Four Corners Property Trust (FCPT) Investor Update Presentation summary

Capital raising and financial position

• Fully paid down revolver balance and funded $71 million in Q3 acquisitions with equity.

• Raised ~$148 million in equity via ATM in Q3, with ~$41 million available for forward settlement.

• Leverage at ~5.3x, well below stated limit, with $250 million undrawn revolver and no debt maturities until Nov 2025.

• Ample liquidity and leverage capacity to fund acquisitions without further equity issuance.

• Focus on efficient capital allocation and maximizing accretion and real estate quality.

Equity issuance strategy

• Regularly issues equity via ATM program, allowing incremental daily issuance and reverse inquiries.

• Issued ~$156 million in equity via ATM in 2024 YTD, representing ~90% of total equity issued since inception.

• ATM issuance costs are significantly lower (~2.5%) than traditional offerings, saving ~70% in costs.

• ATM programs now account for ~75% of equity issuance in 2024 YTD for the sector.

• Close match funding between sources and uses, especially with forward settlement.

Portfolio composition and diversification

• Portfolio consists of 1,176 leases to 154 brands, with annual base rent of $228.7 million.

• Olive Garden now represents 35% of base rent, down from 74% at inception; Darden <50%.

• Non-restaurant exposure is 21% of base rent, with significant holdings in auto service and medical retail.

• Top brands include Olive Garden, Longhorn Steakhouse, and Chili's; 57% of ABR is investment grade.

• Diversification strategy has reduced concentration risk and increased exposure to other sectors.