Four Corners Property Trust (FCPT) Investor presentation summary

Recent highlights and portfolio growth

• Acquired over 1,000 properties since 2015, with $351 million invested through mid-2026 and a focus on restaurant, auto service, and medical retail sectors.

• Completed the largest acquisition in company history: 102-property Mission Pet Health veterinary portfolio for $268 million, now the third-largest brand by cash rent.

• Diversified portfolio: Darden now represents 41% of ABR, down from 100% at spin-off, with 41% of ABR from sectors outside casual dining.

• Maintained high rent collections (>99%) and avoided major credit issues, with no exposure to problematic tenants.

• Cash rent CAGR of approximately 11% since inception.

Investment strategy and portfolio quality

• Employs a disciplined, selective approach to net lease investments, prioritizing low value at risk and high tenant credit quality.

• Focuses on granular, fungible real estate in e-commerce and recession-resistant sectors.

• Avoids exposure to volatile sectors such as pharmacies, entertainment, gyms, and car washes.

• Portfolio is 99.5% occupied with a 6.6-year average lease term and 51% leased to investment-grade tenants.

• High tenant EBITDAR coverage (5.2x overall, 6.0x for Darden) and strong same-store sales among top brands.

Capital structure and financial discipline

• Raised $600 million in new term loans in 2026, with 82% of debt fixed rate and a weighted average maturity of 4.3 years.

• Maintains conservative leverage (5.0x–6.0x target), strong liquidity ($350 million revolver), and 100% unencumbered assets.

• Investment grade ratings: BBB (Fitch), Baa3 (Moody’s).

• Consistent positive spread investing and disciplined capital allocation.