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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| Statement |
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| This program has allowed us to reposition our portfolio into higher quality credits that de-risk our cash flows, and provide the liquidity needed for our opportunistic share repurchases, and strong yielding first mortgage investments |
| They do provide future purchase options for our acquisition pipeline and serve as catalysts for our future partnership opportunities with sponsors, and we believe they offer compelling risk-adjusted yield supported by strong tenant credits and well-capitalized sponsors |
| So even with limited access to the capital markets and the increase in interest rates over the past 18 months, we're still driving positive increases in cash flow, through our asset recycling strategy |
| As a result, we've taken our OpEx exposure from 43% to 0%, increased our exposure to investment-grade rated tenants from 36% to 65% increased per share quarterly dividend, by more than 37%, and our top tenant list, which includes the likes of industry leaders such as Walgreens, Lowe's, Dick's Sporting Goods, Dollar Tree, Family Dollar, Dollar General, Walmart, Best Buy, Hobby Lobby and Home Depot now, compares favorably to many of our peers that trade at significantly better valuations |
| Additionally, we have strong AFFO per share growth projected for 2024, and our loan investments provide a natural deleveraging opportunity over the next 24 months |
| We've been through this many times and feel like we have good opportunities out there |
| So the loans look like they provide some pretty solid risk adjusted returns |
| To put it bluntly, we're a great value today, and we look forward to maximizing that value for our shareholders |
| Within the fourth quarter, the majority of our investment activity was concentrated in the first mortgage investments and share repurchases, and we believe these investment opportunities provide attractive risk-adjusted returns, compared to other opportunities available in the market |
| These items were partially offset by regular rent increases within the owned portfolio, attractive net investment spreads from asset recycling program, increased interest income from cash and restricted cash on balance sheet, and lower interest expense driven, by year-over-year effects of previously completed interest rate hedges |
| The properties we have are very good locations and obviously, with new management at Walgreens and cutting the dividend and selling off some divisions, they're going to become a healthier credit, obviously, and so the good news is our locations, even if you found another tenant, there's a lot of tenant demand out there for locations |
| I mean look, if the stock continues to trade at these massive discounts to NAV and high implied cap rates and high dividend yield, clearly, we'll look to buy more stock because we're going to be accreting NAV and really getting shareholders a strong total return basically synopsis |
| I mean, are you pretty much done, with the recycling of the majority of the assets, unless somebody comes in and makes a very strong offer |
| Since inception of the company, we've recycled nearly $600 million of capital, as we've accretively sold off primarily office assets and properties occupied, by noncredit tenants and reinvested the proceeds, at positive net investment spreads |
| The balance sheet is well stabilized with no debt maturities until 2026 and total liquidity at quarter end through cash, restricted cash, and undrawn revolver commitments, was more than $187 million |
| I mean, we've demonstrated that |
| So, we'll will work to basically continue to upgrade the portfolio even stronger |
| Have a good weekend |
| So investors can buy the shares |
| But - so, we have two levers there on the bottom and some of the super high quality |
| But look, we were able to buy what, almost 1 million shares with -- on our buyback |
| Milligan Great |
| However, we do anticipate occupancy increasing over the coming months as we have signed, or in the process of signing multiple leases related to the vacant properties |
| So even with all those parameters, we were able to buy 1 million shares relatively easy |
| So it's pretty easy |
| Good morning |
| John Massocca Good morning |
| Wesley, good morning |
| So good question |
| Our G&A increased 4.5% year-over-year, largely a result of higher state and local taxes and increases, to the management fee driven, by our net equity capital markets activities, over the past 12 months |
| Statement |
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| For the full year, FFO was $1.47 per share and AFFO was $1.49 per share, representing year-over-year per share decreases of 15% and 16%, respectively, when compared to the full year of 2022 |
| And so, that could cause interest income, to be reduced over the period of the year |
| Fourth quarter 2023 FFO was $0.37 per share unchanged when, compared to the fourth quarter of 2022, and fourth quarter 2023 AFFO was $0.38 per share, representing a 7.3% decrease over the fourth quarter of 2022 |
| So I think the backdrop is that there's a lot of tenant demand out there if you had some issues with particular boxes |
| In our press release last night, initial guidance for 2024, reflects our confidence in the portfolio's quality, the year-over-year benefits from the asset recycling John referenced, increased fee revenue from our fee sharing agreement with CTO and what we believe is a reasonably cautious stance regarding our current access to capital, expected activity in the transactions market, and broader economic environment |
| On the acquisition front, we acquired two newly built properties leased to Dollar Tree, Family Dollar, as we saw fewer attractive core investment opportunities, due to reluctant sellers |
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