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Four Corners Property Trust NYSE: FCPT INVESTOR PRESENTATION Q3 2026 Four Corners Property Trust NYSE: FCPT
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OCTOBER 2026 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, investment pipeline, expectations regarding the making of distributions, the timing, manner, amount and completion of any share repurchases, if any, and the continuation, modification, suspension or termination of the Company’s share repurchase program 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 33 of this presentation. FORWARD LOOKING STATEMENTS AND DISCLAIMERS
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• Olive Garden and LongHorn now 37% of ABR vs 94% at spin • Both brands continue to post strong same-store sales (+1.0% and +6.8%, as of Oct. 2026)1 • Top 5 brands now ~51% of ABR • ~42% of ABR from sectors outside of casual dining Proactively extended ~23% of outstanding debt with low-coupon term loans2 • $200 million 7-year term loan at SOFR+125 bps (~4.9%) • $400 million 5-year term loan at SOFR+90 bps (~4.5%) OCTOBER 2026 RECENT HIGHLIGHTS AT FCPT 3 Achieved favorable risk-adjusted pricing for high-quality net lease assets with creditworthy tenants • 48% of ABR leased to investment-grade operators • Cash rent CAGR of ~12% since inception Largest volume quarter in company history driven by portfolio of 102 Mission Pet Health properties ($268 million). LTM investment volume of more than $500 million • Maintained focus on restaurant, auto, and medical retail Renewal agreement covers the 66 Olive Garden and LongHorn restaurants expiring in 2027 along with six additional leases expiring after 2027 • Extended for approx. 5 years with 1.5% annual increases • No landlord rent concessions or capital contributions High collections (>99%) while avoiding net lease credit issues • No exposure to Zips Car Wash, Walgreens, or Family Dollar • Targeting fungible real estate with high re-use potential • Portfolio focus on essential services Historic investment volume through October 2026 Recent 100% renewal of Darden leases for 2027 tranche Sustained diversification progress across portfolio Sidestepped credit issues impacting peers Low-rate debt issued at scale to fuel growth Executed acquisitions with strict discipline
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OCTOBER 2026 FCPT AT A GLANCE1 4 1,476 leases 185 brands 6.7-year average lease term $0.46 AFFO per share (Q3), representing 2.9% YoY growth2 $326 million of investments in Q3 2026 at 6.6% cash / 7.1% GAAP cap rate 99.5% occupied 1.6% average annual escalator3 5.3x tenant EBITDAR coverage4 48% investment grade5 6,746 SF average asset size 28,705 average daily vehicle count $64,578 median household income 58,323 average 3-mile population $350 million undrawn revolver 6.0x net debt to adj. EBITDAre6 4.0x fixed charge coverage 85% fixed rate debt as of September 30, 2026 Baa3 / BBB (Moody’s / Fitch)
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SUB TITLE OCTOBER 2026 100% OLIVE GARDEN AND LONGHORN 2027 LEASE RENEWAL • On October 14, FCPT announced that Darden extended 100% of Olive Garden and LongHorn leases maturing in 2027 • Additionally, Darden exercised early renewal of six leases expiring in October 2028 • Leases have been extended by an average of five years and will continue to increase by 1.5% annually • FCPT did not provide any rent concessions or capital expenditures to incentivize renewals • Pro forma for the renewal, FCPT now has approximately 2.7% of annual base rent expiring before 2028 and weighted average lease term increased to approximately 7.0 years 5 0.1% 2.1% 2.8%4.6% 3.9% 4.8% 3.9% 7.5% 3.4% 2.8% 11.8% 2.4% 3.0% 1.3% 3.3% 1.0% 1.3% 0.5% 1.9% 1.2% 0.2% 0.5% 5.9% 5.5% 5.9% 5.3% 8.5% 4.0% 0.5% 2.6% 8.7% 10.0% 9.8%10.2% 12.4% 11.5% 3.0% '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 Darden Renewal Darden Spin-Off Leases Other Leases 0.1% 2.1% 2.8% 4.6% 3.9% 4.8% 3.9% 7.5% 3.4% 2.8% 11.8% 2.4% 3.0% 1.3% 3.3% 1.0% 1.3% 0.5% 1.9% 1.2% 0.2% 6.2% 6.4% 5.5% 5.7% 5.1% 3.6% 3.6%8.3% 9.3% 10.0%9.7%9.9% 7.5% 11.1% 0.2% '26 '27 '28 '29 '30 '31 '32 '33 '34 '35 '36 '37 '38 '39 '40 '41 '42 '43 '44 '45 '46 Darden Spin-Off Leases Other Leases PRE - DARDEN RENEWAL (9/30) 1 PRO FORMA FOR RENEWAL 1 6.7 years W.A. lease term 7.0 years W.A. lease term Darden Renewal Full renewal of Olive Garden and LongHorn leases within the inaugural spin-off tranche
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3 CONSERVATIVE FINANCIAL POSITION PG 19 6OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 5 APPENDIX: OTHER PG 27 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22
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OCTOBER 2026 7 $293 million of ABR across 1,476 leases and 185 brands1 • 29% Olive Garden (vs. 74% at inception) • 8% LongHorn (vs. 20% at inception) • 42% tenancy outside of casual dining (vs. 0% at inception) 8% 6% 2% 2% 2% 9% 10% 13% 6% 10% 3% 29% Other Casual Dining Restaurants Auto Service Other Medical Retail Other Retail The spin-off Darden portfolio remains a strong foundation tenant for FCPT. Over half the portfolio (~60%) has been diversified to new tenants across restaurant, medical retail and auto service industries 227 leases 39 brands Auto Service13% 107 leases 6% 57 leases 30 brands Other Retail 3% 2 2 Quick Service Restaurants 2% 83 leases 6% 30 leases 111 leases 25 brands Other Casual Dining Restaurants9% 118 leases 317 leases 29% 8% 237 leases 40 brands 10% Quick Service Restaurants 17 leases 2% 32 leases 2% PORTFOLIO SNAPSHOT 140 leases 44 brands Other Medical Retail10% Medical Retail 16%
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OCTOBER 2026 CONSISTENT ANNUAL INVESTMENT GROWTH 8 418 475 515 610 699 799 919 1023 1111 1198 1303 1456 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 $265 7.1% $3.0 2025 $318 6.8% $3.0 2026 YTD $410 6.6% $2.7 +57 +40 +95 +89 +100 +120 +104 YEAR INVESTMENT VOLUME ($M) CAP RATE +88 FCPT has consistently delivered growth and diversification through new investments. We focus on credit-worthy tenants, high quality real estate and efficient execution PROPERTY COUNT 1 AVERAGE SIZE ($M) +87 +105 +153 FCPT accelerated growth through scaled transactions while declining to acquiesce to larger, riskier individual assets
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OCTOBER 2026 WHY OWN FCPT – WHAT MAKES US UNIQUE WITHIN NET LEASE? 9 Superior Capital Allocation • Modulate investment amount based upon cost of capital, if cost of capital weakens • Long track record of conservative leverage • Avoid sacrificing investment quality to increase spread • Willing to buy back stock when share price falls below intrinsic value Fungible Real Estate • Excellent visibility and access paired with strong demographics • Target sectors are e-commerce and recession resistant • Industry-leading EBITDAR coverage 1 • Avoided problem tenants prone to credit issues Shareholders First • Low overhead with aligned compensation • Top-decile governance scores • Hyper-transparent disclosure regime • High level of executive alignment and ownership • Full list of portfolio sites displayed on our website and disclosure of our top 35 brands Granular Selective Portfolio • Portfolio led by Darden, a premier investment grade tenant • Highly selective underwriting through a consistent model balanced between credit and real estate • Low value at risk with average purchase price of ~$3 million per property REPRESENTATIVE BRANDS 1 3 2 4 We combine a differentiated, disciplined approach to net lease with a highly transparent disclosure regime
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ENTERPRISE VALUE ($ million) $1,029 $2,391$294 $1,578 2015 Q3 2026 $3,969 3.1x Equity Net Debt $1,324 OCTOBER 2026 10 FCPT AT 11 YEARS: FROM SPIN - OFF TO SEASONED NET LEASE INVESTOR TODAY Annual base rent1 $94 million $293 million + $199 million (3.1x) Properties 418 1,456 + 1,038 (3.5x) Brands 5 185 + 180 Enterprise value $1.3 billion $4.0 billion + $2.7 billion (3.1x) We have grown our team, put in place substantial risk management and refined our investment and property management capabilities all while improving access to capital2 Top 5 brands as % of ABR 100% 51% - 49% Investment volume (cumulative) $2.7 billion + $2.7 billion 2015 Revenue growth (cash) + 14% Growth year-over-year + 12% Average annual growth since inception - - EBITDAR coverage 4.2x 5.3x (Darden 6.0x) + 1.1x AFFO per share (LQA) $1.16 Q1 2016 $1.84 + $0.68 (1.6x) Dividend per share (annualized) $0.80 $1.52 + $0.72 (1.9x) ANNUAL BASE RENT ($ million) 1 $94 $118 $174 2015 Q3 2026 3.1x $293 40% Darden 100% Darden 10
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11OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 5 APPENDIX: OTHER PG 27 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 3 CONSERVATIVE FINANCIAL POSITION PG 19
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OCTOBER 2026 HIGHLY SELECTIVE APPROACH TO NET LEASE 12 While we underwrite properties in these sectors and may acquire stores in these sectors in the future, they are not in our current target base and would need to meet our high thresholds to be considered in the future • Pharmacies: NO EXPOSURE • Entertainment: NO EXPOSURE • Gyms: NO EXPOSURE • Furniture: NO EXPOSURE • EV-only Auto Service: NO EXPOSURE • Dollar Stores: 0.0% ABR exposure1 (No exposure to brands listed here) • General Merchandise: 0.5% ABR exposure2 (No exposure to brands listed here) • Car Washes: 1.0% ABR exposure3 (No exposure to brands listed here) FCPT HAS AVOIDED: Service Centers
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“ +5% +90% -20% 0% 20% 40% 60% 80% 100% 120% 10/20/23 4/20/24 10/20/24 4/20/25 10/20/25 4/20/26 10/20/26 FactSet All Restaurant Index FCPT Portfolio Restaurant Index OCTOBER 2026 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS 13 • FCPT’s restaurant tenants are principally large, publicly-traded companies and brands • Many of these casual dining and quick service restaurant brands that anchor our portfolio have generated strong same-store performance while maintaining a conservative leverage position 2 3 Share Price Return 1 1 FCPT Top Restaurant Brands Update FCPT % Same Store Sales Net of ABR Q4 2025 Q1 2026 Q2 2026 Leverage Casual Dining Olive Garden (Darden) 28.7% +4.7% +3.2% +1.1% 1.7x LongHorn Steakhouse (Darden) 8.2% +5.9% +7.2% +6.2% 1.7x Chili's 6.1% +8.6% +4.0% +5.6% 0.6x Outback (Bloomin') 2.2% (0.6%) (0.3%) +1.4% 2.2x Cheddar's (Darden) 2.0% +3.3% +3.9% +3.8% 1.7x BJ's Brewhouse 1.2% +2.6% +2.4% +6.5% 0.5x Carrabba's (Bloomin') 1.1% +1.6% +1.3% +1.7% 2.2x Texas Roadhouse 0.5% +4.9% +7.1% +6.2% NA Subtotal 50.1% Other CDR owned by FCPT 8.0% Quick Service Burger King 2.1% +2.6% +5.8% +8.5% 4.4x KFC (YUM!) 1.1% +1.0% +2.0% +2.0% 3.9x Starbucks 0.6% +4.0% +7.1% +8.1% 2.4x Taco Bell (YUM!) 0.5% +7.0% +8.0% +7.0% 3.9x Subtotal 4.4% Other QSR owned by FCPT 5.6% FCPT Total Restaurant ABR 68.0% 1 1
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• Our portfolio is primarily outparcel properties in high density retail corridors • ~74% of rent featuring unique benefits structurally superior to regular-way net lease. This includes the properties with high rent coverage (Darden and Chili’s), ground leases, master leases, and investment grade guarantors or operators • The original Darden spin-off properties represent a seed portfolio with low rent levels and strong store- level performance resulting in unmatched rent coverage (6.0x)1 • The ground lease portfolio is characterized by low rents which also typically implies high rent coverage • FCPT’s investment strategy focuses on acquiring new low rent properties with above average rent coverage UNIQUE AND HIGHLY SECURE NET LEASE 39% 6% 14% 6% 26% 10% Average Ground Lease Rent: Average All Other Leases Rent: Average FCPT Portfolio Rent: OCTOBER 2026 14 5.3x 3.9x 3.5x 2.5x NA NA NA FCPT NTST EPRT GTY O NNN ADC $155k $205k $199k FCPT COVERAGE VS PEERS 1 Ground Leased $155k average rent Darden 6.0x coverage1 Chili’s Master Leased Other Investment Grade Leases2 High Quality Ground & Building Leases $169k average rent 74% structurally superior to regular way net lease 10% 90% 100%
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OCTOBER 2026 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 15 • FCPT seeks and acquires properties with a significantly lower value at risk per site as compared to peers • FCPT’s emphasis on low rents and fungible buildings have created a portfolio with minimal liability at the individual property level, reducing risk in the event of lease maturity or in the event of tenant credit issues 1 FCPT’s strategy focuses on low basis investments in small box (<20,000 SF) retail properties. This has resulted in high tenant renewal rates and capturing high re-leasing spreads at lease maturity $3.0 $3.7 $3.9 $3.9 $4.0 $4.7 $4.8 $15.2 $17.2 Industry Average; $6.7 Industry Average Excl. BNL; $5.4 FCPT GTY FVR NNN NTST ADC EPRT O BNL Average Basis per Property Acquired ($ million, 2025)1 6,581 8,868 10,720 11,243 11,461 14,803 19,662 20,755 NA Industry Average; 19,328 Industry Average (retail only); 13,012 FCPT FVR NNN EPRT BNL (retail only) O (retail only) NTST ADC GTY Average Building Size (SF) (as of 12/31/2025)1
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OCTOBER 2026 CONSISTENTLY STRONG PORTFOLIO PERFORMANCE 16 FCPT has one of the highest-quality and consistent portfolios in the net lease sector. We have established a strong track record over time (even through the COVID-19 pandemic) RENT COLLECTIONS 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% 99.8% 99.8% 99.4% 99.5% 99.8% 99.9% 99.5% 99.7% 99.7% 99.7% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 OCCUPANCY 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% 99.6% 99.6% 99.6% 99.4% 99.4% 99.5% 99.6% 99.6% 99.5% 99.5% Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 1
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0 50 100 150 200 250 300 350 400 Jan-19 Nov-19 Sep-20 Aug-21 Jun-22 May-23 Mar-24 Jan-25 Dec-25 Oct-26 42 DARDEN'S INVESTMENT GRADE PROFILE REMAINS A STRONG FOUNDATION FOR FCPT OCTOBER 2026 17 Darden Senior Credit Default Swaps (CDS) Curve (5-year) Basis Points The historically low pricing of Darden’s CDS demonstrates how their fortress credit profile remains strong Ask price: 42 bps High on 03/20/20: 360 bps Average: 63 bps Low on 02/12/20: 27 bps Very tight pricing spreads for Darden to have a credit event
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OCTOBER 2026 18 GEOGRAPHICALLY DIVERSE • FCPT’s holdings are geographically diverse with properties in 48 states • The portfolio is primarily comprised of suburban markets in the Midwest and southeast • FCPT’s portfolio is aligned with macro tailwinds. States with lower income taxes and growing economies have accelerated retail development, population growth, and strong retail demand by tenants • Texas and Florida, our largest states (as measured by Annual Base Rent), were the two highest in-migration states according to the 2025 U-Haul growth index2 >10% 5.0%–10.0% 3.0%–5.0% State Annualized Base Rent 1 (%) 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties (WY/ HI) WA OR CA MT ID NV AZ UT WY CO NM TX (9%) OK KS NE SD ND MN IA MO AR LA MS AL (3%) GA (6%) FL (8%) SC TN (5%) NC IL (7%) WI MI (4%) OH (7%)IN (5%) KY WV VA PA NY ME VT NH NJ DE MD MA CT RI Note: Portfolio includes two leases in AK (not pictured)
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19OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 3 CONSERVATIVE FINANCIAL POSITION PG 19 5 APPENDIX: OTHER PG 27
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“ OCTOBER 2026 20 FULLY EXTENDED DEBT MATURITY SCHEDULE( $ MILLIONS) FCPT maintains a well-laddered debt maturity and 100% unencumbered assets to provide financial flexibility • Weighted average debt maturity 3.8 years excluding extensions • Limited near-term debt maturities (~8% before 2028) Conservative leverage • Committed to maintaining conservative 5.0x–6.0x max leverage • Net debt to adjusted EBITDAre ratio is within our range. Leverage was 6.0x1 as of 9/30/2026 Strong liquidity profile • $350 million revolver availability • Conservative dividend payout ratio of ~80% of AFFO • $397 million available liquidity including cash and cash equivalents and undrawn Term Loan and revolver balance Minimal floating rate exposure • As of 9/30/2026, 85% of debt is fixed rate including the effect of interest rate hedges Investment grade rated • Rated BBB by Fitch and Baa3 by Moody’s CONSERVATIVE FINANCIAL POLICIES $90 $85 $225 $360 $200$50 $100 $75 $100 $100 $350 $50 $75 $140 $185 $460 $75 $300 2026 2027 2028 2029 2030 2031 2032 2033 Undrawn Revolver Drawn Revolver Unsecured Notes Unsecured Term Note: Term Loan and Revolver maturities are shown fully extended 3.8 years W.A. debt maturity 3% 5% 9% 12% 19% 29% 5% 19% Year % of Total Debt
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OCTOBER 2026 FCPT’S HISTORICAL LEVERAGE PROFILE 21 • FCPT has a stated leverage target of 5.0x-6.0x and has been below or in the range of its target since inception • Discipline around our leverage is embedded into company culture and our approach to funding growth • FCPT has demonstrated a commitment to positive spread investing above its cost of capital • FCPT has always maintained its commitment to a conservative leverage profile throughout its corporate history regardless of the broader capital markets landscape 4.6x 4.9x 4.8x 5.2x 5.3x 5.7x 5.3x 5.2x 5.3x 5.6x 5.8x 5.4x 5.7x 5.7x 5.5x 5.6x 5.6x 5.5x 5.6x 5.5x 5.6x 5.7x 4.9x 4.9x 4.4x 4.5x 4.7x 4.9x 5.0x 5.2x 6.0x Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 FCPT HISTORICAL LEVERAGE 1
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22 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 3 CONSERVATIVE FINANCIAL POSITION PG 19 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 OCTOBER 2026 5 APPENDIX: OTHER PG 27
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OCTOBER 2026 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS 23 Rank Brand Name FCPT Leases % of ABR1 Total Stores Sales ($mm) Publicly Traded? 1 Olive Garden 317 28.7% 953 $5,624 DRI 2 Longhorn Steakhouse 118 8.2% 624 $3,508 DRI 3 Mission Pet Health 107 6.2% 970 - - 4 Chili's 83 6.1% 1,209 $5,297 EAT 5 Outback Steakhouse 30 2.2% 666 $2,243 BLMN 6 Buffalo Wild Wings 32 2.2% 1,397 - - 7 Burger King 43 2.1% 6,649 $11,074 QSR 8 Caliber Collision 36 2.1% 1,268 - - 9 Cheddar's 17 2.0% 187 $759 DRI 10 Christian Brothers 19 1.8% 352 - - 11 Red Lobster 18 1.3% 520 - - 12 BJ's Restaurant 14 1.2% 219 $1,433 BJRI 13 KFC 33 1.1% 3,424 $4,682 YUM 14 Carrabba's 15 1.1% 204 $707 BLMN 15 Whistle Express Car Wash 9 1.0% 303 - - 16 Bob Evans 15 1.0% 418 - - 17 Bahama Breeze 8 0.9% 10 - DRI 18 Oak Street Health 10 0.9% 239 - CVS 19 Plaza Tire Service 17 0.8% 102 - - 20 Arby's 19 0.7% 3,265 - - 21 NVA 9 0.7% 1,325 - - 22 NAPA Auto Parts 18 0.6% 6,000 $25,333 GPC 23 WellNow Urgent Care 12 0.6% 150 - - 24 VCA 9 0.6% 850 - - 25 Tires Plus 15 0.6% 400 - 5108-JP 26 Starbucks 17 0.6% 16,864 $38,317 SBUX 27 Novant Health 13 0.6% 21 - - 28 Mavis 12 0.6% 886 - - 29 Fresenius 10 0.6% 2,622 $27,295 FSNUY 30 Taco Bell 15 0.5% 7,670 $17,247 YUM 31 Texas Roadhouse 11 0.5% 832 $5,438 TXRH 32 Cooper's Hawk 3 0.5% 77 - - 33 Express Oil 9 0.5% 387 - - 34 AFC Urgent Care 9 0.5% 400 - - 35 Aspen Dental 10 0.5% 1,100 - - 36-185 Other 344 19.5% Total Portfolio 1,476 100% TOP 35 FCPT PORTFOLIO BRANDS 1 1 2 3 4 5 6 7 8 9 1 0 11 12 13 14 1 5 16 17 18 19 2 0 21 22 24 2 5 FCPT METRICS BRAND METRICS 2 FCPT is aligned with leading national brands with scale and large store counts 26 27 28 29 30 23 31 32 33 34 35
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FCPT National Brands with Strong Credit Profiles Small Building, Fungible Real Estate Low Rent & Investment Basis OCTOBER 2026 FCPT’S TRIPLE INVESTMENT FILTER 24 • Our portfolio is leased to service tenants - principally Restaurants, Auto Service and Medical Retail • The intentional focus on these subsectors reflect a multi-tiered filter that favors fungible, credit- worthy net lease tenants with low rent • There are many properties in other retail subsectors that meet these thresholds, but we have found the deepest opportunity set within Restaurants, Auto Service, and Medical Retail Our investment approach seeks to de-risk net lease investing through a highly-filtered selection process
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INVESTMENT AND UNDERWRITING FRAMEWORK 25OCTOBER 2026 ~50% CREDIT CRITERIA • Guarantor credit and health • Brand durability • Store performance • Lease term and structure • Location • Retail corridor strength & demographics • Access / visibility • Absolute and relative rent • Pad site and building reusability REAL ESTATE CRITERIA ~50% INVESTMENT PHILOSOPHY • Acquire strong retail brands that are well located with creditworthy lease guarantors • Seek to purchase assets when accretive to cost of capital with a focus on low basis • Add leading brands in resilient industries, occupying highly fungible buildings UNDERWRITING CRITERIA • FCPT’s proprietary scorecard which incorporates over 25 comprehensive categories • The “score” allows FCPT to have an objective, consistent underwriting model and comparison tool for asset management decisions
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UNDERWRITING GEARED TOWARD HIGHER SALES VOLUME & BRANDS 26 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 FCPT focuses on national brands with strong sales volumes and market appropriate rents 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 Brand Average Sales Volume ($000s)1 OCTOBER 2026 Quick Service Fast Casual
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27OCTOBER 2026 CONTENTS 1 COMPANY OVERVIEW PG 6 2 FORTRESS PORTFOLIO PG 11 4 APPENDIX: ASSET SELECTION & PRIMARY SECTORS PG 22 5 APPENDIX: OTHER PG 27 3 CONSERVATIVE FINANCIAL POSITION PG 19
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FCPT’S STRONG DISPOSITION TRACK RECORD OCTOBER 2026 • Most of FCPT’s historical dispositions were opportunistic and featured low cap rates • 24 properties sold since 2016 • $122 million total proceeds at 5.4% average cap rate • No sold properties since 2023 • We regularly receive reverse inquires to purchase FCPT properties. We view dispositions as another potential capital raising tool Disposition Activity by Year Year Properties Sold Total Proceeds ($ Millions) Cap Rate 2016 2 $24.8 4.8% 2017 3 $16.1 4.8% 2018 2 $21.7 5.0% 2019 No Sales - - 2020 No Sales - - 2021 2 $3.5 6.1% 2022 8 $26.3 5.2% 2023 7 $29.3 6.5% 2024 - 2026 No Sales - - Total 24 Properties $121.8 5.4% 28
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CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO 29 • On July 16, FCPT acquired 102 Mission Pet Health properties for $268 million on initial cash rent of approximately $17.37 million, inclusive of contractual rent increases in September 2026 • This transaction represents a continuation of FCPT’s strategy to own high-quality real estate with strong underlying tenant operating performance. This deal further increased FCPT’s portfolio rent coverage and accelerated the tenant diversification of our total portfolio • Lease Structure: 100 of 102 properties are contained within two master NNN leases. The portfolio has 10 years of weighted average lease term remaining with strong annual rent increases of above 2% • Performance: Portfolio EBITDAR covers rent at a very strong aggregate ratio of more than 6x • Funding: FCPT funded the purchase with a mix of cash and existing debt capacity; closing was not contingent on any equity capital raising • Pro Forma Diversification Snapshot: Mission Pet Health is now FCPT’s third-largest brand by cash rent; Darden exposure is approximately 40% of ABR1 • Attractive Real Estate: This portfolio features high-performing stores in attractive retail and medical corridors, and score well on FCPT’s proprietary scorecard • Established, Trusted Counterparty: • Shore Capital, a $14+ billion AUM private equity firm, both operates Mission Pet Health and owns the underlying real estate being sold to FCPT through a separate vehicle. This provides full alignment between the tenant business and lease structuring assets • Shore has deep healthcare investing experience and a strong track record of scaling their portfolio businesses • Mission Pet Health’s financial profile was further augmented by a minority investment from Silver Lake, underscoring the platform’s demonstrated growth trajectory and institutional credibility • Large-Scale Acquisition Capability: FCPT has built a platform and team that can handle scaled portfolio opportunities. FCPT moved efficiently and effectively while remaining firmly within our underwriting standards. FCPT will continue to pursue incremental scaled transactions so long as quality and accretion thresholds are met OCTOBER 2026 Advanced Pet Care (Parker, CO) Livewell Animal Hospital (Cypress, TX)
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30OCTOBER 2026 Mission Pet Health Portfolio 102 locations across 31 states CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO 3-mile Population 51,124 3-mile Median HHI $129,699 Average Vehicles Per Day 25,000 Acreage/SF 0.81 acres / 6,902 SF Portfolio Sample Site Denotes medical property Woodruff Road Animal Hospital (Simpsonville, SC) Portfolio Sample Site
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31OCTOBER 2026 CASE STUDY: FCPT’S CHRISTIAN BROTHERS SALE-LEASEBACK PORTFOLIO Portfolio Sample Site • Christian Brothers Automotive Corporation (CBAC) is a privately held, full-service auto repair franchise offering dealership-quality service at below-dealership prices in a recession resilient, repair-over-replacement category. This tenant represents a continuation of FCPT’s strategy to build scaled exposure to high-quality, growing operators • Sale-Leaseback Pipeline: Since Q4 2024, FCPT has executed three direct sale-leasebacks with CBAC for total proceeds of approximately $69 million • Strong, Guaranteed Counterparty: • CBAC offers a broad service menu (oil changes, brakes, diagnostics, transmission, routine maintenance) and has grown rapidly from 213 locations (2019) to 300+ sites (2026) across the U.S. • CBAC’s corporate arm signs and guarantees every lease, then subleases to a vetted franchisee with fewer than 2% of applicants approved • Strong brand equity: 300+ units across 30 states • #1 on the J.D. Power Aftermarket Service Index for four consecutive years • Lease Structure: Individual 15-year absolute NNN leases • Funding & Efficiency: FCPT leveraged pre-negotiated form documents across successive deals to lower costs and improve execution efficiency, with 42 days LOI-to-close on average • Attractive Real Estate: New construction, single-tenant freestanding sites in growing retail corridors near national anchors that score well on FCPT’s proprietary scorecard Portfolio Sample Site Christian Brothers (Sarasota, FL) Denotes automotive property 3-mile Population 72,526 3-mile Median HHI $68,805 Average Vehicles Per Day 54,663 Acreage/SF 1.2 acres / 6,036 SF
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OCTOBER 2026 CONSTRUCTION COSTS CONTINUE TO RISE 32 • Industry-wide, developers are facing a long-term trend of inflated growth for building costs. These costs do not yet factor in the impact of tariffs given their delayed rollouts and stocks of pre-purchased inventories • The Turner Building Cost Index1 aggregates the developer inputs of labor rates, productivity, material prices and the competitive condition of the marketplace. 2022, 2023 and 2025 experienced highly accelerated growth at 8.0%, 6.0%, and 6.0%, respectively • Cumulatively, construction costs as measured by the Turner Building Cost Index have far outpaced general inflation over the past twelve years Annual Cumulative 90 100 110 120 130 140 150 160 170 180 190 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Turner Construction Index vs. U.S. CPI Increases, 2012-25 Turner Building Cost Index Increase U.S. CPI Increase Cumulative Turner Increase Cumulative CPI Increase
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OCTOBER 2026 GLOSSARY AND NON -GAAP DEFINITIONS 33 NON-GAAP DEFINITIONS AND CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, and to cash flows from operating, investing or financing activities as a measure of profitability and/or liquidity, computed in accordance with GAAP. ABR refers to annual cash base rent as of 9/30/2026 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. EBITDAre is a non-GAAP measure computed in accordance with the definition adopted by the National Association of Real Estate Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) on the disposition of depreciable real estate and real estate impairment losses. Adjusted EBITDAre is computed as EBITDAre (as defined above) excluding transaction costs incurred in connection with the acquisition of real estate investments and gains or losses on the extinguishment of debt. We believe that presenting supplemental reporting measures, or non- GAAP measures, such as EBITDA, EBITDAre and Adjusted EBITDAre, is useful to investors and analysts because it provides important information concerning our on-going operating performance exclusive of certain non- cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to GAAP net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other REITs. Tenant EBITDAR is calculated as EBITDA plus rental expense. EBITDAR is derived from the most recent data provided by tenants that disclose this information. For Darden, EBITDAR is updated biannually by multiplying the most recent individual property level sales information (reported by Darden twice annually to FCPT) by the average trailing twelve brand average EBITDA margin reported by Darden in its most recent comparable period, and then adding back property level rent. FCPT does not independently verify financial information provided by its tenants. Tenant EBITDAR coverage is calculated by dividing our reporting tenants’ most recently reported EBITDAR by annual in-place cash base rent. Funds From Operations (“FFO”) is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also omit the tax impact of non-FFO producing activities from FFO determined in accordance with the NAREIT definition. Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income. Adjusted Funds From Operations “AFFO” is a non-GAAP measure that is used as a supplemental operating measure specifically for comparing year over year ability to fund dividend distribution from operating activities. AFFO is used by us as a basis to address our ability to fund our dividend payments. We calculate adjusted funds from operations by adding to or subtracting from FFO: 1. Transaction costs incurred in connection with business combinations 2. Straight-line rent 3. Stock-based compensation expense 4. Non-cash amortization of deferred financing costs 5. Other non-cash interest expense (income) 6. Non-real estate investment depreciation 7. Merger, restructuring and other related costs 8. Impairment charges 9. Other non-cash revenue adjustments, including amortization of above and below market leases and lease incentives 10. Amortization of capitalized leasing costs 11. Debt extinguishment gains and losses 12. Non-cash expense (income) adjustments related to deferred tax benefits AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting the effect of certain items noted above included in FFO. AFFO is a widely-reported measure by other REITs; however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs. Properties refers to properties available for lease.
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Q 3 2026 34 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL Unaudited (In thousands) 2026 2025 2026 2025 Rental revenue 72,625$ 63,543$ 206,833$ 186,375$ Tenant reimbursement revenue 3,053 2,965 8,693 8,429 Total Rental Revenue 75,678$ 66,508$ 215,526$ 194,804$ (In thousands) 2026 2025 2026 2025 Tenant expense reimbursed 3,053$ 2,965$ 8,693$ 8,429$ Other non-reimbursed property expenses2 945 713 2,303 1,900 Total Property Expenses 3,998$ 3,678$ 10,996$ 10,329$ Three Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Rental Revenue Property Expenses (In thousands) Unaudited 2026 2025 2026 2025 Net Income 28,879$ 28,877$ 89,240$ 83,018$ Adjustments: Interest expense 17,372 12,955 44,306 38,767 Income tax expense 454 30 619 205 Depreciation and amortization 18,582 15,051 51,332 44,100 EBITDA1 65,287 56,913 185,497 166,090 Adjustments: Gain on dispositions and exchange of real estate - - (377) - Provision for impairment of real estate - - - - EBITDAre 1 65,287 56,913 185,120 166,090 Adjustments: Real estate transaction costs 79 91 209 171 Gain or loss on extinguishment of debt - - - - Adjusted EBITDAre 1 65,366 57,004 185,329 166,261 Annualized Adjusted EBITDAre 261,464$ 228,017$ 247,105$ 221,682$ Three Months Ended September 30, Nine Months Ended September 30,
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Q 3 2026 35 FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Unaudited 2026 2025 2026 2025 Net income 28,879$ 28,877$ 89,240$ 83,018$ Depreciation and amortization 18,509 14,988 51,110 44,025 Realized gain on exchange of real estate1 - - (377) - FFO (as defined by NAREIT) 47,388$ 43,865$ 139,973$ 127,043$ Straight-line rental revenue (957) (856) (2,205) (1,563) Deferred income tax benefit2 249 (100) 172 (69) Stock-based compensation 2,149 2,208 7,217 6,969 Non-cash amortization of deferred financing costs 965 790 2,652 1,568 Non-real estate investment depreciation 73 63 222 75 Other non-cash revenue adjustments 455 478 1,466 964 Adjusted Funds From Operations (AFFO) 50,322$ 46,448$ 149,497$ 134,987$ Weighted average fully diluted shares outstanding3 109,952,992 104,282,333 109,858,297 101,884,809 FFO per diluted share 0.43$ 0.42$ 1.27$ 1.25$ AFFO per diluted share 0.46$ 0.45$ 1.36$ 1.33$ Three Months Ended September 30, Nine Months Ended September 30,
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OCTOBER 2026 ENDNOTES 36 PAGE 8 CONSISTENT ANNUAL INVESTMENT GROWTH 1. Figures as of 9/30/2026 Note: Figures exclude capitalized transaction costs. Initial cash yield calculation excludes $2.1 million, and $2.4 million of real estate purchases in our Kerrow operating business for 2019 and 2020, respectively. 2022 initial cash yield reflects near term rent increases and rent credits given at closing; the initial cash yield with rents in place as of closing is 6.4% PAGE 14 UNIQUE AND HIGHLY SECURE NET LEASE 1. See glossary on page 33 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 26% of non-restaurant ABR or 63% 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. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies PAGE 4 FCPT AT A GLANCE Figures as of 9/30/2026 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 on page 33 for definitions 2. See page 33 for non-GAAP definitions, and page 35 for reconciliation of net income to AFFO. FCPT reports the per share growth rate for FFO and AFFO as the reporting period's year-over-year increase in the per share metrics rounded to 3 decimal places 3. Average annual rent escalation through September 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. See glossary on page 33 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 26% of non-restaurant ABR or 63% 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 5. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies 6. See page 34 for reconciliation of net income to adjusted EBITDAre and page 33 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 10 FCPT AT 11 YEARS: 1. Annual Cash Base Rent (ABR) as defined in glossary 2. Past performance does not guarantee future results PAGE 34 RECONCILIATION SCHEDULES 1. See glossary on page 33 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 35 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 23 DIVERSIFICATION WITH SCALED, CREDITWORTHY NATIONAL BRANDS 1. Represents current Annual Cash Base Rent (ABR) as of 9/30/2026 as defined in glossary on page 33 2. Source: Nation’s Restaurant Top 500 Restaurants, public filings, Placer.ai., company websites, Focus Advisors Automotive M&A, Tire Business Magazine; Dash indicates private company or confidential information PAGE 20 CONSERVATIVE FINANCIAL POLICIES Figures as of 9/30/2026, except where otherwise noted 1. See page 34 for reconciliation of net income to adjusted EBITDAre and page 33 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents PAGE 16 CONSISTENTLY 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 PAGE 21 FCPT’S HISTORICAL LEVERAGE PROFILE 1. See page 34 for reconciliation of net income to adjusted EBITDAre and page 33 for non-GAAP definitions. Net debt is calculated as total debt less cash and cash equivalents. Includes any forward equity contracts outstanding as of quarter end PAGE 12 HIGHLY SELECTIVE APPROACH TO NET LEASE Note: All data as of 9/30/2026 1. Annual cash base rent (ABR) as defined in glossary; FCPT owns 1 dollar store site leased to Dollar General 2. Annual cash base rent (ABR) as defined in glossary; FCPT owns 7 general merchandise sites leased to REI (2), Jared Jewelry (2), Mattress Firm (1), and Sleep Number (1) 3. Annual cash base rent (ABR) as defined in glossary; FCPT owns 10 car wash sites leased to Whistle Express (9) and Club Car Wash (1) PAGE 18 GEOGRAPHICALLY DIVERSE Figures as of 9/30/2026 1. Annual Cash Base Rent (ABR) as defined in glossary 2. Source: U-Haul growth index 2025 PAGE 15 LOW BASIS PORTFOLIO LIMITS DOWNSIDE OF NEGATIVE CREDIT EVENTS 1. Source: Public filings as of 12/31/2025 PAGE 3 RECENT HIGHLIGHTS AT FCPT 1. Source: Public filings 2. As of 3/31/2026 PAGE 9 WHY OWN FCPT – WHAT MAKES US UNIQUE WITHIN NET LEASE? 1. Based on coverage as disclosed by FCPT’s peer net lease companies PAGE 32 CONSTRUCTION COSTS CONTINUE TO RISE 1. Per Turner, “The TBCI is determined by the following factors considered on a nationwide basis: labor rates and productivity, material prices, and the competitive condition of the marketplace.” https://www.turnerconstruction.com/cost-index PAGE 7 PORTFOLIO SNAPSHOT 1. Annual Cash Base Rent (ABR) as defined in glossary 2. 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 13 ALIGNED WITH STRONG RESTAURANT BRAND OPERATORS 1. Source: Public filings as of 9/30/2026 2. FactSet’s All Restaurant Index is composed of 21 restaurant and food service equities 3. FCPT’s Portfolio Restaurant Index is weighted based on the share of FCPT’s ABR attributable to brands operated by public companies. For private-operated brands in our portfolio, we use FactSet’s All Restaurant Index as a proxy PAGE 5 100% OLIVE GARDEN AND LONGHORN 2027 LEASE RENEWAL Note: Excludes renewal options 1. Annual cash base rent (ABR) as defined in glossary PAGE 28 FCPT’S STRONG DISPOSITION TRACK RECORD 1. Some transactions are subject to confidentiality provisions which prevent corporate disclosure of individual cap rates. Our blended rate of 5.4% includes all transactions PAGE 26 UNDERWRITING GEARED TOWARD HIGHER SALES VOLUME & BRANDS 1. Brand average sales per Nation’s Restaurant News Top 500 (2025 edition, uses 2024 sales volumes) PAGE 29 CASE STUDY: FCPT ACQUIRES $268 MILLION VETERINARY PORTFOLIO 1. Representative of 9/30/2026 portfolio data. FCPT previously owned five Mission Pet Health properties
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Four Corners Property Trust NYSE: FCPT THANK YOU INVESTOR PRESENTATION Q3 2026