Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q2 2023 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Aug 1, 2023
Slide 1: Q2 2023 Supplemental Financial & Operating Information
| FCPT | Q2 20231 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q2 2023 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T
Slide 2: Cautionary Note Regarding Forward-Looking Statements
| FCPT | Q2 20232 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 presentation contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical stateme
Slide 3: Table of Contents
| FCPT | Q2 20233 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 Maturity Schedule 10 Debt Covenants 11 Real Estate Portfolio
Slide 4: Consolidating Balance Sheet
| FCPT | Q2 20234 CONSOLIDATING BALANCE SHEET As of 12/31/2022 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,180,286$ 7,456$ -$ 1,187,742$ 1,115,827$ Buildings, e
Slide 5: Consolidated Income Statement
| FCPT | Q2 20235 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2023 2022 2023 2022 Revenues: Rental revenue 52,843$ 47,904$ 105,040$ 94,807$ Restaurant revenue 7,845 7,521 15,600 15,015 Total revenues 60,688 55,425 120,640 109,822 Operating expenses: General and
Slide 6: FFO & AFFO Reconciliation
| FCPT | Q2 20236 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 ($000s, except shares and
Slide 7: Net Asset Value Components
| FCPT | Q2 20237 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 68% of portfolio annual cash base rent. Reporting for non-restaurant sector not reported sep
Slide 8: Capitalization & Key Credit Metrics
| FCPT | Q2 20238 CAPITALIZATION & KEY CREDIT METRICS ___________________________ (1) Second quarter 2023 dividend was declared on 6/14/2023, payable on 7/14/2023 (2) Principal debt amount less cash and cash equivalents (3) Current quarter annualized. See glossary on page 16 for definitions of EBITD
Slide 9: Debt Summary
| FCPT | Q2 20239 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at a rate of daily SOFR plus 0.10% plus a 0.95%-1.00% credit spread. FCPT has entered into interest rate swaps that fix 81% of the term loans’ rate exposure through November 2023, 76% throu
Slide 10: FCPT Debt Maturity Schedule
| FCPT | Q2 202310 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 6/30/2023 (1) The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026 Current Debt Maturity Schedule ($ millions) $5
Slide 11: Debt Covenants
| FCPT | Q2 202311 DEBT COVENANTS As of June 30, 2023 Covenants Q2 2023 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 34.5% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.8x Limitation
Slide 12: Property Locations by Brand
| FCPT | Q2 202312 PROPERTY LOCATIONS BY BRAND 1,097 Leases (1) 143 Brands ___________________________ Figures as of 6/30/2023 (1) FCPT owns 1,077 rental properties as of 6/30/2023 with 1,097 leases Lease Count: Olive Garden (313) Longhorn Steakhouse (115) Chili’s (83) KFC (33) Buffalo Wild Wings (2
Slide 13: Brand Diversification
| FCPT | Q2 202313 38% 313 Units 11% 115 Units 8% 83 Units 2% 14 Units Other Restaurants 22% 315 units 57 brands Non-Restaurant Retail 19% / 257 units / 79 brands Other Darden(2) BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 6/3
Slide 14: Geographic Diversification
| FCPT | Q2 202314 % ABR(1) ≥10.0% 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% <1.0% No Properties MN SD NJ OHINIL VT NHID AL AZ AR CA CO CT DE FL GA IA KS KY LA ME MD MA MI MS MO MT NE NV NM NY NC ND OK OR PA RI SC TN TX UT VA WA WV WI WY GEOGRAPHIC DIVERSIF ICATION ___________________________ (1) An
Slide 15: Lease Maturity Schedule
| FCPT | Q2 202315 0.2% 2.0% 2.3% 3.0% 13.2% 12.3% 10.4% 10.1% 10.0% 7.1% 13.6% 1.4% 1.7% 2.7% 1.5% 2.0% 0.6% 1.5% 0.9% 1.8% 0.0% 1.8% 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 ___________________ Note: Exclu
Slide 16: Glossary and Non-GAAP Definitions
| FCPT | Q2 202316 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 of othe
Slide 17: Reconciliation Schedules
| FCPT | Q2 202317 ___________________________ (1) See glossary on page 16 for non-GAAP definitions (2) Other non-reimbursed property expenses include non-reimbursed tenant expenses, vacant property expenses, abandoned deal costs, property legal costs, and franchise taxes Reconciliation of Net Incom
Slide 18: Supplemental Financial & Operating Information | Q2 2023
| FCPT | Q2 202318 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q2 2023 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T
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