Four Corners Property Trust, Inc.

Hello all and a warm welcome to the SCPT first quarter 2022 financial results conference call. My name is Lydia and I'll be your operator today. If you'd like to ask a question at the end of the presentation, you may do so by pressing star followed by the number one on your telephone keypad. It's my pleasure to now hand you over to our host, Gerry Morgan. Please go ahead.

Thank you, Lydia. During the course of this call, we will be making 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 the COVID-19 pandemic that are beyond our control. Our assumptions are not a guarantee of future performance, and some will prove to be incorrect. For a more detailed description of potential risks, please refer to our SEC filings, which can be found at fcpt.com. All the information presented on this call is current as of today, April 27, 2022. In addition, reconciliation to non-GAAP financial measures presented on this call, such as FFO and AFFO, can be found in the company's supplemental report, also available on the website. And with that, I'll turn the call over to Bill.

Thank you, Jerry. Good morning. Thank you for joining us to discuss our first quarter results, I am going to make introductory remarks Patrick warning will review some details around acquisitions and the pipeline and then Jerry will discuss the financial results. In summary, we continue to have industry leading collections at 99.7% for the quarter and occupancy remained at 99.9% our restaurant and other retail tenants are experiencing top line performance, often above 2019 pre pandemic levels. We also acquired 18 properties in the force first quarter characterized by low rents and high quality tenants and we remain highly confident we're aligned our portfolio with best in class operators at attractive rent levels. We reported first quarter FFO of 41 cents per share, which represents an 8% increase year over year. Moving on to our tenants performance restaurant operators continue to have strong results in the most recent quarter. Quick service restaurants are operating at approximately 122% of 2019 weekly levels, and casual dining is operating at approximately 103%, according to Bayard's most recent weekly restaurant survey reported April 25th. As mentioned, we acquired 18 properties in the quarter for a combined price of $42 million and an initial cash yield of 6.7%. The acquisitions represent strong tenant credit profiles. 16 of the 18 leases are with corporate operators and seven are ground leases where FCPT owns the land and the building would revert to FCPT's ownership if the tenant were to vacate. The first quarter's investments include one new brand, bringing us to a total of 113 brands in the portfolio. Turning to the balance sheet, we have raised over $186 million of capital year-to-date to support our investment program. This includes the closing of $125 million million private note that funded in March, but was thankfully priced last December at a 3.1% coupon. We also agreed to issue 61 million of equity via forward sale agreements, which we expect to settle over the remainder of 2022 to fund acquisitions. In March, Fitch announced an upgrade of FCPT's debt rating to BBB flat with a stable outlook. As Jerry will further describe, we expect this will lead to a reduction in interest expense on our existing term loans and credit facility, as well as future private note and bond pricing. With that, I'll turn it over to Patrick for some additional comments on recent acquisitions and the overall investment environment.