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 (Date of earliest event reported) : MAY 1, 2023

FOUR CORNERS PROPERTY TRUST, INC.

(Exact name of registrant as specified in its charter)

 

Maryland	001-37538	47-4456296
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

591 Redwood Highway, Suite 3215, 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))

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class	Trading Symbol	Name of Exchange on Which Registered
Common Stock, $0.0001 par value per share	FCPT	New York Stock Exchange

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

Item 2.02 Results of Operations and Financial Condition.

On May 1, 2023, Four Corners Property Trust, Inc. (the “Company”) announced its financial results for the quarter ended March 31, 2023. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and a copy of the Company’s Supplemental Financial & Operating Information for the quarter ended March 31, 2023 is attached hereto as Exhibit 99.2.

The information in this Item 2.02 and Exhibits 99.1 and 99.2 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

Members of management of the Company will present an overview of the Company during upcoming investor presentations. A copy of the presentation is attached as Exhibit 99.3 and incorporated by reference herein.

The information in this Item 7.01 and Exhibit 99.3 to this Form 8-K is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall they be deemed to be incorporated by reference in any filing under the Exchange Act or the Securities 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	Press Release dated May 1, 2023
99.2	Supplemental Financial & Operating Information for the Quarter Ended March 31, 2023
99.3	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 Chief Operations Officer, General Counsel, and Secretary

Date: May 1, 2023

EXHIBIT LIST

Exhibit No.	Exhibit Description
99.1	Press Release dated May 1, 2023
99.2	Supplemental Financial & Operating Information for the Quarter Ended March 31, 2023
99.3	Investor Presentation of Four Corners Property Trust, Inc.

EX-99.1

FCPT Announces First Quarter 2023 Financial and Operating Results MILL VALLEY, CA – May 1, 2023 / Business Wire – Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced financial results for the three months ended March 31, 2023. Management Comments “FCPT had a solid start to 2023, with continued high rent collection levels and opportunistic capital raising to further strengthen our financial position,” said CEO Bill Lenehan. “We start the second quarter with $142 million of cash and equity forward positions available to fund high-quality acquisition opportunities in our target sectors.” Rent Collection Update As of March 31, 2023, the Company has received rent payments representing 99.9% of its portfolio contractual base rent for the quarter ending March 31, 2023. Financial Results Rental Revenue and Net Income Attributable to Common Shareholders • Rental revenue for the first quarter increased 11.3% over the prior year to $52.2 million. Rental revenue consisted of $51.4 million in cash rents and $0.8 million of straight-line and other non-cash rent adjustments. • Net income attributable to common shareholders was $23.1 million for the first quarter, or $0.27 per diluted share. These results compare to net income attributable to common shareholders of $22.3 million for the same quarter in the prior year, or $0.28 per diluted share. Funds from Operations (FFO) • NAREIT-defined FFO per diluted share for the first quarter was $0.39, representing a $0.01 per share decrease compared to the same quarter in 2022. Adjusted Funds from Operations (AFFO) • AFFO per diluted share for the first quarter was $0.41, representing flat results compared to the same quarter in 2022. General and Administrative (G&A) Expense • G&A expense for the first quarter was $6.1 million, which included $1.8 million of stock-based compensation. These results compare to G&A expense in the first quarter of 2022 of $5.3 million, including $1.5 million of stock-based compensation. • Cash G&A expense (after excluding stock-based compensation) for the first quarter was $4.3 million, representing 8.3% of cash rental income for the quarter. Dividends • FCPT declared a dividend of $0.34 per common share for the first quarter of 2023. Portfolio Activities Acquisitions • During the first quarter, FCPT acquired 10 properties for a combined purchase price of $19.9 million at an

initial weighted average cash yield of 6.9%, on rents in place as of March 31, 2023 and a weighted average remaining lease term of 6.5 years. Dispositions • During the first quarter, FCPT sold three properties for a total sales price of $12.1 million representing $1.6 million of gain. Liquidity and Capital Markets Capital Raising • During the first quarter, the Company sold 1,907,946 shares of Common Stock via the forward component of the at-the-market (ATM) program at an average price of $27.73 per share for anticipated net proceeds of $52.1 million. • In the quarter, the Company also settled previously executed forward sale agreements of 324,182 shares for net proceeds of $8.9 million. Liquidity • At March 31, 2023, FCPT had approximately $392 million of available liquidity including $31 million of cash and cash equivalents, $250 million of undrawn credit line capacity and 4,113,788 shares remaining to be settled under existing forward sale agreements for anticipated net proceeds of approximately $111 million. • In addition, at quarter end, FCPT has $75 million of forward interest rate swaps in place, effectively fixing the Treasury base rate at approximately 2.6% for this amount of our next long-term unsecured debt issuance in 2023. Credit Facility and Unsecured Notes • At March 31, 2023, FCPT had $1,005 million of outstanding debt, consisting of $430 million of term loans and $575 million of unsecured fixed rate notes and no outstanding revolver balance. FCPT’s leverage, as measured by the ratio of net debt to adjusted EBITDAre, is 5.6x at quarter-end. Real Estate Portfolio • As of March 31, 2023, the Company’s rental portfolio consisted of 1,030 properties located in 47 states. The properties are 99.9% occupied (measured by square feet) under long-term, net leases with a weighted average remaining lease term of approximately 8.0 years.

Conference Call Information Company management will host a conference call and audio webcast on Tuesday, May 2 at 11:30 a.m. Eastern Time to discuss the results. Interested parties can listen to the call via the following: Phone: 1 833 470 1428 (domestic) or 1 404 975 4839 (international), Call Access Code: 361624 Live webcast: https://events.q4inc.com/attendee/576552728 In order to pre-register for the call, investors can visit https://www.netroadshow.com/events/login?show=99d6b5cb&confId=49571 Replay: Available through July 31, 2023 by dialing 1 866 813 9403 (domestic) or 44 204 525 0658 (international), Replay Access Code 785821 About FCPT FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at fcpt.com. Cautionary Note Regarding Forward-Looking Statements This press release 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, announced transactions, 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 the Company and the Company’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 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. In addition, the extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. 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: In addition to U.S. GAAP financial measures, this press release and the referenced supplemental financial and operating report contain and may refer to certain non-GAAP financial measures. 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. Supplemental Materials and Website: Supplemental materials on the First Quarter 2023 operating results and other information on the Company are available on the investors relations section of FCPT’s website at investors.fcpt.com. FCPT Bill Lenehan, 415-965-8031 CEO Gerry Morgan, 415-965-8032 CFO

Four Corners Property Trust Consolidated Statements of Income (Unaudited) (In thousands, except share and per share data) 2023 2022 Revenues: Rental revenue 52,197$ 46,903$ Restaurant revenue 7,755 7,494 Total revenues 59,952 54,397 Operating expenses: General and administrative 6,055 5,269 Depreciation and amortization 12,176 9,704 Property expenses 3,167 1,849 Restaurant expenses 7,295 6,883 Total operating expenses 28,693 23,705 Interest expense (9,918) (8,375) Other income, net 300 57 Realized gain on sale, net 1,562 - Income tax expense (48) (88) Net income 23,155 22,286 Net income attributable to noncontrolling interest (31) (31) Net Income Attributable to Common Shareholders 23,124$ 22,255$ Basic net income per share 0.27$ 0.28$ Diluted net income per share 0.27$ 0.28$ Regular dividends declared per share 0.3400$ 0.3325$ Weighted-average shares outstanding: Basic 85,833,602 80,195,140 Diluted 86,095,554 80,346,024 Three Months Ended March 31,

Four Corners Property Trust Consolidated Balance Sheets (In thousands, except share data) March 31, 2023 (Unaudited) December 31, 2022 Real estate investments: Land 1,124,878$ 1,115,827$ Buildings, equipment and improvements 1,549,401 1,539,875 Total real estate investments 2,674,279 2,655,702 Less: Accumulated depreciation (714,686) (706,702) Total real estate investments, net 1,959,593 1,949,000 Intangible lease assets, net 102,113 106,206 Total real estate investments and intangible lease assets, net 2,061,706 2,055,206 Real estate held for sale - 7,522 Cash and cash equivalents 31,399 26,296 Straight-line rent adjustment 61,650 61,027 Derivative assets 27,888 35,276 Deferred tax assets 1,033 988 Other assets 13,828 12,272 Total Assets 2,197,504$ 2,198,587$ Liabilities: Long-term debt ($1,005,000 and $1,005,000 principal, respectively) 996,041$ 995,477$ Dividends payable 29,203 29,064 Rent received in advance 12,876 11,710 Derivative liabilities 658 9 Other liabilities 25,759 24,017 Total liabilities 1,064,537 1,060,277 Equity: Preferred stock, $0.0001 par value per share, 25,000,000 shares authorized, zero shares issued and outstanding - - Common stock, $0.0001 par value per share, 500,000,000 shares authorized, 86,088,900 and 85,637,293 shares issued and outstanding, respectively 9 9 Additional paid-in capital 1,112,936 1,104,522 Accumulated other comprehensive income 23,285 30,944 Noncontrolling interest 2,240 2,259 Retained earnings (accumulated deficit) (5,503) 576 Total equity 1,132,967 1,138,310 Total Liabilities and Equity 2,197,504$ 2,198,587$ ASSETS LIABILITIES AND EQUITY

Four Corners Property Trust FFO and AFFO (Unaudited) (In thousands, except share and per share data) 2022 2021 Funds from operations (FFO): Net income 23,155$ 22,286$ Depreciation and amortization 12,144 9,668 Realized gain on sales of real estate (1,562) - FFO (as defined by NAREIT) 33,737$ 31,954$ Straight-line rental revenue (1,304) (1,642) Deferred income tax (benefit) expense (1) (44) - Stock-based compensation 1,767 1,500 Non-cash amortization of deferred financing costs 564 468 Non-real estate investment depreciation 32 36 Other non-cash revenue adjustments 494 530 Adjusted Funds from Operations (AFFO) 35,246$ 32,846$ Fully diluted shares outstanding (2) 86,210,113 80,460,583 FFO per diluted share 0.39$ 0.40$ AFFO per diluted share 0.41$ 0.41$ Restaurant Business (2) Assumes the issuance of common shares for OP units held by non-controlling interest. (1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Three Months Ended March 31,

EX-99.2

1 | FCPT | Q1 2023 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2023 FOUR CORNERS PROPERTY TRUST N YS E : F C P T

2 | FCPT | Q1 2023 C AU T I O N AR Y N O T E R E G AR D I N G F O R W AR D - L O O K I N G S T AT E M E N T S 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, 2022, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission.

3 | FCPT | Q1 2023 TABLE OF CONTENTS Financial Summary Page Consolidating Balance Sheet 4 Consolidated Income Statement 5 FFO and AFFO Reconciliation 6 Net Asset Value Components 7 Capitalization and Key Credit Metrics 8 Debt Summary 9 Debt Maturity Schedule 10 Debt Covenants 11 Real Estate Portfolio Summary Property Locations by Brand 12 Brand Diversification 13 Geographic Diversification 14 Lease Maturity Schedule 15 Exhibits Glossary and Non-GAAP Definitions 16 Reconciliation of Net Income to Adjusted EBITDAre and Revenue and Property Expense Detail 17

4 | FCPT | Q1 2023 CONSOLIDATING BALANCE SHEET As of 12/31/2022 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,117,422$ 7,456$ -$ 1,124,878$ 1,115,827$ Buildings, equipment and improvements 1,534,157 15,244 - 1,549,401 1,539,875 Total real estate investments 2,651,579 22,700 - 2,674,279 2,655,702 Less: accumulated depreciation (707,679) (7,007) - (714,686) (706,702) Real estate investments, net 1,943,900 15,693 - 1,959,593 1,949,000 Intangible lease assets, net 102,113 - - 102,113 106,206 Total real estate investments and intangible lease assets, net 2,046,013 15,693 - 2,061,706 2,055,206 Real estate held for sale - - - - 7,522 Cash and cash equivalents 30,689 710 - 31,399 26,296 Straight-line rent adjustment 61,650 - - 61,650 61,027 Deferred tax assets - 1,033 - 1,033 988 Other assets 9,372 4,456 - 13,828 12,272 Derivative assets 27,888 - - 27,888 35,276 Investment in subsidiary 16,503 - (16,503) - - Intercompany receivable 475 - (475) - - Total Assets 2,192,590$ 21,892$ (16,978)$ 2,197,504$ 2,198,587$ LIABILITIES AND EQUITY Liabilities: Term loan ($430,000, net of deferred financing costs) 424,537$ -$ -$ 424,537$ 424,134$ Revolving facility ($250,000 capacity) - - - - - Unsecured notes ($575,000, net of deferred financing costs) 571,504 - - 571,504 571,343 Rent received in advance 12,876 - - 12,876 11,710 Derivative liabilities 658 - - 658 9 Dividends payable 29,203 - - 29,203 29,064 Other liabilities 20,421 5,338 - 25,759 24,017 Intercompany payable - 475 (475) - - Total liabilities 1,059,199$ 5,813$ (475)$ 1,064,537$ 1,060,277$ Equity: Preferred stock -$ -$ -$ -$ -$ Common stock 9 - - 9 9 Additional paid-in capital 1,112,936 16,503 (16,503) 1,112,936 1,104,522 Accumulated other comprehensive income (loss) 23,285 - - 23,285 30,944 Noncontrolling interest 2,240 - - 2,240 2,259 Retained earnings (accumulated deficit) (5,079) (424) - (5,503) 576 Total equity 1,133,391$ 16,079$ (16,503)$ 1,132,967$ 1,138,310$ Total Liabilities and Equity 2,192,590$ 21,892$ (16,978)$ 2,197,504$ 2,198,587$ As of 3/31/2023

5 | FCPT | Q1 2023 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2023 2022 Revenues: Rental revenue 52,197$ 46,903$ Restaurant revenue 7,755 7,494 Total revenues 59,952 54,397 Operating expenses: General and administrative 6,055 5,269 Depreciation and amortization 12,176 9,704 Property expenses 3,167 1,849 Restaurant expenses 7,295 6,883 Total operating expenses 28,693 23,705 Interest expense (9,918) (8,375) Other income, net 300 57 Realized gain on sale, net 1,562 - Income tax expense (48) (88) Net income 23,155 22,286 Net income attributable to noncontrolling interest (31) (31) Net Income Attributable to Common Shareholders 23,124$ 22,255$ Basic net income per share 0.27$ 0.28$ Diluted net income per share 0.27$ 0.28$ Regular dividends declared per share 0.3400$ 0.3325$ Weighted-average shares outstanding: Basic 85,833,602 80,195,140 Diluted 86,095,554 80,346,024 Three Months Ended March 31,

6 | FCPT | Q1 2023 FFO & AFFO RECONCIL IATION ___________________________ (1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business (2) Assumes the issuance of common shares for OP units held by non-controlling interest ($000s, except shares and per share data) Unaudited 2023 2022 Net income 23,155$ 22,286$ Depreciation and amortization 12,144 9,668 Realized gain on sales of real estate (1,562) - FFO (as defined by NAREIT) 33,737$ 31,954$ Straight-line rental revenue (1,304) (1,642) Deferred income tax (benefit) expense (1) (44) - Stock-based compensation 1,767 1,500 Non-cash amortization of deferred financing costs 564 468 Non-real estate investment depreciation 32 36 Other non-cash revenue adjustments 494 530 Adjusted Funds From Operations (AFFO) 35,246$ 32,846$ Fully diluted shares outstanding(2) 86,210,113 80,460,583 FFO per diluted share 0.39$ 0.40$ AFFO per diluted share 0.41$ 0.41$ Three Months Ended March 31,

7 | FCPT | Q1 2023 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 72% of portfolio annual cash base rent. Reporting for non-restaurant sector not included as most non-restaurant tenants do not report financial data. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending November 2022 and updated average trailing twelve months brand average margins and sales for the quarter ended February 2023 (2) Lease term weighted by annual cash base rent (ABR) as defined in glossary (3) Current scheduled minimum contractual rent as of 3/31/2023 (4) FCPT acquired 10 properties and leasehold interests in Q1 2023; FCPT had three dispositions in the quarter Real Estate Portfolio as of 3/31/2023 Purchase Price ($000s) # of Rental Leases Total Square Feet (000s) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage(1) Lease Term Remaining (Yrs)(2) Annual Cash Base Rent ($000s)(3) % Total Cash Base Rent(3) Darden - 441 3,427 31 5.7x 7.1 105,890 54.1% Other restaurant - 388 1,850 32 2.7x 10.4 59,804 30.6% Non-restaurant - 220 1,535 20 n/a 6.3 30,004 15.3% Total Owned Portfolio - 1,049 6,812 29 4.6x 8.0 195,698 100.0% Q1 2023 Transaction Activity(4) Leases acquired 19,884 10 63 22 n/a 6.5 1,364 0.7% Leases sold 12,137 3 17 43 n/a 19.9 (744) (0.4%) Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash 31,399$ Other tangible assets 8,213 Total Tangible Assets 39,612$ Debt Face Value ($000s) Term loan 430,000$ Senior fixed rate notes 575,000 Revolving credit facility - Total Debt 1,005,000$ Tangible Liabilities Book Value ($000s) Dividends payable 29,203$ Rent received in advance, accrued interest, and other accrued expenses 24,313 Total Tangible Liabilities 53,516$ Shares Outstanding Common stock (shares outstanding as of 3/31/2023) 86,088,900 Operating partnership units (OP units outstanding as of 3/31/2023) 114,559 Total Common Stock and OP Units Outstanding 86,203,459

8 | FCPT | Q1 2023 C APITALIZ ATION & KEY CREDIT METRICS ___________________________ (1) First quarter 2023 dividend was declared on 3/13/2023, payable on 4/14/2023 (2) Principal debt amount less cash and cash equivalents (3) Current quarter annualized. See glossary on page 16 for definitions of EBITDAre and Adjusted EBITDAre and page 17 for reconciliation to net income % of Market Capitalization Equity: Share price (3/31/2023) 26.86$ Shares and OP units outstanding (3/31/2023) 86,203,459 Equity Value 2,315,425$ 69.7% Debt: Term loan 430,000$ 13.0% Revolving credit facility - 0.0% Unsecured notes 575,000 17.3% Total Debt 1,005,000$ 30.3% Total Market Capitalization 3,320,425$ 100.0% Less: cash (31,399) Implied Enterprise Value 3,289,026$ Dividend Data (fully diluted) Q1 2023 Common dividend per share(1) $0.3400 AFFO per share $0.41 AFFO payout ratio 83.2% Credit Metrics Net Debt(2) Adjusted EBITDAre (3) Ratio Net debt to Adjusted EBITDAre 973,601$ 175,142$ 5.6x Q1 2023 Capitalization ($000s, except shares and per share data)

9 | FCPT | Q1 2023 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at a rate of daily SOFR plus 0.10% plus a 0.95%-1.00% credit spread. FCPT has entered into interest rate swaps that fix 81% of the term loans’ rate exposure through November 2023, 76% through November 2024, 64% through November 2025, and 64% through November 2026. The all-in cash interest rate on the portion of the term loan that is fixed and including the credit spread is approximately 3.0% for 2023, 2.8% for 2024, 2.5% for 2025, and 3.1% for 2026. A daily simple SOFR rate of 4.87% as of 3/31/2023 is used for the 19% of term loans that are not fixed through hedges (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 of net hedge losses is currently $624 thousand per year (3) As of 3/31/2023, 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 Debt Type Maturity Date Balance as of March 31, 2023 ($000s) % of Debt Cash Interest Rate as of March 31, 2023(4) Weighted Average Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-2025 -$ - - 2.6 Term loan Nov-2025 150,000 14.9% 3.53% 2.6 Term loan Nov-2026 100,000 10.0% 3.53% 3.6 Term loan Jan-2027 90,000 9.0% 3.48% 3.8 Term loan Jan-2028 90,000 9.0% 3.48% 4.8 Principal Amount 430,000$ Unsecured Notes(2) A Jun-2024 50,000$ 5.0% 4.68% 1.2 C Dec-2026 50,000 5.0% 4.63% 3.7 B Jun-2027 75,000 7.5% 4.93% 4.2 D Dec-2028 50,000 5.0% 4.76% 5.7 G Apr-2029 50,000 5.0% 2.74% 6.1 E Jun-2029 50,000 5.0% 3.15% 6.2 F Apr-2030 75,000 7.5% 3.20% 7.0 I Mar-2031 50,000 5.0% 3.09% 8.0 H Apr-2031 50,000 5.0% 2.99% 8.1 J Mar-2032 75,000 7.5% 3.11% 9.0 Principal Amount 575,000$ Mortgages Payable(3) None - - - - Total/Weighted Average 1,005,000$ 100.0% 3.64% 5.0 Unamortized Deferred Financing Costs Credit facility (5,463)$ Unsecured notes (3,496) Debt Carrying Value (GAAP) 996,041$ Fixed rate 925,000$ 92% Variable rate 80,000$ 8% Credit Rating (Fitch/Moody's): BBB/Baa3

10 | FCPT | Q1 2023 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 3/31/2023 (1) The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026 Current Debt Maturity Schedule ($ millions) $50 $75 $50 $150 $100 $90 $90 $250 $0 $50 $150 $165 $140 $100 $75 $100 $75 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Undrawn Revolver Capacity Drawn Revolver Unsecured Term Loan Unsecured Notes 5.0-year weighted average term for notes/term loans 92% fixed rate debt 3.64% weighted average cash interest rate $250 million available on revolver (1) 0% 5% 15% 16% 10% 7% 10%14%% of Total Debt Outstanding 7%15%

11 | FCPT | Q1 2023 DEBT COVENANTS As of March 31, 2023 Covenants Q1 2023 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 35.8% 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% 36.2% Unencumbered interest coverage ratio ≥ 1.75x 5.3x 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

12 | FCPT | Q1 2023 PROPERTY LOCATIONS BY BRAND 1,049 Leases (1) 131 Brands ___________________________ Figures as of 3/31/2023 (1) FCPT owns 1,030 rental properties as of 3/31/2023 with 1,049 leases Lease Count: Olive Garden (312) Longhorn Steakhouse (115) Chili’s (82) KFC (33) Buffalo Wild Wings (28) Caliber Collision (28) Burger King (22) Red Lobster (21) Arby’s (16) NAPA Auto Parts (16) Bob Evans (15) WellNow Urgent Care (15) Starbucks (14) BJ’s Restaurant (12) Outback Steakhouse (12) Taco Bell (12) Verizon (12) Texas Roadhouse (11) Tires Plus (11) Bahama Breeze (10) Other (252)

13 | FCPT | Q1 2023 40% 312 Units 11% 115 Units 8% 82 Units 2% 14 Units Other Restaurants 22% 306 units 56 brands Non-Restaurant Retail 15% / 220 units / 68 brands Other Darden(2) BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 3/31/2023, as defined in glossary (2) Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants (3) Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's FCPT total ABR(1): $195.7 million % Investment Grade(3): 61% FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR(1) 1 Olive Garden 312 2,654 40.4% 2 Longhorn Steakhouse 115 645 11.4% 3 Chili's 82 450 8.5% 4 Buffalo Wild Wings 28 171 2.8% 5 Red Lobster 21 156 2.4% 6 Caliber Collision 28 390 1.7% 7 Bahama Breeze 10 92 1.7% 8 KFC 33 95 1.7% 9 Burger King 22 71 1.6% 10 BJ's Restaurant 12 98 1.5% 11 Bob Evans 15 83 1.4% 12 WellNow Urgent Care 15 59 1.2% 13 Outback Steakhouse 12 81 1.0% 14 Arby's 16 50 0.9% 15 NAPA Auto Parts 16 114 0.8% 16 Texas Roadhouse 11 81 0.8% 17 Starbucks 14 32 0.8% 18 Fresenius 9 72 0.7% 19 Verizon 12 34 0.7% 20 Tires Plus 11 70 0.7% 21 National Tire & Battery 10 69 0.7% 22 Taco Bell 12 30 0.5% 23 Chick-Fil-A 8 39 0.5% 24 Firestone 5 41 0.5% 25 Aspen Dental 7 25 0.5% 26-131 Other 213 1,110 15.0% Total Lease Portfolio 1,049 6,812 100%

14 | FCPT | Q1 2023 % ABR(1) ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties MN SD NJ OHINIL VT NHID AL AZ AR CA CO CT DE FL GA IA KS KY LA ME MD MA MI MS MO MT NE NV NM NY NC ND OK OR PA RI SC TN TX UT VA WA WV WI WY GEOGRAPHIC DIVERSIF ICATION ___________________________ (1) Annual cash base rent (ABR) as defined in glossary. Includes one property in Alaska (not pictured) State % ABR Leases TX 10.5% 86 TN 3.0% 30 AL 2.5% 33 OK 1.7% 18 AR 1.0% 10 FL 9.7% 82 MD 2.9% 33 CA 2.3% 15 LA 1.7% 18 Other 7.2% 73 OH 6.8% 75 NY 2.8% 30 WI 2.2% 30 KY 1.6% 20 IL 6.5% 70 VA 2.7% 28 CO 2.2% 25 KS 1.5% 14 GA 5.6% 59 NC 2.6% 30 MS 2.2% 24 AZ 1.4% 14 IN 4.3% 64 PA 2.5% 23 MO 1.8% 22 MN 1.4% 12 MI 4.0% 51 SC 2.5% 29 IA 1.8% 23 NV 1.2% 8

15 | FCPT | Q1 2023 0.4% 2.1% 2.5% 2.7% 13.8% 12.6% 11.1% 10.5% 10.6% 7.2% 13.1% 1.5% 1.7% 3.0% 1.6% 0.4% 0.4% 1.5% 0.9% 0.4% 0.0% 1.9% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LEASE MATURITY SCHEDULE ___________________ Note: Excludes renewal options. All data as of 3/31/2023 (1) Annual cash base rent (ABR) as defined in glossary (2) Occupancy based on portfolio square footage Lease Maturity Schedule (% Annualized Cash Base Rent1) 99.9% occupied2 as of 3/31/2023 Weighted average lease term of 8.0 years Less than 7.8% of rental income matures prior to 2027

16 | FCPT | Q1 2023 GLOSSARY AND NON-GAAP DEFINIT IONS 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 3/31/2023 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 quarterly 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. Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements:

17 | FCPT | Q1 2023 ___________________________ (1) See glossary on page 16 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 (In thousands) Unaudited 2023 2022 Net Income 23,155$ 22,286$ Adjustments: Interest expense 9,918 8,375 Income tax expense (benefit) 48 88 Depreciation and amortization 12,176 9,704 EBITDA(1) 45,297 40,453 Adjustments: Gain on dispositions and exchange of real estate (1,562) - Provision for impairment of real estate - - EBITDAre (1) 43,735 40,453 Adjustments: Real estate transaction costs 51 71 Gain or loss on extinguishment of debt - - Adjusted EBITDAre (1) 43,786 40,524 Annualized Adjusted EBITDAre 175,142$ 162,096$ Three Months Ended March 31, (In thousands) 2023 2022 Rental revenue 49,674$ 45,343$ Tenant reimbursement revenue 2,523 1,560 Total Rental Revenue 52,197$ 46,903$ (In thousands) 2023 2022 Tenant expense reimbursed 2,523$ 1,560$ Other non-reimbursed property expenses (2) 644 289 Total Property Expenses 3,167$ 1,849$ Rental Revenue Property Expenses Three Months Ended March 31, Three Months Ended March 31, Reconciliation of Net Income to Adjusted EBITDAre Rental Revenue and Property Expense Detail RECONCIL IATION SCHEDULES

18 | FCPT | Q1 2023 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2023 FOUR CORNERS PROPERTY TRUST N YS E : F C P T

EX-99.3

1 | FCPT | MAY 2023 www.fcpt .comINVESTOR PRESENTATION | MAY 2023 FOUR CORNERS PROPERTY TRUST N YS E : F C P T

2 | FCPT | MAY 2023 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, 2022 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 27 of this presentation.

3 | FCPT | MAY 2023 AGENDA Company Overview Page 3 Appendix and Selected Supplemental Slides Page 18 High Quality Portfolio Page 7 Conservative Financial Position Page 13

4 | FCPT | MAY 2023 FCPT OVERVIEW 4 | FCPT | OCTOBER 2019 Analytical, Disciplined Investment Philosophy • Focus on cost of capital and investment spread • 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 constructed, e-commerce resistant portfolio • 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 131 brands • Established verticals into resilient, essential non- restaurant retail categories of auto service and medical retail • Disciplined pricing approach based on maintaining strong credit parameters and high-quality tenant base Investment Grade Balance Sheet • Committed to maintaining conservative 5.5x–6.0x leverage • Well laddered, 92% fixed rate debt maturity schedule • Significant liquidity, unencumbered assets, high fixed charge coverage facilitates growth Representative Brands

5 | FCPT | MAY 2023 Q1 2023 HIGHLIGHTS 5 | FCPT | OCTOBER 2019 ____________________ Figures as of 3/31/2023, unless otherwise noted 1. Acquisitions through March 31, 2023 2. See page 27 for non-GAAP definitions, and page 28 for reconciliation of net income to AFFO 3. 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 4. Net debt to adjusted EBITDAre leverage as of 3/31/2023, see page 28 for reconciliation of net income to adjusted EBITDAre and page 27 for non-GAAP definitions 5. See glossary on page 27 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 72% of portfolio annual cash base rent 2023 Year-to-Date Acquisitions1 Volume: $19.9 million Initial cash yield: 6.9% 7-year average lease term 100% corporate operated or guaranteed Liquidity and Capital Markets In the first quarter, FCPT raised $52 million of common stock via the at-the-market (ATM) program at an average share price of $27.73 In the first quarter, FCPT completed $12 million of dispositions for a net gain of $1.6 million Inclusive of cash, undrawn revolver capacity and anticipated net proceeds of $111 million from equity forward sale agreements, FCPT has $392 million of available liquidity 5.6x Net debt to adjusted EBITDAre4 2023 Q1 AFFO2 Diluted net income per share of $0.27 compared to $0.28 in the year prior AFFO per share of $0.41 which is flat compared to the prior year Portfolio Update3 1,030 Properties 131 Brands 99.9% occupied 4.6x tenant EBITDAR Coverage5 8.0-year average lease term 86% Corporate Operated or Guaranteed

6 | FCPT | MAY 2023 ACQUIS IT ION GROWTH Annual Cash Base Rent ($ million)1 6 | FCPT | OCTOBER 2019 Number of Properties . 94 94 94 96 101 102 105 105 108 109 110 121 126 127 130 131 139 142 144 148 156 158 162 169 175 178 181 185 195 196 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 +11% CAGR ___________________ 1. As defined on page 27 +14% CAGR 418 418 418 434 475 484 506 508 515 527 535 591 610 621 642 650 699 722 733 751 799 810 833 886 919 937 960 998 1,0231,030 4Q15 4Q16 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22

7 | FCPT | MAY 2023 AGENDA Company Overview Page 3 Appendix and Selected Supplemental Slides Page 18 High Quality Portfolio Page 7 Conservative Financial Position Page 13

8 | FCPT | MAY 2023 FCPT’S STRONG PERFORMANCE DURING THE PANDEMIC 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% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 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% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 • FCPT has one of the highest-quality portfolios in the net lease sector that has performed at a high level even during the COVID-19 period ____________________ 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 Occupancy2 Rent Collections 1

9 | FCPT | MAY 2023 ___________________ Figures as of 3/31/2023 1. Annual Cash Base Rent (ABR) as defined on page 27 2. Sun Belt States include AZ, NM, OK,TX, MS, AL, GA, SC, NC, TN, AR, LA, FL, southern CA, and southern NV 3. Source: U-Haul growth index 2022 Annualized Base Rent1 (%) ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties  FCPT’s portfolio is primarily suburban and located in fast-growing regions of the Sun Belt, which makes up approximately 47%2 of the portfolio by ABR  Texas and Florida, our largest two states with 10% or more of Annual Base Rent, were the two highest in-migration states in 20223 MN SD NJ OHINIL VT NHID AL AZ AR CA CO CT DE FL GA IA KS KY LA ME MD MA MI MS MO MT NE NV NM NY NC ND OK OR PA RI SC TN TX UT VA WA WV WI WY Lower taxes, the pandemic, and a shift toward work-from-home has accelerated a shift toward low-cost of living and high-quality of life states, especially in the warm weather climates of the Sun Belt SUN BELT FOCUSED PORTFOLIO 47%

10 | FCPT | MAY 2023 Building and Ground Lease: 37% 468 leases Darden Spin Portfolio: 52% 410 leases Ground Lease: 12% 171 leases ___________________ 1. See glossary on page 27 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 72% of portfolio annual cash base rent. Reporting for non- restaurant sector not included as most non-restaurant tenants do not report financial data. We have estimated Darden current EBITDAR coverage using sales results for the reported FCPT portfolio for the year ending November 2022 and updated average trailing twelve months brand average margins and sales for the quarter ended February 2023 2. Represents current Annual Cash Base Rent (ABR) as of 3/31/2023 as defined on page 27 FCPT Portfolio2:  FCPT’s portfolio is characterized by low rents and high EBITDAR to rent coverage of 4.6x1  52% of the portfolio is the original Darden spin properties where rents were purposely set low as evidenced by strong EBITDAR to rent coverage of 5.7x. Current rent to sales, a metric that is commonly used to gauge the health of a restaurant’s operation and the level of rent those operations can support, is approximately 5% for the Darden portfolio. It is common to see restaurants with 8% to 10% rent to sales figures  FCPT has also acquired properties with ground leases equal to 12% of the portfolio. These leases are characterized by low rents tied to the land value since the tenant constructed and owns the building. The building ownership typically reverts to FCPT at the end of the lease  Because of its relatively recent inception, FCPT does not have “legacy assets” that have been impacted by modern retail trends such as Amazon and the adoption of smart phones Tenant Rental Coverage1: 5.7x 2.7x 4.6x Darden Other Reporting Tenants Total LOW RENT / H IGH COVERAGE PORTFOLIO

11 | FCPT | MAY 2023 F C P T E V O L U T I ON S I N C E S P I N - O FF : S I G N I F I C A N T P R O G R E S S O N T E N A N T D I V E R S I F I C A TI ON ___________________ 1. Represents current Annual Cash Base Rent (ABR) as of 3/31/2023, as defined on page 27 2. Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants 74% 20% 6% Initial Portfolio at Spin: 418 Leases / 5 Brands Annual Base Rent of $94.4 million 100% Darden Exposure 104 leases 300 leases 14 leases FCPT Portfolio Today: 1,049 Leases / 131 Brands Annual Base Rent of $195.7 million1 54% Darden Exposure +107% in ABR 40% 312 leases 11% 115 leases 2% 14 leases 8% 82 leases Other Restaurants 22% 306 leases 56 brands Non-Restaurant Retail 15% / 220 Leases / 68 Brands Other Darden2 Other Darden Brand Exposure by Annualized Base Rent (ABR)

12 | FCPT | MAY 2023 • Baird’s weekly restaurant survey shows both quick service and casual dining restaurants are performing near or above prior year levels Baird Restaurants Surveys: Weekly Same-Store Sales vs. Year Prior ____________________ Source: Data per The Baird Restaurant Surveys (produced by R.W. Baird & Co. Equity Research) reported 4/24/2023 Note: Results shown may not be indicative of the ability or willingness of our tenants to pay rent on a timely basis or at all +5% -5% +3% -15% -10% -5% 0% 5% 10% 15% Q2 2022 Sep 2022 10/16/2022 11/6/2022 11/27/2022 12/18/2022 1/8/2023 1/29/2023 2/19/2023 3/12/2023 4/2/2023 4/23/2023 Overall Casual Dining Quick Service RESTAURANT SALES TRENDS BY SECTOR

13 | FCPT | MAY 2023 AGENDA Company Overview Page 3 Appendix and Selected Supplemental Slides Page 18 High Quality Portfolio Page 7 Conservative Financial Position Page 13

14 | FCPT | MAY 2023 CONSERVATIVE F INANCIAL POLICIES As FCPT continues to grow and diversify, the Company is committed to maintaining a conservative balance sheet with financial flexibility Leverage  Continue to maintain conservative leverage and coverage metrics  Net debt to cash EBITDA ratio is 5.6x1; long-term objective is to maintain ratio between 5.5-6.0x  Fixed charge coverage of 4.6x  Focus on a predominantly unsecured capital structure, maintaining a large unencumbered assets base  Asset base is 100% unencumbered  Minimize floating rate exposure  As of 3/31/2023, FCPT has fixed the interest rate on approximately 92% of its long-term debt  Maintain a staggered debt maturity schedule with no near-term debt maturities  No more than 16% of total debt is due in any one year Liquidity  Strong liquidity profile ($250 million revolver with full available capacity as of 3/31/2023)  Maintain access to multiple equity and debt capital sources  Conservative dividend payout ratio of approximately 80% of AFFO Conservative Financial Policies are Sacrosanct  Conservative leverage and high coverage significantly mitigate tenant concentration  We access the equity markets to support growth but have been capitalized to succeed even if equity capital is not available (reasonable leverage, no earning or acquisition guidance, low G&A overhead, strong currency in dispositions of existing assets) _ Note: All figures as of 3/31/2023 unless otherwise noted 1. Net debt to adjusted EBITDAre leverage as of 3/31/2023, see page 28 for reconciliation of net income to adjusted EBITDAre and page 27 for non-GAAP definitions

15 | FCPT | MAY 2023  FCPT has a well-laddered debt maturity schedule with the first $50 million of debt not due until June 2024  Overall, FCPT has fixed the interest rate on 92% of its Term Loans and Notes. FCPT has hedged its Term Loan maturities as show in the table below. FCPT’s overall average cash interest rate is 3.64% as of March 31, 2023 Debt Maturity Schedule ($ millions) $50 $75 $50 $150 $100 $90 $90 $250 $0 $50 $150 $165 $140 $100 $75 $100 $75 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Undrawn Revolver Capacity Term Loans Fixed Rate Notes CONSERVATIVE DEBT STRUCTURE _____________ 1. The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026 2. The hedged rate is an all-in rate including credit spreads 3. The unhedged rate is based on SOFR and a 10-basis point index adjustment plus the credit spread. Based on FCPT's current investment grade ratings, the credit spread is 95 basis points on $180 million of the term loans, and 100 basis points on $250 million of term loans which averages 97.9 basis points 1 Term Loan Interest Rate Swap Table ($ in millions) Year Amount Hedged Amount Unhedged % Hedged Hedged rate2 Unhedged rate3 2023 $350 $80 81% 2.96% SOFR+10 bps+97.9 bps 2024 $325 $105 76% 2.84% SOFR+10 bps+97.9 bps 2025 $275 $155 64% 2.46% SOFR+10 bps+97.9 bps 2026 $275 $155 64% 3.08% SOFR+10 bps+97.9 bps 2027 $225 $205 52% 2.68% SOFR+10 bps+97.9 bps 2028 $125 $305 29% 2.83% SOFR+10 bps+97.9 bps

16 | FCPT | MAY 2023 COM PAN Y MOM ENTUM SINCE INCEPTION Team Members 4 +32 36 Annual Base Rent1 $94.4 million +$101.3 million / +107% $195.7 million Properties 418 +612 / +146% 1,030 Brands 5 +126 131 % Darden2 100% -46% 54% Weighted Average Lease Term 15 years - 7 years 8.0 years Equity Market Cap $848 million +$1.5 billion $2.3 billion3 Enterprise Value $1.3 billion +$2.0 billion $3.3 billion3 Financial Leverage 4.6x +1.0x 5.6x3 Rating Unrated BBB (Fitch) / Baa3 (Moody’s) As of 3/31/2023November 2015 ____________________ 1. Annual Cash Base Rent (ABR) as defined on page 27 2. Based on Annual Base Rent 3. See page 17 for calculation Restaurant Non-Restaurant Representative Brands

17 | FCPT | MAY 2023 ___________________ Figures represent FCPT financials as of and for three months ended 3/31/2023 1. Represents Q1 2023 annualized results. See page 28 for reconciliation of net income to adjusted EBITDAre and page 27 for non-GAAP definitions 2. Figure represents Annual Cash Base Rent (ABR) as of 3/31/2023 3. Based on quarterly cash dividend of $0.34 per share declared on 3/13/2023 annualized. The declaration of future dividends will be at the discretion of FCPT’s Board of Directors 4. Dividend yield calculated based on the price per share as of 3/31/2023 and declared dividend per share for the most recent quarter, annualized 5. Net debt figure (in $ millions) represents total debt ($1,005 million) less cash and cash equivalents ($31 million) as of 3/31/2023 SUMMARY CAPITALIZATION AND F INANCIALS Capitalization ($ million, except per share) Share price (3/31/2023) $26.86 Shares and OP units outstanding (millions) 86.2 Equity value $2,315 Debt: Bank term debt $430 Revolving credit facility $0 Unsecured private notes $575 Total market capitalization $3,320 Less: Cash and cash equivalents ($31) Implied enterprise Value $3,289 Credit Metrics Current Net debt5 to enterprise value 29.6% Net debt5 to adjusted EBITDAre1 5.6x Current Trading Metrics Annual base rent2 ($ million) $195.7 Implied Cap Rate 5.9% Annualized Dividend per share3 $1.36 Dividend Yield3,4 5.1%

18 | FCPT | MAY 2023 AGENDA Company Overview Page 3 Appendix and Selected Supplemental Slides Page 18 High Quality Portfolio Page 7 Conservative Financial Position Page 13

19 | FCPT | MAY 2023 MAINTAINING ACQUIS IT ION PHILOSOPHY AND CRITERIA Acquisition Philosophy • Acquire strong restaurants and retail brands that are well located with creditworthy lease guarantors • Purchase assets only when accretive to cost of capital with a focus on low basis • Focused on adding concepts that are category-leaders in resilient industries—only leading brands and no theaters, fitness, or entertainment in FCPT’s portfolio or pipeline Underwriting Criteria • Acquisition criteria is approximately split 50% / 50% between credit and real estate metrics based on FCPT’s proprietary scorecard • The “score” allows FCPT to have an objective underwriting model and comparison tool for asset management as well Real Estate Criteria (~50%): − Location − Retail corridor strength and demographics − Access/visibility − Absolute and market rent − Pad site and building reusability Credit Criteria (~50%): − Guarantor credit and fitness − Brand durability − Store performance − Lease term − Lease structure

20 | FCPT | MAY 2023 ACQUIS IT IONS BY YEAR 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% 1,0301,023 919 799 699 610 515475 418 2023 YTD +$20 6.9% 2022 +$286 6.5% 2021 +$257 6.5% 2020 +$223 6.5% 2019 +$199 6.5% 2018 +$263 6.5% 2017 +$99 6.8% 2016 +$94 6.6% 2015 Spin - Year Volume ($ millions) Cap Rate FCPT has been built with a deliberate focus on consistency and efficient execution Property Count

21 | FCPT | MAY 2023  Auto service is a resilient industry as it is both e-commerce and recession resistant.  Auto service tends to operate in high-traffic corridors with good visibility, boosting the intrinsic real estate value and reuse potential  More limited relocation options due to zoning restrictions lead to high tenant renewal probability Representative Acquired Brands  Portfolio includes 117 leases (8% of annual base rent) in auto service sector1  FCPT is targeting auto service centers (including collision and tire), auto part retailers, and gas stations with large format convenience stores  FCPT’s focus is on sectors and properties that are resistant to a long-term electric vehicle transition NON-RESTAURANT: AUTO SERVICE INDUSTRY ___________________ 1. As of March 31, 2023

22 | FCPT | MAY 2023 Representative Acquired Brands NON-RESTAURANT: MEDICAL RETAIL INDUSTRY  Portfolio includes 54 leases (4% of annual base rent)1  FCPT targets medical retail locations such as urgent care, dental clinics, dialysis centers, and veterinary care  E-commerce and recession resistant industry given its service-based nature  Large opportunity for growth with rapid spending increases on healthcare and pets  Medical net-lease opportunities are increasing given credit upgrades and store count growth that comes with consolidation amongst regional and national operators  Site selection process is similar to that of branded restaurants  Large customer base and favorable demographic tailwinds as healthcare remains an essential service across lifespan ___________________ 1. As of March 31, 2023

23 | FCPT | MAY 2023 0.4% 2.1% 2.5% 2.7% 13.8% 12.6% 11.1% 10.5% 10.6% 7.2% 13.1% 1.5% 1.7% 3.0% 1.6% 0.4% 0.4% 1.5% 0.9% 0.4% 0.0% 1.9% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LEASE MATURITY SCHEDULE ___________________ Note: Excludes renewal options. All data as of 3/31/2023 1. Annual cash base rent (ABR) as defined in glossary 2. Occupancy based on portfolio square footage Lease Maturity Schedule (% Annualized Cash Base Rent1) 99.9% occupied2 as of 3/31/2023 Weighted average lease term of 8.0 years Less than 7.8% of rental income matures prior to 2027

24 | FCPT | MAY 2023 BRAND DIVERSIF ICATION ___________________ 1. Annual Cash Base Rent (ABR) as of 3/31/2023 as defined on page 27 2. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's % Investment Grade2: 61% FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR(1) Rank Brand Name Number Square Feet (000s) % of ABR(1) 1 Olive Garden 312 2,654 40.4% 16 Texas Roadhouse 11 81 0.8% 2 Longhorn Steakhouse 115 645 11.4% 17 Starbucks 14 32 0.8% 3 Chili's 82 450 8.5% 18 Fresenius 9 72 0.7% 4 Buffalo Wild Wings 28 171 2.8% 19 Verizon 12 34 0.7% 5 Red Lobster 21 156 2.4% 20 Tires Plus 11 70 0.7% 6 Caliber Collision 28 390 1.7% 21 National Tire & Battery 10 69 0.7% 7 Bahama Breeze 10 92 1.7% 22 Taco Bell 12 30 0.5% 8 KFC 33 95 1.7% 23 Chick-Fil-A 8 39 0.5% 9 Burger King 22 71 1.6% 24 Firestone 5 41 0.5% 10 BJ's Restaurant 12 98 1.5% 25 Aspen Dental 7 25 0.5% 11 Bob Evans 15 83 1.4% 26-131 Other 213 1110 15.0% 12 WellNow Urgent Care 15 59 1.2% Total Lease Portfolio 1,049 6,812 100% 13 Outback Steakhouse 12 81 1.0% 14 Arby's 16 50 0.9% 15 NAPA Auto Parts 16 114 0.8%

25 | FCPT | MAY 2023 SUSTAINABIL ITY FRAMEWORK Our commitment to sustainability and Environmental, Social and Governance (ESG) principles creates value for FCPT and our shareholders. We continuously review our internal policies to advance in the areas of environmental sustainability, social responsibility, employee well-being, and governance Social We apply values-based negative screening in our underwriting process and do not transact with any tenant, buyer, or seller or acquire any properties with negative social factors. We do not process or have access to any consumer data Governance We aim for best-in-class corporate governance structures and compensation practices that closely align the interests of our board and leadership with those of our stockholders. Four of our eight board directors are female and seven are independent, including our chairperson. Only independent directors serve on the board’s committees Our Team Our culture is inclusive and team-oriented with a high retention rate. We hire for the long-term and invest in development, with a flat organization that drives employee engagement. We are ‘A Great Place to Work’ certified company Environment We evaluate our business operations and the environmental risk aspects of our investment portfolio on an ongoing basis and strive to adhere to sustainable business practices More information can be found in the FCPT ESG Report and policies on our website at https://fcpt.com/about-us/

26 | FCPT | MAY 2023 2023 ACQUIS IT IONS 1. Totals indicate weighted average 2023 Closed Acquisitions Q1 2023 Closed Acquisitions: Tenant Location # of Properties Operator / Guarantor Purchase Price ($ millions) Initial Cash Yield Initial Term (years)1 Announcement Date Caliber Collision IL 2 Corporate $3.8 6.7% 7 2/15/2023 Heartland Dental SC 1 Corporate $2.2 7.0% 7 2/28/2023 NAPA Auto Parts IN 1 Corporate $0.9 6.9% 4 3/3/2023 WellNow Urgent Care NY 1 Corporate $2.1 -- -- 3/13/2023 Aspen Dental NM 1 Corporate $1.9 -- -- 3/14/2023 WellNow Urgent Care IN 1 Corporate $2.2 -- -- 3/20/2023 Chili's NY 1 Corporate $1.0 -- 4 3/23/2023 Memphis Pediatric Care TN 1 Corporate $3.3 6.9% 4 3/27/2023 WellNow Urgent Care IN 1 Corporate $2.5 -- -- 3/31/2023 Q1 2023 Total/Weighted Average 10 $19.9 6.9% 7

27 | FCPT | MAY 2023 GLOSSARY AND NON-GAAP DEFINIT IONS 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 3/31/2023 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 quarterly 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. Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements:

28 | FCPT | MAY 2023 ___________________________ 1. See glossary on page 27 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 (In thousands) Unaudited 2023 2022 Net Income 23,155$ 22,286$ Adjustments: Interest expense 9,918 8,375 Income tax expense (benefit) 48 88 Depreciation and amortization 12,176 9,704 EBITDA(1) 45,297 40,453 Adjustments: Gain on dispositions and exchange of real estate (1,562) - Provision for impairment of real estate - - EBITDAre (1) 43,735 40,453 Adjustments: Real estate transaction costs 51 71 Gain or loss on extinguishment of debt - - Adjusted EBITDAre (1) 43,786 40,524 Annualized Adjusted EBITDAre 175,142$ 162,096$ Three Months Ended March 31, (In thousands) 2023 2022 Rental revenue 49,674$ 45,343$ Tenant reimbursement revenue 2,523 1,560 Total Rental Revenue 52,197$ 46,903$ (In thousands) 2023 2022 Tenant expense reimbursed 2,523$ 1,560$ Other non-reimbursed property expenses (2) 644 289 Total Property Expenses 3,167$ 1,849$ Rental Revenue Property Expenses Three Months Ended March 31, Three Months Ended March 31, Reconciliation of Net Income to Adjusted EBITDAre Rental Revenue and Property Expense Detail RECONCIL IATION SCHEDULES

29 | FCPT | MAY 2023 FFO & AFFO RECONCIL IATION ___________________________ 1. Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business 2. Assumes the issuance of common shares for OP units held by non-controlling interest ($000s, except shares and per share data) Unaudited 2023 2022 Net income 23,155$ 22,286$ Depreciation and amortization 12,144 9,668 Realized gain on sales of real estate (1,562) - FFO (as defined by NAREIT) 33,737$ 31,954$ Straight-line rental revenue (1,304) (1,642) Deferred income tax (benefit) expense (1) (44) - Stock-based compensation 1,767 1,500 Non-cash amortization of deferred financing costs 564 468 Non-real estate investment depreciation 32 36 Other non-cash revenue adjustments 494 530 Adjusted Funds From Operations (AFFO) 35,246$ 32,846$ Fully diluted shares outstanding(2) 86,210,113 80,460,583 FFO per diluted share 0.39$ 0.40$ AFFO per diluted share 0.41$ 0.41$ Three Months Ended March 31,

30 | FCPT | MAY 2023 www.fcpt .comINVESTOR PRESENTATION | MAY 2023 FOUR CORNERS PROPERTY TRUST N YS E : F C P T

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Cover Document	May 01, 2023	Feb. 15, 2023
Cover [Abstract]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Written Communications	false
Document Type	8-K
Entity Incorporation, State or Country Code	MD
Entity Central Index Key	0001650132
Amendment Flag	false
Entity File Number	001-37538
Entity Tax Identification Number	47-4456296
Document Period End Date	May 01, 2023
Entity Registrant Name	FOUR CORNERS PROPERTY TRUST, INC.
Entity Address, Address Line One	591 Redwood Highway
Entity Address, Address Line Two	Suite 3215
Entity Address, City or Town	Mill Valley
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94941
City Area Code	415
Local Phone Number	965-8030
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false	false
Trading Symbol	FCPT
Security Exchange Name	NYSE