Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q3 2024 Earnings Presentation
20 slides from Four Corners Property Trust's earnings presentation, Oct 30, 2024
Slide 1: Q3 2024 Supplemental Financial & Operating Information
Q3 2024 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION Four Corners Property Trust NYSE: FCPT
Slide 2: Cautionary note regarding forward-looking statements
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 statements of fact and those regarding FCPT’s intent, belief or exp
Slide 3: Q3 2024 Contents
Q3 2024 CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 12 3 EXHIBITS PG 16
Slide 4: Consolidating Balance Sheet
Q3 2024 CONSOLIDATING BALANCE SHEET
Slide 5: Consolidated Income Statement
Q3 2024 CONSOLIDATED INCOME STATEMENT
Slide 6: FFO & AFFO Reconciliation
Q3 2024 FFO & AFFO RECONCILIATION
Slide 7: Net Asset Value Components
Q3 2024 NET ASSET VALUE COMPONENTS
Slide 8: Capitalization & Key Credit Metrics
Q3 2024 CAPITALIZATION & KEY CREDIT METRICS
Slide 9: Debt Summary
Q3 2024 DEBT SUMMARY Note: FCPT has entered into interest rate swaps that fix $460 million (95% of total debt fixed as of 9/30/2024) of Term Loans through November 2024, $435 million (93% of total debt fixed as of 9/30/2024) through November 2025, $435 million (93% of total debt fixed as of 9/30/202
Slide 10: Debt Maturity Schedule
Q3 2024 4.0-year Weighted average term for notes/term loans 95% Fixed rate debt 3.94% Weighted average cash interest rate $250 million Available on revolver 1 DEBT MATURITY SCHEDULE
Slide 11: Debt Covenants
DEBT COVENANTS As of September 30, 2024 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 2024 Limi
Slide 12: Real Estate Portfolio Summary
Q3 2024 1 FINANCIAL SUMMARY PG 3 3 EXHIBITS PG 16 CONTENTS 3 EXHIBITS PG 1 2 REAL ESTATE PORTFOLIO SUMMARY PG 12
Slide 13: FCPT Portfolio Brand Diversification
Q3 2024 1,176 Leases / 156 Brands Annual Base Rent of $229.2 million1 49% Darden Exposure 57% Investment Grade3 1.4% Average Annual Rent Escalator4 FCPT PORTFOLIO BRAND DIVERSIFICATION Other casual dining restaurants Auto service Medical retail Other retail 2 Quick service restaurants
Slide 14: Geographic Diversification
Q3 2024 WA OR CA MT ID NV AZ UT WY CO NM TX OK KS NE SD ND MN IA MO AR LA MS AL GA FL SC TN NC IL WI MI OH IN KY WV VA PA NY ME VT NH NJ DE MD MA CT RI GEOGRAPHIC DIVERSIFICATION 5.0%–10.0% 3.0%–5.0% 2.0%–3.0% Annualized Base Rent1 (%) 1.0 %–2.0% <1.0% No Properties 14
Slide 15: Lease Maturity Schedule
Q3 2024 %ANNUALIZED BASE RENT1 99.6% occupied2 as of 9/30/2024 7.3 years weighted average lease term < 4.4% of rental income matures prior to 2027 LEASE MATURITY SCHEDULE
Slide 16: Exhibits
Q3 2024 2 REAL ESTATE PORTFOLIO SUMMARY PG 12 3 EXHIBITS PG 16 1 FINANCIAL SUMMARY PG 3 CONTENTS
Slide 17: Non-GAAP financial measures definitions
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 other REITs and therefore may not be comparable. The non-G
Slide 18: Reconciliation Schedules
Q3 2024 RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE RENTAL REVENUE AND PROPERTY EXPENSE DETAIL
Slide 19: FFO & AFFO Reconciliation and Debt Summary Notes
Q3 2024 PAGE 6 FFO & AFFO RECONCILIATION Amount represents non-cash deferred income tax (benefit) expense recognized at the Kerrow Restaurant Business Assumes the issuance of common shares for OP units held by non-controlling interest PAGE 9 DEBT SUMMARY Borrowings under the term loans accrue intere
Slide 20: Supplemental Financial & Operating Information
Q3 2024 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
Four Corners Property Trust — Q3 2024 Earnings Presentation on 6ix