NNN REIT (NNN) Q1 2026 Earnings Call Transcript

Image source: The Motley Fool.

DATE

Thursday, April 30, 2026 at 10:30 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Stephen A. Horn
• Chief Financial Officer — Vincent H. Chao

Need a quote from a Motley Fool analyst? Email pr@fool.com

TAKEAWAYS

• Acquisitions -- Closed $145 million across 41 properties at an initial cash yield of 7.5% and a weighted average lease term of 19 years.
• Portfolio Size -- Portfolio consists of approximately 3,700 freestanding, single-tenant properties across all 50 states.
• Occupancy -- Increased by 30 basis points sequentially to 98.6%, above the long-term average, driven by leasing and disposition activity.
• Renewals -- Renewed 36 out of 43 lease expirations, maintaining an 85% historical renewal rate; renewals carried a 2% rental rate increase.
• New Leasing -- Leased seven properties to new tenants at rents approximately 10% above previous levels, dominated by quick-service restaurants, convenience stores, and a car wash.
• Dispositions -- Sold 25 properties, including 16 vacant assets, for $36 million, with income-producing assets sold approximately 30 basis points below acquisition cap rates.
• Liquidity -- Ended the quarter with $1.2 billion in total liquidity and no encumbered assets.
• Debt Profile -- Weighted average debt maturity nearly 11 years, with just $80 million drawn on the credit facility and 1.6% of debt at floating rates.
• Capital Raise -- Drew entire $300 million delayed draw term loan at a fixed 4.1% rate and sold about 1.7 million shares on a forward basis at just under $45 per share, with $74 million in expected future net proceeds.
• Core FFO and AFFO -- Both core FFO and AFFO reported at $0.86 and $0.87 per share, respectively, each flat year over year.
• Adjusted FFO Guidance -- Raised AFFO per share guidance to $3.53–$3.59 and core FFO to $3.48–$3.54, reflecting a 3.5% guidance midpoint growth rate.
• Annualized Base Rent -- Increased 7% to $935 million, attributed to acquisition activity.
• NOI Margin -- Net operating income margin reached 95.9%, highlighting efficiency of the triple-net model.
• G&A Expenses -- G&A as a percentage of total revenue was 5.9%, with a cash G&A margin of 4.2%.
• Free Cash Flow -- Generated approximately $52 million of free cash flow after dividends for the quarter.
• Dividend -- Announced $0.60 quarterly dividend (3.4% year-over-year growth) for an annualized yield of 5.7%, with a 69% AFFO payout ratio.
• Credit Performance -- Bad debt totaled 15 basis points of quarterly ABR, outperforming the 75 basis point assumption; full-year bad debt guidance lowered to 60 basis points.
• Portfolio Management -- No material near-term tenant credit concerns identified, with proactive disposition and watch listing of assets (e.g. AMC theater).
• Sale-Leaseback Pipeline -- Transaction activity elevated versus 2025, with sellers using sale-leasebacks for refinancing and balance sheet needs.
• Forward Equity and Leverage -- Pro forma net debt to EBITDA remains unchanged at 5.6x following the equity and loan activity.

SUMMARY

Management raised AFFO and core FFO per share guidance following better-than-expected operating performance and visibility into transaction activity. The company highlighted continued active portfolio optimization, including notable property renewals with rental rate increases and new leases above previous levels, that contribute to overall cash flow growth. Company executives described a broad-based environment of cap rate compression driven by heightened deal competition, with expectations for this trend to persist through the near term. Strategic use of the ATM, forward equity, and a delayed draw term loan provided additional capacity for acquisitions above guidance if pipeline execution supports it later in the year. Free cash flow after dividends and ample liquidity provide latitude for opportunistic capital deployment while minimizing exposure to floating rate debt. Management cited “no material credit concerns currently” and signaled further opportunity to outperform their reduced bad debt assumptions for the year as portfolio occupancy strengthens.

• CFO Chao explained that the reported $0.87 AFFO per share included a $0.04 headwind from lower lease termination fees, with underlying growth of 4.8% if normalized.
• CEO Horn said, "we have never done quote business directly with 7‑Eleven," and management noted none of their stores are on closure lists, clarifying minimal exposure to recent industry headlines regarding store closures.
• Chao highlighted achieving a 6%+ economic gain on occupied dispositions due to low cost basis—even for shorter-term or riskier assets—supporting risk management strategy.
• The company maintains line-item guidance for expenses but is tracking to the low end of real estate expense ($14 million–$15 million) and the high end of $550 million–$650 million in acquisitions, subject to pipeline execution timing.
• Management shared that all Badcock assets have been resolved with near total recovery, and the remaining Frisch’s assets are included in the 53 vacant properties, with ongoing tenant interest.

INDUSTRY GLOSSARY

• ABR (Annualized Base Rent): Contracted base rent amounts, annualized for portfolio measurement.
• Triple-net lease: A lease arrangement under which the tenant is responsible for property taxes, insurance, and maintenance, in addition to rent, reducing the landlord’s operating cost exposure.
• AFFO (Adjusted Funds From Operations): A key REIT performance metric reflecting cash generated by operations and subtracting recurring capital expenditures.
• FFO (Funds From Operations): A standardized REIT metric that adds depreciation and amortization back to GAAP net income to measure operating performance.
• ATM (At-the-Market offering): An equity issuance mechanism allowing shares to be sold incrementally at prevailing market prices.
• Cap Rate (Capitalization Rate): Net operating income divided by property value, reflecting acquisition or sale yield.

Full Conference Call Transcript

Stephen A. Horn: Thank you, Kelly. Good morning, and thank you for joining NNN REIT, Inc.’s first quarter 2026 earnings call. I am joined today by our chief financial officer, Vincent H. Chao. NNN REIT, Inc.’s disciplined, efficient, and self-funded growth strategy continues to deliver results. Our proven long-term operating platform and consistent capital allocation focused on sufficiently accretive acquisitions remains central to our approach. We are committed to long-term value creation, navigating market conditions with discipline, and capitalizing on opportunities to support durable growth. As detailed in the press release this morning, NNN REIT, Inc. delivered a strong quarter. We closed 15 transactions comprising 41 properties for a total investment of $145 million, with an initial cash yield of 7.5%.

At the same time, we maintained significant balance sheet flexibility, ending the quarter with $1.2 billion of total liquidity and an industry-leading weighted average debt maturity of nearly 11 years. Reflecting our consistent performance and visibility into the remainder of the year, we are raising our 2026 AFFO per share guidance to a range of $3.53 to $3.59. This increase underscores the strength of our portfolio and the effectiveness of our multiyear growth strategy. One additional item before I get into operations: if you have not reviewed our updated investor presentation released during the quarter, I encourage you to visit the website and take a look.

Turning to operating performance, our portfolio of approximately 3,700 freestanding single-tenant properties across all 50 states continues to perform well. During the quarter, we renewed 36 of 43 lease expirations, consistent with our historical renewal rate of approximately 85%, and rental rates were 2% above prior levels. Additionally, we leased seven properties to new tenants at rent rates about 10% above previous levels, demonstrating the continued demand for our assets and the outstanding job our asset management team is executing at high levels. Our tenant base remains healthy with no material credit concerns currently. Occupancy increased sequentially by 30 basis points to 98.6%, now above our long-term average.

This improvement reflects the strong execution of our leasing and disposition teams, who are actively repositioning vacant assets to maximize value. In several cases, the team has secured high-quality investment-grade tenants, further enhancing asset value and contributing incremental value creation. With only 53 assets remaining and active solutions underway, combined with the solid overall performance of the portfolio, we expect occupancy to continue trending upward in the near term. On the acquisition front, as I said earlier, we invested $145 million across 41 properties with a cash cap rate of 7.5%, and, more importantly, with a weighted average lease term of 19 years. The sale-leaseback nature of our transactions continues to provide accretive, risk-adjusted returns with long-duration, predictable cash flows.

Regarding market conditions, cap rates in the first quarter remained largely consistent with recent quarters. While we are seeing some modest compression early in the second quarter, we expect relative stability going forward. As always, our platform is designed to operate effectively across many macro environments. We do benefit from a stable interest rate backdrop, and the 10-year has remained fairly range-bound, which continues to support transaction activity. We had elevated volume in 2025, and we are seeing a good amount of investment opportunity for the first half of the year. During the quarter, we sold 25 properties, including 16 vacant assets, generating $36 million in proceeds for redeployment.

Dispositions of income-producing assets were primarily non-core, and we executed approximately 30 basis points below our acquisition cap rate. As discussed previously, we expect to take a more proactive approach to asset sales in 2026 to further optimize portfolio quality for the long term. As you know, tenant credit evolves, markets shift, and consumer behavior changes, which results in active portfolio management becoming essential to maintaining high-quality, durable cash flow. Our balance sheet remains one of the strongest in the sector. We ended the quarter with just $80 million drawn on our credit facility and maintained a weighted average of debt maturities, as I said before, of nearly 11 years.

NNN REIT, Inc. is well positioned to fund the remainder of the 2026 acquisition pipeline and support continued growth. With a robust pipeline, strong financial position, and proven leadership, we are confident in our outlook. We remain committed to our self-funded model, disciplined capital allocation, and delivering sustainable long-term value for our shareholders, targeting mid-single-digit earnings growth plus a dividend we have increased for 36 consecutive years, one of only three REITs. I will now turn the call over to Vincent H. Chao for the financial results and updated guidance.

Vincent H. Chao: Thank you, Stephen. Let us start with our customary cautionary statements. During this call, we will make certain statements that may be considered forward-looking statements under federal securities laws. The company’s actual future results may differ significantly from matters discussed in these forward-looking statements, and we may not release revisions to these forward-looking statements to reflect changes after the statements are made. Factors and risks that could cause actual results to differ from expectations are disclosed in greater detail in the company’s filings with the SEC and in this morning’s press release. Turning to results, this morning we reported core FFO of $0.86 per share and AFFO of $0.87 per share, each flat over the prior year.

As disclosed on page 8 of today’s earnings release, we booked $739 thousand of lease termination fees this quarter versus $8.2 million a year ago, representing a $0.04 headwind, without which AFFO per share growth was a solid 4.8%. Results were modestly ahead of our internal projections, with upside driven primarily by lower-than-expected bad debt and net real estate expense. Bad debt represented about 15 basis points of quarterly ABR and was better than our 75 basis point assumption. Our NOI margin was 95.9% in the first quarter, reflecting the efficiency of our triple-net lease structure. G&A as a percentage of total revenue was 5.9%, in line with our expectations, while our cash G&A margin was 4.2%.

Annualized base rent grew 7% year over year to $935 million, driven by our strong acquisition activity, while free cash flow after dividend was about $52 million in the first quarter. Regarding our watch list, as Stephen mentioned, we are not currently tracking any significant near-term credit issues in the portfolio, and we are optimistic that we can outperform our bad debt assumptions for the year. That said, we remain proactive portfolio managers and will continue to look for ways to de-risk the portfolio ahead of potential future issues without incurring unwarranted dilution. Included in this quarter’s dispositions was one AMC as well as an entertainment property.

Our occupied dispositions had only three years of remaining lease term and, despite the de-risking nature and shorter term of the properties sold, we were still able to generate an economic gain of over 6% on the sales, given our low cost basis in the assets, which is a key component of our risk controls. Turning to capital markets, during the quarter, we drew down the full $300 million available to us on our delayed draw term loan. The rate on the term loan has been swapped to a fixed all-in rate of 4.1%. We also sold roughly 1.7 million common shares on a forward basis through our ATM at just under $45 per share.

We did not settle any forward equity, leaving us with expected future net proceeds of $74 million as of March 31. Our next debt maturity is our $350 million unsecured note due in December. As a reminder, we have an accordion feature that allows us to expand our existing term loan by $200 million, and IG credit spreads have recently revisited historical lows following a brief widening in the immediate aftermath of the Iran conflict. This gives us multiple options with which to address our pending maturity as well as financing our investment plans on a leverage-neutral basis.

Moving to the balance sheet, our Baa1-rated balance sheet remains a competitive advantage that provides us with the flexibility to fund future growth while protecting against downside risk. At the end of the quarter, we had no encumbered assets, $1.2 billion of available liquidity, and just 1.6% of our debt tied to floating rates. Including the impact of our unsettled forward equity, pro forma net debt to EBITDA was 5.6x, unchanged from last quarter. Our debt duration remains the highest in the net lease space at 10.5 years, well matched with our lease duration of 10.1 years.

On April 15, we announced a $0.60 quarterly dividend, representing 3.4% year-over-year growth, equating to an attractive 5.7% annualized dividend yield and a conservative 69% AFFO payout ratio. I will end my opening remarks with some additional color on our updated 2026 outlook. Based on our better-than-expected first quarter performance and our growing pipeline of investment opportunities, we are raising the midpoint of both our AFFO and core FFO per share guidance by $0.01 to new ranges of $3.53 to $3.59 and $3.48 to $3.54, respectively. The midpoint of our increased AFFO per share guidance represents an acceleration of year-over-year growth to 3.5% from 2.7% last year.

Line item guidance, which is summarized on page 3 of our earnings release, remains unchanged, although I would highlight that we are tracking to the low end of the $14 million to $15 million range for net real estate expenses and towards the high end of our $550 million to $650 million acquisition guidance, based on our near-term pipeline visibility. With expected free cash flow of about $212 million, $130 million of expected dispositions, and $1.2 billion of available liquidity, we are well positioned to fund our acquisition plans for the year.

From a credit loss perspective, we are lowering our bad debt assumption for the full year from 75 basis points to 60 basis points, reflecting the outperformance in the first quarter. Our assumptions for the balance of the year are unchanged, but as I mentioned earlier, given year-to-date trends, we are hopeful we can outperform our bad debt projections in the coming quarters. We will now open the call for questions.

Operator: Can you hear me?

Vincent H. Chao: Yes, we can hear you, Kelly.

Operator: Okay, sorry about that. The floor is now open for questions. If you have any questions or comments, please press 1 on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on a speakerphone to provide optimum sound quality. Please hold just a moment while we poll for questions. Your first question is coming from William John Kilichowski with Wells Fargo. Please pose your question. Your line is live.

William John Kilichowski: Hi. Good morning. Thanks for taking my question. Very helpful color in the opening remarks on the funding for the acquisition guide. If I think about the incremental $74 million that you have raised and the term loan, it sounds like you have capacity to go well above the guide here and you are trending up. What is keeping that acquisition guide sort of consistent here in 1Q?

Stephen A. Horn: Hey, John. I will take that. We have a very robust pipeline and opportunity set that we are looking at currently, but the old adage applies: you do not want to count them until they are done. We are actively in negotiations, trading paper, but until they are in a well-advanced closing stage, we do not want to get above our skis here.

Vincent H. Chao: Yes, but, John, you are correct in the sense that the $74 million of equity does give us a little bit of additional capacity. So at our typical 60/40 equity/debt mix, it would be about $125 million of additional capacity.

William John Kilichowski: Very helpful. Thank you. And then the second one is just on the credit loss guide. Appreciate the updated color on the 60 basis points. Of that, what is pure conservatism versus what is something you feel like you have an outlook on? And maybe an extension of that would be the 7‑Eleven headlines on store closures. Have you had any discussions with them? Is there any impact to you that would be in that guide?

Vincent H. Chao: As far as the credit loss assumption, there is very little in terms of embedded or something that we expect to happen other than there was a small amount—15 basis points—in the first quarter. Beyond that, there is really nothing material that is known that we would put into that number.

Stephen A. Horn: As far as 7‑Eleven, we have never done quote business directly with 7‑Eleven. They acquired a lot of our large regional operators that we did business with over the years. Our average cost basis in our 7‑Eleven portfolio is about $2.2 million. We completed a significant renewal in 2025 with 7‑Eleven, and our average lease term with 7‑Eleven is about eight and a half years. We are very confident. We have not had any discussions indicating concern, and none of our stores are on the closure list.

Operator: Your next question is coming from Analyst with Bank of America.

Analyst: Morning. Following the recent ATM issuance, could you characterize your current overall WACC and your investment spreads today?

Vincent H. Chao: The WACC does change on a daily basis, but if you are talking about near-term AFFO yields and debt mix, we are probably in the high-6% area—call it 6.75% to 6.8%.

Analyst: And then for my next question, last quarter you expected cap rates to compress more in 2Q and 3Q. Is that still your view, or is it a higher-rate environment and reduced competition?

Stephen A. Horn: My view is the same on cap rates as it was in the first quarter, and it is coming into reality. Our first quarter cap rates were in line with the past many quarters, and we expected second-quarter compression. I still expect that for the deals I see being priced, and then I see them staying at that compressed level. For modeling purposes, we always have a watch list—we are always watching tenants. Case in point, AMC is on our watch list; we have talked about that before. We were able to sell one in the quarter, and we were pretty pleased with that outcome given the nature of AMC sales.

On net for the quarter, we came out with an economic gain—not a GAAP gain—for our occupied properties. That is the kind of thing we are going to look at. So yes, in the near term—meaning this year—we are not seeing any material concerns worth calling out. That does not mean we do not have tenants that we think are maybe medium- to longer-term ones that we are watching a little more carefully, and we will look to address some of those as we can. I will just add one more thing. Our active portfolio management is not just focusing on credit. You always have credit risk; credit changes.

More importantly, you might have real estate risk and the probability of renewal at the end of the term. We are trying to get ahead of that, looking years out, and making the portfolio a more stable platform because things do change.

Analyst: Thanks for the color. And then you also mentioned you leased seven properties to new tenants in the quarter. Are you able to share details on what industries these tenants operate in?

Stephen A. Horn: It was a combination primarily of quick-service restaurants and convenience stores. I think there was one car wash in there.

Analyst: Okay. Great. Thank you. Your next question is coming from Analyst with Citi.

Analyst: Hi. This is Nick Kerr on for Smedes. Morning. Thanks for taking the question. Are you seeing or hearing anything from any of your tenants that might suggest any changes in underlying consumer spending habits, maybe across the restaurant or more of the experiential touch bases?

Vincent H. Chao: Many of our tenants—about 10%—are public, so we do get those reads, and we also have our own conversations privately with our tenants. There is nothing I would say that is a broad-strokes takeaway. Certain restaurant tenants are doing better than others. To the extent there is continued pressure on the consumer, you would expect that to pressure some of the more cyclical businesses, but nothing has bubbled up that is a meaningful broad-stroke takeaway.

Analyst: Got it. Thank you. And then you mentioned you are trending towards the high end of your acquisition guidance. Could you just remind us what your visibility into your pipeline is like from today, and then any color on what that quarterly cadence of acquisition volume would look like through the balance of the year?

Stephen A. Horn: I encourage you to look at volume on an annual basis because quarter to quarter it can be very volatile. As I said in the opening remarks, our acquisition opportunity set is really healthy currently, and, as Vincent mentioned, we are trending to the high end of our range currently—if everything closes.

Operator: Your next question is coming from Jenny Leeds with Morgan Stanley. Please pose your question. Your line is live.

Jenny Leeds: This is Jenny on for Ron. First question on sale-leaseback: you talked about a lot of the acquisitions from longstanding relationships. Are you seeing any acceleration in sale-leasebacks given the current macro environment?

Stephen A. Horn: I think that is reflected in our pipeline. There is a big opportunity with sale-leasebacks currently. It is elevated this year versus 2025, even though we had record volume in 2025. It feels like there are a lot of sellers using sale-leaseback for debt refinancings and balance sheet management.

Jenny Leeds: That is helpful. Thank you. Second, can you confirm the latest status of Frisch’s and Badcock? Are they all cleaned up? What is the current status?

Stephen A. Horn: All our Badcock assets are currently accounted for and cleaned up, and we had near 100% recovery—so we are in great shape there. For Frisch’s, we are well on our way. All the Frisch’s are within our 53 vacant assets, and we are working all the assets currently. We have a tremendous amount of interest in those assets, and I am expecting some really positive outcomes as we move through the year.

Vincent H. Chao: With occupancy back to 98.6%, above our long-term averages, there is not strong pressure to fire sale anything or move too quickly. We are in a good position and can be a little bit pickier.

Operator: Your next question is coming from Alec Feygin with Baird.

Alec Feygin: Hey, thanks for taking my question. First one: what is the term income currently assumed in guidance?

Vincent H. Chao: We do not give lease termination fee guidance per se. We have commented that we think this year will be a normalized year, typically between $3 million to $4 million. Again, not guidance, because these things are episodic. If it is the right thing to do for the business to take a lease termination fee because we can solve a future problem and get a fee on top of it, we will do that. Historically, $3 million to $4 million is about what we averaged—maybe a little less—and what we did in the quarter is pretty consistent with that.

Alec Feygin: Got it. And second for me: are there any categories currently seeing a bid from private market participants where you can be opportunistic in asset sales—not from a real estate or credit perspective, but just seeing a high bid?

Stephen A. Horn: There is not a particular segment with a distinct high bid right now. We are looking to sell about $130 million of assets in the market, and there is no big private capital market bid for those. If pricing were super attractive, we would consider it, but that is not what we are seeing at the moment.

Operator: Your next question is coming from Michael Goldsmith with UBS.

Michael Goldsmith: Good morning. Thanks a lot for taking my question. You touched a little on expected cap rate compression from the first to the second quarter. Is that just broad compression, or are there specific asset categories where you are seeing that compression?

Stephen A. Horn: It is broad across our opportunity set. As you know, we do a lot of mining of our portfolio. The auto service and convenience store sectors are primarily where we are seeing minimal compression—around 15 to 25 basis points.

Michael Goldsmith: Anything specific you think is driving that?

Stephen A. Horn: As I always say, in the first half of the year people want to do deals, so the competition gets a little more aggressive and is willing to compress their spreads.

Michael Goldsmith: And then in terms of specific categories, you mentioned that you leased to a car wash. Can you talk about your comfort level in that category? I think you mentioned that you sold an AMC. Are you able to provide the cap rate on where theaters are trading right now?

Stephen A. Horn: We do not provide cap rates on individual deals. Overall, our income-producing dispositions were about 30 basis points inside our acquisition cap rates. Regarding car wash, to clarify, we did not buy a car wash this quarter—it was one of the seven assets we leased. That said, I am very comfortable with our car wash holdings. We have done them since 2005, our basis is extremely low, and we did not get into the “pie-eating contest” when there was a lot of availability for car washes over the years.

Michael Goldsmith: Got it. Thank you very much. Good luck in the second quarter.

Vincent H. Chao: Thanks, Mike.

Operator: Star 1 at this time to enter the queue. Your next question is coming from John James Massocca with B. Riley Securities. Please pose your question. Your line is live.

John James Massocca: Good morning. Sticking with the theme around cap rate compression you are potentially seeing in the pipeline and on the horizon for the remainder of the year, is that changing at all based on any changes in the competitive environment? With interest rates moving around and maybe some dislocation in certain other capital sources, are you seeing less competition outside of other REITs, and if you are, are other REITs filling that gap? What is the overall competitive environment for your potential partners here?

Stephen A. Horn: For the 20-plus years I have been doing this, it has been a highly competitive environment. The names have come and gone, and a couple of us REITs have been around for the 20-plus years. Private capital has always been involved. It was non-traded REITs; now financial institutions are raising money and creating REITs. It is highly competitive—it always is. The names change. I do not view there as being more competition; I view it as people wanting to do more deals right now in the first half of the year.

John James Massocca: Have you seen any pullback in non-REIT capital over the course of year-to-date, given some of the changes in that environment?

Stephen A. Horn: Most of the non-REIT capital is playing in segments we do not play in—large industrial—so they can deploy vast amounts of money at one time. They are not buying a Taco Bell in Terre Haute, Indiana, with a franchisee.

John James Massocca: Fair enough. And then I know you do not want to disclose the cap rate on the AMC asset sale, but can you maybe talk about who the buyer was? Was it another landlord, a tenant, someone looking to redevelop? Was this a true theater-to-theater transaction?

Stephen A. Horn: It was somebody looking to redevelop the asset.

John James Massocca: Okay. Alright. That is it for me. Thank you very much.

Operator: There are no further questions in queue at this time. I would now like to turn the floor back over to Stephen A. Horn for closing remarks.

Stephen A. Horn: Again, thanks for joining us on the call. NNN REIT, Inc. is in really good shape going forward. We are optimistic and look forward to seeing many of you in the next few weeks at NAREIT. Thanks, and good day.

Operator: Thank you, everyone. This concludes today’s conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

The Motley Fool has positions in and recommends NNN REIT. The Motley Fool has a disclosure policy.