fcptinvestorpres1202020

FOUR CORNERS PROPERTY TRUST NYSE: FCPT INVESTOR PRESENTATION | JANUARY 2020 www.fcpt.com 1 | FCPT | JANUARY 2020

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 the intent, belief or expectations of Four Corners Property Trust (the “Company” or “FCPT”), including, but not limited to, statements regarding: operating and financial performance; announced transactions; and expectations regarding the making of distributions and the payment of dividends. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Notice Regarding Non-GAAP Financial Measures: The information in this communication contains and 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 29 of this presentation. 2 | FCPT | JANUARY 2020

AGENDA Company Overview and Business Update Page 3 Appendix Page 12 3 | FCPT | JANUARY 2020

OVERVIEW OF FCPT  FCPT is the only public net-lease REIT focused primarily on the acquisition and ownership of high- quality restaurant properties  Began with 418 Darden (NYSE:DRI) operated restaurants across five brands and has diversified its exposure to 71% of annualized base rent1. We currently own 426 Darden properties and 273 properties under 53 additional brands  Recently purchased properties with 13 non-restaurant leases beginning with the announcement of the second Washington Prime outparcel portfolio in July 2019. We will continue to acquire non- restaurant properties on a select basis  Portfolio tenants are 72%1 investment grade by annualized base rent with positive operating trends, fulsome public disclosure, and strong tenant EBITDAR to rent coverage of 4.8x2  Acquired $199 million of properties last year, with $97 of that coming in December. FCPT enters 2020 with a strong contractual backlog  Equity market capitalization of $1.9 billion and a total market capitalization of $2.6 billion3, with a proven ability to access equity and debt markets at attractive pricing _ Figures as of 12/31/2019, unless otherwise noted. 1. Based on adjusted 9/30/2019 Annual Base Rent which represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 2. As of 9/30/2019. 3. Based on a share price of $28.19 as of 12/31/2019. 4 | FCPT | JANUARY 2020

5 | FCPT | OCTOBER 2019 TIMELINE Filed at-the-market (ATM) Announced second Inaugural secondary $132 million of announced Completed spin- equity program from which Issued $125 million outparcel transaction with offering for $101 million outparcel pipeline off from Darden $149 million has been raised Private Notes Washington Prime for of gross proceeds remaining to be closed2 from Q4 2016 to Q3 2019 (1) $37.8 million2 Nov Jul Dec Jan Jun Sept Aug Dec Jul Oct-Nov Jan 2015 2016 2016 2017 2017 2017 2018 2018 2019 2019 2020 Announced first Announced Chili’s Announced outparcel transactions Initiated Received Investment outparcel transaction sale-leaseback Issued $100 million with Brookfield ($46.4 million2), Investment Grade rating from with Washington Prime transaction for $156 Private Notes Seritage ($68.4 million2), and activities Fitch (BBB-) for $67.2 million2 million / 48 properties PREIT ($29.9 million2) Closed Acquisitions 2016 2017 2018 2019 59 properties 43 properties 97 properties 90 properties $94 million $99 million $263 million $199 million 6.6% initial cash yield 6.8% initial cash yield 6.5% initial cash yield 6.5% initial cash yield _ 1. Includes equity ATM forward for $47 million of gross proceeds which FCPT settled in Q4 2019. 2. The announced transactions are each subject to customary closing conditions, diligence and regulatory approvals and there can be no assurance that these transactions will be consummated on the contemplated timeline, or at all, or that the Company’s actual results will not differ materially from the figures set forth above. 5 | FCPT | JANUARY 2020

6 | FCPT | OCTOBER 2019 ACQUISITION GROWTH Annualized Cash Base Rent ($ million)1 2 139.4 +10% CAGR 126.8 129.7 130.9 120.9 125.6 108.0 109.4 109.6 101.0 102.1 105.2 105.3 94.4 94.4 94.4 95.9 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 Number of Properties 699 650 621 642 +14% CAGR 591 610 535 506 508 515 527 475 484 418 418 418 434 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 . ___________________ 1. In place scheduled minimum contractual rent at end of each quarter. 2. Based on adjusted 9/30/2019 Annual Base Rent which represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 6 | FCPT | JANUARY 2020

COM PAN Y M OM ENTUM SINCE INCEPTI ON I N NOV E MBER 2015 Casual, Family & At Inception As of 12/31/2019 Fine Dining Team Members 4 +15 19 +$45 million / Annual Base Rent $94.4 million $139.4 million1 +47.7% Properties 418 +281 / +67.2% 699 Brands 5 +53 58 Quick Service & Tenant EBITDAR to 4.2x +0.6x 4.8x2 Fast Casual Rent Coverage % Darden 100% -29% 71%1 Overhead 10.0% -1.9% 8.1%2 Efficiency3 Equity Market Cap $848 million +$1.1 billion $1.9 billion Enterprise Value $1.3 billion +$1.3 billion $2.6 billion Financial Leverage 4.6x +0.2x 4.8x2 1. Based on adjusted 9/30/2019 Annual Base Rent which represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 2. Represents 9/30/2019. 3. Overhead Efficiency defined as annualized cash G&A expense divided by annual cash base rent as of 9/30/2019. 7 | FCPT | JANUARY 2020

OUTPARCEL STRATEGY: RECAP ON ANNOUNCEMENTS  Mall / shopping center outparcels are typically low rent, ground leased properties, with strong brands, and corporate operators and lease guarantors  FCPT has closed on $146.7 million / 81 properties of these transactions since October 2017. Counterparties have included WPG, Brookfield, Seritage, PREIT, and others. The parcelization process can take 3 to 12+ months in difficult jurisdictions  In 2019, FCPT announced four outparcel portfolios, WPG II (7/24), Brookfield (10/2), Seritage (10/30), and PREIT (11/22) Outparcel Portfolio Comparison1 Other Outparcels Total Closed & (Number / in $millions) Already Closed2 WPG I WPG II Brookfield Seritage PREIT Pipeline Announced 18 / $25.9 44 / $70.2 20 / $37.8 24 / $46.4 23 / $68.4 14 / $29.9 $278.6 (Properties / Price) …of which Closed 18 / $25.9 41 / $65.6 4 / $8.1 5 / $10.1 10 / $31.7 3 / $5.3 81 / $146.7 Remaining to be Closed as of 12/31/2019 Purchase Price ($ millions) $4.6 $29.8 $36.3 $36.8 $24.5 $131.9 Leases 3 16 19 14 13 65 Price per Lease ($ millions) $1.5 $1.9 $1.9 $2.6 $1.9 $2.0 Rent per square foot $17 $24 $19 $25 $20 $22 ___________________ 1. The announced transactions are each subject to customary closing conditions, diligence and regulatory approvals and there can be no assurance that these transactions will be consummated on the contemplated timeline, or at all, or that the Company’s actual results will not differ materially from the figures set forth above. 2. Represents outparcel deals other than WPG that have closed as of 12/31/2019. 3. Seritage figure of $68.4 million includes FCPT’s estimated capital expenditures related to leasing the final inline space at one of the multi-tenant properties. Without the expense, the total consideration is approximately $67.9 million. 8 | FCPT | JANUARY 2020

RUN-RAT E BASE RENT BRIDGE Estimated Annualized Base Rent ($millions) $148.1 $139.4 $131.9 million of remaining acquisitions pipeline via outparcel portfolios ($8.7 million of rent)2 FCPT WPG II PREIT Adjusted 9/30/20191 WPG I Brookfield Seritage 2 (Adjusted 9/30/2019 + Announced ABR)1 Remaining 1. Adjusted 9/30/2019 Annual Base Rent represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 2. The Base Rent estimates set forth above reflect management’s estimate for announced transactions through January 15th, 2020 and not yet closed as of 12/31/2019. The transactions used in the estimates above are each subject to customary closing conditions, diligence and regulatory approvals. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the pending transactions will be consummated on the contemplated timeline, or at all, or that the Company’s actual results will not differ materially from the estimates set fort above. 9 | FCPT | JANUARY 2020

FCPT EVOLUTION SINCE SPIN- OFF: SIGNIFICANT PROGRESS ON TENANT DIVERSIFICATION Brand Exposure by Annualized Base Rent (ABR) 15% 3 14% Other Darden 3 109 leases 113 leases 3% Other Darden 3% 14 leases 20% 13 leases 104 leases Other Darden 9% 9% 64 leases 6% 61 leases 50% Other Restaurants 14 leases Other Restaurants 74% 53% 307 leases 21% 300 leases 19% 304 leases 238 leases 202 leases 51 brands +47.7% in rent 39 brands +6.2% in rent Non-Restaurant Retail Non-Restaurant Retail 1% / 13 Leases / 12 Brands 3% / 32 leases / 25 brands Initial Portfolio at Spin: FCPT Portfolio Today: FCPT Portfolio + Announced Pipeline2: 418 Leases / 5 Brands 702 Leases / 58 Brands 768 Leases / 83 Brands Annual Base Rent of $94.4 million Annual Base Rent of $139.4 million1 Annual Base Rent of $148.1 million 100% Darden Exposure 71% Darden Exposure 68% Darden Exposure ___________________ 1. Adjusted 9/30/2019 Annual Base Rent represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 2. Represents adjusted 9/30/2019 Annual Base Rent, and announced pipeline that has not yet closed from WPG 1.0, WPG 2.0, Brookfield, Seritage, and PREIT portfolio transactions. The announced transactions are each subject to customary closing conditions, diligence and regulatory approvals and there can be no assurance that these transactions will be consummated on the contemplated timeline, or at all, or that the Company’s actual results will not differ materially from the figures set forth above. 3. Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants. 10 | FCPT | JANUARY 2020

FCPT BALANCE SHEET AND PORTFOLIO CREATE A STRONG PLATFORM FOR GROWTH  High quality portfolio of 699 properties diversified geographically and by concept across 46 states and 58 tenant brands  Stable rental stream with 72%1 of annualized base rent investment grade tenancy, long-term lease-lives, and strong 4.8x2 tenant rent coverage  Meaningful fixed increases in contractual annual base rent  Proof of concept in large addressable restaurant net lease market, with $655 million of acquisitions representing 289 properties since July 2016 through December 2019  Flexibility to close both small, granular deals and large portfolio transactions  Strong credit profile with access to investment grade debt market and strong liquidity  Conservative financial position with 4.8x net leverage, amongst the lowest in net lease REIT sector2  Clear visibility into 2020 AFFO growth as announced transactions close ____________________ Figures as of 12/31/2019, unless otherwise noted. 1. Based on adjusted 9/30/2019 Annual Base Rent which represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 2. As of 9/30/2019. 11 | FCPT | JANUARY 2020

AGENDA Company Overview and Business Update Page 3 Appendix Page 12 12 | FCPT | JANUARY 2020

GEOGRAPHIC DIVERSIFICATION ND WA MT MN ME 699 Properties SD WI ID MI VT NH OR WY NY IA MA NE CT RI PA OH NV IL IN NJ 46 States UT CO MD DE KS MO WV KY VA Annualized CA TN 1 OK NC Base Rent (%) AR ≥10.0% 58 Brands AZ NM SC MS AL 5.0%–10.0% GA LA 3.0%–5.0% TX 2.0%–3.0% 4.6 mm sq ft 1.0 %–2.0% FL <1.0% No Properties Portfolio at Inception Representative Acquired Brands ___________________ Figures as of 12/31/2019. Excludes six owned / ground leased restaurants in the Kerrow Restaurant Operating Business. 1. Adjusted 9/30/2019 Annual Base Rent represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 13 | FCPT | JANUARY 2020

TRADING METRICS AND LEVERAGE FOR SELECTED NET LEASE REITS Price / 2020E AFFO Peer Average: 18.6x 21.8x 21.2x 20.3x 18.6x 19.0x 18.6x 18.1x 15.8x 14.2x Net debt + preferred / last quarter annualized EBITDAre Peer Average: 5.2x 6.4x 5.4x 5.1x 5.1x 5.0x 4.8x 4.8x 4.4x 1 2 Source: Each company’s public filings as of 9/30/2019; Factset and SNL and price per share data as of 1/13/2020. Note: Companies may define adjusted annualized EBITDAre differently. Accordingly, such data for these companies and FCPT may not be comparable. 1. Adjusted to reflect Q3 equity offering and repayment of Series E preferred. 2. Net debt for FCPT represents (in $ millions) total debt ($625) less cash and cash equivalents ($29) less dividends payable ($19) as of 9/30/2019. 14 | FCPT | JANUARY 2020

FCPT’S PORTFOLIO COMPARES FAVORABLY ACROSS MAJOR METRICS Tenant EBITDAR/Rent Coverage1 4.8x 3.6x Peer Average: 3.0x 2.6x 2.7x N/A N/A N/A ADC VEREIT Realty Spirit STORE National Retail FCPT % Investment Grade Tenants2 3 72% 57% 49% 40% Peer Average: 38% 19% 25% N/A STOR NNN SRC VER O ADC FCPT ___________________________ Note: N/A means non-reported information. FCPT may define or calculate figures reported differently from peers, and as such FCPT and peer data may not be comparable. 1. As of 9/30/2019. 2. ADC as of 9/30/2019 and other peer data from each company’s public filings as of 6/30/2019. 3. Based on adjusted 9/30/2019 Annual Base Rent which represents the annual contractual in-place rent as of 9/30/2019 adjusted for the annual effect of i) rent from fourth quarter acquisitions, ii) Darden’s rent increase in November, and iii) other fourth quarter contractual rent increases, other items and rounding. 15 | FCPT | JANUARY 2020

FCPT ACQUISITION PHILOSOPHY AND UNDERWRITING CRITERIA Acquisition Philosophy • Acquire nationally recognized branded restaurants and retail properties that are well located with creditworthy lease guarantors • Purchase assets only when accretive to cost of capital • Increase diversification by targeting different brands, meal price-points, cuisine types, and geographies Underwriting Criteria • Acquisition criteria is approximately split 50% / 50% between credit and real estate metrics • Initial screening decisions are informed by a property scorecard based on these metrics, but investment decisions ultimately rely on thorough credit and property-level diligence Credit Criteria (~50%): Real Estate Criteria (~50%): − Guarantor credit − Location − Brand durability − Re-use potential − Store performance − Lease structure − Rent-to-sales − Absolute rent − Lease term − Rent growth 16 | FCPT | JANUARY 2020

INVESTMENT OPPORTUNITY SOURCING FCPT is principally building its acquisition pipeline through five channels: 1) Mall and Shopping Center Outparcels: FCPT has announced several portfolio transactions with mall and shopping center REITs and continues to work on replicating this strategy. The added complexity and delayed closing timeframe for these deals gives FCPT an advantage over non-institutional investors. 2) Large Sale-Leaseback Transactions: These transactions are large in scale, but infrequently available. They typically have a competitive bidding process amongst institutional investors. Both the Brinker and Bob Evans sale-leaseback transactions are examples. 3) Fully Marketed Broker Sourcing: The investment team is in close contact with net lease brokers across the country and reviews marketed properties on a daily basis. Although there is strong competition in this market, FCPT is able to secure deals due to its strong reputation for timely execution. 4) Repeat Tenant Transaction: FCPT’s tenant base includes many strong franchisee and corporate operators. FCPT has endeavored to build strong relationships with its tenants, and, as a result, receives opportunities for off-market and repeat sale-leaseback transactions for many of these restaurant operators. 5) Consolidating Franchisees: The franchisee industry is highly fragmented, but is undergoing consolidation and growth by top players. FCPT partners with large franchisees on real estate transactions as they grow their operations. 17 | FCPT | JANUARY 2020

FOOD & BEVERAGE AMONG MOST E-COMMERCE RESILIENT RETAIL CATEGORIES US eCommerce Penetration by Retail Category (2019) 60% 51% 50% 39% 40% 32% 31% 30% 26% 21% 20% 10% 10% 4% 2% 0% Books, Music & Computer & Office Equipment Toys & Hobby Apparel & Furniture & Home Health, Personal Auto & Parts Food & Beverage Video Consumer & Supplies Accessories Furnishings Care & Beauty Electronics Online / digital sales penetration has remained low within restaurants ___________________ Source: Statista: E-commerce share of total retail revenue in the United States as of February 2019, by product category 18 | FCPT | JANUARY 2020

CONSUMER FOOD SPENDING Consumers are Spending More on Dining Than on Groceries Now $70 Grocery Stores Bars and Restaurants $60 $50 $40 $30 Total Sales (Billions) Total Eat Out at Least Once Per Week: $20 Millenials 49% Gen X 43% Boomers 35% $10 $0 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 191 ___________________ Source: Marcus & Millichap Research Services, U.S. Census Bureau, “Outlook on the Millennial Consumer 2014” report, The Heartman Group, Pew Research, Morgan Stanley 1. Through April 2019. 19 | FCPT | JANUARY 2020

THOUGHTFUL BRAND SELECTION Brand Average Sales Volume ($000s) $10,495 $6,000 Casual Dining $5,000 FCPT focuses on national brands Fast Casual with strong sales volumes and market appropriate rents $4,000 Quick Service $3,000 $2,000 $1,000 $0 FCPT pursues properties within the median range of Casual Dining, Fast Casual and Quick Service; Concepts with mid-level sales volumes provide rent support, while keeping rent at replaceable levels in case of vacancy Source: Brand average sales per Nation’s Restaurant News Top 200 (2019 edition, uses 2018 sales volumes) 20 | FCPT | JANUARY 2020

2016 – 2017 ACQUISITIONS 2016 Closed Acquisitions Purchase Initial Cash Term Announced / Tenant Location # of Properties Operator / Guarantor Information Price ($mm) Yield (yrs) Expected Close Pizza Hut IL, IN 6 40-unit sub. of 150-unit operator $5.7 7.2% 20 7/19/2016 Wendy's TX 1 2-unit operator $2.1 6.5% 10 8/2/2016 Arby's NC 2 24-unit operator $3.5 6.6% 18 9/6/2016 KFC MI 4 360-unit operator $3.9 -- 20 9/14/2016 Buffalo Wild Wings IL, IA 3 7-unit operator (assigned to 40-unit operator) $7.9 6.5% 12 9/15/2016 Dairy Queen OK 1 76-unit operator $2.6 6.6% 18 10/20/2016 Burger King VA, NC, MS, AL 5 98-unit operator $11.5 -- 20 10/28/2016 Arby's VA, NC 2 24-unit operator $4.3 6.6% 18 11/4/2016 USRP Portfolio: Tranche 1 MI, KY, OH, IN, (Arby's (2), Burger King, Denny's, Fazoli's, Steak 'n Shake (2), Wendy's (2), 10 Mix of corporate and strong franchisees $15.6 6.6% 10 11/9/2016 IL, FL, CO, GA Zaxby's) KFC IN, MI, WI 16 130-unit operator $21.1 6.5% 20 11/10/2016 Taco Bell IN 1 85-unit sub. of 250-unit operator $1.3 6.7% 5 11/15/2016 Hardee's AL & GA 4 35-unit operator $7.0 6.5% 20 12/15/2016 Burger King TN 4 102-unit operator $7.7 -- 20 12/28/2016 Total 2016 59 $94.1 6.6% 17 2017 Closed Acquisitions USRP Portfolio: Tranche 2 AL, IN, NY, TN 4 Mix of corporate and strong franchisees $5.8 6.6% 12 1/12/2017 (3 concepts) Taco Bell SC 1 60-unit sub. of 250-unit operator $2.4 6.5% 12 1/13/2017 McAlister's TX 4 40-unit operator $8.9 6.8% 15 3/16/2017 DE, IN, MD, MI, NY, OH, Bob Evans 16 524-unit operator $35.1 -- 20 5/1/2017 PA, VA, WV Burger King MS, TN 7 115-unit operator $16.0 -- 20 6/30/2017 Taco Bell IN 2 270-unit operator $3.4 6.5% 20 7/26/2017 MOD Pizza/Del Taco (multi-tenant) MI 1 5-unit sub. of 90-unit operator $2.7 7.4% 10 9/15/2017 Red Lobster OH, MI, PA, GA 5 700-unit operator $19.4 -- 21 11/2/2017 LongHorn Steakhouse SC 1 490-unit sub. of 1,695-unit operator $1.5 6.6% 10 12/7/2017 Burger King MS 2 Cambridge (115+ unit franchisee) $3.3 -- 20 12/19/2017 Total 2017 43 $98.6 6.8% 19 21 | FCPT | JANUARY 2020

2018 ACQUISITIONS 2018 Closed Acquisitions Purchase Initial Cash Term Announced / Tenant Location # of Properties Operator / Guarantor Information Price ($mm) Yield (yrs) Expected Close Buffalo Wild Wings IL 2 World Wide Wings (40+ unit franchisee) $6.6 6.6% 14 1/10/2018 WPG Portfolio #1: FL, IL, IA, OH 10 8 corporate and 2 franchisees $13.8 -- 7 1/12/2018 Tranche 1 (10 concepts) Popeyes (Kingsport) TN 1 New concept with 150 unit guarantor $1.7 -- 20 4/30/2018 Red Lobster (Uniontown) - Mason PA 1 700-unit operator $1.8 7.1% 9 5/29/2018 Popeye's (Morristown) TN 1 New tenant with 150 unit guarantor $1.7 -- 20 5/31/2018 PREIT SC 1 Corporate lease $1.7 6.6% 13 6/29/2018 (Buffalo Wild Wings) WPG Portfolio #1: IN, IL, 5 4 Corporate and 1 Franchisee leases $9.5 -- 9 6/29/2018 Tranche 2a (5 concepts) FL, OH, TX Buffalo Wild Wings (Austin) TX 1 Corporate lease $3.6 6.9% 6 7/16/2018 WPG Portfolio #1: CT 2 1 Corporate and 1 Franchisee $4.6 -- 8 7/27/2018 Tranche 2a(ii) (2 concepts) Arby's (Plainwell) MI 1 Corporate lease $1.6 7.0% 6 8/6/2018 Brinker Portfolio 14 states 46 Corporate leases $149.8 -- 15 8/8/2018 Buffalo Wild Wings TN 1 Corporate lease $1.7 7.5% 6 8/8/2018 Chili's 3-pack OK, TX 3 Corporate lease $9.0 -- 15 9/14/2018 Brinker Portfolio (Remainder) CO, TX 2 Corporate lease $5.9 -- 15 9/28/2018 PREIT MD 1 2 Corporate leases $2.4 -- 6 10/11/2018 (Starbucks / Noodles & Co) Chili's CO 1 Corporate lease $2.2 -- 15 10/23/2018 Starbucks Decatur AL 1 Corporate lease $1.1 7.2% 9 10/30/2018 WPG Portfolio #1: IN 2 2 Corporate leases $1.7 -- 5 10/31/2018 Tranche 2a(iii) (2 concepts) WPG Portfolio #1: TX 1 Corporate lease $3.2 -- 17 11/16/2018 Tranche 2a(iv) (1 concept) Rouse Portfolio: AZ, CA, IL, MI 6 3 Corporate and 3 Franchisee leases $7.5 -- 5 11/20/2018 Tranche 1a (6 concepts) DE, KY, IN, Red Lobster / VEREIT 2.0 6 Corporate lease (master lease) $25.9 -- 21 12/17/2018 MS, MN, ND BJ's Brewhouse MI 1 Corporate lease $4.2 6.5% 13 12/28/2018 Buffalo Wild Wings VA 1 Corporate lease $2.5 6.7% 9 12/31/2018 Total 2018 97 $263.4 6.5% 14 22 | FCPT | JANUARY 2020

2019 ACQUISITIONS 2019 Closed Acquisitions Purchase Initial Cash Term Announced / Tenant Location # of Properties Operator / Guarantor Information Price ($mm) Yield (yrs) Expected Close WPG Portfolio #1: CO 8 5 Corporate and 3 Franchisee leases $9.4 -- 9 1/18/2019 Tranche 2b (8 concepts) Outback Steakhouse NM 1 Franchisee lease $3.9 -- 20 1/23/2019 (Cerca Trova) Buffalo Wild Wings TX 1 Corporate lease $3.5 6.7% 8 2/8/2019 WPG Portfolio #1: NJ 1 Franchisee lease $2.8 -- 9 2/11/2019 Tranche 2b(ii) (Buffalo Wild Wings) WPG Portfolio #1: MD 1 Franchisee $2.0 -- 16 4/3/2019 Tranche 8 (Burger King) Farallon Portfolio: AL, VA 2 Corporate $2.6 6.9% 8 4/19/2019 (LongHorn, IHOP) Namdar / Mason Portfolio: UT 3 Corporate $4.9 6.8% 7 5/1/2019 Tranche 1 (Texas Roadhouse, Olive Garden, Arby's) Namdar / Mason Portfolio: IL 1 Corporate $2.3 7.4% 3 5/31/2019 Tranche 2 (Panera Bread) Red Lobster Portfolio #3 PA, MI, IL, OH, SC 5 Corporate $18.5 -- 20 6/6/2019 Namdar / Mason Portfolio: UT 1 Corporate $0.9 7.0% 4 6/7/2019 Tranche 3 (Carl's Jr.) Carrabba's Italian Grill FL 1 Corporate $2.3 7.3% 3 6/13/2019 Arby's Portfolio MI 3 Corporate $4.1 7.0% 6 6/21/2019 Wendy's OH 1 Franchisee $2.0 6.5% 7 6/26/2019 WPG Portfolio #1: IA 3 2 Corporate and 1 Franchisee $3.0 -- 5 6/28/2019 Tranche 9 (Chick-fil-A, Red Lobster, Hardee's) PREIT Portfolio: WI 1 Corporate lease $1.4 6.7% 8 7/25/2019 Texas Roadhouse Buffalo Wild Wings GA 1 Corporate lease $1.5 6.8% 7 8/1/2019 WPG Portfolio #1: IN 1 Franchisee lease $1.2 -- 10 8/1/2019 Tranche 10 (Arby's) WPG Portfolio #1: VA 1 Corporate lease $3.4 -- 5 8/29/2019 Tranche 11 (McD's) WPG Portfolio #2: IL 1 1 Corporate lease $3.2 -- 10 9/16/2019 Tranche 1 (Olive Garden) WPG Portfolio #2: OH 1 1 Corporate lease $2.0 -- 9 9/27/2019 Tranche 1 (Outback) Krystal 3-Pack: AL 1 1 Corporate leases $1.1 6.7% 15 9/27/2019 Krystal 23 | FCPT | JANUARY 2020

2019 ACQUISITIONS CONTINUED 2019 Closed Acquisitions Purchase Initial Cash Term Announced / Tenant Location # of Properties Operator / Guarantor Information Price ($mm) Yield (yrs) Expected Close WPG Portfolio #1: VA 1 1 Leasehold $2.4 -- 7 9/27/2019 (Leasehold for BWW) Krystal 3-Pack: TN 1 1 Corporate leases $1.4 -- 15 10/10/2019 Krystal Krystal 3-Pack: AL 1 1 Corporate leases $1.4 -- 15 10/11/2019 Krystal WPG Portfolio #2: IL, OH 2 2 Corporate lease $3.0 -- 4 10/18/2019 Tranche 1 (Citibank, PNC Bank) Bob Evans OH 1 1 Corporate lease $1.0 6.5% 5 10/18/2019 Rouse/Brookfield Portfolio: MD 1 1 Corporate lease $2.0 -- 3 10/21/2019 LongHorn Buffalo Wild Wings TX 1 1 Corporate lease $2.4 6.5% 3 10/28/2019 Auburn Plaza: ME 3 3 Corporate leases $3.6 6.9% 7 10/31/2019 (LongHorn, Ruby Tuesday, Androscoggin Bank) Buffalo Wild Wings TX 1 1 Corporate lease $2.6 6.8% 3 11/4/2019 Buffalo Wild Wings WI 1 1 Corporate lease $2.0 6.5% 9 11/12/2019 Rouse Portfolio: NM 1 1 Franchisee lease $0.4 -- 5 11/21/2019 Tranche 3 (Taco Bell) Starbucks / Verizon / ATI Physical Therapy IN 1 2 Corporate leases and 1 Franchisee lease $3.4 6.8% 10 11/26/2019 PNC Bank MI 1 1 Corporate lease $1.5 6.7% 5 12/5/2019 Olive Garden / LongHorn NY 2 2 Corporate leases $3.3 7.0% 4 12/6/2019 Popeye's / US Cellular / Great Clips Center IL 1 1 Corporate leases and 2 Franchisee leases $2.9 7.2% 8 12/10/2019 Taco Bell MS 1 1 Franchisee lease $1.1 6.4% 7 12/20/2019 Seritage Tranche 1: DE, IL (2), IN (3), MI, RI, (BJ's, Chick-Fil-A (2), Krispy Kreme, Jared Jewelry, LongHorn, Orvis, Outback, 10 9 Corporate leases and 3 Franchisee leases $31.7 -- 8 12/24/2019 TX (2) Popeyes, Portillos, Shake Shack, Wendy's) Brookfield Portfolio #2: IA (5) 5 4 Corporate leases and 1 Franchisee lease $10.1 -- 5 12/26/2019 (Chili's, Discount Tire Co, Holiday Inn Express, Olive Garden, Red Lobster) BJ's AR 1 1 Corporate lease $4.2 6.5% 14 12/27/2019 Chili's Suntrust Portfolio: CO (2), LA, MS, OK, TX 7 7 Corporate leases $28.7 6.3% 14 12/27/2019 (Chili's) (2) PREIT Portfolio: PA (2), SC 3 3 Corporate leases $5.3 6.5% 11 12/30/2019 (Mavis, Outback, Texas Roadhouse) WPG Portfolio #1: FL (3), IN (2) 5 4 Corporate leases and 1 Franchisee lease $8.6 -- 13 12/30/2019 (Leaseholds for BJ's, McD, Taco Bell, Steak 'n Shake, White Castle) Total 2019 90 $199.0 6.5% 10 24 | FCPT | JANUARY 2020

GLOSSARY AND NON-GAAP DEFINITIONS This document includes certain non-GAAP financial measures that measures may not be comparable to similarly titled measures maintain the operating performance of our properties, all of which management believes are helpful in understanding our business, as employed by other REITs. have real economic effect and could materially impact our financial further described below. Our definition and calculation of non-GAAP condition and results from operations, the utility of FFO as a measure financial measures may differ from those of other REITs and therefore Tenant EBITDAR is calculated as EBITDA plus rental expense. of our performance is limited. FFO is a non-GAAP measure and may not be comparable. The non-GAAP measures should not be EBITDAR is derived from the most recent data provided by tenants should not be considered a measure of liquidity including our ability considered an alternative to net income as an indicator of our that disclose this information, representing approximately 94% of our to pay dividends or make distributions. In addition, our calculations of performance and should be considered only a supplement to net ABR. For Darden, EBITDAR is updated twice annually by FFO are not necessarily comparable to FFO as calculated by other income, and to cash flows from operating, investing or financing multiplying the most recent individual property level sales REITs that do not use the same definition or implementation activities as a measure of profitability and/or liquidity, computed in information (reported by Darden twice annually to FCPT) by the guidelines or interpret the standards differently from us. Investors in accordance with GAAP. brand average EBITDA margin reported by Darden in its most recent our securities should not rely on these measures as a substitute for any comparable period, and then adding back property level rent. FCPT GAAP measure, including net income. ABR refers to Annual Base Rent as of the date referenced and does not independently verify financial information provided by its represents monthly contractual cash rent, excluding percentage rents, tenants. Adjusted Funds From Operations “AFFO” is a non-GAAP from properties owned fee-simple or ground leased, recognized during measure that is used as a supplemental operating measure specifically the final month of the reporting period, adjusted to exclude amounts Tenant EBITDAR coverage is calculated by dividing our reporting for comparing year over year ability to fund dividend distribution received from properties sold during that period and adjusted to tenants’ most recently reported EBITDAR by annual in-place cash from operating activities. AFFO is used by us as a basis to address our include a full month of contractual rent for properties acquired during base rent. ability to fund our dividend payments. We calculate adjusted funds that period. from operations by adding to or subtracting from FFO: Funds From Operations (“FFO”) is a supplemental measure of our 1. Transaction costs incurred in connection with the acquisition of EBITDA represents earnings (GAAP net income) plus interest performance which should be considered along with, but not as an real estate investments expense, income tax expense, depreciation and amortization. alternative to, net income and cash provided by operating activities as 2. Stock-based compensation expense a measure of operating performance and liquidity. We calculate FFO 3. Amortization of deferred financing costs EBITDAre is a non-GAAP measure computed in accordance with in accordance with the standards established by NAREIT. FFO 4. Other non-cash interest expense the definition adopted by the National Association of Real Estate represents net income (loss) (computed in accordance with GAAP), 5. Non-real estate depreciation Investment Trusts (“NAREIT”) as EBITDA (as defined above) excluding gains (or losses) from sales of property and undepreciated 6. Merger, restructuring and other related costs excluding gains (or losses) on the disposition of depreciable real estate land and impairment write-downs of depreciable real estate, plus real 7. Impairment charges on non-real estate assets and real estate impairment losses. estate related depreciation and amortization (excluding amortization 8. Amortization of capitalized leasing costs of deferred financing costs) and after adjustments for unconsolidated 9. Straight-line rent revenue adjustment Adjusted EBITDAre is computed as EBITDAre (as defined above) partnerships and joint ventures. We also omit the tax impact of non- 10. Amortization of above and below market leases excluding transaction costs incurred in connection with the acquisition FFO producing activities from FFO determined in accordance with the 11. Debt extinguishment gains and losses of real estate investments and gains or losses on the extinguishment of NAREIT definition. 12. Recurring capital expenditures and tenant improvements debt. Our management uses FFO as a supplemental performance measure AFFO is not intended to represent cash flow from operations for the We believe that presenting supplemental reporting measures, or non- because, in excluding real estate related depreciation and amortization period, and is only intended to provide an additional measure of GAAP measures, such as EBITDA, EBITDAre and Adjusted and gains and losses from property dispositions, it provides a performance by adjusting the effect of certain items noted above EBITDAre, is useful to investors and analysts because it provides performance measure that, when compared year over year, captures included in FFO. AFFO is a widely-reported measure by other REITs; important information concerning our on-going operating trends in occupancy rates, rental rates and operating costs. We offer however, other REITs may use different methodologies for performance exclusive of certain non-cash and other costs. These non- this measure because we recognize that FFO will be used by investors calculating AFFO and, accordingly, our AFFO may not be GAAP measures have limitations as they do not include all items of as a basis to compare our operating performance with that of other comparable to other REITs. income and expense that affect operations. Accordingly, they should REITs. However, because FFO excludes depreciation and not be considered alternatives to GAAP net income as a performance amortization and captures neither the changes in the value of our measure and should be considered in addition to, and not in lieu of, properties that result from use or market conditions, nor the level of GAAP financial measures. Our presentation of such non-GAAP capital expenditures and capitalized leasing commissions necessary to 25 | FCPT | JANUARY 2020

FOUR CORNERS PROPERTY TRUST NYSE: FCPT INVESTOR PRESENTATION | JANUARY 2020 www.fcpt.com 26 | FCPT | JANUARY 2020