Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2023 Earnings Presentation
20 slides from Four Corners Property Trust's earnings presentation, Feb 15, 2024
Slide 1: Q4 2023 Supplemental Financial & Operating Information
Four Corners Property Trust NYSE: FCPT Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
Slide 2: Forward Looking Statements and Disclaimers
FORWARD LOOKING STATEMENTS AND DISCLAIMERS 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 t
Slide 3: Contents
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 12 3 EXHIBITS PG 16 Q4 2023 3
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 12/31/2023 As of 12/31/2022 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land $ 1,233,409 $ 7,456 $ - $ 1,240,865 $ 1,115,827 Buildings, equipme
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (Unaudited) Revenues: Rental revenue $ 57,614 $ 50,085 $ 219,881 $ 193,611 Restaurant revenue 7,529 7,279 30,725 29,583 Total revenues 65,143 5
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended December 31, Twelve Months Ended December 31, Unaudited 2023 2022 2023 2022 Net income $ 24,459 $ 22,900 $ 95,462 $ 97,908 Depreciation and amortization 13,284 11,020 50,592 41,342 Realized gain on sales of real e
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Tenant Lease Term Annual Cash Price # of Rental Feet Per Square EBITDAR Remaining Base Rent % Total Cash Base 1 2 3 Real Estate Portfolio as of 12/31/2023 ($000s) Leases (000s) Foot ($) Coverage (Yrs) ($000s) Rent(3) Darden - 455 3,549 32 5.
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q4 2023 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (12/31/2023) $ 25.30 Shares and OP units outstanding (12/31/2023) 91,732,036 Equity Value $ 2,320,821 67.4% Debt: Term loan $ 430,000 12.5% Revolving cr
Slide 9: Debt Summary
DEBT SUMMARY Weighted Balance as of Cash Interest Rate as of Average Debt Type Maturity Date December 31, 2023 ($000s) % of Debt December 31, 20234 Maturity (Yrs.) Credit Facility1 Revolving facility Nov-2025 16,000 1.4% 6.26% 1.9 Term loan Nov-2025 150,000 13.4% 3.61% 1.9 Term loan Nov-2026 100,000
Slide 10: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Unsecured Notes $234 4.7-year Weighted average Undrawn 1 term for notes/term Revolver loans Drawn 94% Revolver Fixed rate debt Unsecured 3.96% Term Weighted average cash interest rate $234 million $165 Available on revolver $16 $150 $140 $50 $75 $50 $100 $100 $100 $75 $75 $150
Slide 11: Debt Covenants
DEBT COVENANTS As of December 31, 2023 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 Q4 2023 Limit
Slide 12: Contents: Real Estate Portfolio Summary
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 12 3 EXHIBITS PG 16 Q4 2023 12
Slide 13: Brand Diversification
BRAND FCPT 1,135 Leases / 148 Brands Annual Base Rent of $218.2 million1 DIVERSIFICATION PORTFOLIO 52% Darden Exposure FCPT Portfolio Brands 59% Investment Grade3 Square 1.4% Average Annual Rent Escalator4 Feet % of Rank Brand Name Number (000s) ABR 2 1 Olive Garden 314 2,673 37.1% Other 2 Longhorn
Slide 14: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION WA MT ME ND OR VT MN NH ID SD WI NY MA WY MI RI IA PA CT NE NJ NV OH IN UT IL DE CA CO WV MO MD KS KY VA Annualized NC Base Rent1 (%) TN OK ≥10.0% AZ NM AR SC 5.0%–10.0% MS AL GA 3.0%–5.0% TX LA 2.0%–3.0% 1.0 %–2.0% FL <1.0% No Properties State % ABR Leases TX 10.1% 89 TN
Slide 15: Lease Maturity Schedule
LEASE MATURITY SCHEDULE %ANNUALIZED BASE RENT1 7.8 years weighted average lease term 13.5% 99.8% 12.7% 12.0% 10.9% occupied2 as of 12/31/2023 10.0% 9.6% 7.0% < 6.4% of rental income matures prior to 2027 3.3% 2.9% 2.8% 2.2% 2.3% 2.3% 1.5% 1.4% 1.7% 1.3% 1.3% 0.8% 0.4% 0.3% 2024 2025 2026 2027 2028 2
Slide 16: Contents: Exhibits
CONTENTS 1 FINANCIAL SUMMARY PG 3 2 REAL ESTATE PORTFOLIO SUMMARY PG 12 3 EXHIBITS PG 16 Q4 2023 16
Slide 17: Glossary and Non-GAAP Definitions
GLOSSARY AND NON-GAAP DEFINITIONS This document includes certain non-GAAP financial Tenant EBITDAR is calculated as EBITDA plus rental expense. Adjusted Funds From Operations (“AFFO”) is a measures that management believes are helpful in EBITDAR is derived from the most recent data provided by tenan
Slide 18: Reconciliation Schedules
RECONCILIATION SCHEDULES RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE (In thousands) Three Months Ended December 31, Twelve Months Ended December 31, Unaudited 2023 2022 2023 2022 Net Income $ 24,459 $ 22,900 $ 95,462 $ 97,908 Adjustments: Interest expense 12,361 9,822 44,606 36,405 Income tax
Slide 19: Footnotes
FOOTNOTES PAGE 6 FFO & AFFO RECONCILIATION PAGE 10 DEBT MATURITY SCHEDULE 1. Amount represents non-cash deferred income tax (benefit) expense Figures as of 12/31/2023 recognized at the Kerrow Restaurant Business 1. The revolving credit facility expires on November 9, 2025 2. Assumes the issuance of
Slide 20: Thank You
Four Corners Property Trust NYSE: FCPT THANK YOU Q4 2023 SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION
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