Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2021 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Feb 16, 2022
Slide 1: Supplemental Financial & Operating Information Q4 2021
1 | FCPT | Q4 2021 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q4 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 | FCPT | Q4 2021 C AU T I O N AR Y N O T E R E G AR D I N G F O R W AR D - L O O K I N G S T AT 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 statements
Slide 3: Table of Contents
3 | FCPT | Q4 2021 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 Portfoli
Slide 4: Consolidating Balance Sheet
4 | FCPT | Q4 2021 CONSOLIDATING BALANCE SHEET As of 12/31/2020 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 959,109$ 7,456$ -$ 966,565$ 827,502$ Buildings, equipm
Slide 5: Consolidated Income Statement
5 | FCPT | Q4 2021 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Revenues: Rental revenue 45,462$ 40,091$ 172,812$ 154,721$ Restaurant revenue 7,192 4,527 26,566 16,223 Total revenues 52,654 44,618 199,378 170,944 Operating expenses: General an
Slide 6: FFO & AFFO Reconciliation
6 | FCPT | Q4 2021 FFO & AFFO RECONCIL IATION ___________________________ (1) Amount represents base rent that the Company abated as a result of lease amendments. In 2020, the Company abated $1.57 million of rental revenue recognized in the second and third quarters of 2020. The receivables associat
Slide 7: Net Asset Value Components
7 | FCPT | Q4 2021 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 78% of portfolio annual cash base rent. Non-restaurant not reported due to most tenants not
Slide 8: Capitalization & Key Credit Metrics
8 | FCPT | Q4 2021 C APITALIZ ATION & KEY CREDIT METRICS ___________________________ (1) Fourth quarter 2021 dividend was declared on 11/29/2021, payable on 1/14/2022. (2) Principal debt amount less cash and cash equivalents. (3) Current quarter annualized. See glossary on page 16 for definitions of
Slide 9: Debt Summary
9 | FCPT | Q4 2021 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at a rate of LIBOR plus 1.25%-1.35%. FCPT has entered into interest rate swaps that fix 87.5% of the term loans’ rate exposure through November 2022, 75% through November 2023, 63% through
Slide 10: FCPT Debt Maturity Schedule
10 | FCPT | Q4 2021 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 12/31/2021 (1) The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026. Current Debt Maturity Schedule ($ millions)
Slide 11: Debt Covenants
11 | FCPT | Q4 2021 DEBT COVENANTS As of December 31, 2021 Covenants Q4 2021 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 35.5% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 5.2x Limit
Slide 12: Property Locations by Brand
12 | FCPT | Q4 2021 PROPERTY LOCATIONS BY BRAND 936 Leases (1) 112 Brands ___________________________ Figures as of 12/31/2021 (1) FCPT owns 919 rental properties as of 12/31/2021 with 936 leases. Lease Count: Olive Garden (311) Longhorn Steakhouse (115) Chili’s (78) KFC (33) Burger King (25) Red Lo
Slide 13: Brand Diversification
13 | FCPT | Q4 2021 44% 311 Units 13% 115 Units 9% 78 Units 3% 14 Units Other Restaurants 22% 288 units 47 brands Non-Restaurant Retail 10% / 130 units / 58 brands Other Darden(2) BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 12
Slide 14: Geographic Diversification
14 | FCPT | Q4 2021 % 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) A
Slide 15: Lease Maturity Schedule
15 | FCPT | Q4 2021 0.5% 1.1% 2.6% 2.1% 2.2% 11.8% 12.9% 11.0% 11.1% 10.8% 6.8% 13.7% 1.4% 1.7% 3.0% 1.1% 0.2% 0.6% 1.7% 1.0% 0.0% 0.0% 2.6% 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 16: Glossary and Non-GAAP Definitions
16 | FCPT | Q4 2021 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 oth
Slide 17: Reconciliation of Net Income to Adjusted EBITDAre
17 | FCPT | Q4 2021 RECONCIL IATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 16 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 2021 2020 Net Income 23,735$ 20,307$ 85,745$ 77,567$ Adjustments: Interest expense 8
Slide 18: Four Corners Property Trust
18 | FCPT | Q4 2021 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q4 2021 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
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