Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2023 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, May 1, 2023
Slide 1: Supplemental Financial & Operating Information Q1 2023
1 | FCPT | Q1 2023 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2023 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 | FCPT | Q1 2023 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 | Q1 2023 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 | Q1 2023 CONSOLIDATING BALANCE SHEET As of 12/31/2022 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,117,422$ 7,456$ -$ 1,124,878$ 1,115,827$ Buildings,
Slide 5: Consolidated Income Statement
5 | FCPT | Q1 2023 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2023 2022 Revenues: Rental revenue 52,197$ 46,903$ Restaurant revenue 7,755 7,494 Total revenues 59,952 54,397 Operating expenses: General and administrative 6,055 5,269 Depreciation and amortization
Slide 6: FFO & AFFO Reconciliation
6 | FCPT | Q1 2023 FFO & AFFO RECONCIL IATION ___________________________ (1) Amount represents non-cash deferred income tax benefit recognized at the Kerrow Restaurant Business (2) Assumes the issuance of common shares for OP units held by non-controlling interest ($000s, except shares and per shar
Slide 7: Net Asset Value Components
7 | FCPT | Q1 2023 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 72% of portfolio annual cash base rent. Reporting for non-restaurant sector not included as
Slide 8: Capitalization & Key Credit Metrics
8 | FCPT | Q1 2023 C APITALIZ ATION & KEY CREDIT METRICS ___________________________ (1) First quarter 2023 dividend was declared on 3/13/2023, payable on 4/14/2023 (2) Principal debt amount less cash and cash equivalents (3) Current quarter annualized. See glossary on page 16 for definitions of EBI
Slide 9: Debt Summary
9 | FCPT | Q1 2023 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at a rate of daily SOFR plus 0.10% plus a 0.95%-1.00% credit spread. FCPT has entered into interest rate swaps that fix 81% of the term loans’ rate exposure through November 2023, 76% thro
Slide 10: FCPT Debt Maturity Schedule
10 | FCPT | Q1 2023 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 3/31/2023 (1) The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026 Current Debt Maturity Schedule ($ millions) $
Slide 11: Debt Covenants
11 | FCPT | Q1 2023 DEBT COVENANTS As of March 31, 2023 Covenants Q1 2023 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 35.8% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.6x Limitati
Slide 12: Property Locations by Brand
12 | FCPT | Q1 2023 PROPERTY LOCATIONS BY BRAND 1,049 Leases (1) 131 Brands ___________________________ Figures as of 3/31/2023 (1) FCPT owns 1,030 rental properties as of 3/31/2023 with 1,049 leases Lease Count: Olive Garden (312) Longhorn Steakhouse (115) Chili’s (82) KFC (33) Buffalo Wild Wings (
Slide 13: Brand Diversification
13 | FCPT | Q1 2023 40% 312 Units 11% 115 Units 8% 82 Units 2% 14 Units Other Restaurants 22% 306 units 56 brands Non-Restaurant Retail 15% / 220 units / 68 brands Other Darden(2) BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 3/
Slide 14: Geographic Diversification
14 | FCPT | Q1 2023 % 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 | Q1 2023 0.4% 2.1% 2.5% 2.7% 13.8% 12.6% 11.1% 10.5% 10.6% 7.2% 13.1% 1.5% 1.7% 3.0% 1.6% 0.4% 0.4% 1.5% 0.9% 0.4% 0.0% 1.9% 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 ___________________ Note: Excl
Slide 16: Glossary and Non-GAAP Definitions
16 | FCPT | Q1 2023 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 and Revenue Detail
17 | FCPT | Q1 2023 ___________________________ (1) See glossary on page 16 for non-GAAP definitions (2) Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes (In thousands) Unaudited 2
Slide 18: Four Corners Property Trust
18 | FCPT | Q1 2023 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2023 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
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