FCPT Provides Company and COVID-19 Update

Four Corners Property Trust, Inc. (“FCPT” or the “Company”, NYSE: FCPT) today announced an update to its previously disclosed activities and response to the ongoing COVID-19 pandemic.

Real Estate Portfolio Update

As previously disclosed, FCPT is currently engaged in discussions with tenants about how best to respond to the COVID-19 pandemic and the various measures intended to prevent its spread. As of May 13, 2020, FCPT has received April and May rent payments from over 89% and 84%, respectively, of our portfolio, as measured by contractual annual base rent. In addition, we are currently reviewing short-term rent relief requests on a case-by-case bases, most often in the form of rent deferral requests or requests for further discussion from tenants, from substantially all of our portfolio, as measured by contractual annual base rent. Although we have not entered into any definitive agreements with any of our tenants as of May 13, 2020, we are currently in discussions with several tenants, which could potentially increase our rent collected for both April and May to up to 90%, as measured by contractual annual base rent, in the near term. However, as previously disclosed, the situation surrounding the COVID-19 pandemic remains fluid, and although we are actively managing our response in collaboration with tenants, government officials and business partners and assessing potential impacts to our financial position and operating results, as well as potential adverse developments in our business, the ultimate consequences of the COVID-19 pandemic on our business, including our rent collections, remains unknown.

Liquidity Update

As previously announced on March 31, 2020, FCPT recently entered into agreements to issue $125 million of senior unsecured notes (the “Notes”). The Notes consist of $75 million of notes with a ten-year term, which funded on April 8, 2020, and mature on April 8, 2030, and priced at a fixed interest rate of 3.20%, and $50 million of notes with a nine-year term, which are expected to fund on June 9, 2020, and mature on June 9, 2029, and priced at a fixed interest rate of 3.15%. These notes were issued at par value.

On May 8, 2020, FCPT repaid $80 million of the outstanding amount on its credit facility. After giving effect to this repayment, and excluding the $50 million of notes expected to fund on June 9, 2020, FCPT had approximately $71 million in cash and cash equivalents on hand and approximately $152 million of remaining availability under its revolving credit facility as of May 13, 2020. FCPT also has no near-term debt maturities.