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

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the NNN REIT Incorporated fourth quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode and 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. And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Steve Horne, CEO of NNNREIT. Sir, the floor is yours. Hey, thanks, Alec. Hey, good morning. Welcome to NNNREIT's fourth quarter 2025 earnings call. Joining me on the call is our Chief Financial Officer, Vincent Chow. As outlined in this morning's press release, NNN delivered a solid operating financial performance in 2025, generating 2.7% growth in AFFO per share and completing over 900 million of acquisitions, the highest annual volume in NNN's history. The momentum exiting 2025, driven by elevated acquisition activity and the portfolio management of the vacancies, positions NNN well entering more uncertain macroeconomic environment in 2026. I am certain in the team's ability to execute across the full investment cycle, from sourcing the right opportunities to thoughtful underwriting to proactive management of the highly diversified portfolio by geography, tenant, and industry. Before turning to the results and the outlook, I want to highlight several accomplishments in 2025. First, our 36th consecutive annual dividend increase. We maintained a highly flexible balance sheet, including a 10.8-year weighted average debt maturity, which is best in class, no encumbered assets, and $1.2 billion of total available liquidity. We completed the executive team positioning, and also we continued performance on the acquisition platform al...