will will thoughts portfolio quarter an everyone. with some financial our on and overview today. will call I you, and our Welcome an environment. current on then thank market update us joining second our begin Megan. and Sherry results. Craig the Thank Good review you provide morning, for of the performance
our second will $XXX we over acquisitions acquired in open real call the In quarter, the million. up million then profit estate, year-to-date questions. center to bringing to We $XXX
pleased are a higher largely we rates we months driving both higher in this cap few quarter ago, with transactions closed escalations. our were the and negotiated success Although lease
up quarter increased basis to to first were Second second first quarter quarter points lease from escalations rates the in the X.X% cap quarter. X% XX from X.X% acquisitions on and
In credit is this acquisitions improved we delivered year-over-year. his a strong solid remarks. increase portfolio. quarter touch already our in a will made the addition Craig XX% perspective, the in of for share AFFO the which quarter, from on We $X.XX per
XX% performance include deferral Our strong a performance of recovery of our property Sherry portfolio repayments than a acquisition rent her are remarks. our is raising AFFO tailwinds over to share greater to on a from and both lower this first range excellent $X.XX, strong of updated pace, $X.XX in and midpoint, detail than will Based of guidance tailwinds healthy up per represents These pandemic. result to guidance guidance year-to-date half discuss the $X.XX. anticipate to from the At we $X.XX relating XXXX. the more our the range results, our growth in costs.
to spreads fund like attractive economic would allows almost any solid business deliver and model Now, address I unique returns acquisitions to and us STORE’s to accretive this risk-adjusted in how maintain environment.
make. we a market take to very plenty we selective the growth. for First, Therefore, investments the is we of large and runway addressed we approach have
to very help Second, at that rates everyday allows our price a unique direct opposed This us a market taker. origination It in maintain price these to important model as attractive leases distinction. new makes price a setter us spreads. our us is cap
our past can model over into us accretive financing optimize cost the the flexibility decade we our to make positions we of capital Third, built so acquisitions.
capital public as our avenues us unsecured debt. raising Funding our change. This for long-term investment-grade of unsecured multiple sources bank financing: We provides Master debt program, have debt our term debt and market three conditions
our accretively to access fund have acquisitions. to facility In addition, ATM we
Although estate benefit provide. our we a that the can prepared can are And external current times unique real will need and we underserved have and model see STORE we Regardless businesses of many and macroeconomic mentioned market opportunity in solutions, we financing that there the as often are great every on environment, in factors, of of mindful dislocation operating business are past, large market. from confident capitalize to strong in is the we are opportunity. and prospering
color acquisition turn over the to market. to on like call some I current Before Craig, I would provide the
the and environment. our buyers team prospects. may to speaking with in from have a quarter. in this customers beginning closing We knock continued the others, sellers both the changing and second did heard the you market pause evaluating and with as economic to transactions on were Even market consistently experience As the quarter rapidly adjusted the volatility, of throughout market doors,
and Regarding cap we experiencing bottomed in now they are we rates, earlier the movement. believe year upward steady
And range. expect fund Our do team of rates, year. have a this X.X% half of not the see indication rates cap intent, recent to letter of while successfully letters good of the that the in our second we X.XX% every the which is intent benefit is higher we to negotiating cap in
X.X% higher addition higher many range. the consistently rates, successfully are in to lease X% In cap driving we annual also escalations, to
are in escalations seeing not cap cases, metrics. And rent or momentum are vice-versa. in upward both most we sacrificing Importantly, we for rates
market during the outstanding STORE. To proven our these participants an some is alternatives differentiated only This our summarize, that believe team recent opportunity we the enhances and become have business have set of for less and prospects more evolving landscape, for market and help attractive. levered doing the leveraging model competitive to conditions. job competitive STORE customers less become the the Regarding prospects
in nimble the and of shareholders our our and am first and on returns the of with throughout XXXX for deliver as and our prospects, resilient ongoing new history. I we is results beyond. can Based confident our the our half pipeline risk-adjusted business performance demonstrated portfolio XX-year our Our strong of year, customers that conversations to attractive opportunities,
call over turn I to the Now, portfolio. discuss will the Craig to
