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1. Like Realty Income (O), but specializing in owning and leasing out restaurant properties under long-term contracts.

2. National Retail Properties (NNN), but with a much heavier focus on quick-service and casual dining restaurants.

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• Real Estate Leasing: FCPT acquires and leases out properties, primarily restaurant and retail sites, to various tenants under long-term net lease agreements.

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Major Customers of Four Corners Property Trust (FCPT)

Four Corners Property Trust (FCPT) is a real estate investment trust (REIT) that owns and leases single-tenant, net-leased properties. Therefore, its "customers" are the companies that lease these properties as tenants. Based on recent investor information, FCPT's major customers (tenants), representing the largest portions of its annualized base rent (ABR), include:

• Dine Brands Global, Inc. (Symbol: DIN) - Operates and franchises Applebee's and IHOP restaurants.
• Arcos Dorados Holdings Inc. (Symbol: ARCO) - The largest McDonald's franchisee in Latin America and the Caribbean.
• Focus Brands - A private company that owns and franchises multiple brands including Auntie Anne's, Carvel, Cinnabon, Jamba, Moe's Southwest Grill, McAlister's Deli, and Schlotzsky's.
• Restaurant Brands International Inc. (Symbol: QSR) - Global quick-service restaurant company with brands like Burger King, Popeyes Louisiana Kitchen, and Tim Hortons.
• The Wendy's Company (Symbol: WEN) - Operates and franchises Wendy's fast-food restaurants.

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• Ernst & Young LLP
• Wells Fargo & Company (WFC)
• Bank of America Corporation (BAC)
• PNC Financial Services Group, Inc. (PNC)
• Bank of Montreal (BMO)
• U.S. Bancorp (USB)
• The Toronto-Dominion Bank (TD)
• Fifth Third Bancorp (FITB)

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William H. Lenehan, President, Chief Executive Officer and Director

William H. Lenehan was appointed CEO of Four Corners Property Trust in August 2015. He was named CEO in connection with Darden Restaurants' real estate spin-off transaction, which resulted in the creation of FCPT. Prior to this, Mr. Lenehan was an active member of Darden's board of directors, where he chaired its Real Estate and Finance Committee and served on its Corporate Governance Committee. He also served as Interim CEO of MI Developments, Inc., which is now known as Granite REIT.

Patrick L. Wernig, Chief Financial Officer and Treasurer

Patrick L. Wernig was promoted to Chief Financial Officer in 2024, succeeding Gerry Morgan. He joined FCPT in 2016 and led the company's acquisition team since 2018. Before joining FCPT, Mr. Wernig worked in J.P. Morgan's investment banking group in New York, where his focus included advisory projects and capital raising for real estate clients, notably Darden Restaurants' real estate monetization effort that led to FCPT's spin-off. He began his career as an equity research analyst at Barclays Capital in London, U.K.

James L. Brat, Chief Operations Officer, General Counsel and Secretary

James L. Brat serves as the Chief Operations Officer, General Counsel, and Secretary for Four Corners Property Trust.

Niccole M. Stewart, Chief Accounting Officer

Niccole M. Stewart holds the position of Chief Accounting Officer at Four Corners Property Trust.

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The key risks to Four Corners Property Trust (FCPT) primarily revolve around its concentrated real estate portfolio and the broader economic environment impacting capital costs.

1. Concentration in Casual Dining and Restaurant Sector: The most significant internal and operational risk for FCPT is its high exposure to the casual dining and broader restaurant sector. While FCPT is actively diversifying its portfolio by acquiring properties in other retail sectors, a substantial portion of its revenue remains tied to dine-in restaurants. This concentration makes the company vulnerable to shifts in consumer trends, changes in restaurant demand, or economic downturns that disproportionately affect the dining industry. There is also an implicit risk associated with reliance on a few major tenants within this sector, such as Darden.
2. Interest Rate Volatility and Cost of Capital: FCPT faces external risks from fluctuating interest rates and the overall cost of capital. Although the company has mitigated some of this risk by locking in a significant portion of its debt at fixed rates, rising interest rates can increase interest expenses on unhedged or refinanced debt, thereby impacting profitability. Furthermore, the cost of capital directly affects FCPT's ability to execute its acquisition strategy profitably, as higher costs can lead to lower returns if acquisition cap rates do not keep pace.

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The proliferation of ghost kitchens and virtual restaurant brands presents an emerging threat. These models enable food preparation and delivery without the need for traditional storefronts, dining rooms, or prime retail locations, which are the core physical assets owned by FCPT. As consumer behavior increasingly shifts towards delivery-only options, demand for conventional restaurant real estate could decline, potentially leading to lower property valuations, higher vacancies, or reduced rental growth for FCPT's portfolio over the long term.

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Four Corners Property Trust (FCPT) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Acquisitions of Net Lease Properties: FCPT consistently acquires single-tenant, net lease properties, with a strong focus on essential retail and service-oriented sectors such as quick-service restaurants, automotive services, and medical retail. In the third quarter of 2025, FCPT acquired 28 properties for $82 million, and over the trailing 12 months, the company acquired $355 million in properties. This disciplined acquisition strategy, targeting creditworthy tenants and properties with attractive cap rates, is a primary driver of expanding their rental income base.
2. Diversification into E-commerce Resistant Sectors: The company emphasizes expanding its portfolio into "e-commerce resistant" retail and essential service properties. This strategic diversification, including recent acquisitions in medical retail and auto service, aims to enhance revenue stability and growth by focusing on properties less susceptible to online competition.
3. High Occupancy Rates and Consistent Rent Collection: FCPT maintains a very high portfolio occupancy rate, reported at 99.5% for Q3 2025, and consistently achieves strong rent collection rates (99.9% for Q3 2025). This high retention of tenants and reliable cash flow from existing properties forms a stable foundation for revenue and contributes to incremental growth through renewals and re-leasing.
4. Modest Annual Rent Escalators: A component of FCPT's existing lease agreements includes weighted average annual cash rent escalators, which were reported at 1.4% in recent earnings calls. These contractual rent increases contribute to a steady, predictable growth in rental revenue from its established portfolio.
5. Ample Liquidity for Continued Investment: FCPT has access to significant liquidity and a strong balance sheet, which it plans to utilize to fund further growth through acquisitions. As of a recent earnings call, the company indicated approximately $270 million in combined dry powder from equity, debt, and retained cash flow to fuel growth before reaching its target leverage. This financial capacity supports the continuation of its acquisition strategy.

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Share Issuance

• Year-to-date through October 28, 2025, Four Corners Property Trust (FCPT) sold 6,108,008 shares of Common Stock via its at-the-market (ATM) program for anticipated gross proceeds of $172.7 million.
• As of October 28, 2025, 3,545,890 shares remain to be settled under existing forward sale agreements, representing anticipated gross proceeds of $100.4 million.
• FCPT has an ATM program in place allowing for incremental equity issuance up to $500 million, with proceeds intended for general corporate purposes, including debt repayment, acquisitions, and capital expenditures.

Outbound Investments

• In the third quarter of 2025, FCPT acquired 28 properties for a combined purchase price of $82.0 million.
• For the trailing 12 months ending September 30, 2025, FCPT acquired $355 million of properties, diversifying across medical retail, auto service, quick service restaurants, and casual dining sectors.
• In the full year 2024, the company acquired $264.6 million worth of properties, with a significant portion, over $132 million, acquired in the fourth quarter.

Capital Expenditures

• FCPT anticipates using proceeds from equity issuances for general corporate purposes, which include capital expenditures and redevelopment.
• The company expects to fund capital expenditures, property improvements, and re-leasing costs primarily through cash from operating activities and borrowings under its revolving credit facility.