19 Taco Bell 11 28 0.6% 5 Burger King 25 80 2.0% 20 Wendy's 8 27 0.5% 6 Buffalo Wild Wings 20 123 1.9% 21 REI 2 48 0.5% 7 Bahama Breeze 10 92 1.9% 22 Seasons 52 2 18 0.4% 8 KFC 33 95 1.8% 23 Sonic 9 13 0.4% 9 Bob Evans 16 88 1.6% 24 Chick-Fil-A 7 34 0.4% 10 BJ's Restaurant 11 89 1.5% 25 Panera 6 30 0.4% 11 Caliber Collision 15 199 1.0% 26-101 Other 124 607 9.1% 12 Arby's 16 50 1.0% Total Lease Portfolio 898 5,780 100% 13 Outback Steakhouse 10 64 1.0% 14 Texas Roadhouse 11 81 0.9% 15 Starbucks 13 29 0.8% % Investment Grade(2): 65%

26 | FCPT | OCTOBER 2021 GLOSSARY AND NON-GAAP DEFINIT IONS 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 9/30/2021 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 once annually by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the 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. Recurring capital expenditures and tenant improvements 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. Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements:

27 | FCPT | OCTOBER 2021 RECONCIL IATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ 1. See glossary on page 26 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Net Income 21,208$ 19,404$ 62,010$ 57,260$ Adjustments: Interest expense 8,311 7,410 24,328 21,732 Income tax expense 97 67 231 192 Depreciation and amortization 8,831 7,523 25,455 21,670 EBITDA(1) 38,447 34,404 112,024 100,854 Adjustments: Gain on dispositions and exchange of real estate - - (431) - Provision for impairment of real estate - - - - EBITDAre (1) 38,447 34,404 111,593 100,854 Adjustments: Real estate transaction costs 69 68 139 200 Gain or loss on extinguishment of debt - - - - Adjusted EBITDAre (1) 38,516 34,472 111,732 101,054 Annualized Adjusted EBITDAre 154,063$ 137,889$ 148,976$ 134,739$ Three Months Ended September 30, Nine Months Ended September 30,

28 | FCPT | OCTOBER 2021 www.fcpt .comINVESTOR PRESENTATION | OCTOBER 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T