NNN REIT, Inc. (NNN) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.417 Greetings. Welcome to the NNN REIT Inc. First Quarter 2025 Earnings 00:00:05.417 -- 00:00:09.141 Call. At this time, all participants are in a listen-only mode. 00:00:09.141 -- 00:00:12.305 A question and answer session will follow the formal presentation. 00:00:12.305 -- 00:00:15.288 If anyone should require operator assistance during the conference, please press star 00:00:15.288 -- 00:00:20.334 zero on your telephone keypad. Please note, this conference is being recorded. 00:00:20.334 -- 00:00:23.797 I will now turn the conference over to your host, Steve Horn, CEO. 00:00:23.797 -- 00:00:24.378 You may begin. 00:00:24.378 -- 00:00:25.780 Hey, 00:00:25.780 -- 00:00:30.102 thanks, John. Hey, good morning, and thank you for joining NNN REIT's first quarter 2025 00:00:30.102 -- 00:00:36.070 earnings call. With me today is Vin Chow, our Chief Financial Officer. 00:00:36.070 -- 00:00:40.255 I'd like to start with a high-level update on our vacant furniture and restaurant assets 00:00:40.255 -- 00:00:43.059 before we delve into the first quarter results. 00:00:43.059 -- 00:00:47.665 We're making excellent progress resolving these vacancies, and I'm confident that we 00:00:47.665 -- 00:00:52.292 will be in a solid position to have the vast majority resolved by year-end. 00:00:52.292 -- 00:00:57.579 On a post-quarter update, in terms of our 35 furniture stores, 15 00:00:57.579 -- 00:01:03.248 are resolved through leasing or sale and 15 have significant interest and we anticipate 00:01:03.248 -- 00:01:06.493 nearly all be handled by the end of the third quarter. 00:01:06.493 -- 00:01:11.802 For the restaurant assets, we gained full possession this quarter following the conclusion 00:01:11.802 -- 00:01:16.850 of the eviction process. We've...