Modiv Inc.

Good day and welcome to the Motive's fourth quarter and full year 2021 earnings conference call and webcast. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. On today's call, management will provide prepared remarks and then we will open up the call for your questions. To ask a question, Analysts may press star, then 1 on your touchstone phone. If you're using a speakerphone, please pick up your handset before pressing the key and to withdraw your question, please press star, then 2. Participants may also ask a question by emailing ir at motive.com. Please note that this event is being recorded. I would now like to turn the conference over to Megan McGrath, Investor Relations for Motive. Please go ahead, ma'am.

Thank you, Operator, and thank you all for joining us today to discuss Motive's fourth quarter and full year 2021 financial results. We issued our earnings release and quarterly investor presentation after the market closed yesterday. These documents are available in the investor relations section of our website at invest.motive.com. I'm here today with Aaron Haffaker, Chief Executive Officer of Motive, and Ray Pacini, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we will open up the call for your questions. Participants may also ask a question by emailing ir at motive.com. Before we begin, I would like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts, such as statements about our expected acquisitions or dispositions, are also forward-looking statements. Our actual financial condition and results of operations may vary materially from these contemplated by such forward-looking statements. Discussions of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q. With that, I would now like to turn the call over to Aaron Hatbaker, MoDA's Chief Executive Officer. Aaron, please go ahead.

Thank you, Megan. Hello, everybody, and thank you for joining our first earnings call following the recent listing of our shares on the New York Stock Exchange on February 11th. Given this is our inaugural public earnings conference call, and being cognizant that our first quarter results will be coming out in less than 60 days, our focus today will be to provide a bit of backstory for our new investors, highlight the progress we've made thus far, and establish a baseline for future earnings releases. Joining me today is Ray Puccini, our CFO, who will cover our reporting financial results in detail. Then I will close our prepared remarks before we open the line for Q&A. In a few minutes, Ray will review the numbers in detail, but here are a few highlights. We have grown our full year AFFO by 20% to $11.4 million, or $1.51 per basic, or $1.30 per diluted share. We have grown total revenues to $36.2 million, and we've acquired over $90 million of assets at a weighted average cap rate of greater than 7%. Motive's history is unique in the REIT industry and is worthy of a brief introduction. Motive, which derives its name from the concept of monthly dividends, can trace its roots through prior acquisitions all the way back to 2013 to a FinTech company called Rich Uncles, which launched the first crowdfunded net lease REIT to the public. Motive acquired that first REIT as well as Rich Uncles at the end of 2019 creating the largest crowdfunded REIT to have raised all of its capital directly from investors with no commissioned financial intermediaries. Since that time, Motive has grown to over 500 million of assets and over 7,000 individual investors. When Ray Pacini and I joined in mid-2018, our specific mission was to transform the company, both the quality of assets and caliber of management, into an enterprise capable of being both an attractive investment opportunity and a prudent capital allocator. Over the past three and a half years, we have rid the company of an external manager, and become fully internalized with a management team that has a proven history of managing real estate for publicly traded REITs. We've reduced G&A and became a highly efficient team of just 14 professionals, started a capital recycling program that has already seen us eliminate non-core assets, and we redeployed those sales proceeds into strategic acquisitions. We reconstituted the balance sheet with a $250 million credit facility from a syndicate of seven banks led by KeyBank. We issued $50 million of publicly traded preferred equity on the New York Stock Exchange that accelerated our growth plan. We've reduced our office exposure by 11% in just the past six months with a goal of reducing our exposure to just 20% in the next 12 months. We've extended our weighted average lease term by approximately 50% from six years to over nine years through a combination of lease extensions and new acquisitions. And most recently, we avoided a dilutive IPO during this current turbulent market environment while providing our investors full liquidity of their shares through a public listing without the typical market lockups. We confidently believe that these recent results are just a small indication of what our team is capable of achieving as we continue on our mission today and into the future. I will now turn the call over to Ray.