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

NNN REIT, Inc. ( NNN ) Q2 2026 Earnings Call August 5, 2026 10:30 AM EDT Company Participants Stephen Horn - President, CEO & Director Vincent Chao - Executive VP, CFO, Assistant Secretary & Treasurer Conference Call Participants Ronald Kamdem - Morgan Stanley, Research Division Jana Galan - BofA Securities, Research Division Brad Heffern - RBC Capital Markets, Research Division Bennett Rose - Citigroup Inc., Research Division Michael Goldsmith - UBS Investment Bank, Research Division Spenser Allaway - Green Street Advisors, LLC, Research Division Rob Stevenson Wesley Golladay - Robert W. Baird & Co. Incorporated, Research Division Omotayo Okusanya - Deutsche Bank AG, Research Division John Massocca - B. Riley Securities, Inc., Research Division Presentation Operator Greetings. Welcome to the NNN REIT Inc. Second Quarter 2026 Earnings Call. [Operator Instructions] 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. Stephen Horn President, CEO & Director 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 5 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 on August 14, marking 2026 as our 37th consecutive year of annual dividend increases. That places NNN among 70 U.S. public companies and just 3 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 AFFO