Four Corners Property Trust, Inc. · NYSE:FCPT
Four Corners Property Trust — Q1 2021 Earnings Presentation
18 slides from Four Corners Property Trust's earnings presentation, Apr 27, 2021
Slide 1: Q1 2021 Supplemental Financial & Operating Information
| FCPT | Q1 20211 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q1 2021 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 | Q1 20212 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 | Q1 20213 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 | Q1 20214 CONSOLIDATING BALANCE SHEET As of 12/31/2020 ($000s, except shares and per share data) Unaudited Real Estate Operations Restaurant Operations Elimination Consolidated FCPT Consolidated FCPT ASSETS Real estate investments: Land 837,973$ 5,051$ -$ 843,024$ 827,502$ Buildings, equipme
Slide 5: Consolidated Income Statement
| FCPT | Q1 20215 CONSOLIDATED INCOME STATEMENT ($000s, except shares and per share data) Unaudited 2021 2020 Revenues: Rental revenue 41,515$ 37,725$ Restaurant revenue 5,231 4,704 Total revenues 46,746 42,429 Operating expenses: General and administrative 4,763 3,842 Depreciation and amortization
Slide 6: FFO & AFFO Reconciliation
| FCPT | Q1 20216 FFO & AFFO RECONCILIATION ___________________________ (1) Assumes the issuance of common shares for OP units held by non-controlling interest. ($000s, except shares and per share data) Unaudited 2021 2020 Net income 20,622$ 19,336$ Depreciation and amortization 8,215 7,036 Realized
Slide 7: Net Asset Value Components
| FCPT | Q1 20217 NET ASSET VALUE COMPONENTS ___________________________ (1) See glossary on page 16 for tenant EBITDAR and tenant EBITDAR coverage definitions: 85% of portfolio ABR reporting. We have estimated Darden current quarter EBITDAR coverage using latest FCPT portfolio reported sales result
Slide 8: Capitalization & Key Credit Metrics
| FCPT | Q1 20218 CAPITALIZATION & KEY CREDIT METRICS ___________________________ (1) First quarter 2021 dividend was declared on 3/8/2021, payable on 4/15/2021. (2) Principal debt amount less cash and cash equivalents. (3) Current quarter annualized. See glossary on page 16 for definitions of EBITD
Slide 9: Debt Summary
| FCPT | Q1 20219 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: Debt Maturity Schedule
| FCPT | Q1 202110 FCPT DEBT MATURITY SCHEDULE ___________________ Figures as of 3/31/2021 (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 | Q1 202111 DEBT COVENANTS As of March 31, 2021 Covenants Q1 2021 Limitation on incurrence of total debt ≤ 60% of consolidated capitalization value 34.1% Limitation on incurrence of secured debt ≤ 40% of consolidated capitalization value 0.0% Fixed charge coverage ratio ≥ 1.50x 5.1x Limitatio
Slide 12: Property Locations by Brand
| FCPT | Q1 202112 PROPERTY LOCATIONS BY BRAND 819 Leases (1) 85 Brands ___________________________ Figures as of 3/31/2021 (1) FCPT owns 810 rental properties as of 3/31/2021 with 819 leases. Lease Count: Olive Garden (309) Longhorn Steakhouse (115) Chili’s (68) KFC (33) Burger King (23) Red Lobste
Slide 13: Brand Diversification
| FCPT | Q1 202113 48% 309 Units 14% 115 Units 9% 68 Units 3% 14 Units Other Restaurants 22% 259 units 44 brands Non-Restaurant Retail 5% / 54 units / 34 brands Other Darden2 BRAND DIVERSIF ICATION ___________________ (1) Represents current scheduled minimum Annual Cash Base Rent (ABR) as of 3/31/20
Slide 14: Geographic Diversification
| FCPT | Q1 202114 % 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 | Q1 202115 0.1% 0.9% 0.9% 1.6% 1.9% 1.9% 12.1% 13.3% 11.5% 11.2% 10.8% 7.1% 14.7% 1.5% 1.6% 2.2% 2.8% 0.1% 0.6% 0.2% 0.2% 0.0% 0.0% 2.8% 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 | Q1 202116 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 | Q1 202117 RECONCILIATION OF NET INCOME TO ADJUSTED EBITDAR E ___________________________ (1) See glossary on page 16 for non-GAAP definitions. ($000s, except shares and per share data) Unaudited 2021 2020 Net Income 20,622$ 19,336$ Adjustments: Interest expense 7,633 7,003 Income tax expens
Slide 18: Supplemental Financial & Operating Information
| FCPT | Q1 202118 SUPPLEMENTAL F INANCIAL & OPERATING INFORMATION | Q1 2021 w w w. fcpt .com FOUR CORNERS PROPERTY TRUST N Y S E : F C P T
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