Four Corners Property Trust, Inc. (NYSE: FCPT) is a publicly traded real estate investment trust headquartered in Mill Valley, California. Founded in 2015 as a spin-off from Darden Restaurants, the company was established to own a portfolio of restaurant properties previously held by the restaurant operator. Since its inception, FCPT ...Four Corners Property Trust, Inc. (NYSE: FCPT) is a publicly traded real estate investment trust headquartered in Mill Valley, California. Founded in 2015 as a spin-off from Darden Restaurants, the company was established to own a portfolio of restaurant properties previously held by the restaurant operator. Since its inception, FCPT has expanded its portfolio through strategic acquisitions and now owns over 1,000 properties across the United States, primarily net-leased to restaurant operators and, to a lesser extent, retail tenants. The company's business model focuses on acquiring properties with strong credit profiles and long-term leases, generating stable and predictable rental income. As of the latest data, FCPT has a market capitalization of approximately $2.75 billion and trades on the New York Stock Exchange. The company is led by CEO William Howard Lenehan, who has guided its growth strategy. Financially, FCPT demonstrates robust operational performance with an EBITDA margin of 76.7% and a net profit margin of 38.7%. The company pays a dividend, with a trailing twelve-month yield of approximately 6.3%, and maintains a debt-to-equity ratio of 0.776, indicating a balanced capital structure. FCPT's portfolio is diversified, with Darden Restaurants exposure reduced to approximately 41% of total rent, reducing concentration risk. The company continues to pursue growth through acquisitions, focusing on high-quality properties in the restaurant and retail sectors. With a dedicated team of 496 employees, FCPT emphasizes shareholder value through disciplined capital allocation and a customer-centric approach to property management.
Operator: Hello, everyone. Thank you for joining us, and welcome to Four Corners Property Trust's Second Quarter 2026 Conference Call. I will now hand the conference over to Patrick Wernig, CFO. Please go ahead.
Patrick Wernig: Thank you, Aidan. 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 fcpt.com. All the information presented on this call is current as of today, July 30, 2026. 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. With that, I will turn the call over to Bill.
William Lenehan: 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 7 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 1,000 properties since inception. Our original spin-off portfolio is now just 29% of the properties we own today. Since April, we have also completed 2 large financings with very low coupons for 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 coupon 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 …
