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    Sean Hostert

    Managing Director and Senior Analyst at Net Lease Observer

    Sean Hostert is a Managing Director and Senior Analyst at Net Lease Observer, specializing in the analysis of net lease and REIT sectors with in-depth coverage of companies such as Realty Income, W.P. Carey, National Retail Properties, and STORE Capital. He is recognized for his analytical rigor and has consistently been ranked as a top-performing analyst, maintaining a success rate of over 60% on investment recommendations with double-digit average annual returns, as reflected on research benchmarking platforms. Hostert began his investment analyst career in the early 2010s, previously holding analytical and management roles at firms like Calkain Companies and Marcus & Millichap before joining Net Lease Observer in 2021. He holds FINRA registrations including Series 7 and Series 63 licenses, and is widely regarded for his thought leadership and contributions to commercial real estate investment research.

    Sean Hostert's questions to Four Corners Property Trust (FCPT) leadership

    Sean Hostert's questions to Four Corners Property Trust (FCPT) leadership • Q3 2024

    Question

    Sean Hostert from Net Lease Observer asked about the long-term strategy for the Darden leases as they approach renewal periods, specifically whether they are all-or-nothing renewals and how FCPT views their future performance.

    Answer

    CEO William Lenehan clarified that the Darden properties are on individual leases, not master leases, and therefore are not subject to all-or-nothing renewals. He expressed high confidence in securing renewals, citing the assets' robust performance, including rent coverage of 6x and high sales volumes. He noted the leases have multiple five-year extension options and he anticipates a very high renewal rate.

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