Here are a few analogies to describe Four Corners Property Trust (FCPT):

• Like Realty Income (O), but focused on restaurant properties.
• Like Simon Property Group (SPG), but for individual restaurant locations instead of entire malls.

• Leasing of Restaurant Properties: FCPT acquires real estate to lease to restaurant operators, primarily under net leases.
• Leasing of Retail Properties: FCPT acquires real estate to lease to retail businesses, primarily under net leases.

Four Corners Property Trust (FCPT) primarily leases its properties to other companies in the restaurant and retail industries. Its major customers are the restaurant and retail chains that lease its properties. These include:

• Darden Restaurants (DRI)
• Brinker International (EAT)
• Bloomin' Brands (BLMN)
• McDonald's Corporation (MCD)
• Chipotle Mexican Grill (CMG)

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

William H. Lenehan was appointed CEO of Four Corners Property Trust (FCPT) in August 2015. He played a pivotal role in the creation and spin-off of FCPT from Darden Restaurants in 2015. Mr. Lenehan possesses extensive experience in real estate, particularly in assembling portfolios of triple net retail properties. His prior experience includes serving as a Special Advisor to the Board of Directors of EVOQ Properties, Inc. from June 2012 to 2014, and as Interim CEO and Director of Granite Real Estate Inc. (now Granite REIT) from March 2011 to December 2011. He spent ten years (August 2001 to February 2011) in the Real Estate Group at Farallon Capital Management, L.L.C., where he was involved with numerous private equity real estate investments. He also worked in CIBC World Markets Corp.'s Leveraged Finance group, providing debt capital and advisory services to financial buyers and companies. Mr. Lenehan has served on the board of directors for other publicly traded REITs, including Gramercy Property Trust Inc..

Patrick Wernig Chief Financial Officer and Treasurer

Patrick Wernig was promoted to Chief Financial Officer of FCPT in 2024, succeeding Gerry Morgan. He joined FCPT in 2016 as one of the company's initial hires for the real estate acquisitions team and has led this team since 2018. During his tenure, FCPT has acquired over $1.3 billion in net lease retail properties. Before joining FCPT, Mr. Wernig worked in J.P. Morgan's investment banking group for several years, concentrating on clients in the real estate and gaming sectors. Notably, while at J.P. Morgan, he contributed to Darden Restaurants' real estate monetization efforts, which culminated in the establishment and spin-off of FCPT.

James L. Brat Chief Operating Officer, General Counsel & Secretary

James L. Brat serves as the Chief Operating Officer, General Counsel, and Secretary for Four Corners Property Trust. In his role, he is responsible for managing the company's operations and overseeing its legal structure, which is vital for a complex real estate investment trust.

Niccole Stewart Chief Accounting Officer

Niccole Stewart is the Chief Accounting Officer at Four Corners Property Trust. She was acknowledged by the outgoing CFO, Gerry Morgan, for her expertise and partnership during the leadership transition.

Joshua Zhang Director of Investments

Joshua Zhang holds the position of Director of Investments at Four Corners Property Trust. He contributes to the company's investment activities.

The key risks to Four Corners Property Trust (FCPT) primarily revolve around its real estate investment trust model, particularly its focus on restaurant and retail properties.

1. Tenant Concentration Risk: FCPT faces a significant risk due to its dependence on a limited number of tenants for a substantial portion of its rental income. For instance, Darden and Brinker International, Inc. contribute significantly to its revenue. Any adverse impact on the business operations or financial health of these key tenants could materially affect FCPT's rental income and overall financial performance. While FCPT is actively pursuing portfolio diversification to mitigate this risk, a large share of its rent still comes from dine-in restaurant concepts.
2. Interest Rate and External Capital Costs: As a real estate investment trust, FCPT's business model relies on acquiring properties, which is often financed through external capital. Increases in interest rates directly impact FCPT's borrowing costs, making new acquisitions more expensive and potentially less accretive. Elevated interest rates can also indirectly affect FCPT by increasing operating costs for its tenants, potentially impacting their ability to meet rent obligations.
3. Real Estate Ownership Risks and Changes in Consumer Trends: FCPT is exposed to inherent risks associated with real estate ownership. These include the potential inability to collect rent from tenants due to financial hardship or bankruptcy. Furthermore, changes in consumer behavior and preferences within the restaurant and retail industries, such as shifts towards different dining formats or online retail, could adversely affect the profitability of FCPT's tenants and, consequently, their capacity to pay rent.

The proliferation of "ghost kitchens" or "cloud kitchens" and the accelerating shift towards off-premise dining models.

The addressable market for Four Corners Property Trust (FCPT) in the United States, which focuses on the acquisition and leasing of restaurant and retail properties on a net basis, can be estimated by the size of the U.S. net lease retail inventory.

The U.S. net lease retail inventory, encompassing properties suitable for net leasing within the retail sector (including restaurants), has expanded to over $24 billion as of October 2024.

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 and Portfolio Expansion: FCPT's primary growth driver is its consistent acquisition of new restaurant and retail properties, particularly those with long-term, triple-net leases. In 2025, the company acquired 105 properties for $317.9 million, representing a 20% year-over-year increase in investment volume, and it anticipates another strong year of acquisitions in 2026 with over $220 million in liquidity. This ongoing expansion of its asset base is designed to directly increase rental income.
2. Portfolio Diversification into Essential Service Sectors: The company is actively diversifying its portfolio beyond casual dining restaurants into "e-commerce resistant" retail and essential service properties. This includes new tenant relationships and acquisitions in subsectors such as automotive services, medical retail, quick-service restaurants, grocery, and equipment rental. This strategy aims to broaden its investment funnel, enhance lease durability, and create new, stable revenue streams.
3. Built-in Rental Increases from Triple-Net Leases: FCPT's business model leverages long-term, triple-net leases that often include contractual annual rent escalators. These pre-determined increases provide a stable and predictable source of organic revenue growth, contributing consistently to the company's top line.
4. Sustained High Occupancy Rates and Rent Collection: Maintaining consistently high occupancy rates and strong rent collection is crucial for maximizing revenue from the existing portfolio. FCPT reported a portfolio occupancy rate of 99.6% and collected 99.8% of base rent for the full year 2025, ensuring reliable and predictable cash flows that underpin further investment and growth.
5. Disciplined Capital Allocation and Strong Financial Position: FCPT's ability to maintain a strong balance sheet with low leverage (4.9x net debt to adjusted EBITDAre at the end of 2025) and ample liquidity positions it to continue funding opportunistic acquisitions efficiently. This disciplined financial management supports its ongoing growth objectives by ensuring capital availability for new investments.

Share Issuance

• In 2025, Four Corners Property Trust (FCPT) sold 6,108,008 shares of Common Stock through an at-the-market (ATM) program, generating gross proceeds of $172.7 million.
• The company utilized equity issued at accretive pricing to fund acquisitions and for general corporate purposes.
• As of February 11, 2026, no shares remained to be settled under existing forward sale agreements.

Outbound Investments

• In 2025, FCPT invested approximately $318 million to acquire 105 properties and ground leaseholds.
• This investment volume represented a 20% year-over-year increase compared to 2024.
• Acquisitions in 2025 were diversified across auto service (37%), medical retail (24%), quick service restaurants (22%), casual dining restaurants (14%), and other retail (3%).

Capital Expenditures

• For the fiscal year ended December 31, 2025, Four Corners Property Trust reported Capital Expenditures of -$364.6 million.
• The company's strategy involves triple-net leases, where tenants are responsible for property-level operating expenses, including maintenance, which generally leads to lower capital expenditures for FCPT itself.
• The primary focus of capital expenditures is the acquisition of additional restaurant and retail properties to grow its portfolio.