Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q2 2022 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Jul 26, 2022
Slide 1: Supplemental Financial & Operating Information Q2 2022
1 | FCPT | Q2 2022 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q2 2022 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
Slide 2: Cautionary Note Regarding Forward-Looking Statements
2 | FCPT | Q2 2022 C AU T I O N AR Y N O T E R E G AR D I N G F O R W AR D - L O O K I N G S T AT 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 statements
Slide 3: Table of Contents
3 | FCPT | Q2 2022 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 Portfoli
Slide 4: Consolidating Balance Sheet
4 | FCPT | Q2 2022 CONSOLIDATING BALANCE SHEET As of 12/31/2021 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 1,006,841$ 7,456$ -$ 1,014,297$ 966,565$ Buildings, eq
Slide 5: Consolidated Income Statement
5 | FCPT | Q2 2022 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2022 2021 2022 2021 Revenues: Rental revenue 47,904$ 42,162$ 94,807$ 83,677$ Restaurant revenue 7,521 7,110 15,015 12,341 Total revenues 55,425 49,272 109,822 96,018 Operating expenses: General and a
Slide 6: FFO & AFFO Reconciliation
6 | FCPT | Q2 2022 FFO & AFFO RECONCIL IATION ___________________________ (1) Amount represents non-cash deferred income tax expense recognized in the second quarter of 2022 for income tax expense at the Kerrow Restaurant Business (2) Assumes the issuance of common shares for OP units held by non-co
Slide 7: Net Asset Value Components
7 | FCPT | Q2 2022 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: results based on tenant reporting representing 75% of portfolio annual cash base rent. Reporting for non-restaurant sector not included as
Slide 8: Capitalization & Key Credit Metrics
8 | FCPT | Q2 2022 C APITALIZ ATION & KEY CREDIT METRICS ___________________________ (1) Second quarter 2022 dividend was declared on 6/16/2022, payable on 7/15/2022 (2) Principal debt amount less cash and cash equivalents (3) Current quarter annualized. See glossary on page 16 for definitions of EB
Slide 9: Debt Summary
9 | FCPT | Q2 2022 DEBT SUMMARY ___________________________ (1) Borrowings under the term loans accrue interest at a rate of LIBOR plus 1.00% credit spread. FCPT has entered into interest rate swaps that fix 87.5% of the term loans’ rate exposure through November 2022, 81% through November 2023, 69%
Slide 10: FCPT Debt Maturity Schedule
10 | FCPT | Q2 2022 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 6/30/2022 (1) The revolving credit facility expires on November 9, 2025 subject to FCPT’s availability to extend the term for one additional six-month period to May 9, 2026 Current Debt Maturity Schedule ($ millions) $
Slide 11: Debt Covenants
11 | FCPT | Q2 2022 DEBT COVENANTS As of June 30, 2022 Covenants Q2 2022 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 37.6% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 4.9x Limitatio
Slide 12: Property Locations by Brand
12 | FCPT | Q2 2022 PROPERTY LOCATIONS BY BRAND 977 Leases (1) 116 Brands ___________________________ Figures as of 6/30/2022 (1) FCPT owns 960 rental properties as of 6/30/2022 with 977 leases Lease Count: Olive Garden (311) Longhorn Steakhouse (115) Chili’s (80) KFC (33) Burger King (25) Red Lobst
Slide 13: Brand Diversification
13 | FCPT | Q2 2022 43% 311 Units 12% 115 Units 9% 80 Units 2% 14 Units Other Restaurants 22% 291 units 48 brands Non-Restaurant Retail 12% / 166 units / 61 brands Other Darden(2) BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 6/
Slide 14: Geographic Diversification
14 | FCPT | Q2 2022 % 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 OHINIL 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
15 | FCPT | Q2 2022 0.1% 1.1% 2.4% 2.1% 2.3% 13.5% 12.8% 11.0% 11.1% 10.4% 6.6% 13.5% 1.6% 1.7% 2.9% 1.1% 0.2% 0.4% 1.6% 1.0% 0.1% 0.0% 2.5% 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
16 | FCPT | Q2 2022 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 oth
Slide 17: Reconciliation of Net Income to Adjusted EBITDAre
17 | FCPT | Q2 2022 RECONCIL IATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 16 for non-GAAP definitions ($000s, except shares and per share data) Unaudited 2022 2021 2022 2021 Net Income 28,170$ 20,180$ 50,456$ 40,802$ Adjustments: Interest expense 9,
Slide 18: Supplemental Financial & Operating Information Q2 2022
18 | FCPT | Q2 2022 www.fcpt .comSUPPLEMENTAL FINANCI AL & OPERATING INFORMATION | Q2 2022 FOUR CORNERS PROPERTY TRUST N YS E : F C P T
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