Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q2 2018 Earnings Presentation
17 slides from Four Corners Property Trust's earnings presentation, Jul 25, 2018
Slide 1: Supplemental Financial & Operating Information Q2 2018
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q2 2018 w w w .fcpt.com 1 | FCPT | Q2 2018
Slide 2: Cautionary Note Regarding Forward-Looking Statements
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
Slide 3: Table of Contents
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 Bran
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 06/30/2018 As of 12/31/2017 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 468,809 $ 3,061 $ - $ 471,870 $ 449,331 Buildings, equ
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2018 2017 2018 2017 Revenues: Rental revenue $ 29,596 $ 28,327 $ 59,186 $ 56,091 Restaurant revenue 5,079 4,826 10,293 9,766 Total revenues $ 34,675 $ 33,153 $ 69,4
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2018 2017 2018 2017 Net income $ 27,627 $ 18,441 $ 43,990 $ 34,081 Real estate depreciation and amortization 5,209 5,419 10,540 10,814 Realized gain on sales and exchan
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Number of Total Square Avg. Rent Per Tenant Lease Term Annual Cash % Total Price Properties Feet Square Foot EBITDAR Remaining Base Rent Cash Base ($000s) (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Real Estate Portfolio as of 6/30/2018 Olive Garden - 298 2
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Current Capitalization ($000s, except per share data) Capitalization Equity: Share price (6/29/2018) $ 24.63 Shares and OP units outstanding (6/30/2018) 63,339,690 Equity Value $ 1,560,057 74.8% Debt: Term loan $ 400,000 19.2% Revolving credit facility
Slide 9: Debt Summary
DEBT SUMMARY Balance as of Cash Interest Rate as Weighted (3) Maturity Date June 30, 2018 % of Debt of June 30, 2018 Average ($000s) Maturity (Yrs.) Debt Type Credit Facility Revolving facility 11/9/2021 $ - - 3.4 Term loan (1) 11/9/2022 400,000 76.2% 2.7% 4.4 Principal Amount $ 400,000 Unsecured No
Slide 10: Debt Covenants
DEBT COVENANTS As of June 30, 2018 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 Q2 2018 Limitati
Slide 11: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND (1) 535 Properties(2) 31 Brands ___________________________ (1) Other includes two Seasons 52 properties, as well as one property for each of the following brands: BJ’s Restaurant, Cheddar’s, Chick-Fil-A, Chili’s, Del Taco/Mod Pizza, Denny’s, Fazoli’s, Panda Express, Pane
Slide 12: Brand & Tenant Diversification
BRAND & TENANT DIVERSIFICATION Brand Breakdown(1) 18% 105 units 4% 13 units 65% 298 units 13% 119 units ABR(2): $109.6m ___________________________ (1) Percentage of annual cash base rent as of June 30, 2018. (2) Annualized cash base rent as defined in glossary. 12 | FCPT | Q2 2018
Slide 13: Geographic Diversification
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 Properties Texas 10.7% 48 Pennsylvania
Slide 14: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Based Rent1) 15.8% 99.9% occupied as of 15.3% 6/30/20182 13.6% 13.3% 13.0% Weighted average lease term of 9.5% 12.5 years 8.6% Less than 1.7% of rental 3.6% 3.7% income matures prior to 2027 0.7% 0.9% 0.3% 0.0% 0.0% 0.2% 0.2% 0.3% 0.
Slide 15: Glossary and Non-GAAP Definitions
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 97% of our to pay dividends or make distributions. In addition,
Slide 16: Reconciliation of Net Income to Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA RE ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2018 2017 2018 2017 Net Income $ 27,627 $ 18,441 $ 43,990 $ 34,081 Adjustments: Interest expense 4,877 4,508 9,733 8,604 Income tax expense 66
Slide 17: Four Corners Property Trust
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T 17 | FCPT | Q2 2018
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