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

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WEBVTT 00:00:00.031 -- 00:00:05.641 Today, everyone, welcome to the NNN Re-Ink First Quarter 2026 Earnings 00:00:05.641 -- 00:00:10.751 Call. At this time, all participants have been placed on a listen-only mode, and the 00:00:10.751 -- 00:00:14.738 floor will be open for your questions and comments after the presentation. 00:00:14.738 -- 00:00:18.645 It is now my pleasure to turn the floor over to your host, Steve Horn. 00:00:18.645 -- 00:00:20.749 The floor is yours. 00:00:20.749 -- 00:00:26.010 Hey, thank you, Kelly. Good morning. Thank you for joining NNN's first quarter 2026 earnings 00:00:26.010 -- 00:00:31.359 call. I'm joined today with our Chief Financial Officer, Vin Chow. 00:00:31.359 -- 00:00:36.688 NNN's disciplined, efficient, and self-funded growth strategy continues to deliver results. 00:00:36.688 -- 00:00:41.916 Our proven long-term operating platform and consistent capital allocation focused 00:00:41.916 -- 00:00:46.336 on sufficiently accretive acquisitions remain central to our approach. 00:00:46.336 -- 00:00:51.442 We are committed to long-term value creation, navigating market conditions with discipline, 00:00:51.442 -- 00:00:55.466 and capitalizing on opportunities that support that durable growth. 00:00:55.466 -- 00:00:59.351 As detailed in the press release this morning, NNN delivered a strong quarter. 00:00:59.351 -- 00:01:05.117 We closed 15 transactions, comprising of 41 properties, for a total investment of $145 00:01:05.117 -- 00:01:09.893 million, with an initial cash yield of 7.5%. 00:01:09.893 -- 00:01:14.359 At the same time, we maintain significant balance sheet flexibility, ending the quarter 00:01:14.359 -- 00:01:19.687 with $1.2 billion of total liquidity and industry-leading weighted average debt maturity 00:01:19.687 -- 00:01:...