Four Corners Property Trust, Inc.

Welcome everyone. The SCPT fourth 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. If you change your mind, please press star followed by two. Thank you. Hello everyone, and thank you for joining the FCPT fourth 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 Warnick, Chief Financial Officer, 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 improve to be incorrect. For a more detailed description of some potential risks, please refer to our FCC guidelines, which can be found at fcpt.com. All the information presented on this call is current as of today, February 12, 2026. In addition, reconciliation to non-GAAP financial measures presented on this call, such as can be found in the company supplemental report. Pat, I will turn the call over to Bill.

Good morning. Following my initial remarks, Josh will comment on our investment activity and Patrick will discuss financial results and capital position. This past November marked our 10-year anniversary as a public company. Over the past decade, we have grown from just four employees with 418 properties leased to a single tenant into a platform with 44 team members, and 1,325 leases. We've acquired 2.3 billion of properties and paid out over a billion of dividends to our shareholders. We are proud of the portfolio and company we've built and look forward to continuing our mission to drive shareholder value via conservative and thoughtful capital allocation. During Q4, we acquired 95 million of net lease properties at a 7% wedding cap rate. In total during 2025, we acquired 318 million of net lease properties We largely funded these acquisitions with equity we raised on the ATM via forward issuance. One important note on our acquisition volume is we accomplished this without the benefit of any large portfolio transactions. Most of the deals in 2025 were mid-sized transactions between five and 20 million, furthering our extremely granular and selective portfolio construction via high-quality acquisition. We did this while staying the course on what has become core to FCPT's brand a focus on attractive real estate occupied by creditworthy tenants without sacrificing quality for volume or padding investment spread. Even in an era of increased competition for larger net lease portfolios, we believe that we have a business model that can scale and source attractive opportunities for growth. Our in-place portfolio retains its workers' quality with zero exposure to problematic retail sectors such as theaters, pharmacies, high-rent car washes, and experiential retail. We have sidestepped major tenant credit issues, including zero bad debt expense in 2025, and have very little vacancy in the portfolio. Our rent coverage in Q4 was 5.1 times the majority of our portfolio that reports this figure. This remains amongst the strongest coverage within the net lease industry. To that end, our core anchor tenants of Olive Garden, Longhorn, and Chili's continue to be leaders within the net lease tenant universe. Most recently, Brinker reported truly same-store sales growth of 9% for the quarter ended December 2025, which represents a two-year sales growth comp of plus 43%. Olive Garden and Longhorn reported same-store sales growth of near 5% and 6% respectively for the quarter ended November 2025. Truly amazing results from our largest tenants, which represent over 51% of our portfolio rent on a combined basis. This improves our portfolio metrics and further demonstrates the benefits of thoughtful asset selection and alignment with best-in-class tenants. On the topic of our Darden assets, Darden announced last week that they are shutting down the Bahama Breeze brand and are converting many of these locations to other Darden brands. Our current Bahama Breeze exposure is just 1.3% of base rent across 10 properties, which is placed to an average rent of $341,000 per property, which is very reasonable. While it is burly, We are in discussions with Darden about these properties, and as of now, we do expect several of these stores to be converted to other Darden concepts. Further, these properties are all subject to leases with a minimum of 1.7 years of term remaining, during which time Darden will continue paying rent taxes, insurance, and all other costs at these locations while we seek new tenants. In the event that they do become permanent closures, we have already received significant impound inquiries about backfilling locations over the past week, We have lots of confidence in the quality of the real estate of these properties and expect they could be re-tenanted at similar rents. It's worth noting the impact of our proactive approach to portfolio management here. We sold two higher rent Bahama Breeze locations back in 2016 and 2018 in the 4.75 to 5% cap rate range. This reduced our exposure to the brand by $2 million in rent, roughly 35% of where it would otherwise be today. We continue to make meaningful progress in the area of diversification. Olive Garden and Longhorn are 32% and 9% of our rent today versus a combined 94% spinoff, while 37% of our rents come from outside of casual dining. This includes automotive service at 13%, quick service restaurants at 11%, and medical retail at 10%. Our deal sourcing remains focused on essential retail and services. In our view, creating a prudently positioned portfolio with limited exposure to tariff-sensitive sectors and a strategy centered on everyday consumer demand. We are constantly evaluating new retail categories as we look to expand the top of our funnel for investments. Similar to our decision to expand into automotive service and medical retail properties, we consider business and AI resilience, availability of creditworthy tenants, real estate quality, and pricing relative attractiveness. Patrick is going to discuss this in more detail, but a key takeaway is that since Q3 2024, our last circuit 520 million of acquisitions, essentially all of the 171 buildings purchased over the last 18 months, have been funded 85% with equity only, raised at attractive pricing and the balance funded with low rate term loans. So today our balance sheet is over-equitized. I'll repeat that. Today our balance sheet is over-equitized. with net leverage near five times. Further, we didn't raise debt when we would have required a 7% plus coupon. Now we can access much more favorable debt capital markets with a coupon rate in the 4.5 to 5.5% range, depending on the structure and term, whether term loans or notes. This is much more attractive given we're seeing cap raises today. We are proud of the year that we put together for both the capital raising and acquisition funds. The team has shown great growth over the last 10 years since inception, and we feel that we are well positioned heading into 2026. We enter the year with low leverage and ample dry powder for opportunities that may arise. Over to you, Josh.

Thanks, Bill. I'll start with a review of this quarter's activity and more details on 2025 investments. In Q4, we acquired 30 properties with a weighted average lease term of 10 years for $95 million at a blended 7% cap rate. This was a 20 basis point expansion over the previous quarter and our highest blended cap rate in 2025. We finished the year with 105 properties acquired for $318 million at a 6.8% blended cap rate. This represents an average basis of $3 million per property and continues our strategy of partnering with creditworthy operators and selecting fungible, low basis properties to further protect against any downsides. Looking back, 2025 was one of our busiest years to date. Our total investment volume increased 20% from 2024, and we had 53 unique transactions. Said another way, our team was able to post stellar results without reliance on large portfolio transactions. This is important to note because one, these large deals often command pricing premiums for the ease of putting a greater amount of capital to work. And two, they often require buyers to accept all or nothing, where a good chunk of properties may not fit our underwriting thresholds. That said, our team remains capable and ready to execute on these larger opportunities when the right deal comes around. But we encourage our platform can still post significant volume in years where we do not anchor a large portfolio deal sitting in the market. In Q4, we also expanded the team's capabilities outside of our main three categories, restaurants, automotive service, and medical retail, our acquisition of a sprouts grocery store and our first equipment rental acquisition of a united rentals property as bill mentioned our team is constantly evaluating new opportunities in adjacent sectors to understand the resilience of the business and the way the attractiveness of their credit and real estate locations versus our existing portfolio we feel that both the grocery and equipment rental sectors fit our existing underwriting approach of focusing on recession resistance central service retailers for high quality and fungible real estate. Similar to how we approach our entrance into the automotive service and medical retail sectors, that is, by dipping our toes and building extensive knowledge and expertise before launching an official strategy, we will follow the same pattern here. While grocery and equipment rental are newer categories for us, we chose these specific properties because of their similarities to the assets we regularly purchase in our existing portfolio. For example, Both are at least the best-in-class credit-worthy operators in the respective subcategories. Sprouts is a publicly-traded grocer with more than 410 locations across the U.S. and no debt. Our $8.6 million basis in this location is also much lower than the $10 to $15 million we typically see for the brand and market. United Rentals is also a publicly-traded company with over 1,600 locations across the U.S. and is rated BB-plus by S&P. They are the largest equipment rental provider in the nation, and have a demonstrated track record of strong operations. We'll continue to evaluate similar opportunities in these sectors, but only so long as they match our existing underwriting thresholds and investment criteria. Now, reflecting on our strategy going forward for 2026. 2025 evidenced substantial repeat counterparty transactions, a trend we expect to continue. Coupled with the expanding top of our funnel, we expect 26 to be another strong year of increased diversification and expanded platform capabilities. Patrick, that's you.

Thanks, Josh. I'll start by talking about capital sourcing and the state of our balance sheet. We have full capacity on our $350 million revolver and feel that we have the liquidity to continue executing our business plan in Q1 and into 2026. With respect to leverage at the end of Q4, our net debt to adjusted EBITDA rates is just 4.9 times inclusive of outstanding net equity points. Including our forward equity balance, our leverage is 5.1 times. This is our sixth consecutive quarter of leverage below 5.5 at the very bottom of our stated leverage range of five to six times. We've not fully settled our forward equity balance in 2025, but with the fully available revolver, we feel we still have ample capacity on the debt side. After including debt capacity in pre-cash flow, we have over $220 million in liquidity before reaching five times leverage substantially more than that before approaching six times. Then another way, we believe we could utilize low interest rates for all acquisitions in 2026 and still remain under our self-imposed leverage. As always, we aim to be opportunistic to achieve the best cost of capital on our funding decision based on market. We are encouraged by the current state of the term loan market, which was much more constrained just a few years ago. As a reminder, five-year term loans have historically been priced at 95 basis points over silver, an all-in rate today of approximately 4.6 percent after swaths and before fees private placement notes would be higher than that but also created to current market cap rates while offering longer term and better we have 95 of our floating rate debt fixed through november 2027 at three percent versus spot rates today at four percent overall 98 of our debt staff is fully fixed and our monday cash interest rate is four percent remain we maintain a very healthy fixed charge coverage ratio of 4.8 times I'd also like to remind everyone that in Season 3 of last year, we removed the SOFR credits credit adjustments and basis points to our interest expense on the revolver and term loans. Our new borrowing rate on term loans is SOFR plus 95 basis points and revolver is SOFR plus 85 basis points. This set a positive flow through to ANZSO of approximately $600,000 per year. Turning to debt maturities, including extension options, we have no debt maturities until December 2026 when $50 million in private notes comes due. Our staggered maturity schedule will ensure we do not face a significant maturity loss at any point thereafter. That said, we are focused on the small incoming maturities in 26 and 27. We've been very encouraged by the liquidity in the bank market today, as well as the varied track credit spread being achieved in the private placement and public product sector. That in other words, we believe we have numerous avenues to address these minor maturities that attract breaks. Now turning to some of the earnings highlights for Q4. It was 42.8% of the local share, 45 cents. Our full year AFFL was $1.78 per share, representing 2.9% growth over 2024. Q4 cash rental income was $67.5 million, representing growth of 11.1% for the quarter compared to last year. Annualized cash-based rent that leases in place as a quarter end is $264.2 million, and our weighted average five-year annual cash rent escalator is 1.5%. Cash G&A expense was $18 million for the year, at the very bottom of our guidance range, and representing 6.9% cash rental income for the year, compared to 7.1% for the prior year. This improved operating leverage illustrates our continued efforts at efficient growth and the benefits of our improving scale. Our new guidance range for cash GA in 2026 is $19.2 million to $19.7 million. As for managing our lease maturity profile, 95% of the 41 leases expiring in 2025 remain occupied today. This includes a higher renewal rate and two properties that were quickly released to new tenants. Additionally, we started to make progress on our 42 recent expiring in 2026, which now represents just 1.5% of ADR, down from 2.6% at the start of 2025. Our portfolio occupancy remains very strong today at 99.6%, benefiting from efforts to release our very limited number of vending types. We collected 99.5% of base rent before and 99.8% for the year. Last quarter did not see any material changes to our collectability or credit reserves. We want to call out one new slide we introduced in the presentation from page 11. We regularly see private market cap rate drops for properties similar to the properties owned in our own portfolio. Because our public valuation has lingered lower in recent months, we thought it would be helpful to compare our current implied cap rate to the blended cap rate recently sold on these properties. It demonstrates a sizable gap between the higher value of our underlying asset and where the stock is actually trading today. With that, we'll turn it back over to Claire for questions.

Thank you. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. Our first question comes from Michael Goldsmith from UBS. Michael, your line is now open. Please go ahead.

Good morning, thanks for taking my question. First question is on the move into United Rentals and Industrial Outdoor Storage. Can you just talk a little bit about the market you see there, maybe the total addressable size? You know, it feels like some of your net lease peers have been moving into that space. Like, what would you see from, like, a competition perspective there? And then if you could talk a little bit about how the cap rates in that space compare to the rest of your portfolio, that would be helpful. Thanks.

Thanks, Michael. Well, I'd say I've been following the sector for a long time. I was chair of the investment committee at Gramercy, you know, 15 years ago, and we were doing quite a bit of this. It's attractive. It's, you know, a lot of the value is in the land residual. If you're careful, you can get in at a good basis. There's credit worthy tenants. You know, it's hard to get new sites entitled. So there's some entrenchment if you can find an existing site, very large addressable market, you know, very defensive. and cap rates that make sense. So we've looked at a lot of them. We'll continue to pursue that strategy. There are players who focus on it now. One of them was just taken private by Brookfield, but it's an attractive space, as is grocery, by the way. But we found that very often high credit grocers have you know, a much chunkier purchase price than we typically plan. But we're looking at both of those sectors and others on a continuous basis. But to answer your question on TAM, you know, we can get back to you, but it's, you know, it's enormous compared to the size of our company.

Got it. Thanks for that. And then second question, just following up on the Bahama breeze. It sounds like you got ahead of this a little bit in the prior year, so you still have a little bit of exposure here. I guess, can you just kind of, I guess the question is just, it sounds like rents are about the same, where the level of interest is high, but rents are about the same. Is that the case? And then also, if you compare the publicized list, I think You've got like four or five locations remaining. So can you just kind of confirm that? Just talk a little bit more about that, thanks.

Yeah, I think that's right. There will be a handful that get converted to other Darden brands. There may be one that we swap out with Darden for another property. And there'll be a couple that in a year and a half plus, we have to release. been inundated with people interested in these sites. They're very well located, and I think we're being pretty conservative on the rents. But we've sort of been working on this for a week, and we're sorting through a lot of people who are interested in taking the sites.

Thank you very much. Good luck in 2026. Thanks, Michael.

Thank you. Our next question comes from John Kakowski from Wells Fargo. Your line is now open. Please go ahead.

Good morning. Thank you for taking my question. Maybe just to stay on Bahama Breeze here. Bill, forgive me if I'm missing the opening remarks. You talked about the rents there. Are you able to talk about the performance at these assets? I'm just, you know, if they're getting converted, would that be at the same rent? And then for the assets that would need to turn in a year and a half, I mean, if you're getting substantial interest at this point, is there the potential for even a positive mark-to-market? I'm curious, like, what the total loss is that you're kind of baking into internal estimates.

Yeah, I don't think we're baking in losses at all. These brands are – Bahamarese as a brand had limited market expansion – TAB, Mark McIntyre, Simply I don't think a lot of the US has a view on what Bahamian cuisine is so it worked in the southeast. TAB, Mark McIntyre, and. TAB, Mark McIntyre, It just wasn't relevant to the total size of garden and so they'll convert some of these they have existing uses, so there will be a change in the rental rate would be my assumption, but we'll have you know brand new stores with higher a V. Patrick DePoe, Brands and then for a couple that will get back and we'll get back. Patrick DePoe, feel good that we'll be able to release them, although it's early days so and you know we're talking about a couple of stores on a portfolio 1325.

Patrick DePoe, Again, this is Patrick I would just add that you know when you look at that press release starting put out and the list of sites that they want to convert there's still some movement there and and. You know, you have to factor in some of those stores that have really high-quality real estate are restricted by covenants, by other tenants nearby, or by the shopping center itself. So, you know, Darden's interest in converting a lot of these sites was clear, and it's just a matter of what they can do within the restrictions that are on those properties. But the demand in the last week has been, I'd say, tremendous from other tenants that want to back all these locations.

Okay, that's helpful. Thanks, Pat. Maybe another one for you just on the balance sheet. You've called the forwards. I think in the opening remarks you said 220 of liquidity gets you to 55. I'm just curious how you think about managing the balance sheet. I know, Bill, you kept saying over-equitized. at what point the high end is six but maybe as you get to five five in an effort to not necessarily reach the high end do you start to maybe pull on thinner spreads on equity at a certain point or do you kind of stick to your guns and you'll ride you know that number up to six and then at that point if the equity is not you know cooperating then you start to pull back on the acquisition cadence i'm just curious how you think about all snares and obviously If the risk off trade works, then great. We get a cost of equity. We keep moving. But just trying to think about all scenarios here.

Yeah, I think we've evidenced that we're disciplined in our capital allocation, that we don't go out the risk spectrum on acquisitions. You know, we don't provide guidance for a reason. But that said, we have lots of runway opportunities. with very accretive acquisitions funded with low leverage, inexpensive financing that's readily available today in a way that it wasn't readily available a couple of years ago. So I think we feel like we're in great shape and we have minimal maturities to address. So I think we have a long runway of acquisitions and our stock has been soft and I think we As Pat mentioned, it added some detail in our presentation of how well supported by NAB we feel our stock price is. But I think it offers real value today.

Got it. Thank you.

Thank you. Our next question comes from Anthony Pallone from JP Morgan. Your line is now open. Please go ahead.

Great. Thanks. Can you talk about just Red Lobster exposure? Because I think that's another one that's been out there talking about perhaps more store closures.

Yeah, I don't think there's much to say. The brand is doing much, much better than it was under prior ownership. Our stores are predominantly in a master lease. It was affirmed when they restructured at the same rent. I think we feel quite good about that.

Okay, and then on the diversification strategy, can you maybe just talk about anything that you don't want to get into or other areas of interest that you haven't quite tapped yet?

Yeah, I think, you know, we've been very clear. We have a page in our presentation of sectors that we've avoided. I would double down on what's on that page, you know. We try to focus on a balanced real estate and credit approach, and we try to stay within sectors that have been through cycles. And so we don't own pickleball facilities that cost $20 million. We don't own $9 million car washes. We don't own corporate headquarters in the middle of nowhere where you can get more spread, James Rattling Leafs, And it works typically for a while, but on least renewal, you have a lot of risk, so I think we take a much more balanced approach than our peers and shown in the last decade that our credit. James Rattling Leafs, Performance has been best in class.

James Rattling Leafs, Okay thanks.

Thank you. Our next question comes from Rich Hightower from Barclays. Your line is now open. Please go ahead.

Hey, guys. I just want to follow up on one of the earlier questions. But what's the real comfort level with approaching that sort of six times upper limit on leverage if that's the only option the market gives you as far as executing the sort of plan for 26 on growth?

All right. I think that's quite a bit of a ways off. So hard to make predictions that many months in the future. So I think we feel very good that we have a couple hundred million dollars of acquisitions before we even have to be thinking about that. And honestly, we've had the same leverage ceiling since inception. We've essentially never been close to it, you know, so I think that that track record speaks volumes.

All right, fair enough. I mean, as far as the, I guess, that sort of early vintage of Darden leases coming due in 27, and I wonder if I've asked this before, but, you know, where do you guys sort of peg the mark-to-market or the recapture rate potentially on those, you know, upon renewal, you know, that sort of thing?

They have multiple five-year extension options at 1.5% growth, so the continuation of that 1.5% escalator. So I would say that our expectation is the vast majority of those will renew at the 1.5% contractual option. Got it. Thanks very much, Bill. Yeah, of course.

Thank you. Our next question comes from Wes Gulliday from Bard. Your line is now open. Please go ahead.

Hey, good morning, guys. Just looking at your, you know, your valuation chart you put in the presentation, you have a lot of assets that will trade, call it mid-low fives and up to the low sixes. Would you have any appetite to start disposing of some of those assets and recycle it into a little bit higher yield and higher growth assets and get the diversification higher?

Yeah, it's always an option, Wes. We've done very little of it. You know, where we have done it, frankly, was number of years ago and selling you know bomber breeze assets at extraordinary pricing with very high rents um we haven't had to do it in the past we don't have to do it today the darden assets are very very high quality and very hard to you know replace they trade for you know strong values um for a reason uh darden as a company has a 25 billion dollar market cap uh it's credit default swaps you know are like a G7 country. So they're hard to let go of, to be honest. It's an option. We know how that works. I would remind everyone that there are rules. You can't just sell properties one by one like some people assume you can. But it's an option. We haven't had to do it yet.

Nothing wrong with doing it, but it hasn't been primary. William Newburry, M.D.: : Okay, and then you didn't have a rare impairment in the quarter it would go that.

William Newburry, M.D.: : It was a quick service restaurant that we purchased right at the beginning of our life parties and blast in Alabama kind of hard time releasing it it's a tiny property. It's kind of hard to write down properties, to be honest. We found that the conditions were right to do it, but it's been vacant for a while and had a hard time releasing it. But, you know, one property over $1,325.

Yeah, not bad. One last one on the Red Lobster. I think you mentioned they were ground leases. Is that for all of them? And can you share the rent level?

Justin Fields , REL Appalachia, they're they're master least and again they were just reaffirmed so. Justin Fields , REL Appalachia, I would say there's been a tremendous emphasis on. Justin Fields , REL Appalachia, Credit issues that aren't credit issues in the Q amp a and I would would ask listeners to to sort of see the force for the trees, the story here is that we have substantial growth in 2026 that will be really a creative. Justin Fields , REL Appalachia, I think, for the time.

Thank you. Our next question comes from Mitch Germain from Citizens Bank. Your line is now open. Please go ahead.

Thank you. I think, Bill, you talked a little bit about, you know, obviously bigger ticket for a grocer. I'm curious how, you know, do you potentially look to maybe scale up in that sort of sector?

Yeah, I think it's very similar, Mitch, to how we looked at medical retail and auto service. We spend a lot of time doing research up front. We're conservative in what we purchase. And then as we are active in the market, it helps with seeing deals and you get more deal flow. So it's no different than what we've done in the past, to be honest. It's just the attributes of different property types you need to be sensitive to. And I think because we've been cautious and, you know, you've seen the positive results on our credit results.

And you envision doing direct deals with, with grocers or maybe leveraging some of your shopping center contacts to scale it up.

It's all, it's all above Mitch. We, we take a pretty agnostic view on sourcing. Um, so we've, we've sourced things directly, you know, an auto service. We've had a number of brands that we've had repeat sell these back business, but we will look at, you know, we'll look at everything that we can.

Gotcha. And last one for me is anything not hitting the strike zone today in terms of where you've been allocating capital? Like, are you pulling back in any way at all? Or it's all, as long as it continues to meet your underwriting criteria, it's all systems go.

Yeah, I think it's the latter. You know, we've been pretty, you know, thoughtful in what we've acquired, and we don't tend to have a view of buy it, and if the performance starts declining, you know, we'll be able to sell it at a great price. You know, that hasn't been the way we've looked at the world. You know, we've proved things in the past, but it's been minimal, and I think it reflects what we've purchased we feel really good about.

Thank you. Good luck this year. Thanks.

Thank you. Our next question comes from Jim from Evercore ISI. Your line is now open. Please go ahead.

Thank you very much. Perhaps a derivative of where Mitch was heading, could you remind me, what is the percentage of dollars over the past couple of years that really were direct deals with developers and where you didn't have a broker involved? Because I'm presuming that the former gives you a better yield. I'm just curious how that's been playing out proportionately.

Yeah, I don't think, I wouldn't look at it that way, Jim. I think that the returns are pretty similar. You know, sophisticated large brands have access to information. They know what their properties trade for. You know, there are some ease of use when you do repeat transactions in a sale lease back because often you have existing documents that you can replace or you know who the people are and you know, the sort of cadence of information flow can be better, but I don't think that there's a, you know, some meaningful advantage of doing originated SELI SPACs. Not that we're against them in any way, but I don't think that there's a big difference.

Mark has figured it out. Fair enough. Thanks.

Thank you. As a reminder to ask a question, please press star followed by 1 on your telephone keypad now. We will now pause for any questions to be registered. We currently have no further questions, so I'd like to hand back to Bill Linehan for any closing remarks.

Thank you, Claire. For 2026, we're in the fortunate position of being able to use very economical long-term debt to fund new investments. We see ample external acquisition opportunities, and based on cap rates today, we expect healthy investment spreads and growth for the year. I'd emphasize that in this environment, we do not anticipate slowing down given our dry powder and where we are seeing our cost of debt capital. Our team will be on the road for some non-deal road shows in Los Angeles and Chicago the weeks of March 10th and March 17th, respectively. We'd love to meet with you in person, so please reach out to Patrick or myself to coordinate. Thank you.

all and look forward to seeing many of you in person this year thank you this now concludes today's call thank you all for joining you may now disconnect your lines