Four Corners Property Trust Q2 2025 Earnings Report

Four Corners Property Trust EPS Results

• Actual EPS: $0.44
• Consensus EPS: $0.42
• Beat/Miss: Beat by +$0.02
• One Year Ago EPS: $0.43

Four Corners Property Trust Revenue Results

• Actual Revenue: $72.84 million
• Expected Revenue: $70.27 million
• Beat/Miss: Beat by +$2.58 million
• YoY Revenue Growth: +9.60%

Four Corners Property Trust Announcement Details

• Quarter: Q2 2025
• Date: 7/29/2025
• Time: After Market Closes
• Conference Call Date: Wednesday, July 30, 2025
• Conference Call Time: 12:00PM ET

Four Corners Property Trust (NYSE:FCPT) engages in the owning, acquisition, and leasing of properties for use in the restaurant and food-service related industries. It operates through the Real Estate Operations and Restaurant Operations segments. The Real Estate Operations segment consists of rental revenues generated by leasing restaurant properties. The Restaurant Operations segment includes the Kerrow Restaurant operating business. The company was founded on July 2, 2015 and is headquartered in Mill Valley, CA.

Four Corners Property Trust Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: In Q2, FCPT acquired $84 million of properties at a 6.7% blended cap rate, bringing first‐half 2025 acquisitions to $141 million at the same cap rate and demonstrating continued deal momentum.
• Positive Sentiment: The portfolio’s diversification has expanded from five brands at spin-off to 165 brands today, with 34% of rent now outside casual dining—including quick service, automotive service, and medical retail.
• Positive Sentiment: FCPT reported AFFO per share of $0.44, up 2.8% year-over-year, and rental income grew over 11% to $64.5 million in Q2, reflecting strong operating leverage and scale benefits.
• Positive Sentiment: The company’s credit profile remains robust, with average rent coverage of 5x, ultra-low historical bad debt expense of just 12 basis points, and lease recovery rates above 90% following credit events.
• Positive Sentiment: FCPT’s balance sheet remains strong, with $500 million of available liquidity, full revolver capacity, 95% of term debt fixed at ~3%, and no significant maturities until late 2027.

Presentation

[Operator]

Hello, everyone, and thank you for your patience on today's FCPT Second Quarter twenty twenty five Financial Results. During today's call, there will be some prepared remarks followed by a Q and A session. Hello, everyone, and thank you for joining us on today's FCPP Second Quarter twenty twenty five Financial Results. My name is Drew, and I'll be the operator on today's call. During the call, we will have some prepared remarks, followed by a Q and A session.

[Operator]

It's now my pleasure to hand over to Patrick Wernie to begin. Please go ahead when you're ready.

[Patrick Wernig, CFO at Four Corners Property Trust]

Thank you, Drew. 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 fcpg.com.

[Patrick Wernig, CFO at Four Corners Property Trust]

All the information presented on this call is current as of today, 07/30/2025. 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'll turn the call over to Bill.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Good morning. After my remarks, Josh will comment on the investment market, and Patrick will discuss financial results and capital position. The 2025 continued the momentum we had in the 2024. We acquired additional properties that fit our high quality standards while keeping our pricing consistent. We were able to fund these deals with our strong cost of capital, equity we raised on the ATM via forward issuance over the last year.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

4,000,000 in acquisitions in q two at a 6.7 blended cap rate. Over the last twelve months, we've acquired 344,000,000 of properties, which is among our highest volumes across four consecutive quarters. We have momentum and are reaching these milestones in a uniquely FCPT way. One, we focused on real estate and creditworthy tenants, never sacrificing quality for volume or spread. And two, we remain committed to modulating acquisitions when our cost of capital weakened and then returned with vigor when when we reentered the green zone.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Our ability to fluctuate acquisitions to protect spreads without weakening our portfolio quality is, in our view, a strong competitive advantage for FCPT. Our rent coverage in q two was five times for the majority of our portfolio that reports this figure. This remains amongst the strongest coverage within the net lease industry. Olive Garden, LongHorn, and Chili's are industry leaders and generally outperform the national peers as well as fine dining or local brands. Most recently, Brinker reported Chili's same store sales grew 32% for the quarter ended March 2025.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Olive Garden and LongHorn report same store sales growth of near 7% for the quarter ended May 2025. While casual dining is 66% of our rents, we also want to highlight the progress we've made on diversification. We've grown from four eighteen properties across five brands in 2015 at spin to twelve sixty leases across a 165 brands ten years later. Olive Garden and Longhorn are now 339% of our rent today versus a combined 94% at spin off. 34 of our portfolio rent is now outside of casual dining, including quick service at eleven, automotive service at twelve, and medical retail at nine.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

All of our chosen sectors are focused on central retail and services, creating what we view as a very defensive portfolio and quite tariff resistant. While while we are still waiting for the tariff impact to completely settle, we expect restaurants in the service industry to be less impacted due to their largely domestic supply chains. We would expect a pullback in consumer spending from any recession or high inflation environment, but we feel that we are well positioned with low rents to provide significant cushion. Our portfolio remains in fantastic shape with no exposure to the problem retailers or sectors that have been recently struggling, such as theaters, pharmacy, high rent car washes, and experiential retail. We aim for best in class disclosure.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

In addition to our press release of every acquisition, we also now disclose our top 35 brands in the supplemental, which represents 83% of our rents. The net lease industry peer group typically discloses 20 to 50% of rents. While we have not provided information on bad debt expense historically because there hasn't been much to report, going back to 02/2016, we've had a total of 1,760,000.00 in bad debt, excluding recoveries from releasing, versus 1,500,000,000.0 of rent collected over the same period. I'll repeat those figures. 1,760,000 of bad debt versus 1,500,000,000.0 in rent collected.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

That's an average of 12 basis points or a $176,000 per year, including zero for in 2025. To put this in context, most of our peers have stated a track record or expectations of 25 to 75 basis points annually. I'd also like to note that in the lease bureau credit events, our recovery rates for new leases have been very high with an average above 90% of prior rent and are often above 100% of prior rent when we replace the tenant. Over to you, Josh.

[Joshua Zhang, Managing Director of Investments, Head of the Investment Team at Four Corners Property Trust]

Thanks, Bill. During Q2, we acquired 24 properties for $84,000,000 at a blended 6.7% cap rate with a weighted average lease term of thirteen years. For the first half of the year now, we have acquired 47 properties for $141,000,000 at a blended 6.7% cap rate. Next, sharing some statistics for the quarter. First, 68% of our total volume was in the automotive sector, including established tenants such as Caliber Collision, Christian Brothers and Express Oil, brand owned by Mavis and Tires Plus, a subsidiary of Bridgestone.

[Joshua Zhang, Managing Director of Investments, Head of the Investment Team at Four Corners Property Trust]

Second, onethree of our investment volume was from sale leasebacks with creditworthy operators looking to grow. Of note, we completed one with Christian Brothers Automotive and another with Vibe Collision. The Christian Brothers opportunity was a repeat relationship from Q4. The team now operates over three ten locations across the country and notably has never closed a store due to poor business and forty three year operating history. Vive, a Northeast based collision repair operator, is a new tenant for us, though we've been following their progress for several years.

[Joshua Zhang, Managing Director of Investments, Head of the Investment Team at Four Corners Property Trust]

We acquired two locations via sale leaseback and are excited to continue assisting their growth. Overall, this quarter highlighted how automotive service remains one of our core targeted industries. Specifically, the sector is both e commerce and recession resistant while benefiting from tailwinds, especially as the average age of passenger vehicles in The U. S. Is now at a record fourteen years.

[Joshua Zhang, Managing Director of Investments, Head of the Investment Team at Four Corners Property Trust]

As demand for vehicle service continues to increase, we expect that operators of scale will continue to consolidate the market. Further, automotive service properties require special zoning and use permitting that is not always easily attainable from their respective municipalities. This creates a stickier tenant base that regularly renews versus relocating. Moving on to dispositions. While we did not have any this quarter, our team continues to field frequent reverse inquiries and offers on our properties.

[Joshua Zhang, Managing Director of Investments, Head of the Investment Team at Four Corners Property Trust]

Looking forward, the Boulder Group's most recent report showed flattening cap rates and a flight to credit quality, which could indicate coming pressure on net lease cap rates. However, we are continuing to find attractive opportunities that are both consistent with our quality thresholds within pricing standards similar to what we have seen earlier in the year. Lastly, and as a reminder, we do not provide acquisitions guidance. We will remain disciplined in our pricing as we continue to seek out deals that meet our dual quality return thresholds. Patrick, back to you.

[Patrick Wernig, CFO at Four Corners Property Trust]

Thanks, Josh. I'll start by talking about capital sourcing and the state of our balance sheet. In Q2, we raised $24,000,000 in equity. That is in addition to the $149,000,000 that we raised in Q1. Over the last twelve months, we've raised nearly $05,000,000,000 of equity, which has allowed us significant capacity to match fund our acquisitions.

[Patrick Wernig, CFO at Four Corners Property Trust]

As of yesterday, we have $146,000,000 of unsettled equity forward at a price of $28.3 We've become increasingly comfortable maintaining a forward equity balance as higher silver rates largely offset the carrying costs. With respect to overall leverage, our net debt to adjusted EBITDAre was 4.5 times, inclusive of outstanding net equity forwards as of June 30. Excluding our forward equity balance, our leverage was 5.4 times. This is our fourth consecutive quarter of leverage below our stated guidance of 5.5 to six times and remains near a seven year low. We still have full capacity under our $350,000,000 revolver and have the liquidity to continue executing our business plan this year without further markets.

[Patrick Wernig, CFO at Four Corners Property Trust]

We layered in two additional hedges after June 30, which has further lowered our floating rate interest exposure. We now have 95% of our term debt fixed through November 2027 at 3% versus spot rates today near 4.35%. Including our fixed rate private notes near 97% hedged. Including extension options, we have near zero debt maturities for nearly two years, and our staggered maturity schedule will ensure we do not face a significant fall at any point thereafter. Additionally, our fixed charge cover ratio is a healthy 4.5x.

[Patrick Wernig, CFO at Four Corners Property Trust]

Altogether, this puts us in a great liquidity position with approximately $500,000,000 of available capital for funding acquisitions as of today. Assuming no further equity issuance, we have an approximate $470,000,000 of capacity before reaching six times that leverage. Now turning to some of the financial highlights for Q2. We reported AFFO per share of $0.44 which is up 2.8% from Q2 last year. Rental income cash rental income was $64,500,000 representing growth of over 11% for the quarter compared to last year.

[Patrick Wernig, CFO at Four Corners Property Trust]

Annualized cash based rent for leases in place as of quarter end $249,800,000 and our weighted average five year annual cash rent escalator remains 1.4%. Cash G and A expense, excluding stock based compensation, was $4,400,000 representing 6.9 percent of cash rental income for the quarter compared to 7.4% for the quarter last year. This improving operating leverage illustrates our continued efforts at efficient growth and the benefits of our improving scale. We are still expecting cash G and A will be in the range of $18,000,000 to $18,500,000 for 2025. As we're managing our lease maturity profile, we have 41 leases expiring in 2025, and our team has made significant progress with more than 85% of those tenants already extending their lease or indicating intent to do so.

[Patrick Wernig, CFO at Four Corners Property Trust]

2025 remaining expirations now represent just 0.4% of ABR, and we are beginning work on next year's expirations. For reference, we had 44 leases expire last year with 40 renewing. Two of those nonrenewals are already released, and the other two are in active negotiations. There were no material changes to our collectability or credit reserves nor any balance sheet impairments. Our portfolio occupancy today remains strong at 99.4%, and we collected 99.8% of base rent for Q2.

[Patrick Wernig, CFO at Four Corners Property Trust]

With that, we'll turn it back over to Drew for questions.

[Operator]

Thank you. We'll now take our first question from John Kilchowski from Wells Fargo. Your line is now open. Please go ahead.

[John Kilichowski, VP - Equity Research at Wells Fargo]

Good morning. Thank you. Bill, on previous calls, you've made mention about building out your acquisition team. I'm curious when you look at the volumes that you've done, is that a product of, you know, we've we're fully worked. This is the most that we could possibly do and extending our team would allow us to do more volume?

[John Kilichowski, VP - Equity Research at Wells Fargo]

Or do you think that at this point, your team is fully functioning, you don't need to really add scale, and this is just the opportunity set that's available that you're you're winning?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Yeah. It's a terrific question. I mean, I I would reflect that we run the company pretty bootstrapped. We we definitely don't have excess capacity in in acquisitions or or other parts of the company, frankly. But, really, it's a function of recruiting, folks out of college, training them in the business or the way we see the business working.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

And I would say we are appropriately staffed. We we definitely have the capacity to do more acquisitions to the extent that we find more favorable pricing. But, really, the the thing that is you know, sets where our our acquisition acquisition volume volume is is today today is is is the availability of well priced assets in the marketplace. We're finding things that score high enough. It's just the pricing, has not been terribly attractive. It's sufficient, but not terribly attractive.

[John Kilichowski, VP - Equity Research at Wells Fargo]

Understood. And I guess if I were doing a a sensitivity analysis and and cap rates were to move, let's say, 10 or 20 bps in your direction, you kept your cost of capital, where it is, How much do you think that that would move the opportunity set for you if you're doing a couple $100,000,000 of investments in a quarter? Where do you think that that could move that needle to? I'm just trying to sort of sensitize this.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Yeah. I'd first look at the the forward that we have, which is already priced at north of $28, where we raised that capital. And so, you know, to take your question, maybe 25 basis points would be substantial, would be 100,000,000 or $200,000,000

[John Kilichowski, VP - Equity Research at Wells Fargo]

Our

[Operator]

next question today comes from Michael Goldsmith from UBS. Your line is now open. Please go ahead.

[Michael Goldsmith, US REITs Analyst at UBS Group]

Good morning. Thanks a lot for taking my question. You acquired some Olive Gardens in the quarter and I know you're also looking to diversify the portfolio. So does this imply that you kind of reached the comfortable level of Darden exposure that you're interested in maintaining going forward?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

You know, we've consistently diversified the Darden exposure down, but we haven't hesitated to buy Darden related assets, when we found ones that we really liked and the pricing was was great. And and that, you know, played out in this this quarter. Very often, the ones that we're buying are outparcels where the rents are really low. Garden is doing, you know, fantastic. It has an equity market cap over 25,000,000,000. Its credit default swaps are in line with the US government's CDS. So it's, it's not something that we shy away from doing if we find buildings that we we think are well located and the pricing's right.

[Michael Goldsmith, US REITs Analyst at UBS Group]

Got it. And thanks for that, Bill. And then as a follow-up, you've been an active acquirer in the first half of the year. Last year's acquisition activity was pretty back weighted. So recognizing that you don't provide guidance, but should we expect a similar acceleration in acquisition activity in the back half of this year?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

I think it really comes down to cost of capital and what what the markets, you know, brings us, but we're certainly quite busy. Your your observation that q four tends to be our largest quarter, I think that has been true over over most of our tenure. But we're too soon to see what would close in q four. Those would be assets that would typically be, sourced and underwritten in the August, September, early October time frame. So a little too soon to tell. I'll have more detail on that next next call.

[Michael Goldsmith, US REITs Analyst at UBS Group]

Thanks again. Good luck in the back half. You.

[Operator]

Our next question comes from the line of Anthony Paolone from JPMorgan. Your line is now open. Please proceed.

[Anthony Paolone, Executive Director at J.P. Morgan]

Yes. Thank you. You had a lot of transactions skewed to auto services in the quarter and was wondering if that was just where the deal flow happened to be or if that was a bit more intentional than usual?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Just where the deal flow happened to be precisely.

[Anthony Paolone, Executive Director at J.P. Morgan]

Okay. And then going back to the earlier question in the math around maybe picking up 25 basis points, like if we kind of just do the math on our side, it seems like where you've raised capital and where your yields have been, it's, I don't know, fifty, seventy five basis points of blended spread. And so should we look at that as if you were to do something a little bit closer to a seven, given that you've locked a lot of your financing costs right now or your or your equity costs, like, that that would kind of open up the deal volume? Or I'm just trying to think about how, you know, how that would work.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Yeah. I was just trying to make a comment that if our historical acquisitions have been in between 6.77, if you lowered that range by 25 or 50 basis points, there's a lot there's a lot more to do. But we wanna make sure that we, you know, are accretive when we acquire things and that we, feel like we're paying a fair price for the real estate. And and I think if you look at our history, we haven't, on one hand, when rates were very low, we weren't buying things in the mid fives. And when our peers had impaired stock prices, they were acquiring things at mid to high sevens, but they were dipping down in quality.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

And the point that we're trying to make is we try to stay very consistent on quality and price. And when the stock market gives us the opportunity to raise equity at favorable pricing, we're bashful.

[Anthony Paolone, Executive Director at J.P. Morgan]

Okay. Understood. Thanks, Bo. Thanks.

[Operator]

Our next question today comes from Kyle Katrinasek from Janney. Your line is now open. Please go ahead.

[Kyle Katorincek, VP - Equity Research at Janney Montgomery Scott]

Hey, good morning, guys. Shares remaining to be settled under forward, you're now around 150,000,000, down from $250,000,000 last quarter. Is this a reason for existing pipeline over the next sixty to ninety days that you're seeing less opportunities in your strike zone? Or is it more a function of where your stock price is currently?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

It's probably more of the latter.

[Kyle Katorincek, VP - Equity Research at Janney Montgomery Scott]

All right. Thank you.

[Operator]

Our next question comes from Alex Bagan from Baird. Your line is now open. Please proceed.

[Alec Feygin, Equity Research Analyst at Baird]

Hi. Thanks for taking our question. First one for me is is deal flow picking up, and has the competitive landscape been changing at all?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

I think the the deal flow has been quite consistent. And, you we're always looking at everything from very substantial portfolios down to $1,000,000 buildings. But I would say it's been pretty consistent. The pricing's been acceptable for what we're buying, But, certainly, the pricing isn't, you know, super attractive, so we're we're trying to pick our spots. And as mentioned, we have capital that was raised at at good prices on our ATM that provides, some runway.

[Alec Feygin, Equity Research Analyst at Baird]

Alright. And and then between the credit and real estate criteria, what has been the stronger filter in not getting deals done so far in 2025?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

I don't really think there's been much change in scoring. It's really more to do with pricing. Like, we're we're certainly finding sufficient volume of things that meet our quality criteria. It's just when you put that next filter on making sure the pricing is accretive for our shareholders, that becomes a governor on how much you can do.

[Alec Feygin, Equity Research Analyst at Baird]

Alright. That's it for me. Thank you.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

I would I would also point out that we're you know, we are operating the business, at at record levels of acquisition, despite not having large portfolios in that mix, which is how in prior years we had elevated acquisition volume.

[Alec Feygin, Equity Research Analyst at Baird]

Got it.

[Operator]

Our next question today comes from Mitch Germain from Citizens Capital. Your line is now open. Please go ahead.

[Mitch Germain, Managing Director - Real Estate Research at Citizens Capital Markets and Advisory]

Thanks. Bill, looks like 2027, you start to get the Darden spin assets beginning to roll. Obviously, you're already working on '26 roll now. So is there an anticipation to maybe start to pull some of that forward here?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

The extension options are at Darden's option, and they have a they have a notification of a year to to a lot to tell us what their intentions are. You know, we're in constant dialogue with them. It's a fantastic relationship. You know, we'll see how that works as as time plays out. You know, frankly, they are very, very highly covered.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

It's a bit of a different situation than in most net lease. These are properties that are highly productive with rents that are very reasonable.

[Mitch Germain, Managing Director - Real Estate Research at Citizens Capital Markets and Advisory]

Great. That's super helpful. And then you may have been asked this in the past. I apologize, if if you were. But Bahama Breeze, facing some store closures.

[Mitch Germain, Managing Director - Real Estate Research at Citizens Capital Markets and Advisory]

Anything of note? I think you have 10, properties exposed to that, tenant. Is there any sort of proact anything proactive that you guys are doing on your end there?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

We had one that was one only one property on the closure list. They're paying rent for the next handful of years on that property. It's located at Sawgrass Mills, which is a a mall I know really well. It was part of an acquisition that I did when I was at Farrell on this with Simon Property Group. It's one of the best malls in America.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

So I think we've already had tenant interest to to take over that property. It's, again, you know, on a ring road of one of the best malls in the country. Other than that, we have pruned our Bahama Breeze exposure right after a spin, and what we're left with are very strong properties with, you know, very reasonable rents. I don't think there's any there's any there's not any concern. In fact, there may be some opportunity there.

[Mitch Germain, Managing Director - Real Estate Research at Citizens Capital Markets and Advisory]

Great. Thank you so much.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Thanks, Mitch.

[Operator]

Our next question comes from Jason Wayne from Barclays. Your line is now open. Please go ahead.

[Jason Wayne, VP & Equity Research Analyst at Barclays]

Hi. Yes. Most of my questions are asked, but I saw your recent acquisition announcement of veterinarian retail property. So a pretty small deal, but the cap rate was above kind of recent levels. Can you just walk through your outlook for that industry and what makes you more comfortable with more deals there?

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Yeah. You know, vet falls underneath our medical retail efforts. It's a the vet industry is changing. It's probably a longer subject than for this call, but, you know, we think it's an interesting, space. We're a little bit wary of private equity in in that industry, but overall, reasonable basis, decent returns, and, something you you should expect to see us do more of going forward.

[Jason Wayne, VP & Equity Research Analyst at Barclays]

Got it. Thanks.

[Operator]

Thank you. We have no further questions in the queue at this time. So that does conclude the q and a portion of today's call. I'll hand back over to Bill Lannahan for some closing comments.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

Great. Thank you, Drew. Just some final thoughts. The portfolio remains resilient. Small and fungible buildings leased to large national operators, which are resilient in uncertain times.

[William Lenehan, President , CEO & Director at Four Corners Property Trust]

We evidenced a strong track record with an ultra low bad debt expense and strong releasing results. We have a ten year track record of being extra sensitive to our cost of capital by modulating capital raising and investment when necessary. We invest when it's accretive for our shareholders. We believe that FCPT is in a strong position to continue to execute our strategy no matter the near term market conditions, having over a 144,000,000 in unsettled forwards, full revolver capacity, and no near term debt maturities. Thank you for your time, everyone.

[Operator]

That concludes today's call. You may now disconnect your line.

Participants

Executives

• Patrick Wernig, CFO
• William Lenehan, President , CEO & Director
• Joshua Zhang, Managing Director of Investments, Head of the Investment Team

Analysts

• John Kilichowski, VP - Equity Research at Wells Fargo
• Michael Goldsmith, US REITs Analyst at UBS Group
• Anthony Paolone, Executive Director at J.P. Morgan
• Kyle Katorincek, VP - Equity Research at Janney Montgomery Scott
• Alec Feygin, Equity Research Analyst at Baird
• Mitch Germain, Managing Director - Real Estate Research at Citizens Capital Markets and Advisory
• Jason Wayne, VP & Equity Research Analyst at Barclays