Spirit Realty Capital, Inc. (NYSE:SRC) Q1 2023 Earnings Conference Call May 4, 2023 9:30 AM ET

Company Participants

Pierre Revol – Senior Vice President-Corporate Finance and Investor Relations

Jackson Hsieh – President and Chief Executive Officer

Michael Hughes – Chief Financial Officer

Ken Heimlich – Chief Investment Officer

Conference Call Participants

Michael Goldsmith – UBS

Ravi Vaidya – Mizuho

Ki Bin Kim – Truist

Ronald Kamdem – Morgan Stanley

Linda Tsai – Jefferies

Josh Dennerlein – Bank of America

Brad Heffern – RBC Capital Markets

Wes Golladay – Baird

John Massocca – Ladenburg Thalmann

Spenser Allaway – Green Street Advisors

Greg McGinniss – Scotiabank

Operator

Good day, and welcome to the Spirit Realty Capital First Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Pierre Revol, Senior Vice President of Corporate Finance and Investor Relations. Please go ahead.

Pierre Revol

Thank you, operator, and thanks, everyone, for joining us for Spirit's first quarter 2023 earnings call. Presenting today's call will be President and Chief Executive Officer, Jackson Hsieh; and Chief Financial Officer, Michael Hughes. In addition, our Chief Investment Officer, Ken Heimlich, will be available for Q&A.

Before we start, I want to remind everyone that this presentation contains forward-looking statements. Although, we believe these forward-looking statements are based on reasonable assumptions, they are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from those currently anticipated due to several factors. I refer you to Safe Harbor statements in our most recent filings with the SEC for a detailed discussion of the risk factors relating to these forward-looking statements.

This presentation also contains specific non-GAAP measures. Reconciliation of non-GAAP financial measures to most directly comparable GAAP measures are included in the exhibits furnished to the SEC under Form 8-K, which include our earnings release and supplemental investor presentation. These materials are also available on the Investor Relations page of our website.

For our prepared remarks, I am now pleased to introduce Jackson Hsieh. Jackson?

Jackson Hsieh

Thanks, Pierre, and good morning, everyone. I'm pleased to report that Spirit had another quarter of strong operating performance. Our diversified real estate portfolio produced steady results with high occupancy and no lost rent, and our capital deployment strategy produced accretive earning spreads and improved our industry diversification mix.