Four Corners Property Trust (FCPT) is a public company. Four Corners Property Trust (NYSE:FCPT) is among the nation’s leading owners of restaurant real estate. With a strong and proven portfolio over 1000 properties located across 47 states, the Company is positioned to grow and further diversify its portfolio.

For more information, navigate to the following site: www.fcpt.com. Founded in 2015. It has 53 employees. IPO 2015.

Transcript

Operator

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.

Patrick Wernig — CFO

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.

Bill Lenehan — President and CEO

Good morning. Following my initial remarks, Josh will comment on our investment activity, 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 1,000 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