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FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2019 w w w .fcpt.com 1 | FCPT | Q1 2019

C A U T I O N A R Y N O T E R E G A R D I N G F O R W A R D - L O O K I N G S T A T E M E N T S This press release 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 Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance; 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. 2 | FCPT | Q1 2019

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 Covenants 10 Real Estate Portfolio Summary Property Locations by Brand 11 Brand Diversification 12 Geographic Diversification 13 Lease Maturity Schedule 14 Exhibits Glossary and Non-GAAP Definitions 15 Reconciliation of Net Income to Adjusted EBITDAre 16 Lease Accounting Standard Adoption Impact (ASC 842) 17 3 | FCPT | Q1 2019

CONSOLIDATING BALANCE SHEET As of 3/31/2019 As of 12/31/2018 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 577,519 $ 3,061 $ - $ 580,580 $ 569,057 Buildings, equipment and improvements 1,227,332 11,701 - 1,239,033 1,236,224 Total real estate investments 1,804,851 14,762 - 1,819,613 1,805,281 Less: accumulated depreciation (613,164) (5,094) - (618,258) (614,584) Real estate investments, net 1,191,687 9,668 - 1,201,355 1,190,697 Intangible real estate assets, net 22,464 - - 22,464 18,998 Total real estate investments and intangible real estate assets, net 1,214,151 9,668 1,223,819 1,209,695 Cash and cash equivalents 79,398 1,615 - 81,013 92,041 Straight-line rent adjustment 32,501 - - 32,501 30,141 Other assets 5,868 6,356 - 12,224 11,221 Investment in subsidiary 9,765 - (9,765) - - Intercompany receivable 551 - (551) - - Total Assets $ 1,342,234 $ 17,639 $ (10,316) $ 1,349,557 $ 1,343,098 LIABILITIES AND EQUITY Liabilities: Term loan ($400,000, net of deferred financing costs) $ 393,712 $ - $ - $ 393,712 $ 393,279 Revolving facility ($250,000 available capacity) - - - - - Unsecured notes ($225,000, net of deferred financing costs) 222,692 - - 222,692 222,613 Rent received in advance 8,658 - - 8,658 1,609 Dividends payable 19,626 - - 19,626 19,580 Other liabilities 7,573 8,078 - 15,651 7,053 Intercompany payable - 551 (551) - - Total liabilities $ 652,261 $ 8,629 $ (551) $ 660,339 $ 644,134 Equity: Preferred stock $ - $ - $ - $ - $ - Common stock 7 - - 7 7 Additional paid-in capital 637,117 9,765 (9,765) 637,117 639,116 Accumulated other comprehensive income 2,341 - - 2,341 5,956 Noncontrolling interest 5,858 - - 5,858 7,867 Retained earnings 44,650 (755) - 43,895 46,018 Total equity $ 689,973 $ 9,010 $ (9,765) $ 689,218 $ 698,964 Total Liabilities and Equity $ 1,342,234 $ 17,639 $ (10,316) $ 1,349,557 $ 1,343,098 4 | FCPT | Q1 2019

CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2019 2018 Revenues: Rental revenue $ 34,208 $ 29,589 Restaurant revenue 5,393 5,214 Total revenues 39,601 34,803 Operating expenses: General and administrative 3,946 3,583 Depreciation and amortization 6,361 5,345 Property expenses 308 86 Restaurant expenses 4,983 4,870 Total operating expenses 15,598 13,884 Net operating income 24,003 20,919 Interest expense (6,747) (4,855) Other income, net 413 358 Income tax expense (68) (58) Net income 17,601 16,364 Net income attributable to noncontrolling interest (98) (109) Net Income Attributable to Common Shareholders $ 17,503 $ 16,255 Basic net income per share $ 0.26 $ 0.27 Diluted net income per share $ 0.26 $ 0.26 Regular dividends declared per share $ 0.2875 $ 0.2750 Weighted-average shares outstanding: Basic 68,202,950 61,291,642 Diluted 68,453,720 61,413,978 5 | FCPT | Q1 2019

FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2019 2018 Net income $ 17,601 $ 16,364 Real estate depreciation and amortization 6,344 5,317 Realized gain on sale of real estate - - Realized gain on exchange of real estate (1) - (228) FFO (as defined by NAREIT) $ 23,945 $ 21,453 Straight-line rent (2,359) (2,283) Non-cash stock-based compensation 1,214 1,184 Non-cash amortization of deferred financing costs 513 455 Other non-cash interest income (3) (5) Non-real estate investment depreciation 17 13 Amortization of above and below market leases, net 12 15 Adjusted Funds From Operations (AFFO) $ 23,339 $ 20,832 Fully diluted shares outstanding (2) 68,802,268 61,823,298 FFO per diluted share $ 0.35 $ 0.35 AFFO per diluted share $ 0.34 $ 0.34 ___________________________ (1) Non-cash gain recognized for GAAP purposes on the transfer of nonfinancial assets related to an excess land parcel exchange. (2) Assumes the issuance of common shares for OP units held by non-controlling interests. 6 | FCPT | Q1 2019

NET ASSET VALUE COMPONENTS Purchase Number of Total Square Avg. Rent Per Tenant Lease Term Annual Cash % Total Real Estate Portfolio as of 3/31/2019 Price Properties Feet Square Foot EBITDAR Remaining Base Rent Cash Base ($000s) (000s) ($) Coverage (1) (Yrs) (2) ($000s) (3) Rent (3) Olive Garden - 300 2,561 28 5.2x 11.5 72,623 57.80% LongHorn Steakhouse - 105 585 34 4.4x 10.4 19,712 15.70% Other Brands - Non-Darden - 203 937 32 3.1x 14.6 30,362 23.20% Other Brands - Darden - 13 120 34 4.0x 9.6 4,096 3.30% Total Owned Portfolio - 621 4,202 30 4.6x 12.0 126,793 100.0% Q1'19 Transaction Activity (4) Properties acquired 19,581 11 62 20 N/A 10.8 1,241 1.0% No sales in Q1 2019 Tangible Assets Book Value ($000s) Cash, cash equivalents, and restricted cash $ 82,214 Other tangible assets 3,056 Total Tangible Assets $ 85,270 Debt Face Value ($000s) Term loan $ 400,000 June 2024 note 50,000 December 2026 note 50,000 June 2027 note 75,000 December 2028 note 50,000 Revolving credit facility - Total Debt $ 625,000 Tangible Liabilities Book Value ($000s) Dividends payable $ 19,626 Rent paid in advance, accrued interest, and other accrued expenses 16,544 Total Tangible Liabilities $ 36,170 Shares Outstanding Common stock (shares outstanding as of 3/31/2019) 68,368,264 Operating partnership units (OP units outstanding as of 3/31/2019) 295,358 Total Common Stock and OP Units Outstanding 68,663,622 ___________________________ (1) See glossary on page 15 for tenant EBITDAR and EBITDAR coverage definitions; 95% of portfolio ABR reporting. (2) Lease term weighted by cash base rent. (3) Current scheduled minimum contractual rent as of 3/31/2019. (4) FCPT acquired 11 properties in Q1 2019 (3 Buffalo Wild Wings, 2 Outback Steakhouse, and 1 of each - McDonald’s, Taco Bell, Wendy’s, Olive Garden, Red Lobster, IHOP); FCPT had no dispositions. 7 | FCPT | Q1 2019

C A P IT A L IZ A T ION & K E Y C R E D IT M E T R IC S % of Market Current Capitalization ($000s, except per share data) Capitalization Equity: Share price (3/31/2019) $ 29.60 Shares and OP units outstanding (3/31/2019) 68,663,622 Equity Value $ 2,032,443 76.5% Debt: Term loan $ 400,000 15.1% Revolving credit facility - 0.0% Unsecured notes 225,000 8.5% Total Debt $ 625,000 23.5% Total Market Capitalization $ 2,657,443 100.0% Less: cash after dividends payable (61,387) Implied Enterprise Value $ 2,596,056 Dividend Data (fully diluted) Q1 2019 Common dividend per share $0.2875 AFFO per share $0.34 AFFO payout ratio 84.6% Credit Metrics Net Debt(1) Adjusted EBITDAre (2) Ratio Net debt to Adjusted EBITDAre $ 563,613 $ 123,108 4.6x ___________________________ (1) Principal debt amount less cash and cash equivalents. (2) Current quarter annualized. See glossary on page 15 for definitions of EBITDAre and Adjusted EBITDAre and page 16 for reconciliation to net income. 8 | FCPT | Q1 2019

DEBT SUMMARY Balance as of Cash Interest Weighted March 31, 2019 Rate as of March Average Debt Type Maturity Date ($000s) % of Debt 31, 2019(4) Maturity (Yrs.) Credit Facility Revolving facility Nov-21 $ - - - 2.6 Term loan (1) Nov-22 150,000 24.0% 3.24% 3.6 Term loan (1) Nov-23 150,000 24.0% 3.14% 4.6 Term loan (1) Mar-24 100,000 16.0% 3.14% 4.9 Principal Amount $ 400,000 Unsecured Notes(2) June 2017 Jun-24 $ 50,000 8.0% 4.68% 5.2 June 2017 Jun-27 75,000 12.0% 4.93% 8.2 December 2018 Dec-26 50,000 8.0% 4.63% 7.7 December 2018 Dec-28 50,000 8.0% 4.76% 9.7 Principal Amount $ 225,000 Mortgages Payable(3) None - - - - Total/Weighted Average $ 625,000 100.0% 3.8% 5.6 Unamortized Deferred Financing Costs Credit facility $ (6,288) Unsecured notes (2,308) Debt Carrying Value (GAAP) $ 616,404 Fixed rate $ 525,000 84.0% Variable rate $ 100,000 16.0% 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 2022 maturity date. The all-in cash interest rate on the 75% of the term loan that is fixed is approximately 3.0%, 3.0%, 3.4%, and 3.4% for 2019, 2020, 2021, and 2022, respectively. A LIBOR rate of 2.47% as of 3/31/2019 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 3/31/2019, 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 | Q1 2019

DEBT COVENANTS As of March 31, 2019 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 Q1 2019 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 30.8% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.9x Limitation on unencumbered leverage ≤ 60% 32.1% Unencumbered interest coverage ratio ≥ 1.75x 5.4x 10 | FCPT | Q1 2019

PROPERTY LOCATIONS BY BRAND Lease Count: (1) 622 Leases (2) 38 Brands ___________________________ Figures as of 3/31/2019 (1) Other includes three leases for McDonalds, two leases for each of the following brands: Outback Steakhouse, Panera Bread, Popeyes, Seasons 52, Texas Roadhouse, and one lease for each of the following brands: Applebee’s, Cheddar’s, Chick-Fil-A, Del Taco, Denny’s, Fazoli’s, IHOP, Mod Pizza, Noodles & Company, Panda Express, Rally’s Hamburgers, Sonic, Eddie V’s, and Zaxby’s. (2) FCPT owns 621 properties as of 3/31/2019 with 622 leases (includes two dual tenant properties and one vacancy). 11 | FCPT | Q1 2019

BRAND DIVERSIFICATION FCPT Portfolio Brands Square Feet % of Square Feet % of Rank Brand Name Number (000s) ABR(1) Rank Brand Name Number (000s) ABR(1) 1 Olive Garden 300 2,561 57.3% 16 Pizza Hut 6 15 0.3% 2 Longhorn Steakhouse 105 585 15.5% 17 Starbucks 4 9 0.3% 3 Chili's 53 293 8.4% 18 Wendy's 4 13 0.3% 4 Red Lobster 14 106 2.6% 19 Eddie V's 1 9 0.3% 5 Burger King 21 67 2.3% 20 Outback Steakhouse 2 12 0.2% 6 Bahama Breeze 9 84 2.3% 21 Steak N' Shake 3 11 0.2% 7 Bob Evans 16 88 2.0% 22 McDonald's 3 14 0.2% 8 Buffalo Wild Wings 13 83 1.9% 23 Popeyes 2 6 0.2% 9 KFC 20 57 1.3% 24 Texas Roadhouse 2 14 0.1% 10 Arby's 8 26 0.7% 25 Panera 2 11 0.1% 11 Taco Bell 8 20 0.6% Other(2) 13 46 1.0% 12 Seasons 52 2 18 0.6% 13 McAlister's Deli 4 15 0.5% 14 BJ's Restaurant 3 24 0.4% 15 Hardee's 4 12 0.4% Total Lease Portfolio(3) 622 4,199 100% ___________________ 1. Represents current scheduled minimum contractual cash rent as of 3/31/2019. 2. Other includes 1 lease from each of the following brands, in order of rent percentage: Zaxby’s, Chick-Fil-A, Denny’s, Cheddar’s, Panda Express, Mod Pizza, Applebee’s, Noodle’s & Company, Del Taco, Sonic, Rally’s Hamburgers, IHOP, and Fazoli’s. 3. Represents total lease count, excludes one vacant property. 12 | FCPT | Q1 2019

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 AR % ABR(1) 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 12.4% 65 CA 3.0% 14 CO 2.1% 18 AL 1.7% 13 KS 1.1% 5 FL 11.3% 59 PA 2.9% 16 NY 2.0% 11 MN 1.7% 9 Other 7.6% 41 GA 7.0% 45 IL 2.8% 23 SC 2.0% 12 NV 1.7% 8 OH 6.9% 45 NC 2.8% 18 WI 2.0% 16 OK 1.6% 9 MI 4.1% 32 VA 2.3% 16 KY 1.8% 11 LA 1.4% 8 TN 3.8% 27 MS 2.3% 16 AZ 1.8% 11 WV 1.1% 6 ___________________________IN 3.5% 33 MD 2.1% 14 IA 1.8% 14 AR 1.1% 7 (1) Annualized cash base rent as defined in glossary. 13 | FCPT | Q1 2019

LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 16.0% 99.9% occupied2 as of 3/31/2019 14.1% 13.6% 12.1% 11.7% 11.4% Weighted average lease term of 12.0 years 8.2% Less than 3.0% of rental income matures prior to 2027 3.1% 3.2% 2.4% 0.4% 0.4% 0.6% 0.5% 0.3% 0.4% 0.6% 0.3% 0.1% 0.2% 0.2% 0.1% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 ___________________ Note: Excludes renewal options. All data as of 3/31/2019. 1. Annualized cash base rent is calculated using the scheduled minimum contractual rent. 2. Occupancy based on portfolio square footage. 14 | FCPT | Q1 2019

GLOSSARY AND NON -GAAP DEFINITIONS Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements: This document includes certain non-GAAP financial measures that that disclose this information, representing approximately 95% of our to pay dividends or make distributions. In addition, our calculations of management believes are helpful in understanding our business, as ABR. For Darden, EBITDAR is updated twice annually by FFO are not necessarily comparable to FFO as calculated by other further described below. Our definition and calculation of non-GAAP multiplying the most recent individual property level sales REITs that do not use the same definition or implementation financial measures may differ from those of other REITs and therefore information (reported by Darden twice annually to FCPT) by the guidelines or interpret the standards differently from us. Investors in may not be comparable. The non-GAAP measures should not be brand average EBITDA margin reported by Darden in its most recent our securities should not rely on these measures as a substitute for any considered an alternative to net income as an indicator of our comparable period, and then adding back property level rent. FCPT GAAP measure, including net income. performance and should be considered only a supplement to net does not independently verify financial information provided by its income, and to cash flows from operating, investing or financing tenants. Adjusted Funds From Operations “AFFO” is a non-GAAP activities as a measure of profitability and/or liquidity, computed in measure that is used as a supplemental operating measure specifically accordance with GAAP. Tenant EBITDAR coverage is calculated by dividing our reporting for comparing year over year ability to fund dividend distribution tenants’ most recently reported EBITDAR by annual in-place cash from operating activities. AFFO is used by us as a basis to address our ABR refers to Annual Cash Base Rent, defined as the current base rent. ability to fund our dividend payments. We calculate adjusted funds scheduled minimum contractual rent as of 3/31/2019. 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. Non-cash 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 measures may not be comparable to similarly titled measures maintain the operating performance of our properties, all of which employed by other REITs. have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure Tenant EBITDAR is calculated as EBITDA plus rental expense. of our performance is limited. FFO is a non-GAAP measure and EBITDAR is derived from the most recent data provided by tenants should not be considered a measure of liquidity including our ability 15 | FCPT | Q1 2019

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA RE ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2019 2018 Net Income $ 17,601 $ 16,364 Adjustments: Interest expense 6,747 4,855 Income tax expense (benefit) 68 58 Depreciation and amortization 6,361 5,345 EBITDA(1) 30,777 26,622 Adjustments: Gain on dispositions of real estate - - Provision for impairment of real estate - - EBITDAre (1) 30,777 26,622 Adjustments: Real estate transaction costs - - Gain or loss on extinguishment of debt - - Adjusted EBITDAre (1) 30,777 26,622 Annualized Adjusted EBITDAre $ 123,108 $ 106,488 ___________________________ (1) See glossary on page 15 for non-GAAP definitions. 16 | FCPT | Q1 2019

LEASE ACCOUNTING STANDARD ADOPTION IMPACT (ASC 842) Lease Accounting Standard Adoption Impact On January 1, 2019, FCPT adopted Accounting Standard Codification 842. The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use (“ROU”) assets and lease liabilities on the balance sheet for those leases classified as operating leases. ASC 842 also requires lessors to recognize revenue and expense for tenant reimbursements remitted to the lessor by the lessee. For the first quarter of 2019, FCPT provides the following disclosure to assist investors in understanding the impact of adoption on our consolidated financial statements. Recognition of right-of-use assets FCPT recorded right-of-use assets and corresponding lease liabilities for three ground leases at our Kerrow Operating Business. There was no impact to equity as a result of adoption. FCPT did not identify additional leases as result of adoption. Upon Adoption January 1, 2019 (In thousands) December 31, 2018 (January 1, 2019) As Adjusted FS Line Item Operating lease right-of-use asset $ - $ 5,723 $ 5,723 Other assets Operating lease liability - 6,425 6,425 Other liabilities Deferred rent payable 702 (702) - Other liabilities Rental Revenue Prior to ASC 842, FCPT recorded all tenant reimbursements on a net basis, with no impact to revenue or expense. Upon adoption, FCPT records all tenant reimbursements remitted by lessees to FCPT as both revenue and expense, resulting in a gross-up on the income statement. Three Months Ended (In thousands) March 31, 2019 March 31, 2018 Minimum contractual rental revenue $ 31,633 $ 27,302 Straight-line revenue 2,359 2,283 Other cash rental revenue 30 19 Above/below market lease revenue (12) (15) Tenant reimbursement revenue 198 - Total Rental Revenue $ 34,208 $ 29,589 Property Expenses Upon adoption of ASC 842, FCPT records all tenant expenses, both reimbursed and non-reimbursed, to property expense. FCPT also records initial direct costs (lease negotiation and other previously capitalizable transaction expenses) as property costs. Other expenses consist of expenses incurred on vacant properties, abandoned deal costs, and franchise taxes. Franchise tax and other non-reimbursable property and transaction costs were previously recognized in G&A. Three Months Ended (In thousands) March 31, 2019 March 31, 2018 Tenant expense reimbursed $ 198 $ - Other tenant expenses 17 - Franchise taxes and other property expenses 93 86 Total Property Expenses $ 308 $ 86 17 | FCPT | Q1 2019

FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2019 w w w .fcpt.com 18 | FCPT | Q1 2019