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: June 1, 2018

(Date of earliest event reported)

FOUR CORNERS PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-37538

Maryland	47-4456296
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

591 Redwood Highway, Suite 1150, 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))

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 12-2 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 pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01 Regulation FD Disclosure.

Members of management of Four Corners Property Trust, Inc. (the “Company”) will present an overview of the Company during upcoming investor presentations. A copy of the presentation is attached as Exhibit 99.1 and incorporated by reference herein. The foregoing information is furnished pursuant to Item 7.01 Regulation FD Disclosure and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange 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	Investor Presentation of Four Corners Property Trust, Inc.

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 General Counsel and Secretary

Date: June 1, 2018

EXHIBIT LIST

Exhibit No.	Exhibit Description
99.1	Investor Presentation of Four Corners Property Trust, Inc.

EX-99.1

FOUR CORNERS PROPERTY TRUST N Y S E : F C P T INVESTOR PRESENTATION | JUNE 2018 w w w .fcpt.com 1 | FCPT | JUNE 2018

FORW ARD 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 the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance; and expectations regarding the making of distributions and the payment of dividends. 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: The information in this communication contains and refer 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 investor relations section of our website at www.fcpt.com. 2 | FCPT | JUNE 2018

AGEND A Company Overview and Update Page 3 Key Investment Highlights Page 11 Diversification and Acquisition Strategy Page 16 Financial Update & Key Credit Strengths Page 25 3 | FCPT | JUNE 2018

SENIOR MAN AGEMENT TEAM  Former Board member and Chair of the Finance and Real Estate Committee at Darden Restaurants, Inc.  Private investor in net lease retail real estate  Member of the Board of Directors of Macy’s, Inc. William Lenehan  President and CEO Former Board member and Chairman of the Investment Committee at Gramercy Property Trust, Inc.  Former CEO of Granite REIT, an investment grade single-tenant, triple-net REIT listed on the TSX  Ten years at Farallon Capital Management  B.A. from Claremont McKenna College  Former CFO of Amstar, served on Amstar’s Executive and Investment Committees  Former Managing Director of Financial Strategy & Planning at Prologis, Inc.  Former President and CFO of American Residential Communities Gerald Morgan  Served as a Senior Officer with Archstone prior to the company’s sale CFO  Former consultant at Bain & Co.  B.S. in Mechanical Engineering and MBA from Stanford University  Former Partner in the real estate department at the law firm of Pircher, Nichols & Meeks where he had practiced since 1998  B.A. from Macalester College James Brat  Juris Doctorate from the UCLA School of Law General Counsel 4 | FCPT | JUNE 2018

OVERVIEW OF FCPT  Four Corners Property Trust (“FCPT”) is an investment grade rated REIT primarily engaged in the ownership, acquisition, and leasing of restaurant properties  528 properties, diversified by geography and brand, 414 of which are leased to Darden under long- term triple-net leases ▪ 5 Restaurant Brands at Spin-Off from Darden: Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, Wildfish Seafood Grille ▪ 24 Additional Brands Acquired: Arby’s, BJ’s Restaurant, Bob Evans, Buffalo Wild Wings, Burger King, Chick-Fil-A, Chili’s, Del Taco, Denny’s, Fazoli’s, Hardee’s, KFC, McAlister’s Deli, McDonald’s, MOD Pizza, Panda Express, Pizza Hut, Popeye’s, Red Lobster, Starbucks, Steak ‘n Shake, Taco Bell, Wendy’s, Zaxby’s ▪ Portfolio tenants are principally investment grade (87%) with positive operating trends, fulsome public disclosure, and strong rent coverage (EBITDAR / rent of 4.7x1)  Strategy to grow and diversify portfolio through acquisitions and sale leasebacks  Low leverage and flexible unsecured capital structure to support diversification strategy  Sufficient platform scale with equity market capitalization of $1.4 billion and a total market 2 __________________________capitalization of $1.9 billion Figures as of 5/31/2018, unless otherwise stated. 1. Figure as of 3/31/2018. 2. Based on a share price of $22.89 as of 5/31/2018. 5 | FCPT | JUNE 2018

F C P T R E C E N T U P D ATE S • Announced an increase in the annual dividend to $1.10 per share (over 13% increase from prior dividend) in December 2017 • Active acquisitions & portfolio management program focused on high credit quality operators: Property Volume Initial Cash Term Count ($mm) Yield (Years) 2016 (Q3, Q4) 59 $94 6.6% 17 2017 (full year) 43 $99 6.8% 19 2018 (year-to-date through 5/31/18) 14 $24 6.6% 10 Total Q3'16 - Q2'18 116 $216 6.7% 17 Last 12 months (6/1/17 to 5/31/18) 32 $70 6.7% 16 • Announced a strategic agreement to acquire 41 properties for $67 million from Washington Prime Group at a 6.7% cap rate in September 2017, closed on the first 10 properties for $14 million in January 2018 - FCPT team aims to replicate similar outparcel transactions • Total dispositions of $57 million since inception of 6 properties at highly attractive cap rates (4.9% weighted average), including a recent disposition of a Bahama Breeze for $16 million at a 5.1% cap rate • FCPT has diversified and strengthened its capital markets access including the initiation of an At-The-Market (“ATM”) equity program, its debut investment grade note issuance and an extension/recast of its credit facility Since the spin-off was completed in late 2015, FCPT has made significant progress on portfolio diversification and improving access to capital markets Figures as of 3/31/2018, unless otherwise stated. 6 | FCPT | JUNE 2018

CASE STUDY: FCPT AND W ASHINGTON PRIME • On September 20, 2017, FCPT announced the acquisition of 41 restaurant properties from Washington Prime Group (“WPG”) for a purchase price of approximately $67 million (6.7% initial cash yield) with a weighted average remaining 8 year lease term - Attractive Anchors: Approximately 83% of the net operating income is from properties on out-lots to either open-air properties or WPG’s “Tier One Enclosed” properties - Unencumbered Sites: All properties are outparcels to malls / shopping centers unencumbered by property level debt - Diverse Portfolio: 22 different restaurant brands across 12 states (CT, CO, FL, IA, IL, IN, MD, NJ, OH, PA, TX, VA) • The first 10 properties / $14 million closed in January 2018. Tranche two is expected to close in the second half of 2018 22 Portfolio Brands __________________________ Figures as of 3/31/2018, unless otherwise stated. 7 | FCPT | JUNE 2018

FCPT CLOSED ACQUISITIONS # of Purchase Initial Cash Term Annualized Rent Tenant Location Properties Operator / Guarantor Information Price ($mm) Yield (yrs) Bumps Announced Pizza Hut IL, IN 6 40-unit sub. of 150-unit operator $5.7 7.2% 20 1.5% 7/18/2016 Wendy's TX 1 2-unit operator $2.1 6.5% 10 1.2% 8/2/2016 Arby's NC 2 24-unit operator $3.5 6.6% 18 1.0% 9/6/2016 KFC MI 4 360-unit operator $3.9 7.1% 20 1.4% 9/14/2016 Buffalo Wild Wings IL, IA 3 7-unit operator (assigned to 40-unit operator) $7.9 6.5% 12 CPI 9/15/2016 Dairy Queen OK 1 76-unit operator $2.6 6.6% 18 1.3% 10/20/2016 Burger King VA, NC, MS, AL 5 98-unit operator $11.5 6.5% 20 1.5% 10/28/2016 Arby's VA, NC 2 24-unit operator $4.3 6.6% 18 1.0% 11/4/2016 USRP Portfolio: Tranche 1 MI, KY, OH, IN, Various (some 10 Mix of corporate and strong franchisees $15.6 6.6% 10 11/9/2016 (7 concepts) IL, FL, CO, GA CPI & % rent) KFC IN, MI, WI 16 130-unit operator $21.1 6.5% 20 1.5% 11/10/2016 Taco Bell IN 1 85-unit sub. of 250-unit operator $1.3 6.7% 5 NA 11/15/2016 Hardee's AL & GA 4 35-unit operator $6.9 6.5% 20 1.5% 12/15/2016 Burger King TN 4 115-unit operator $7.7 6.5% 20 1.5% 12/28/2016 USRP Portfolio: Tranche 2 Various (some AL, IN, NY, TN 4 Mix of corporate and strong franchisees $5.8 6.5% 12 1/12/2017 (3 concepts) CPI & % rent) Taco Bell SC 1 60-unit sub. of 250-unit operator $2.4 6.5% 12 1.5% 1/13/2017 McAlister's TX 4 40-unit operator $8.9 6.7% 15 1.5% 3/17/2017 DE, IN, MD, MI, NY, Bob Evans 16 524-unit operator $35.1 7.1% 20 2.0% 5/1/2017 OH, PA, VA, WV Burger King MS, TN 7 115-unit operator $16.0 6.7% 20 2.0% 6/30/2017 Taco Bell IN 2 270-unit operator $3.4 6.5% 20 0.5% 7/26/2017 MOD Pizza/Del Taco MI 1 5-unit sub. of 90-unit operator $2.7 7.4% 10 2.0% 9/15/2017 Red Lobster OH, MI, PA, GA 5 700-unit operator $19.4 6.7% 21 2.0% 11/2/2017 LongHorn Steakhouse SC 1 490-unit sub. of 1,695-unit operator $1.5 6.6% 10 2.5% 12/7/2017 Burger King MS 2 Cambridge (115+ unit franchisee) $3.3 6.7% 20 1.5% 12/19/2017 Buffalo Wild Wings IL 2 World Wide Wings (40+ unit franchisee) $6.6 6.6% 14 2.0% 1/10/2018 WPG Portfolio: Tranche 1 Various (some FL, IL, IA, OH 10 8 corporate and 2 franchisees $13.8 6.6% 7 1/12/2018 (10 concepts) CPI & % rent) Popeye's TN 1 Cambridge (150+ unit guarantor) $1.7 6.6% 20 1.5% 4/30/2018 Red Lobster PA 1 700-unit operator $1.8 7.1% 9 NA 5/29/2018 Total / Wtd. Avg. 116 $216.4 6.7% 17 1.7% Note: Figures updated as of 5/31/2018. 8 | FCPT | JUNE 2018

FCPT CLOSED DISPOSITIONS # of Sale Initial Cash Term Annualized Rent Tenant Location Properties Operator / Guarantor Information Price ($mm) Yield (yrs) Bumps Announced Bahama Breeze Tampa, FL 1 Bahama Breeze Holdings, LLC $18.5 4.8% 12 1.5% 10/24/2016 Olive Garden Pembroke Pines, FL 1 Darden Restaurants, Inc. $6.3 4.8% 16 1.5% 10/24/2016 Olive Garden Lakeland, FL 1 Darden Restaurants, Inc. $5.2 5.1% 15 1.5% 5/17/2017 Olive Garden Fairfax, VA 1 Darden Restaurants, Inc. $5.9 4.7% 16 1.5% 9/13/2017 Olive Garden Pinellas Park, FL 1 Darden Restaurants, Inc. $5.1 4.7% 16 1.5% 11/24/2017 Bahama Breeze1 Orlando, FL 1 Bahama Breeze Holdings, LLC $16.2 5.1% 11 1.5% 5/25/2018 Total / Wtd. Avg. 6 $57.2 4.9% 13 1.5%  FCPT remains a net acquirer of real estate, but considers opportunistic dispositions in the scope of portfolio management  All proceeds from sales exchanged accretively into new investments via 1031 exchange mechanism Note: Figures updated as of 5/31/2018. 1. Proceeds from sale of Bahama Breeze in Orlando, FL on 5/25/2018 are currently held by exchange intermediary, to be deployed into new investments via 1031 exchange mechanism. 9 | FCPT | JUNE 2018

NATION AL FOOTPRINT W ITH INCREASING BRAND DIVERSIFICATION ND WA MT MN 528 Properties ME SD WI ID MI VT NH OR WY NY IA MA NE CT RI PA OH 44 States NV IL IN NJ UT CO MD DE KS MO WV KY VA CA TN OK NC AR 29 Brands AZ NM SC MS AL GA LA TX 3.7 million sq ft FL Portfolio at Inception Acquired Properties __________________________ Note: Figures in this presentation are as of 5/31/2018 unless otherwise stated. Map is based on Current scheduled minimum contractual rent as of 5/31/2018; Excludes six owned / ground leased in the Kerrow Restaurant Operating Business. 10 | FCPT | JUNE 2018

AGEND A Company Overview and Update Page 3 Key Investment Highlights Page 11 Diversification and Acquisition Strategy Page 16 Financial Update & Key Credit Strengths Page 25 11 | FCPT | JUNE 2018

HIGH QUALITY PORTFOLIO FCPT Portfolio Summary • 528 Properties1 Properties: • 87% Investment grade tenancy • 29 brands – 17 Quick Service & Fast Casual / 12 Casual, Family & Fine Dining1 Casual, • 44 states Geography: Family • Only Texas (10.7%) and Florida (10.1%) are above 10% of NOI1 & Fine Dining • 12.7 years Term Remaining: • Less than 1.5% of NOI expiring before 2027 Contractual Rent $109.4 million (Cash): EBITDAR / Rent 4.7x Coverage: Quick Service & Fast Casual Annual Rent 1.5% average fixed annualized rent increase Escalation: Net leases with tenant responsible for repair and maintenance costs, property tax, Lease Structure: insurance and building restoration Predominantly individual leases to allow landlord flexibility __________________________ Figures as of 3/31/2018 unless stated otherwise. 1. Figures as of 5/31/2018. 12 | FCPT | JUNE 2018

PORTFOLIO DIVERSIFICATION Brand Breakdown by Annual Base Rent (ABR) 20% 18% 104 units 105 units 4% 6% 13 units 74% 14 units 65% 300 units 297 units 13% 112 units Initial Portfolio: Today: Rental Revenue of $94.4 million Rental Revenue of $109.4 million1 (ABR at spin) (ABR at 3/31/2018) ___________________________ Note: “ABR” is defined as cash Annualized Base Rent 1. Scheduled minimum contractual rent as of 3/31/2018. 13 | FCPT | JUNE 2018

LEASE MATURITY SCHEDULE Lease Maturity Schedule by % Annual Base Rent1 (ABR) 99.9% occupied as of 3/31/20182 15.8% 15.2% 14.1% 13.7% 12.8% Weighted average lease term of 12.7 years 9.6% 8.6% Less than 1.5% of rental income matures prior to 2027 3.6% 3.7% 0.7% 0.9% 0.0% 0.0% 0.2% 0.2% 0.3% 0.3% 0.1% 0.1% 0.2% 0.0% 0.0% 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 # Properties - - 3 2 3 4 1 1 2 74 74 70 67 62 46 40 5 - 41 27 - 4 Cash ABR ($000s)(1) - - 179 171 298 346 85 117 234 16,621 17,273 15,417 14,936 14,012 10,452 9,438 787 - 3,965 4,011 - 1,021 Total SF (000s) - - 15 8 12 18 2 4 7 535 539 531 518 493 363 346 21 - 118 123 - 31 ___________________________ 1. Scheduled minimum contractual rent as of 3/31/2018. 2. Calculated by square feet. Note: Excludes renewal options. 14 | FCPT | JUNE 2018

FCPT’S PORTFOLIO COMPARES FAVOR ABLY ACROSS MAJOR METRICS EBITDAR Coverage1 % Investment Grade Tenants2 % Tenants 100% 100% 81% 39% 96% included: 87% 4.7x 3.2x 2.8x 51% Peer Average: 2.8x 2.6x 2.6x 43% 46% Peer Average: 37% 37% 24% 20% N/A N/A ADC VEREIT Spirit STORE Realty National Retail FCPT STOR NNN SRC VER ADC O FCPT % Retail Properties3 Weighted Average Lease Term (In years) 99% 100% 100% ~14 86% Peer Average: 81% 81% 12.7 64% 11.4 (4) 54% Peer Average: 10.7 years 10.3 9.9 9.3 9.4 STOR VER O SRC ADC NNN FCPT VER O SRC ADC NNN STOR FCPT ___________________________ Sources: Figures as of 3/31/2018 based on public filings and Green Street Advisors. 1. Uses 4-Wall / Unit-Level Coverage where available. 2. Based on annualized base rent. Information for peers per company filings (ADC, O, NNN, and VER) and Green Street Advisors (SRC, NNN, STOR). FCPT classifies investment grade tenants as a tenant with at least one investment grade rating from Moody’s, S&P or Fitch. 3. Based on annualized base rent. 4. Includes retail, restaurant, movie theaters, health clubs, automotive and consumer goods rental. 15 | FCPT | JUNE 2018

AGEND A Company Overview and Update Page 3 Key Investment Highlights Page 11 Diversification and Acquisition Strategy Page 16 Financial Update & Key Credit Strengths Page 25 16 | FCPT | JUNE 2018

BUSINESS PLAN AND DIVERSIFICATION STRATEGY FCPT has a core portfolio that provides stable cash flow, as well as a strong balance sheet to support diversification growth objectives 1 Start with 100% concentration in casual dining, but an extremely strong tenant with an investment grade credit rating 2 Seek to grow and diversify with an initial focus on the quick service subsector in order to move portfolio closer to reflecting national restaurant landscape 3 Become a preferred partner and capital source for leading restaurant operators and franchisees, capitalizing on the current industry trends pushing operator consolidation and an “asset light” business model 4 Maintain conservative and flexible balance sheet − Continue to improve access to equity and debt capital − Low leveraged balance sheet with substantial liquidity − Unencumbered properties − Conservative payout ratio of approximately 80% of AFFO − UPREIT structure offering compelling OP unit option − Capital recycling through selective dispositions 17 | FCPT | JUNE 2018

FCPT ACQUISITION PHILOSOPHY AND UNDERW RITING CRITERIA Acquisition Philosophy • Acquire nationally recognized branded restaurants that are well located with creditworthy lease guarantors • Purchase assets only when accretive to cost of capital • Increase diversification by targeting different brands, meal price-points, cuisine types, and geographies Underwriting Criteria • Acquisition criteria is approximately split 50% / 50% between credit and real estate metrics • Acquisition decisions are informed by a property scorecard based on these metrics, but ultimately rely on human judgement Credit Criteria (~50%): Real Estate Criteria (~50%): − Guarantor credit − Location − Brand durability − Re-use potential − Store performance − Lease structure − Rent-to-sales − Absolute rent − Lease term − Rent growth 18 | FCPT | JUNE 2018

CONCEPTUAL UNDERW RITING STRIKE ZONE Valuation to Score Matrix FCPT is disciplined in its underwriting, passing on properties with weak real estate, weak credit or aggressive pricing Dilutive Expensive FCPT Long Term WACC Strike Zone Valuation (Going in Asking Valuation(Going Cap Asking in Rate) Cheap Screened / Passed Accretive Distressed Closed, Under Contract, Negotiating LOI Trophy 0 1 2 3 4 5 6 7 8 9 10 Total Underwriting Score “Ted Williams described in his book, The Science of Hitting, that the most important thing, for a hitter, is to wait for the right pitch…and that's exactly the philosophy I have about investing...wait for the right pitch…and it will come…it's the key to investing.” – Warren Buffett Note: Figures as of May 2018; data includes 2,400+ comps with property scores along x-axis and property listing / asking cap rates along y-axis. Does not necessarily reflect closing price negotiated by FCPT. 19 | FCPT | JUNE 2018

VAST ADDRESSABLE MARKET W ITHIN RESTAURANT INDUSTRY SUBSECTORS US GDP – $18.6 Trillion Consumption Investment Government $12.8T $3.0T $3.3T Net Exports Retail Sales -$0.5T $4.85T Restaurants (~11% of Retail Sales, $523bn) Family Fine Quick Service & Fast Casual Casual Dining / Buffet Dining $268bn $194bn $42bn $19bn Sand- Mex- Varied Mex- Sea- Hamburger Pizza Coffee Chicken Other Italian Steak Asian Other wich ican Menu ican food $82bn $40bn $29bn $24bn $39bn $24bn $20bn $19bn $30bn $31bn $23bn $67bn $22bn $12bn FCPT ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Target ~ ~ ~ ~ Source: Census Bureau, Bureau of Economic Analysis, Wall Street Research as of May 2018; Data as of December 2016. 20 | FCPT | JUNE 2018

INDUSTRY BENCHMARKING FCPT is focused on acquiring restaurants operated by top brands within each cuisine type % of % of Predominately Top 5 Revenue Dining Restaurant Free-Standing Top 5 Brands by Market Share (% of cuisine type)1 % of ($bn) Sector Industry Buildings #1 #2 #3 #4 #5 Cuisine Type Quick Service: Burger $82 30.6% 15.7% Yes McDonald's (45%) Burger King (12%) Wendy's (11%) Sonic Drive-In (6%) Dairy Queen (4%) 77% Pizza $40 14.9% 7.6% No Pizza Hut (25%) Domino's (23%) Little Caesars (16%) Papa John's (13%) Papa Murphy's (4%) 81% Sandwich $31 11.6% 5.9% Yes Subway (50%) Arby's (16%) Jimmy John's (10%) Jersey Mike's Subs (4%) Jason's Deli (3%) 83% Coffee $29 10.8% 5.5% No Starbucks (63%) Dunkin Donuts (29%) Tim Hortons (3%) Krispy Kreme (3%) Peet's Coffee (1%) 99% Chicken $24 9.0% 4.6% Yes Chick-fil-A (35%) KFC (20%) Popeyes (13%) Zaxby's (7%) Bojangles' (5%) 80% Mexican $23 8.6% 4.4% Yes Taco Bell (55%) Chipotle (23%) Qdoba (5%) Del Taco (4%) Moe's Southwest (4%) 91% Other (Asian, Seafood, Misc) $39 14.6% 7.5% Yes Panera Bread (52%) Panda Express (31%) Captain D's (6%) Long John Silver's (5%) Pei Wei (4%) 97% Total Quick Service $268 100.0% 51.2% Casual Dining: Varied Menu $67 34.5% 12.8% Yes Applebee's (17%) Buffalo Wild Wings (14%) Chili's Grill & Bar (13%) Cheesecake Factory (8%) Red Robin (6%) 58% Italian $24 12.4% 4.6% Yes Olive Garden (61%) Carrabba's (11%) Maggiano's (6%) Macaroni Grill (4%) Brio Tuscan Grille (4%) 86% Mexican $22 11.3% 4.2% Yes On the Border (43%) Chuy's (39%) El Torito (18%) - - 100% Steak $20 10.3% 3.8% Yes Outback (33%) Texas Roadhouse (30%) LongHorn (21%) Logan's (8%) Sizzler (3%) 95% Asian $19 9.8% 3.6% No P.F. Chang's (75%) Benihana (25%) - - - 100% Seafood $12 6.2% 2.3% Yes Red Lobster (67%) Bonefish Grill (17%) Joe's Crab Shack (10%) Bubba Gump (6%) - 100% Other $30 15.5% 5.7% NA - - - - - 0% Total Casual Dining $194 100.0% 37.1% Family / Buffet $42 100.0% 8.0% Yes IHOP (23%) Cracker Barrel (21%) Denny's (20%) Golden Corral (12%) Waffle House (9.0%) 85% Fine Dining $19 100.0% 3.6% No Ruth's Chris (19%) Capital Grille (12%) Fleming's (8%) Saltgrass (8%) Morton's (8%) 56% Total Restaurant / Portfolio $523 100.0% Note: Green font denotes FCPT owned brands and orange font denotes brands that FCPT is under contract to purchase per the announced Washington Prime Group transaction. Source: “Nation’s Restaurant News Top 200”, Census Bureau, Bureau of Economic Analysis, Wall Street Research as of May 2018; Data as of December 2016. 1 Market share is defined as total brand sales as a percentage of the sum of all sizable brands within each cuisine type subsector. Brand selection is based on data from “Nation’s Restaurant News Top 200”. 21 | FCPT | JUNE 2018

FOOD & BEVERAGE SEEMS TO BE MOST RESILIENT TO E -COMMERCE US eCommerce Penetration by Retail Category (2016) 50% 46.7% 45% 40% 35% 31.8% 30% 25% 20% 16.4% 14.8% 15% 11.1% 11.0% 10.5% 10% 7.3% 5% 2.8% 0.9% 0% Consumer Books & Toys & Hobbies Apparel & Health & Jewelry & Sports & Fitness Furniture & Total Food & Electronics Magazines Accessories Personal Care Watches (ex apparel) Home Grocery1 Beverage1 (incl appliances) Online / digital sales penetration has remained low within restaurants Source: ComScore, Census Bureau, BEA, Internet Retailer, Wall Street Research. 1 Calculated using estimated online sales. 22 | FCPT | JUNE 2018

RAPID FRANCHISEE CONSOLIDATION W ITHIN RESTAURANT INDUSTRY Units Owned by the Top 200 Franchisees Average units per Top 200 Franchisees 28,000 26,997 150 25,176 135 130 24,000 23,177 126 21,831 120 116 20,331 109 20,000 102 18,408 105 17,887 92 16,715 89 90 84 16,000 75 12,000 60 8,000 45 30 4,000 15 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2009 2010 2011 2012 2013 2014 2015 2016 The franchisee industry is highly fragmented, but undergoing consolidation and growth by top players, presenting new partnership opportunities for FCPT Source: Restaurant Finance Monitor (June 2017). 23 | FCPT | JUNE 2018

THOUGHTFUL BRAND SELECTION AIMED AT PROTECTING CASH FLOW Brand Average Sales Volume ($000s) Casual $6,000 Dining $10,909 $5,000 Fast Brands with mid-range sales have more Casual options for re-tenanting in case of vacancy $4,000 Quick Service $3,000 $2,000 $1,000 $0 ___________________________ Source: Brand average sales per “Nation’s Restaurant News Top 200” (2017 edition, uses 2016 financials). 24 | FCPT | JUNE 2018

AGEND A Company Overview and Update Page 3 Key Investment Highlights Page 11 Diversification and Acquisition Strategy Page 16 Financial Update & Key Credit Strengths Page 25 25 | FCPT | JUNE 2018

SUMMARY CAPIT ALIZ ATI ON AND FINANCI ALS Current Capitalization Current Trading Metrics ($ million, except per share) Cash NOI ($ million) $109.4 Share price (5/31/2018) $22.89 Implied Cap Rate 5.8% Shares and OP units outstanding (millions) 61.8 Consensus AFFO per share (12 month forward) $1.37 Equity value $1,415 Price / AFFO Multiple 16.7x Debt: Quarterly Dividend per share $0.2750 Bank term debt $400 Annualized Dividend per share $1.10 Revolving credit facility $0 Dividend Yield 4.8% Unsecured private notes $125 Total market capitalization ("TMC") $1,940 Excess Cash ($53) 2 Enterprise value ("EV") $1,887 Leverage Relative to Net Lease Peers 1 EBITDAre (adjusted, Last Quarter Annualized) $105 Net Debt/EBITDA 6.7x 6.8x Net Debt + Pfd./EBITDA 0.3x 6.0x 6.0x 5.8x 1.0x 1.2x 4.8x 4.5x 6.5x 5.8x 6.0x 5.7x Credit Metrics 4.5x 4.8x 4.8x Net debt to enterprise value 25.0% Fixed charge coverage (per Q1 2018 covenant compliance) 7.2x Net debt to EBITDAre (adjusted, Last Quarter Annualized)1 4.5x FCPT ADC O NNN STOR VER SRC ___________________________ Note: Figures as of 3/31/2018, unless otherwise stated. 1. EBITDAre is computed in accordance with NAREIT’s definition and adjusted to exclude transaction costs and gains / losses on debt extinguishment. 2. FCPT and peer figures as of 3/31/2018. 26 | FCPT | JUNE 2018

FCPT DEBT MATURITY SCHEDULE Current Debt Maturity Schedule1 Weighted average 1 maturity of 5.4 years Unsecured Notes $400 Undrawn Revolver Capacity Drawn Revolver Unsecured Term Loan $250 $75 $50 $0 $0 $0 $0 $0 $0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 ___________________________ Figures as of 3/31/2018. 1. Excludes undrawn revolver. 27 | FCPT | JUNE 2018

FCPT KEY INVESTMENT HIGHLIGHTS  High Quality Well-located assets diversified geographically across 44 states in the U.S. Portfolio  Darden property-level revenue ~50% above casual dining peers Diversified by  Sales of Darden branded assets demonstrate strong underlying value and liquidity Geography and  Strong acquisition platform with 116 restaurant properties / $216 million in acquisitions Brand volume since July 20161  12.7 year average lease term with <1.5% of leases expiring before 2027 Strong, Stable  Annualized rent escalators of 1.5% and Growing  Cash Flow Focus on sustainable tenant rents with EBITDAR / rent coverage of 4.7x (best-in-class within net lease sector) Investment  FCPT is investment grade rated (Fitch: BBB-) Grade Credit  FCPT’s largest tenant, Darden, who also provides a corporate guarantee on its leases, Profile is rated BBB/BBB/Baa2 and continues to perform well and increase market share  Financially disciplined acquisition strategy  Current leverage of 4.5x Net Debt / EBITDAre, with no near-term maturities Conservative  100% unencumbered asset base Financial  Position Conservative dividend payout ratio of ~80% of AFFO  Strong liquidity profile with $250 million fully undrawn revolver  Strong institutional shareholder support  Highly regarded leadership with extensive retail net lease and public market REIT experience Experienced  Board with significant restaurant and real estate experience and a strong track record Management  and Board Members of management and board are meaningfully invested in FCPT; interests are aligned with shareholders  Best-in-class corporate governance __________________________ Figures as of 3/31/2018 unless otherwise stated. 1. Figure as of 5/31/2018. 28 | FCPT | JUNE 2018

FOUR CORNERS PROPERTY TRUST N Y S E : F C P T 29 | FCPT | JUNE 2018