FCPT
#The real ---+ that's a great question, <UNK>.
The real constraint on ATM issuance is the number of days that you're allowed to be in the market.
There are a lot of blackout dates around earnings and in other factors.
But we've only really been active for a very short period of time before the end of the year when and we decided to put ourselves in a blackout period, so we don't know yet.
All the advice we've gotten from our advisors is it would be very meaningful and a way to finance our business in a steady state.
Obviously, if we had a larger transaction that acquired significant equity, we think we could access the equity markets in a more normal way, but for our steady state of acquisitions, we think as long as we're not in blackout, it's a great methodology.
Very fluid as far as matching the sources and uses of cash and very reasonably priced when it comes to underwriters' discount and fees.
I think it's ---+ I can make two comments.
We tend to be in the mid-twos on the transactions we're looking at and then we try to factor in judgment.
A pro forma adjusted coverage ratio that assumes rent growth and margin increases on a new operator has less credibility in our mind than an existing operator who has a long track record and very consistent sales.
We try to build in a cushion, but we try to be in the mid-twos.
We think that is the right ratio.
It's the market ratio that the people tend to focus on, but I also think it's the right ratio.
Many other property types have market coverage ratios that have been set over time that are not sensible, in my view, but mid-twos in the restaurant space seems to be a good number.
Great.
Thanks.
Operator, we're approaching our longest conference call to date, so if there's any other questions we'd love to take them.
Operator.
I think we'll look at it.
We look at it at every Board meeting and intra-Board meeting on a percentage of AFFO basis.
We've said 80% is sort of the range.
Obviously, as we acquire assets and our AFFO grows, it'll hover around that number.
It's certainly something that we'll think about in 2017.
Just wanted to say thank you for all your support in 2016.
It's been a great year.
We're very happy with how the business is operating and look forward to 2017.
Thank you, everyone.
