8-K
Four Corners Property Trust, Inc. (FCPT)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, 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 28, 2025 |
|---|
Four Corners Property Trust, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Maryland | 001-37538 | 47-4456296 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 591 Redwood Highway<br><br>Suite 3215 | ||
| Mill Valley, California | 94941 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: (415) 965-8030 | ||
| --- |
(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<br>Symbol(s) | Name of each 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 28, 2025, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2025. 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, 2025 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><br>No. | Exhibit Description |
|---|---|
| 99.1 | Press Release Dated October 28, 2025 |
| 99.2 | Supplemental Financial & Operating Information For Quarter Ended September 30, 2025 |
| 99.3 | Investor Presentation of Four Corners Property Trust, Inc. |
| 104 | Cover Page Interactive Data File (embedded within 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. | |||
|---|---|---|---|
| Date: | October 28, 2025 | By: | /s/ JAMES L. BRAT |
| James L. Brat<br>Chief Operations Officer, General Counsel and Secretary |
EX-99.1
FCPT Announces Third Quarter 2025 Financial and Operating Results
MILL VALLEY, CA – October 28, 2025 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three and nine months ended September 30, 2025.
Management Comments
“FCPT delivered another strong quarter of portfolio growth. In the quarter, we acquired $82 million of properties, diversified across our core retail sectors and leased to nationally branded, strong operators with rent and pricing aligned to our underwriting objectives. In the trailing 12 months, we have acquired $355 million of properties and remain focused on disciplined deal sourcing as we approach year-end. Our consistency of results demonstrates the maturity of our team and the platform we have built as we celebrate our 10-year anniversary as a public company,” said CEO Bill Lenehan. “We continue to have one of the lowest leverage profiles in our company’s history, and access to significant liquidity and optionality to fund further growth.”
Rent Collection Update
As of September 30, 2025, the Company has received rent payments representing 99.9% of its portfolio contractual base rent for the quarter ending September 30, 2025.
Financial Results
Rental Revenue and Net Income Attributable to Common Shareholders
Rental revenue for the third quarter increased 12.2% over the prior year to $66.5 million. Rental revenue consisted of $66.1 million in cash rents and $0.4 million of straight-line and other non-cash rent adjustments.
Net income attributable to common shareholders was $28.8 million for the third quarter, or $0.28 per diluted share. These results compare to net income attributable to common shareholders of $25.6 million for the same quarter in the prior year, or $0.27 per diluted share.
Net income attributable to common shareholders was $82.9 million for the nine months ended September 30, 2025, or $0.81 per diluted share. These results compare to net income attributed to common shareholders of $74.3 million for the same nine-month period in 2024, or $0.80 per diluted share.
Adjusted Funds from Operations (AFFO)
AFFO per diluted share for the third quarter was $0.45, representing a $0.02 per share increase compared to the same quarter in 2024.
AFFO per diluted share for the nine months ended September 30, 2025 was $1.33, representing a $0.04 per share increase compared to the same nine-month period in 2024.
Funds from Operations (FFO)
NAREIT-defined FFO per diluted share for the third quarter was $0.42, a $0.01 per share increase compared to the same quarter in 2024.
NAREIT-defined FFO per diluted share for the nine months ended September 30, 2025 was $1.25, representing a $0.02 per share increase compared to the same nine-month period in 2024.
General and Administrative (G&A) Expense
G&A expense for the third quarter was $6.5 million, which included $2.2 million of stock-based compensation. These results compare to G&A expense in the third quarter of 2024 of $5.8 million, including $1.8 million of stock-based compensation.
Cash G&A expense (after excluding stock-based compensation) for the third quarter was $4.3 million, representing 6.5% of cash rental income for the quarter, compared to $4.0 million of cash G&A in the third quarter of 2024 representing 6.9% of cash rental income.
Dividends
- FCPT declared a dividend of $0.3550 per common share for the third quarter of 2025.
Real Estate Portfolio
- As of September 30, 2025, the Company’s rental portfolio consisted of 1,273 properties located in 48 states. The properties are 99.5% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 7.1 years.
Acquisitions
- During the third quarter, FCPT acquired 28 properties for a combined purchase price of $82.0 million at an initial weighted average cash yield of 6.8%, on rents in place as of September 30, 2025 and a weighted average remaining lease term of 11.6 years. The properties were 39% medical retail, 36% auto service, 16% quick service restaurants and 9% casual dining restaurants by purchase price.
Dispositions
- During the third quarter, FCPT did not sell any properties.
Liquidity and Capital Markets
Liquidity
- On September 30, 2025, FCPT had approximately $490 million of available liquidity including $7 million of cash and cash equivalents, anticipated net proceeds of approximately $144 million under existing forward sale agreements and $339 million of capacity under revolving credit facility.
Capital Raising
During the third quarter, the Company did not sell shares of Common Stock via the at-the-market (ATM) program.
Year-to-date through October 28, 2025, FCPT has sold 6,108,008 shares of Common Stock via the ATM at an average gross price of $28.27 per share for anticipated gross proceeds of $172.7 million. As of October 28, 2025, 3,545,890 shares remain to be settled under existing forward sale agreements for anticipated gross proceeds of $100.4 million.
Credit Facility and Unsecured Notes
- On September 30, 2025, FCPT had $1,226 million of outstanding debt, consisting of $590 million of term loans, $625 million of unsecured fixed rate notes and $11 million outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, is 5.3x at quarter-end, or 4.7x inclusive of outstanding equity under forward sales agreements as of September 30, 2025.
Conference Call Information
Company management will host a conference call and audio webcast on Wednesday, October 29 at 12:00 p.m. Eastern Time to discuss the results.
Interested parties can listen to the call via the following:
Phone: 1 833 470 1428 (domestic) or 1 646 844 6383 (international), Call Access Code: 448846
Live webcast: https://events.q4inc.com/attendee/799886849
In order to pre-register for the call, investors can visit: NetRoadshow
Replay: Available through January 29, 2026 by dialing 1 866 813 9403 (domestic) or 1 929 458 6194 (international), Replay Access Code 609278
About FCPT
FCPT 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 2025 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 Patrick Wernig, 415-965-8038
CFO
Four Corners Property Trust
Consolidated Statements of Income
(Unaudited)
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Rental revenue | $66,508 | $59,288 | $194,804 | $176,400 |
| Restaurant revenue | 7,641 | 7,503 | 23,663 | 23,337 |
| Total revenues | 74,149 | 66,791 | 218,467 | 199,737 |
| Operating expenses: | ||||
| General and administrative | 6,516 | 5,847 | 20,595 | 18,064 |
| Depreciation and amortization | 15,051 | 13,606 | 44,100 | 40,418 |
| Property expenses | 3,678 | 2,614 | 10,329 | 8,531 |
| Restaurant expenses | 7,230 | 7,029 | 22,146 | 21,925 |
| Total operating expenses | 32,475 | 29,096 | 97,170 | 88,938 |
| Interest expense | (12,955) | (12,324) | (38,767) | (36,929) |
| Other income, net | 188 | 331 | 693 | 721 |
| Realized gain on sale, net | — | — | — | — |
| Income tax expense | (30) | (90) | (205) | (203) |
| Net income | 28,877 | 25,612 | 83,018 | 74,388 |
| Net income attributable to noncontrolling interest | (32) | (31) | (93) | (91) |
| Net Income Attributable to Common Shareholders | $28,845 | $25,581 | $82,925 | $74,297 |
| Basic net income per share | $0.28 | $0.27 | $0.82 | $0.80 |
| Diluted net income per share | $0.28 | $0.27 | $0.81 | $0.80 |
| Regular dividends declared per share | $0.3550 | $0.3450 | $1.0650 | $1.0350 |
| Weighted-average shares outstanding: | ||||
| Basic | 103,881,846 | 94,390,037 | 101,485,547 | 92,645,482 |
| Diluted | 104,167,774 | 94,877,995 | 101,770,250 | 93,061,647 |
Four Corners Property Trust
Consolidated Balance Sheets
(In thousands, except share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Real estate investments: | ||
| Land | $1,467,646 | $1,360,772 |
| Buildings, equipment and improvements | 1,943,847 | 1,837,872 |
| Total real estate investments | 3,411,493 | 3,198,644 |
| Less: Accumulated depreciation | (805,951) | (775,505) |
| Total real estate investments, net | 2,605,542 | 2,423,139 |
| Intangible lease assets, net | 123,969 | 123,613 |
| Total real estate investments and intangible lease assets, net | 2,729,511 | 2,546,752 |
| Real estate held for sale | — | — |
| Cash and cash equivalents | 6,725 | 4,081 |
| Straight-line rent adjustment | 70,982 | 68,562 |
| Derivative assets | 10,295 | 20,733 |
| Deferred tax assets | 1,617 | 1,448 |
| Other assets | 15,309 | 11,450 |
| Total Assets | $2,834,439 | $2,653,026 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Term loan and revolving credit facility ($601,000 and $520,000 of principal,<br> respectively) | $592,244 | $516,250 |
| Senior unsecured notes | 622,128 | 621,639 |
| Dividends payable | 37,004 | 35,358 |
| Rent received in advance | 15,766 | 6,738 |
| Derivative liabilities | 5,751 | 473 |
| Other liabilities | 25,675 | 21,778 |
| Total liabilities | 1,298,568 | 1,202,236 |
| Equity: | ||
| Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized,<br> zero shares issued and outstanding | — | — |
| Common stock, $0.0001 par value per share, 500,000,000 shares authorized,<br> 104,464,113 and 99,825,119 shares issued and outstanding, respectively | 10 | 10 |
| Additional paid-in capital | 1,609,273 | 1,482,698 |
| Accumulated other comprehensive income | 7,884 | 23,633 |
| Noncontrolling interest | 2,131 | 2,178 |
| Accumulated deficit | (83,427) | (57,729) |
| Total equity | 1,535,871 | 1,450,790 |
| Total Liabilities and Equity | $2,834,439 | $2,653,026 |
Four Corners Property Trust
FFO and AFFO
(Unaudited)
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Funds from operations (FFO): | ||||
| Net income | $28,877 | $25,612 | $83,018 | $74,388 |
| Depreciation and amortization | 14,988 | 13,572 | 43,961 | 40,312 |
| Realized gain on sales of real estate | — | — | — | — |
| FFO (as defined by NAREIT) | $43,865 | $39,184 | $126,979 | $114,700 |
| Straight-line rental revenue | (856) | (1,056) | (2,419) | (3,343) |
| Deferred income tax benefit (1) | (100) | (61) | (169) | (153) |
| Stock-based compensation | 2,208 | 1,815 | 6,969 | 5,186 |
| Non-cash amortization of deferred financing costs | 790 | 653 | 2,358 | 1,944 |
| Non-real estate investment depreciation | 63 | 34 | 139 | 106 |
| Other non-cash revenue adjustments | 478 | 511 | 1,442 | 1,563 |
| Adjusted Funds from Operations (AFFO) | $46,448 | $41,080 | $135,299 | $120,003 |
| Weighted average fully diluted shares outstanding (2) | 104,282,333 | 94,992,554 | 101,884,809 | 93,176,206 |
| FFO per diluted share | $0.42 | $0.41 | $1.25 | $1.23 |
| AFFO per diluted share | $0.45 | $0.43 | $1.33 | $1.29 |
| (1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business | ||||
| --- | ||||
| (2) Assumes the issuance of common shares for OP units held by non-controlling interest |
Q3 2025 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION Four Corners Property Trust NYSE: FCPT
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, 2024 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. FORWARD LOOKING STATEMENTS AND DISCLAIMERS Q3 2025
Q3 2025 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17
Q3 2025 CONSOLIDATING BALANCE SHEET
Q3 2025 CONSOLIDATED INCOME STATEMENT
Q3 2025 FFO & AFFO RECONCILIATION
Q3 2025 NET ASSET VALUE COMPONENTS
Q3 2025 CAPITALIZATION & KEY CREDIT METRICS
Q3 2025 DEBT SUMMARY
Q3 2025 CREDIT FACILITY AND HEDGING SUMMARY
Q3 2025 3.4-year Weighted average term for notes/term loans 97% Fixed rate debt 3.92% Weighted average cash interest rate $339 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 9/30/2025 2
Q3 2025 DEBT COVENANTS
Q3 2025 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13
Q3 2025 1,294 Leases / 170 Brands Annual Base Rent of $255.6 million1 65% casual dining, 11% quick service, 25% retail 53% Investment Grade2 1.4% Average Annual Rent Escalator3 BRAND DIVERSIFICATION Other casual dining restaurants Auto service Medical retail Other retail 4 Quick service restaurants 5 6
Q3 2025 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI GEOGRAPHIC DIVERSIFICATION >10% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties 15 Note: Includes two leases in Alaska (not pictured)
Q3 2025 %ANNUALIZED BASE RENT1 99.5% occupied2 as of 9/30/2025 7.1 years weighted average lease term < 1.9% of rental income matures prior to 2027 LEASE MATURITY SCHEDULE
Q3 2025 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 1 FINANCIAL SUMMARY PG 3 CONTENTS
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 9/30/2025 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 biannually 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: Transaction costs incurred in connection with business combinations Straight-line rent Stock-based compensation expense Non-cash amortization of deferred financing costs Other non-cash interest expense (income) Non-real estate investment depreciation Merger, restructuring and other related costs Impairment charges Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives Amortization of capitalized leasing costs Debt extinguishment gains and losses 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. Q3 2025 GLOSSARY AND NON-GAAP DEFINITIONS
Q3 2025 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Q3 2025 PAGE 6 FFO & AFFO RECONCILIATION Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 9 DEBT SUMMARY Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.95%-1.00% credit spread. Through 2028, FCPT has entered into interest rate swaps that fix $560 million of Term Loans through November 2025, $560 million through November 2026, and $560 through November 2027, and $485 through November 2028. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 3.7% for 2025, 4.0% for 2026, 3.9% for 2027, and 4.3% for 2028. A daily simple SOFR rate of 4.24% as of 9/30/2025 is used for the 5% of term loans that are not fixed through hedges 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 (benefit) of net hedge gains is currently $219 thousand per year As of 9/30/2025, FCPT had no mortgage debt and 100% of FCPT properties were unencumbered Excludes amortization of deferred financing costs on the credit facility and unsecured notes PAGE 11 DEBT MATURITY SCHEDULE Figures as of 9/30/2025, shown with options fully extended The revolving credit facility expires on February 1, 2029 subject to FCPT’s availability to extend the term for two additional six-month periods to February 1, 2030 Term Loan A-1 expires on February 1, 2029, Term Loan A-2 expires on November 9, 2026, and Term Loan A-5 expires March 14, 2027, subject to FCPT’s availability to extend the term for one additional one-year period PAGE 16 LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 9/30/2025 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage PAGE 7 NET ASSET VALUE COMPONENTS See glossary on page 18 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 10% of non-restaurant ABR or 64% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2025 and the brand average margins for the year ended May 2025 Lease term weighted by annual cash base rent (ABR) as defined in glossary Current scheduled minimum contractual rent as of 9/30/2025 FCPT acquired 28 properties and leasehold interests in Q3 2025; FCPT had no dispositions in the quarter PAGE 14 BRAND DIVERSIFICATION Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 9/30/2025, as defined in glossary Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody’s Average annual rent escalation through December 31, 2029 (weighted by annualized base rent) 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 Driven Brands completed the sale of its U.S. car wash business (Take 5 Car Washes) to Whistle Express Car Wash on April 10, 2025 Several WellNow locations have been assigned to new entities and rebranded. WellNow remains obligated under the lease at these assigned locations; figure in the table reflects lower lease count and other metrics following the assignment PAGE 15 GEOGRAPHIC DIVERSIFICATION Annual cash base rent (ABR) as defined in glossary. Includes two leases in Alaska (not pictured) PAGE 19 RECONCILIATION SCHEDULES See glossary on page 18 for non-GAAP definitions 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 Third quarter 2025 dividend was declared on 9/15/2025, and paid on 10/15/2025 Principal debt amount less cash and cash equivalents Current quarter annualized. See glossary on page 18 for definitions of EBITDAre and Adjusted EBITDAre and page 18 for reconciliation to net income Includes forward equity contracts outstanding as of 9/30/2025 for anticipated net proceeds of $144 million FOOTNOTES PAGE 10 CREDIT FACILITY AND HEDGING SUMMARY The revolving credit facility expires on February 1, 2029 subject to FCPT’s availability to extend the term for two additional six-month periods to February 1, 2030. Term Loan A-1 expires on February 1, 2029, Term Loan A-2 expires on November 9, 2026, and Term Loan A-5 expires March 14, 2027, subject to availability to extend the term for one additional one-year period Through 2028, FCPT has entered into interest rate swaps that fix $560 million of Term Loans through November 2025, $560 million through November 2026, and $560 through November 2027, and $485 through November 2028. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 3.7% for 2025, 4.0% for 2026, 3.9% for 2027, and 4.3% for 2028
Q3 2025 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
INVESTOR PRESENTATION Q3 2025 Four Corners Property Trust NYSE: FCPT
OCTOBER 2025 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, investment 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, 2024 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 41 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS
Improved diversification over time Olive Garden now 32% of ABR and LongHorn now 9% of ABR vs combined 94% at inception Each brand posted recently strong same-store sales (6% as of August 2025)1 Top 5 brands now ~53% of ABR Extended and upsized credit facility capacity in January 2025 $350 million revolver capacity $225 million term loan Removed 10 basis point SOFR adjustment in September ~97% of total debt is now fixed rate through Q3 ’27 as of July 29 OCTOBER 2025 RECENT HIGHLIGHTS AT FCPT Maintained disciplined investment approach Cash rent CAGR of ~12% since inception Acquired ~90-100 buildings annually in recent years Record investment volume in Q4 ’24 and Q1 ’25, with continued pace in Q2 ’25 and Q3 ‘25 Acquired $355 million over last 12 months as of September 30, 2025 $82 million of investments in Q3 2025 at a 6.8% cap rate Remained active on the ATM and built out ability and flexibility throughout 2025 to invest Raised $173 million in 2025 to date as of September 30, 2025 Total liquidity of $446 million $100 million of unsettled equity forwards as of October 28, 2025 High collections (~99%) while avoiding net lease credit issues No lost rent nor rejected leases from Red Lobster exposure Zero exposure to Zips Car Wash, Walgreens, or Family Dollar Approximately 65% of all investments executed after the onset of COVID-19 Steadied investment pace since Q4 2024 Opportunistically raised capital for 2025 and beyond Continued diversification and growth Sidestepped credit issues impacting peers Oriented balance sheet towards future Executed investments without compromises
OCTOBER 2025 FCPT AT 10 YEARS: FROM SPIN-OFF TO SEASONED NET LEASE INVESTOR TODAY Annual base rent1 $94 million $256 million + $162 million (2.7x) Properties 418 1,273 + 855 (3.0x) Brands 5 170 + 165 Enterprise value $1.3 billion $3.8 billion + $2.6 billion (2.9x) We have grown our team, put in place substantial risk management and refined our investment and property management capabilities all while improving access to capital2 ANNUAL BASE RENT ($ million) ENTERPRISE VALUE ($ million) Top 5 brands as % of ABR 100% 53% - 47% Investment volume (cumulative) $2.2 billion + $2.2 billion $3,771 $1,324 2015 Equity Net Debt 2.9x Revenue growth (cash) + 13% Growth year-over-year + 12% Average annual growth since inception - - 2.7x EBITDAR coverage 4.2x 5.1x + 0.9x
3 CONSERVATIVE FINANCIAL POSITION PG 21 OCTOBER 2025 CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 5 APPENDIX: OTHER PG 37 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24
OCTOBER 2025 FCPT AT A GLANCE1 1,294 leases 170 brands 7.1-year average lease term $0.45 AFFO per share (Q3)5 $355 million / 6.8% cap rate of investments as of LTM September 30, 2025 $82 million / 6.8% cap rate of investments in Q3 2025 99.5% occupied 1.4% average annual escalator 5.1x tenant EBITDAR coverage2 53% investment grade3 6,561 SF average asset size 29,797 average daily vehicle count $66,891 median household income 58,370 average 3-mile population $144 million unsettled forward equity as of September 30, 2025 $339 million undrawn revolver 4.7x net debt to adj. EBITDAre4 4.7x Fixed charge coverage 97% Fixed rate debt as of September 30, 2025 Baa3 / BBB (Moody’s / Fitch)
Granular Portfolio Construction Portfolio led by Darden, a premier investment grade tenant Analytical underwriting through a consistent model balanced between credit and real estate Low value at risk with average purchase price of ~$3 million OCTOBER 2025 FCPT’S DIFFERENTIATED APPROACH WITHIN NET LEASE Superior Capital Raising & Allocation Modulate investments if cost of capital weakens Minimize fees and discounts on capital raising Long track record of conservative leverage Avoid sacrificing investment quality to increase spread. Investments moderated if market conditions eliminate accretion Quality Focus on Fungible Real Estate Excellent visibility and access paired with strong demographics Target sectors are e-commerce and recession resistant Industry-leading EBITDAR coverage of 5.1x1 Shareholders First Avoided problem net lease tenants Low overhead with aligned compensation Top-decile governance scores Hyper-transparent disclosure regime High level of executive alignment and ownership REPRESENTATIVE BRANDS 1 3 2 4
OCTOBER 2025 CONSISTENT ANNUAL INVESTMENT GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($M) CAP RATE +88 FCPT has consistently delivered growth and diversification through new investments. We focus on credit-worthy tenants, high quality real estate and efficient execution PROPERTY COUNT 1 AVERAGE SIZE ($M) +87 +75 FCPT has consistently focused on low basis properties, safeguarding the portfolio value at risk
OCTOBER 2025 PORTFOLIO BREAKDOWN 315 leases 82 leases 108 leases 23 brands 191 leases 33 brands 118 leases Other Casual Dining Restaurants Auto Service 120 leases 41 brands Medical Retail 53 leases 27 brands Other Retail 1,294 Leases across 170 Brands Annual Base Rent of $255.6 million1 32% Olive Garden (vs. 74% at inception) 9% LongHorn (vs. 20% at inception) 25% Non-Restaurant Exposure (vs. 0% at inception) Other Casual Dining restaurants Auto Service Medical Retail Other retail 32% 9% 9% 13% 7% 10% 3% 2 The spin-off Darden portfolio remains a strong foundation tenant for FCPT. Over half the portfolio has been diversified into new restaurant brands, Medical Retail and Auto Service 29 leases 2% 2 Quick Service restaurants 232 leases 40 brands 11% Quick Service Restaurants 17 leases 2% 29 leases 2% FCPT AT A GLANCE
OCTOBER 2025 GEOGRAPHICALLY DIVERSE PORTFOLIO Lower income taxes and growing economies has accelerated a population shift toward low-cost of living states in the southeast FCPT’s portfolio is primarily suburban and located in fast-growing and diverse regions Texas and Florida, our largest states (as measured by Annual Base Rent), were among the highest in-migration states according to the 2024 U-Haul growth index2 >10% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% State Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI FCPT AT A GLANCE Note: Includes two leases in Alaska (not pictured)
OCTOBER 2025 LADDERED LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 99.5% occupied2 as of 9/30/2025 7.1 years weighted average lease term < 1.9% of rental income matures prior to 2027 FCPT has had very high renewal rates on lease maturities to date 2027 is the first year of Darden spin-off lease maturities; FCPT’s Darden leases average 5.7x rent coverage3
OCTOBER 2025 CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 5 APPENDIX: OTHER PG 37 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 3 CONSERVATIVE FINANCIAL POSITION PG 21
OCTOBER 2025 FCPT: LEADING IN QUALITY NET LEASE FCPT has over $446 million of liquidity inclusive of cash, $100 million of unsettled equity forwards (as of October 28) and undrawn $339 million revolver FCPT has no near-term debt maturities and 4.7x net leverage is at one of its lowest levels since 2018 FCPT employs a very granular investment approach, with an average property basis of ~$3 million, minimizing value at risk of each property investment FCPT has a proven track record of being responsive to cost of capital and modulating capital raising and deployment when necessary Defensive portfolio built on two unique pillars: Our spin-off from Darden Restaurants included a hand-picked portfolio of industry-leading brands with low rent and unprecedented 5.7x rent coverage1 Diversified low-rent and small building size portfolio principally comprised of Restaurant, Auto Service, and Medical Retail properties FCPT is intentional about choosing resilient industries and avoiding higher-risk tenants (i.e., pharmacies, big box tenants, movie theaters, etc.) ~99% of rent collected since inception, including throughout COVID FCPT is a lean company with low overhead burden and a management team aligned with shareholders
Our portfolio is primarily outparcel properties in high density retail corridors ~75% of rent featuring unique benefits structurally superior to regular-way net lease. This include the properties with high rent coverage (Darden and Chili’s), ground leases, master leases, and investment grade guarantors or operators The original Darden spin-off properties represent a seed portfolio with low rent levels resulting in unmatched rent coverage (5.7x)1 The ground lease portfolio is characterized by low rents which also typically implies high rent coverage FCPT’s investment strategy focuses on acquiring new low rent properties with above average rent coverage UNIQUE AND HIGHLY SECURE NET LEASE Average Ground Lease Rent: Average All Other Leases Rent: Average FCPT Portfolio Rent: OCTOBER 2025 $149 thousand $206 thousand $199 thousand FCPT COVERAGE VS PEERS1 Ground Leased $149k average rent Darden 5.7x coverage1 Chili’s Master Leased Other Investment Grade Leases2 High Quality Ground & Building Leases $161k average rent 75% structurally superior to regular way net lease 11% 89% 100%
OCTOBER 2025 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS FCPT frequently has amongst the lowest upfront investment basis per property within net lease FCPT seeks and acquires properties with a significantly lower value at risk per site as compared to peers FCPT’s emphasis on low rents and fungible buildings have created a portfolio with minimal liability at the individual property level, reducing risk in the event of lease maturity or in the event of tenant credit issues 1 FCPT’s strategy focuses on low basis investments in small box (<15,000) retail properties. This has resulted in high tenant renewal rates and capturing high re-leasing spreads at lease maturity
OCTOBER 2025 CONSISTENTLY STRONG PORTFOLIO PERFORMANCE FCPT has one of the highest-quality and consistent portfolios in the net lease sector. We have established a strong track record over time (even through the COVID-19 pandemic) RENT COLLECTIONS OCCUPANCY2 1
OCTOBER 2025 VERY STRONG HISTORICAL CREDIT RESULTS Bad debt is defined as rent that was deemed uncollectable due to the tenant no longer able to pay (e.g., bankruptcy) and is compared to the starting Annual Base Rent each year. This number does not include recoveries for released properties FCPT has averaged just 12 basis points annually in bad debt expense since inception This represents ~$176,000 per year or $1.8 million since inception vs. $1.5 billion of rent collected over the same period (2016 -2025 YTD) This compares to net lease peers with a stated track record or expectations of 25-75 basis points This figure excludes the positive impact of releasing to new tenants and subsequent rent recoveries Recovery rates for new leases has been above an average of 90% of prior rent, with some occasions of positive rent spreads vs prior levels Since inception, FCPT has experienced very few tenant credit issues; bad debt expense (excluding the benefit of recoveries) has averaged just 12 basis points of ABR
OCTOBER 2025 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Rank Brand Name FCPT Stores % of ABR1 Total Stores Sales ($mm) Publicly Traded? 1 Olive Garden 315 32.2% 933 $5,305 DRI 2 Longhorn Steakhouse 118 9.2% 595 $3,088 DRI 3 Chili's 82 6.8% 1,208 $4,835 EAT 4 Outback Steakhouse 29 2.4% 678 $2,223 BLMN 5 Burger King 42 2.4% 6,701 $11,000 QSR 6 Cheddar's 17 2.3% 181 $766 DRI 7 Buffalo Wild Wings 29 2.2% 1,323 - - 8 Caliber Collision 34 2.2% 1,829 - 9 Christian Brothers 19 2.1% 327 - - 10 Red Lobster 18 1.5% 518 - - 11 Bahama Breeze 10 1.3% 28 $267 DRI 12 KFC 33 1.3% 3,669 $4,900 YUM 13 BJ's Restaurant 13 1.2% 219 $1,384 BJRI 14 Carrabba's 14 1.2% 208 $700 BLMN 15 Whistle Express Car Wash 9 1.1% 108 - - 16 Bob Evans 15 1.1% 430 - - 17 Oak Street Health 10 1.0% 230 - CVS 18 Arby's 17 0.7% 3,365 - - 19 NAPA Auto Parts 18 0.7% 6,000 $24,061 GPC 20 WellNow Urgent Care4 12 0.7% 133 - - 21 Starbucks 17 0.7% 16,941 $36,666 SBUX 22 Fresenius 10 0.6% 2,624 24,178 € FSNUY 23 Mavis 11 0.6% 859 - - 24 Taco Bell 15 0.6% 7,604 $16,200 YUM 25 Tires Plus 13 0.6% 400 - - 26 Express Oil 9 0.6% 366 - - 27 Texas Roadhouse 11 0.6% 730 $5,285 TXRH 28 AFC Urgent Care 9 0.6% 390 - - 29 Verizon 12 0.6% N/A $137,000 VZ 30 Aspen Dental 10 0.6% 1,400 - - 31 Tire Discounters 8 0.5% 199 - - 32 VCA 7 0.5% 832 - - 33 Whataburger 7 0.5% 1,085 - - 34 National Tire & Battery 7 0.4% 321 - - 35 Chick-Fil-A 8 0.4% 3,109 - - 36-170 Other 286 17.9% Total Portfolio 1,294 100% TOP 35 FCPT PORTFOLIO BRANDS1 1 2 3 4 5 6 7 8 9 1 0 11 12 13 14 1 5 16 17 18 19 2 0 21 22 24 2 5 FCPT METRICS BRAND METRICS2 FCPT is aligned with leading national brands with scale and large store counts 26 27 28 29 30 23 31 32 33 34 35
OCTOBER 2025 HIGHLY SELECTIVE APPROACH TO NET LEASE While we underwrite properties in these sectors and may acquire stores in these sectors in the future, they are not in our current target base and would need to meet our high thresholds to be considered in the future Pharmacies: NO EXPOSURE Entertainment: NO EXPOSURE Gyms: NO EXPOSURE Furniture: NO EXPOSURE EV-only Auto Service: NO EXPOSURE Dollar Stores: 0.05% ABR exposure1 (No current exposure to brands listed here) General Merchandise: 0.7% ABR exposure2 (No current exposure to brands listed here) Car Washes: 1.2% ABR exposure3 (No current exposure to brands listed here) FCPT HAS AVOIDED: Service Centers
Darden's INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT OCTOBER 2025 Ask price: 47 bps High on 03/20/20: 360 bps Average: 64 bps Low on 02/12/20: 27 bps Very tight pricing spreads for Darden to have a credit event Darden Senior Credit Default Swaps (CDS) Curve (5-year) Basis Points The historically low pricing of Darden’s CDS demonstrates how their fortress credit profile remains strong 47
OCTOBER 2025 CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 3 CONSERVATIVE FINANCIAL POSITION PG 21 5 APPENDIX: OTHER PG 37
“ OCTOBER 2025 DEBT MATURITY SCHEDULE $ MILLIONS FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility Weighted average debt maturity 3.4 years No near-term debt maturities Conservative leverage Committed to maintaining conservative 5.0x–6.0x max leverage Net debt to adjusted EBITDAre ratio is 4.7x1 including undrawn net equity forwards as of 9/30/2025 Strong liquidity profile $339 million revolver availability Conservative dividend payout ratio of approximately 80% of AFFO $446 million available liquidity including cash and cash equivalents, existing forward equity sale agreements as of October 28, and undrawn revolver balance Minimal floating rate exposure 97% of debt is fixed rate including the effect of interest rate hedges Investment grade rated Rated BBB by Fitch and Baa3 by Moody’s CONSERVATIVE FINANCIAL POLICIES Note: Term Loan and Revolver maturities are shown fully extended
OCTOBER 2025 FCPT’S HISTORICAL LEVERAGE PROFILE FCPT has a stated leverage target of 5.0x-6.0x but has been below or in the lower range of its target since inception Discipline around our leverage is embedded into company culture and our approach to funding growth FCPT has demonstrated a commitment to positive spread investing and a focus on cost of capital FCPT did not lever up during periods when cost of equity weakened (2020, late 2023, early 2024). We maintained a conservative leverage profile 2 FCPT HISTORICAL LEVERAGE1
CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 3 CONSERVATIVE FINANCIAL POSITION PG 21 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 24 OCTOBER 2025 5 APPENDIX: OTHER PG 37
FCPT Low Rent & Investment Basis Small Building, Fungible Real Estate National Brands with Strong Credit Profiles OCTOBER 2025 FCPT’S INVESTMENT FILTERS Our portfolio is principally leased to restaurants, Auto Service and Medical Retail tenants The intentional focus on these subsectors reflect a multi-tiered filter that favors fungible, credit-worthy net lease tenants with low rent There are many properties in other retail subsectors that meet these thresholds, but we have found the deepest opportunity set within restaurants, Auto Service, and Medical Retail Our investment approach seeks to de-risk net lease investing through a highly-filtered selection process
INVESTMENT AND UNDERWRITING FRAMEWORK OCTOBER 2025 ~50% CREDIT CRITERIA Guarantor credit and health Brand durability Store performance Lease term and structure Location Retail corridor strength & demographics Access / visibility Absolute and relative rent Pad site and building reusability REAL ESTATE CRITERIA ~50% INVESTMENT PHILOSOPHY Acquire strong retail brands that are well located with creditworthy lease guarantors Seek to purchase assets when accretive to cost of capital with a focus on low basis Add leading brands in resilient industries, occupying highly fungible buildings UNDERWRITING CRITERIA 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
930 leases 75% of annual base rent1 FCPT seeks to acquire nationally recognized branded restaurants from premier lease guarantors located within the strongest retail corridors FCPT has increased its restaurant diversification since inception by targeting a variety of meal price-points, cuisine types, and geographies Primary focus on sustainable tenant rents with superior EBITDAR / rent coverage RESTAURANTS OCTOBER 2025
OCTOBER 2025 CASUAL DINING COMEBACK: TRADING “IN THE CAR” FOR “IN THE BOOTH” Branded casual dining has seen a resurgence as quick service and fast casual restaurants become increasingly expensive Comparable sales growth for casual dining has outpaced quick service and fast causal in recent quarters Historical Value Comparison: Looking at promotions from 2019 and early 2020, many quick service restaurants raised prices significantly (~40%) or combos shrunk to include fewer items1 This compares to casual dining where Olive Garden’s “Never Ending Pasta Bowl” and Chili’s “3 For Me” promotions experienced increases of 27% and 10%, respectively, over the same period1 As the value pricing of restaurants has converged, consumers see similar value going to branded casual dining while also receiving higher service Darden CEO Ricardo Cardenas: “Consumers are figuring out that casual dining is a great value… we think we're taking some wallet share from fast food and fast casual”1 McDonald’s CEO Christopher Kempczinski: “Overall QSR traffic in the US remained challenging… Reengaging the low-income consumer is critical…”1 2025
OCTOBER 2025 RESTAURANT INDUSTRY TARGETS Quick Service Lacking Drive-Thru or Dine-In Only Small Franchisees In-Line Real Estate Fast Casual Casual Dining FCPT’S CURRENT FOCUS Regional Brands FCPT pursues mature, national brands with significant scale in terms of units, revenue, and brand AUV FCPT avoids pursuing riskier high-yield dining concepts whose real estate fundamentals or credit does not match that of our core portfolio Many existing dining concepts in FCPT’s portfolio are in robust retail corridors along major highways or outparcels to big box stores or malls. These sites attract high traffic and have strong underlying demographic data FCPT prioritizes tenant credit, fungible real estate, and concept durability in its restaurant investments FCPT GENERALLY AVOIDS1 Operators with <50 units or <$75 million in revenue These features enhance traffic draw and prove attractive for re-leasing
Olive Garden BURLINGTON, NC Adjacent to University Commons shopping center and Alamance Crossing outdoor mall Excellent visibility and prominent retail position along frontage of University Drive Strong brand and credit profile of neighbors, indicating high corridor quality Robust surrounding 3-mile demographic profile1 Population of 30,795 Median Household Income of $79,835 To University Commons and University Drive – 39,200 Vehicles per Day Restaurants usually require retail density and robust corridors with high traffic and attractive demographics OCTOBER 2025 FCPT REAL ESTATE CHARACTERISTICS: CASUAL DINING & QUICK SERVICE To Alamance Crossing Mall
191 leases 13% 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 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 tenant relocation options due to zoning restrictions lead to high tenant renewal probability AUTO SERVICE OCTOBER 2025
OCTOBER 2025 AUTO SERVICE INDUSTRY TARGETS Full-Service Rental Services Dealerships & Specialty High Basis / Franchisee Car Washes & Gas Stations Tire Collision Service Centers Post-acute care FCPT targets categories in the Auto Industry that are not tied to traditional, gas-powered vehicles as the secular shift to electric vehicles takes place FCPT also targets properties at attractive, low bases and have avoided properties such as high-rent car washes These auto and tire service centers are similar to FCPT’s legacy portfolio: located in high-traffic corridors with good visibility and in proximity to other retailers FCPT targets categories for the long-term with high renewal probabilities High basis or small franchisee increases risk and lowers quality FCPT’S CURRENT FOCUS FCPT GENERALLY AVOIDS1
OCTOBER 2025 FCPT REAL ESTATE CHARACTERISTICS: AUTOMOTIVE SERVICE 33 To Peachland Promenade and Christian Brothers Automotive Port Charlotte, FL Adjacent to Peachland Promenade shopping center Excellent visibility and prominent retail position along Veterans and Peachland Boulevards Strong brand and credit profile of neighbors, indicating high corridor quality Robust surrounding 3-mile demographic profile1 Population of 43,429 Median Household Income of $59,586 Auto Service centers focus greatly on visibility and convenient consumer locations Veterans Boulevard 26,607 Vehicles per Day Peachland Boulevard – 13,346 Vehicles per Day
120 leases 10% of annual base rent1 MEDICAL RETAIL FCPT’s largest Medical Retail exposures are focused on outpatient services: urgent care, dental, primary care, 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-centric care centers OCTOBER 2025
OCTOBER 2025 HEALTHCARE INDUSTRY TARGETS Ambulatory Surgery / Outpatient Treatment Freestanding ER Care Urgent / Dental / Veterinary Diagnostic / Imaging Clinic Primary Care Clinic FCPT GENERALLY AVOIDS1 (Pharmacy & High Accuity) Healthcare delivery occurs across a spectrum of real estate and operator cost structures FCPT target operators provide services that require in-person interaction, while having lighter asset needs and smaller physical building sizes FCPT’s Medical Retail properties are on the lower end of the acuity care spectrum FCPT does not own and is not currently pursuing skilled nursing, hospitals or rehabilitation facilities FCPT does not currently own Pharmacy properties. Pharmacy is established within net lease, but legacy low growth lease structures and the potential for store closures / shrinking store footprints will limit this as a major category for FCPT Medical Retail buildings are similar to FCPT’s legacy portfolio – low basis, fungible, and proximate to other retailers Pharmacy Hospital Inpatient Rehab Skilled Nursing Facilities Outpatient Rehab Home Care Pet Day Care FCPT’S CURRENT FOCUS
OCTOBER 2025 FCPT REAL ESTATE CHARACTERISTICS: MEDICAL RETAIL 36 To , , and American Family Urgent Care Birmingham, AL Outparcel to Walmart Supercenter, other anchors Strong visibility and prominent retail position along Montclair Road and Frederick Street Strong brand and credit profile of neighbors, indicating high corridor quality Robust surrounding 3-mile demographic profile1 Population of 8,125 Median Household Income of $68,899 Medical Retail is increasingly integrated in core suburban retail corridors Montclair Road – 8,125 Vehicles per Day Frederick Street – 2,320 Vehicles per Day
OCTOBER 2025 CONTENTS 1 COMPANY OVERVIEW PG 5 2 HIGH QUALITY PORTFOLIO PG 12 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 46 5 APPENDIX: OTHER PG 37 3 CONSERVATIVE FINANCIAL POSITION PG 21
OCTOBER 2025 New properties are brought to market everyday, but many are priced aggressively, have weak credit, or are in sectors we avoid. Rather than swing at every opportunity, our strategy is to wait for the right “pitch” Cap rate could be increased with less favorable credit Favorable Unfavorable FCPT Sector Outlook Approximate Cap Rate1 FCPT Strike Zone Good credit at accretive cap rates New Retail Listings (Illustrative) Volume could be increased with increased purchase price (decreased cap rate) NET LEASE LISTINGS SNAPSHOT
OCTOBER 2025 CONSTRUCTION COSTS CONTINUE TO RISE Industry-wide, developers are facing a long-term trend of inflated growth for building costs. These costs do not yet factor in the impact of tariffs given their delayed rollouts and stocks of pre-purchased inventories The Turner Building Cost Index1 aggregates the developer inputs of labor rates, productivity, material prices and the competitive condition of the marketplace. 2022 and 2023 experienced highly accelerated growth at 8.0% and 6.0%, respectively CAGR: 4.6% +8% +6% +4% +2% +2% +5% +6% +5% +5% +5% +4% +4%
OCTOBER 2025 FCPT INVESTMENTS VS. ESTIMATED REPLACEMENT COST Since inception, FCPT has focused on acquiring low basis properties. This investment strategy coupled with inflation has allowed us to purchase many buildings below today’s estimated replacement cost. We believe this may support favorable tenant retention dynamics and mitigate downside risks in a vacancy event From 2021 to 2024, FCPT’s basis was ~60% of estimated new development (~40% below estimated replacement cost) Estimated new construction costs, 2024 Estimated land acquisition costs, 2024 FCPT’s average basis from 2021-24 is 40% below estimated replacement cost FCPT Investments vs. Estimated Replacement Cost Illustrative Example 1 2 Note: Estimated Construction Cost and Land Cost vary by market. The figures on this page are intended to be illustrative and demonstrate the trend of estimated replacement costs rising vs. existing buildings 1. CBRE, U.S. Real Estate Market Outlook 2024 2. Crexi listings as of August 2025 $2.69 (FCPT 4-yr. average)
OCTOBER 2025 GLOSSARY AND NON-GAAP DEFINITIONS NON-GAAP DEFINITIONS AND CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and 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 9/30/2025 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 biannually 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.
OCTOBER 2025 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
OCTOBER 2025 FFO & AFFO RECONCILIATION
PAGE 11 LADDERED LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 9/30/2025 Annual cash base rent (ABR) as defined in glossary Occupancy based on portfolio square footage See glossary on page 41 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 10% of non-restaurant ABR or 64% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2025 and the brand average margins for the year ended May 2025 OCTOBER 2025 FOOTNOTES PAGE 8 CONSISTENT ANNUAL INVESTMENT GROWTH 1. Figures as of 9/30/2025 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 14 UNIQUE AND HIGHLY SECURE NET LEASE See glossary on page 41 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 10% of non-restaurant ABR or 64% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2025 and the brand average margins for the year ended May 2025. Peer data as of latest available public filings Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies PAGE 6 FCPT AT A GLANCE Figures as of 9/30/2025 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 on page 41 for definitions See glossary on page 41 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 10% of non-restaurant ABR or 64% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2025 and the brand average margins for the year ended May 2025 Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies See page 42 for reconciliation of net income to adjusted EBITDAre and page 41 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents See page 41 for non-GAAP definitions, and page 43 for reconciliation of net income to AFFO PAGE 4 FCPT AT 10 YEARS: Annual Cash Base Rent (ABR) as defined in glossary Past performance does not guarantee future results PAGE 9 PORTFOLIO BREAKDOWN Represents current Annual Cash Base Rent (ABR) as of 9/30/2025 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 42 RECONCILIATION SCHEDULES See glossary on page 41 for non-GAAP definitions Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 43 FFO & AFFO RECONCILIATION Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 18 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS Represents current Annual Cash Base Rent (ABR) as of 9/30/2025 as defined in glossary on page 41 Source: Nation’s Restaurant Top 500 Restaurants, public filings, Placer.ai., company websites, Focus Advisors Automotive M&A, Tire Business Magazine; Dash indicates private company or confidential information Several WellNow locations have been assigned to new entities and rebranded. WellNow remains obligated under the lease at these assigned locations; figure in the table reflects lower lease count and other metrics following the assignment PAGE 22 CONSERVATIVE FINANCIAL POLICIES Figures as of 9/30/2025, except otherwise noted See page 42 for reconciliation of net income to adjusted EBITDAre and page 41 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 34 MEDICAL RETAIL As of 9/30/2025 PAGE 27 RESTAURANTS As of 9/30/2025 PAGE 16 CONSISTENTLY STRONG PORTFOLIO PERFORMANCE FCPT reported 92% collected rent in Q2 2020, with 4% abated in return for lease modifications and 3% deferred. FCPT collected the 3% deferred rent in Q4 2020. The 98.8% number above included deferred rent that was paid and the abated rent for which FCPT received beneficial lease modifications Occupancy based on portfolio square footage PAGE 29 RESTAURANT INDUSTRY TARGETS We may acquire properties in the “FCPT Generally Avoids” category but will remain highly selective with a focus on basis and store-level performance. That said, they are not in our current target base and would need to meet our high thresholds to be considered in the future PAGE 31 AUTO SERVICE As of 9/30/2025 PAGE 32 AUTO SERVICE INDUSTRY TARGETS We may acquire properties in the “FCPT Generally Avoids” category but will remain highly selective with a focus on basis and store-level performance. That said, they are not in our current target base and would need to meet our high thresholds to be considered in the future PAGE 35 MEDICAL RETAIL INDUSTRY TARGETS We may acquire properties in the “FCPT Generally Avoids” category but will remain highly selective with a focus on basis and store-level performance. That said, they are not in our current target base and would need to meet our high thresholds to be considered in the future PAGE 23 FCPT’S HISTORICAL LEVERAGE PROFILE See page 42 for reconciliation of net income to adjusted EBITDAre and page 41 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents. Includes any forward equity contracts outstanding as of quarter end PAGE 19 HIGHLY SELECTIVE APPROACH TO NET LEASE Note: All data as of 9/30/2025 Annual cash base rent (ABR) as defined in glossary; FCPT owns 1 dollar store site leased to Dollar General Annual cash base rent (ABR) as defined in glossary; FCPT owns 7 general merchandise sites leased to REI (2), Jared Jewelry (2), Orvis (1), Mattress Firm (1), and Sleep Number (1) Annual cash base rent (ABR) as defined in glossary; FCPT owns 10 car wash sites leased to Whistle Express (9) and Club Car Wash (1) PAGE 10 GEOGRAPHICALLY DIVERSE PORTFOLIO Figures as of 9/30/2025 Annual Cash Base Rent (ABR) as defined in glossary Source: U-Haul growth index 2024 PAGE 15 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1. Source: Public filings as of 12/31/2024 PAGE 30 FCPT REAL ESTATE CHARACTERISTICS: CASUAL DINING & QUICK SERVICE Source: Placer.AI PAGE 33 FCPT REAL ESTATE CHARACTERISTICS: AUTOMOTIVE SERVICE Source: Placer.AI PAGE 36 FCPT REAL ESTATE CHARACTERISTICS: MEDICAL RETAIL Source: Placer.AI PAGE 38 NET LEASE LISTINGS SNAPSHOT Depicts new listings +30 basis points above asking cap rate to reflect assumption of seller strike price. FCPT Acquired (2025) deals are shown at the actual closed transaction cap rate. Note: This graphic is designed to represent a snapshot of how FCPT best sees fit to allocate its time and is not meant to indicate brand or cap rates we may acquire PAGE 3 RECENT HIGHLIGHTS AT FCPT Source: Public filings PAGE 13 FCPT: FCPT: LEADING IN QUALITY NET LEASE See glossary on page 41 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 10% of non-restaurant ABR or 64% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the twelve months ended May 2025 and the brand average margins for the year ended May 2025. Peer data as of latest available public filings PAGE 28 CASUAL DINING COMEBACK: TRADING “IN THE CAR” FOR “IN THE BOOTH” Source: Public filings PAGE 7 FCPT’S DIFFERENTIATED APPROACH WITHIN NET LEASE Based on coverage as disclosed by FCPT’s peer net lease companies PAGE 39 CONSTRUCTION COSTS CONTINUE TO RISE Per Turner, “The TBCI is determined by the following factors considered on a nationwide basis: labor rates and productivity, material prices, and the competitive condition of the marketplace.” https://www.turnerconstruction.com/cost-index
INVESTOR PRESENTATION Q3 2025