Financial Performance & Strategy - The company focuses on single-tenant, net leased (STNL) properties with a multi-year strategy focused on per-share results and aims for mid-single-digit percentage annual growth on a leverage-neutral basis [7] - The company has a track record of 35 consecutive annual dividend increases [7] - The company generated 3.8% average annual Core FFO per share growth since 2018 [9] - In Q1 2025, Core FFO and AFFO per diluted share grew by 3.6% year-over-year, reaching $0.86 and $0.87, respectively [40] Portfolio & Occupancy - The company's strategy results in higher occupancy and less volatility, with occupancy never falling below 96.4% from 2005-2025 [11] - The company has a high-quality, well-diversified portfolio with $11.1 billion in total gross assets, comprising 3,641 properties (37.3 million SF) across all 50 states [10] - The company maintained high occupancy levels of 97.7% in Q1 2025, near the company's 20-year occupancy average of 98.2% [40] Acquisitions & Dispositions - Relationship-based acquisitions account for 75% of the company's acquisition volume from 2010-2025, with an average cap rate of 7.4% ($7,424 million) [17] - Market/Auction acquisitions account for 25% of the company's acquisition volume from 2010-2025, with an average cap rate of 7.1% ($2,537 million) [17] - The company closed on $232.4 million of investments in Q1 2025, at an initial cash cap rate of 7.4% and a weighted average lease term of over 18 years [40] - Since 2005, the company has sold 887 properties, generating net proceeds over $2.4 billion [63] Balance Sheet & Capital Structure - The company maintains a strong investment-grade balance sheet (BBB+/Baa1) with industry-leading leverage ratios [23] - As of March 31, 2025, total capital was $12.6 billion, with debt at $4,566.3 million (36.3% of total capital) and equity at $8,016.1 million (63.7% of total capital) [26] - The company has a well-laddered debt maturity profile with an 11.6-year weighted average debt maturity and a 4.1% weighted average interest rate [23]