Four Corners Property Trust, Inc.

Previous wording

During the six months ended June 30, 2025, FCPT acquired 47 properties for a total investment value of $144.3 million, including transaction costs. These properties are 100% occupied under net leases with a weighted average remaining lease term of 14.9 years.

Current wording

During the nine months ended September 30, 2025, FCPT acquired 75 properties for a total investment value of $228.2 million, including transaction costs. These properties are 100% occupied under net leases with a weighted average remaining lease term of 13.5 years.

Previous wording

1,245 properties located in 48 states and representing an aggregate leasable area of 8.4 million square feet;

Current wording

1,273 properties located in 48 states and representing an aggregate leasable area of 8.5 million square feet;

Previous wording

99.4% occupancy (based on leasable square footage);

Current wording

99.5% occupancy (based on leasable square footage);

Previous wording

An average remaining lease term of 7.2 years (weighted by annualized base rent);

Current wording

An average remaining lease term of 7.1 years (weighted by annualized base rent);

Previous wording

54% investment-grade tenancy (weighted by annualized base rent).

Current wording

53% investment-grade tenancy (weighted by annualized base rent).

Previous wording

We operate in two segments: real estate operations and restaurant operations. The following discussion includes the results of our operations for the three and six months ended June 30, 2025 and 2024 as summarized in the table below:

Current wording

The following discussion includes the results of our operations for the three and nine months ended September 30, 2025 and 2024 as summarized in the table below:

Previous wording

Rental revenue increased $6.3 million, or 11%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This change was due primarily to the acquisition of 113 leased properties during the year-over-year period from July 1, 2024 through June 30, 2025. During the three months ended June 30, 2025, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees within rental revenue of $2.7 million as compared to $2.3 million during the three months ended June 30, 2024. These amounts are also recognized in property expenses.

Current wording

Rental revenue increased $7.2 million, or 12%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This change was due primarily to the acquisition of 120 leased properties during the year-over-year period from October 1, 2024 through September 30, 2025. During the three months ended September 30, 2025, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees within rental revenue of $3.0 million as compared to $2.1 million during the three months ended September 30, 2024. These amounts are also recognized in property expenses.

Previous wording

General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $0.4 million, or 7%, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to an increase in stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the three months ended June 30, 2025 was $4.4 million, compared to $4.3 million of general and administrative expense, after excluding stock-based compensation, for the three months ended June 30, 2024.

Current wording

General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $669 thousand, or 11%, in the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to an increase in stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the three months ended September 30, 2025 was $4.3 million, compared to $4.0 million of general and administrative expense, after excluding stock-based compensation, for the three months ended September 30, 2024.

Previous wording

Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $1.3 million, or 10%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due to the acquisition of 113 properties, during the year-over-year period from July 1, 2024 through June 30, 2025.

Current wording

Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $1.4 million, or 11%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to the acquisition of 120 properties, during the year-over-year period from October 1, 2024 through September 30, 2025.

Previous wording

We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the three months ended June 30, 2025, we recorded property expenses of $3.4 million, of which $2.7 million was reimbursed by tenants. During the three months ended June 30, 2024, we recorded property expenses of $2.8 million, of which $2.3 million was reimbursed by tenants. The increase in non-reimbursed property expenses is primarily due to abandoned deal costs and vacancy-related expenses.

Current wording

We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the three months ended September 30, 2025, we recorded property expenses of $3.7 million, of which $3.0 million was reimbursed by tenants. During the three months ended September 30, 2024, we recorded property expenses of $2.6 million, of which $2.1 million was reimbursed by tenants. The increase in property expenses is primarily due to abandoned deal costs and vacancy-related expenses, and non-reimbursed property costs such as repair costs.

Previous wording

We incur interest expense on our $590 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $0.8 million, or 6%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the $75 million net increase in term loans in January 2025, which was partially offset by a reduction of interest expense due to lower utilization of the revolving credit facility.

Current wording

We incur interest expense on our $590 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $0.6 million, or 5%, for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to the $75 million net increase in term loans in January 2025, which was partially offset by a reduction of interest expense due to lower utilization of the revolving credit facility.

Previous wording

During the three months ended June 30, 2025 and 2024, our income tax expense was $112 thousand and $86 thousand, respectively. The income tax expense on real estate operations consists of state, and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to increase.

Current wording

During the three months ended September 30, 2025 and 2024, our income tax expense was $80 thousand and $86 thousand, respectively. The income tax expense on real estate operations consists of state, and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to increase.

Previous wording

Restaurant revenues increased by $88 thousand during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily due to higher net pricing, partially offset by less foot traffic as a result of city construction projects outside one location.

Current wording

Restaurant revenues increased by $138 thousand during the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily due to higher net pricing, partially offset by less foot traffic as a result of city construction projects outside one location.

Previous wording

Total restaurant expenses increased by $29 thousand during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to improved staffing.

Current wording

Total restaurant expenses increased by $201 thousand during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to improved staffing.

Previous wording

During the three months ended June 30, 2025, the Company recorded an income tax expense of $34 thousand at the Kerrow Restaurant Operating Business, compared to an income tax expense of $24 thousand for the three months ended June 30, 2024, primarily due to routine book to tax differences.

Current wording

During the three months ended September 30, 2025, the Company recorded an income tax benefit of $50 thousand at the Kerrow Restaurant Operating Business, compared to an income tax expense of $4 thousand for the three months ended September 30, 2024, primarily due to routine book to tax differences.

Previous wording

Rental revenue increased $11.2 million, or 10%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This change was due primarily to the acquisition of 113 leased properties during the year-over-year period from July 1, 2024 through June 30, 2025. During the six months ended June 30, 2025, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees, within rental revenue of $5.5 million as compared to $5.0 million during the six months ended June 30, 2024. These amounts are also recognized in property expenses.

Current wording

Rental revenue increased $18.4 million, or 10%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. This change was due primarily to the acquisition of 120 leased properties during the year-over-year period from October 1, 2024 through September 30, 2025. During the nine months ended September 30, 2025, we recognized variable lease revenue, including costs paid by the lessor and reimbursed by the lessees, within rental revenue of $8.4 million as compared to $7.1 million during the nine months ended September 30, 2024. These amounts are also recognized in property expenses.

Previous wording

General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $1.9 million, or 15%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to an increase in stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the six months ended June 30, 2025 was $9.3 million, compared to $8.8 million of general and administrative expense, after excluding stock-based compensation, for the six months ended June 30, 2024.

Current wording

General and administrative expense is comprised of costs associated with personnel, office rent, legal, accounting, information technology, and other professional and administrative services in association with our real estate operations, our REIT structure and public company reporting requirements. General and administrative expenses increased $2.5 million, or 14%, in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to an increase in stock-based compensation expense. General and administrative expense, after excluding stock-based compensation, for the nine months ended September 30, 2025 was $13.6 million, compared to $12.9 million of general and administrative expense, after excluding stock-based compensation, for the nine months ended September 30, 2024.

Previous wording

Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $2.2 million, or 8%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, due to the acquisition of 113 properties, during the year-over-year period from July 1, 2024 through June 30, 2025.

Current wording

Depreciation and amortization expense represents the depreciation on real estate investments and equipment that have estimated lives ranging from 2 to 55 years. Depreciation and amortization increased by approximately $3.7 million, or 9%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, due to the acquisition of 120 properties, during the year-over-year period from October 1, 2024 through September 30, 2025.

Previous wording

We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the six months ended June 30, 2025, we recorded property expenses of $6.7 million, of which $5.5 million was reimbursed by tenants. During the six months ended June 30, 2024, we recorded property expenses of $5.9 million, of which $5.0 million was reimbursed by tenants. The increase in non-reimbursed property expenses is primarily due to abandoned deal costs and vacancy-related expenses.

Current wording

We record all tenant expenses, both reimbursed and non-reimbursed, to property expense. We also record initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property expenses. Other property expenses consist of expenses incurred on vacant properties, abandoned deal costs, lease transaction costs, property-level expenses and franchise taxes. During the nine months ended September 30, 2025, we recorded property expenses of $10.3 million, of which $8.4 million was reimbursed by tenants. During the nine months ended September 30, 2024, we recorded property expenses of $8.5 million, of which $7.1 million was reimbursed by tenants. The increase in property expenses is primarily due to vacancy-related expenses, franchise tax expense, and lease transaction costs.

Previous wording

We incur interest expense on our $590 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $1.2 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to the issuance of the additional $85 million in term loans in March 2024 and the net increase in term loans in January 2025, which was partially offset by a reduction of interest expense due to the repayment of the $50 million senior unsecured fixed rate note in March 2024 and lower utilization of the revolving credit facility.

Current wording

We incur interest expense on our $590 million of term loans, any outstanding borrowings on our revolving credit facility, interest rate swaps, and our $625 million of senior fixed rate notes. Interest expense increased by $1.8 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to the issuance of the additional $85 million in term loans in March 2024 and the net increase in term loans in January 2025, which was partially offset by a reduction of interest expense due to the repayment of the $50 million senior unsecured fixed rate note in March 2024 and lower utilization of the revolving credit facility.

Previous wording

During the six months ended June 30, 2025 and 2024, no properties were sold.

Current wording

During the nine months ended September 30, 2025 and 2024, no properties were sold.

Previous wording

During the six months ended June 30, 2025 and 2024, our income tax expense was $175 thousand and $113 thousand, respectively. The income tax expense on real estate operations consists of state, and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to increase.

Current wording

During the nine months ended September 30, 2025 and 2024, our income tax expense was $235 thousand and $207 thousand, respectively. The income tax expense on real estate operations consists of state, and local income taxes incurred by FCPT on its lease portfolio. As FCPT acquires additional properties in states subject to state income taxes, income tax expense will continue to increase.

Previous wording

Restaurant revenues increased by $188 thousand, or 1%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily due to higher net pricing, partially offset by less foot traffic as a result of city construction projects outside one location.

Current wording

Restaurant revenues increased by $326 thousand, or 1%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily due to higher net pricing, partially offset by less foot traffic as a result of city construction projects outside one location.

Previous wording

Total restaurant expenses increased by $20 thousand during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to improved staffing.

Current wording

Total restaurant expenses increased by $221 thousand during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to improved staffing.

Previous wording

During the six months ended June 30, 2025, the Company recorded an income tax expense of $20 thousand at the Kerrow Restaurant Operating Business, compared to an income tax benefit of $8 thousand for the six months ended June 30, 2024, primarily due to routine book to tax differences.

Current wording

During the nine months ended September 30, 2025, the Company recorded an income tax benefit of $30 thousand at the Kerrow Restaurant Operating Business, compared to an income tax benefit of $4 thousand for the nine months ended September 30, 2024, primarily due to routine book to tax differences.

Previous wording

The preparation of FCPT’s Consolidated Financial Statements in conformance with U.S. GAAP requires management to make estimates on assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as other disclosures in the financial statements. On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on our financial statements. A summary of FCPT’s critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2024 in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates.” Management believes those critical accounting policies, among others, affect our more significant estimates and assumptions used in the preparation of our Consolidated Financial Statements.

Current wording

The preparation of FCPT’s Consolidated Financial Statements in conformance with U.S. GAAP requires management to make estimates on assumptions that affect the reported amounts of assets, liabilities, revenues and expenses as well as other disclosures in the financial statements. On an ongoing basis, management evaluates its estimates and assumptions; however, actual results may differ from these estimates and assumptions, which in turn could have a material impact on our financial statements. A summary of FCPT’s critical accounting policies is included in our Annual Report on Form 10-K for the year ended December 31, 2024 in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and

Previous wording

At June 30, 2025, we had $6.0 million of cash and cash equivalents and $350 million of borrowing capacity under our revolving credit facility, which expires on February 1, 2029, subject to our ability to extend the term for two additional six-month periods to February 1, 2030. The revolving credit facility provides for a letter of credit sub-limit of $25 million. See Note 6 - Debt, Net of Deferred Financing Costs included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information. As of June 30, 2025, we had no outstanding borrowings under the revolving credit facility. At June 30, 2025, the weighted average interest rate on the term loans, after consideration of the interest rate hedges, was 3.88%.

Current wording

At September 30, 2025, we had $6.7 million of cash and cash equivalents and $339 million of borrowing capacity under our revolving credit facility, which expires on February 1, 2029, subject to our ability to extend the term for two additional six-month periods to February 1, 2030. The revolving credit facility provides for a letter of credit sub-limit of $25 million. See Note 6 - Debt, Net of Deferred Financing Costs included in Part I, Item 1 of this Quarterly Report on Form 10-Q for more information. As of September 30, 2025, we had $11 million in outstanding borrowings under the revolving credit facility. At September 30, 2025, the weighted average interest rate on the term loans, after consideration of the interest rate hedges, was 3.75%.

Previous wording

Loans under the Credit Agreement accrue interest at a per annum rate equal to a SOFR rate plus a margin of 0.85% to 1.00%. The margin is based on the highest applicable credit rating on its senior, unsecured, long-term indebtedness. In the event that all or a portion of the principal amount of any loan borrowed pursuant to the Credit Agreement is not paid when due, interest will accrue at the rate that would otherwise be applicable thereto plus 2.00%. A facility fee at a rate of 0.20% per annum applies to the total revolving commitments available under the Credit Agreement.

Current wording

On August 19, 2025, the Company entered into Amendment No. 1 to the Credit Agreement which reduced the credit spread adjustment applicable to the revolving credit and term loan agreement from 0.10% to 0.00%. Term loans under the Credit Agreement now accrue interest at a per annum rate equal to a SOFR rate plus a margin of 0.95% to 1.00%, and the revolver accrues interest at a per annum rate equal to a margin of 0.85%. The margin is based on the highest applicable credit rating on its senior, unsecured, long-term indebtedness per the credit agreement. In the event that all or a portion of the principal amount of any loan borrowed pursuant to the Credit Agreement is not paid when due, interest will accrue at the rate that would otherwise be applicable thereto plus 2.00%. A facility fee at a rate of 0.20% per annum applies to the total revolving commitments available under the Credit Agreement.

Previous wording

During the first six months of 2025, we entered into these interest rate swaps to hedge the interest rate variability associated with the term loan portion of our credit facility

Current wording

During the first nine months of 2025, we entered into these interest rate swaps to hedge the interest rate variability associated with the term loan portion of our credit facility

Previous wording

During the three and six months ended June 30, 2025, the Company had the following activity under its ATM program, the net proceeds of which were employed to fund acquisitions and for general corporate purposes.

Current wording

During the three and nine months ended September 30, 2025, the Company had the following activity under its ATM program, the net proceeds of which were employed to fund acquisitions and for general corporate purposes.

Previous wording

At June 30, 2025, the Company had outstanding forward sale agreements to sell 7,397,351 shares of common stock at a weighted average sales price of $28.24 before sales commission and offering expenses.

Current wording

At September 30, 2025, the Company had outstanding forward sale agreements to sell 5,163,790 shares of common stock at a weighted average sales price of $28.30 before sales commission and offering expenses.

Previous wording

Amount represents non-cash deferred income tax benefit recognized in the three and six months ended June 30, 2025 and 2024 for income tax benefit at the Kerrow Restaurant Business.

Current wording

Amount represents non-cash deferred income tax benefit recognized in the three and nine months ended September 30, 2025 and 2024 for income tax benefit at the Kerrow Restaurant Business.