Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Investor Presentation (October 2021)
28 slides from Four Corners Property Trust's investor presentation, Oct 26, 2021
Slide 1: Investor Presentation | October 2021
1 | FCPT | OCTOBER 2021 www.fcpt .comINVESTOR PRESENTATION | OCTOBER 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
Slide 2: Forward Looking Statements and Disclaimers
2 | FCPT | OCTOBER 2021 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
Slide 3: Agenda
3 | FCPT | OCTOBER 2021 AGENDA Company Overview Page 3 Restaurant Industry Update Page 9 Appendix and Selected Supplemental Slides Page 13
Slide 4: Executive Summary
4 | FCPT | OCTOBER 2021 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 886 properties across 101 restaurant and retail brands continues to perform well with o
Slide 5: Acquisitions by Year
5 | FCPT | OCTOBER 2021 ACQUIS IT IONS BY YEAR 5 | FCPT | OCTOBER 2019 Note: Figures exclude capitalized transaction costs. Initial cash yield calculation excludes $2.1 million, and $2.4 million of real estate purchases in our Kerrow operating business for 2019 and 2020, respectively. 1. Announced c
Slide 6: Q1 through Q3 2021 Acquisitions
6 | FCPT | OCTOBER 2021 Q1 THROUGH Q3 2021 ACQUIS IT IONS 1. Totals indicate weighted average. 2021 Closed Acquisitions Q3 2021 Closed Acquisitions: Tenant Location # of Properties Operator / Guarantor Purchase Price ($ millions) Initial Cash Yield1 Initial Term (years)1 Announcement Date Brookfield
Slide 7: Acquisition Growth
7 | FCPT | OCTOBER 2021 ACQUIS IT ION GROWTH Annual Cash Base Rent ($ million)1 7 | FCPT | OCTOBER 2019 Number of Properties . 94.4 94.4 94.4 95.9 101.0 102.1 105.2 105.3 108.0 109.4 109.6 120.9 125.6 126.8 129.7 130.9 139.4 142.0 144.1 147.8 156.0 158.2 161.6 168.8 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q1
Slide 8: Summary Capitalization and Financials
8 | FCPT | OCTOBER 2021 ___________________ Figures represent FCPT financials as of and for three months ended 9/30/2021 1. Represents Q3 2021 annualized results. See page 27 for reconciliation of net income to adjusted EBITDAre and page 26 for non-GAAP definitions. 2. Figure represents Annual Cash
Slide 9: Agenda
9 | FCPT | OCTOBER 2021 AGENDA Restaurant Industry Update Page 9 Company Overview Page 3 Appendix and Selected Supplemental Slides Page 13
Slide 10: Darden Performance and Concentration
10 | FCPT | OCTOBER 2021 DARDEN PERFORMANCE AND CONCENTRATION Inception November 2015 FCPT BBB- Rating January 2017 Pre-COVID Q4 2019 Current Q3 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 11: Restaurant Sales Trends by Sector
11 | FCPT | OCTOBER 2021 • Baird’s weekly restaurant survey shows both quick service and casual dining restaurants are performing above pre-COVID levels Baird Restaurants Surveys: Weekly Same-Store Sales vs. Two-Years Prior (2019) ____________________ Source: Data per The Baird Restaurant Surveys (p
Slide 12: Kerrow LongHorn Steakhouse COVID-19 Initiatives & Performance
12 | FCPT | OCTOBER 2021 -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% Jan-20 Mar-20 Apr-20 Jun-20 Jul-20 Aug-20 Oct-20 Nov-20 Jan-21 Feb-21 Apr-21 May-21 Jul-21 Aug-21 Oct-21 State of emergency declared Christmas Grocery shortages begin • Kerrow operates seven franchised LongHorn Steakhouses in San
Slide 13: Agenda
13 | FCPT | OCTOBER 2021 AGENDA Appendix and Selected Supplemental Slides Page 13 Restaurant Industry Update Page 9 Company Overview Page 3
Slide 14: Non-Restaurant Acquisitions Overview
14 | FCPT | OCTOBER 2021 NON-RESTAURANT ACQUIS IT IONS OVERVIEW 14 | FCPT | OCTOBER 2019 ___________________ Figures as of 9/30/2021, unless otherwise noted 1. As defined on page 26. FCPT began focusing on non-restaurants as an outgrowth of the outparcel strategy The properties share similar cha
Slide 15: Non-Restaurant: Auto Service Industry
15 | FCPT | OCTOBER 2021 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 A
Slide 16: Non-Restaurant: Medical Retail Industry
16 | FCPT | OCTOBER 2021 Representative Acquired Brands NON-RESTAURANT: MEDICAL RETAIL INDUSTRY Portfolio includes 14 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 r
Slide 17: Maintaining Acquisition Philosophy and Criteria
17 | FCPT | OCTOBER 2021 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 ad
Slide 18: Sustainability Framework
18 | FCPT | OCTOBER 2021 SUSTAINABIL ITY FRAMEWORK Our commitment to sustainability and Environmental, Social and Governance (ESG) principles creates value for FCPT and our shareholders. We continuously review our internal policies to advance in the areas of environmental sustainability, social resp
Slide 19: Outparcel Strategy: A Quick Update
19 | FCPT | OCTOBER 2021 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
Slide 20: Company Momentum Since Inception in November 2015
20 | FCPT | OCTOBER 2021 COM PAN Y MOM ENTUM SINCE INCEPTION IN NOV EMBER 2015 Team Members 4 +25 29 Annual Base Rent1 $94.4 million +$74.4 million / +79% $168.8 million Properties 418 +468 / +120% 886 Brands 5 +96 101 % Darden2 100% -39% 61% Overhead Efficiency3 10.0% -1.6% 8.4% Equity Market Cap $
Slide 21: FCPT Evolution Since Spin-Off: Tenant Diversification
21 | FCPT | OCTOBER 2021 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 9/30/2021, as defined on page 26. 2. Other Darden represents Baha
Slide 22: Geographic Diversification
22 | FCPT | OCTOBER 2021 GEOGRAPHIC DIVERSIF ICATION ___________________ Figures as of 9/30/2021. Excludes seven owned / ground leased restaurants in the Kerrow Restaurant Operating Business 1. Annual Cash Base Rent (ABR) as defined on page 26. 886 Properties 46 States 101 Brands 5.8 mm sq ft Portfo
Slide 23: FCPT Debt Maturity Schedule
23 | FCPT | OCTOBER 2021 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 9/30/2021 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 ($ millio
Slide 24: Lease Maturity Schedule
24 | FCPT | OCTOBER 2021 0.0% 0.7% 1.2% 2.7% 2.0% 2.1% 11.7% 12.9% 11.3% 10.8%10.5% 6.9% 14.0% 1.4% 1.8% 2.9% 1.2% 0.2% 0.6% 1.7% 0.8% 0.0% 0.0% 2.7% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LEASE MATURITY SCHEDULE ______
Slide 25: Brand Diversification
25 | FCPT | OCTOBER 2021 BRAND DIVERSIF ICATION ___________________ 1. Annual Cash Base Rent (ABR) as of 9/30/2021 as defined on page 26. 2. Investment Grade Ratings represent the credit rating of our tenants, their subsidiaries or affiliated companies from Fitch, S&P or Moody's. FCPT Portfolio Bran
Slide 26: Glossary and Non-GAAP Definitions
26 | FCPT | OCTOBER 2021 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 o
Slide 27: Reconciliation of Net Income to Adjusted EBITDAre
27 | FCPT | OCTOBER 2021 RECONCIL IATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ 1. See glossary on page 26 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Net Income 21,208$ 19,404$ 62,010$ 57,260$ Adjustments: Interest expen
Slide 28: Four Corners Property Trust
28 | FCPT | OCTOBER 2021 www.fcpt .comINVESTOR PRESENTATION | OCTOBER 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
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