Operator

Good day, everyone. Welcome to the NNN REIT Inc. First Quarter 2026 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Steve Horn. The floor is yours.

Stephen Horn
President, CEO & Director

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.

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. We are committed to long-term value creation, navigating market conditions with discipline and capitalizing on opportunities to 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%.

At the same time, we maintained significant balance sheet flexibility, ending the quarter with $1.2 billion of total liquidity and 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 AFFO per share guidance to a range