Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q3 2020 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Oct 27, 2020
Slide 1: Supplemental Financial & Operating Information Q3 2020
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q3 2020 www.fcpt.com 1 | FCPT | Q3 2020
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: 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 Maturity Schedule 10 Debt Covenants 11 Real Estate Portfolio Summary Property
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 9/30/2020 As of 12/31/2019 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 759,388 $ 5,051 $ - $ 764,439 $ 690,575 Buildings, equi
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2020 2019 2020 2019 Revenues: Rental revenue $ 38,871 $ 35,209 $ 114,631 $ 103,832 Restaurant revenue 4,097 4,974 11,696 15,520 Total revenues 42,968 40,
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2020 2019 2020 2019 Net income $ 19,404 $ 18,409 $ 57,260 $ 53,946 Depreciation and amortization 7,503 6,636 21,615 19,481 FFO (as defined by NAREIT) $ 26,90
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Per Tenant Lease Term Annual Cash Base Price # of Feet Square Foot EBITDAR Remaining Rent % Total Cash Base Real Estate Portfolio as of 9/30/2020 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 308 2,623
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q3 2020 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (9/30/2020) $ 25.59 Shares and OP units outstanding (9/30/2020) 72,973,737 Equity Value $ 1,867,398 71.3% Debt: Term loan $ 400,000 15.3% Revolving cred
Slide 9: Debt Summary
DEBT SUMMARY Weighted Balance as of Cash Interest Rate as of Average (4) Debt Type Maturity Date September 30, 2020 ($000s) % of Debt September 30, 2020 Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21 $ - - - - Term loan Nov-22 150,000 20.0% 2.66% 2.1 Term loan Nov-23 150,000 20.0% 2.56
Slide 10: Debt Maturity Schedule
FCPT DEBT MATURITY SCHEDULE Current Debt Maturity Schedule (1) 4.9-year weighted average term Undrawn Revolver Capacity 87% fixed rate debt Drawn Revolver 3.3% weighted average cash interest rate Unsecured Term Loan Full $250 million available on revolver Unsecured Notes $250 $150 $150 $150 $100 $75
Slide 11: Debt Covenants
DEBT COVENANTS As of September 30, 2020 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 Q3 2020 Lim
Slide 12: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND Lease Count: Olive Garden (308) Longhorn Steakhouse (114) Chili’s (64) Burger King (24) Red Lobster (21) KFC (20) Buffalo Wild Wings (18) Bob Evans (17) Arby’s (15) Taco Bell (11) BJ’s Restaurant (10) Bahama Breeze (10) Texas Roadhouse (9) Wendy’s (7) Chick-Fil-A (6) Pizz
Slide 13: Brand Diversification
BRAND DIVERSIFICATION FCPT Portfolio Brands FCPT total ABR(1): Square Feet % of (1) $147.8 million Rank Brand Name Number (000s) ABR 1 Olive Garden 308 2,623 50.7% 2 Longhorn Steakhouse 114 639 14.4% 3 Chili's 64 352 8.7% 14% 4 Red Lobster 21 155 3.3% 114 Units 5 Burger King 24 77 2.2% 6 Bahama Bree
Slide 14: 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 (1) AR % ABR 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 Leases TX 12.1% 74 TN 3.4% 28 MS 2.3%
Slide 15: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 99.6% occupied2 as of 9/30/2020 15.7% 13.7% Weighted average lease term of 12.3% 10.5 years 11.7% 11.1% 10.3% Less than 6.8% of rental income matures prior to 2027 7.4% 3.0% 3.0% 2.4% 1.6% 1.7% 1.1% 1.0% 1.1% 1.2% 0.7% 0.
Slide 16: 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 employed by other REITs. condition and results from operations, the utility of FFO as a measure management believes are hel
Slide 17: Reconciliation of Net Income to Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2020 2019 2020 2019 Net Income $ 19,404 $ 18,409 $ 57,260 $ 53,946 Adjustments: Interest expense 7,410 6,665 21,732 19,969 Income tax
Slide 18: Four Corners Property Trust Supplemental Financial & Operating Information
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q3 2020 www.fcpt.com 18 | FCPT | Q3 2020
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