NNN REIT, Inc. (NNN) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.301 Greetings and welcome to the NNN REIT Incorporated fourth quarter 00:00:05.301 -- 00:00:08.768 2025 earnings conference call. 00:00:08.768 -- 00:00:13.979 At this time, all participants are on a listen-only mode and a question and answer session 00:00:13.979 -- 00:00:16.838 will follow the formal presentation. 00:00:16.838 -- 00:00:21.824 If anyone should require operator assistance during the conference, please press star 00:00:21.824 -- 00:00:28.412 zero on your telephone keypad. And please note, this conference is being recorded. 00:00:28.412 -- 00:00:31.195 I will now turn the conference over to your host, Mr. 00:00:31.195 -- 00:00:36.402 Steve Horne, CEO of NNNREIT. Sir, the floor is yours. 00:00:36.402 -- 00:00:41.548 Hey, thanks, Alec. Hey, good morning. Welcome to NNNREIT's fourth quarter 2025 earnings 00:00:41.548 -- 00:00:46.538 call. Joining me on the call is our Chief Financial Officer, Vincent Chow. 00:00:46.538 -- 00:00:51.083 As outlined in this morning's press release, NNN delivered a solid operating financial 00:00:51.083 -- 00:00:53.165 performance in 2025, 00:00:53.165 -- 00:00:58.490 generating 2.7% growth in AFFO per share and completing over 900 00:00:58.490 -- 00:01:02.775 million of acquisitions, the highest annual volume in NNN's history. 00:01:02.775 -- 00:01:08.020 The momentum exiting 2025, driven by elevated acquisition activity 00:01:08.020 -- 00:01:13.005 and the portfolio management of the vacancies, positions NNN well entering more uncertain 00:01:13.005 -- 00:01:16.222 macroeconomic environment in 2026. 00:01:16.222 -- 00:01:21.029 I am certain in the team's ability to execute across the full investment cycle, from 00:01:21.029 -- 00:01:25.635 sourcing the right opportunities to thoughtful underwri...