Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q2 2020 Earnings Presentation
19 slides from Four Corners Property Trust's earnings presentation, Jul 29, 2020
Slide 1: Supplemental Financial & Operating Information | Q2 2020
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q2 2020 www.fcpwww.fcpt.comt.com 1 | FCPT | Q2 2020
Slide 2: Cautionary Note Regarding Forward-Looking Statements
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 those regarding FCPT’s intent, belief or exp
Slide 3: Table of Contents
TABLE OF CONTENTS Financial Summary Page Consolidating Balance Sheet 4 Consolidated Income Statement 5 FFO and AFFO Reconciliation 6 COVID-19 Rent Collections Update 7 Net Asset Value Components 8 Capitalization and Key Credit Metrics 9 Debt Summary 10 Debt Maturity Schedule 11 Debt Covenants 12 Rea
Slide 4: Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET As of 6/30/2020 As of 12/31/2019 ($000s, except shares and per share data) Real Estate Restaurant Consolidated Consolidated Unaudited Operations Operations Elimination FCPT FCPT ASSETS Real estate investments: Land$ 728,629 $ 5,051 $ - $ 733,680 $ 690,575 Buildings, equip
Slide 5: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2020 2019 2020 2019 Revenues: Rental revenue$ 38,034 $ 34,415 $ 75,759 $ 68,623 Restaurant revenue 2,895 5,153 7,599 10,546 Total revenues 40,929 39,568 83,358 79,1
Slide 6: FFO & AFFO Reconciliation
FFO & AFFO RECONCILIATION ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2020 2019 2020 2019 Net income$ 18,520 $ 17,936 $ 37,856 $ 35,537 Depreciation and amortization 7,075 6,501 14,112 12,845 FFO (as defined by NAREIT)$ 25,595 $ 24,437 $
Slide 7: COVID-19 Rent Collections Update
COVID-19 RENT COLLECTIONS UPDATE April May June Q2 2020 July Rent Collections:1 Previously Announced June 18, 2020 91% 87% 87% - - As of July 29, 2020 95% 90% 91% 92% 99% Tenant Negotiations ($000s): Deferred Rent $1,056 $0 Abated Rent $1,372 $22 Total Rent Relief $2,428 $22 Deferred Rent (%)1,2 3%
Slide 8: Net Asset Value Components
NET ASSET VALUE COMPONENTS Purchase Total Square Avg. Rent Per Tenant Lease Term Annual Cash Base Price # of Feet Square Foot EBITDAR Remaining Rent % Total Cash Base Real Estate Portfolio as of 6/30/2020 ($000s) Properties (000s) ($) Coverage(1) (Yrs)(2) ($000s)(3) Rent(3) Olive Garden - 307 2,615
Slide 9: Capitalization & Key Credit Metrics
CAPITALIZATION & KEY CREDIT METRICS % of Market Q2 2020 Capitalization ($000s, except shares and per share data) Capitalization Equity: Share price (6/30/2020)$ 24.40 Shares and OP units outstanding (6/30/2020) 70,537,779 Equity Value$ 1,721,122 69.5% Debt: Term loan$ 400,000 16.2% Revolving credit
Slide 10: Debt Summary
DEBT SUMMARY Weighted Balance as of Cash Interest Rate as Average (4) Debt Type Maturity Date June 30, 2020 ($000s) % of Debt of June 30, 2020 Maturity (Yrs.) Credit Facility(1) Revolving facility Nov-21$ 4,500 0.6% 3.70% 1.4 Term loan Nov-22 150,000 19.9% 2.66% 2.4 Term loan Nov-23 150,000 19.9% 2.
Slide 11: FCPT Debt Maturity Schedule
FCPT DEBT MATURITY SCHEDULE Current Debt Maturity Schedule (1) 5.1-year weighted average term Undrawn Revolver Capacity 86% fixed rate debt Drawn Revolver 3.3% weighted average cash interest rate Unsecured Term Loan $245 million available on revolver Unsecured Notes $250 $150 $150 $150 $100 $75 $75
Slide 12: Debt Covenants
DEBT COVENANTS As of June 30, 2020 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 Q2 2020 Limitati
Slide 13: Property Locations by Brand
PROPERTY LOCATIONS BY BRAND Lease Count: Olive Garden (307) Longhorn Steakhouse (112) Chili’s (64) Burger King (24) Red Lobster (21) KFC (20) Buffalo Wild Wings (18) Bob Evans (17) Arby’s (14) Taco Bell (11) Bahama Breeze (9) BJ’s Restaurant (8) Texas Roadhouse (7) Wendy’s (7) Pizza Hut (6) Starbuck
Slide 14: Brand Diversification
BRAND DIVERSIFICATION FCPT total ABR(1): FCPT Portfolio Brands $144.1 million Square Feet % of Rank Brand Name Number (000s) ABR(1) 1 Olive Garden 307 2,615 51.9% 2 Longhorn Steakhouse 112 626 14.6% 15% 3 Chili's 64 352 8.8% 112 Units 4 Red Lobster 21 155 3.3% 5 Burger King 24 77 2.3% 6 Buffalo Wild
Slide 15: 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 12.1% 72 IL 3.4% 32 CO 2.3%
Slide 16: Lease Maturity Schedule
LEASE MATURITY SCHEDULE Lease Maturity Schedule (% Annualized Cash Base Rent1) 15.8% 99.6% occupied2 as of 6/30/2020 14.1% 12.7% 11.6% 11.2% Weighted average lease term of 10.5 10.2% years 7.3% Less than 6.6% of rental income matures prior to 2027 3.3% 2.9% 2.5% 1.5% 1.2% 1.1% 1.3% 0.7% 0.9% 0.8% 0.
Slide 17: 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 18: Reconciliation of Net Income to Adjusted EBITDAre
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDARE ($000s, except shares and per share data) Three Months Ended June 30, Six Months Ended June 30, Unaudited 2020 2019 2020 2019 Net Income$ 18,520 $ 17,936 $ 37,856 $ 35,537 Adjustments: Interest expense 7,319 6,557 14,322 13,304 Income tax expense 64
Slide 19: Four Corners Property Trust Supplemental Financial & Operating Information
FOUR CORNERS PROPERTY TRUST NYSE: FCPT SUPPLEMENTAL FINANCIAL & OPERATING INFORMATION | Q2 2020 www.fcpt.com 19 | FCPT | Q2 2020
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