Modiv Inc.

Good day, and welcome to Motive Industrial's second quarter 2023 earnings conference call and webcast. All participants will be in a listen-only mode. Should you need assistance, please signal the conference specialist by pressing star followed by the zero. On today's call, management will provide prepared remarks, and then we will open the call up for your questions. To ask a question, analysts may press star, then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. And to withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Margaret Boyce and Best Relations for Motive Industrial. Please go ahead.

Thank you, Melissa, and thank you all for joining us for Motive Industrial's second quarter earnings calls. We issued our earnings release and our 10Q before market opened this morning. These documents are available in the investor relations section of our website at motive.com. Our quarterly supplement will be published later this week. I'm here today with Aaron Halfacre, Chief Executive Officer, 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. 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, and 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 conference call today. Over the last 90 days, we have continued our no-nonsense execution. Let me rattle off a few facts about the work we've done. On August 10th, we completed the $42 million sale of our non-core assets at a 7.55 cap rate, and we did this only 90 days after we told you of our plan. In July, we acquired another $29 million of industrial assets at greater than an 8% cap rate, which was on top of the 100 million of assets we acquired earlier this year. In the past 18 months, we've acquired nearly $300 million of assets, which means nearly 50% of our total AOM was acquired at exceedingly attractive cap rates, while others watched their vintage low cap rate portfolio shrink in value with every Fed rate increase. We did all this without raising dilutive equity. Instead, we chose to issue nearly $38 million of accretive OP units at an average price 80% greater than our current share price, while at the same time recycling over $100 million of capital from our portfolio repositioning. Through our continuous disciplined efforts, we have now created an industrial portfolio with an impressive 14.7 weighted average lease term with an equally impressive 2.45% average annual rent profile. However, what I'm most proud of is that we accomplished all this with just a 12-person team, despite an unprecedented market environment and when few thought we could. I share these facts not to ring a bell, but to offer a proof statement. We have been saying this since day one. Our team knows how to execute and is not afraid of the heavy lifting required of us as we crank out results. Motive has only just begun to scratch the surface of our opportunity. We needed to work hard to produce these proof statements because rightly so, no one was just going to take our word for it. As the saying goes, build it and they will come. So we are focused intensely on execution to make it happen. Motive has a strong vision of our future. We want and know we need to achieve greater scale. We want and know we need to increase our liquidity. We want to, and we know we can, become the best pure play net lease industrial manufacturing in our industry. I personally believe that the next 18 months will be even more transformational than the last 18. Next, you'll begin to see our efforts to raise investor awareness of Motive Industrial and our compelling investment thesis. When Motive listed last year, and arguably the noisiest risk-off market environment since 2008. We chose to be patient as we knew that our investment story would evolve. However, now that the majority of our reposition is behind us, you will see us relentlessly pursue telling our story, highlighting our upside potential, and sharing our vision with as many retail and institutional investors as we can. I believe that investors will like what they hear. All right, enough of me standing on the soapbox. I will now turn the call over to Ray Puccini, our CFO, to review the financial results. Ray?