Spirit Realty Capital, Inc.

and a personal guarantee from the operator. The resulting disposition cap rate on the new rents was 7.84%, and the sales price was slightly higher than our original acquisition price. While theaters have been one of the more challenged industries since the onset of COVID-19, this is a good example of how our real estate underwriting help mitigate loss given default and ultimately secure a good outcome for shareholders. Before I pass the call to Mike, I want to reiterate this year's plan that we laid out on our last call. First, set forth a fully financed capital deployment plan utilizing free cash flow, asset dispositions, and in-place debt to produce investment spreads in a volatile capital markets environment. Second, showcase our portfolio strength and diversity through consistent and strong operating performance. I firmly believe we have the people, processes, and carefully underwritten real estate portfolio to be successful, even in a challenging macroeconomic environment. And I look forward to proving that out this year. With that, I'll hand it over to Mike to go over the financial highlights.

Mike? Thank you, Jackson. Good morning, everyone. The first quarter of 2023 was one of the cleanest quarters we've had since I joined Spirit. Our occupancy remained high at 99.8%. Our weighted average lease term remained unchanged at 10.4 years, and our unreimbursed property costs were 1.5%. Additionally, we recorded no lost rent, improving from the modest 0.1% in the fourth quarter. Our ABR increased by $8.2 million, reaching $689.1 million. This increase was driven by net acquisitions and organic rent growth, which contributed 3.6 and 4.6 million of ABR, respectively. Our forward SAM store sales remained constant at 1.6%. Other income was significantly lower than prior quarters, as we had no substantial interest income from cash balances or large one-time settlements during the quarter. Regarding G&A, the headline increase of 1.2 million compared to the same period last year was primarily related to this year's market-based share awards granted to the executive team and the final vesting of time-based awards issued three years ago. All executive stock awards are now 100% market-based. Time-based awards are valued using the stock price on the grant date, whereas market-based awards are valued using a fair value-based measure that results in a higher valuation and thus higher expense amortization over the life of the grant. Cash G&A, which excludes stock grant amortization expense, remained relatively flat year-over-year, despite the inflationary pressures observed across the economy. AFFO per share was 89 cents, paired 88 cents in the fourth quarter, primarily due to the net increases in rents and the resulting positive flow-through to earnings, strong portfolio performance, and accretive net capital deployment execution. Turning to our balance sheet, we ended the quarter at 5.3 times leverage, with liquidity of $1.6 billion, comprised of cash and cash equivalents, cash held in 1031 exchange accounts, and availability under our credit facility and delayed draw term loan. We did not issue any shares during the quarter. In mid-March, we took advantage of the sharp decline in the forward SOFR curve and entered into forward SOFR swaps. We anticipate we'll be fully utilized to fix our $500 million delayed draw term loan at 4.75% once fully drawn. Our floating rate exposure is now limited to our revolving line of credit, which we anticipate fully repaying when we draw on the term loan. Regarding our guidance, we're increasing our AFO per share range to $3.54 to $3.60, increasing our disposition range to $325 to $375 million, and maintaining our capital deployment range of $700 to $900 million. As Jackson mentioned, we are pleased with our results during the first quarter and believe our plan will demonstrate the strength of our portfolio while maintaining a low-leverage balance sheet without reliance on the capital markets. With that, I will turn the call back over to the operator to open up for Q&A. Operator?

We will now begin the question and answer session. To ask a question, you may press star, then 1 on a touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2. At this time we will pause momentarily to assemble our roster. The first question comes from Michael Goldsmith with UBS. Please go ahead.