NNN REIT, Inc. (NNN) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Today, everyone, welcome to the NNN Re-Ink First Quarter 2026 Earnings Call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Steve Horn. The floor is yours. Hey, thank you, Kelly. Good morning. Thank you for joining NNN's first quarter 2026 earnings call. I'm joined today with our Chief Financial Officer, Vin Chow. NNN's disciplined, efficient, and self-funded growth strategy continues to deliver results. Our proven long-term operating platform and consistent capital allocation focused on sufficiently accretive acquisitions remain central to our approach. We are committed to long-term value creation, navigating market conditions with discipline, and capitalizing on opportunities that support that durable growth. As detailed in the press release this morning, NNN delivered a strong quarter. We closed 15 transactions, comprising of 41 properties, for a total investment of $145 million, with an initial cash yield of 7.5%. At the same time, we maintain significant balance sheet flexibility, ending the quarter with $1.2 billion of total liquidity and industry-leading weighted average debt maturity of nearly 11 years. Reflecting on our consistent performance and visibility into the remainder of the year, we are raising our 2026 AFF per share guidance to a range of 353 to 359. This increase underscores the strength of our portfolio and effectiveness of our multi-year growth strategy. Just one additional item before I get into the operations. If you haven't reviewed our updated investor presentation, it was released during the quarter. I encourage you to visit the website and take a look. Turning to operating per...