Spirit Realty Capital, Inc. (SRC) Q4 2022 Earnings Conference Call February 28, 2023 9:30 AM ET

Corporate Participants

Pierre Revol - Senior Vice President, Corporate Finance

Jackson Hsieh - President and Chief Executive Officer

Michael Hughes - Chief Financial Officer

Ken Heimlich - Chief Investment Officer

Conference Call Participants

Wes Golladay - Baird

Haendel St. Juste - Mizuho

Michael Goldsmith - UBS

Greg McGinniss - Scotiabank

Brad Heffern - RBC Capital Markets

Josh Dennerlein - Bank of America

Rob Stevenson - Janney

Harsh Hemnani - Green Street

R.J. Milligan - Raymond James

Ronald Kamdem - Morgan Stanley

John Massocca - Ladenburg Thalmann

Linda Tsai - Jefferies

Operator

Good day, and welcome to The Spirit Realty Capital Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please note that this event is being recorded.

I'd 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 fourth quarter 2022 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 the 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.

We're pleased to report strong results for 2022, which exceeded the targets we announced in 2019. We achieved AFFO per share of $3.56, surpassing the midpoint of our 2019 Investor Day range by $0.14. We also increased our total ABR to $681 million, while increasing our industrial exposure to 23%, with both hurdles exceeding our Investor Day targets.