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.