FOUR CORNERS PROPERTY TRUST

NYSE: FCPT

INVESTOR PRESENTATION | APRIL 2022

www.fcpt.com

FORWARD LOOKING STATEMENTS AND DISCLAIMERS

Cautionary Note Regarding Forward-Looking Statements:

This presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding FCPT's intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, acquisition pipeline, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics such as COVID-19 on the business operations of FCPT and FCPT's tenants and their continued ability to pay rent in a timely manner or at all. Words such as "anticipate(s)," "expect(s)," "intend(s)," "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of FCPT's public disclosure obligations, FCPT expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in FCPT's expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management's current expectations and beliefs and FCPT can give no assurance that its expectations or the events described will occur as described.

For a further discussion of these and other factors that could cause FCPT's future results to differ materially from any forward-looking statements, see the risk factors described under the section entitled "Item 1A. Risk Factors" in FCPT's annual report on Form 10-K for the year ended December 31, 2021 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 atwww.fcpt.com, and on page 30 of this presentation.

AGENDA

Company Overview

Page 3

High Quality Portfolio

Page 8

Restaurant Industry Update

Page 13

Conservative Financial Position

Page 16

Appendix and Selected Supplemental Slides

Page 21

FCPT HIGHLIGHTS

Analytical, Disciplined Investment Philosophy

  • • Use of consistent, data-driven scorecard to objectively rate every property

  • • Investment committee memo and separate public announcement for every acquisition

    High-Quality Portfolio

  • • Recently portfolioconstructed,e-commerceresistant

  • • Strong tenant EBITDAR rent coverage, nationally established brands, and low rents provide for high tenant retention and limited vacancies

Accretive Diversification

  • • Grown from single tenant to 113 brands

  • • Established verticals into resilient, essential non-restaurant retail categories of auto service and medical retail

  • • Disciplined pricing approach while maintaining strong credit parameters and high-quality tenants

    Investment Grade Balance Sheet

  • • Commitment to maintain conservative 5.5x-6.0x leverage level

  • • Well laddered, predominately fixed rate debt maturity schedule

  • • Significant liquidity, unencumbered assets, high fixed charge coverage facilitates growth

Representative Brands

Q1 2022 OPERATING HIGHLIGHTS

Portfolio Update2

Liquidity and Capital Markets

Upgraded to BBB from BBB- by Fitch (March 2022)On March 17th, FCPT issued $125 million of nine- and ten-year private notes at an average 3.10% coupon

Year to date through April 26, FCPT has completed $61.0 million of forward equity sales at average initial forward price of $27.28 per share

5.7x Net debt to adjusted EBITDAre3

5.4 years weighted average debt maturity

Q1 Acquisitions

____________________

Q1 2022 AFFO Growth1

Net income per share of $0.28 compared to $0.27 in the year priorAFFO per share of $0.41 compared to $0.38 in the year prior, representing growth of 7.9% 89% corporate operated or guaranteed

Figures as of 3/31/2022, unless otherwise noted

  • 1. See page 30 for non-GAAP definitions, and page 32 for reconciliation of net income to AFFO

  • 2. 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

  • 3. Net debt to adjusted EBITDAre leverage as of 3/31/2022, see page 31 for reconciliation of net income to adjusted EBITDAre and page 30 for non-GAAP definitions

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Disclaimer

FCPT - Four Corners Property Trust Inc. published this content on 26 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2022 20:22:54 UTC.