Four Corners Property Trust, Inc.

Hello, everyone. Thank you for joining us and welcome to Four Corners Property Trust's second quarter 2026 conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Patrick Wernig, CFO. Please go ahead.

Thank you, Aiden. 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 FCC filings which can be found at fcpt.com. All the information presented on this call is current as of today, July 30, 2026. Reconciliation to non-GAAP financial measures presented on this call, such as FFO and AFFO, can be found in the company supplemental report. With that, 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. It has been a remarkable time for FCPT. First, We are only through the first seven months and we've already exceeded our prior record annual investment volume. Year to date, we've acquired 382 million of properties at a blended 6.6 cash cap rate. This investment activity has pushed us past an important diversification milestone as FCPT has now acquired over a thousand properties since inception. Our original spinoff portfolio is now just 29% of the properties we own today. Since April, we have also completed two large financings with very low coupons for a total proceeds of $600 million. Not only do these refinancings push our maturity schedule meaningfully, but also provide us with sufficient dry powder for our investments in 2026. It is also worth noting that the coupons represent approximately a 200 basis point spread to our historical investment yields. We encourage our analysts and investors to revisit their models given the major developments at FCPT including those that occurred in July closing after Q2. These major developments aren't yet reflected in our Q2 financials and have not been realized in our reported AFFO. For ease of reference, we have included a number of slides in our latest investor presentation with pro forma figures. Lastly, we also recently announced switching to a monthly dividend with the first monthly payment scheduled for August. This move aligns timing of rent payments from our tenants with distributions to our shareholders. We believe a monthly dividend is consistent with our long-standing focus on shareholder alignment, transparency, and predictable cash flow generation. Moreover, this reflects our confidence in stable rent receipts from our Fortress portfolio, and we believe the change will better match the income preferences of many retail investors. Switching over to an update on portfolio performance, occupancy remains above 99% and our rent coverage for Q2 was 5.2 times for the majority of our portfolio that reports this figure. This is amongst the best coverage within the net lease industry and what we believe is reflection of our conservative underwriting. The rent coverage figure for our Darden property specifically is 6.0 times and has improved over time remaining above five times for the past three years. Our three largest restaurant brands Olive Gordon, Longhorn, and Chili's continue to outperform their peers and grow sales quarter after quarter, most recently 2.4 times, 9.5% and 4% respectively. As such, we note that we have avoided some of the most problematic net lease sectors experienced headwinds in recent years, including pharmacies, experiential retail. By scoring every property and targeting low basis, fungible properties, with skilled operators, we have built a recession and e-commerce resistant portfolio. As a reminder, to date, we have had no major tenant credit issues, limited vacancy, and very, very low bad debt expense. We continue to significantly diversify. Pro forma for the Mission Pet Health portfolio, approximately 41% of our rent now comes from outside the casual dining tenants, including medical retail at 16%, auto service at 13%, and Crick Service Restaurants at 10%. Darden now represents just 41% of cash rent, approximately. We note that the first tranche of the original Darden spin properties is due to send us extension notices by no later than October of this year for leases maturing the following year in Q4, 2027. We are expecting a very, very high renewal percentage given the strong performance of the stores and six times coverage overall in our Darden properties. So I'll leave you with this before turning it over to Josh. ABR has grown by 11% annually since inception, and we have meaningfully diversified results on a very granular, safe portfolio. FCPT has matured a great deal over the past decade, and as we look forward, we believe we are uniquely positioned within the net lease universe. We are clearly able to execute on large transactions while also maintaining a strong regular way pipeline as a baseline for sustained, attractive, risk-adjusted growth. We believe we've built a very strong credit-focused portfolio all the way, staying within our stated leverage metrics. The world has a lot of volatility, especially today, but FCPT has been remarkably stable. Over to you, Josh.