Earnings call transcript Q2 2023

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Operator

Good day and welcome to Modiv Industrial Second Quarter 2023 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions]. On today's call, management will provide prepared remarks and then we will open the call up for your questions. [Operator Instructions]. is event this note being recorded. Please

now Margaret Boyce, would ahead. like Industrial. to to over conference the Investor go turn Please I Relations Modiv for

Margaret Boyce

you, morning. our section site earnings joining and our Investor all second Thank Relations market of earnings are release thank at opened available before Modiv the this quarter issued web for documents motive.com. Industrial's for We call. XX-Q and Melissa, These our us you in

today call, here Aaron published Chief and later provide up this Executive questions. for open Our and Halfacre, prepared the will quarterly supplement Officer; your I'm Chief will be Financial week. Officer. management remarks, with Ray Pacini, call we On then today's will

will statements laws. include federal securities Before the forward-looking remind begin, we would comments like under I to today's you that,

by or are Forward-looking phrases. words comparable such such as our statements and be, statements not facts, as statements. and anticipate, expect, intend, historical dispositions, identified about words also acquisitions are forward-looking believe, other Statements are that will, expected

Our the contained materially by including Discussion forward-looking materially are from these statements. operations SEC such our Form cause forward-looking actual those of may vary from results our condition that results to reports contemplated could statements our differ and financial filings, on XX-K in factors of and XX-Q.

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

Aaron Halfacre

you our call conference joining and for Thank you, Hello thank everybody Margaret. today.

execution. Over the no-nonsense we last our days, continued XX have

XX% told on at our XX watched vintage, we about few shrinking assets a Fed past acquired top of only million million July, our X% off of at was we nearly $XXX rattle another million me cap which non-core rate In acquired months, asset, of we year. of the low days we this greater attractive XX of we and AUM cap at increase. industrial after value of facts was In the did have their cap nearly others cap a acquired work sale plan. earlier $XXX than while every completed means an acquired On rate, X.XX have of the rate exceedingly we million Let this XXth, our with the you rate, $XX total have done. $XX we August assets which rates, portfolio assets

have We portfolio capital at all units chose impressive OP at equity. average of with raising million this profile. issue $XX our current we without XX% with our the did million price, Through an created repositioning. recycling from efforts, impressive from time $XXX greater XX.X dilutive average an to same over accretive industrial price, Instead, while rent average than continuous an share nearly annual of an now portfolio weighted X.XX% disciplined equally our term, lease we

this an is I'm a despite was team, market of accomplished most few XX-person what environment proud all unprecedented we However, we and could. when that of just thought

facts ring offer a to to proof these share statement. I not a bell, but

We saying one. have day this been since

to lifting was work so, needed our for scratch as of how to opportunity. going produce of out results. begun has only we these because just no is statements, execute, hard to one afraid Modiv crank Our the required heavy We team the word of knows rightly take to us, proof to just not and it. surface our

As they the and saying goes, build come. will it

execution on So, happen. make intensely to focused are we it

transformational XX. pure-play manufacturing months net lease best our last greater than our We we be want increase to I want and believe Modiv know we industrial become REIT can, to we personally in has will we We a We want industry. XX strong that more the the vision scale. achieve know and of need to, know next our future. even liquidity. and need the

When thesis. we Modiv we investment of our patient will since would noisiest to as compelling begin year, to environment Modiv that chose story arguably listed in efforts Industrial XXXX, last to raise awareness you industrial knew and our be see risk investment Next, the our off-market evolve.

see However, highlighting repositioning potential, the us sharing pursue our relentlessly will now can. as behind what majority as we will believe is our that retail upside hear. telling I that institutional us, our story, you and of many vision like our with investors investors and they

now financial soapbox. Alright. Enough on over the results. review the CFO, Ray? of to Ray call standing me to will I turn our Pacini, the

Ray Pacini

second I Thank with you, quarter operating Aaron. of an begin will overview results.

share The funds per of was $XXX,XXX rents, share, quarter. due AFFO or with was from straight-line $X.X AFFO or to XXXX. in $X.XX primarily million compared signed XX operations diluted in diluted acquired $X.X adjusted quarter to the the manufacturing decrease for a XXXX, $X.XX increase the half during year-ago in and first Second California lease the or per with of January in related State the the million industrial properties adjustment

$X.XX coming the year $X.X period. $X.XX diluted million to This $X.XX prior Revenue million benefit share to income share. of for the $X.XX manufacturing million income completed second stockholders year compares the stockholders per prior at June or XXXX. the period, industrial XXth, for million diluted we the in XX quarter second net reflecting or million Net increased quarter to $X.X attributable to per common $X.X the $XX.X and improved since compared of acquisitions in in per $XX.X basic per common attributable basic with and XX.X%

net described increase interest The derivatives. income in revenue swap along increase rate the unrealized with on reflects just gains I

of valuations, swap This a the representing with on experienced lenders, expense this in we interest of of unrealized our paid gain million, of interest valuation, along million year-over-year. of derivative we settlements in derivatives million $X.X to swap quarter. in a $X.X swap gain offset had interest million negative rate expense the quarter, $X.X on on a derivatives $XXX,XXX second interest $X.X While rate year, first cash resulting for the unrealized quarter increased an of loss gains valuation

a quarter, We expense new have caption gain termed on of the in unrealized of captured interest rate net and this which derivative negative settlements interest operations, with of for somewhat our swaps. interest unusual statement we have phenomenon expense

built-in As the because We treatment it we first when option, swap this for first has the hedge option by rate during structured XXXX. cancellation quarter our entered XXXX, accounting May on because it I call, swap XX one-time reduced XXst, points. a did into available explained cancellation December qualify swap in the not basis approximately

on depending expense result, foreign a SOFR interest in on and gains we between of the volatility XXXX, the or December valuation As fluctuations may to our net now swaps. experience continue from losses curve

ratio today of June We rate our hedges with our a XX% XXth, weighted rate our loan million benefit will of of interest continue as from XXXX. term to based on outstanding leverage at average interest $XXX X.XX%,

income cash which interest earned May draws in had in also acquire manufacturing properties prior reflects loan We utilizing such XXXX from on April of to industrial to term $XXX,XXX XXXX. interest cash proceeds our

turning to portfolio. Now our

industrial XXth, a We through $XXX.X cap weighted XX have continued to acquired million XX.X%. properties. manufacturing on rate across August we of properties an focus a X.X% initial attractive Year-to-date acquiring average blended at cap manufacturing industrial and of rate

provider a industrial July the leased $XX Vistech Manufacturing in million. noise parts $XX and XX-year to million of industrial leading vibration the acquired in quarter, Solutions manufacturing second we is niche property has Ohio a On located operating million Vistech additional we automotive $XX.X hardest history and Piqua, for manufacturing category. During properties. of properties. acquired July, industrial manufacturing we And acquired of an Xrd, in an

and in XXth, cash we office in highly pay of properties and $XX.X South engineered, workplace X.XX%. Transaction sold preferred income our for July GIPR acquired SixAxis XX and an property modular million history designer retail a non-core SixAxis XX-year dividends rate exit assets in for safety leased million the stock, legacy cap Carolina, consideration patented, X to Andrews, which and to XX a located On million and manufacturing X.X%. XXth, On manufacturer of we industrial will has million. portfolio annual solutions over at August market. rate at its another operating $XX is an included monthly of generation of of

the retail of our we additional of XX-legacy acquisitions, million have industrial super-majority industrial our With manufacturing assets of sale and of and XX achieved exposure. office a having goal these

we focused the the of non-industrial on for disposition remainder the As Aaron our of year, mentioned assets. are

exposure as annual of of Following XX% wall a XX XXXX representing a and with the our includes GIPR of of X.XX%. sale NOI XXth, rental years assets industrial increases weighted average portfolio June XX XX.X properties, non-industrial of of proforma our to

with dispositions. Our the XX office legacy three tactical XX.X-year wall in XX% as $XX XXth, And portfolio X.X% non-core acquisitions totals properties recent base and for non-core reflecting and a of our the annual June XXXX rent properties bumps. basis rent the a proforma million only of of now X% portfolio. Annualized other represent remaining properties two on represent

Solar to when begin tactical measured a as characteristics to currently marketing interim period. Turbines Cummins San We our that Diego value year. office Tennessee to this or assets plan are add current lease non-core or office offer property investment lease near-term holding opportunistic We property marketing our compelling later assets those over categorize natural and

three location KIA dealership which OP include was basis share. structured issuance as January, equity $XX.X resulting County located at favorable Los property units in cost million a of $XX in upbeat assets a prime XXXX, C an a per in These auto our acquired of in in Angeles transaction class

next believe XX a our opportunities by Services which in Sacramento, purchase of Washington, months. offers probability XX-year is executed an Our our asset Office state is for redevelopment California of lease July, compelling the favorable executed includes one lease January, Costco's that in the option third which And of Costco Emergency property upon in in non-core to existing lease located expires Issaquah, to California's a tenant, assets XXXX being XXXX. of we tactical when attractive the

higher uses flex zoned location is fact additional to that the Given density multifamily. land R&D its include infill and the and for

has Modiv's from an their and XX.X tenants agency recognized property weighted Industrial's GIPR rating better. our credit or investment of approximately lease XX BBB the grade of parent XX% Following rating years of companies term have portfolio minus an or average credit transaction a attractive

our Now liquidity. turning to sheet of balance

cash of average quarter entered based Based credit ratio total during swap XXXX, we into XXXX, on as of our X.XX%, at a XXXX, agreements interest facility. of of leverage rate June, weighted $XXX million $X.X hundred June had fixed $XX consisting XXth, indebtedness with a rate interest XX% outstanding outstanding percent mortgages on our $XXX debt a and and end. XXX of of of rate our of on interest with we As million million million borrowings of cashable and million held

the million discussed earlier, our the recent repay sale July XXXX I non-industrial We this borrowed proceeds assets the from $XX with acquisitions, month. will revolver XXX we during to revolver on fund the and industrial of

on based of annualized of and price shares of $X.XX rate September stock. recent share over a Board represents of XXXX, common Directors the our stock. dividend per approximately declared dividend July, an a for of $X.XX yield the This of announced, cash X% previously months for our As share August, of common representing common

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

Aaron Halfacre

Thanks, not prepared my your Ray. and to about with questions Having shared I and remarks. $X.XX be what to noncore going know wanting directly. to answer it'd are in I more call have the assets figured ahead. GIPR you of transaction best questions lies the you earlier bore

Q&A. So, end, let's to that the Operator. begin

Operator

Thank you. [Operator Instructions].

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

Ray Pacini

Hi, Bryan.

Bryan Maher

call [Technical is to San Nashville of want Difficulty] They year, second-half now, that are this and market in sometime noncore is Diego the nontaxable, you in whatever correct? them.

Ray Pacini

two it up of San we is have in reason The Yeah. the Diego same subdivision. actually our is already isn't one properties

are And we each though even parcel, they in common they one not so, other. had located

we of splitting can turbine. the the parcels in are comfortably that peel solar off so we a So,

early market. So, to out we that or late fourth taking third either anticipate the

Bryan Maher

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

Ray Pacini

about, think first in be opportunistic something move I comes Unless would that Correct. Costco. would two the OES

It's you should OP be the for the think initially. XX-year way bit, be to the transaction. lease we in term also I Kia, a structured portfolio expected Unit

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

Bryan Maher

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

Ray Pacini

No. for the is for is this week, running Nashville. offers, broker We call who

know don't expect. we to what So,

I flex that conversion. one's -- will are an We say being positioned that as industrial

-- be and of in sheet get a some don't best charge we blower couple actually, on Diego, a it's off highest quarter. the And the super an that ourselves. We are and know which trading the NAV. is said, on balance impairment to think clearly, received tight past, the We one. cap that rate bids we looking already create So, create I in do the would We have months industrial flex do first gains to analysis. listed, it taken the That conversion. we liquidity. NAV, market. our want San just have the we use to our don't We well that are think

for But process submarket favorable a haven't we that's sure. one that So BOV started yet. the on

Bryan Maher

Okay.

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

Aaron Halfacre

Ray, that? you want take to

Ray Pacini

we there further with expenses mean, offline. think talk can to I today. it be we mean, But, fairly you inline nothing can is funky. about I are where I expect

Aaron Halfacre

tightly. Thanks. them manage I would say, Great. pretty we

Bryan Maher

yourself, space expenses. No. that's of When and are we halls indicative for expect what office your renting U you would [ph] moving

you good So, guys. for

Aaron Halfacre

you. Thank

Operator

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

Rob Stevenson

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

Aaron Halfacre

preferred allows them is cash. feature a And the that is, or So, to they March has have in until XXth. mechanism up that redeem the shares

us would range share created collar were give they They the price those actually the that. We shares, they that to issue be if could a shares. have determined could

to sold we issue they we So, underwriting and look because preferred what shares of the say do event want allowed did shares. how are advance, some is, give the that give they at equity we probability I and off may sell if to. that would preferred and we In net us we us haven't anything in the

common We look would distribution. distribute to any as to a out our shares then shareholders

not consolidation as So risk to operations. of have any their

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

Rob Stevenson

is that said timing you March? that And

Aaron Halfacre

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

Rob Stevenson

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

Aaron Halfacre

be will other in income. It

Rob Stevenson

then is likely why included lease that a of buy? that if there? option. EMC Are design some are sort -- they a or the it's nine-month Is and Okay. you to shorter-term option, purchase

Aaron Halfacre

to little actually on older but They was wait. at that they but purchase tenant a tell close user. an they -- under have to to the sale. locked This They we it they They wanted is would asked better had to it, sign SBA This they were able payroll, XX-year I they It's willing to contract. they financing and -- be had went financing same property lease, for attained up rates bit. wanted to a the think, that price as sometime negotiated. to thought

that's fine. we said, so, And

that. give We do will to window you will finite that, do we a but

have financing don't, that the XX-year decide is -- months. what tenant. than lease. the they like signed an will occupied understand we they we they so, that, and nine But And And they probably sooner the if if they, we execute

wait on wanted So, keep If would want to up we rent. to figured we collect then we didn't and they market. tied the it

sort them. both out of be lease. got of to turned exposure, They for their better And win could win, a time and so we debt that a

Rob Stevenson

in the wind Okay. assets? that in proceeds your And sale. redeploying terms from industrial expectations pipeline or got and then, proceeds could How given there, up big is frame deep from having of of sort that you the time you capital the have into today what's

Ray Pacini

near-term. think how think I we about So,

So, loan. term we have million $XXX

the with that coming are year. the debt of next off we the OES, from March We is paying the The will due asset would off GIPR. revolver in got mortgage next that's that proceeds pay

real think a here partial we payment, I are make soon. to going

And of off preferred from so, EMC, mortgage proceeds Cummins, debt because any from will of proceeds from proceeds that proceeds from sale Solar, GIPR coming due. pay the that's

increases And that after just to we do the equity that, And profile. would then look acquisitions.

a of lot identifying of sourcing and pipeline, terms In there. we out spent really are really, -- we time

not looked clearly right shares. It's XXXX now, is our have traded issue. equity issue, you I right? if pipeline -- is it [ph] mean, So, think I it's at my we my

worth I we $XX,XXX have, mean, almost traded, of like like, So, and X,XXX,XXX outstanding. it's shares shares of something

are much could about buy which rate. $XXX we So, right? they liquidity issuing. of have properties just an and legacy, million tomorrow cap investors, Our disciplined don't sell, at been I we've don't attractive

So, we issue. are an pipelines constantly looking. I don't think

of very not gotten have If we're anything down. compelling, now have it. in We we act looking we chase selective, super repositioned that's find that to much can near-term, as the on we as kind something we'll

We covers I me, focus of you like traveling, of will this think have is lots the cleaning clearly think, shares lots four the do of my to revolver. I now are has calling included NDRs. structuring, And doing see We up. to. upon and And things not now to lots been afraid here that shops which

and We to will start talking investors. going out

XXXX $XX. shares If you at that think traded about

year. to And focus. starting really that's talking that's think institutions, If mean, IRAs focus our next like, I not think to and it's the road the next our FAAs for the create I volume. balance hard I And I'm to talk, and hitting of really some

quarter, gonna and to start near-term think you I'm you get attention find to I'm really hope. because that to Do more the not tune always something to scalable, when guys my every I attention looking have my the prior achieves But that's to to main something That's for in have story. want to not going I try we scale, lead to in be pay quarter. for compelling because that's you will We that transformational. is focus name, the a something

I really forest. fourth tree for well, but think a will. Clearly they a today, And executed it's, not in proverbs, we've

Rob Stevenson

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

Aaron Halfacre

correct lease, are the mechanic you that known a a So, they in bag. We've rejected for the We're if stuck we're well on this holding while. that.

in still are discussions with Kalera. We

likelihood I rejection. So, await of couldn't the probability

Our than the they've assets. bit a some some property's ones, of rejected and little unique other already

to they all the have, they've until bankruptcy, I to the you'll have If cause continue of the on it the but they as they through work think the this right follow they, of understand, proceeds as punt landlords. I proceeds, their go, all sale their assumption bankruptcy October, extended with

And we're do. to open know, looked at underwritten need what you so, it, out pretty we've may we're, about it, we we've eyes

alternatives the passed this already event Interesting looked they, also them. in marijuana. that We've out Minnesota at year, doesn't earlier if with enough, it work

for own We is the only industrial of aquifer. Urban center are properties the designed that has in one its vertical growing. It

interest already. we've So, some that from had

vertical other growers. Some

So, market. at we've been looking the

we to in the lien reduce I to those the lease of purchase value pay grown even liens. that up opportunity if and for and we work price. let's if the think property we'll have try have, still here, liens, face value think the to our we But excess is a can't, be, of

Rob Stevenson

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

Aaron Halfacre

Great question.

depends I it XX. the on think

wouldn't food call similar -- it but food, So, it's we, design. is, This have I we production.

don't in thing REITs the take to want so our to -- know. Do infringe out two New production be, other fine they have owning. to we're to there? want want food a great. off, We already opposed I cannabis not or, category on we it Lake that I I have If as don't

forward a depends we Kalera. that on one, be depends see. be maybe it the tenant, have. at a byproduct be depends it tactical it know. happened think basis what to We'll I seeking would But lease, cannabis all. facilities non-core. I But would of sort the on would of happens I not see. to if on a we'll becomes don't say go on what's

Rob Stevenson

That's And have good day. helpful. a Okay. Thanks.

Operator

[Operator Instructions].

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

Barry Oxford

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

Aaron Halfacre

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

the that a it's, win-win parties. for out it's think creates about all a figuring I really solution

mean are be think fit the to going will doesn't I me. There that do I criteria. That And we there even ideal that that's are doesn't candid. mean portfolios one. for about That out are it. we talking

that I done I a have they where them. homework know of know And like I are lot I and at. But don't

being going waited of So, asked, equity. a job it good more done be really of as think buy, Rob have malfunction patient. future, a I I dilutive, the is be At a because this like, need don't going buying I've of we to where raise to, I will and want long in to are some equity. to down we to a it, point lot comes

materially, share if gonna So, trading we double basis, this on an other that are and patient all feasible. I that's volume, the stuff can in price telling more story, that now makes increase probably average regard. my the And

Barry Oxford

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

Ray Pacini

lot two the because I units. I of that, so done they $XX, is crazy stats give if thousand C I'm a terms slightly look an not we different now. are I treat road there as someone would them wants to C investment. a structuring. holders of both become because take $XX the And with and whistles, many So, seriously that have said, the then a they go partner. are we say going you. pair down very that don't, Class OP I We don't have OP accretive. how pretty we somewhere pursuits are equity at common. mean, straight in making to being We of are Class little else. that it But

right? rather all doesn't my I'd acquire. like, C But So, float Class a to I tool. issue. OP being float. mean, it's it way create but it that I never always don't equity, if to any It's a great it, my it's equal, happens, first things solve open So, have liquidity in I'm and

Barry Oxford

or Ray, runway at should right number, line XQ it. guess one run differently? just good the looking on sense. question straight Now, makes I then that about is we lining, be I straight the thinking And got That a for, rate now,

Ray Pacini

depends really of forward on terms acquisitions. It do what we going in

straight-line of amount the increases that and plus, leases rent. XX-year signing are We

we we more assuming a things will be but property, if buy rate, probably change, So, reasonable that run would didn't increase. anything, if that acquire didn't number

side is going flip of the revenues But up. it

they in AFFO, So, of of terms watch it out. kind

up Your are and the you then revenue straight-line has gone deducting rent.

Barry Oxford

Right. Right. Right.

the Thanks Okay. Appreciate the guys. color time. for

Ray Pacini

you. Thank

Operator

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

Aaron Halfacre

for cash. to and was, for was the you a call. -- team. easily transaction. thank could it just unique have what Sobelman It GIPR we It to wish sold joining everyone want there did David I thank I was off

we And paying our helped think a to and was that's goal structure tiny we are. candid, was being a tiny do REIT, with to to another working speak people creating something what And aren't to I win. that are by community REIT a small. the that most attention see

we in assets. in we of their unique achieved a asset in I property have now hundred they space. And, shows the did And terms which have our is doubled more skills. counts. ourselves, million think that I mean, size it they've gross than now so

sold bought profile they, They and perfectly. what what we their fits

know, they didn't good were had going because on. were we that want signaled we to you already so, quality assets we And move

we've So, them. to given it

And so, we can of we're pleased do done that scale. easiest even I there. the able do, you shows think that It those it we to wasn't on think, transaction got to And I we they've that. And but done. know, were types transactions do an bigger

it which the Our to has tons capability when money comes save in-house, of team those to do we that means of types expenses.

do. So, shows I'm excited can about we what that that what we and did

optionality trade our you know, materially value. know, can of the hope GAAP attention line we is add that acquisition to size. Any well below in us If top to because our, you both you name do Liquidity's there you most know, for I pay you who a because, who, small-cap book people, are know, We're there interest, the have know, want us out those blocks, issue. growth from really value interesting who the REITs. have investors invest who in and investors let to, big know. and we perspective

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

Operator

Thank you. conference. today's concludes This

time. Thank your for participation. at You this may lines your you disconnect

Modiv (MDV) 14 Aug 232023 Q2 Earnings call transcript