8-K

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) : May 1, 2024

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 May 1, 2024, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2024. 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 March 31, 2024 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 No.	Exhibit Description
99.1	Press Release dated May 1, 2024
99.2	Supplemental Financial & Operating Information for the Quarter Ended March 31, 2024
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.
By:	/s/ JAMES L. BRAT
	James L. Brat Chief Operations Officer, General Counsel and Secretary

Date: May 1, 2024

EX-99.1

FCPT Announces First Quarter 2024 Financial and Operating Results MILL VALLEY, CA – May 1, 2024 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three months ended March 31, 2024. Management Comments “FCPT had a solid start to 2024, with continued high rent collection levels and the issuance of $85 million of Term Loans to further solidify our strong financial position,” said Bill Lenehan. “We currently have no outstanding debt maturities until November 2025 and are well capitalized to take advantage of any opportunities that may arise.” Rent Collection Update As of March 31, 2024, the Company has received rent payments representing 99.7% of its portfolio contractual base rent for the quarter ending March 31, 2023. Financial Results Rental Revenue and Net Income Attributable to Common Shareholders • Rental revenue for the first quarter increased 12.3% over the prior year to $58.6 million. Rental revenue consisted of $58.0 million in cash rents and $0.6 million of straight-line and other non-cash rent adjustments. • Net income attributable to common shareholders was $24.0 million for the first quarter, or $0.26 per diluted share. These results compare to net income attributable to common shareholders of $23.1 million for the same quarter in the prior year, or $0.27 per diluted share. Funds from Operations (FFO) • NAREIT-defined FFO per diluted share for the first quarter was $0.41, representing a $0.02 increase compared to the same quarter in 2023. Adjusted Funds from Operations (AFFO) • AFFO per diluted share for the first quarter was $0.43, representing a $0.02 per share increase compared to the same quarter in 2023. General and Administrative (G&A) Expense • G&A expense for the first quarter was $6.2 million, which included $1.6 million of stock-based compensation. These results compare to G&A expense in the first quarter of 2023 of $6.1 million, including $1.8 million of stock-based compensation. • Cash G&A expense (after excluding stock-based compensation) for the first quarter was $4.6 million, representing 7.9% of cash rental income for the quarter. Dividends • FCPT declared a dividend of $0.345 per common share for the first quarter of 2024.

Real Estate Portfolio • As of March 31, 2024, the Company’s rental portfolio consisted of 1,115 properties located in 47 states. The properties are 99.6% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 7.6 years. Acquisitions • During the first quarter, FCPT acquired 4 properties for a combined purchase price of $15.9 million at an initial weighted average cash yield of 6.9%, on rents in place as of March 31, 2023 and a weighted average remaining lease term of 9.9 years. Dispositions • During the first quarter, FCPT did not sell any properties. Liquidity and Capital Markets Capital Raising • During the first quarter, the Company sold 280,914 shares of Common Stock via the at-the-market (ATM) program at an average price of $24.56 per share for net proceeds of $6.9 million. Liquidity • At March 31, 2024, FCPT had approximately $277 million of available liquidity including $27 million of cash and cash equivalents and $250 million of undrawn revolving credit facility capacity. Credit Facility and Unsecured Notes • As announced on March 14, 2024, FCPT utilized the accordion feature of the Credit Agreement to enter into a new $85 million term loan. The Term Loan matures in March 2027 with one twelve-month extension exercisable at the Company’s option, subject to certain conditions. The Term Loan was fully drawn at close and was used to pay down the $50 million of private notes maturing in June 2024 as well as for acquisitions and other general corporate purposes. In conjunction with the Term Loan, the Company entered into $85 million of interest rate swaps to fix the reference rate at 3.94% through maturity. Including a credit margin of 0.95% determined under the Credit Agreement by FCPT’s current investment grade ratings of BBB/Baa3 (Fitch/Moody’s), the effective interest rate on the Term Loan is 4.89%. • At March 31, 2023, FCPT had $1,140 million of outstanding debt, consisting of $515 million of term loans and $625 million of unsecured fixed rate notes and no outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, is 5.6x at quarter-end.

Conference Call Information Company management will host a conference call and audio webcast on Thursday, May 2 at 11:00 a.m. Eastern Time to discuss the results. Interested parties can listen to the call via the following: Phone: 1 833 470 1428 (domestic) or 1 404 975 4839 (international), Call Access Code: 103269 Live webcast: https://events.q4inc.com/attendee/400587509 In order to pre-register for the call, investors can visit https://www.netroadshow.com/events/login?show=eec199e8&confId=63645 Replay: Available through July 31, 2024 by dialing 1 866 813 9403 (domestic) or 1 929 458 6194 (international), Replay Access Code 291808 About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at fcpt.com. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Forward- looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.

Notice Regarding Non-GAAP Financial Measures: In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are included in the supplemental financial and operating report, which can be found in the investor relations section of our website. Supplemental Materials and Website: Supplemental materials on the First Quarter 2024 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) 2024 2023 Revenues: Rental revenue 58,573$ 52,197$ Restaurant revenue 7,894 7,755 Total revenues 66,467 59,952 Operating expenses: General and administrative 6,213 6,055 Depreciation and amortization 13,467 12,176 Property expenses 3,081 3,167 Restaurant expenses 7,564 7,295 Total operating expenses 30,325 28,693 Interest expense (12,281) (9,918) Other income, net 240 300 Realized gain on sale, net - 1,562 Income tax expense (27) (48) Net income 24,074 23,155 Net income attributable to noncontroll ing interest (30) (31) Net Income Attributable to Common Shareholders 24,044$ 23,124$ Basic net income per share 0.26$ 0.27$ Diluted net income per share 0.26$ 0.27$ Regular dividends declared per share 0.3450$ 0.3400$ Weighted-average shares outstanding: Basic 91,719,475 85,833,602 Diluted 91,929,760 86,095,554 Three Months Ended March 31,

Four Corners Property Trust Consolidated Balance Sheets (In thousands, except share data) March 31, 2024 December 31, 2023 (Unaudited) Real estate investments: Land 1,244,659$ 1,240,865$ Buildings, equipment and improvements 1,719,745 1,708,556 Total real estate investments 2,964,404 2,949,421 Less: Accumulated depreciation (747,958) (738,946) Total real estate investments, net 2,216,446 2,210,475 Intangible lease assets, net 115,812 118,027 Total real estate investments and intangible lease assets, net 2,332,258 2,328,502 Cash and cash equivalents 26,079 16,322 Straight-line rent adjustment 65,926 64,752 Derivative assets 24,414 20,952 Deferred tax assets 1,320 1,248 Other assets 12,613 19,858 Total Assets 2,462,610$ 2,451,634$ Liabilities: Term loan and revolving credit facility ($515,000 and $446,000 of principal, respectively) 509,780$ 441,745$ Senior unsecured notes 621,150 670,944 Dividends payable 31,656 31,539 Rent received in advance 12,300 14,309 Derivative liabilities 607 2,968 Other liabilities 22,887 30,266 Total liabilities 1,198,380 1,191,771 Equity: Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding - - Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 91,989,203 and 91,617,477 shares issued and outstanding, respectively 9 9 Additional paid-in capital 1,268,361 1,261,940 Accumulated other comprehensive income 27,538 21,977 Noncontrolling interest 2,210 2,213 Accumulated deficit (33,888) (26,276) Total equity 1,264,230 1,259,863 Total Liabilities and Equity 2,462,610$ 2,451,634$ ASSETS LIABILITIES AND EQUITY

Four Corners Property Trust FFO and AFFO (Unaudited) (In thousands, except share and per share data) 2024 2023 Funds from operations (FFO): Net income 24,074$ 23,155$ Depreciation and amortization 13,430 12,145 Realized gain on sales of real estate - (1,562) FFO (as defined by NAREIT) 37,504$ 33,738$ Straight-line rental revenue (1,174) (1,433) Deferred income tax benefit (1) (72) (68) Stock-based compensation 1,640 1,767 Non-cash amortization of deferred financing costs 638 644 Non-real estate investment depreciation 37 31 Other non-cash revenue adjustments 555 551 Adjusted Funds from Operations (AFFO) 39,128$ 35,230$ Fully diluted shares outstanding (2) 92,044,319 86,210,113 FFO per diluted share 0.41$ 0.39$ AFFO per diluted share 0.43$ 0.41$ (2) Assumes the issuance of common shares for OP units held by non-controlling interest (1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business Three Months Ended March 31,

EX-99.2

Q1 2024 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION Four Corners Property Trust N Y S E : F C P T

Cautionary note regarding forward-looking statements: This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward- looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2023 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 17 of this presentation. F O R W A R D L O O K I N G S T A T E M E N T S A N D D I S C L A I M E R S Q 1 2 0 2 4

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Q 1 2 0 2 4 4 C O N S O L I D A T I N G BAL ANCE SHE E T As of 12/31/2023 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,237,203$ 7,456$ -$ 1,244,659$ 1,240,865$ Buildings, equipment and improvements 1,704,185 15,560 - 1,719,745 1,708,556 Total real estate investments 2,941,388 23,016 - 2,964,404 2,949,421 Less: accumulated depreciation (740,149) (7,809) - (747,958) (738,946) Real estate investments, net 2,201,239 15,207 - 2,216,446 2,210,475 Intangible lease assets, net 115,812 - - 115,812 118,027 Total real estate investments and intangible lease assets, net 2,317,051 15,207 - 2,332,258 2,328,502 Cash and cash equivalents 24,823 1,256 - 26,079 16,322 Straight-line rent adjustment 65,926 - - 65,926 64,752 Deferred tax assets - 1,320 - 1,320 1,248 Other assets 8,143 4,470 - 12,613 19,858 Derivative assets 24,414 - - 24,414 20,952 Investment in subsidiary 16,479 - (16,479) - - Intercompany receivable 506 - (506) - - Total Assets 2,457,342$ 22,253$ (16,985)$ 2,462,610$ 2,451,634$ LIABILITIES AND EQUITY Liabilities: Term loan ($515,000, net of deferred financing costs) 509,780$ -$ -$ 509,780$ 425,745$ Revolving facility ($250,000 remaining capacity) - - - - 16,000 Unsecured notes ($625,000, net of deferred financing costs) 621,150 - - 621,150 670,944 Rent received in advance 12,300 - - 12,300 14,309 Derivative liabilities 607 - - 607 2,968 Dividends payable 31,656 - - 31,656 31,539 Other liabilities 17,606 5,281 - 22,887 30,266 Intercompany payable - 506 (506) - - Total liabilities 1,193,099$ 5,787$ (506)$ 1,198,380$ 1,191,771$ Equity: Preferred stock -$ -$ -$ -$ -$ Common stock 9 - - 9 9 Additional paid-in capital 1,268,361 16,479 (16,479) 1,268,361 1,261,940 Accumulated other comprehensive income 27,538 - - 27,538 21,977 Noncontrolling interest 2,210 - - 2,210 2,213 Accumulated deficit (33,875) (13) - (33,888) (26,276) Total equity 1,264,243$ 16,466$ (16,479)$ 1,264,230$ 1,259,863$ Total Liabilities and Equity 2,457,342$ 22,253$ (16,985)$ 2,462,610$ 2,451,634$ As of 3/31/2024

Q 1 2 0 2 4 5 C O N S O L I D A T E D INCOME STATE ME NT ($000s, except shares and per share data) Unaudited 2024 2023 Revenues: Rental revenue 58,573$ 52,197$ Restaurant revenue 7,894 7,755 Total revenues 66,467 59,952 Operating expenses: General and administrative 6,213 6,055 Depreciation and amortization 13,467 12,176 Property expenses 3,081 3,167 Restaurant expenses 7,564 7,295 Total operating expenses 30,325 28,693 Interest expense (12,281) (9,918) Other income, net 240 300 Realized gain on sale, net - 1,562 Income tax expense (27) (48) Net income 24,074 23,155 Net income attributable to noncontrolling interest (30) (31) Net Income Attributable to Common Shareholders 24,044$ 23,124$ Basic net income per share 0.26$ 0.27$ Diluted net income per share 0.26$ 0.27$ Regular dividends declared per share 0.3450$ 0.3400$ Weighted-average shares outstanding: Basic 91,719,475 85,833,602 Diluted 91,929,760 86,095,554 Three Months Ended March 31,

Q 1 2 0 2 4 6 F F O & A F F O RE CONCIL IATION ($000s, except shares and per share data) Unaudited 2024 2023 Net income 24,074$ 23,155$ Depreciation and amortization 13,430 12,145 Realized gain on sales of real estate - (1,562) FFO (as defined by NAREIT) 37,504$ 33,738$ Straight-line rental revenue (1,174) (1,433) Deferred income tax benefit1 (72) (68) Stock-based compensation 1,640 1,767 Non-cash amortization of deferred financing costs 638 644 Non-real estate investment depreciation 37 31 Other non-cash revenue adjustments 555 551 Adjusted Funds From Operations (AFFO) 39,128$ 35,230$ Fully diluted shares outstanding2 92,044,319 86,210,113 FFO per diluted share 0.41$ 0.39$ AFFO per diluted share 0.43$ 0.41$ Three Months Ended March 31,

Q 1 2 0 2 4 7 N E T A S S E T V A L U E COMPONE NTS Real Estate Portfolio as of 3/31/2024 Purchase Price ($000s) # of Rental Leases Total Square Feet (000s) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage1 Lease Term Remaining (Yrs)2 Annual Cash Base Rent ($000s)3 % Total Cash Base Rent(3) Darden - 455 3,549 32 5.5x 6.5 112,868 51.4% Other restaurant - 400 1,894 33 2.8x 9.6 62,633 28.5% Non-restaurant - 282 2,064 21 2.7x 7.5 44,112 20.1% Total Owned Portfolio - 1,137 7,507 29 4.9x 7.6 219,612 100.0% Q1 2024 Transaction Activity4 Leases acquired 15,902 4 41 27 n/a 9.9 1,102 0.5% No sales in Q1 2024 Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash 26,764$ Other tangible assets 7,217 Total Tangible Assets 33,981$ Debt Face Value ($000s) Term loan 515,000$ Senior fixed rate notes 625,000 Revolving credit facility - Total Debt 1,140,000$ Tangible Liabilities Book Value ($000s) Dividends payable 31,656$ Rent received in advance, accrued interest, and other accrued expenses 27,201 Total Tangible Liabilities 58,857$ Shares Outstanding Common stock (shares outstanding as of 3/31/2024) 91,989,203 Operating partnership units (OP units outstanding as of 3/31/2024) 114,559 Total Common Stock and OP Units Outstanding 92,103,762

Q 1 2 0 2 4 8 C A P I T A L I Z A T I O N & K E Y C R E D I T ME TRICS % of Market Capitalization Equity: Share price (3/31/2024) 24.47$ Shares and OP units outstanding (3/31/2024) 92,103,762 Equity Value 2,253,779$ 66.4% Debt: Term loan 515,000$ 15.2% Revolving credit facility - 0.0% Unsecured notes 625,000 18.4% Total Debt 1,140,000$ 33.6% Total Market Capitalization 3,393,779$ 100.0% Less: cash and restricted cash (26,764) Implied Enterprise Value 3,367,015$ Dividend Data (fully diluted) Q1 2024 Common dividend per share1 $0.3450 AFFO per share $0.43 AFFO payout ratio 81.2% Credit Metrics Net Debt2 Adjusted EBITDAre 3 Ratio Net debt to Adjusted EBITDAre 1,113,236$ 199,591$ 5.6x Q1 2024 Capitalization ($000s, except shares and per share data)

Q 1 2 0 2 4 9 D E B T SUMMARY Note: FCPT has entered into interest rate swaps that fix $460 million of Term Loans through November 2024, $410 million through November 2025, and $410 through November 2026, and $360 through November 2027. See footnotes for further details Debt Type Maturity Date Balance as of March 31, 2024 ($000s) % of Debt Cash Interest Rate as of March 31, 20244 Weighted Average Maturity (Yrs.) Credit Facility1 Revolving facility Nov-2025 - - - 1.6 Term loan Nov-2025 150,000 13.2% 3.83% 1.6 Term loan Nov-2026 100,000 8.8% 3.83% 2.6 Term loan Jan-2027 90,000 7.9% 3.78% 2.8 Term loan Mar-2027 85,000 7.5% 3.78% 3.0 Term loan Jan-2028 90,000 7.9% 3.78% 3.8 Principal Amount 515,000$ Unsecured Notes2 C Dec-2026 50,000 4.4% 4.63% 2.7 B Jun-2027 75,000 6.6% 4.93% 3.2 D Dec-2028 50,000 4.4% 4.76% 4.7 G Apr-2029 50,000 4.4% 2.74% 5.1 E Jun-2029 50,000 4.4% 3.15% 5.2 F Apr-2030 75,000 6.6% 3.20% 6.0 I Mar-2031 50,000 4.4% 3.09% 7.0 H Apr-2031 50,000 4.4% 2.99% 7.1 J Mar-2032 75,000 6.6% 3.11% 8.0 K Jul-2033 100,000 8.8% 6.44% 9.3 Principal Amount 625,000$ Mortgages Payable3 None - - - - Total/Weighted Average 1,140,000$ 100.0% 3.96% 4.5 Unamortized Deferred Financing Costs Credit facility (5,220)$ Unsecured notes (3,850) Debt Carrying Value (GAAP) 1,130,930$ Fixed rate 1,085,000$ 95% Variable rate 55,000$ 5% Credit Rating (Fitch/Moody's): BBB/Baa3

$150 $100 $175 $90 $250 $50 $75 $50 $0 $150 $250 $140 $100 $75 $100 $75 $100 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unsecured Notes Undrawn Revolver Drawn Revolver Unsecured Term Q 1 2 0 2 4 10 4.5-year Weighted average term for notes/term loans 95% Fixed rate debt 3.96% Weighted average cash interest rate $250 million Available on revolver 1 D E B T M A T U R I T Y SCHE DUL E

Q 1 2 0 2 4 11 D E B T COVE NANTS As of March 31, 2024 Covenants Q1 2024 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 4.3x Limitation on unencumbered leverage ≤ 60% 37.3% Unencumbered interest coverage ratio ≥ 1.75x 4.8x Requirement The following is a summary of the key financial covenants for our unsecured credit facility. These calculations are not based on U.S. GAAP measurements and are presented to demonstrate compliance with current credit covenants

Q 1 2 0 2 4 12 1 F I N A N C I A L S U M M A R Y P G 3 3 E X H I B I T S P G 1 6 CONTENTS 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2

Q 1 2 0 2 4 13 1,137 Leases / 149 Brands Annual Base Rent of $219.6 million1 51% Darden Exposure 59% Investment Grade3 1.4% Average Annual Rent Escalator4 F C P T P O R T F O L I O B R A N D DIVE RSIF ICATION 10% 4% 8% 21% 9% 8% 3% 37% Other restaurants Auto service Medical retail Other retail Other 2 FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR 1 Olive Garden 314 2,673 36.8% 2 Longhorn Steakhouse 115 645 10.4% 3 Chili's 82 450 7.7% 4 Buffalo Wild Wings 28 171 2.5% 5 Cheddar's 13 112 2.2% 6 Red Lobster 18 130 1.7% 7 Caliber Collision 28 390 1.6% 8 Bahama Breeze 10 92 1.5% 9 KFC 33 95 1.5% 10 WellNow Urgent Care 20 78 1.4% 11 Burger King 21 68 1.4% 12 BJ's Restaurant 12 98 1.3% 13 Take 5 Car Wash 9 35 1.3% 14 Bob Evans 15 83 1.2% 15 Oak Street Health 10 87 1.1% 16 Outback Steakhouse 13 88 1.0% 17 Arby's 17 53 0.8% 18 Texas Roadhouse 12 88 0.8% 19 NAPA Auto Parts 17 120 0.8% 20 Starbucks 17 38 0.8% 21 Fresenius 10 80 0.7% 22 Taco Bell 14 35 0.6% 23 Aspen Dental 10 36 0.6% 24 Verizon 12 34 0.6% 25 Tire Discounters 8 73 0.6% 26-149 Other 279 1,655 18.9% Total Lease Portfolio 1,137 7,507 100%

Q 1 2 0 2 4 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OHIN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI G E O G R A P H I C DIVE RSIF ICATION ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties 14 State % ABR Leases TX 10.0% 89 TN 4.3% 38 WI 2.3% 32 OK 1.8% 21 AR 1.0% 11 FL 9.0% 83 VA 2.7% 32 AL 2.3% 33 MO 1.7% 24 Other 6.9% 78 OH 7.2% 85 NY 2.7% 34 CA 2.1% 15 IA 1.7% 25 IL 6.8% 77 MD 2.6% 33 CO 2.0% 26 AZ 1.4% 15 GA 5.3% 61 SC 2.5% 31 LA 2.0% 24 KS 1.4% 14 IN 5.0% 72 PA 2.5% 23 KY 2.0% 24 MN 1.1% 11 MI 4.3% 62 NC 2.4% 32 MS 2.0% 24 NV 1.1% 8

Q 1 2 0 2 4 15 0.9% 2.2% 2.8% 12.7% 11.9% 11.1% 9.9% 9.5% 7.0% 13.4% 1.9% 2.3% 3.3% 2.3% 2.9% 0.4% 1.4% 0.8% 1.7% 0.4% 1.3% 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 % A N N U A L I Z E D B A S E R E N T 1 99.6% occupied2 as of 3/31/2024 7.6 years weighted average lease term < 6.0% of rental income matures prior to 2027 L E A S E M A T U R I T Y S C H E D U L E

Q 1 2 0 2 4 16 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2 3 E X H I B I T S P G 1 6 1 F I N A N C I A L S U M M A R Y P G 3CONTENTS

17 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 3/31/2024 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non-cash and other costs. These non- GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non- GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated quarterly by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. Funds From Operations (“FFO”) is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition. Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income. Adjusted Funds From Operations (“AFFO”) is a non-GAAP measure that is used as a supplemental operating measure specifically for comparing year over year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate adjusted funds from operations by adding to or subtracting from FFO: 1. Transaction costs incurred in connection with business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Non-cash expense (income) adjustments related to deferred tax benefits AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely-reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Properties refers to properties available for lease. G L O S S A R Y A N D N O N - G A A P DE F INIT IONS

Q 1 2 0 2 4 18 R E C O N C I L I A T I O N S C H E D U L E S RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL (In thousands) Unaudited 2024 2023 Net Income 24,074$ 23,155$ Adjustments: Interest expense 12,281 9,918 Income tax expense 27 48 Depreciation and amortization 13,467 12,176 EBITDA1 49,849 45,297 Adjustments: Gain on dispositions and exchange of real estate - (1,562) Provision for impairment of real estate - - EBITDAre 1 49,849 43,735 Adjustments: Real estate transaction costs 49 51 Gain or loss on extinguishment of debt - - Adjusted EBITDAre 1 49,898 43,786 Annualized Adjusted EBITDAre 199,591$ 175,142$ Three Months Ended March 31, (In thousands) 2024 2023 Rental revenue 55,888$ 49,674$ Tenant reimbursement revenue 2,685 2,523 Total Rental Revenue 58,573$ 52,197$ (In thousands) 2024 2023 Tenant expense reimbursed 2,685$ 2,523$ Other non-reimbursed property expenses2 396 644 Total Property Expenses 3,081$ 3,167$ Three Months Ended March 31, Three Months Ended March 31, Rental Revenue Property Expenses

Q 1 2 0 2 4 19 PAGE 6 FFO & AFFO RECONCILIATION 1. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business 2. Assumes the issuance of common shares for OP units held by non- controlling interest PAGE 9 DEBT SUMMARY 1. Borrowings under the term loans accrue interest at a rate of daily SOFR plus 0.10% plus a 0.95%-1.00% credit spread. FCPT has entered into interest rate swaps that fix $460 million of Term Loans through November 2024, $410 million through November 2025, and $410 through November 2026, and $360 through November 2027. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 3.5% for 2024, 3.3% for 2025, 3.7% for 2026, and 3.6% for 2027. A daily simple SOFR rate of 5.34% as of 3/31/2024 is used for the 11% of term loans that are not fixed through hedges 2. These notes are senior unsecured fixed rate obligations of the Company. Cash interest rate excludes amortization of swap gains and losses incurred in connection with the issuance of these notes. The annual amortization (benefit) of net hedge gains is currently $182 thousand per year 3. As of 3/31/2024, FCPT had no mortgage debt and 100% of FCPT properties were unencumbered 4. Excludes amortization of deferred financing costs on the credit facility and unsecured notes PAGE 10 DEBT MATURITY SCHEDULE Figures as of 3/31/2024 1. The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026 PAGE 15 LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 3/31/2024 1. Annual cash base rent (ABR) as defined in glossary 2. Occupancy based on portfolio square footage PAGE 7 NET ASSET VALUE COMPONENTS 1. See glossary on page 17 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 8% of non- restaurant ABR or 68% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending November 2023 and updated average trailing twelve months brand average margins and brand average year over year same store sales for the quarter ended February 2024 2. Lease term weighted by annual cash base rent (ABR) as defined in glossary 3. Current scheduled minimum contractual rent as of 3/31/2024 4. FCPT acquired 4 properties and leasehold interests in Q1 2024; FCPT had no dispositions in the quarter PAGE 13 BRAND DIVERSIFICATION 1. Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 3/31/2024, 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 4. Average annual rent escalation through December 31, 2028 (weighted by annualized base rent) PAGE 14 GEOGRAPHIC DIVERSIFICATION 1. Annual cash base rent (ABR) as defined in glossary. Includes two leases in Alaska (not pictured) PAGE 18 RECONCILIATION SCHEDULES 1. See glossary on page 17 for non-GAAP definitions 2. Other non-reimbursed property expenses include non- reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 8 CAPITALIZATION & KEY CREDIT METRICS 1. First quarter 2024 dividend was declared on 3/11/2024, payable on 4/15/2024 2. Principal debt amount less cash and cash equivalents 3. Current quarter annualized. See glossary on page 17 for definitions of EBITDAre and Adjusted EBITDAre and page 19 for reconciliation to net income F O O T N O T E S

Four Corners Property Trust N Y S E : F C P T THANK YOU Q1 2024 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION

EX-99.3

INVESTOR PRESENTATION MAY 2024 Four Corners Property Trust N Y S E : F C P T

M A Y 2 0 2 4 2 Cautionary note regarding forward-looking statements: This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward- looking statements include all statements that are not historical statements of fact and those regarding FCPT’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of FCPT and FCPT’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT’s public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described. For a further discussion of these and other factors that could cause FCPT’s future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled “Item 1A. Risk Factors” in FCPT’s annual report on Form 10-K for the year ended December 31, 2023 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 27 of this presentation. F O R W A R D L O O K I N G S T A T E M E N T S A N D D I S C L A I M E R S

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

FCPT OVERVIEW REPRESENTATIVE BRANDS SAMPLE 4 H I G H - Q U A L I T Y P O R T F O L I O • Recently assembled, e-commerce resistant portfolio • Strong Tenant EBITDAR / Rent Coverage, nationally established brands and low rents provide for high tenant retention and limited vacancies T R A N S P A R E N T , A N A L Y T I C A L , D I S C I P L I N E D I N V E S T M E N T P H I L O S O P H Y • Focus on cost of capital and positive investment spread • Use of proprietary, data-driven scorecard to objectively rate every property • Detailed investment committee memo and public press release at close for every property acquisition A C C R E T I V E D I V E R S I F I C A T I O N • Grown from single tenant to 149 brands • Established new verticals in resilient, essential retail categories of auto service and medical retail • Disciplined pricing approach based on maintaining strong credit parameters and high-quality tenant base I N V E S T M E N T G R A D E B A L A N C E S H E E T • Committed to maintaining conservative 5.0x–6.0x leverage • Well-laddered, predominately fixed-rate debt maturity schedule • Significant liquidity, unencumbered assets, high fixed charge coverage

5M A Y 2 0 2 4 I N V E S T M E N T S 4 99.6% occupied 4.9x tenant EBITDAR coverage2 1.4% average annual escalator 7.6-year average lease term remaining Capital deployed ($M) Average initial cash yield Initial average lease term Dispositions ($M) Cash yield 2 0 2 4 Y T D PORTF OL IO AND INVE STME NT HIGHL IGHTS P O R T F O L I O 1 1,137 leases 149 brands 59% investment grade3 <6.0% expirations before 2027 2024 YTD $15.9 6.9% 10-year - - 2023 $332.6 6.7% 12-year $29.3 6.5%

M A Y 2 0 2 4 6 2 0 2 4 Y T D F I N A N C I A L HIGHL IGHTS $0.26 Q1 2024 Net income per share $0.43 Q1 2024 AFFO per share1 $0.41 Q1 2024 FFO per share $277 million Liquidity with ample revolver capacity and cash 100% Unencumbered ABR 5.6x Net debt to adjusted EBITDAre2 4.3x Fixed charge coverage 95% Fixed rate debt 4.5 years Weighted average debt maturity BBB / Baa3 Stable Outlook Fitch / Moody’s

M A Y 2 0 2 4 7 A C Q U I S I T I O N V O L U M E BY YE AR 418 475 515 610 699 799 919 1023 1111 1115 2015 SPIN - - 2016 $94 6.6% $1.6 2017 $99 6.8% $2.3 2018 $263 6.5% $2.7 2019 $199 6.5% $2.2 2020 $223 6.5% $2.2 2021 $257 6.5% $2.1 2022 $286 6.5% $2.6 2023 $333 6.7% $3.5 2024 YTD $16 6.9% $4.0 +57 +40 +95 +89 +100 +120 +104 YEAR VOLUME ($M) CAP RATE +88 FCPT has been built with a deliberate focus on consistency and efficient execution P R O P E R T Y C O U N T 1 AVERAGE SIZE ($M)

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

M A Y 2 0 2 4 9 F C P T ’ S S T R O N G P O R T F O L I O PE RF ORMANCE FCPT has one of the highest-quality portfolios in the net lease sector and has established a strong track record over time (even through the COVID-19 pandemic) R E N T C O L L E C T I O N S 99.5% 98.8% 99.6% 99.6% 99.7% 99.8% 99.8% 99.8% 99.7% 99.9% 99.8% 99.7% 99.9% 99.7% 99.9% 99.8% 99.7% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 O C C U P A N C Y 2 99.6% 99.6% 99.6% 99.6% 99.7% 99.7% 99.8% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.8% 99.8% 99.6% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 1

M A Y 2 0 2 4 10 G E O G R A P H I C A L L Y D I V E R S E PORTF OL IO • Lower taxes and a shift toward work-from- home has accelerated a demographic shift toward low-cost of living and high-quality of life states • FCPT’s portfolio is primarily suburban and located in fast-growing and diverse regions • Texas and Florida, our largest states as measured by Annual Base Rent, were the two highest in-migration states according to the 2023 U-Haul growth index2 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OHIN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties

• FCPT’s high caliber portfolio benefits from strong rent coverage. Rents for the original Darden spin- off properties were purposely set at sustainable levels, and our current investment strategy and credit underwriting focuses on acquiring low rent and high rent coverage properties (including ground leases) • Ground leases are characterized by low rents tied to the land value only (tenant constructed and owns the building). The ownership of buildings typically reverts to FCPT at the end of the lease. While many ground leases do not report financials, the low rent levels imply very high EBITDAR to rent coverage L O W R E N T / H I G H C O V E R A G E PORTF OL IO T E N A N T R E N T A L C O V E R A G E 1 47% 11% 42% F C P T P O R T F O L I O 2 Building and Ground Lease 556 Darden Spin Portfolio 410 Ground Lease 171 5.5x 2.8x 2.7x 4.9x Darden Other Restaurants Non-Restaurant Total 11M A Y 2 0 2 4

M A Y 2 0 2 4 12 B R A N D E X P O S U R E B Y ANNUAL IZE D BASE RE NT 314 leases 82 leases 318 leases 57 brands 26 leases 139 leases 29 brands 115 leases Other restaurants Auto service 90 leases 31 brands Medical retail 53 leases 25 brands Other retail 1,137 Leases / 149 Brands Annual Base Rent of $219.6 million1 51% Darden Exposure 20% Non-Restaurant Exposure F C P T P O R T F O L I O 10% 4% 8% 21% 9% 8% 3% 37% Other restaurants Auto serviceMedical retail Other retail Other Other 37% 21% 10% 9% 8% 8% 4% 3% 2 2 3

M A Y 2 0 2 4 13 B R A N D DIVE RSIF ICATION Rank Brand Name # Sq Ft (000s) % of ABR(1) 1 Olive Garden 314 2673 36.8% 2 Longhorn Steakhouse 115 645 10.4% 3 Chili's 82 450 7.7% 4 Buffalo Wild Wings 28 171 2.5% 5 Cheddar's 13 112 2.2% 6 Red Lobster 18 130 1.7% 7 Caliber Collision 28 390 1.6% 8 Bahama Breeze 10 92 1.5% 9 KFC 33 95 1.5% 10 WellNow Urgent Care 20 78 1.4% 11 Burger King 21 68 1.4% 12 BJ's Restaurant 12 98 1.3% 13 Take 5 Car Wash 9 35 1.3% 14 Bob Evans 15 83 1.2% 15 Oak Street Health 10 87 1.1% 16 Outback Steakhouse 13 88 1.0% 17 Arby's 17 53 0.8% 18 Texas Roadhouse 12 88 0.8% 19 NAPA Auto Parts 17 120 0.8% 20 Starbucks 17 38 0.8% 21 Fresenius 10 80 0.7% 22 Taco Bell 14 35 0.6% 23 Aspen Dental 10 36 0.6% 24 Verizon 12 34 0.6% 25 Tire Discounters 8 73 0.6% 26-149 Other 279 1,655 18.9% Total Lease Portfolio 1,137 7,507 100% TOP 10 FCPT PORTFOLIO BRANDS 0 1 0 2 0 3 0 4 0 5 0 6 0 7 0 8 0 9 1 0 59% Investment Grade by ABR2

$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 FCPT focuses on national brands with strong sales volumes and market appropriate rents THOUGHTFUL BRAND SELECTION FCPT pursues properties within the median range of Casual Dining, Fast Casual and Quick Service; Concepts with mid-level sales volumes provide rent support, while keeping rent at replaceable levels in case of vacancy Casual Dining Fast Casual Quick Service Brand Average Sales Volume ($000s)1

M A Y 2 0 2 4 15 8.0% 8.3% 7.1% 7.4% 6.6% 4.7% 4.7% 0.9% 2.2% 2.8% 4.7% 3.6% 4.1% 2.5% 2.9% 2.3% 8.7% 1.9% 2.3% 3.3% 2.3% 2.9% 0.4% 1.4% 0.8% 1.7% 0.4% 1.3% 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Darden Spin Other % A N N U A L I Z E D B A S E R E N T 1 LEASE MATURITY SCHEDULE 99.6% occupied2 as of 3/31/2024 7.6 years weighted average lease term < 6.0% of rental income matures prior to 2027 FCPT has had very high renewal rates on lease maturities to date

“ S T R O N G R E C E N T R E S T A U R A N T R E S U L T S B A I R D R E S T A U R A N T S S U R V E Y S : W E E K L Y S A M E - S T O R E S A L E S V S . Y E A R P R I O R 16 • Baird’s weekly restaurant survey shows both quick service and casual dining restaurants continue to perform near or above prior year levels • Our three largest brands (Olive Garden, LongHorn Steakhouse and Chili’s) are benefiting from improving restaurant margins • Strong national brands are taking market share from independent restaurant chains; we expect them to continue to provide strong rent coverage even with a weakening macro backdrop -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% Q2 2022 11/27/2022 2/19/2023 5/14/2023 8/6/2023 10/29/2023 1/21/2024 4/14/2024 Overall Casual Dining Quick Service

M A Y 2 0 2 4 17 DARDE N P E R F O R M A N C E A N D C O N C E N T R A T I O N Darden has improved its performance beyond pre-COVID levels and maintained its strong credit profile Inception Pre-COVID Current1 Darden Restaurants Darden Rating (Fitch/Moody’s/S&P) BBB / Baa3 / BBB BBB / Baa2 / BBB BBB / Baa2 / BBB Sales per Store - Olive Garden ($ millions) $4.9 $5.1 $5.5 Sales per Store - LongHorn ($ millions) $3.7 $3.8 $4.7 EBITDA Margins – Olive Garden 20.3% 21.0% 22.5% EBITDA Margins - LongHorn 17.8% 19.2% 18.7% Total Revenue ($ millions) $7,513 $8,916 $11,899 FCPT FCPT Rating (Fitch/Moody’s) N/A BBB- / NA BBB / Baa3 Darden Rent Coverage 4.2x 5.1x 5.5x Number of Darden Restaurants 418 426 455 Darden as Percent of ABR1 100% 71% 51%

18 139 leases 9% of annual base rent1 • Principally targeting auto service centers, including collision repair and tire service leased to credit worthy operators. We have made select investments in gas stations with large format convenience stores, car wash and auto part retailers at attractive, low bases • Focus is on properties that are not dependent on the internal combustion engine and 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 D I V E R S I F I C A T I O N : AUTO INDUSTRY

19 90 leases 8% of annual base rent1 D I V E R S I F I C A T I O N : ME DICAL RE TAIL • FCPT’s largest medical retail exposures are focused on outpatient services: urgent care, dental, primary care, 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

M A Y 2 0 2 4 Skilled nursing facilities Primary Care Clinic Pharmacy Virtual Diagnostic / Imaging clinic Hospital Urgent / Dental / Veterinary C ar e A cu it y C os t Care Continuum Freestanding emergency room care Ambulatory surgery / Outpatient treatment Inpatient rehab Outpatient rehab Home care Low Acuity Care Acute care Post-acute care F C P T F O C U S • FCPT target operators provide services that require in-person interaction, while having lighter asset needs and smaller physical building sizes • FCPT’s medical properties are exclusively on the lower end of the acuity care spectrum • FCPT does not own and is not currently pursuing skilled nursing, hospitals or rehabilitation facilities • FCPT does not 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 Healthcare delivery occurs across a spectrum of real estate and operator cost structures 20 H E A L T H C A R E INDUSTRY TARGE TS FCPT is not targeting investment in verticals denoted with red icons

M A Y 2 0 2 4 21 2 H I G H Q U A L I T Y P O R T F O L I O P G 8 3 C O N S E R V A T I V E F I N A N C I A L P O S I T I O N P G 2 1 4 A P P E N D I X P G 2 4 1 C O M P A N Y O V E R V I E W P G 3CONTENTS

“ M A Y 2 0 2 4 22 $150 $100 $175 $90 $250 $50 $75 $50 $0 $150 $250 $140 $100 $75 $100 $75 $100 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unsecured Notes Undrawn Revolver Drawn Revolver Unsecured Term D E B T M A T U R I T Y S C H E D U L E ( $ M I L L I O N S ) FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility • Weighted average debt maturity 4.5 years • No near-term debt maturities prior to November 2025 Conservative leverage • Net debt to adjusted EBITDAre ratio is 5.6x1 • Fixed charge coverage of 4.3x Strong liquidity profile • $250 million revolver with full $250 million available capacity • Conservative dividend payout ratio of approximately 80% of AFFO Minimal floating rate exposure • 95% of debt is fixed rate including the effect of interest rate hedges Investment grade rated • Rated BBB by Fitch and Baa3 by Moody’s CONSE RVATIVE F I N A N C I A L P O L I C I E S

M A Y 2 0 2 4 23 C O M P A N Y M O M E N T U M SINCE INCE PTION A S O F 3 / 3 1 / 2 3 Rating UNRATED BBB (FITCH) Baa3 (MOODY’S) Team members 4 37 + 33 Annual base rent1 $94.4 million $219.6 million + $125.2 million (+133%) Properties 418 1,115 + 697 (+167%) Brands 5 149 + 144 % Darden2 100% 51% - 49% Weighted avg lease term 15 years 7.6 years - 7.4 years Equity market cap $848 million $2.3 billion + $1.4 billion Enterprise value $1.3 billion $3.4 billion + $2.1 billion

M A Y 2 0 2 4 24 2 H I G H Q U A L I T Y P O R T F O L I O P G 8 1 C O M P A N Y O V E R V I E W P G 3 4 A P P E N D I X P G 2 4 CONTENTS 3 C O N S E R V A T I V E F I N A N C I A L P O S I T I O N P G 2 1

M A Y 2 0 2 4 25 50% C R E D I T C R I T E R I A • Guarantor credit and health • Brand durability • Store performance • Lease term and structure • Location • Retail corridor strength & demographics • Access / visibility • Absolute and relative rent • Pad site and building reusability ACQUISIT ION AND UNDERWRITING FRAMEWORK R E A L E S T A T E C R I T E R I A 50% A C Q U I S I T I O N P H I L O S O P H Y • Acquire strong retail brands that are well located with creditworthy lease guarantors • Purchase assets only when accretive to cost of capital with a focus on low basis • Add leading brands in resilient industries, occupying highly fungible buildings U N D E R W R I T I N G C R I T E R I A • Acquisition criteria is approximately split 50% / 50% between credit and real estate metrics based on FCPT’s proprietary scorecard which incorporates over 25 comprehensive categories • The “score” allows FCPT to have an objective, consistent underwriting model and comparison tool for asset management decisions

E N V I R O N M E N T S O C I A L O U R T E A M G O V E R N A N C E S U S T A I N A B I L I T Y F RAME WOR K Our commitment to sustainability and Environmental, Social and Governance (ESG) principles creates value our shareholders. We continuously review our internal policies to advance in the areas of environmental sustainability, social responsibility, employee well-being, and governance. For more details, see the FCPT ESG Report and policies on our website https://fcpt.com/about-us/ We evaluate our business operations and the environmental risk aspects of our investment portfolio on an ongoing basis and strive to adhere to sustainable business practices We apply values-based negative screening in our underwriting process and do not transact with any tenant, buyer, or seller or acquire any properties with negative social factors. We do not process or have access to any consumer data Our culture is inclusive and team-oriented with a high retention rate. We hire for the long-term and invest in development, with a flat organization that drives employee engagement. We are a certified ‘Great Place to Work’ We aim for best-in-class corporate governance structures and compensation practices that closely align the interests of our Board and leadership with those of our stockholders. Four of our eight Board Directors are female and seven are independent, including our chairperson. Only independent Directors serve on the Board’s committees 26M A Y 2 0 2 4

27 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 3/31/2024 and represents monthly contractual cash rent, excluding percentage rents, from leases, recognized during the final month of the reporting period, adjusted to exclude amounts received from properties sold during that period and adjusted to include a full month of contractual rent for properties acquired during that period. EBITDA represents earnings (GAAP net income) plus interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non- GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non- cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated quarterly by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. Funds From Operations (“FFO”) is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition. Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income. Adjusted Funds From Operations “AFFO” is a non-GAAP measure that is used as a supplemental operating measure specifically for comparing year over year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate adjusted funds from operations by adding to or subtracting from FFO: 1. Transaction costs incurred in connection with business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Non-cash expense (income) adjustments related to deferred tax benefits AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely-reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Properties refers to properties available for lease. G L O S S A R Y A N D N O N - G A A P D E F I N I T I O N S M A Y 2 0 2 4

(In thousands) Unaudited 2024 2023 Net Income 24,074$ 23,155$ Adjustments: Interest expense 12,281 9,918 Income tax expense 27 48 Depreciation and amortization 13,467 12,176 EBITDA1 49,849 45,297 Adjustments: Gain on dispositions and exchange of real estate - (1,562) Provision for impairment of real estate - - EBITDAre 1 49,849 43,735 Adjustments: Real estate transaction costs 49 51 Gain or loss on extinguishment of debt - - Adjusted EBITDAre 1 49,898 43,786 Annualized Adjusted EBITDAre 199,591$ 175,142$ Three Months Ended March 31, M A Y 2 0 2 4 28 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL (In thousands) 2024 2023 Rental revenue 55,888$ 49,674$ Tenant reimbursement revenue 2,685 2,523 Total Rental Revenue 58,573$ 52,197$ (In thousands) 2024 2023 Tenant expense reimbursed 2,685$ 2,523$ Other non-reimbursed property expenses2 396 644 Total Property Expenses 3,081$ 3,167$ Three Months Ended March 31, Three Months Ended March 31, Rental Revenue Property Expenses R E C O N C I L I A T I O N SCHE DUL E S

M A Y 2 0 2 4 29 ($000s, except shares and per share data) Unaudited 2024 2023 Net income 24,074$ 23,155$ Depreciation and amortization 13,430 12,145 Realized gain on sales of real estate - (1,562) FFO (as defined by NAREIT) 37,504$ 33,738$ Straight-line rental revenue (1,174) (1,433) Deferred income tax benefit1 (72) (68) Stock-based compensation 1,640 1,767 Non-cash amortization of deferred financing costs 638 644 Non-real estate investment depreciation 37 31 Other non-cash revenue adjustments 555 551 Adjusted Funds From Operations (AFFO) 39,128$ 35,230$ Fully diluted shares outstanding2 92,044,319 86,210,113 FFO per diluted share 0.41$ 0.39$ AFFO per diluted share 0.43$ 0.41$ Three Months Ended March 31, F F O & A F F O RE CONCIL IATION

PAGE 9 FCPT STRONG PORTFOLIO PERFORMANCE 1. 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 2. Occupancy based on portfolio square footage M A Y 2 0 2 4 30 F O O T N O T E S PAGE 5 PORTFOLIO AND INVESTMENT HIGHLIGHTS Figures as of 3/31/2024, unless otherwise noted 1. Weighted averages based on contractual Annual Cash Base Rent as defined in glossary, except for occupancy which is based on portfolio square footage. See glossary for definitions 2. See glossary on page 27 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 8% of non-restaurant ABR or 68% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending November 2023 and updated average trailing twelve months brand average margins and brand average year over year same store sales for the quarter ended February 2024 3. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's 4. Acquisitions through March 31, 2024. Excludes renewal options PAGE 10 GEOGRAPHICALLY DIVERSE PORTFOLIO Figures as of 3/31/2024 1. Annual Cash Base Rent (ABR) as defined on page 27 2. Source: U-Haul growth index 2023 PAGE 11 LOW RENT/ HIGH COVERAGE PORTFOLIO 1. See glossary on page 27 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 99% of Darden annual cash base rent (ABR), 53% of other restaurant ABR and 8% of non- restaurant ABR or 68% of total portfolio ABR. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending November 2023 and updated average trailing twelve months brand average margins and brand average year over year same store sales for the quarter ended February 2024 2. Represents current Annual Cash Base Rent (ABR) as of 3/31/2024 as defined on page 27 PAGE 12 BRAND EXPOSURE BY ANNUALIZED BASE RENT 1. Represents current Annual Cash Base Rent (ABR) as of 3/31/2024, as defined on page 27 2. Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants 3. Other retail includes properties leased to cell phone stores, bank branches, grocers amongst others. These are often below market rent leases, and many were purchased through the outparcel strategy PAGE 6 FINANCIAL HIGHLIGHTS Figures as of 3/31/2024, unless otherwise noted 1. See page 27 for non-GAAP definitions, and page 29 for reconciliation of net income to AFFO 2. See page 28 for reconciliation of net income to adjusted EBITDAre and page 27 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 19 DIVERSIFICATION: MEDICAL RETAIL 1. As of March 31, 2024 PAGE 18 DIVERSIFICATION: AUTO INDUSTRY 1. As of March 31, 2024 PAGE 22 CONSERVATIVE FINANCIAL POLICIES Figures as of 3/31/2024, unless otherwise noted 1. See page 28 for reconciliation of net income to adjusted EBITDAre and page 27 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 23 COMPANY MOMENTUM SINCE INCEPTION 1. Annual Cash Base Rent (ABR) as defined on page 27 2. Based on Annual Base Rent PAGE 7 ACQUISITION VOLUME BY YEAR 1. Figures as of 3/31/2024 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 28 RECONCILIATION SCHEDULES 1. See glossary on page 27 for non-GAAP definitions 2. Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 29 FFO & AFFO RECONCILIATION 1. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business 2. Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 13 BRAND DIVERSIFICATION 1. Annual cash base rent (ABR) as defined in glossary 2. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's PAGE 15 LEASE MATURITY SCHEDULE Note: Excludes renewal options. All data as of 3/31/2024 1. Annual cash base rent (ABR) as defined in glossary 2. Occupancy based on portfolio square footage PAGE 16 STRONG RECENT RESTAURANT RESULTS 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. Last four weeks are averaged due to a calendar shift in holidays 1. Source: Data per The Baird Restaurant Surveys (produced by R.W. Baird & Co. Equity Research) reported 4/29/2024; Darden and Brinker same store sales data per latest public filings PAGE 17 DARDEN PERFORMANCE AND CONCENTRATION 1. Annualized Base Rent Note: Darden public SEC filing data from the fourth quarter (ended May) of each year annualized, except current results which represents Darden’s fiscal year 2024 Q3 and FY 2023 average sales per store. FCPT data is for Q4 2015, Q4 2019 and Q1 2024, respectively PAGE 14 THOUGHTFUL BRAND SELECTION 1. Brand average sales per Nation’s Restaurant News Top 200 (2023 edition, uses 2022 sales volumes)

Four Corners Property Trust N Y S E : F C P T THANK YOU INVESTOR PRESENTATION MAY 2024

XML

Cover Document	May 01, 2024
Cover [Abstract]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Written Communications	false
Document Type	8-K
Entity Incorporation, State or Country Code	MD
Entity Central Index Key	0001650132
Amendment Flag	false
Entity File Number	001-37538
Entity Tax Identification Number	47-4456296
Document Period End Date	May 01, 2024
Entity Registrant Name	FOUR CORNERS PROPERTY TRUST, INC.
Entity Address, Address Line One	591 Redwood Highway
Entity Address, Address Line Two	Suite 3215
Entity Address, City or Town	Mill Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94941
City Area Code	415
Local Phone Number	965-8030
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Trading Symbol	FCPT
Security Exchange Name	NYSE