"Messaging on return of capital has been consistent throughout 2023. We set a net debt target of $1 billion, representing low leverage at mid-pricing, and we were disciplined in allocating our FCF throughout the year by prioritizing debt reduction until this target was achieved. We made a commitment to increase the return of capital to shareholders once we achieved this net debt target. As part of this commitment, we intend to provide a ratable increase to our base dividend over time. To this end, we are pleased to announce a 20% increase in our quarterly cash dividend to $0.12 per share commencing with the Q1 2024 dividend, payable in April 2024. This base dividend will amount to approximately $75 million on an annual basis, representing approximately 6% of 2024 FFO".
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