Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2024 Earnings Presentation
21 slides from Four Corners Property Trust's earnings presentation, Feb 12, 2025
Slide 1: Q4 2024 Supplemental Financial & Operating Information
Four Corners Property Trust NYSE: FCPT Q4 2024 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
Slide 2: Forward Looking Statements and Disclaimers
FORWARD LOOKING STATEMENTS AND DISCLAIMERS 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 t
Slide 3: Contents
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 Q4 2024 3
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 12/31/2024 As of 12/31/2023 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 1,353,316 $ 7,456 $ - $ 1,360,772 $ 1,240,865 Building
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 2024 2023 2024 2023 Revenues: Rental revenue $ 60,734 $ 57,614 $ 237,134 $ 219,881 Restaurant revenue 7,602 7,529 30,939 30,725 Total revenues 68,336 65,
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 2024 2023 2024 2023 Net income $ 26,207 $ 24,459 $ 100,595 $ 95,462 Depreciation and amortization 14,060 13,284 54,372 50,592 Realized gain on sales of real
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Tenant Lease Term Annual Cash Price # of Rental Feet Per Square EBITDAR Remaining Base Rent % Total Cash Base 1 2 3 3 Real Estate Portfolio as of 12/31/2024 ($000s) Leases (000s) Foot ($) Coverage (Yrs) ($000s) Rent Darden - 456 3,554 32 5.6
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q4 2024 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (12/31/2024) $ 27.14 Shares and OP units outstanding (12/31/2024) 99,939,678 Equity Value $ 2,712,363 70.3% Debt: Term loan $ 515,000 13.4% Revolving cr
Slide 9: Debt Summary
DEBT SUMMARY Weighted Balance as of Cash Interest Rate as of Average 4 Debt Type Maturity Date December 31, 2024 ($000s) % of Debt December 31, 2024 Maturity (Yrs.) 1 Credit Facility Revolving facility Nov-2025 5,000 0.4% 5.26% 0.9 Term loan Nov-2025 150,000 13.1% 3.85% 0.9 Term loan Nov-2026 100,00
Slide 10: Credit Facility and Hedging Summary
CREDIT FACILITY AND HEDGING SUMMARY FCPT Credit Facility Summary ($ millions) as of 12/31/2024 Pro Forma (as of 2/1/2025) Extended Extended Including Term Including Term Capacity Maturity Extensions Remaining Capacity Maturity Extensions Remaining Revolver $250 Nov-2025 May-2026 1.4 $350 Feb-2029 Fe
Slide 11: Debt Maturity Schedule
DEBT MATURITY SCHEDULE As of 12/31/2024 Unsecured Notes 3.8-year 1 Weighted average term for notes/term loans Undrawn Revolver 93% Drawn Revolver Fixed rate debt 3.97% Unsecured Term Weighted average cash interest rate $245 $245 million Available on revolver $250 $150 $75 $140 $5 $50 $100 $100 $100
Slide 12: Debt Covenants
DEBT COVENANTS As of December 31, 2024 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 2024 Limit
Slide 13: Contents
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 Q4 2024 13
Slide 14: Brand Diversification
BRAND FCPT 1,220 Leases / 163 Brands Annual Base Rent of $240.2 million1 DIVERSIFICATION PORTFOLIO 56% Investment Grade3 1.4% Average Annual Rent Escalator4 FCPT Portfolio Brands Square Feet % of Rank Brand Name Number (000s) ABR 1 Olive Garden 314 2,674 34.2% 2 Longhorn Steakhouse 116 650 9.7% 10%
Slide 15: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION WA MT ME ND OR VT MN NH ID SD WI NY MA WY MI RI IA PA CT NE NJ NV OH IN UT IL DE CA CO WV MO MD KS VA Annualized KY NC Base Rent1 (%) TN AZ OK NM AR SC 5.0%–10.0% GA MS AL 3.0%–5.0% LA TX 2.0%–3.0% 1.0 %–2.0% FL <1.0% No Properties State % ABR Leases TX 9.9% 96 MI 4.1% 63
Slide 16: Lease Maturity Schedule
LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 7.3 years weighted average lease term 12.5% 11.7% 11.5% 99.6% 11.1% 10.2% 9.0% occupied2 as of 12/31/2024 6.6% 6.1% < 3.7% of rental income matures prior to 2027 3.3% 2.6% 2.3% 2.5% 2.2% 2.1% 1.3% 1.5% 1.1% 1.2% 0.8% 0.4% 2025 2026 2027 2028 2029 2030 2
Slide 17: Contents
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 Q4 2024 17
Slide 18: Glossary and Non-GAAP Definitions
GLOSSARY AND NON-GAAP DEFINITIONS This document includes certain non-GAAP financial Tenant EBITDAR is calculated as EBITDA plus rental expense. Adjusted Funds From Operations (“AFFO”) is a measures that management believes are helpful in EBITDAR is derived from the most recent data provided by tenan
Slide 19: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Three Months Ended December 31, Twelve Months Ended December 31, Unaudited 2024 2023 2024 2023 Net Income $ 26,207 $ 24,459 $ 100,595 $ 95,462 Adjustments: Interest expense 12,302 12,361 49,231 44,606 Income ta
Slide 20: Footnotes
PAGE 10 CREDIT FACILITY AND HEDGING SUMMARY FOOTNOTES 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 PAGE 6 FFO & AFFO RECONCILIATION fix $435 million of Term Loans through Novembe
Slide 21: Thank You
Four Corners Property Trust NYSE: FCPT THANK YOU Q4 2024 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
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