Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q3 2019 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Oct 30, 2019
Slide 1: Supplemental Financial & Operating Information Q3 2019
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q3 2019 www.fcpt.com 1 | FCPT | Q3 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 Maturity Schedule 10 Debt Covenants 11 Real Estate Portfolio Summary Property
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 9/30/2019 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 $ 605,540 $ 3,061 $ - $ 608,601 $ 569,057 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 2019 2018 2019 2018 Revenues: Rental revenue $ 35,209 $ 31,324 $ 103,832 $ 90,509 Restaurant revenue 4,974 4,798 15,520 15,091 Total revenues 40,183 36,1
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 2019 2018 2019 2018 Net income $ 18,409 $ 17,607 $ 53,946 $ 61,595 Real estate depreciation and amortization 6,636 5,724 19,481 16,264 Realized gain on sale
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 9/30/2019 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 302 2
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q3 2019 Capitalization ($000s, except per share data) Capitalization Equity: Share price (9/30/2019) $ 28.28 Shares and OP units outstanding (9/30/2019) 68,706,574 Equity Value $ 1,943,022 75.7% Debt: Term loan $ 400,000 15.6% Revolving credit facility
Slide 9: Debt Summary
DEBT SUMMARY Balance as of Cash Interest Rate Weighted September 30, 2019 as of September 30, Average Debt Type Maturity Date ($000s) % of Debt 2019(4) Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21 $ - 0.0% 0.0% 2.1 Term loan Nov-22 150,000 24.0% 3.13% 3.1 Term loan Nov-23 150,000 24.
Slide 10: Debt Maturity Schedule
DEBT MATURITY SCHEDULE Current Debt Maturity Schedule Staggered 5.1-year weighted (1) average term for notes/bonds Undrawn Revolver Capacity 84% fixed rate debt Unsecured Term Loan 3.7% weighted average cash interest rate Unsecured Notes Full availability on $250mm revolver $250 $150 $150 $150 $100
Slide 11: Debt Covenants
DEBT COVENANTS As of September 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 Q3 2019 Lim
Slide 12: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND Lease Count: (1) 651 Leases (2) 41 Brands ___________________________ Figures as of 9/30/2019 (1) Other includes three leases for the following brands: Panera, Steak N’ Shake, two leases for the following brands: Chick-fil-A, IHOP, Popeyes, Seasons 52, and one lease for t
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% FL 1.0 %–2.0% <1.0% No Properties State % ABR Properties TX 12.0% 65 IL 3.2% 26 SC 2
Slide 14: Brand Diversification
BRAND DIVERSIFICATION FCPT Portfolio Brands FCPT total ABR(1): Square Feet % of $130.9 million Rank Brand Name Number (000s) ABR(1) 1 Olive Garden 302 2,577 55.7% 2 Longhorn Steakhouse 106 590 15.1% 3 Chili's 53 293 8.2% 4 Red Lobster 20 149 3.5% 15% 5 Burger King 22 70 2.3% 106 units 6 Bahama Breez
Slide 15: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 15.6% 99.9% occupied2 as of 9/30/2019 13.9% 13.4% 11.9% 11.5% Weighted average lease term of 11.1% 11.5 years 7.9% Less than 4.0% of rental income matures prior to 2027 3.3% 3.0% 3.2% 0.7% 0.7% 0.7% 0.7% 0.6% 0.7% 0.3% 0.
Slide 16: 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 17: 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 2019 2018 2019 2018 Net Income $ 18,409 $ 17,607 $ 53,946 $ 61,595 Adjustments: Interest expense 6,665 4,934 19,969 14,667 Income ta
Slide 18: Four Corners Property Trust
FOUR CORNERS PROPERTY TRUST N Y S E : F C P T SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q3 2019 www.fcpt.com 18 | FCPT | Q3 2019
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