Four Corners Property Trust, Inc.

Hello, everyone, and thank you for your patience. The FCPT Third Quarter 2021 Financial Results Conference call is due to begin shortly. Hello and welcome to the FCPT third quarter 2021 financial results conference call. My name is Charlie and I will be coordinating your call today. If you would like to ask a question during the presentation, you may register to do so by pressing start followed by one on your telephone keypad. I will now hand you over to your host, Gerry Morgan, Chief Financial Officer to begin. Gerry, please go ahead.

Thank you, Charlie. During the course of this call, we will make forward-looking statements which are based on beliefs and assumptions made by us. Our actual results will be affected by known and unknown factors, including uncertainty related to the remaining scope, severity, and duration of COVID-19 pandemic that are beyond our control or ability to predict. Our assumptions are not a guarantee of future performance, and some will prove to be incorrect. For a more detailed description of some potential risks, please refer to the FCC filings, which can be found at our website, fcpt.com. All the information presented on this call is current as of today, October 27, 2021. In addition, reconciliation to non-GAAP financial measures presented on this call, such as FFO and ANFFO, can be found in the company's supplemental report also on our website. And with that, I'll turn the call over to Bill.

Good morning. Thank you for joining us to discuss our third quarter results. I'm going to make introductory remarks. Then Patrick Warnick, our Director of Acquisitions, will review some details around acquisitions and the pipeline. And then back to Jerry to discuss financial results. In summary, we continue to have industry-leading collections at 99.8% for the quarter and occupancy improved to 99.8% as well. Our restaurant and other retail tenants are experiencing top-line performance, often above 2019 pre-pandemic levels. We also acquired... 53 great properties this quarter characterized by low rents and high-quality tenants. We reported third quarter AFFO of $0.39 per share, which represents a $0.02 year-over-year increase. We are pleased to see restaurant operators' strong performance in the third quarter. Quick service restaurants are operating at 118% of 2019 weekly levels, and casual dining is operating at 107% of 2019 weekly levels. levels according to baird's most recent weekly restaurant survey turning to investments we acquired 53 properties in the quarter for a combined price of 107.4 million dollars and an initial cash yield of 6.4 percent the acquisitions represent strong tenant credit profiles the group includes two dual tenant properties and 44 of the 55 leases are with corporate operators the third quarter's investments includes six new brands, bringing us to a total of 101 brands in the portfolio. In addition, we have closed an incremental 9 million of properties in the fourth quarter to date, bringing us to 196 million closed in total so far in 2021. Taking a step back, to put that $196 million figure of new investments in perspective, it compares to 132 million for the same 10-month period in 2020 and 94 million in 2019. So we're heading into the last few months of the year very well positioned and with a robust pipeline. For the quarter, restaurants and auto service each represented approximately 44% of the total investment volume, and medical and other retail made up the balance. For the year overall, medical and other retail have comprised approximately 20% of total volume. We've been pleased with the opportunity set, and we're seeing, while restaurants remain our primary focus for new acquisitions, we are taking advantage of the flexibility to invest in other sectors as well. As I mentioned, our pipeline continues to be very strong. I'd reiterate what I said in the second quarter that we are pleased with the pipeline for the remainder of the year. With that, I'll turn it over to Pat for some additional comments on recent acquisitions and the overall investment environment. Pat.