Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2025 Earnings Presentation
21 slides from Four Corners Property Trust's earnings presentation, Apr 30, 2025
Slide 1: Q1 2025 Supplemental Financial & Operating Information
Q1 2025 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION Four Corners Property Trust NYSE: FCPT
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
Q1 2025 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17
Slide 4: Consolidating Balance Sheet
Q1 2025 CONSOLIDATING BALANCE SHEET
Slide 5: Consolidated Income Statement
Q1 2025 CONSOLIDATED INCOME STATEMENT
Slide 6: FFO & AFFO Reconciliation
Q1 2025 FFO & AFFO RECONCILIATION
Slide 7: Net Asset Value Components
Q1 2025 NET ASSET VALUE COMPONENTS
Slide 8: Capitalization & Key Credit Metrics
Q1 2025 CAPITALIZATION & KEY CREDIT METRICS
Slide 9: Debt Summary
DEBT SUMMARY Weighted Balance as of Cash Interest Rate as of Average Debt Type Maturity Date March 31, 2025 ($000s) % of Debt March 31, 2025 Maturity (Vrs.) Credit Facility Revolving facility Feb-2029 - - - 3.8 Term loan Nov-2026 100,000 8.2% 3.92% 16 Term loan Feb-2027 90,000 74% 3.87% 18 Term loan
Slide 10: Credit Facility and Hedging Summary
Q1 2025 CREDIT FACILITY AND HEDGING SUMMARY
Slide 11: Fully Extended Debt Maturity Schedule
Q1 2025 3.9-year Weighted average term for notes/term loans 95% Fixed rate debt 3.98% Weighted average cash interest rate $350 million Available on revolver 1 FULLY EXTENDED DEBT MATURITY SCHEDULE As of 3/31/2025 2
Slide 12: Debt Covenants
DEBT COVENANTS As of March 31, 2025 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 2025 Limitati
Slide 13: Real Estate Portfolio Summary
Q1 2025 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 17 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 13
Slide 14: FCPT Portfolio Brand Diversification
Q1 2025 1,236 Leases / 162 Brands Annual Base Rent of $243.9 million1 55% Investment Grade2 1.4% Average Annual Rent Escalator3 FCPT PORTFOLIO BRAND DIVERSIFICATION Other casual dining restaurants Auto service Medical retail Other retail 4 Quick service restaurants 5 6
Slide 15: Geographic Diversification
Q1 2025 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 OH IN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI GEOGRAPHIC DIVERSIFICATION >10% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties 15
Slide 16: Lease Maturity Schedule
Q1 2025 %ANNUALIZED BASE RENT1 99.4% occupied2 as of 3/31/2025 7.3 years weighted average lease term < 2.9% of rental income matures prior to 2027 LEASE MATURITY SCHEDULE
Slide 17: Exhibits
Q1 2025 2 REAL ESTATE PORTFOLIO SUMMARY PG 13 3 EXHIBITS PG 17 1 FINANCIAL SUMMARY PG 3 CONTENTS
Slide 18: Non-GAAP financial measures definitions
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 non-G
Slide 19: Reconciliation Schedules
Q1 2025 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Slide 20: FFO & AFFO Reconciliation notes
Q1 2025 PAGE 6 FFO & AFFO RECONCILIATION Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 9 DEBT SUMMARY Borrowings under the term loans accrue intere
Slide 21: Supplemental Financial & Operating Information
Q1 2025 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
Four Corners Property Trust — Q1 2025 Earnings Presentation on 6ix