Modiv Industrial Q2 2023 Earnings Call Transcript

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Provided by Quartr
August 14, 2023

There are 7 speakers on the call.

Operator

Good day, and welcome to Motive Industrial Second Quarter 2023 Earnings Conference Call and Webcast. All participants will be in a listen only mode. On today's call, management will provide prepared remarks and then we will open the call up for your questions. Please note this event is being recorded. I would now like to turn the conference over to Margaret Boyce, Investor Relations for Motive Industrial.

Operator

Please go ahead.

Speaker 1

Thank you, Melissa, and thank you all for joining us for Motive Industrial's 2nd quarter earnings call. We issued our earnings release And our 10 Q 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 Erin Halfacre, Chief Executive Officer and Ray Puccini, Chief Financial Officer.

Speaker 1

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.

Speaker 1

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 ks and 10 Q. With that, I would now like to turn the call over to Aaron. Aaron, please go ahead.

Speaker 2

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 10, we completed the $42,000,000 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.

Speaker 2

In July, we acquired another $29,000,000 of industrial assets At greater than an 8% cap rate, which was on top of the $100,000,000 of assets we've acquired earlier this year. In the past 18 months, we've acquired nearly $300,000,000 of assets, Which means nearly 50% of our total AUM was acquired at exceedingly attractive cap rates, while others watch 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 $38,000,000 of accretive OP units At an average price 80% greater than our current share price, while at the same time recycling over $100,000,000 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 percent average annual rent profile.

Speaker 2

However, what I'm most proud of is that we accomplished all of this with just a 12 person team, We have been saying this since day 1. 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 As the saying goes, build it and they will come. So we are focused intensely on execution to make it happen.

Speaker 2

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 REIT in our industry. I personally believe that the next 18 months Will be even more transformational than the last 18.

Speaker 2

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 2,008, we chose to be patient as we knew that our investment story would evolve. However, now that the majority of our repositioning 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.

Speaker 2

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? Thank you, Aaron.

Speaker 3

I'll begin with an overview of 2nd quarter operating results. 2nd quarter adjusted funds from operations or AFFO It was $3,300,000 or $0.31 per diluted share compared with $3,600,000 or $0.35 per diluted share in the year ago quarter. The decrease in AFFO was primarily due to a $600,000 increase in the adjustment for straight line rents Related to the 10 industrial manufacturing properties acquired during the first half of twenty twenty three and the lease signed to the State of California in January 2023. Revenue for the 2nd quarter increased 16.7% To $11,800,000 compared with $10,100,000 in the prior year period, reflecting the benefit of the 16 industrial manufacturing Acquisitions we completed since June 30, 2022. Net income attributable to common stockholders We improved $1,800,000 for the 2nd quarter coming in at $3,100,000 or $0.41 per basic and $0.35 per diluted share.

Speaker 3

This compares to net income attributable to common stockholders of $1,300,000 or $0.17 per basic and $0.14 per diluted share in the prior year period. The increase in net income reflects the revenue increase I just described along with unrealized gains on interest rate swap derivatives. While we experienced a $1,700,000 loss on valuation Of interest rate swap derivatives in the Q1 of this year, we had a $3,700,000 unrealized Gains on valuation of our interest rate swap derivatives in the 2nd quarter, representing an increased gain of $3,000,000 year over year. This unrealized gain on swap valuations along with cash derivative settlements of $1,400,000 offset interest expense paid to our lenders, resulting in negative interest expense of $180,000 for the quarter. We've captured this somewhat unusual phenomenon of negative interest expense for the quarter with a new caption in our statement of operations, which we've termed interest expense Net of derivative settlements and unrealized gain on interest rate swaps.

Speaker 3

As I explained during our Q1 call, The first swap did not qualify for hedge accounting treatment because it has a built in one time cancellation option Available on December 31, 2024. We structured this cancellation option when we entered into the swap in May 2022 because it reduced the swap rate by approximately 50 basis points. As a result, depending on fluctuations In the forward sulfur curve between now December 2024, we may continue to experience volatility in net interest expense from gains or losses on the valuation of our swaps. We will continue to benefit from our interest rate hedges with our $250,000,000 term loan Outstanding today, we had a weighted average interest rate of 4.53 percent based on our leverage ratio of 47% as of June 30, 2023. We also had interest income of $217,000 which reflects interest earned on cash proceeds From April 2023 draws on our term loan prior to utilizing such cash to acquire industrial manufacturing properties in May 2023.

Speaker 3

Now turning to our portfolio. We've continued to focus on acquiring industrial manufacturing properties. Year to date through August 14, we acquired $129,800,000 across 12 industrial Manufacturing properties at an attractive blended initial cap rate of 7.8% and a weighted average cap rate of 10.3%. During the Q2, we acquired $89,000,000 of Industrial Manufacturing Properties. And in July, we acquired an additional 29,000,000 of Industrial Manufacturing Properties.

Speaker 3

On July 3, we acquired an industrial manufacturing property located in Piqua, Ohio Leased to Vistech Manufacturing Solutions for $13,500,000 Vistech has a 20 year operating history And is a leading provider of niche automotive parts in the noise, vibration and harness category. On July 11, we acquired another industrial manufacturing property located in Andrews, South Carolina, Leased to 6 Access for $15,500,000 6 Access has over a 20 year operating history And as a designer and manufacturer of highly engineered patented and modular solutions in the workplace safety market. On August 10, we sold our non core portfolio of 13 legacy retail and office assets to Generation Income Properties For $42,000,000 at an exit cap rate of 7.55 percent, transaction consideration included $30,000,000 in cash And $12,000,000 of GIPR preferred stock, which will pay monthly dividends at an annual rate of 9.5%. With the sale of these 13 legacy retail and office assets and our additional $29,000,000 of industrial acquisitions, We have achieved our goal of having a super majority of industrial manufacturing exposure. As Aaron mentioned, for the remainder of the year, We are focused on the disposition of our non industrial assets.

Speaker 3

Following the sale of non industrial assets to TIPR, Our industrial portfolio exposure includes 40 of our 45 properties, representing 76% of pro form a NOI As of June 30, 2023, with a loss of 14.7 years and a weighted average annual rental increases of 2.45%. Our 3 tactical non core properties now represent 20% of the portfolio with a 14.9 year well And 2.3% annual rent bumps and the 2 remaining other non core legacy office properties represent only 4% of the portfolio. Annualized base rent for our 45 properties totals $41,000,000 on a pro form a basis as of June 30, 2023, Reflecting the recent acquisitions and dispositions. We are currently marketing our Nashville, Tennessee office property leased to Cummins and plan to begin marketing Our San Diego office property current leased to solar turbines later this year. We categorize tactical non core assets Those assets that offer compelling value add or opportunistic investment characteristics when measured over a near term or interim holding period.

Speaker 3

These three assets include our Pia Auto dealership property located in a prime location in Los Angeles County acquired in January 2022, Which was structured as an UPREIT transaction, resulting in a favorable equity issuance of $32,800,000 in Class C OP units at a cost basis of $25 per share. Our 12 year lease to the State of California's Office of Emergency Services Executed in January 2023 for one of our existing assets in Sacramento, California that includes an attractive purchase option By the tenant, which we believe has a favorable probability of being executed upon in the next 24 months. And our 3rd tactical non core asset There's a property leased to Costco located in Issaquah, Washington, which offers compelling redevelopment opportunities when Costco's lease expires in July 2025, Given its higher density infill location and the fact that the land is zoned for additional uses to include flex R and D and multifamily. Following the GIPR transaction, Motive's Industrial's 45 property portfolio Has an attractive weighted average lease term of 14.3 years and approximately 34% of our tenants or their parent companies Have an investment grade credit rating from a recognized credit rating agency of BBB minus or better.

Speaker 3

Now turning to our balance sheet and liquidity. As of June 2023, total cash and cash equivalents were $9,900,000 and we had $294,000,000 of debt outstanding, Consisting of $44,000,000 of mortgages and $250,000,000 of outstanding borrowings on our $400,000,000 credit facility. Based on interest rate swap agreements we entered into during 2022, 100% of our indebtedness ended June 30, 2023 held a fixed interest rate with a weighted average interest rate of 4.52% based on our leverage ratio of 47% at quarter end. We borrowed $21,000,000 on our revolver during July 2023 to fund the industrial acquisitions I discussed earlier, And we will repay the revolver with proceeds from the recent sale of the 13 non industrial assets this month. As previously announced, our Board of Directors declared a cash dividend for common shares of approximately $0.095 For the months of July, August September 2023, representing an annualized dividend rate of $1.15 per share Of common stock, this represents a yield of over 9% based on the recent share price of our common stock.

Speaker 3

I'll now turn the call back over to Aaron.

Speaker 2

Thanks, Ray. Having shared my $0.02 earlier in the call And not wanting to bore you with more prepared remarks, I know you're going to have questions about the GIPR transaction of Norco assets and what lies ahead. I figured it would be best to answer your questions directly. So to that end, let's begin the Q and A. Operator?

Operator

Thank you. Our first question comes from the line of Bryan Maher with B. Riley Securities. Please proceed with your question.

Speaker 4

They're non core, non taxable, whatever you want to call them. Nashville is in the market now and San Diego sometime in the second half of this year, is that correct?

Speaker 2

Yes. The reason San Diego isn't up already is it actually one of our We have 2 properties in the same subdivision. And so we they had one common parcel, even though they're not located in each other. And so we're in the process of splitting the parcels so that we can comfortably peel off solar So splitting the parcels, so that we can comfortably peel off solar turbines. So we anticipate taking that out Either late 3rd or early 4th to the market.

Speaker 4

Okay. And then the 3 tactical ones, The Kia, the Costco and the California lease, those are just going to hold for some period of time. Is that correct?

Speaker 2

Correct. Unless something opportunistic comes about. I think the first two that would move would be OES and Costco. I think Kia, you should expect it to be in the portfolio for a bit. The way we structured the OP Unit transaction, it's also 25 year lease term initially.

Speaker 2

So it's we like where it's at. But I think there's a chance that Costco and OES will self liquidate Favorably over the next, call it, 24 months.

Speaker 4

And then can you give us any idea what you're thinking about in the way of cap rates For Nashville and San Diego?

Speaker 2

No. We call for offers is this week For the broker who's running Nashville, so we don't know what to expect. We are I will say that that one's being positioned as an So it's a super tight market. We think and do our analysis, we think the highest and best use is an adjustable flex conversion. We don't want to do it We think we just we've already taken the impairment charge in the Q1 and we're just looking to create get that off the balance sheet and create Some liquidity.

Speaker 2

Don't know the cap rate on that one. The that said on the San Diego, we've actually in the past received a couple of Bids that would be gains to our NAV, which clearly we're trading well below our NAV. So that's a favorable submarket for sure. And but we haven't started the VOB process on that one yet.

Speaker 4

Okay. Just last for me on the expenses. They seem to be pretty well under control, but I did notice on Page 16 of Hugh, kind of the commentary there around, I guess, it was some property tax and maybe reallocating how that's Is there anything funky that we should be aware of as we model out expenses? Or is that better to discuss offline?

Speaker 2

Ray, you want to take that?

Speaker 3

Yes. I mean, there's nothing funky. I mean, we can talk about it further offline, but I think you can expect the expenses to be fairly in line with where we are today. I

Speaker 2

would say we manage them pretty tightly. Yes, yes. All right. Great, thanks.

Speaker 4

No, when you're renting U Hauls and moving your office space yourself, that's Indicative of what we would expect for expenses. So good for you guys. Thank you.

Speaker 2

Thank you.

Operator

Thank you. Our next question comes from the line of Rob Stevenson with Janney Montgomery Scott. Please proceed with your question.

Speaker 5

Good morning there guys. Is there a lockup on the generation preferred shares and is that a long term hold and what's your plan there?

Speaker 2

So the preferred has a feature that allows them to redeem In shares or cash. And the mechanism is that they have up until March We've actually created a caller range that would be determined the share price that they could if they were to issue those shares, they could give us the shares. So I'd say how we look at the preferred is and underwriting some probability that they may issue equity and give us shares. In the event that they do give us shares and what we net of anything we haven't sold in advance because we can sit we're allowed to sell the preferred off if we want to. We would then look to distribute any common shares out to our shareholders as a distribution, So as not to have any consolidation risk of their operations.

Speaker 2

So we we don't have any formal restriction on time trading, if we find a private party that's interested in some of our preferred, we'll talk to them and invest interest. And then net of any sales that we haven't done in advance, assuming that we get comment from them, which I think is their objective, Then we would look to distribute that out to our shareholders.

Speaker 5

And you said that that timing is March?

Speaker 2

They have so the timing is To them, they have to have notified us that they wish to redeem with shares prior to March 15. There's certain in the article supplementary of their documents, it details the mechanics. But basically, there's a mechanism of which they can Determine how many shares they would issue us and it's caller bound until March 15. After March 15, We're open to accepting cash or shares, but it's after that date, it's a de novo negotiation on how many shares.

Speaker 5

Okay. And in the interim, Ray, that will just appear as whatever $285,000 a quarter In interest income or is that going to be somewhere else?

Speaker 3

Yes, it will be in other income.

Speaker 5

Okay. And then the EMC lease included a 9 month purchase option. Are they likely to buy? Is that why it's a shorter term option? Or Is that is your sort of design there?

Speaker 2

This is the tenant that We have this held for sale. This property was locked up under contract. It's an owner user. They Attained SBA financing to close it, but they actually asked to wait. They thought they would better have favorable I think, financing rates as they went on a little bit, they wanted they're willing to sign a 10 year lease, but they wanted to be able to purchase it Sometime at the same price that they had negotiated.

Speaker 2

And we said, that's fine, we'll do that, but we'll give you a finite window to do that. And so we signed the 10 year lease. And if they decided they like the financing And what we understand is they probably will execute that sooner than the 9 months. But if they don't, we have an occupied tenant. We didn't want to keep it tied up on the market.

Speaker 2

If they wanted to waste more time, we figured we'd collect rent. And so that turned out to be sort of a win win for both of them. They could Better time their debt exposure and we got a lease. Okay.

Speaker 5

And then given that you're you could wind up having proceeds From there, you've got the proceeds from the big sale. How deep is the pipeline today? And What's your sort of timeframe in expectations in terms of redeploying that capital into industrial assets?

Speaker 2

Yes. So I think how we think about near term. So we have $250,000,000 on the term loan. We're paying off the revolver with the proceeds that we got from GIPR. We The next asset that mortgage debt will pay off is the OES that's coming due in March of next year.

Speaker 2

I think we're going to make a partial payment here real soon. And so proceeds from Cummins, proceeds from Solar, proceeds from EMC, any proceeds from sale of the preferred of GIPR will pay off So that mortgage debt because that's coming due and that just increases the equity profile. And then after that, we would look In terms of pipeline, we are really, really we spent a lot of time sourcing and identifying out there. So pipeline is not my issue. It's clearly it's equity is my issue, right?

Speaker 2

I mean, if you looked at it right now, I think we've traded 2,800 shares. So I mean, it's something like $30,000 worth of shares are traded and we have like almost 8,000,000 shares outstanding. Our investors, which are legacy, they just don't sell, Right. So we don't have much liquidity, which is and we've been disciplined about issuing. I could buy $700,000,000 of properties tomorrow That attractive, Keppra.

Speaker 2

So we're constantly looking. I don't think pipeline is an issue. We've gotten very selective. Now that we've kind of repositioned as much as we can in the near term, we're not looking to chase anything down. If we find something that's super compelling, we'll act on it.

Speaker 2

We're not afraid to. We clearly have the revolver. And I think my focus now, Which is heretofore, it's been lots of traveling, lots of structuring, lots of doing things like this and cleaning up. And I think now you'll see me calling upon The shops that cover us, yours included to do NDRs, we'll start going out and talking to investors. If you think about that 2 point 2,800 shares traded at $30 If I'm starting to talk, I mean like hitting the road really talking to IRAs and FAs and institutions, it's not hard to create some volume.

Speaker 2

And I think that's our next focus. And I think that's our next focus For really the balance of the year, we'll always be looking for something that achieves scale. And I want to try to find something that's scalable, that when you guys Tune in for every quarter. You have to pay attention because I'm not going to lead you prior to the quarter. Yes.

Speaker 2

Do something that's transformational. That's my hope. But my main focus in the near term is to start to get more attention to the name because I think we have a really compelling story. I think we've executed really well and it's that Proverbs says, if a tree falls in a forest, does anyone hear it? Clearly not today, but they will.

Speaker 5

Okay. That's helpful. And then last one for me. What's the current timing expectation for the, Calera bankruptcy resolution? And do I have it correct If the lease is rejected, you get the asset back and the mechanics lien comes to you, but if the buyer affirms it's their lease obligation?

Speaker 2

So you're correct in the mechanic that if they reject the lease, we're stuck holding the bag. We've known this for a while. We're well on that. We are still in discussions with Clara. So, I couldn't probability await the likelihood of rejection.

Speaker 2

Our property is a little bit unique And then some of the other ones, and they've already rejected some assets, if you follow the proceeds. They have extended it, I think, until Over, but they as the bankruptcy as I understand the bankruptcy proceedings go, they have the right to continue to punt on the assumption of their sales because they work all this with all of their landlords. And so we've underwritten it and we've looked at it. We're pretty eyes open about what we may need to do. We've Already also look at alternatives in the event that they if it doesn't work out with them, interesting enough, early this year, Minnesota passed Marijuana, we are one of the only industrial properties in the urban center that has its own aquifer.

Speaker 2

It's designed for vertical growing. So we've had some interest from that already, some other vertical growers. So we've been looking at the market. I think even if we have can't Growing up here, if we have to pay the liens, we'll work to try to reduce the face value of those liens, but we think the property And the opportunity for a lease is still in excess of that, lien value and our purchase price.

Speaker 5

Okay. And I guess one question that comes up from that If it winds up being the highest and best use for this is something like cannabis, is that something that you hold or given the legality and the restructure That's something that you sell, either to the user or to somebody else to own, from that standpoint?

Speaker 2

Great question. I think it depends on the so we have food production. This is I wouldn't call it food, but it's similar design. We have 2 so we already have food production as a category and our thing that we're not opposed to owning. Do I want to be I don't want to infringe on New Lake Or the other fine cannabis REITs out there, if they want to take it off, great.

Speaker 2

I don't know. I think it depends on the tenant, depends on the lease, depends on what we have. I would say that would be sort of a byproduct of what's happened at Clarion. I would not be seeking Cannabis facilities on a go forward basis at all. But if it happens to be 1, we'll see.

Speaker 2

But maybe it becomes a tactical non core. I don't know. We'll see.

Speaker 5

Okay. That's helpful. Thanks and have a good day. Thank you.

Operator

Thank you. Our next question comes from the line of Barry Oxford with Colliers. Please proceed with your question.

Speaker 6

Great. Thanks guys. Aaron, when you talk about transformational, what might that look like? Would it come in the form of A decently sized joint venture partner, if you could wrap some color behind those comments.

Speaker 2

Sure. If I was going to make it write a letter to Santa Claus, I think it would be the ideal world is I take down a larger portfolio of industrial manufacturing or predominantly industrial manufacturing assets. And I do that in conjunction with a strategic, Meaning that maybe they come in with some of the cap stack and gives them some optionality. Could it be structured as a JV? Sure.

Speaker 2

Could it be structured as a direct investment? Sure. I think it's really about figuring out a solution that creates a win win for all the parties. I think that's the ideal for me. And I will be candid, there are portfolios out there that fit that criteria.

Speaker 2

Doesn't mean we're going to do one, doesn't mean we're even talking about it, but I know where they're at. And I know that I've done a lot of homework and I like them. So a lot of it like it comes down to, as Rob asked, where we're going to buy. Buying is really going to be now a function of equity. We at some point in the future, we'll need to raise more equity.

Speaker 2

I've waited this long because I don't want dilutive and I think I've done a good job of being patient. So we are patient in that regard. And now telling the story, if I can double my trading volume, that's Probably going to increase the share price materially on an average basis and that makes all this other stuff more feasible.

Speaker 6

Got it. No, no, that makes sense. When you look about when you think about using OP units going forward, Are there other buyers out there that would conceivably do it at a higher price without you offering a higher price?

Speaker 2

So, the 2 we've done are $25 $18 so both accretive. I would say that how I look at OP units, I take them very seriously, because those they become a partner. I mean, they are making an equity investment and they're We're pretty straight down the road in terms of structuring. We don't if someone wants a lot of crazy bells and whistles, then go somewhere else. I'm not going to give it We treat that as being paired with the Class C common.

Speaker 2

But that said, there is a little slightly different status because we don't have that many Class C OP in So look if it happens, I'm always open to it, but it's never my first tool. I mean all things being equal, I'd rather have Float in that equity, right? So Classy OP and it's no creating a float. So it's a great way to acquire. Right.

Speaker 2

But it doesn't solve my liquidity issue.

Speaker 6

Right. No, I got it. That makes sense. And then I guess just one question for Ray. On the straight lining, is that a good runway run rate right now, in looking at the 2Q number

Speaker 3

It really depends on what we do going forward in terms of Acquisitions, we're signing 20 year leases plus and that increases the amount of straight line rent. So if things didn't change, if we didn't acquire anything, that would probably be a reasonable run rate. But assuming we buy more property, That number will increase. But the flip side of it is revenue is going up. So In terms of AFFO, they kind of washed out.

Speaker 3

Revenue has gone up and then you're deducting straight line revenue.

Speaker 6

Right. Right, right, right. Okay. Appreciate the color guys. Thanks for the time.

Speaker 2

Thank you.

Operator

Thank you. Ladies and gentlemen, that concludes our question and answer session. I'll turn the floor back to Mr. Halfacre for any final comments.

Speaker 2

I wish to thank everyone for joining the call. I want to thank David Sobelman and the GIPR team. It was what we did there was a unique transaction. It was you could have easily just sold it off for cash. I think our goal was to do something that helped the community.

Speaker 2

Being a tiny REIT and working with another tiny REIT is what we are and to be candid, we're small And most of us most people aren't paying attention to create a structure that was a win win, I think is unique in our space and we did it Ourselves, which shows that we have the skills, I mean, so they've now more than doubled their asset size in terms of Property counts and they've now achieved $100,000,000 of gross assets. They bought what we sold fits their profile perfectly. And so they were good quality assets that we didn't want because we had already signaled we were going to move on. So we've given it to them. And so we're pleased that we were able to do that.

Speaker 2

It wasn't the easiest transaction to do, but we got it done. And I think we shows that we can do those types of transactions on an even bigger scale. And our team has the capabilities to do that in house, which means we save tons of money when it comes to those types of expenses. So I'm excited about what that shows that we did and what we can do. I hope most people pay attention to us because Optionality is in the name.

Speaker 2

We trade well below our GAAP book value. Any acquisition that we do can add materially to the top line because of our size. We're really interesting from both a growth and value perspective For those who invest in Small Cap REITs, liquidity is the issue. If there are investors out there who big investors who have blocks who want to Have interest? Let us know.

Speaker 2

Let our banks know. But this is the next phase and I'm excited to see what it brings. And I look forward to talking to you at the next quarter call.

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Earnings Conference Call
Modiv Industrial Q2 2023
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