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Q2 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION Four Corners Property Trust NYSE: FCPT
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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, 2025 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 Q 2 2026
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Q 2 2026 3 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17
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Q 2 2026 4 CONSOLIDATING BALANCE SHEET As of 12/31/2025 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,525,179$ 7,456$ -$ 1,532,635$ 1,499,059$ Buildings, equipment and improvements 2,025,874 14,905 - 2,040,779 1,998,573 Total real estate investments 3,551,053 22,361 - 3,573,414 3,497,632 Less: accumulated depreciation (831,617) (7,937) - (839,554) (816,992) Real estate investments, net 2,719,436 14,424 - 2,733,860 2,680,640 Intangible lease assets, net 128,392 - - 128,392 129,371 Total real estate investments and intangible lease assets, net 2,847,828 14,424 - 2,862,252 2,810,011 Cash and cash equivalents 23,293 1,497 - 24,790 12,144 Straight-line rent adjustment 72,959 - - 72,959 71,765 Deferred tax assets - 1,755 - 1,755 1,679 Other assets 15,021 4,284 - 19,305 15,742 Derivative assets 15,302 - - 15,302 9,385 Investment in subsidiary 16,503 - (16,503) - - Intercompany receivable - - - - - Total Assets 2,990,906$ 21,960$ (16,503)$ 2,996,363$ 2,920,726$ LIABILITIES AND EQUITY Liabilities: Term loan ($640,000, net of deferred financing costs) 630,744$ -$ -$ 630,744$ 581,880$ Revolving facility ($350,000 capacity) - - - - - Unsecured notes ($625,000, net of deferred financing costs) 622,616 - - 622,616 622,291 Rent received in advance 16,255 - - 16,255 17,939 Derivative liabilities 446 - - 446 5,055 Dividends payable1 80,369 - - 80,369 39,567 Other liabilities 19,164 4,414 - 23,578 24,155 Intercompany payable - - - - - Total liabilities 1,369,594$ 4,414$ -$ 1,374,008$ 1,290,887$ Equity: Preferred stock -$ -$ -$ -$ -$ Common stock 11 - - 11 11 Additional paid-in capital 1,755,885 16,503 (16,503) 1,755,885 1,713,606 Accumulated other comprehensive income 18,155 - - 18,155 7,665 Noncontrolling interest 2,059 - - 2,059 2,112 Accumulated deficit (154,798) 1,043 - (153,755) (93,555) Total equity 1,621,312$ 17,546$ (16,503)$ 1,622,355$ 1,629,839$ Total Liabilities and Equity 2,990,906$ 21,960$ (16,503)$ 2,996,363$ 2,920,726$ As of 6/30/2026
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Q 2 2026 5 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2026 2025 2026 2025 Revenues: Rental revenue 70,035$ 64,814$ 139,848$ 128,296$ Restaurant revenue 8,383 8,028 16,736 16,022 Total revenues 78,418 72,842 156,584 144,318 Operating expenses: General and administrative 7,241 6,440 14,726 14,079 Depreciation and amortization 16,564 14,620 32,750 29,049 Property expenses 3,623 3,386 6,998 6,651 Restaurant expenses 7,799 7,361 15,676 14,916 Total Expenses 35,227 31,807 70,150 64,695 Interest expense (13,813) (13,081) (26,934) (25,812) Other income, net 684 113 1,026 505 Realized gain on sale, net - - - - Income tax expense (67) (112) (165) (175) Net income 29,995 27,955 60,361 54,141 Net income attributable to noncontrolling interest (31) (31) (63) (61) Net Income Attributable to Common Shareholders 29,964$ 27,924$ 60,298$ 54,080$ Basic net income per share 0.27$ 0.28$ 0.55$ 0.54$ Diluted net income per share 0.27$ 0.28$ 0.55$ 0.54$ Regular dividends declared per share 0.3665$ 0.3550$ 0.7330$ 0.7100$ Weighted-average shares outstanding: Basic 109,495,491 100,820,074 109,388,849 100,267,510 Diluted 109,794,308 101,168,231 109,703,005 100,631,217 Three Months Ended June 30, Six Months Ended June 30,
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Q 2 2026 6 FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Unaudited 2026 2025 2026 2025 Net income 29,995$ 27,955$ 60,361$ 54,141$ Depreciation and amortization 16,490 14,582 32,601 28,974 Realized gain on exchange of real estate1 (377) - (377) - FFO (as defined by NAREIT) 46,108$ 42,537$ 92,585$ 83,115$ Straight-line rental revenue (470) (837) (1,248) (1,563) Deferred income tax benefit2 (36) (14) (76) (69) Stock-based compensation 2,455 2,001 5,068 4,761 Non-cash amortization of deferred financing costs 888 786 1,688 1,568 Non-real estate investment depreciation 74 38 149 75 Other non-cash revenue adjustments 467 478 1,011 964 Adjusted Funds From Operations (AFFO) 49,486$ 44,989$ 99,177$ 88,851$ Weighted average fully diluted shares outstanding3 109,908,867 101,282,790 109,817,564 100,745,776 FFO per diluted share 0.42$ 0.42$ 0.84$ 0.82$ AFFO per diluted share 0.45$ 0.44$ 0.90$ 0.88$ Three Months Ended June 30, Six Months Ended June 30,
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Q 2 2026 7 NET ASSET VALUE COMPONENTS Real Estate Portfolio as of 6/30/2026 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 Rent3 Darden - 465 3,621 33 6.0x 4.3 118,389 43.8% Other restaurant - 475 2,254 35 3.5x 8.6 79,067 29.2% Non-restaurant - 415 3,100 24 2.6x 8.3 73,056 27.0% Total Owned Portfolio - 1,355 8,975 30 5.2x 6.6 270,512 100.0% Q2 2026 Transaction Activity4 Leases acquired 57,246 23 179 22 n/a 10.5 3,868 1.4% No sales in Q2 2026 Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash 24,790$ Other tangible assets 13,970 Total Tangible Assets 38,760$ Debt Face Value ($000s) Term loan 640,000$ Senior fixed rate notes 625,000 Revolving credit facility - Total Debt 1,265,000$ Tangible Liabilities Book Value ($000s) Dividends payable 80,369$ Rent received in advance, accrued interest, and other accrued expenses 29,257 Total Tangible Liabilities 109,626$ Shares Outstanding Common stock (shares outstanding as of 6/30/2026) 109,756,406 Operating partnership units (OP units outstanding as of 6/30/2026) 114,559 Total Common Stock and OP Units Outstanding 109,870,965
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Q 2 2026 8 CAPITALIZATION & KEY CREDIT METRICS % of Market Capitalization Equity: Share price (6/30/2026) 24.55$ Shares and OP units outstanding (6/30/2026) 109,870,965 Equity Value 2,697,332$ 68.1% Debt: Term loan 640,000$ 16.2% Revolving credit facility - 0.0% Unsecured notes 625,000 15.8% Total Debt 1,265,000$ 31.9% Total Market Capitalization 3,962,332$ 100.0% Less: cash and restricted cash (24,790) Implied Enterprise Value 3,937,542$ Dividend Data (fully diluted) Q2 2026 Common dividend per share1 $0.3665 AFFO per share $0.45 AFFO payout ratio 81.4% Credit Metrics Net Debt2 Adjusted EBITDAre 3 Ratio Net debt to Adjusted EBITDAre 1,240,210$ 240,499$ 5.2x Q2 2026 Capitalization ($000s, except shares and per share data)
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Q 2 2026 9 DEBT SUMMARY Debt Type Maturity Date Balance as of June 30, 2026 ($000s) % of Debt Cash Interest Rate as of June 30, 20264 Weighted Average Maturity (Yrs.) Credit Facility1 Revolving facility Feb-2029 - - SOFR + 85 bps 2.6 Term loan Nov-2026 100,000 7.9% 4.06% 0.4 Term loan Feb-2027 90,000 7.1% 4.01% 0.6 Term loan Mar-2027 85,000 6.7% 4.01% 0.7 Term loan Feb-2028 90,000 7.1% 4.01% 1.6 Term loan Feb-2029 225,000 17.8% 4.01% 2.6 Term loan Apr-2033 50,000 4.0% 4.31% 6.8 Principal Amount 640,000$ 50.6% 4.04% 1.9 Unsecured Notes2 C Dec-2026 50,000 4.0% 4.63% 0.5 B Jun-2027 75,000 5.9% 4.93% 0.9 D Dec-2028 50,000 4.0% 4.76% 2.5 G Apr-2029 50,000 4.0% 2.74% 2.8 E Jun-2029 50,000 4.0% 3.15% 2.9 F Apr-2030 75,000 5.9% 3.20% 3.8 I Mar-2031 50,000 4.0% 3.09% 4.7 H Apr-2031 50,000 4.0% 2.99% 4.8 J Mar-2032 75,000 5.9% 3.11% 5.7 K Jul-2033 100,000 7.9% 6.44% 7.0 Principal Amount 625,000$ 49.4% 4.09% 3.8 Mortgages Payable3 None - - - - Total/Weighted Average 1,265,000$ 100.0% 4.06% 2.9 Unamortized Deferred Financing Costs Credit facility (9,256)$ Unsecured notes (2,384) Debt Carrying Value (GAAP) 1,253,360$ Fixed rate 1,265,000$ 100% Variable rate -$ 0% Credit Rating (Fitch/Moody's): BBB/Baa3
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Q 2 2026 10 CREDIT FACILITY AND HEDGING SUMMARY FCPT Credit Facility Summary ($ millions) as of 6/30/2026 Capacity Maturity Including Extensions1 Extended Term Remaining Revolver $350 Feb-2029 Feb-2030 3.6 Term Loan Tranche Principal Maturity Including Extensions1 Extended Term Remaining A-1 $225 Feb-2029 Feb-2030 3.6 A-2 $100 Nov-2026 Nov-2027 1.4 A-3 $90 Feb-2027 - 0.6 A-5 $85 Mar-2027 Mar-2028 1.7 A-4 $90 Feb-2028 - 1.6 7-Year Term Loan $50 Apr-2033 - 6.8 Term Loans $640 2.0 FCPT 2025-2029 Hedge Summary2 ($ millions) as of 6/30/2026 Hedged Amount As of % of Total 6/30/2026 ($640mm) Hedged SOFR Rate All-in Rate $640 6/30/2026 100% 3.1% 4.0% $640 11/1/2026 100% 3.1% 4.0% $640 11/1/2027 100% 3.1% 4.0% $615 11/1/2028 96% 3.3% 4.3% $380 11/1/2029 59% 3.6% 4.5% FCPT Credit Facility Summary ($ millions) as of 7/29/2026 Capacity Maturity Including Extensions1 Extended Term Remaining Revolver $350 Feb-2029 Feb-2030 3.5 Term Loan Tranche Principal Maturity Including Extensions1 Extended Term Remaining A-1 $225 Feb-2029 Feb-2030 3.5 New Term Loan $360 Aug-2031 - 5.0 A-4 $90 Feb-2028 - 1.5 A-5 $85 Mar-2028 Mar-2029 2.6 7-Year Term Loan $200 Apr-2033 - 6.7 Term Loans $960 4.5 FCPT 2025-2029 Hedge Summary3 ($ millions) as of 7/29/2026 Hedged Amount As of % of Total 7/29/2026 ($960mm) Hedged SOFR Rate All-in Rate $715 7/29/2026 74% 3.1% 4.1% $715 11/1/2026 74% 3.1% 4.1% $715 11/1/2027 74% 3.1% 4.1% $690 11/1/2028 72% 3.4% 4.4% $455 11/1/2029 47% 3.6% 4.6% Note: Includes hedges effective as of August 2026 4. Fully drawn Term Loan is $400 million. $40 million is undrawn as of July 29, 2026 4
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$190 $175 $225 $50 $75 $50 $75 $100 $350 $50 $265 $225 $100 $100 $75 $150 2026 2027 2028 2029 2030 2031 2032 2033 Undrawn Revolver Drawn Revolver Unsecured Notes Unsecured Term Q 2 2026 11 2.9-year Weighted average term for notes/term loans 100% Fixed rate debt 4.06% Weighted average cash interest rate $350 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 6/30/2026 2
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Q 2 2026 12 DEBT COVENANTS As of June 30, 2026 Covenants Q2 2026 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 32.8% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.6x Limitation on unencumbered leverage ≤ 60% 33.2% Unencumbered interest coverage ratio ≥ 1.75x 5.2x 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
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Q 2 2026 13 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13
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Q 2 2026 14 1,355 Leases / 182 Brands Annual Base Rent of $270.5 million1 100% retail 51% Investment Grade 2 1.5% Average Annual Rent Escalator3 BRAND DIVERSIFICATION 9% 7% 2% 2% 2% 9% 11% 14% 11% 3% 31% Other casual dining restaurants Auto service Medical retail Other retail 4 Quick service restaurants FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR 1 Olive Garden 317 2,697 31.1% 2 Longhorn Steakhouse 118 662 8.8% 3 Chili's 83 456 6.5% 4 Outback Steakhouse 30 195 2.4% 5 Caliber Collision 36 525 2.3% 6 Buffalo Wild Wings 31 190 2.3% 7 Burger King 42 134 2.2% 8 Cheddar's 17 147 2.2% 9 Christian Brothers 19 108 2.0% 10 Red Lobster 18 130 1.4% 11 BJ's Restaurant 14 114 1.3% 12 KFC 33 95 1.2% 13 Carrabba's 15 99 1.2% 14 Bahama Breeze 9 82 1.2% 15 Bob Evans 15 83 1.1% 16 Whistle Express Car Wash 9 35 1.1% 17 Oak Street Health 10 87 1.0% 18 Plaza Tire Service 17 115 0.9% 19 NVA 9 62 0.7% 20 Arby's 17 53 0.7% 21 NAPA Auto Parts 18 129 0.7% 22 WellNow Urgent Care 12 44 0.7% 23 VCA 9 72 0.7% 24 Tires Plus 15 94 0.7% 25 Starbucks 17 38 0.7% 26 Mavis 12 81 0.6% 27 Fresenius 10 80 0.6% 28 Taco Bell 15 38 0.6% 29 Texas Roadhouse 11 81 0.6% 30 Express Oil 9 45 0.6% 31 AFC Urgent Care 9 47 0.6% 32 Aspen Dental 10 36 0.5% 33 Verizon 12 34 0.5% 34 Tire Discounters 8 73 0.5% 35 Whataburger 7 25 0.5% 36 - 182 Other 322 1,988 19.6% Total Lease Portfolio 1,355 8,975 100%
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State % ABR Leases TX 9.8% 109 MI 3.7% 64 KY 2.4% 33 MS 1.8% 26 MN 1.0% 13 FL 8.2% 91 AL 3.5% 55 WI 2.3% 38 OK 1.8% 26 30-48 6.6% 87 IL 6.9% 93 NY 2.7% 38 CA 2.2% 19 IA 1.6% 28 OH 6.6% 92 PA 2.7% 29 MD 2.2% 32 AR 1.4% 19 GA 5.9% 79 SC 2.5% 38 MO 2.2% 38 AZ 1.3% 17 IN 5.0% 81 VA 2.5% 35 LA 2.0% 29 NV 1.2% 11 TN 4.9% 55 NC 2.4% 37 CO 1.9% 28 KS 1.1% 15 Q 2 2026 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 GEOGRAPHIC DIVERSIFICATION 15 >10% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties (WY/ HI) Note: Portfolio includes two leases in AK (not pictured)
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Q 2 2026 16 2.6% 3.1% 4.9% 4.1% 4.4% 3.8% 7.8% 3.5% 0.6% 6.7% 6.9% 5.9% 6.2% 5.5% 3.9% 3.9% 0.5% 9.3% 10.0% 10.8% 10.3% 9.9% 7.7% 11.7% 3.3% 2.9% 6.5% 2.5% 3.2% 1.4% 0.9% 1.4% 2.0% 1.3% 0.1% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 Darden Spin Other %ANNUALIZED BASE RENT 1 99.5% occupied2 as of 6/30/2026 6.6 years weighted average lease term FCPT’s Darden leases average 6.0x rent coverage3 2027 is the first year of Darden spin- off lease maturities LEASE MATURITY SCHEDULE
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Q 2 2026 17 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 1 FINANCIAL SUMMARY PG 3CONTENTS
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18 This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, and to cash flows from operating, investing or financing activities as a measure of profitability and/or liquidity, computed in accordance with GAAP. ABR refers to annual cash base rent as of 6/30/2026 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. EBITDA re 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 EBITDA re 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. GLOSSARY AND NON -GAAP DEFINITIONS
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Q 2 2026 19 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL (In thousands) Unaudited 2026 2025 2026 2025 Net Income 29,995$ 27,955$ 60,361$ 54,141$ Adjustments: Interest expense 13,813 13,081 26,934 25,812 Income tax expense 67 112 165 175 Depreciation and amortization 16,564 14,620 32,750 29,049 EBITDA1 60,439 55,768 120,210 109,177 Adjustments: Gain on dispositions and exchange of real estate (377) - (377) - Provision for impairment of real estate - - - - EBITDAre 1 60,062 55,768 119,833 109,177 Adjustments: Real estate transaction costs 63 41 129 80 Gain or loss on extinguishment of debt - - - - Adjusted EBITDAre 1 60,125 55,809 119,962 109,257 Annualized Adjusted EBITDAre 240,499$ 223,235$ 239,925$ 218,514$ Three Months Ended June 30, Six Months Ended June 30, Unaudited (In thousands) 2026 2025 2026 2025 Rental revenue 67,199$ 62,090$ 134,208$ 122,832$ Tenant reimbursement revenue 2,836 2,724 5,640 5,464 Total Rental Revenue 70,035$ 64,814$ 139,848$ 128,296$ (In thousands) 2026 2025 2026 2025 Tenant expense reimbursed 2,836$ 2,724$ 5,640$ 5,464$ Other non-reimbursed property expenses2 787 662 1,358 1,187 Total Property Expenses 3,623$ 3,386$ 6,998$ 6,651$ Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Rental Revenue Property Expenses
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Q2 2026 20 PAGE 6 FFO & AFFO RECONCILIATION 1. Non-cash gain recognized for GAAP purposes on the exchange of nonfinancial assets related to real estate property 2. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business 3. 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 a 0.95%-1.00% credit spread. Through 2029, FCPT has entered into interest rate swaps that fix $640 million through November 2026, $640 through November 2027, $615 through November 2028 and $380 through November 2029. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.0% for 2026, 4.0% for 2027, 4.3% for 2028, and 4.5% for 2029 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 $219 thousand per year 3. As of 6/30/2026, 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 11 DEBT MATURITY SCHEDULE Figures as of 6/30/2026, shown with options fully extended 1. 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 2. 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 6/30/2026 1. Annual cash base rent (ABR) as defined in glossary 2. Occupancy based on portfolio square footage PAGE 7 NET ASSET VALUE COMPONENTS 1. See glossary on page 18 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 97% of Darden annual cash base rent (ABR), 55% of other restaurant ABR and 9% of non-restaurant ABR or 61% 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 2026 and the trailing twelve months brand margin ended May 2026 2. Lease term weighted by annual cash base rent (ABR) as defined in glossary 3. Current scheduled minimum contractual rent as of 6/30/2026 4. FCPT acquired 23 properties and leasehold interests in Q2 2026; FCPT had no dispositions in the quarter PAGE 14 BRAND DIVERSIFICATION 1. Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 6/30/2026, 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 3. Average annual rent escalation through June 30, 2031 (weighted by annualized base rent) using the previous twelve months as a base year. Previously, annual rent escalation was calculated assuming expiring leases remained flat. In light of our historical experience of renewals at contractual rent increases, the methodology has been revised to exclude expiring leases from the blended five-year average. Leases owned for less than one year are included based on the annualized first month’s rent 4. Other retail includes properties leased to cell phone stores, bank branches, grocers amongst others. These are often below market rent leases, and many were purchased through the outparcel strategy PAGE 15 GEOGRAPHIC DIVERSIFICATION 1. Annual cash base rent (ABR) as defined in glossary. Includes two leases in Alaska (not pictured) PAGE 19 RECONCILIATION SCHEDULES 1. See glossary on page 18 for non-GAAP definitions 2. Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes PAGE 8 CAPITALIZATION & KEY CREDIT METRICS 1. Second quarter 2026 dividend was declared on 6/8/2026, and paid on 7/15/2026 2. Principal debt amount less cash and cash equivalents 3. Current quarter annualized. See glossary on page 18 for definitions of EBITDAre and Adjusted EBITDAre and page 18 for reconciliation to net income FOOTNOTES PAGE 10 CREDIT FACILITY AND HEDGING SUMMARY 1. 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 2. Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.95%-1.00% credit spread. As of 6/30/2026, through 2029, FCPT has entered into interest rate swaps that fix $640 million through November 2026, $640 through November 2027, $615 through November 2028 and $380 through November 2029. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.0% for 2026, 4.0% for 2027, 4.3% for 2028, and 4.5% for 2029 3. Borrowings under the term loans accrue interest at a rate of daily SOFR plus a 0.90%-1.25% credit spread. As of 7/29/2026, through 2029, FCPT has entered into interest rate swaps that fix $715 million through November 2026, $ 715 through November 2027, $690 through November 2028 and $455 through November 2029. A SOFR rate of 3.68% as of 6/30/2026 is used for the 26% unhedged. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 4.1% for 2026, 4.1% for 2027, 4.4% for 2028, and 4.6% for 2029 PAGE 4 CONSOLIDATING BALANCE SHEET 1. Dividends payable increase is due a one-time transition to a monthly dividends starting in August 2026 in which the Board of Directors declared both the final quarterly dividend payment paid in July 2026 and the first three monthly dividends
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Four Corners Property Trust NYSE: FCPT THANK YOU Q2 2026 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION