NetSTREIT Corp.

Greetings and welcome to NetStreetCorp first quarter 2026 earnings conference call. At this time, all participants are on a listen-only mode. 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. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Matt Miller. Thank you. You may begin.

Good morning, and thank you for joining us for NetStreet's first quarter 2026 earnings conference call. On today's call, management's remarks and responses to your questions may contain statements considered forward-looking under federal securities law. These statements address matters subject to risk and uncertainties that may cause actual results to differ from those discussed today. For more information on these factors, we encourage you to review our latest Form 10-K and other SEC filings. All forward-looking statements are made as of today's date, and NetStreet assumes no obligation to update them in the future. In addition, certain financial information presented on this call includes non-GAAP financial measures. Please refer to our earnings release and supplemental package for definitions, reconciliations to the most comparable GAAP measures, and an explanation of their usefulness to investors. These materials can be found in the investor relations section of the company's website at NetStreet.com. Today's call is hosted by NetStreet CEO Mark Manheimer and CFO Dan Donlan. They will make some prepared remarks, followed by a Q&A session. With that, I'll turn the call over to Mark.

Thank you, Matt, and good morning, everyone. Thank you for joining us today to discuss NetStreet's first quarter 2026 results. I want to begin by thanking our entire team for their outstanding execution and dedication. We carried strong momentum from our record 2025 into the new year, and the organization has hit the ground running. In the first quarter, we saw continued acceleration on the investment front. We closed on $239 million of gross investment activity, driven by well-priced opportunities in our core necessity and service-based sectors, including grocery, convenience store, quick service restaurants, auto service, and other essential retail. These investments were completed at an attractive blended cash yield of 7.5%, with a weighted average lease term of 14.1 years. Complementing this, we executed targeted dispositions that further enhanced portfolio quality, reduced tenant concentrations, and recycled capital into higher quality, longer duration opportunities. This robust start to the year reflects the depth of our sourcing platform and our team's ability to move quickly across a number of smaller transactions while still adhering to our stringent underwriting criteria. While there have been a few new participants enter the net lease business in recent years, something that has happened in each and every cycle, the market remains extremely fragmented and ripe with attractive opportunities. Turning to the portfolio, we ended the quarter with 804 properties leased to 138 tenants across 28 industries and 46 states. Our weighted average remaining lease term increased to 10.2 years, while the percentage of investment grade and investment grade profile tenants remained flat at 58.3% of ABR. Unit-level rent coverage across the portfolio remains healthy and ticked up slightly to 3.9 times. Occupancy remained at 99.9%, but subsequent to quarter end, our occupancy has returned to 100%. In early April, we backfilled our loan vacancy, a former Big Lots location, with A-rated TJ Maxx a more than 20% increase in rent. While vacancies have been extraordinarily rare in our portfolio, This execution highlights the expertise of our real estate underwriting and asset management teams. On the balance sheet, we continue to maintain a conservative and flexible capital structure. Following the capital raising completed in the quarter, our leverage was an industry-leading 3.2 times. With substantial liquidity under our revolving credit facility and the benefit of previously raised forward equity, we are well-positioned to fund accelerated growth without compromising our leverage targets. Given the capital raise during the quarter, as well as the strong momentum in our investment pipeline and attractive opportunities we are seeing, we are increasing our full-year 2026 net investment activity guidance to a range of $550 million to $650 million. We are increasing the bottom end of our AFFO per share guidance range to $1.36 to $1.39. In summary, the first quarter represented an excellent start to 2026, highlighted by strong momentum on the acquisitions front and opportunistic capital raising. which largely takes care of our 2026 equity needs. Our differentiated strategy, focused on high-quality real estate, rigorous underwriting, proactive portfolio management, and a low-leverage balance sheet, continues to position NetStreet for sustainable long-term growth and value creation. With that, I'll turn the call over to Dan to review the first quarter financial results in greater detail. We will then be happy to take your questions.