Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Investor Presentation (February 2021)
28 slides from Four Corners Property Trust's investor presentation, Feb 22, 2021
Slide 1: Investor Presentation February 2021
| FCPT | FEBRUARY 20211 INVESTOR PRESENTATION | FEBRUARY 2021 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T
Slide 2: Forward Looking Statements and Disclaimers
| FCPT | FEBRUARY 20212 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
| FCPT | FEBRUARY 20213 AGENDA Company Overview Page 3 Restaurant Industry Update Page 9 Appendix Page 15
Slide 4: Executive Summary
| FCPT | FEBRUARY 20214 EXECUTIVE SUMMARY Portfolio Update1 FCPT’s portfolio of 799 properties across 79 restaurant and retail brands continues to perform well with occupancy at 99.6% Sector leading rent collection with well over 99% collected in Q4 2020 and for the year Weighted average lease
Slide 5: Timeline
| FCPT | FEBRUARY 20215 TIMELINE 5 | FCPT | OCTOBER 2019 Completed spin- off from Darden Filed At-The-Market (ATM) program and received Investment Grade rating from Fitch (BBB-) Announced Joint Venture with Lubert- Adler Inaugural secondary offering for $101 million of gross proceeds Announced secon
Slide 6: 5-Year Track Record
| FCPT | FEBRUARY 20216 5-YEAR TRACK RECORD • FCPT has successfully grown the team, the portfolio, and key financial performance measures during its five-year history which provides strong momentum going into 2021 and beyond ____________________ Note: Data for full year shown, unless otherwise noted
Slide 7: Acquisition Growth
| FCPT | FEBRUARY 20217 ACQUISIT ION GROWTH Annual Cash Base Rent ($ 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 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q
Slide 8: Summary Capitalization and Financials
| FCPT | FEBRUARY 20218 ___________________ Figures represent FCPT financials as of and for three months ended 12/31/2020 1. Represents Q4 2020 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
| FCPT | FEBRUARY 20219 AGENDA Restaurant Industry Update Page 9 Company Overview Page 3 Appendix Page 15
Slide 10: Restaurant Industry Players
| FCPT | FEBRUARY 202110 RESTAURANT INDUSTRY PLAYERS Independents Branded Casual Dining Branded Quick-Service Estimated US Number1 ~364,000 ~49,000 ~243,000 Geography Urban/Suburban/Rural Suburban Suburban/Rural Access to Capital Limited; friends and family Strong; publicly traded companies Strong;
Slide 11: Restaurant Sales Trends by Sector
| FCPT | FEBRUARY 202111 Baird’s weekly restaurant survey shows quick service has been minimally impacted by COVID, showing positive same-store sales since May Casual dining has made a strong recovery after reaching a trough even with partial capacity constraints through more efficient operation
Slide 12: Chain vs Independent Restaurant Performance
| FCPT | FEBRUARY 202112 CHAIN VS INDEPENDENT RESTAURANT PERFORMANCE According to a recent Bank of America study of spending data, sales at big restaurant chains had largely recovered from the Coronavirus pandemic while the rest of the restaurant industry is taking longer to bounce back ____________
Slide 13: Kerrow LongHorn Steakhouse COVID-19 Timeline
| FCPT | FEBRUARY 202113 Christmas Grocery shortages begin Spring break events canceled; amusement parks closed • Kerrow operates six franchised LongHorn Steakhouses in San Antonio as a 100% subsidiary of FCPT • Revenue has largely recovered to just below pre-COVID levels and EBITDA margins in Q4 20
Slide 14: Maintaining Acquisition Philosophy and Criteria
| FCPT | FEBRUARY 202114 MAINTAINING ACQUISIT 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 add
Slide 15: Agenda
| FCPT | FEBRUARY 202115 AGENDA Appendix Page 15 Restaurant Industry Update Page 9 Company Overview Page 3
Slide 16: Joint Venture with Lubert-Adler
| FCPT | FEBRUARY 202116 Purpose: FCPT and Lubert-Adler will opportunistically bid, acquire and re-lease vacant restaurant properties in attractive retail corridors. The partnership will leverage existing tenant relationships and appropriate rent setting to create highly attractive and marketable ne
Slide 17: Outparcel Strategy: A Quick Update
| FCPT | FEBRUARY 202117 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 18: Company Momentum Since Inception in November 2015
| FCPT | FEBRUARY 202118 COM PAN Y MOM ENTUM SINCE INCEPTION IN NOV EMBER 2015 Team Members 4 +19 23 Annual Base Rent1 $94.4 million +$61.6 million / +65% $156.0 million Properties 418 +381 / +91% 799 Brands 5 +74 79 % Darden2 100% -34% 66% Overhead Efficiency3 10.0% -2.6% 7.4% Equity Market Cap $84
Slide 19: FCPT Evolution Since Spin-Off
| FCPT | FEBRUARY 202119 F C P T E V O L U T I O N S I N C E S P I N - O F F : 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 T I O N ___________________ 1. Represents current Annual Cash Base Rent (ABR) as of 12/31/2020, as defined on page 26. 2. Other Darden represents
Slide 20: Geographic Diversification
| FCPT | FEBRUARY 202120 GEOGRAPHIC DIVERSIF ICATION ___________________ Figures as of 12/31/2020. Excludes six owned / ground leased restaurants in the Kerrow Restaurant Operating Business 1. Annual Cash Base Rent (ABR) as defined on page 26. 799 Properties 46 States 79 Brands 5.2 mm sq ft Portfoli
Slide 21: Lease Maturity Schedule
| FCPT | FEBRUARY 202121 0.1% 1.0% 1.0% 1.7% 2.0% 1.7% 12.1% 13.4% 11.7% 11.0% 10.5% 7.1% 14.9% 1.5% 1.6% 2.3% 2.8% 0.1% 0.6% 0.2% 0.0% 0.0% 0.0% 2.9% 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 22: FCPT Debt Maturity Schedule
| FCPT | FEBRUARY 202122 FCPT DEBT MATURITY SCHEDULE $50 $50 $10 $250 $150 $150 $150 $0 $75 $50 $50 $75 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Undrawn Revolver Capacity Drawn Revolver Unsecured Term Loan Unsecured Notes $100 % of Total Debt Outstanding (1) 1% 20% 20% 20% 0% 7% 7% 10%7% 10
Slide 23: Brand Diversification
| FCPT | FEBRUARY 202123 BRAND DIVERSIF ICATION ___________________ 1. Annual Cash Base Rent (ABR) as of 12/31/2020 as defined on page 26. FCPT Portfolio Brands Rank Brand Name Number Square Feet (000s) % of ABR(1) Rank Brand Name Number Square Feet (000s) % of ABR(1) 1 Olive Garden 309 2,630 48.9%
Slide 24: 2020 Acquisitions
| FCPT | FEBRUARY 202124 2020 ACQUISIT IONS 1. Includes $2.4 land purchase on which FCPT is developing a LongHorn Steakhouse as part of the Kerrow operating business. . 2020 Closed Acquisitions Tenant Location # of Properties Operator / Guarantor Information Purchase Price ($mm) Initial Cash Yield T
Slide 25: 2020 Closed Acquisitions
| FCPT | FEBRUARY 202125 2020 Closed Acquisitions Tenant Location # of Properties Operator / Guarantor Information Purchase Price ($mm) Initial Cash Yield Term (years) Announced Close Seritage: Bahama Breeze SC 1 Corporate $2.8 -- 10 9/29/2020 Seritage: Popeyes SC 1 Franchisee $1.6 -- 14 9/30/2020 B
Slide 26: Glossary and Non-GAAP Definitions
| FCPT | FEBRUARY 202126 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
| FCPT | FEBRUARY 202127 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ 1. See glossary on page 26 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2020 2019 2020 2019 Net Income 20,307$ 18,993$ 77,567$ 72,939$ Adjustments: Interest expens
Slide 28: 202128 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E
| FCPT | FEBRUARY 202128 INVESTOR PRESENTATION | FEBRUARY 2021 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T
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