Four Corners Property Trust, Inc.

third quarter 2025 financial results conference call will begin shortly in the meantime if you would like to pre-register to ask a question please press star followed by one on your telephone keypad now Hello everyone, and thank you for joining the FCPT third quarter 2025 financial results conference call. My name is Claire and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two on your telephone keypad. I will now hand over to Patrick Warnegg from Four Corners Property Trust to begin. Please go ahead.

Thank you, Claire. During the course of this call, we will make forward-looking statements, which are based on our beliefs and assumptions. Actual results will be affected by known and unknown factors 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 our SEC filings, which can be found at sdpt.com. All the information presented on this call is current as of today, October 29, 2025. In addition, reconciliation to non-GAAP financial measures on this call, such as FFO and AFFO, can be found in the company supplemental report. With that, I'll turn the call over to Bill.

Good morning. November 9th marks our 10-year anniversary as a public company. We are truly grateful to our shareholders, advisors, counterparties, board, and team members past and present for their support, guidance, and contributions over the past decade. We are proud of the portfolio we've built and look forward to continuing our mission of creating shareholder value. Reflecting on our 10-year history, the highlights have been starting with thoughtful structuring of the spinoff, including our asset selection, modest, well-covered rents, low leverage, and low corporate overhead. Executing an acquisition strategy with clear underwriting standards that has led to $2.2 billion of acquisitions and annual cash rent nearly tripling from $94 million at spin to $256 million at our current run rate. Expanding the investment aperture into new sectors and tenants while conservatively sticking to healthy sectors with mission-critical real estate. Taking a shareholder-friendly posture with significant insider ownership, best-in-class disclosure, thoughtful capital allocation, and 10 straight years of top-decile governance scores. Building a very capable organization. We began with just four employees and a single tenant across 418 properties. Today, we have 44 team members and 170 brands across nearly 1,300 leases. We've had very high retention along the way, and heading into 2026, we are fortunate to have a bright, young, and motivated team. We have more capacity than ever across the organization. Now, shifting back to the current quarter's results. Following my initial remarks, Josh will comment on our investment activity, and Patrick will discuss financial results and capital position. We acquired 82 million of net lease properties in Q3 at a 6.8 blended cap rate. Over the trailing 12 months, we acquired 355 million, which is amongst our highest volume across four consecutive quarters. These acquisitions were funded with equity we raised on the ATM via forward issuance earlier in the year at an average price above $28 a share. We accomplished this year's acquisitions while maintaining what's become core to the FCBT brand, focused on real estate and credit-worthy tenants while avoiding sacrificing quality for volume or spread. At the heart of FCPT is also commitment to modulating our acquisition pace when cost of capital becomes weaker, as we saw last year, and then ramping back up when things improve. Said another way, we believe how you raise capital and the cost of the capital is as important as what you purchase with it. Our ability to modulate acquisitions to protect accretive spreads without weakening our portfolio equality is, in our view, a strong competitive advantage of FCPT. Our in-place portfolio remains very strong with zero exposure to the problem retailers or sectors such as theaters, pharmacy, high-rent car washes, and experiential retail. To that end, we have sidestepped tenant credit issues, including zero bad debt expense this year. A rent coverage in Q3 was 5.1 times for the majority of our portfolio that reports this figure. This remains the most strongest coverage within the net lease industry. Olive Garden, Longhorn, and Chili's continue to be industry leaders, and casual dining has recently seen outperformance versus quick service and fast casual. Most recently, Brinker reported Chili's same-store sales growth 21% for the quarter ended September 2025, which follows a full fiscal year of over 25% same-store sales. Similarly, Olive Garden and Longhorn reported same-store sales growth of near 6% for the quarter ended August 2025. Truly stellar results from our largest tenants and highlights the benefit of being aligned with best-in-class operators. We continue to make meaningful progress on our stated goal of diversification. Olive Garden and Longhorn are now 32% and 9% of our rent today versus a combined 94% at spinoff. while 35% of our rents comes from outside of casual dining. This includes automotive service at 13%, quick service restaurants at 11%, and medical retail at 10%. All of our chosen sectors are focused on central retail and services, creating a prudently defensive portfolio that is also tariff resistant. The question we regularly examine is how can we best enact our strategy in the current environment? Fortunately, we have undrawn forward equity, an encouraging set of opportunities in the pipeline, and below target leverage. While we don't give formal guidance, we want to provide some context on where we stand today. We believe FCPT is well positioned, and we are encouraged by our pipeline and the opportunities we are seeing on the acquisition side. The debt market has improved substantially in recent months, both with greater lender capacity and falling interest rates. We have circa 270 million combined dry powder that is a combination of equity, debt, and retained cash flow to fuel growth before reaching a mid-five times leverage target. That's still below our leverage cap. Because of our granular acquisition strategy, we can react quickly and efficiently to adjust our strategy for any major macro events or positive shifts in the rate environment. Finally, over the past few quarters, the dealmaking environment has been characterized by some stops and starts. There's been less of that as of late. And looking at recent successes, we believe that we remain well positioned heading into year end. Over to you, Josh.