Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q2 2019 Earnings Presentation
17 slides from Four Corners Property Trust's earnings presentation, Jul 30, 2019
Slide 1: Supplemental Financial & Operating Information | Q2 2019
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q2 2019 www.fcpt.com 1 | FCPT | Q2 2019
Slide 2: Cautionary Note Regarding Forward-Looking Statements
CAUTIONARY NOTE REGARDING FORWARD - LOOKING STATEMENTS 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 those regarding the Company’s intent, beli
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 6/30/2019 As of 12/31/2018 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 599,986 $ 3,061 $ - $ 603,047 $ 569,057 Buildings, equi
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2019 2018 2019 2018 Revenues: Rental revenue $ 34,415 $ 29,596 $ 68,623 $ 59,186 Restaurant revenue 5,153 5,079 10,546 10,293 Total revenues 39,568 34,675 79,169 69
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2019 2018 2019 2018 Net income $ 17,936 $ 27,627 $ 35,537 $ 43,990 Real estate depreciation and amortization 6,501 5,209 12,845 10,540 Realized gain on sale of real est
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Per Tenant Lease Term Annual Cash % Total Price Number of Feet Square Foot EBITDAR Remaining Base Rent Cash Base Real Estate Portfolio as of 6/30/2019 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 301 2
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Current Capitalization ($000s, except per share data) Capitalization Equity: Share price (6/30/2019) $ 27.33 Shares and OP units outstanding (6/30/2019) 68,707,635 Equity Value $ 1,877,780 75.0% Debt: Term loan $ 400,000 16.0% Revolving credit facility
Slide 9: Debt Summary
DEBT SUMMARY Cash Interest Weighted Balance as of Rate as of Average Debt Type Maturity Date June 30, 2019 ($000s) % of Debt June 30, 2019(4) Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21 $ - 0.0% 0.0% 2.4 Term loan Nov-22 150,000 24.0% 3.22% 3.4 Term loan Nov-23 150,000 24.0% 3.12% 4
Slide 10: Debt Covenants
DEBT COVENANTS As of June 30, 2019 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 Q2 2019 Limitati
Slide 11: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND Lease Count: 643 Leases (2) 40 Brands ___________________________ Figures as of 6/30/2019 (1) Other includes two leases for the following brands: Chick-fil-A, IHOP, Outback Steakhouse, Popeyes, Seasons 52, and one lease for the following brands: Applebee’s, Carl’s Jr., Ca
Slide 12: Brand Diversification
BRAND DIVERSIFICATION FCPT Portfolio Brands FCPT total ABR(1): Square Feet % of $129.7 million Rank Brand Name Number (000s) ABR(1) 1 Olive Garden 301 2,568 56.1% 2 Longhorn Steakhouse 106 590 15.3% 3 Chili's 53 293 8.2% 4 Red Lobster 20 149 3.5% 5 Burger King 22 70 2.4% 15% 6 Bahama Breeze 9 84 2.2
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 (1) AR % ABR 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 12.1% 65 IL 3.2% 25 SC 2
Slide 14: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent(1)) 15.7% 99.9% occupied(2) as of 6/30/2019 13.9% 13.4% 11.9% 11.5% 11.2% Weighted average lease term of 11.8 years 8.0% Less than 3.6% of rental income matures prior to 2027 3.0% 3.1% 3.3% 0.7% 0.7% 0.7% 0.5% 0.6% 0.3% 0.2
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 measures may not be comparable to similarly titled measures maintain the operating performance of our properties, all of w
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 June 30, Six Months Ended June 30, Unaudited 2019 2018 2019 2018 Net Income $ 17,936 $ 27,627 $ 35,537 $ 43,990 Adjustments: Interest expense 6,557 4,877 13,304 9,733 Income tax expense 61
Slide 17: Four Corners Property Trust Supplemental Information
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q2 2019 www.fcpt.com 17 | FCPT | Q2 2019
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