Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2018 Earnings Presentation
17 slides from Four Corners Property Trust's earnings presentation, Feb 13, 2019
Slide 1: Supplemental Financial & Operating Information | Q4 2018
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q4 2018 w w w .fcpt.com 1 | FCPT | Q4 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 12/31/2018 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 $ 565,996 $ 3,061 $ - $ 569,057 $ 449,331 Buildings, equ
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended December 31, Twelve Months Ended December 31, Unaudited 2018 2017 2018 2017 Revenues: Rental revenue $ 33,156 $ 29,011 $ 123,665 $ 113,937 Restaurant revenue 4,879 4,827 19,970 19,272 Total revenues 38,035 33,
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended December 31, Twelve Months Ended December 31, Unaudited 2018 2017 2018 2017 Net income $ 21,331 $ 18,473 $ 82,929 $ 71,892 Real estate depreciation and amortization 6,022 5,316 22,287 21,547 Realized gain on sales
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Per Tenant Lease Term Annual Cash Base % Total Price Number of Feet Square Foot EBITDAR Remaining Rent Cash Base Real Estate Portfolio as of 12/31/2018 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 299
Slide 8: Capitalization & Key Credit Metrics
C A P IT A L IZ A T ION & K E Y C R E D IT M E T R IC S % of Market Current Capitalization ($000s, except per share data) Capitalization Equity: Share price (12/31/2018) $ 26.20 Shares and OP units outstanding (12/31/2018) 68,613,365 Equity Value $ 1,797,670 74.2% Debt: Term loan $ 400,000 16.5% Rev
Slide 9: Debt Summary
DEBT SUMMARY Balance as of Cash Interest Rate as Weighted December 31, of December 31, Average Debt Type Maturity Date 2018 ($000s) % of Debt 2018(4) Maturity (Yrs.) Credit Facility Revolving facility Nov-21 $ - - - 2.9 Term loan (1) Nov-22 150,000 24.0% 3.22% 3.9 Term loan (1) Nov-23 150,000 24.0%
Slide 10: Debt Covenants
DEBT COVENANTS As of December 31, 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 Q4 2018 Limi
Slide 11: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND (1) 610 Properties (2) 36 Brands ___________________________ (1) Other includes 1 property for each of the following brands: Applebee’s, Cheddar’s, Chick-Fil-A, Del Taco, Denny’s, Fazoli’s, Mod Pizza, Noodles & Company, Panda Express, Rally’s Hamburgers, Sonic, Eddie V’s,
Slide 12: Brand & Tenant Diversification
BRAND & TENANT DIVERSIFICATION Brand Breakdown(1) 16% 105 units 3% 13 units 9% 53 units 58% 299 units 15% 142 units ABR(2): $125.6m ___________________________ (1) Percentage of annual cash base rent as of December 31, 2018. (2) Annualized cash base rent as defined in glossary. 12 | FCPT | Q4 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 % ABR(1) AR ≥10.0% AZ NM SC MS AL 5.0%–10.0% GA LA 3.0%–5.0% TX 2.0%–3.0% 1.0 %–2.0% FL <1.0% No Properties State % ABR Properties TX 12.3% 64 CA 3.0% 14 NY 2.
Slide 14: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Based Rent1) 99.9% occupied as of 12/31/20182 15.2% 12.5%12.3% 11.3%11.3% Weighted average lease term of 10.7% 12.2 years 7.4% 6.7% Less than 4.75% of rental income 4.4% matures prior to 2027 1.6% 0.8% 1.1% 0.8% 0.8% 0.5% 0.5% 0.5% 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 96% 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 December 31, Twelve Months Ended December 31, Unaudited 2018 2017 2018 2017 Net Income $ 21,331 $ 18,473 $ 82,929 $ 71,892 Adjustments: Interest expense 5,293 5,403 19,959 19,469 Income ta
Slide 17: Four Corners Property Trust Supplemental Financial & Operating Information
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q4 2018 w w w .fcpt.com 17 | FCPT | Q4 2018
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