Modiv Inc.

Good day and welcome to Motive's fourth quarter and full year 2022 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 questions. To ask a question, analysts may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the star key. And to withdraw your question, please press star, then two. Participants may also ask a question by emailing ir at motive.com. Please note this event is being recorded. I would now like to turn the conference over to Margaret Boyce, 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 2022 financial results. We issued our earnings release and investor supplement before the market opened this morning. These documents are available in the investor relations section of our website at motive.com. I'm here today with Erin Halfacre, Chief Executive Officer of Motive and Ray Pacini, Chief Financial Officer. On today's call, management will provide prepared remarks and then we'll 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 those contemplated by such forward-looking statements. Discussion 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-K and 10-Q. With that, I would now like to turn the call over to Aaron. Aaron, please go ahead.

Thank you, Margaret. Hello, everybody, and thank you for joining our fourth quarter and full year conference call. Joining me today is Ray Piccini, our CFO. In a few minutes, Ray will review our results in detail, and then I will close our prepared remarks before we open the line for Q&A. Our team successfully navigated our first full year as a public company. in what was undoubtedly the worst decline in public revaluations experienced since 2008. When you measure the fundamental results that are in the direct control of our management team, Motive experienced a tremendous year of execution. Here are a few highlights. Our full year adjusted funds from operations grew by 45% to a total of $16.6 million, or $1.63 per fully diluted share. Total revenue increased 22% to $46.2 million, compared to 37.9 million in 2021. We acquired over 162 million of real estate properties at attractive cap rates, and we sold over 70 million of our non-core legacy assets with even more sales of the non-core assets on the horizon. Our weighted average lease term nearly doubled to 11.9 years. We decreased our office exposure by nearly 30%, and with careful expense management, we decreased our G&A by 1.9 million. We believe our goal to be a pure play industrial manufacturing REIT is a key differentiator or motive within the net lease sector. Nearly daily headlines call out the need for the reshoring of manufacturing capabilities in the US and the importance of creating supply chain independence. Following the global pandemic and the increasing geopolitical risk environment, the public rhetoric surrounding a desire to strengthen our nation's manufacturing capabilities and supply chain independence has reached the highest levels. To quote our current president, from his most recent State of the Union speech, we need to make sure that the supply chain for America begins in America. We believe the growing importance of U.S. industrial manufacturing facilities has only just begun, and we see tremendous long-term opportunity under what we view as a supernational paradigm shift away from the lowest cost provider towards supply chain security. Based on this conviction, Motive is intently, albeit selectively, focused on increasing our exposure to manufacturing assets where demand for their manufactured products is consistent and relatively defensive in nature. You will find us acquiring such assets exclusively, concurrent with our continued disposition of non-core legacy assets. While the market and interest rate volatility remained high in the fourth quarter, we displayed patience, remained committed to our investment discipline, and paced our transaction activity until we found opportunities that fit our criteria. While we didn't acquire any assets until this January, We were very busy visiting properties and conducting due diligence throughout the fourth quarter. As a result, our outlook for acquisitions in 2023 is robust. This leads me to our goals for 2023. Motive believes this year will be even more transformational than last year, and I want to share the following corporate goals that we believe will have an impact on Motive's earnings growth and share price over the balance of the year. We anticipate our 2023 acquisition volume to be at least a hundred million of industrial manufacturing properties. You will see us enhance the delineation and reporting of our non-core and legacy assets from our core portfolio. Further, we expect the continued disposition of our non-core office and retail assets to accelerate as the company focuses on its goal to become a pure play industrial manufacturing REIT. We do not anticipate any material changes in GNA or property expenses. If anything, they could decline. As evidenced by our most recent net asset value per share, the company does not intend to issue equity at our current low share price levels and has no planned need for new debt sources beyond our current credit facility capacity. Following inquiries recently received, Motive will begin to explore long-term and strategic investment proposals from large institutional investors that have identified Motive's growth potential and management capabilities. Barring any uniquely compelling and accretive opportunities, Motive has no current knowledge of any actionable proposals and does not anticipate providing further updates unless required. Given this is a catalyst year for Motive and considering the meaningful impact future changes can have on our currently small asset denominator, the company has chosen to be prudent and not provide specific AFFO guidance at this time. I'll now turn the call over to Ray to review the financials.