Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2024 Earnings Presentation
20 slides from Four Corners Property Trust's earnings presentation, May 1, 2024
Slide 1: Q1 2024 Supplemental Financial & Operating Information
Q1 2024 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION Four Corners Property Trust N Y S E : F C P T
Slide 2: Cautionary note regarding forward-looking statements
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 statements of fact and those regarding FCPT’s intent, belief or exp
Slide 3: Contents
Q 1 2 0 2 4 3 CONTENTS 1 F I N A N C I A L S U M M A R Y P G 3 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2 3 E X H I B I T S P G 1 6
Slide 4: Consolidating Balance Sheet
Q 1 2 0 2 4 4 C O N S O L I D A T I N G BAL ANCE SHE E T As of 12/31/2023 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,237,203$ 7,456$ -$ 1,244,659$ 1,240,865$ B
Slide 5: Consolidated Income Statement
Q 1 2 0 2 4 5 C O N S O L I D A T E D INCOME STATE ME NT ($000s, except shares and per share data) Unaudited 2024 2023 Revenues: Rental revenue 58,573$ 52,197$ Restaurant revenue 7,894 7,755 Total revenues 66,467 59,952 Operating expenses: General and administrative 6,213 6,055 Depreciation and amor
Slide 6: FFO & AFFO Reconciliation
Q 1 2 0 2 4 6 F F O & A F F O RE CONCIL IATION ($000s, except shares and per share data) Unaudited 2024 2023 Net income 24,074$ 23,155$ Depreciation and amortization 13,430 12,145 Realized gain on sales of real estate - (1,562) FFO (as defined by NAREIT) 37,504$ 33,738$ Straight-line rental revenue
Slide 7: Net Asset Value Components
Q 1 2 0 2 4 7 N E T A S S E T V A L U E COMPONE NTS Real Estate Portfolio as of 3/31/2024 Purchase Price ($000s) # of Rental Leases Total Square Feet (000s) Avg. Rent Per Square Foot ($) Tenant EBITDAR Coverage1 Lease Term Remaining (Yrs)2 Annual Cash Base Rent ($000s)3 % Total Cash Base Rent(3) Dar
Slide 8: Capitalization & Key Credit Metrics
Q 1 2 0 2 4 8 C A P I T A L I Z A T I O N & K E Y C R E D I T ME TRICS % of Market Capitalization Equity: Share price (3/31/2024) 24.47$ Shares and OP units outstanding (3/31/2024) 92,103,762 Equity Value 2,253,779$ 66.4% Debt: Term loan 515,000$ 15.2% Revolving credit facility - 0.0% Unsecured note
Slide 9: Debt Summary
Q 1 2 0 2 4 9 D E B T SUMMARY Note: FCPT has entered into interest rate swaps that fix $460 million of Term Loans through November 2024, $410 million through November 2025, and $410 through November 2026, and $360 through November 2027. See footnotes for further details Debt Type Maturity Date Balan
Slide 10: Debt Maturity Schedule
$150 $100 $175 $90 $250 $50 $75 $50 $0 $150 $250 $140 $100 $75 $100 $75 $100 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Unsecured Notes Undrawn Revolver Drawn Revolver Unsecured Term Q 1 2 0 2 4 10 4.5-year Weighted average term for notes/term loans 95% Fixed rate debt 3.96% Weighted average
Slide 11: Debt Covenants
Q 1 2 0 2 4 11 D E B T COVE NANTS As of March 31, 2024 Covenants Q1 2024 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 37.0% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.3x Limitatio
Slide 12: Financial Summary
Q 1 2 0 2 4 12 1 F I N A N C I A L S U M M A R Y P G 3 3 E X H I B I T S P G 1 6 CONTENTS 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2
Slide 13: FCPT Portfolio Brand Diversification
Q 1 2 0 2 4 13 1,137 Leases / 149 Brands Annual Base Rent of $219.6 million1 51% Darden Exposure 59% Investment Grade3 1.4% Average Annual Rent Escalator4 F C P T P O R T F O L I O B R A N D DIVE RSIF ICATION 10% 4% 8% 21% 9% 8% 3% 37% Other restaurants Auto service Medical retail Other retail Other
Slide 14: Geographic Diversification
Q 1 2 0 2 4 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OHIN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI G E O G R A P H I C DIVE RSIF ICATION ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties 14 State % A
Slide 15: Lease Maturity Schedule
Q 1 2 0 2 4 15 0.9% 2.2% 2.8% 12.7% 11.9% 11.1% 9.9% 9.5% 7.0% 13.4% 1.9% 2.3% 3.3% 2.3% 2.9% 0.4% 1.4% 0.8% 1.7% 0.4% 1.3% 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 % A N N U A L I Z E D B A S E R E N T 1 99.6% occupied2 as of 3/31/2024
Slide 16: Real Estate Portfolio Summary
Q 1 2 0 2 4 16 2 R E A L E S T A T E P O R T F O L I O S U M M A R Y P G 1 2 3 E X H I B I T S P G 1 6 1 F I N A N C I A L S U M M A R Y P G 3CONTENTS
Slide 17: Non-GAAP financial measures definitions
17 This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs and therefore may not be comparable. The no
Slide 18: Reconciliation Schedules
Q 1 2 0 2 4 18 R E C O N C I L I A T I O N S C H E D U L E S RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL (In thousands) Unaudited 2024 2023 Net Income 24,074$ 23,155$ Adjustments: Interest expense 12,281 9,918 Income tax expense 27 48 Depreciation and
Slide 19: Footnotes
Q 1 2 0 2 4 19 PAGE 6 FFO & AFFO RECONCILIATION 1. Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business 2. Assumes the issuance of common shares for OP units held by non- controlling interest PAGE 9 DEBT SUMMARY 1. Borrowings under the term lo
Slide 20: Thank You
Four Corners Property Trust N Y S E : F C P T THANK YOU Q1 2024 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION
Four Corners Property Trust — Q1 2024 Earnings Presentation on 6ix