Q1 2023 NNN REIT Inc Earnings Call Transcript

Feb 11, 2024

May 02, 2023 / 02:30PM GMT
Operator

Greetings, and welcome to the NNN REIT First Quarter 2023 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Steve Horn, CEO of NNN REIT. Sir, you may begin.

Stephen A. Horn - NNN REIT, Inc. - President, CEO & Director

Thanks, Ali. Good morning, and welcome to the inaugural NNN REIT First Quarter 2023 Earnings Call. Joining me on this call is Chief Financial Officer, Kevin Habicht. As this morning's press release reflects NNN's performance in the first quarter produced 3.9% core FFO growth along with acquisitions, slightly over $155 million with a 7% initial cash yield. In addition, our portfolio retained a high occupancy of 99.4%, which I attribute to the upfront due diligence on property acquisitions and the continuous portfolio management that NNN does every day.

But before we continue with the operational performance, I want to address the name change, which I'm excited about. First, as I stated in the press release, the change does not signal a strategy

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