NNN REIT, Inc. (NNN) 2026 Q1 法說會逐字稿

Good day, everyone. Welcome to the NNN Reit Inc., first-quarter 2026 earnings call. (Operator Instructions)

各位大家好。歡迎參加 NNN Reit Inc. 2026 年第一季財報電話會議。（接線員指示）

It is now my pleasure to turn the floor over to your host, Steve Horn. The floor is yours.

現在我很榮幸把會議交給主持人 Steve Horn。請開始。

Hey. Thank you, Kelly. Good morning. Thank you for joining NNN's first-quarter 2026 earnings call. I'm joined today with our Chief Financial Officer, Vin Chao.

嗨。謝謝你，Kelly。各位早安。感謝各位參加 NNN 2026 年第一季財報電話會議。今天與我一同出席的是我們的財務長 Vin Chao。

NNN'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 remain central to our approach.

NNN 嚴謹、高效率且自籌資金的成長策略持續交出成果。我們經驗證的長期營運平台，以及聚焦於具足夠增益性的收購之一致資本配置，仍是我們方法的核心。

We are committed to long-term value creation, navigating market conditions with discipline, and capitalizing on opportunities that support that durable growth. As detailed in the press release this morning, NNN delivered a strong quarter. We closed 15 transactions comprising of 41 properties for a total investment of $145 million, with an initial cash yield of 7.5.

我們致力於創造長期價值，以紀律應對市場環境，並把握支持穩健成長的機會。如同今早新聞稿所述，NNN 本季表現強勁。我們完成 15 筆交易、合計 41 處物業，總投資額 1.45 億美元，初始現金殖利率為 7.5。

At the same time, we maintained significant balance sheet flexibility, ending the quarter with $1.2 billion of total liquidity and the industry-leading weighted average debt maturity of nearly 11 years. Reflecting on our consistent performance and visibility into the remainder of the year, we are raising our 2026 AFF per share guidance to a range of $3.53 to $3.59. This increase underscores the strength of our portfolio and effectiveness of our multi-year growth strategy.

同時，我們維持了顯著的資產負債表彈性，季末總流動性達 12 億美元，並擁有業界領先、加權平均債務到期年限接近 11 年。基於我們一貫的表現以及對今年剩餘期間的能見度，我們將 2026 年每股 AFF 指引上調至 3.53 至 3.59 美元區間。此上調凸顯我們投資組合的實力與多年成長策略的有效性。

Just one additional item before I get into the operations, if you haven't reviewed our updated investor presentation, it was released during the quarter, I encourage you to visit the website and take a look.

在我進入營運表現之前，還有一點補充：如果各位尚未查看我們更新後的投資人簡報，該簡報已於本季發布，建議各位造訪網站瀏覽。

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% at rental rates 2% above prior levels.

談到營運表現，我們在全美 50 州擁有約 3,700 處獨立式、單一承租戶物業的投資組合，持續表現良好。本季我們在 43 份到期租約中續約 36 份，與我們歷史約 85% 的續約率一致，且租金水準較先前提高 2%。

Additionally, we leased seven properties to new tenants at rent rates about 10% above previous levels. It's demonstrating the continued demand of our assets and the outstanding job our asset management team is executing at high levels.

此外，我們將 7 處物業出租給新承租戶，租金水準約較先前提高 10%。這顯示市場對我們資產的需求持續強勁，也反映資產管理團隊以高水準執行的卓越成果。

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.

我們的承租戶基礎仍然健康，目前沒有重大信用疑慮。入住率較前一季提升 30 個基點至 98.6%，現已高於我們的長期平均。此改善反映我們租賃與處分團隊的強力執行，正積極重新定位空置資產以最大化價值。

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, combining with the solid overall performance of the portfolio, we expect occupancy to continue trending upward in the near term.

在若干案例中，團隊成功引進高品質、投資等級承租戶，進一步提升資產價值並帶來額外的價值創造。由於目前僅剩 53 項資產仍待處理且已有積極方案推進，結合投資組合整體穩健表現，我們預期入住率短期內將持續走升。

On the acquisition front, as I said earlier, we invested 145 million, 41 properties with a cash cap rate of 7.5. More importantly, with a weighted average lease term of 19 years, the sale-lease pack nature of our transactions continues to provide accretive, risk-adjusted returns, long-duration predictable cash flows.

在收購方面，如我先前所述，我們投資 1.45 億美元、共 41 處物業，現金資本化率為 7.5%。更重要的是，加權平均租期為 19 年，我們交易的售後回租性質持續提供具增益性、風險調整後的報酬，以及長天期、可預測的現金流。

Regarding market conditions, cap rates in the first quarter remain 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.

就市場狀況而言，第一季的資本化率大致與近期季度一致。雖然我們在第二季初看到些許溫和的壓縮，但我們預期後續將相對穩定。一如既往，我們的平台設計可在多種總體環境下有效運作。

We do benefit from stable interest rate backdrop, and the 10-year has remained fairly range-bound, which continues to support transaction activity. We've had an elevated volume in 2025, and we are seeing a good amount of investment opportunity for the first half of the year.

我們也受惠於利率環境穩定，10 年期利率維持在相對區間震盪，持續支撐交易活動。2025 年我們的交易量偏高，而我們也在今年上半年看到相當多的投資機會。

During the quarter, we sold 25 properties, including 16 vacant assets, generating $36 million in proceeds of redeployment. Dispositions of income-producing assets were primarily non-core, and we were executing approximately 30 basis points below our acquisition cap rate.

本季我們出售 25 處物業，其中包含 16 項空置資產，產生 3,600 萬美元的處分收入以供再部署。收益型資產的處分主要為非核心資產，且我們的執行資本化率約較收購資本化率低 30 個基點。

As we discussed previously, we expect to take more of a proactive approach to asset sales in 2026 to further optimize portfolio quality for the long-term. As you know, tenant credit involves market shift and consumer behavior changes, which result in active portfolio management becoming essential to maintaining high-quality, durable cash flow.

如同先前所討論，我們預期在 2026 年對資產出售採取更積極主動的作法，以進一步為長期優化投資組合品質。各位也知道，承租戶信用會受到市場變化與消費者行為改變影響，因此積極的投資組合管理對維持高品質、具韌性的現金流至關重要。

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 maintain a weighted asset debt maturity, as I said before, nearly 11 years. NNN is well positioned to fund the remainder of 2026 acquisition pipeline and support continued growth.

我們的資產負債表仍是同業中最強健之一。季末我們在循環信用額度上僅動用 8,000 萬美元，並維持如先前所述、加權平均債務到期年限接近 11 年。NNN 已具備良好條件，可為 2026 年剩餘的收購管線提供資金並支持持續成長。

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 at mid-single-digits earning growth, plus a dividend, which we've increased for 36 consecutive years, one of only three REITs.

憑藉強勁的管線、穩健的財務狀況與經驗證的領導團隊，我們對前景充滿信心。我們仍致力於自籌資金模式、嚴謹的資本配置，並為股東帶來可持續的長期價值；我們目標為中個位數的盈餘成長，再加上股利——我們已連續 36 年提高股利，為僅有的三家 REIT 之一。

With that, I'll turn the call over to Vin to give more detail on the financial results and updated guidance.

接下來我把電話會議交給 Vin，請他就財務結果與更新後的指引提供更多細節。

Thank you, Steve. Let's 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.

謝謝你，Steve。我們先從慣例的警示聲明開始。在本次電話會議中，我們將發表若干陳述，依聯邦證券法可能被視為前瞻性陳述。公司未來實際結果可能與這些前瞻性陳述所討論事項有重大差異，且我們可能不會在陳述發表後發布修訂，以反映後續變化。

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.

可能導致實際結果與預期不同的因素與風險，已在公司向 SEC 提交的文件以及今早新聞稿中更詳細揭露。

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 $739,000 of lease termination fees this quarter versus $8.2 million a year ago, representing a $0.04 headwind, without which AFO per share growth was a solid 4.8%.

接著看業績。今早我們公布核心 FFO 為每股 0.86 美元，AFFO 為每股 0.87 美元，兩者皆與去年同期持平。如同今日財報新聞稿第 8 頁所揭露，本季我們認列 73.9 萬美元的租約終止費用，而去年同期為 820 萬美元，形成每股 0.04 美元的逆風；若不計此因素，每股 AFFO 成長為穩健的 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, which was better than our 75 basis point assumption.

整體結果略優於我們內部預估，上行主要來自壞帳與淨不動產費用低於預期。壞帳約占本季 ABR 的 15 個基點，優於我們假設的 75 個基點。

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.

第一季我們的 NOI 利潤率為 95.9%，反映三重淨租賃結構的效率。一般與行政費用（G&A）占總營收比重為 5.9%，符合我們預期，而現金 G&A 利潤率為 4.2%。年化基本租金年增 7% 至 9.35 億美元，主要由強勁的收購活動帶動；第一季在支付股利後的自由現金流約為 5,200 萬美元。

Regarding our watch list, as Steve 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.

關於我們的觀察名單，正如 Steve 提到的，我們目前並未在投資組合中追蹤到任何重大的短期信用問題，並且我們樂觀認為今年可望優於我們對壞帳的假設。儘管如此，我們仍將以主動的投資組合管理者自居，並將持續尋找在不造成不必要稀釋的前提下，於潛在未來問題發生前降低投資組合風險的方法。本季的處分資產包含一家 AMC 以及一處娛樂類不動產。

Our occupied dispositions had only three years of remaining lease term, and despite the de-risking nature and shorter term of the property 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 the key component of our risk controls.

我們已出租資產的處分案僅剩三年的租約期間；儘管出售的資產具有去風險特性且剩餘年期較短，但由於我們在該等資產上的成本基礎較低（這是我們風險控管的關鍵組成），我們仍能在出售中創造超過 6% 的經濟性收益。

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%.

接著談資本市場。本季我們已全數提用延遲提用定期貸款（delayed draw term loan）中可用的 3 億美元。該筆定期貸款的利率已透過交換轉為固定，整體固定利率為 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 do 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 of this year. As a reminder, we have an accordion feature that allows us to expand our existing term loan by $200 million.

我們也透過 ATM 以遠期方式出售約 170 萬股普通股，每股價格略低於 45 美元。我們尚未交割任何遠期股權，因此截至 3 月 31 日，我們預期未來可取得的淨收益為 7,400 萬美元。我們下一筆到期債務為今年 12 月到期的 3.5 億美元無擔保票據。提醒一下，我們有一項手風琴條款（accordion feature），允許我們將現有定期貸款額度再增加 2 億美元。

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.

此外，在伊朗衝突後短暫擴大之後，投資級（IG）信用利差近期已回到歷史低點。這讓我們在處理即將到期的債務以及以槓桿中性（leverage-neutral）的方式為投資計畫融資方面，擁有多種選項。

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.

再看資產負債表，我們獲 Baa1 評級的資產負債表仍是競爭優勢，讓我們在為未來成長提供資金的同時，也能防範下行風險。季末我們沒有任何受擔保限制（encumbered）的資產，可用流動性為 12 億美元，且僅有 1.6% 的債務與浮動利率連動。

Including the impact of our unsettled forward equity, pro forma net debt to EBITDA was 5.6 times unchanged from last quarter. Our debt duration remained the highest in the net lease space at 10.5 years and is well matched with our lease duration at 10.1 years.

納入尚未交割的遠期股權影響後，備考（pro forma）淨負債對 EBITDA 倍數為 5.6 倍，與上季持平。我們的債務存續期間（debt duration）仍為淨租賃（net lease）領域中最高，達 10.5 年，並與我們 10.1 年的租約存續期間相當匹配。

On April 15, we announced a $0.60 quarterly dividend, representing 3.4% year-over-year growth and equating to an attractive 5.7% annualized dividend yield and a conservative 69% AFFO payout ratio.

4 月 15 日，我們宣布每季股利 0.60 美元，年增 3.4%，相當於具吸引力的 5.7% 年化股利殖利率，以及保守的 69% AFFO 配息率。

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.

我將以對我們更新後的 2026 年展望補充一些說明作為開場結語。基於第一季表現優於預期，以及我們不斷成長的投資機會管線，我們將每股 AFFO 與每股核心 FFO 指引的中位數各上調 0.01 美元，分別調整至 3.53 至 3.59 美元，以及 3.48 至 3.54 美元的新區間。

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.

我們上調後的每股 AFFO 指引中位數，代表年增率將由去年的 2.7% 加速至 3.5%。

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 $2,650 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.

各項目指引（line item guidance）如我們財報新聞稿第 3 頁所彙總，維持不變。不過我想強調，我們目前預期淨不動產費用將落在 1,400 萬至 1,500 萬美元區間的低端；同時，基於我們對短期管線的能見度，收購指引 5.5 億至 26.5 億美元則偏向區間高端。考量預期自由現金流約 2.12 億美元、預期處分 1.3 億美元，以及 12 億美元可用流動性，我們具備良好條件為今年的收購計畫提供資金。

From a credit loss perspective, we are lowering our bad debt assumption for the full year from 75 basis points to 60 basis points, which reflects 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.

從信用損失角度來看，我們將全年壞帳假設由 75 個基點下調至 60 個基點，反映第一季的優於預期表現。我們對今年其餘期間的假設維持不變，但如我先前提到的，基於年初至今的趨勢，我們希望在接下來幾季能夠優於我們的壞帳預測。

With that, I'll turn the call back over to Kelly for questions. Kelly?

接下來我把電話交回給 Kelly 進行提問。Kelly？

Can you hear me?

你聽得到我嗎？

Yeah, we can hear you, Kelly.

可以，我們聽得到你，Kelly。

Sorry about that. (Operator Instructions) John Kilichowski, Wells Fargo.

抱歉。（接線員指示）Wells Fargo 的 John Kilichowski。

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

嗨，早安。謝謝讓我提問。Vin，你在開場談到收購指引的資金來源，提供了很有幫助的補充資訊。如果我把你新增募集的 7,400 萬美元以及定期貸款一起考量，聽起來你們有能力把收購金額做得遠高於目前的收購指引，而且趨勢也在往上。那是什麼原因讓你們在第一季仍維持收購指引不變？

Hey, John. It's Steve. I'll take that. We have a very robust pipeline and opportunity set that we're looking at currently. But the old adage, you don't want to count them until they're done. We're actively in negotiations, trading paper, but until they're well advanced to closing stage, we don't want to get above our skis here.

嗨，John。我是 Steve，我來回答。我們目前正在評估的管線與機會集合非常強勁。不過老話一句，事情沒完成前不要先算進去。我們正積極談判、交換文件，但在交易尚未明顯推進到接近交割階段之前，我們不想把目標訂得過高。

Yeah. But John, you are correct in the sense that $75 million -- or $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.

是的。不過 John，你的理解沒錯：7,500 萬美元——或 7,400 萬美元的股權，確實讓我們多了一些額外的容量。以我們典型的 60% 股權、40% 債務的組合來看，約相當於增加 1.25 億美元的額外容量。

Very helpful. Thank you. And then the second one is just on the credit loss guide. Appreciate the updated color on the 60 bps. Of that, what is pure conservatism versus what is something you feel like you have an outlook on?

很有幫助，謝謝。第二個問題是關於信用損失指引。感謝你更新到 60 個基點的說明。在這之中，有多少是純粹保守估計，多少是你們覺得有較明確展望的部分？

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?

另外延伸一下，近期 7-Eleven 關於關店的新聞標題，你們有跟他們討論過嗎？對你們是否有任何影響，會反映在那個指引裡？

No, from 7-Eleven, but I'll let Steve opine a little bit more on that. But as far as the credit loss assumption, there's 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's really nothing material that's known that we would put into that number.

就 7-Eleven 而言沒有，但我會讓 Steve 再多補充一些。至於信用損失假設，幾乎沒有什麼已內含（embedded）或我們預期一定會發生的事項；除了第一季有一小部分、約 15 個基點之外。除此之外，沒有任何已知的重大事項會被我們納入那個數字。

As far as the 7-Eleven, we've never done, quote, business with 7-Eleven. They acquired a lot of our large regional operators that we did business with year over year. Our average cost basis in our 7-Eleven portfolio is about $2.2 million. We just did a significant renewal in 2025 with 7-Eleven, and our average lease term with 7-Eleven is about 8.5 years. So we're very confident. We haven't had any discussions or none of our stores are on the closure list.

至於 7-Eleven，我們從未——引述——直接與 7-Eleven 做過生意。他們收購了我們多年來往來的一些大型區域營運商。我們的 7-Eleven 投資組合平均成本基礎約為 220 萬美元。我們在 2025 年才剛與 7-Eleven 完成一次重要的續約，而我們與 7-Eleven 的平均租期約為 8.5 年。因此我們非常有信心。我們沒有與他們進行任何討論，而且我們的店點也沒有任何一家在關店名單上。

Got it. Thank you.

了解。謝謝。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Good morning. This is [Dan Bian] on Jana. Following the recent ATM issuance, could you characterize your current overall WACC in your investment spreads today?

早安。我是代表 Jana 的 [Dan Bian]。在近期發行 ATM（隨市發行）之後，您能否描述一下目前整體 WACC（加權平均資本成本）在今天投資利差中的水準？

Yeah, look, the WACC, it does change on a daily basis, but I'd say if you're talking about just the near-term AFFO yields and debt mass, we're probably in the high 6s -- at $6.8 maybe, $6.75 in that area.

是的，你看，WACC 每天都會變動，但如果你談的是短期的 AFFO 殖利率與債務成本，我們大概在 6% 後段——可能約 6.8%，或 6.75% 左右，在那個區間。

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 it's a higher rate environment and reduced competition?

那我的下一個問題是，上季你們預期 2Q 和 3Q 的資本化率（cap rates）會進一步壓縮。這仍然是你們的看法嗎？還是因為利率環境較高、競爭減少而改變？

No, my view is the same on cap rates as it was the first quarter, and it's coming into reality that our first quarter cap rates were in line with the last many quarters. And we expected second quarter some compression. I do still expect that for the deals that I see being priced. And then I see them being at that compressed level. As of right now, things change for modeling purposes at that lower level.

不，我對 cap rate 的看法和第一季時一樣；而且現在也逐漸反映到現實中：我們第一季的 cap rate 與過去多個季度大致一致。我們原本預期第二季會有一些壓縮；就我看到正在定價的交易而言，我仍然這麼預期。然後我也看到它們確實是在那個壓縮後的水準成交。就目前而言，為了建模目的，相關假設會在那個較低水準上調整；當然事情也可能改變。

Thank you very much.

非常感謝。

Spenser Glimcher, Green Street.

Spenser Glimcher，Green Street。

Thank you. You mentioned (technical difficulty) your asset management decision today.

謝謝。你提到（技術問題）你們今天的資產管理決策。

Hey, Spenser. Good to hear from you. Yeah. I mean, I wouldn't say we don't have a watch list. We we were watching a lot -- we always watch tenants, so we do have a watch list. Case in point, AMC is on our watch list.

嗨，Spenser。很高興聽到你的聲音。是的，我的意思是，我不會說我們沒有觀察名單。我們會關注很多——我們一直都在關注租戶，所以我們確實有觀察名單。舉例來說，AMC 就在我們的觀察名單上。

We've talked about that before. We were able to sell one in the quarter, and I think we were pretty pleased with that outcome given the nature of AMC sales. We're still able to, on net for the quarter, come out with an economic gain, not a gap gain for our occupied properties. So that's the thing that we're going to look at.

我們之前談過。我們在本季賣出了一處，我想考量到 AMC 資產出售的性質，我們對這個結果相當滿意。就本季整體而言，對於我們的已出租物業，我們仍能實現經濟上的收益（economic gain），而不是帳面上的收益（GAAP gain）。這就是我們會關注的重點。

So yes, in the near term, meaning for this year, we're not seeing any material concerns that we think are worth calling out. That doesn't mean we don't have tenants that we think are maybe medium to longer-term, are ones that we are watching a little bit more carefully. And so we'll look to try to address some of those as we can.

所以是的，短期來看，也就是今年，我們沒有看到任何我們認為值得特別提出的重大疑慮。但這不代表我們沒有一些租戶——我們認為在中長期可能需要更密切關注的租戶。因此我們會在可行的情況下，設法處理其中一些。

I'll just add one more thing to it. When we're doing active portfolio management, it's not just focusing in on credit. You have credit risk, always credit changes. But more importantly, you might have real estate risk and the probability of that being renewed at the end of the term. So we're trying to get ahead of that, looking years out, and making the portfolio a more stable platform because things do change.

我再補充一點。當我們做主動式投資組合管理時，不只是聚焦在信用面。信用風險一直存在，信用狀況也總會變化。但更重要的是，你可能面臨不動產風險，以及在租期結束時續租的機率。因此我們試著提前布局，往未來幾年去看，讓投資組合成為更穩定的平台，因為情況確實會改變。

Great. Thanks for the color. And then you also mentioned that you have -- you did, I think, some deals with seven new tenants in the quarter. Are you able to share details on what industries these tenants operate in?

很好，謝謝補充說明。然後你也提到你們——我想你們本季和 7 個新租戶做了一些交易。你們能分享這些租戶所屬的產業類別嗎？

It was a combination, primarily quick fast-food restaurants and convenience stores, and I think there was one car wash in there.

是多種組合，主要是速食餐廳和便利商店，我想其中還有一家洗車場。

Okay. Great. Thank you.

好的，很好。謝謝。

Smedes Rose, Citi.

Smedes Rose，花旗。

Hi. This is [Nick Kerr] on for Smedes this morning. Thanks for taking the question. So I guess the first one is just, 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 type spaces?

嗨，我是今天早上代表 Smedes 的 [Nick Kerr]。謝謝讓我提問。我想第一個問題是，你們是否從任何租戶那裡看到或聽到一些訊號，顯示消費者支出習慣的底層趨勢可能有變化，例如在餐飲或更偏體驗型（experiential）的場域？

Most of many of our tenants, 61% are public, so I mean, we do get those reads and we also have our own conversations privately with our tenants, but there's nothing I would say that's a broad strokes takeaway, obviously, certain restaurant tenants are doing better than others.

我們許多租戶中有 61% 是上市公司，所以我們確實能從他們那裡得到一些資訊；同時我們也會私下與租戶溝通。但我不會說有什麼可以用「大方向」來概括的結論。很明顯地，某些餐飲租戶的表現確實比其他的更好。

On net, to the extent that there is continued pressure on the consumer, then you would expect that to pressure some of the more cyclical businesses. But nothing's bubbled up that is a meaningful, broad stroke takeaway. More specific to tenants.

整體而言，如果消費者持續承受壓力，那你會預期這會對一些更具循環性的業務造成壓力。但目前沒有浮現出任何具有意義、可用大方向概括的結論；更多是租戶層面的個別情況。

Got it. That's helpful. Thank you. And then, you mentioned you're trending towards the high end of your acquisition guidance. So could you just remind us what your visibility in your pipeline is, like from today or how long that is? And then just if you have any color on what that quarterly cadence of acquisition volume would look like through the balance of the year, that would be useful. Thank you.

了解，這很有幫助，謝謝。然後你提到你們的收購進度正朝向指引區間的高端。你能否提醒我們，你們對管線（pipeline）的能見度大概到什麼程度——例如從今天起大概涵蓋多久？另外，如果你能分享一下今年剩餘時間各季度收購量的節奏（cadence）會是什麼樣子，也會很有幫助。謝謝。

Yeah, you can't really look at it. I encourage you to look at overall, on an annual basis when you're looking at volume because quarter to quarter, it could be very volatile. But as I said in the opening remarks, our acquisition opportunity set is really healthy currently. And as Vin mentioned, we're turning to the high end of our range currently if everything closes.

是的，你其實不太能用季度來看。我建議你用年度的角度來看整體量能，因為季度之間可能非常波動。但如我在開場致詞所說，我們目前的收購機會集合（opportunity set）非常健康。而且如 Vin 提到的，如果一切都能順利完成交割，我們目前正朝向區間高端。

Got it. Thank you.

了解，謝謝。

Ronald Camden, Morgan Stanley.

Ronald Camden，摩根士丹利。

Hey. Good morning. This is Jenny on for Ron. First question on sell leaseback. I think you talk about a lot of the acquisitions from long-standing relationships. Just curious your current relationship conversation. Is there any accelerating sell leaseback given the current macro environment and so forth?

嗨，早安。我是代表 Ron 的 Jenny。第一個問題關於售後回租（sell-leaseback）。我想你們提到很多收購來自長期合作關係。想請教你們目前與合作方的對話情況：在目前的總體環境等因素下，售後回租是否有加速的趨勢？

Yeah, I think that's reflective in the pipeline. We've talked about it a couple of times on the call that there's a big opportunity with sale-leasebacks currently. It's elevated this year than it was in 2025. And we did have record volume in 2025. But it feels like there's a lot of sellers out there that are using the sale-leaseback for debt refis, balance sheet management.

是的，我認為這在管線中已有反映。我們在電話會議中提過幾次，目前售後回租有很大的機會。今年的熱度比 2025 年更高；而我們在 2025 年其實已經創下了創紀錄的量。但感覺市場上有很多賣方正在利用售後回租來做債務再融資、以及資產負債表管理。

That's helpful. Thank you. The second is, can you confirm the latest status of Frisch's and Badcock? Like are they all cleaned up? Just what's the current status on that?

這很有幫助，謝謝。第二個問題是，你能否確認 Frisch's 和 Badcock 的最新狀態？例如是否都已經處理完畢？目前狀態如何？

So the current status, all our Badcocks are currently accounted for and cleaned up, and we had near 100% recovery. So really in great shape with regard to Badcock.

目前狀態是，我們所有的 Badcock 都已經完成入帳並處理完畢，而且我們的回收率接近 100%。所以就 Badcock 而言，狀況真的非常好。

Frisch's, we have a we're we're well on our way for Frisch's. All the Frisch's are in our 53 vacant assets and we're working all the assets currently and have a tremendous amount of interest in those assets and I'm expecting some real good positive outcomes as we move through the year.

至於 Frisch's，我們在 Frisch's 方面也進展順利。所有 Frisch's 都包含在我們 53 項空置資產之中，我們目前正在逐一推進這些資產的處理，市場對這些資產的興趣非常高；我預期隨著今年進行下去，會有一些非常好的正面成果。

Okay. Thank you.

好的，謝謝。

And Jenny, one more thing. With occupancy back to 98.6 above our long-term averages, I mean, there's not really a strong pressure to fire sale anything or do anything that quickly. And I think we're in a good position at this point, and so we can be a little bit pickier, choosier.

Jenny，我再補充一點。由於入住率回升到 98.6%，高於我們的長期平均水準，其實沒有很強的壓力要去「拋售」任何資產或急著做什麼。我認為我們目前處於不錯的位置，因此我們可以更挑剔、更有選擇性。

Got you. Thank you.

了解。謝謝。

Alec Feygin, Baird.

Alec Feygin，Baird。

Hey. Thanks for taking my question. I guess first one would be, what's the term income currently assumed in guidance?

嗨，謝謝讓我提問。我想第一個問題是，目前在指引中假設的終止租約收入是多少？

Yes. So we don't give lease termination fee guidance per se. What we have commented on is that we think that this year will be a normalized year, which is typically between $3 million to $4 million.

是的。所以我們本身不會提供租約終止費的指引。我們提到的是，我們認為今年會是一個常態化的年度，通常介於300萬到400萬美元之間。

Again, not guidance per se, because again, these things are episodic. If the right thing to do for the business is to take a lease termination fee because we can solve a future problem and we can get a fee on top of it, we'll do that.

再次強調，這不算是指引，因為這些事情是偶發性的。如果對業務而言，收取租約終止費是正確的做法，因為我們可以解決未來的問題，並且還能在此之上取得一筆費用，我們就會這麼做。

So we don't want to set artificial guideposts. But historically, I think $3 to $4 million is about what we averaged, maybe a little bit less than that. And so we're expecting this to be more of a normal year. And if you look at what we did in the quarter, it's pretty consistent with that.

所以我們不想設定人為的參考門檻。但從歷史來看，我認為300萬到400萬美元大概是我們的平均水準，可能略低一些。因此我們預期今年會更像是正常的一年。而如果你看我們本季的表現，也與此相當一致。

Got it. And second for me would be, are there any categories that are currently seeing a bid from private market participants where you can be opportunistic in asset sales, less so from a real estate or credit perspective, but just seeing a high bid?

了解。那第二個問題是，目前是否有任何類別正受到私募市場參與者的高價競標，使你們能在資產出售上把握機會？我指的不是房地產或信用面的因素，而是單純看到出價很高。

Yeah. No, there's not a particular segment and the amount of money they need to deploy, I wouldn't be, I mean, obviously the pricing is super attractive.

是的。沒有特定的細分領域，而且就他們需要部署的資金量而言，我不會——我的意思是，顯然定價非常有吸引力。

We would do something, but no, right now, we're looking to sell $130 million of assets in the market and there's no big private capital market bid for those.

我們會做一些交易，但目前我們正打算在市場上出售1.3億美元的資產，而對這些資產並沒有出現大型私募資本市場的高價競標。

Got it. Thanks, guys.

了解。謝謝各位。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

Good morning. Thanks a lot for taking my question. You touched a little bit on it before when you're talking about 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 level of compression?

早安。謝謝讓我提問。你先前在談到預期從第一季到第二季的資本化率（cap rate）壓縮時稍微提到過。那是整體性的壓縮，還是你們在某些特定資產類別看到那樣的壓縮幅度？

It's broad as far as our opportunity set. And as you know as well, we do a lot of mining of our portfolio. So it's the auto service, the convenience store sectors primarily, we're seeing a lot of -- not a lot -- minimal amount of compression, that 15 to 25 basis points.

就我們的機會集合而言是廣泛性的。而且你也知道，我們也會大量從既有投資組合中挖掘機會。所以主要是在汽車服務、便利商店等領域，我們看到一些——不是很多——而是很小幅度的壓縮，大約15到25個基點。

Anything specific you think that's driving that?

你認為有什麼特定因素在推動這件事嗎？

I think it's as as I always say, it's the first half of the year, people want to do deals, so the competition gets a little bit more aggressive and is willing to compress their spreads.

我想就像我一直說的，上半年大家想做交易，所以競爭會變得更積極一些，也更願意壓縮他們的利差。

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

了解。那就特定類別而言，你提到你們買了一個洗車場。你能談談你們對該類別的信心程度嗎？另外我想你提到你們在AMC有出售。你們能否提供目前戲院資產的交易資本化率大概是多少？

Yeah. No, we don't provide cap rates on the individual. I mean, overall, our income-producing cap rates for 30 basis insider acquisitions. As far as -- no, we didn't buy. I didn't say I bought a car wash. It was as a car wash operator. It was one of the seven assets that we re-leased.

是的。不，我們不會提供單一資產的資本化率。我的意思是，整體而言，我們的收益型資產資本化率為30個基點的內部人收購。至於——不，我們沒有買。我沒有說我買了洗車場。那是作為洗車場營運商；它是我們重新出租的七項資產之一。

That being said, I'm very comfortable with our car wash holdings. We've done them since 2005. Our basis is extremely low, and we -- NNN didn't get into the pie-eating contest when there's a lot of availability for car washes over the years.

話雖如此，我對我們的洗車場持有部位非常有信心。我們自2005年起就做這類資產。我們的成本基礎非常低，而且——NNN多年來在洗車場供給充足時，並沒有參與那種「搶著吃派」的競價戰。

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

了解。非常感謝。祝第二季順利。

Thanks, Michael.

謝謝你，Michael。

(Operator Instructions) John Massocca, B. Riley Securities.

（接線員指示）John Massocca，B. Riley Securities。

Good morning. Maybe speaking with the theme around cap rate compression you're 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? I guess.

早安。也許延續你們可能在管線中、以及今年剩餘時間展望中看到的資本化率壓縮這個主題，這是否會因競爭環境的任何變化而有所改變？我想問的是。

With interest rates moving around and maybe some dislocation in certain other capital sources, are you seeing less competition outside of other REITs? And I guess if you are, other REITs filling in that gap, I'm just curious what the overall competitive environment is for your potential partners here.

在利率波動、以及某些其他資金來源出現一些錯位的情況下，你們是否看到來自其他REIT以外的競爭變少？如果是的話，是否由其他REIT補上這個缺口？我只是好奇，對你們潛在合作夥伴而言，整體競爭環境目前如何。

Yeah, I mean, for the 20 years-plus I've been doing this, John, it's been a highly competitive environment. It's just the names have come and gone. And then there's been a couple of us REITs that have been around for the 20 plus years.

是的，我的意思是，在我做這行20多年來，John，這一直都是高度競爭的環境。只是參與者的名字來來去去。然後也有幾家REIT在這20多年裡一直都在。

And, the private capital has always been involved. They are non-traded REITs. Now it's the financial institutions have been raising money and creating the REITs. But no, it's highly competitive. It always is. Names change. So I don't view it as competition, that there's more competition. I view it that people just want to do more deals right now in the first half of the year.

而且私募資本一直都有參與。他們是非上市REIT。現在則是金融機構在募資並成立REIT。但不，競爭非常激烈，一直都是。名字會變。所以我不把它看作競爭變得更多；我把它看作是大家在上半年只是想做更多交易。

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

今年以來，你有看到像非REIT資金有任何退縮嗎？畢竟那個環境有一些變化。

Non-REIT capital are playing in segments we don't play in, the large industrial, so they can deploy a vast amount of money at one time. They're not buying a Taco Bell in Terre Haute, Indiana with a franchisee.

非REIT資金在我們不參與的領域裡運作，例如大型工業資產，因此他們可以一次部署大量資金。他們不會去買印第安納州特雷霍特（Terre Haute）一家由加盟商經營的Taco Bell。

Fair enough. And I know you don't want to disclose the cap rate on the AMC asset sale, but can you maybe talk about who the buyer was? I mean, was it another landlord? Is it a tenant? Is it someone looking to redevelop it? Just curious if this was a true theater-to-theater transaction.

有道理。我知道你不想披露AMC那筆資產出售的資本化率，但你能否談談買方是誰？我的意思是，是另一個房東？是承租戶？還是打算重建開發的人？我只是好奇這是否是一筆真正的戲院對戲院的交易。

It was somebody looking to redevelop the asset.

是有人想要重新開發該資產。

Okay. All right. That's it for me. Thank you very much.

好的。好。我的問題就這些。非常感謝。

Thanks, John.

謝謝你，John。

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

目前隊列中沒有其他提問。我現在把時間交回給Steve Horn作結語。

Again, thanks for joining us on the call. NNN is in really good shape going forward, optimistic. And again, I look forward to seeing many of you, I guess, in the next few weeks at [NAREIT]. Thanks. Good day.

再次感謝各位參加這次電話會議。NNN未來的狀況非常良好，我們也很樂觀。也再次表示，我期待在接下來幾週於<NAREIT>見到各位。謝謝。祝各位有美好的一天。

Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝大家。今天的電話會議到此結束。各位現在可以掛斷電話線，祝各位有美好的一天。感謝各位的參與。