NNN - NNN REIT Inc. (NNN) Q4 2023 Earnings Call Transcript
2024-02-08 13:48:08 ET
NNN REIT, Inc. (NNN)
Q4 2023 Earnings Conference Call
February 08, 2024 10:30 AM ET
Company Participants
Steve Horn – Chief Executive Officer
Kevin Habicht – Chief Financial Officer
Conference Call Participants
Spenser Allaway – Green Street
Farrell Granath – Bank of America
Smedes Rose – Citi
Alec Feygin – Baird
Linda Tsai – Jefferies
Ronald Kamdem – Morgan Stanley
Connor Siversky – Wells Fargo
John Massocca – B. Riley
Presentation
Operator
Greetings. Welcome to the NNN REIT Inc. Q4 and Year-End 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.
I will now turn the conference over to your host, Steve Horn, Chief Executive Officer. You may begin.
Steve Horn
Thank you, Holly. Good morning, and welcome to NNN REIT's fourth quarter 2023 earnings call. Joining me on the call is Chief Financial Officer, Kevin Habicht. As this morning's press release reflects NNN's performance in 2023 produced 3.8% Core FFO growth along with acquisition volume over $800 million. In addition, the year concluded with high occupancy of 99.5% and dispositions income-producing assets were 140 basis points lower than our acquisition cap rate, all driven by our best-in-class team here at NNN.
The end of the year surge positions the company well in the near-term, but a few highlights of 2023 that I'm proud of what NNN accomplished. The 34th consecutive annual dividend increase, the rebranding initiative and the positioning of the executive team for the future. While the name changed in 2023, the core philosophy to realize long-term value at below average risk for our shareholders remain in the most simplistic form. One, we continue to execute our strategy using a bottom-up approach, continue to increase the annual dividend, maintaining the top-tier payout ratio and focusing on growing FFO per share in the mid-single digits over multiple years. We maintain this core philosophy by keeping disciplined and setting our acquisition activity and our balance sheet management to achieve that objective....
NNN REIT, Inc. (NNN) Q4 2023 Earnings Call Transcript