Spirit Realty Capital ( NYSE: SRC ) on Tuesday issued its below-consensus 2023 guidance for adjusted funds from operations per share after its fourth-quarter bottom-line trailed the average Wall Street estimate.
The net lease REIT is calling for AFFO per share of $3.53-$3.59 compared with the $3.74 consensus.
It expects to deploy $700M-$900M of capital (comprised of acquisitions and revenue producing expenditures). And dispositions are anticipated to be $225M-$275M.
"As we enter 2023, we are well positioned with significant liquidity to invest accretively, while maintaining discipline in our capital allocation execution,” said President and CEO Jackson Hsieh.
Q4 AFFO per share of $0.88, missing the $0.91 average analyst estimate, increased from $0.85 in the year-ago quarter.
Occupancy stood at 99.9%, with loss rent of 0.1% and unreimbursed property costs of 1.4%.
During the quarter ended Dec. 31, 2022, the company Invested $350.8M at a cash capitalization rate of 7.15%, including the acquisition of 24 properties across 16 transactions with a weighted average lease term of 15.6 years. It generated $134.8M in gross proceeds from the disposition of 27 properties, including 21 occupied properties at a disposition capitalization rate of 6.22%.
SRC edged lower by 0.4% in premarket trading.
Conference call at 9:30 a.m. ET.
Earlier, Spirit Realty Income Capital FFO of $0.88 misses by $0.03 .
For further details see:
Spirit Realty sees 2023 profit falling short of consensus after Q4 miss