Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q4 2020 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Feb 17, 2021
Slide 1: Q4 2020 Supplemental Financial & Operating Information
| FCPT | Q4 20201 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q4 2020 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T
Slide 2: Cautionary Note Regarding Forward-Looking Statements
| FCPT | Q4 20202 C A U T I O N A R Y N O T E R E G A R D I N G F O R W A R D - L O O K I N G S T A T 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 stateme
Slide 3: Table of Contents
| FCPT | Q4 20203 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
Slide 4: Consolidating Balance Sheet
| FCPT | Q4 20204 CONSOLIDATING BALANCE SHEET As of 12/31/2019 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 822,451$ 5,051$ -$ 827,502$ 690,575$ Buildings, equipme
Slide 5: Consolidated Income Statement
| FCPT | Q4 20205 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2020 2019 2020 2019 Revenues: Rental revenue 40,091$ 35,850$ 154,721$ 139,682$ Restaurant revenue 4,527 5,031 16,223 20,551 Total revenues 44,618 40,881 170,944 160,233 Operating expenses: General and
Slide 6: FFO & AFFO Reconciliation
| FCPT | Q4 20206 FFO & AFFO RECONCILIATION ___________________________ (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 associated
Slide 7: Net Asset Value Components
| FCPT | Q4 20207 NET ASSET VALUE COMPONENTS ___________________________ (1) We have estimated Darden current quarter EBITDAR coverage using latest FCPT portfolio reported sales results for the quarter ended November 2020 and Darden brand average margins reported for the same period. We are not repo
Slide 8: Capitalization & Key Credit Metrics
| FCPT | Q4 20208 CAPITALIZATION & KEY CREDIT METRICS ___________________________ (1) Fourth quarter 2020 dividend was declared on 11/9/2020, payable on 1/15/2021. (2) Principal debt amount less cash and cash equivalents. (3) Current quarter annualized. See glossary on page 16 for definitions of EBI
Slide 9: Debt Summary
| FCPT | Q4 20209 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at an average rate of LIBOR plus 1.29%. FCPT has entered into interest rate swaps that fix 88% of the term loans’ rate exposure through November 2022, 75% through November 2023, and 63% thr
Slide 10: FCPT Debt Maturity Schedule
| FCPT | Q4 202010 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 12/30/2020 (1) The revolving credit facility expires on November 9, 2021 subject to FCPT’s availability to extend the term for two additional six-month periods to November 9, 2022. Current Debt Maturity Schedule $50 $50
Slide 11: Debt Covenants
| FCPT | Q4 202011 DEBT COVENANTS As of December 31, 2020 Covenants Q4 2020 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 33.6% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 5.1x Limita
Slide 12: Property Locations by Brand
| FCPT | Q4 202012 PROPERTY LOCATIONS BY BRAND 805 Leases (1) 79 Brands ___________________________ Figures as of 12/31/2020 (1) FCPT owns 799 rental properties as of 12/31/2020 with 805 leases. Lease Count: Olive Garden (309) Longhorn Steakhouse (115) Chili’s (65) KFC (33) Burger King (24) Red Lobs
Slide 13: Brand Diversification
| FCPT | Q4 202013 49% 309 Units 14% 115 Units 8% 65 Units 3% 14 Units Other Restaurants 22% 255 units 42 brands Non-Restaurant Retail 4% / 47 units / 30 brands Other Darden2 BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 12/31/2
Slide 14: Geographic Diversification
| FCPT | Q4 202014 % 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 OH INIL 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
| FCPT | Q4 202015 0.1% 1.0% 1.0% 1.7% 2.0% 1.7% 12.1% 13.4% 11.7% 11.0% 10.5% 7.1% 14.9% 1.5% 1.6% 2.3% 2.8% 0.1% 0.6% 0.2% 0.0% 0.0% 0.0% 2.9% 2021 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
| FCPT | Q4 202016 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 othe
Slide 17: Reconciliation of Net Income to Adjusted EBITDAre
| FCPT | Q4 202017 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 16 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2020 2019 2020 2019 Net Income 20,307$ 18,993$ 77,567$ 72,939$ Adjustments: Interest expense 7,4
Slide 18: Supplemental Financial & Operating Information
| FCPT | Q4 202018 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q4 2020 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T
Four Corners Property Trust — Q4 2020 Earnings Presentation on 6ix