Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Investor Presentation (August 2021)
27 slides from Four Corners Property Trust's investor presentation, Aug 4, 2021
Slide 1: Investor Presentation August 2021
| FCPT | AUGUST 20211 INVESTOR PRESENTATION | AUGUST 2021 www.fcpt .com FOUR CORNERS PROPERTY TRUST N YS E : F C P T
Slide 2: Forward Looking Statements and Disclaimers
| FCPT | AUGUST 20212 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 st
Slide 3: Agenda
| FCPT | AUGUST 20213 AGENDA Company Overview Page 3 Restaurant Industry Update Page 12 Appendix and Selected Supplemental Slides Page 16
Slide 4: Executive Summary
| FCPT | AUGUST 20214 EXECUTIVE SUMMARY Portfolio Update1 FCPT is a public net-lease REIT focused primarily on the acquisition and ownership of high-quality restaurant and other retail properties Portfolio of 833 properties across 95 restaurant and retail brands continues to perform well with occu
Slide 5: Acquisitions by Year
| FCPT | AUGUST 20215 ACQUIS IT IONS BY YEAR 5 | FCPT | OCTOBER 2019 Note: Figures exclude capitalized transaction costs. Initial cash yield calculation excludes $2.1 million, and $2.4 million of real estate purchases in our Kerrow operating business for 2019 and 2020, respectively. 1. Announced clo
Slide 6: Acquisition Growth
| FCPT | AUGUST 20216 ACQUIS IT ION GROWTH Annual Cash Base Rent ($ million)1 6 | FCPT | OCTOBER 2019 Number of Properties . 94.4 94.4 94.4 95.9 101.0 102.1 105.2 105.3 108.0 109.4 109.6 120.9 125.6 126.8 129.7 130.9 139.4 142.0 144.1 147.8 156.0 158.2 161.6 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4
Slide 7: Non-Restaurant Acquisitions Overview
| FCPT | AUGUST 20217 NON-RESTAURANT ACQUIS IT IONS OVERVIEW 7 | FCPT | OCTOBER 2019 ___________________ Figures as of 6/30/2021, unless otherwise noted 1. As defined on page 25. FCPT began focusing on non-restaurants as an outgrowth of the outparcel strategy The properties share similar charact
Slide 8: Non-Restaurant: Auto Service Industry
| FCPT | AUGUST 20218 Auto service is a resilient industry as it is both e-commerce and recession resistant. It has a service component and consumer cost-savings angle to repair instead of purchasing new vehicles Most auto service tenants were deemed “essential” businesses during COVID-19 Auto
Slide 9: Non-Restaurant: Medical Retail Industry
| FCPT | AUGUST 20219 Representative Acquired Brands NON-RESTAURANT: MEDICAL RETAIL INDUSTRY Portfolio includes 9 properties (1% of annual base rent)1 FCPT targets medical retail locations such as urgent care, dental clinics, dialysis centers, and veterinary care E-commerce and recession resis
Slide 10: FCPT Debt Maturity Schedule
| FCPT | AUGUST 202110 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 6/30/2021 (1) The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026. Current Debt Maturity Schedule ($ million
Slide 11: Summary Capitalization and Financials
| FCPT | AUGUST 202111 ___________________ Figures represent FCPT financials as of and for three months ended 6/30/2021 1. Represents Q2 2021 annualized results. See page 26 for reconciliation of net income to adjusted EBITDAre and page 25 for non-GAAP definitions. 2. Figure represents Annual Cash B
Slide 12: Agenda
| FCPT | AUGUST 202112 AGENDA Restaurant Industry Update Page 12 Company Overview Page 3 Appendix and Selected Supplemental Slides Page 16
Slide 13: Darden Performance and Concentration
| FCPT | AUGUST 202113 DARDEN PERFORMANCE AND CONCENTRATION Inception November 2015 FCPT BBB- Rating January 2017 Pre-COVID Q4 2019 Post-COVID Q2 2021 Darden Restaurants Rating BBB BBB BBB BBB- Sales per Store - Olive Garden ($ millions) $4.9 $4.9 $5.1 $5.0 Sales per Store - LongHorn ($ millions) $3
Slide 14: Restaurant Sales Trends by Sector
| FCPT | AUGUST 202114 • Baird’s weekly restaurant survey shows quick service restaurants are performing above pre-COVID levels and casual dining restaurants have returned to pre-COVID levels Baird Restaurants Surveys: Weekly Same-Store Sales vs. Two-Years Prior (2019) ____________________ Source: D
Slide 15: Kerrow LongHorn Steakhouse COVID-19 Initiatives & Performance
| FCPT | AUGUST 202115 State of emergency declared Christmas Grocery shortages begin • Kerrow operates seven franchised LongHorn Steakhouses in San Antonio as a 100% subsidiary of FCPT • Revenue is largely above pre-COVID levels, even when excluding the seventh location which opened in April 2021 Di
Slide 16: Agenda
| FCPT | AUGUST 202116 AGENDA Appendix and Selected Supplemental Slides Page 16 Restaurant Industry Update Page 12 Company Overview Page 3
Slide 17: Maintaining Acquisition Philosophy and Criteria
| FCPT | AUGUST 202117 MAINTAINING ACQUIS IT ION PHILOSOPHY AND CRITERIA Acquisition Philosophy • Acquire strong restaurants and retail brands that are well located with creditworthy lease guarantors • Purchase assets only when accretive to cost of capital with a focus on low basis • Focused on addi
Slide 18: Outparcel Strategy: A Quick Update
| FCPT | AUGUST 202118 OUTPARCEL STRATEGY: A QUICK UPDATE ___________________ 1. Certain properties have been removed from the portfolios since transactions were initially announced as a result of continued deal negotiations. 2. The remaining to be closed transactions are each subject to customary c
Slide 19: 2021 Acquisitions Year to Date
| FCPT | AUGUST 202119 2021 ACQUIS IT IONS YEAR TO DATE 2021 Closed Acquisitions Tenant Location # of Properties Operator / Guarantor Information Purchase Price ($ millions) Initial Cash Yield Term (years) Announced Close WPG: Raising Cane's OH 1 Corporate $2.1 -- 15 1/27/2021 Goodyear OH 1 Corporat
Slide 20: Company Momentum Since Inception in November 2015
| FCPT | AUGUST 202120 COM PAN Y MOM ENTUM SINCE INCEPTION IN NOV EMBER 2015 Team Members 4 +22 26 Annual Base Rent1 $94.4 million +$67.2 million / +71% $161.6 million Properties 418 +415 / +99% 833 Brands 5 +90 95 % Darden2 100% -37% 63% Overhead Efficiency3 10.0% -1.4% 8.6% Equity Market Cap $848
Slide 21: FCPT Evolution Since Spin-Off: Tenant Diversification
| FCPT | AUGUST 202121 F C P T E V O L U T I ON S I N C E S P I N - O FF : S I G N I F I C A N T P R O G R E S S O N T E N A N T D I V E R S I F I C A TI ON ___________________ 1. Represents current Annual Cash Base Rent (ABR) as of 6/30/2021, as defined on page 25. 2. Other Darden represents Bahama
Slide 22: Geographic Diversification
| FCPT | AUGUST 202122 GEOGRAPHIC DIVERSIF ICATION ___________________ Figures as of 6/30/2021. Excludes seven owned / ground leased restaurants in the Kerrow Restaurant Operating Business 1. Annual Cash Base Rent (ABR) as defined on page 25. 833 Properties 46 States 95 Brands 5.4 mm sq ft Portfolio
Slide 23: Lease Maturity Schedule
| FCPT | AUGUST 202123 LEASE MATURITY SCHEDULE ___________________ Note: Excludes renewal options. All data as of 6/30/2021 1. Annual Cash Base Rent (ABR) as defined on page 25. 2. Occupancy based on portfolio square footage. Lease Maturity Schedule (% Annualized Cash Base Rent1) 0.8% 1.2% 1.9% 2.0%
Slide 24: Brand Diversification
| FCPT | AUGUST 202124 BRAND DIVERSIF ICATION ___________________ 1. Annual Cash Base Rent (ABR) as of 6/30/2021 as defined on page 25. FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR(1) Rank Brand Name Number Square Feet (000s) % of ABR(1) 1 Olive Garden 309 2,630 47.2% 16
Slide 25: Glossary and Non-GAAP Definitions
| FCPT | AUGUST 202125 GLOSSARY AND NON-GAAP DEFINIT IONS 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
Slide 26: Reconciliation of Net Income to Adjusted EBITDAre
| FCPT | AUGUST 202126 RECONCIL IATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 25 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Net Income 20,180$ 18,520$ 40,802$ 37,856$ Adjustments: Interest expens
Slide 27: Four Corners Property Trust
| FCPT | AUGUST 202127 INVESTOR PRESENTATION | AUGUST 2021 www.fcpt .com FOUR CORNERS PROPERTY TRUST N YS E : F C P T
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