NNN REIT, Inc. (NNN) Q1 2023 Earnings Call Transcript

NNN REIT, Inc. (NNN) Q1 2023 Earnings Call Transcript

NNN REIT, Inc. (NYSE:NNN) Q1 2023 Outcomes Convention Name Might 2, 2023 10:30 AM ET

Firm Contributors

Steve Horn – CEO

Kevin Habicht – CFO

Convention Name Contributors

Spenser Allaway – Inexperienced Avenue

Joshua Dennerlein – Financial institution of America

Eric Roth – Citi

Rob Stevenson – Janney

Wes Golladay – Baird

John Massocca – Ladenburg Thalmann

Operator

Greetings, and welcome to the NNN REIT First Quarter 2023 Earnings Name. Presently all members are in a listen-only mode, and a question-and-answer session will observe the formal presentation. [Operator Instructions] Please notice, this convention is being recorded.

I’ll now flip the convention over to your host, Mr. Steve Horn, CEO of NNN REIT. Sir, you could start.

Steve Horn

Thanks, Ali. Good morning, and welcome to the inaugural NNN REIT First Quarter 2023 Earnings Name. Becoming a member of me on this name is Chief Monetary Officer, Kevin Habicht.

As this morning’s press launch displays NNN’s efficiency within the first quarter produced 3.9% core FFO progress together with acquisitions, barely over $155 million with a 7% preliminary money yield. As well as, our portfolio retained a excessive occupancy of 99.4%, which I attribute to the upfront due diligence on property acquisitions and the continual portfolio administration that NNN does every single day. However earlier than we proceed with the operational efficiency, I wish to handle the identify change, which I’m enthusiastic about.

First, as I acknowledged within the press launch, the change doesn’t sign a method shift with acquisitions, steadiness sheet administration with deliberate and constant NNN. We felt it was time to benefit from the NNN model. The fact is NNN is what we’re known as with our circle of traders, friends, purchasers every single day. As well as, our web site and emails use the NNN REIT model. Subsequently, the change is making NNN much more constant inside our sector.

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