NNN REIT, Inc. (NNN) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings. Welcome to the NNN REIT, Inc., second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Steve Horn, CEO at NNN REIT, Inc. You may begin. Thanks, Holly. Good morning, and welcome to NNN's second quarter 2026 earnings call. On the call today with me is Chief Financial Officer Vin Chao. As this morning's press release reflects, NNN's performance in 2026 continues to produce strong results, including high occupancy, impressive rent collections with under five basis points of uncollected rent. and solid acquisitions driven by our deep tenant relationships. We're well positioned to continue enhancing shareholder value as we move into the second half of the year and beyond. In July, we announced just over a 3% increase in our common stock dividend payable August 14th, marking 2026 as our 37th consecutive year of annual dividend increases. That places NNN among 70 US public companies and just three REITs to achieve that track record. Given our continued consistent performance of the portfolio and the acquisition pipeline, we're updating our 2026 guidance for AFF per share to a range of $3.55 to $3.59, our second guidance increase of the year. This reflects our discipline of longstanding multi-year strategy for consistent per share growth. As far as the portfolio performance, the 3,774 freestanding single tenant properties continue to perform exceedingly well during the second quarter. Occupancy is up 50 basis points from the first quarter to 99.1, which...