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Performance was driven by a disciplined, self-funded growth strategy focused on accretive acquisitions and high-quality leasing execution.

Occupancy increased to 98.6%, surpassing long-term averages due to successful repositioning of vacant assets with investment-grade tenants.

Management attributes the 7.5% initial cash yield on new investments to a robust sale-leaseback pipeline where sellers are using transactions for debt refinancing.

Portfolio health remains strong with no material credit concerns, supported by a historical lease renewal rate of approximately 85%.

Strategic dispositions focused on non-core assets and de-risking, including the sale of an AMC theater and an entertainment property to optimize long-term cash flow.

The company maintains a competitive advantage through an industry-leading weighted average debt maturity of nearly 11 years, providing significant balance sheet flexibility.

Raised 2026 AFFO per share guidance to $3.53โ€“$3.59, reflecting strong Q1 performance and visibility into the investment pipeline.

Management expects modest cap rate compression of 15 to 25 basis points in the second quarter, particularly in auto service and convenience store sectors.

Full-year bad debt assumptions were lowered from 75 basis points to 60 basis points based on current outperformance and healthy tenant credit trends.

Acquisition volume is trending toward the high end of the $550 million to $650 million guidance range, supported by $1.2 billion in available liquidity.

The company plans a more proactive approach to asset sales in 2026 to stay ahead of potential real estate and credit risks.

Lease termination fees were a $0.04 headwind compared to the prior year, though management views the current $739 thousand level as a return to normalized trends.

The company successfully resolved all Badcock assets with near 100% recovery and is actively working through 53 remaining vacant assets, including Frisch's locations.

Management flagged AMC as a watch-list tenant but successfully executed a disposition of one theater for redevelopment at an economic gain.

Exposure to 7-Eleven is characterized as stable, with an average lease term of eight and a half years and no stores currently on the tenant's closure list.

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Management is cautious about raising guidance prematurely, stating they do not want to 'get above our skis' until negotiations reach advanced closing stages.

The $74 million in unsettled forward equity provides approximately $125 million in additional acquisition capacity when using a 60/40 equity-to-debt mix.

Compression is expected to be broad across the opportunity set, specifically 15 to 25 basis points in auto service and convenience stores.

The shift is attributed to increased competition in the first half of the year as market participants become more aggressive in deploying capital.

Management noted that while the environment is always highly competitive, institutional private capital typically targets large industrial assets rather than the smaller, fragmented retail sites NNN pursues.

The company relies on long-standing relationships and its ability to handle smaller, individual transactions to maintain its competitive edge.

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