Market Overview

FCPT Announces Agreement to Acquire Up To 48 Chili's Restaurant Properties for Up To $155.7 million

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Four Corners Property Trust (NYSE:FCPT), a real estate investment trust
engaged in the ownership of high-quality, net-leased restaurant
properties ("FCPT" or the "Company"), is pleased to announce the signing
of a definitive agreement to acquire up to 48 corporate-operated Chili's
restaurants through a sale-leaseback transaction with certain
subsidiaries of Brinker International, Inc. (NYSE:EAT) for a purchase
price of up to $155.7 million on initial annual cash rent of up to
approximately $9.9 million. As of the end of Brinker's third fiscal
quarter on March 28, 2018, Brinker owned, operated or franchised 1,686
restaurants under the names Chili's® Grill & Bar (1,634 restaurants) and
Maggiano's Little Italy® (52 restaurants).

The transaction is expected to close on or around August 8, 2018,
subject to due diligence and customary closing conditions. The
properties are under individual leases with 15 years of initial term,
rent increases of 10% every five years during the initial term and a
corporate guarantee from Brinker International, Inc. If the Company is
successful in closing the transaction and acquires all 48 properties,
Brinker would comprise approximately 8% of the Company's cash rent and
the Company's exposure to Darden would decrease to approximately 79% of
the Company's cash rent. Additionally, closing on all 48 properties
would have a positive impact on FCPT's portfolio weighted average lease
term, increasing it from 12.5 to 12.7 years.

The properties are located principally in Florida (14 properties) and
Texas (13 properties), but are spread across 15 states and include
exposure to western U.S. geography (AZ, CA, CO, FL, GA, LA, MS, NC, NM,
NV, OK, SC, TN, TX, VA). The sites are within well-located retail
corridors with high traffic and attractive demographics. FCPT believes
that rent is well-supported with conservative EBITDAR coverage,
averaging 3.9x for the portfolio. FCPT has significant cash on hand ($88
million as of 6/30/2018) and an undrawn corporate revolver ($250
million) to finance this acquisition. FCPT expects to remain below the
low end of its stated leverage thresholds pro forma for this transaction.

Bill Lenehan, CEO of FCPT stated: "We are excited to partner with
Brinker on this important transaction for both of our companies. FCPT
focuses on building a high credit quality portfolio with household brand
names, and we are excited to bring Chili's branded real estate into our
portfolio in such a meaningful way." Mr. Lenehan added, "In addition to
the attractive locations, we are particularly pleased with the
property-level rent setting and strong coverage in this portfolio."

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment
trust primarily engaged in the acquisition and leasing of restaurant
properties. The Company seeks to grow its portfolio by acquiring
additional real estate to lease, on a net basis, for use in the
restaurant and related food services industry. Additional information
about FCPT can be found on the website at
http://www.fcpt.com/.

Cautionary Note Regarding Forward-Looking Statements

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 FCPT's intent, belief or expectations, including, but
not limited to, statements regarding the anticipated consequences and
benefits of the transaction and other future events and their potential
effects on FCPT, including, but not limited to, statements relating to
anticipated financial and operating results, the company's plans,
objectives, expectations and intentions, cost savings and other
statements. 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 section entitled
"Risk Factors" in FCPT's most recent annual report on Form 10-K, and
other risks described in documents subsequently filed by FCPT from time
to time with the Securities and Exchange Commission.

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