Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q3 2023 Earnings Presentation
21 slides from Four Corners Property Trust's earnings presentation, Nov 1, 2023
Slide 1: Q3 2023 Supplemental Financial & Operating Information
Q3 2023 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION Four Corners Property Trust N Y S E : F C P T
Slide 2: Cautionary note regarding forward-looking statements
Cautionary note regarding forward-looking statements: 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 of fact and those regarding FCPT’s intent, belief or exp
Slide 3: Contents
Q 3 2 0 2 3 3 CONTENTS 1 F I N A N C I A L S U M M A R Y P G 3 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2 3 E X H I B I T S P G 1 7
Slide 4: Consolidating Balance Sheet
Q 3 2 0 2 3 4 C O N S O L I D A T I N G BAL ANCE SHE E T As of 12/31/2022 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,228,487$ 7,456$ -$ 1,235,943$ 1,115,827$ B
Slide 5: Consolidated Income Statement
Q 3 2 0 2 3 5 C O N S O L I D A T E D INCOME STATE ME NT ($000s, except shares and per share data) Unaudited 2023 2022 2023 2022 Revenues: Rental revenue 57,243$ 48,719$ 162,267$ 143,526$ Restaurant revenue 7,596 7,289 23,196 22,304 Total revenues 64,839 56,008 185,463 165,830 Operating expenses: Ge
Slide 6: FFO & AFFO Reconciliation
Q 3 2 0 2 3 6 F F O & A F F O RE CONCIL IATION ($000s, except shares and per share data) Unaudited 2023 2022 2023 2022 Net income 24,192$ 24,552$ 71,003$ 75,008$ Depreciation and amortization 13,382 10,558 37,308 30,322 Realized gain on sales of real estate (318) (1,828) (2,053) (7,584) FFO (as defi
Slide 7: Net Asset Value Components
Q 3 2 0 2 3 7 N E T A S S E T V A L U E COMPONE NTS Real Estate Portfolio as of 9/30/2023 Purchase Price ($000s) # of Rental Leases Total Square Feet (000s) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage1 Lease Term Remaining (Yrs)2 Annual Cash Base Rent ($000s)3 % Total Cash Base Rent(3) Dar
Slide 8: Capitalization & Key Credit Metrics
Q 3 2 0 2 3 8 C A P I T I L I Z A T I O N & K E Y C R E D I T ME TRICS % of Market Capitalization Equity: Share price (9/30/2023) 22.19$ Shares and OP units outstanding (9/30/2023) 90,679,754 Equity Value 2,012,184$ 63.9% Debt: Term loan 430,000$ 13.7% Revolving credit facility 30,000 1.0% Unsecured
Slide 9: Debt Summary
Q 3 2 0 2 3 9 D E B T SUMMARY Note: Please see footnotes on page 20 regarding interest expense Debt Type Maturity Date Balance as of September 30, 2023 ($000s) % of Debt Cash Interest Rate as of September 30, 20234 Weighted Average Maturity (Yrs.) Credit Facility1 Revolving facility Nov-2025 30,000
Slide 10: Debt Maturity Schedule
$150 $100 $90 $90 $30 $220 $50 $75 $50 $0 $50 $150 $165 $140 $100 $75 $100 $75 $100 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unsecured Notes Undrawn Revolver Drawn Revolver Unsecured Term Q 3 2 0 2 3 10 4.9-year Weighted average term for notes/term loans 90% Fixed rate debt 3.98% Weigh
Slide 11: Debt Covenants
Q 3 2 0 2 3 11 D E B T COVE NANTS As of September 30, 2023 Covenants Q3 2023 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 36.9% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.2x Limit
Slide 12: Real Estate Portfolio Summary
Q 3 2 0 2 3 12 1 F I N A N C I A L S U M M A R Y P G 3 3 E X H I B I T S P G 1 7 CONTENTS 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2
Slide 13: Property Locations by Brand
Q 3 2 0 2 3 P R O P E R T Y L O C A T I O N S B Y BRAND Olive Garden (314) Longhorn Steakhouse (115) Chili’s (83) KFC (33) Buffalo Wild Wings (28) Caliber Collision (28) Burger King (21) WellNow Urgent Care (20) Red Lobster (19) Arby’s (17) NAPA Auto Parts (17) Starbucks (17) Bob Evans (15) Cheddar’
Slide 14: FCPT Portfolio Brand Diversification
Q 3 2 0 2 3 14 1,130 Leases / 148 Brands Annual Base Rent of $215.3 million1 52% Darden Exposure 59% Investment Grade3 F C P T P O R T F O L I O B R A N D DIVE RSIF ICATION 10% 4% 8% 21% 9% 7% 3% 37% Other restaurants Auto service Medical retail Other retail FCPT Portfolio Brands Rank Brand Name Num
Slide 15: Geographic Diversification
Q 3 2 0 2 3 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OHIN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI G E O G R A P H I C DIVE RSIF ICATION ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties 15 State % A
Slide 16: Lease Maturity Schedule
Q 3 2 0 2 3 16 0.0% 1.7% 2.3% 2.9% 12.8% 11.9% 10.4% 10.0% 9.6% 7.0% 13.5% 1.6% 2.3% 3.4% 2.3% 2.3% 0.6% 1.4% 0.8% 1.7% 0.1% 1.4% 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 % A N N U A L I Z E D B A S E R E N T 1 99.8% occupied2 as o
Slide 17: Exhibits
Q 3 2 0 2 3 17 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2 3 E X H I B I T S P G 1 7 1 F I N A N C I A L S U M M A R Y P G 3CONTENTS
Slide 18: Non-GAAP financial measures definitions
18 This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The no
Slide 19: Reconciliation Schedules
Q 3 2 0 2 3 19 R E C O N C I L I A T I O N S C H E D U L E S RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL (In thousands) Unaudited 2023 2022 2023 2022 Net Income 24,192$ 24,552$ 71,003$ 75,008$ Adjustments: Interest expense 12,276 9,177 32,245 26,583 I
Slide 20: Footnotes to schedules
Q 3 2 0 2 3 20 PAGE 6 FFO & AFFO RECONCILIATION 1. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business 2. Assumes the issuance of common shares for OP units held by non- controlling interest PAGE 9 DEBT SUMMARY 1. Borrowings under the term lo
Slide 21: Thank You
Four Corners Property Trust N Y S E : F C P T THANK YOU Q3 2023 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION
Four Corners Property Trust — Q3 2023 Earnings Presentation on 6ix