NetSTREIT Corp.

Greetings and welcome to the NETS Street second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Matt Miller, Capital Markets, Investor Relations. Thank you. You may be in.

Good morning and thank you for joining us for NetStreet's second 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 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. We appreciate you joining us today to discuss NetStreet's second quarter 2026 results. I want to begin by thanking our entire team for their outstanding execution and dedication. We have now grown the portfolio to over $3 billion in assets, and we continue to see an elevated number of high-quality opportunities at accretive pricing. which should provide for an increasingly attractive growth backdrop as we head into 2027 and beyond. In the second quarter, we saw continued acceleration on the investment front. We closed $298.9 million of gross investments driven by well-priced assets in our core necessity and service-based sectors, including quick service restaurants, grocery, convenience store, auto service, and other essential retail categories. These investments were completed at a blended cash yield of 7.4% with a weighted average lease term of 9.8 years. As a complement to this, we executed targeted dispositions at a 6.8% blended cash yield, the proceeds of which were recycled into higher quality, longer duration opportunities that enhanced our portfolio quality and further reduced select tenant and industry concentrations. This robust start to the year reflects the depth of our sourcing platform and our team's ability to move quickly across a wide swath of opportunities while still staying disciplined in our underwriting criteria. With that in mind, we have seen an uptick in portfolio transactions in recent months, which historically have priced away from us given the large premiums these deals typically demand. That said, we were successful in a couple of instances this quarter. which has fortuitously carried over into the third quarter. As a result, we have gained additional exposure without sacrificing our investment spreads to various high-quality tenants like Chick-fil-A, Sprouts, and Quick Trip that usually price too aggressively for us in the one-off market. Also of note this quarter was the upgrade acquisition of 20 Speedway properties that we previously invested in via a first mortgage in early 2023. This was a great example of our creative structuring within our debt program, providing a path to direct fee ownership at cap rates that are significantly above market. More specifically, we acquired the Speedway assets at a 6.75% initial cash yield, which we see as a strong risk-adjusted yield given the long-term leases, the investment-grade credit support, high unit-level rent coverage, and the low basis in these assets. Turning to the portfolio, we ended the quarter with 859 investments leased to 156 tenants across 28 industries and 46 states. Our weighted average lease term is 10 years and the percentage of investment grade and investment grade profile tenants is 56.5% of ABR. Unit level rent coverage across the portfolio remains healthy at 3.8 times. As expected, occupancy increased to 100% with the backfill of our loan vacancy, a former Big Lots location, with A-rated TJ Maxx at a more than 20% increase in rent. While vacancies have been extraordinarily rare in our portfolio, we believe this execution highlights the strength of our asset management team and underwriting process. From a balance sheet perspective, we continue to maintain a conservative and flexible capital structure. Following the capital markets activities in the quarter, our leverage remains an industry-leading 3.2 times. With substantial liquidity under our revolving credit facility and the benefit of our previously raised forward equity, We are well positioned to fund accelerated growth without compromising our leverage targets. Turning to guidance, given the aforementioned strength of our balance sheet and continued momentum in our investment pipeline, we are increasing our full year 2026 net investment activity guidance range to $700 to $800 million. We are also increasing the bottom end of our AFFO per share guidance to a new range of $1.37 to $1.39. In summary, the second quarter continued upon our excellent start to 2026, highlighted by strong momentum on the investment front and opportunistic capital raising, which has pre-funded our equity needs for the remainder of 2026. We believe our focus on healthy tenancy, strong unit-level performance, high-quality real estate, proactive portfolio management, and a low-leverage balance sheet continues to position NETSREIT for sustainable long-term growth and value creation. With that, I'll turn the call over to Dan to review our second quarter financial results in greater detail. We will then be happy to take your questions.