Slide 1: Supplemental Financial & Operating Information Q3 2021
1 | FCPT | Q3 2021 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q3 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 | FCPT | Q3 2021 C AU T I O N AR Y N O T E R E G AR D I N G F O R W AR D - L O O K I N G S T AT E M E N T S 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
Slide 3: Table of Contents
3 | FCPT | Q3 2021 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 Portfoli
Slide 4: Consolidating Balance Sheet
4 | FCPT | Q3 2021 CONSOLIDATING BALANCE SHEET As of 12/31/2020 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 919,172$ 7,456$ -$ 926,628$ 827,502$ Buildings, equipm
Slide 5: Consolidated Income Statement
5 | FCPT | Q3 2021 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Revenues: Rental revenue 43,673$ 38,871$ 127,350$ 114,631$ Restaurant revenue 7,033 4,097 19,374 11,696 Total revenues 50,706 42,968 146,724 126,327 Operating expenses: General an
Slide 6: FFO & AFFO Reconciliation
6 | FCPT | Q3 2021 FFO & AFFO RECONCIL IATION ___________________________ (1) Amount represents base rent that the Company believed it would abate as a result of lease amendments. GAAP requires revenue recognition for the abated rent in the current period. For the second and third quarters of 2020,
Slide 7: Net Asset Value Components
7 | FCPT | Q3 2021 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: 80% of portfolio ABR reporting. Non-restaurant not reported due to most tenants not reporting financial data. We have estimated Darden cur
Slide 8: Capitalization & Key Credit Metrics
8 | FCPT | Q3 2021 C APITALIZ ATION & KEY CREDIT METRICS ___________________________ (1) Third quarter 2021 dividend was declared on 9/27/2021, payable on 10/15/2021. (2) Principal debt amount less cash and cash equivalents. (3) Current quarter annualized. See glossary on page 16 for definitions of
Slide 9: Debt Summary
9 | FCPT | Q3 2021 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at a rate of LIBOR plus 1.25%-1.35%. FCPT has entered into interest rate swaps that fix 87.5% of the term loans’ rate exposure through November 2022, 75% through November 2023, 63% through
Slide 10: Debt Maturity Schedule
10 | FCPT | Q3 2021 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 9/30/2021 (1) The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026. Current Debt Maturity Schedule ($ millions)
Slide 11: Debt Covenants
11 | FCPT | Q3 2021 DEBT COVENANTS As of September 30, 2021 Covenants Q3 2021 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 37.0% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.9x Limi
Slide 12: Property Locations by Brand
12 | FCPT | Q3 2021 PROPERTY LOCATIONS BY BRAND 898 Leases (1) 101 Brands ___________________________ Figures as of 9/30/2021 (1) FCPT owns 886 rental properties as of 9/30/2021 with 898 leases. Lease Count: Olive Garden (309) Longhorn Steakhouse (115) Chili’s (77) KFC (33) Burger King (25) Red Lobs
Slide 13: Brand Diversification
13 | FCPT | Q3 2021 45% 309 Units 13% 115 Units 9% 77 Units 3% 14 Units Other Restaurants 22% 278 units 44 brands Non-Restaurant Retail 8% / 105 units / 51 brands Other Darden(2) BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 9/3
Slide 14: Geographic Diversification
14 | FCPT | Q3 2021 % ABR(1) ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties MN SD NJ OHINIL VT NHID AL AZ AR CA CO CT DE FL GA IA KS KY LA ME MD MA MI MS MO MT NE NV NM NY NC ND OK OR PA RI SC TN TX UT VA WA WV WI WY GEOGRAPHIC DIVERSIF ICATION ___________________________ (1) A
Slide 15: Lease Maturity Schedule
15 | FCPT | Q3 2021 0.0% 0.7% 1.2% 2.7% 2.0% 2.1% 11.7% 12.9% 11.3% 10.8% 10.5% 6.9% 14.0% 1.4% 1.8% 2.9% 1.2% 0.2% 0.6% 1.7% 0.8% 0.0% 0.0% 2.7% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LEASE MATURITY SCHEDULE __________
Slide 16: Glossary and Non-GAAP Definitions
16 | FCPT | Q3 2021 GLOSSARY AND NON-GAAP DEFINIT IONS This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of oth
Slide 17: Reconciliation of Net Income to Adjusted EBITDAre
17 | FCPT | Q3 2021 RECONCIL IATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 16 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Net Income 21,208$ 19,404$ 62,010$ 57,260$ Adjustments: Interest expense 8
Slide 18: Four Corners Property Trust
18 | FCPT | Q3 2021 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q3 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T