Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Corporate Update (August 2024)
13 slides from Four Corners Property Trust's corporate update, Aug 27, 2024
Slide 1: Capital Raising & Acquisitions Update August 2024
CAPITAL RAISING & ACQUISITIONS UPDATE AUGUST 2024 Four Corners Property Trust NYSE: FCPT
Slide 2: Capital Raising & Acquisitions Update
CAPITAL RAISING & ACQUISITIONS UPDATE AUGUST 2024 FCPT has fully paid down its revolver balance while also funding $71 million in incremental Q3 acquisitions with equity. We have positioned our acquisitions machine to work well for funding deals accretively with debt or equity priced at current leve
Slide 3: FCPT Approach to Equity Issuance
FCPT APPROACH TO EQUITY ISSUANCE AUGUST 2024 FCPT regularly issues equity via “At the Market” (“ATM”) program vs. traditional full-fee and full-discount marketed equity follow-on offerings ATM programs allow companies to issue equity in small daily “dribble out” increments, mixing new shares into re
Slide 4: Portfolio by Brand, Annualized Base Rent
AUGUST 2024 PORTFOLIO BY BRAND ANNUALIZED BASE RENT 314 leases 82 leases 274 leases 54 brands 26 leases 148 leases 30 brands 116 leases Other restaurants Auto service 97 leases 35 brands Medical retail 53 leases 25 brands Other retail 1,176 Leases / 154 Brands Annual Base Rent of $228.7 million1 ~35
Slide 5: Brand Diversification
AUGUST 2024 BRAND DIVERSIFICATION Rank Brand Name # Sq Ft (000s) Sq Ft / Unit (000s) % of ABR1 1 Olive Garden 314 2,674 8.5 35.4% 2 Longhorn Steakhouse 116 650 5.6 10.0% 3 Chili's 82 450 5.5 7.4% 4 Buffalo Wild Wings 29 171 6.1 2.5% 5 Cheddar's 13 112 8.6 2.1% 6 Outback 23 151 6.6 2.0% 7 Red Lobster
Slide 6: Consistent Annual Acquisition Growth
AUGUST 2024 CONSISTENT ANNUAL ACQUISITION GROWTH +57 +40 +95 +89 +100 +120 +104 YEAR ACQUISITION VOLUME ($M) CAP RATE +88 FCPT has consistently delivered growth and diversification through new acquisitions. We focus on credit-worthy tenants, high quality real estate and efficient execution PROPERTY
Slide 7: Case Study: FCPT Acquires $66 Million Bloomin' Portfolio
AUGUST 2024 CASE STUDY: FCPT ACQUIRES $66 MILLION BLOOMIN’ PORTFOLIO Accretion: The transaction was priced at an initial cash cap rate that provides positive accretion on day one Funding: Efficient use of the ATM program for funding equity Diversification: Bloomin’ Brands became FCPT’s 3rd largest t
Slide 8: Case Study: FCPT Acquires $66 Million Bloomin' Portfolio
AUGUST 2024 20 restaurants under master leases to the corporate entity1 More than 10 years of term remaining Strong rent coverage consistent with FCPT’s existing portfolio Geography: 10 states (principally Southeast and Southwest) Average 3-mile population: 73,098 Median 3-mile household income: $67
Slide 9: Appendix
AUGUST 2024 APPENDIX
Slide 10: Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements
NON-GAAP DEFINITIONS AND CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: 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
Slide 11: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL AUGUST 2024
Slide 12: Footnotes
AUGUST 2024 FOOTNOTES PAGE 4 PORTFOLIO BY BRAND ANNUALIZED BASE RENT Representative of 6/30/2024 portfolio data inclusive of Q3 acquisitions to date. There has been no adjustment for any rent increases Other Darden represents Bahama Breeze, Cheddar’s, Seasons 52, and Eddie V’s branded restaurants Ot
Slide 13: Capital Raising & Acquisitions Update August 2024
CAPITAL RAISING & ACQUISITIONS UPDATE AUGUST 2024
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