Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2020 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, May 6, 2020
Slide 1: Supplemental Financial & Operating Information Q1 2020
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q1 2020 www.fcpt.com 1 | FCPT | Q1 2020
Slide 2: Cautionary Note Regarding Forward-Looking Statements
CAUTIONARY NOTE REGARDING FORWARD- LOOKING STATEMENTS 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 those regarding the Company’s intent, belie
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 3/31/2020 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 $ 707,596 $ 5,051 $ - $ 712,647 $ 690,575 Buildings, equi
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2020 2019 Revenues: Rental revenue $ 37,725 $ 34,208 Restaurant revenue 4,704 5,393 Total revenues 42,429 39,601 Operating expenses: General and administrative 3,842 3,946 Depreciation and
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2020 2019 Net income $ 19,336 $ 17,601 Depreciation and amortization 7,036 6,344 FFO (as defined by NAREIT) $ 26,372 $ 23,945 Straight-line rent (2,161) (2,359) Stock-based compensation 831 1,2
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 3/31/2020 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 305 2,599
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q1 2020 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (3/31/2020) $ 18.71 Shares and OP units outstanding (3/31/2020) 70,528,220 Equity Value $ 1,319,583 62.2% Debt: Term loan $ 400,000 18.8% Revolving cred
Slide 9: Debt Summary
DEBT SUMMARY Cash Interest Rate Weighted Balance as of March as of March 31, Average (4) Debt Type Maturity Date 31, 2020 ($000s) % of Debt 2020 Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21 $ 178,000 22.2% 2.28% 1.6 Term loan Nov-22 150,000 18.7% 2.87% 2.6 Term loan Nov-23 150,000 18
Slide 10: Debt Maturity Schedule
FCPT DEBT MATURITY SCHEDULE Current Debt Maturity Schedule 4.6-year weighted average (1) term for notes/term loans Undrawn Revolver Capacity 65% fixed rate debt Drawn Revolver 3.2% weighted average cash interest rate Unsecured Term Loan $72 million available on revolver Unsecured Notes $250 $150 $15
Slide 11: Debt Covenants
DEBT COVENANTS As of March 31, 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 Q1 2020 Limitat
Slide 12: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND Lease Count: (1) 725 Leases (1) 66 Brands ___________________________ Figures as of 3/31/2020 (1) FCPT owns 722 properties as of 3/31/2020 with 725 leases. 12 | FCPT | Q1 2020
Slide 13: Brand Diversification
BRAND DIVERSIFICATION FCPT Portfolio Brands FCPT total ABR(1): Square Feet % of $142.0 million (1) Rank Brand Name Number (000s) ABR 1 Olive Garden 305 2,599 52.4% 2 Longhorn Steakhouse 110 614 14.5% 3 Chili's 64 352 9.0% 15% 4 Red Lobster 21 155 3.4% 110 units 5 Burger King 23 74 2.3% 6 Buffalo Wil
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 12.2% 72 IL 3.4% 32 SC 2.2%
Slide 15: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 16.0% 99.6% occupied2 as of 3/31/2020 14.0% 12.8% 11.4% 11.3% Weighted average lease term of 10.4% 10.8 years 7.4% Less than 6.1% of rental income matures prior to 2027 2.9% 3.2% 2.5% 1.3% 1.2% 1.1% 1.0% 0.7% 0.9% 0.8% 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 March 31, Unaudited 2020 2019 Net Income $ 19,336 $ 17,601 Adjustments: Interest expense 7,003 6,747 Income tax expense 61 68 Depreciation and amortization 7,054 6,361 EBITDA(1) 33,454 30,7
Slide 18: Four Corners Property Trust
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q1 2020 www.fcpt.com 18 | FCPT | Q1 2020
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