Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2019 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Apr 23, 2019
Slide 1: Supplemental Financial & Operating Information | Q1 2019
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2019 w w w .fcpt.com 1 | FCPT | Q1 2019
Slide 2: Cautionary Note Regarding Forward-Looking Statements
C A U T I O N A R Y N O T E R E G A R D I N G F O R W A R D - L O O K I N G S T A T E M E N T S 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 t
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 Covenants 10 Real Estate Portfolio Summary Property Locations by Brand 11 Bran
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 3/31/2019 As of 12/31/2018 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 577,519 $ 3,061 $ - $ 580,580 $ 569,057 Buildings, equi
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2019 2018 Revenues: Rental revenue $ 34,208 $ 29,589 Restaurant revenue 5,393 5,214 Total revenues 39,601 34,803 Operating expenses: General and administrative 3,946 3,583 Depreciation and
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2019 2018 Net income $ 17,601 $ 16,364 Real estate depreciation and amortization 6,344 5,317 Realized gain on sale of real estate - - Realized gain on exchange of real estate (1) - (228) FFO (a
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Number of Total Square Avg. Rent Per Tenant Lease Term Annual Cash % Total Real Estate Portfolio as of 3/31/2019 Price Properties Feet Square Foot EBITDAR Remaining Base Rent Cash Base ($000s) (000s) ($) Coverage (1) (Yrs) (2) ($000s) (3) Rent (3) Olive Garden - 3
Slide 8: Capitalization & Key Credit Metrics
C A P IT A L IZ A T ION & K E Y C R E D IT M E T R IC S % of Market Current Capitalization ($000s, except per share data) Capitalization Equity: Share price (3/31/2019) $ 29.60 Shares and OP units outstanding (3/31/2019) 68,663,622 Equity Value $ 2,032,443 76.5% Debt: Term loan $ 400,000 15.1% Revol
Slide 9: Debt Summary
DEBT SUMMARY Balance as of Cash Interest Weighted March 31, 2019 Rate as of March Average Debt Type Maturity Date ($000s) % of Debt 31, 2019(4) Maturity (Yrs.) Credit Facility Revolving facility Nov-21 $ - - - 2.6 Term loan (1) Nov-22 150,000 24.0% 3.24% 3.6 Term loan (1) Nov-23 150,000 24.0% 3.14%
Slide 10: Debt Covenants
DEBT COVENANTS As of March 31, 2019 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 2019 Limitat
Slide 11: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND Lease Count: (1) 622 Leases (2) 38 Brands ___________________________ Figures as of 3/31/2019 (1) Other includes three leases for McDonalds, two leases for each of the following brands: Outback Steakhouse, Panera Bread, Popeyes, Seasons 52, Texas Roadhouse, and one lease
Slide 12: Brand Diversification
BRAND DIVERSIFICATION FCPT Portfolio Brands Square Feet % of Square Feet % of Rank Brand Name Number (000s) ABR(1) Rank Brand Name Number (000s) ABR(1) 1 Olive Garden 300 2,561 57.3% 16 Pizza Hut 6 15 0.3% 2 Longhorn Steakhouse 105 585 15.5% 17 Starbucks 4 9 0.3% 3 Chili's 53 293 8.4% 18 Wendy's 4 1
Slide 13: 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 AR % ABR(1) 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 12.4% 65 CA 3.0% 14 CO 2.1% 1
Slide 14: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 16.0% 99.9% occupied2 as of 3/31/2019 14.1% 13.6% 12.1% 11.7% 11.4% Weighted average lease term of 12.0 years 8.2% Less than 3.0% of rental income matures prior to 2027 3.1% 3.2% 2.4% 0.4% 0.4% 0.6% 0.5% 0.3% 0.4% 0.6% 0.
Slide 15: 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 that disclose this information, representing approximately 95% of our to pay dividends or make distributions. In addition,
Slide 16: Reconciliation of Net Income to Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA RE ($000s, except shares and per share data) Three Months Ended March 31, Unaudited 2019 2018 Net Income $ 17,601 $ 16,364 Adjustments: Interest expense 6,747 4,855 Income tax expense (benefit) 68 58 Depreciation and amortization 6,361 5,345 EBITDA(1)
Slide 17: Lease Accounting Standard Adoption Impact (ASC 842)
LEASE ACCOUNTING STANDARD ADOPTION IMPACT (ASC 842) Lease Accounting Standard Adoption Impact On January 1, 2019, FCPT adopted Accounting Standard Codification 842. The new standard increases transparency and comparability most significantly by requiring the recognition by lessees of right-of-use (“
Slide 18: Four Corners Property Trust
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q1 2019 w w w .fcpt.com 18 | FCPT | Q1 2019
Four Corners Property Trust — Q1 2019 Earnings Presentation on 6ix