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    Kyle Katorincek's questions to Four Corners Property Trust Inc (FCPT) leadership

    Kyle Katorincek's questions to Four Corners Property Trust Inc (FCPT) leadership • Q2 2025

    Question

    Kyle Katorincek from Janney Montgomery Scott asked about the reduction in unsettled forward equity, from around $250 million to $150 million, questioning if this reflected a smaller pipeline or was more a function of the company's current stock price.

    Answer

    President, CEO & Director William Lenehan gave a concise response, stating that the change in the forward equity balance was "probably more of the latter," indicating it was more influenced by the current stock price.

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    Kyle Katorincek's questions to Four Corners Property Trust Inc (FCPT) leadership • Q1 2025

    Question

    Kyle Katorincek of Janney asked about the EBITDA coverage ratios for recent acquisitions and the potential upper and lower bounds of comfort for underwriting lease coverage, questioning if the company could be too conservative.

    Answer

    CEO William Lenehan stated that FCPT does not disclose quarterly coverage ratios for new acquisitions due to confidentiality but noted they are typically 3x+ on a 4-wall basis. He addressed the 'too conservative' question by explaining that back-testing shows deals they passed on had worse outcomes. Lenehan stressed that maintaining a conservative posture with high-quality assets and a strong balance sheet provides an 'enormous advantage' to be offensive during periods of uncertainty.

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    Kyle Katorincek's questions to Four Corners Property Trust Inc (FCPT) leadership • Q4 2024

    Question

    Kyle Katorincek inquired about the future cadence of acquisitions in non-restaurant retail and asked about the 2027 Darden lease rollovers, specifically regarding escalated pricing versus market rates.

    Answer

    CEO William Lenehan explained that while FCPT does not set specific diversification quotas, he would not be surprised if the recent trend of acquiring medical and auto service properties continues. Regarding the Darden leases, he anticipates the 'vast, vast majority' will be renewed by the tenant due to their strong rent coverage of nearly 6x and favorable extension options.

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    Kyle Katorincek's questions to NexPoint Residential Trust Inc (NXRT) leadership

    Kyle Katorincek's questions to NexPoint Residential Trust Inc (NXRT) leadership • Q2 2025

    Question

    Kyle Katorincek of Janney Montgomery Scott inquired about the portion of recurring capitalized maintenance that is non-revenue producing, the factors driving the faster-than-expected ramp-up of the unit rehab program, and the useful life assumption used for calculating ROI on renovated units.

    Answer

    CFO Paul Richards explained that maintenance spending was elevated due to required CapEx from refinancing and specific large projects, skewing it toward non-revenue generating activities. He also credited the accelerated rehab pace to the asset management team's focus on smaller, high-impact opportunities. EVP & CIO Matt McGraner confirmed that the useful life for calculating ROI on rehabs has historically been seven years.

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    Kyle Katorincek's questions to NexPoint Residential Trust Inc (NXRT) leadership • Q1 2025

    Question

    Kyle Katorincek of Raymond James asked if NexPoint Residential Trust would increase asset dispositions to fund share repurchases, given the stock's significant discount to the company's net asset value (NAV) midpoint.

    Answer

    Matthew McGraner, Executive Vice President and Chief Investment Officer, confirmed this is a potential strategy. He stated that NXRT aims to maintain a steady buyback program using free cash flow while opportunistically recycling capital. This could involve selling assets to fund acquisitions of new value-add properties, with the pace of buybacks remaining dependent on the share price.

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    Kyle Katorincek's questions to NexPoint Residential Trust Inc (NXRT) leadership • Q4 2024

    Question

    Kyle Katorincek inquired about the drivers behind Atlanta's positive rental income despite negative rent and occupancy, the cause for Raleigh's significant occupancy decline, and the current strategy for interior unit upgrades.

    Answer

    Bonner McDermett, VP of Asset and Investment Management, attributed Atlanta's revenue growth to new bulk Wi-Fi rollouts and Raleigh's occupancy pressure to new supply and a personnel change. Matthew McGraner, EVP and CIO, added that improving bad debt helped Atlanta and confirmed that unit renovations are being prioritized in markets with pricing power like South Florida and Las Vegas, with plans to potentially accelerate the program in the second half of the year.

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