q32020supplemental

FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q3 2020 www.fcpt.com 1 | FCPT | Q3 2020

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, 2019, as supplemented by the risk factor described under “Part II, Item 1A. Risk Factors” in FCPT’s quarterly report on Form 10-Q for the quarter ended June 30, 2020, and other risks described in documents subsequently filed by FCPT from time to time with the Securities and Exchange Commission 2 | FCPT | Q3 2020

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 17 3 | FCPT | Q3 2020

CONSOLIDATING BALANCE SHEET As of 9/30/2020 As of 12/31/2019 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 759,388 $ 5,051 $ - $ 764,439 $ 690,575 Buildings, equipment and improvements 1,294,799 11,926 - 1,306,725 1,277,159 Total real estate investments 2,054,187 16,977 - 2,071,164 1,967,734 Less: accumulated depreciation (647,095) (5,754) - (652,849) (635,630) Real estate investments, net 1,407,092 11,223 - 1,418,315 1,332,104 Intangible lease assets, net 79,459 - - 79,459 57,917 Total real estate investments and intangible lease assets, net 1,486,551 11,223 - 1,497,774 1,390,021 Cash and cash equivalents 16,993 742 - 17,735 5,083 Straight-line rent adjustment 45,868 - - 45,868 39,350 Other assets 7,888 4,360 - 12,248 10,165 Derivative assets - - - - 1,451 Investment in subsidiary 12,015 - (12,015) - - Intercompany receivable 985 - (985) - - Total Assets $ 1,570,300 $ 16,325 $ (13,000) $ 1,573,625 $ 1,446,070 LIABILITIES AND EQUITY Liabilities: Term loan ($400,000, net of deferred financing costs) $ 396,311 $ - $ - $ 396,311 $ 395,012 Revolving facility ($250,000 capacity) - - - - 52,000 Unsecured notes ($350,000, net of deferred financing costs) 347,024 - - 347,024 222,928 Rent received in advance 9,835 - - 9,835 10,463 Derivative liabilities 20,923 - - 20,923 5,005 Dividends payable 22,163 - - 22,163 21,325 Other liabilities 13,896 5,322 - 19,218 12,596 Intercompany payable - 985 (985) - - Total liabilities $ 810,152 $ 6,307 $ (985) $ 815,474 $ 719,329 Equity: Preferred stock $ - $ - $ - $ - $ - Common stock 7 - - 7 7 Additional paid-in capital 752,568 12,015 (12,015) 752,568 686,181 Accumulated other comprehensive (loss) income (28,811) - - (28,811) (3,539) Noncontrolling interest 3,910 - - 3,910 5,691 Retained earnings 32,474 (1,997) - 30,477 38,401 Total equity $ 760,148 $ 10,018 $ (12,015) $ 758,151 $ 726,741 Total Liabilities and Equity $ 1,570,300 $ 16,325 $ (13,000) $ 1,573,625 $ 1,446,070 4 | FCPT | Q3 2020

CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2020 2019 2020 2019 Revenues: Rental revenue $ 38,871 $ 35,209 $ 114,631 $ 103,832 Restaurant revenue 4,097 4,974 11,696 15,520 Total revenues 42,968 40,183 126,327 119,352 Operating expenses: General and administrative 3,741 3,389 11,303 10,766 Depreciation and amortization 7,523 6,653 21,670 19,532 Property expenses 838 346 2,539 1,071 Restaurant expenses 3,987 4,805 11,799 14,742 Total operating expenses 16,089 15,193 47,311 46,111 Interest expense (7,410) (6,665) (21,732) (19,969) Other income, net 2 153 168 872 Income tax expense (67) (69) (192) (198) Net income 19,404 18,409 57,260 53,946 Net income attributable to noncontrolling interest (55) (78) (180) (244) Net Income Attributable to Common Shareholders $ 19,349 $ 18,331 $ 57,080 $ 53,702 Basic net income per share $ 0.27 $ 0.27 $ 0.81 $ 0.79 Diluted net income per share $ 0.27 $ 0.27 $ 0.81 $ 0.78 Regular dividends declared per share $ 0.3050 $ 0.2875 $ 0.9150 $ 0.8625 Weighted-average shares outstanding: Basic 71,009,154 68,315,915 70,430,037 68,274,167 Diluted 71,230,481 68,527,187 70,658,500 68,495,013 5 | FCPT | Q3 2020

FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2020 2019 2020 2019 Net income $ 19,404 $ 18,409 $ 57,260 $ 53,946 Depreciation and amortization 7,503 6,636 21,615 19,481 FFO (as defined by NAREIT) $ 26,907 $ 25,045 $ 78,875 $ 73,427 Straight-line rent (2,248) (2,415) (6,519) (7,008) Recognized rental revenue expected to be abated(1) (196) - (1,568) - Stock-based compensation 868 802 2,496 2,792 Non-cash amortization of deferred financing costs 543 512 1,589 1,539 Other non-cash interest income (expense) 1 1 (1) (4) Non-real estate investment depreciation 20 17 55 51 Other non-cash revenue adjustments 412 25 799 49 Adjusted Funds From Operations (AFFO) $ 26,307 $ 23,987 $ 75,726 $ 70,846 Fully diluted shares outstanding(2) 71,434,873 68,816,579 70,879,855 68,805,612 FFO per diluted share $ 0.38 $ 0.36 $ 1.11 $ 1.07 AFFO per diluted share $ 0.37 $ 0.35 $ 1.07 $ 1.03 ___________________________ (1) Amount represents base rent that the Company has agreed to abate as a result of lease amendments. Upon finalization of lease amendments with tenants, the Company abated $1.6 million of rental revenue recognized in the second quarter of 2020, of which $1.4 million was included as an adjustment to AFFO in the second quarter of 2020. In the third quarter, receivables of $1.6 million were recognized as lease incentives and will be amortized as a reduction to rental revenue over the amended lease terms (2) Assumes the issuance of common shares for OP units held by non-controlling interest. 6 | FCPT | Q3 2020

NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Per Tenant Lease Term Annual Cash Base Price # of Feet Square Foot EBITDAR Remaining Rent % Total Cash Base Real Estate Portfolio as of 9/30/2020 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 308 2,623 29 N/A 9.9 74,967 50.7% LongHorn Steakhouse - 114 639 33 N/A 8.7 21,290 14.4% Other Brands - Non-Darden - 315 1,592 30 N/A 12.4 47,169 31.9% Other Brands - Darden - 14 128 34 N/A 8.2 4,342 2.9% Total Owned Portfolio - 751 4,981 30 N/A 10.5 147,769 100.0% Q3'20 Transaction Activity(4) Properties acquired 47,955 18 138 22 N/A 8.9 3,041 2.1% Land Acquisition(5) 2,400 N/A N/A N/A N/A N/A N/A N/A No sales in Q3 2020 Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash $ 17,735 Other tangible assets 5,828 Total Tangible Assets $ 23,563 Debt Face Value ($000s) Term loan $ 400,000 Senior fixed rate notes 350,000 Revolving credit facility - Total Debt $ 750,000 Tangible Liabilities Book Value ($000s) Dividends payable $ 22,163 Rent received in advance, accrued interest, and other accrued expenses 20,383 Total Tangible Liabilities $ 42,546 Shares Outstanding Common stock (shares outstanding as of 9/30/2020) 72,769,345 Operating partnership units (OP units outstanding as of 9/30/2020) 204,392 ___________________________Total Common Stock and OP Units Outstanding 72,973,737 (1) We are not reporting Tenant EBITDAR coverage this quarter as most financial information provided by tenants is from time periods prior to the COVID-19 pandemic and therefore may not be representative of current operations. (2) Lease term weighted by annual cash base rent (ABR) as defined in glossary. (3) Current scheduled minimum contractual rent as of 9/30/2020. (4) FCPT acquired 18 properties and leasehold interests in Q3 2020; FCPT had no dispositions in the quarter. (5) FCPT purchased one plot of land the Company intends to develop. 7 | FCPT | Q3 2020

CAPITALIZATION & KEY CREDIT METRICS % of Market Q3 2020 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (9/30/2020) $ 25.59 Shares and OP units outstanding (9/30/2020) 72,973,737 Equity Value $ 1,867,398 71.3% Debt: Term loan $ 400,000 15.3% Revolving credit facility - 0.0% Unsecured notes 350,000 13.4% Total Debt $ 750,000 28.7% Total Market Capitalization $ 2,617,398 100.0% Less: cash (17,735) Implied Enterprise Value $ 2,599,663 Dividend Data (fully diluted) Q3 2020 Common dividend per share(1) $0.3050 AFFO per share $0.37 AFFO payout ratio 82.4% (2) (3) Credit Metrics Net Debt Adjusted EBITDAre Ratio Net debt to Adjusted EBITDAre $ 732,265 $ 137,889 5.3x ___________________________ (1) Third quarter 2020 dividend was declared on 9/17/2020, payable on 10/15/2020. (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. 8 | FCPT | Q3 2020

DEBT SUMMARY Weighted Balance as of Cash Interest Rate as of Average (4) Debt Type Maturity Date September 30, 2020 ($000s) % of Debt September 30, 2020 Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21 $ - - - - Term loan Nov-22 150,000 20.0% 2.66% 2.1 Term loan Nov-23 150,000 20.0% 2.56% 3.1 Term loan Mar-24 100,000 13.3% 2.56% 3.4 Principal Amount $ 400,000 Unsecured Notes(2) Jun-24 $ 50,000 6.7% 4.68% 3.7 Dec-26 50,000 6.7% 4.63% 6.2 Jun-27 75,000 10.0% 4.93% 6.7 Dec-28 50,000 6.7% 4.76% 8.2 Jun-29 50,000 6.7% 3.15% 8.7 Apr-30 75,000 10.0% 3.20% 9.5 Principal Amount $ 350,000 Mortgages Payable(3) None - - - - Total/Weighted Average $ 750,000 100.0% 3.35% 4.9 Unamortized Deferred Financing Costs Credit facility $ (3,689) Unsecured notes (2,976) Debt Carrying Value (GAAP) $ 743,335 Fixed rate $ 650,000 87% Variable rate $ 100,000 13% Credit Rating (Fitch): BBB- ___________________________ (1) Borrowings under the term loan accrue interest at an average rate of LIBOR plus 1.29%. FCPT has entered into interest rate swaps that fix 75% of the term loan's rate exposure through November 2020, 94% through November 2022, 81% through November 2023, and 69% through March 2024. The all-in cash interest rate on the portion of the term loan that is fixed is approximately 3.0%, 3.1%, and 3.0% for 2020, 2021, and 2022, respectively. A LIBOR rate of 0.15% as of 9/30/2020 is used for the 25% of term loans that are not hedged. (2) These notes are senior unsecured fixed rate obligations of the Company. (3) As of 9/30/2020, 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. 9 | FCPT | Q3 2020

FCPT DEBT MATURITY SCHEDULE Current Debt Maturity Schedule (1) 4.9-year weighted average term Undrawn Revolver Capacity 87% fixed rate debt Drawn Revolver 3.3% weighted average cash interest rate Unsecured Term Loan Full $250 million available on revolver Unsecured Notes $250 $150 $150 $150 $100 $75 $75 $50 $50 $50 $50 $0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 % of Total Debt 0% 0% 20% 20% 20% 0% 7% 10% 7% 7% 10% Outstanding ___________________ Figures as of 9/30/2020 (1) The revolving credit facility expires on November 9, 2021 subject to FCPT’s availability to extend the term for two additional six-month periods to November 9, 2022. 10 | FCPT | Q3 2020

DEBT COVENANTS As of September 30, 2020 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. Covenants Requirement Q3 2020 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 33.8% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 5.0x Limitation on unencumbered leverage ≤ 60% 34.1% Unencumbered interest coverage ratio ≥ 1.75x 5.6x 11 | FCPT | Q3 2020

PROPERTY LOCATIONS BY BRAND Lease Count: Olive Garden (308) Longhorn Steakhouse (114) Chili’s (64) Burger King (24) Red Lobster (21) KFC (20) Buffalo Wild Wings (18) Bob Evans (17) Arby’s (15) Taco Bell (11) BJ’s Restaurant (10) Bahama Breeze (10) Texas Roadhouse (9) Wendy’s (7) Chick-Fil-A (6) Pizza Hut (6) Starbucks (6) McDonald’s (5) Outback Steakhouse (5) Popeyes (5) Other (75) 756 Leases (1) 74 Brands ___________________________ Figures as of 9/30/2020 (1) FCPT owns 751 properties as of 9/30/2020 with 756 leases. 12 | FCPT | Q3 2020

BRAND DIVERSIFICATION FCPT Portfolio Brands FCPT total ABR(1): Square Feet % of (1) $147.8 million Rank Brand Name Number (000s) ABR 1 Olive Garden 308 2,623 50.7% 2 Longhorn Steakhouse 114 639 14.4% 3 Chili's 64 352 8.7% 14% 4 Red Lobster 21 155 3.3% 114 Units 5 Burger King 24 77 2.2% 6 Bahama Breeze 10 92 2.1% 7 Buffalo Wild Wings 18 111 2.1% 9% 8 Bob Evans 17 93 1.8% 64 Units 9 BJ's Restaurant 10 82 1.6% 10 KFC 20 57 1.1% 11 Arby's 15 47 1.1% 51% 3% 14 Units Other Darden2 12 Texas Roadhouse 9 65 0.8% 308 Units 13 Taco Bell 11 28 0.7% Other Restaurants 14 Seasons 52 2 18 0.5% 21% 15 Outback Steakhouse 5 33 0.5% 228 units 16 Wendy's 7 24 0.5% 43 brands 17 McDonald's 5 23 0.5% 18 Chick-Fil-A 6 29 0.4% 19 McAlister's Deli 4 15 0.4% 20 Starbucks 6 13 0.4% 21 Popeyes 5 14 0.3% 22 Panera 4 22 0.3% 23 Pizza Hut 6 15 0.3% Non-Restaurant Retail 24 Steak 'N Shake 4 15 0.3% 2% / 28 units / 24 brands 25 AAA 1 14 0.2% 26-74 Other 60 307 4.8% Total Lease Portfolio 756 4,962 100% ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 9/30/2020, as defined in glossary. (2) Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants. 13 | FCPT | Q3 2020

GEOGRAPHIC DIVERSIFICATION ND WA MT MN ME SD WI ID MI VT NH OR WY NY IA MA NE CT RI PA OH NV IL IN NJ UT CO MD DE KS MO WV KY VA CA TN OK NC (1) AR % ABR AZ NM SC ≥10.0% MS AL GA 5.0%–10.0% LA TX 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% FL <1.0% No Properties State % ABR Leases TX 12.1% 74 TN 3.4% 28 MS 2.3% 18 MN 1.7% 11 WV 1.0% 6 FL 10.9% 67 PA 2.9% 19 CO 2.2% 21 KY 1.6% 11 Other 7.8% 57 OH 6.6% 50 CA 2.9% 15 IA 2.2% 22 AZ 1.6% 11 GA 6.0% 43 MD 2.7% 22 WI 2.0% 21 NV 1.5% 8 MI 4.6% 43 NC 2.7% 22 NY 1.9% 13 LA 1.4% 9 IN 4.0% 45 SC 2.4% 21 OK 1.8% 13 AR 1.1% 8 ___________________________IL 3.7% 35 VA 2.3% 19 AL 1.7% 16 KS 1.1% 8 (1) Annual cash base rent (ABR) as defined in glossary. 14 | FCPT | Q3 2020

LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 99.6% occupied2 as of 9/30/2020 15.7% 13.7% Weighted average lease term of 12.3% 10.5 years 11.7% 11.1% 10.3% Less than 6.8% of rental income matures prior to 2027 7.4% 3.0% 3.0% 2.4% 1.6% 1.7% 1.1% 1.0% 1.1% 1.2% 0.7% 0.5% 0.0% 0.3% 0.2% 0.1% 0.0% 0.0% 0.0% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 ___________________ Note: Excludes renewal options. All data as of 9/30/2020 (1) Annual cash base rent (ABR) as defined in glossary. (2) Occupancy based on portfolio square footage. 15 | FCPT | Q3 2020

GLOSSARY AND NON-GAAP DEFINITIONS Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements: This document includes certain non-GAAP financial measures that employed by other REITs. condition and results from operations, the utility of FFO as a measure management believes are helpful in understanding our business, as of our performance is limited. FFO is a non-GAAP measure and further described below. Our definition and calculation of non-GAAP Tenant EBITDAR is calculated as EBITDA plus rental expense. should not be considered a measure of liquidity including our ability financial measures may differ from those of other REITs and therefore EBITDAR is derived from the most recent data provided by tenants to pay dividends or make distributions. In addition, our calculations of may not be comparable. The non-GAAP measures should not be that disclose this information. For Darden, EBITDAR is updated once FFO are not necessarily comparable to FFO as calculated by other considered an alternative to net income as an indicator of our annually by multiplying the most recent individual property level REITs that do not use the same definition or implementation performance and should be considered only a supplement to net sales information (reported by Darden twice annually to FCPT) by the guidelines or interpret the standards differently from us. Investors in income, and to cash flows from operating, investing or financing brand average EBITDA margin reported by Darden in its most recent our securities should not rely on these measures as a substitute for any activities as a measure of profitability and/or liquidity, computed in comparable period, and then adding back property level rent. FCPT GAAP measure, including net income. accordance with GAAP. does not independently verify financial information provided by its tenants. Adjusted Funds From Operations “AFFO” is a non-GAAP ABR refers to annual cash base rent as of 9/30/2020 and represents measure that is used as a supplemental operating measure specifically monthly contractual cash rent, excluding percentage rents, from Tenant EBITDAR coverage is calculated by dividing our reporting for comparing year over year ability to fund dividend distribution leases, recognized during the final month of the reporting period, tenants’ most recently reported EBITDAR by annual in-place cash from operating activities. AFFO is used by us as a basis to address our adjusted to exclude amounts received from properties sold during that base rent. ability to fund our dividend payments. We calculate adjusted funds period and adjusted to include a full month of contractual rent for from operations by adding to or subtracting from FFO: properties acquired during that period. Funds From Operations (“FFO”) is a supplemental measure of our 1. Transaction costs incurred in connection with business performance which should be considered along with, but not as an combinations EBITDA represents earnings (GAAP net income) plus interest alternative to, net income and cash provided by operating activities as 2. Straight-line rent expense, income tax expense, depreciation and amortization. a measure of operating performance and liquidity. We calculate FFO 3. Stock-based compensation expense in accordance with the standards established by NAREIT. FFO 4. Non-cash amortization of deferred financing costs EBITDAre is a non-GAAP measure computed in accordance with represents net income (loss) (computed in accordance with GAAP), 5. Other non-cash interest expense (income) the definition adopted by the National Association of Real Estate excluding gains (or losses) from sales of property and undepreciated 6. Non-real estate investment depreciation Investment Trusts (“NAREIT”) as EBITDA (as defined above) land and impairment write-downs of depreciable real estate, plus real 7. Merger, restructuring and other related costs excluding gains (or losses) on the disposition of depreciable real estate estate related depreciation and amortization (excluding amortization 8. Impairment charges and real estate impairment losses. of deferred financing costs) and after adjustments for unconsolidated 9. Other non-cash revenue adjustments, including amortization of partnerships and joint ventures. We also omit the tax impact of non- above and below market leases and lease incentives Adjusted EBITDAre is computed as EBITDAre (as defined above) FFO producing activities from FFO determined in accordance with the 10. Amortization of capitalized leasing costs excluding transaction costs incurred in connection with the acquisition NAREIT definition. 11. Debt extinguishment gains and losses of real estate investments and gains or losses on the extinguishment of 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 because, in excluding real estate related depreciation and amortization period, and is only intended to provide an additional measure of We believe that presenting supplemental reporting measures, or non- and gains and losses from property dispositions, it provides a performance by adjusting the effect of certain items noted above GAAP measures, such as EBITDA, EBITDAre and Adjusted performance measure that, when compared year over year, captures included in FFO. AFFO is a widely-reported measure by other REITs; EBITDAre, is useful to investors and analysts because it provides trends in occupancy rates, rental rates and operating costs. We offer however, other REITs may use different methodologies for important information concerning our on-going operating this measure because we recognize that FFO will be used by investors calculating AFFO and, accordingly, our AFFO may not be performance exclusive of certain non-cash and other costs. These non- as a basis to compare our operating performance with that of other comparable to other REITs. GAAP measures have limitations as they do not include all items of REITs. However, because FFO excludes depreciation and income and expense that affect operations. Accordingly, they should amortization and captures neither the changes in the value of our Properties refers to properties available for lease. not be considered alternatives to GAAP net income as a performance properties that result from use or market conditions, nor the level of measure and should be considered in addition to, and not in lieu of, capital expenditures and capitalized leasing commissions necessary to GAAP financial measures. Our presentation of such non-GAAP maintain the operating performance of our properties, all of which measures may not be comparable to similarly titled measures have real economic effect and could materially impact our financial 16 | FCPT | Q3 2020

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2020 2019 2020 2019 Net Income $ 19,404 $ 18,409 $ 57,260 $ 53,946 Adjustments: Interest expense 7,410 6,665 21,732 19,969 Income tax expense 67 69 192 198 Depreciation and amortization 7,523 6,653 21,670 19,532 EBITDA(1) 34,404 31,796 100,854 93,645 Adjustments: Gain on dispositions and exchange of real estate - - - - Provision for impairment of real estate - - - - EBITDAre (1) 34,404 31,796 100,854 93,645 Adjustments: Real estate transaction costs 68 31 200 73 Gain or loss on extinguishment of debt - - - - Adjusted EBITDAre (1) 34,472 31,827 101,054 93,718 Annualized Adjusted EBITDAre $ 137,889 $ 127,307 $ 134,739 $ 124,958 ___________________________ (1) See glossary on page 16 for non-GAAP definitions. 17 | FCPT | Q3 2020

FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q3 2020 www.fcpt.com 18 | FCPT | Q3 2020