Spirit Realty Capital, Inc. (NYSE:SRC) Q3 2022 Earnings Conference Call November 9, 2022 9:30 AM ET

Company 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

Anthony Paolone - JPMorgan

R.J. Milligan - Raymond James

Brad Heffern - RBC Capital Markets

Josh Dennerlein - Bank of America

Haendel St. Juste - Mizuho

Michael Goldsmith - UBS

Wes Golladay - Baird

Greg McGinniss - Scotiabank

John Massocca - Ladenburg Thalmann

Spenser Allaway - Green Street Advisors

Linda Tsai - Jefferies

Chris Lucas - Capital One

Ronald Kamdem - Morgan Stanley

Operator

Good day and welcome to Spirit Realty Capital Third Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded. Now I’d like to turn the conference over Mr. Pierre Revol, Senior Vice President of Corporate Finance. Please go ahead, sir.

Pierre Revol

Thank you, operator and thanks everyone for joining us for Spirit’s third quarter 2022 earnings call. Presenting on today’s call will be President and Chief Executive Officer, Jackson Hsieh; and Chief Financial Officer, Michael Hughes. Our Chief Investment Officer, Ken Heimlich, will be available for Q&A.

Before we get started, I would like 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 could cause actual results to differ materially from those currently anticipated due to a number of 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 certain 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. Our third quarter results continue to demonstrate the validity of our underwriting approach highlighted by low lost rent, stable property cost leakage and occupancy over 99%. Our portfolio benefits from diversification across 346 tenants, operating within 34 industries and 12 distinct sub-asset types allowing us to produce a reliable stream of cash flow for our shareholders, and once again, increase our quarterly common dividend.