Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| But we think it's -- we've received increasingly more feedback that was positive following our third quarter earnings, that this insight helps |
| And one of them was actually a higher bid, but we thought this one was more solid because they had done this homework on this property before Costco had ever moved into the property |
| Excluding the 2022 lease termination fee, revenue increased 23% compared to the prior year period |
| Now turning to our portfolio, following the January and February dispositions of two assets held for sale, our 42-property portfolio has an attractive weighted average lease term of 14 years, and approximately 33% of our tenants or their parent companies have an investment grade credit rating from a recognized credit rating agency of BBB minus or better |
| So we remain optimistic, but [indiscernible] now the next milestone will be April 1st |
| Revenue for the full year was $46.9 million compared to $40 million on the prior year, excluding the $3.8 million early termination fee, for an increase of 17% |
| Fourth quarter adjusted funds from operations or AFFO was $4.5 million, up 41% when compared with the $3.82 million in the year-ago quarter after excluding the 2022 lease termination fee |
| And then we both pick the date of no later than August of next year, because we have this remaining lease term, and we negotiated, let's say, like we're going to benefit from this rent |
| Some of these dialogues have been very constructive |
| The increase in AFFO reflects the $6.9 million revenue increase, offset by a $3 million increase in straight line rents, a $1.2 million decrease in G&A, a $1.4 million decrease in property expenses, and $475,000 of dividend income, also contributed to the increase in AFFO |
| There was a property that we really liked |
| AFFO was $14.7 million, up 14% when compared with the $12.9 million in the prior year after excluding the 2022 lease termination fee |
| On a per share basis, AFFO was $0.40 per diluted share for this quarter, which is $0.05 above the average of our three analyst estimates, even after accounting for an increase of 1 million shares in the weighted average number of fully diluted common shares outstanding |
| Thanks, everyone |
| The revenue increase reflects the impact of 12 industrial manufacturing property acquisitions during the first seven months of 2023, partially offset by 14 non-core property dispositions in August 2023 |
| We hope you like it |
| The increase in AFFO reflects the revenue increase along with decreases in G&A and property expenses, which were partially offset by increases in straight line rents and interest expense |
| These positive variances were partially offset by a $5.1 million increase in cash interest expense, which primarily reflects the increase in average borrowings outstanding during 2023 compared to 2022 |
| I always welcome your feedback |
| Aaron Halfacre Thank you |
| So, good question |
| Rob Stevenson Good morning, guys |
| Thank you |
| Hello, everybody |
| As soon as we do have it in hand, then we will start the process, which is kind of good, because right now it's -- you're in St |
| Statement |
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| We sort of curb out some of the price surges that we were having |
| G&A decreased by $850,000 compared with a year ago quarter, reflecting the absence of a relocation reserve accrued in the year ago quarter, lower professional fees due to timing differences, and a decrease in D&O insurance |
| We wanted to test the waters a little bit, so we did really constrain volume and just try to peel off a little bit more flow, grow a little bit more liquidity |
| I'd say the pipeline right now is a little bit lighter, given that it's still their first quarter, rates are jacking people around |
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