Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2019 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Feb 12, 2020
Slide 1: Supplemental Financial & Operating Information Q4 2019
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q4 2019 www.fcpt.com 1 | FCPT | Q4 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, belie
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 12/31/2019 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 $ 687,514 $ 3,061 $ - $ 690,575 $ 569,057 Buildings, equ
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended December 31, Year Ended December 31, Unaudited 2019 2018 2019 2018 Revenues: Rental revenue $ 35,850 $ 33,156 $ 139,682 $ 123,665 Restaurant revenue 5,031 4,879 20,551 19,970 Total revenues 40,881 38,035 160,2
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended December 31, Year Ended December 31, Unaudited 2019 2018 2019 2018 Net income $ 18,993 $ 21,331 $ 72,939 $ 82,929 Depreciation and amortization 6,677 6,022 26,158 22,287 Realized gain on sales of real estate - (4,
Slide 7: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Per Tenant Lease Term Annual Cash Base % Total Price # of Feet Square Foot EBITDAR Remaining Rent Cash Base Real Estate Portfolio as of 12/31/2019 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 304 2,593
Slide 8: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q4 2019 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (12/31/2019) $ 28.19 Shares and OP units outstanding (12/31/2019) 70,310,052 Equity Value $ 1,982,040 74.5% Debt: Term loan $ 400,000 15.0% Revolving cr
Slide 9: Debt Summary
DEBT SUMMARY Balance as of Cash Interest Rate Weighted December 31, 2019 as of December 31, Average (4) Debt Type Maturity Date ($000s) % of Debt 2019 Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21 $ 52,000 7.7% 3.36% 1.9 Term loan Nov-22 150,000 22.2% 3.06% 2.9 Term loan Nov-23 150,00
Slide 10: Debt Maturity Schedule
FCPT DEBT MATURITY SCHEDULE Current Debt Maturity Schedule Staggered 4.6-year weighted (1) average term for notes/bonds Undrawn Revolver Capacity 78% fixed rate debt Drawn Revolver 3.6% weighted average cash interest rate Unsecured Term Loan $198 million available on revolver Unsecured Notes $250 $1
Slide 11: Debt Covenants
DEBT COVENANTS As of December 31, 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 Q4 2019 Limi
Slide 12: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND Lease Count: (1) (51) 702 Leases (1) 58 Brands ___________________________ Figures as of 12/31/2019 (1) FCPT owns 699 properties as of 12/31/2019 with 702 leases. 12 | FCPT | Q4 2019
Slide 13: Brand Diversification
BRAND DIVERSIFICATION FCPT Portfolio Brands FCPT total ABR(1): Square Feet % of $139.4 million (1) Rank Brand Name Number (000s) ABR 1 Olive Garden 304 2,593 53.2% 2 Longhorn Steakhouse 109 608 14.7% 3 Chili's 61 336 9.0% 15% 4 Red Lobster 21 155 3.4% 109 units 5 Burger King 22 70 2.2% 6 Buffalo Wil
Slide 14: 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 Leases TX 12.5% 72 IL 3.4% 32 CO 2.2%
Slide 15: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 16.1% 99.7% occupied2 as of 12/31/2019 14.1% 13.1% 11.3% 11.4% Weighted average lease term of 10.6% 11.1 years 7.5% Less than 5.1% of rental income matures prior to 2027 3.0% 3.3% 2.5% 1.0% 0.9% 1.0% 0.9% 1.0% 0.5% 0.7% 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 employed by other REITs. condition and results from operations, the utility of FFO as a measure management believes are hel
Slide 17: Reconciliation of Net Income to Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE ($000s, except shares and per share data) Three Months Ended December 31, Year Ended December 31, Unaudited 2019 2018 2019 2018 Net Income $ 18,993 $ 21,331 $ 72,939 $ 82,929 Adjustments: Interest expense 6,547 5,293 26,516 19,959 Income tax expense
Slide 18: Four Corners Property Trust Supplemental Financial & Operating Information
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q4 2019 www.fcpt.com 18 | FCPT | Q4 2019
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