Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q3 2018 Earnings Presentation
17 slides from Four Corners Property Trust's earnings presentation, Oct 29, 2018
Slide 1: Supplemental Financial & Operating Information Q3 2018
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q3 2018 w w w .fcpt.com 1 | FCPT | Q3 2018
Slide 2: Cautionary Note Regarding Forward-Looking Statements
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 press release 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
Slide 3: Table of Contents
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 Covenants 10 Real Estate Portfolio Summary Property Locations by Brand 11 Bran
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 9/30/2018 As of 12/31/2017 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 546,009 $ 3,061 $ - $ 549,070 $ 449,331 Buildings, equi
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2018 2017 2018 2017 Revenues: Rental revenue $ 31,324 $ 28,835 $ 90,509 $ 84,926 Restaurant revenue 4,798 4,676 15,091 14,445 Total revenues $ 36,122 $ 3
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2018 2017 2018 2017 Net income $ 17,607 $ 19,334 $ 61,595 $ 53,418 Real estate depreciation and amortization 5,724 5,414 16,264 16,231 Realized gain on sales
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Per Tenant Lease Term Annual Cash Base % Total Price Number of Feet Square Foot EBITDAR Remaining Rent Cash Base Real Estate Portfolio as of 9/30/2018 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 299 2
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Current Capitalization ($000s, except per share data) Capitalization Equity: Share price (9/28/2018) $ 25.69 Shares and OP units outstanding (9/30/2018) 67,851,012 Equity Value $ 1,743,092 76.9% Debt: Term loan $ 400,000 17.6% Revolving credit facility
Slide 9: Debt Summary
DEBT SUMMARY Balance as of Cash Interest Rate as Weighted September 30, of September 30, Average Debt Type Maturity Date 2018 ($000s) % of Debt 2018(3) Maturity (Yrs.) Credit Facility Revolving facility 11/9/2021 $ - - 3.1 Term loan (1) 11/9/2022 400,000 76.2% 2.7% 4.1 Principal Amount $ 400,000 Uns
Slide 10: Debt Covenants
DEBT COVENANTS As of September 30, 2018 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 Q3 2018 Lim
Slide 11: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND (1) 591 Properties (2) 31 Brands ___________________________ (1) Other includes 1 property for each of the following brands: BJ’s Restaurant, Cheddar’s, Chick-Fil-A, Del Taco/Mod Pizza, Denny’s, Fazoli’s, Panda Express, Panera, Wildfish, Zaxby’s, and 2 properties for each
Slide 12: Brand & Tenant Diversification
BRAND & TENANT DIVERSIFICATION Brand Breakdown(1) 16% 3% 105 units 13 units 9% 52 units 13% 122 units 59% 299 units ABR(2): $120.9m ___________________________ (1) Percentage of annual cash base rent as of September 30, 2018. (2) Annualized cash base rent as defined in glossary. 12 | FCPT | Q3 2018
Slide 13: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION ND WA MT MN ME SD WI ID MI VT NH OR WY NY IA MA NE CT RI PA OH NV IL IN NJ UT CO MD DE KS MO WV KY VA CA TN OK NC AR % ABR(1) AZ NM SC ≥10.0% MS AL GA 5.0%–10.0% LA TX 3.0%–5.0% 2.0%–3.0% 1.0 %–2.0% FL <1.0% No Properties State % ABR Properties TX 12.5% 63 PA 3.0% 16 SC 2.
Slide 14: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Based Rent1) 16.4% 99.9% occupied as of 9/30/20182 14.3% 13.9% 12.4% 12.1% 11.8% Weighted average lease term of 12.4 years 8.6% Less than 2.0% of rental income matures prior to 2026 3.3% 3.4% 0.7% 0.9% 0.4% 0.5% 0.3% 0.0% 0.0% 0.1% 0
Slide 15: Glossary and Non-GAAP Definitions
GLOSSARY AND NON -GAAP DEFINITIONS Non-GAAP Definitions and Cautionary Note Regarding Forward-Looking Statements: This document includes certain non-GAAP financial measures that that disclose this information, representing approximately 97% of our to pay dividends or make distributions. In addition,
Slide 16: Reconciliation of Net Income to Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA RE ($000s, except shares and per share data) Three Months Ended September 30, Nine Months Ended September 30, Unaudited 2018 2017 2018 2017 Net Income $ 17,607 $ 19,334 $ 61,595 $ 53,418 Adjustments: Interest expense 4,934 5,463 14,667 14,066 Income ta
Slide 17: Four Corners Property Trust
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T 17 | FCPT | Q3 2018
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