Modiv Inc. (NYSE:MDV) Q1 2024 Earnings Call Transcript

And so, I think there’s a lot of different benefits. but I think the portfolios are very complementary — it seems very strategic. And I think it would open the door to others. I mean, there was a fourth battleship and that we’ve talked to at length and just given where they’re at in their cap stack. they just couldn’t be a participant at this time. And so that’s a someday maybe. if we’re successful here, God willing and we’ve gotten more size and I wouldn’t be surprised that we wouldn’t have a conversation with that other portfolio that fourth balance ship it down the road. So, there is opportunities out there, uniquely enough about manufacturing most of the manufacturing portfolios with the exception of what store owns and what O Now owns from what it acquired from whatever they were.

I can’t even think of their name. Then Spirit, excuse me. Besides those, there’s most of the portfolios are in private hands. And so, having a public currency longer term, I think is something to be looked at strategically.

Gaurav Mehta: Okay. And you talk about the exchange of your equity possible for this portfolio? So, are we talking like common stock or like OP units?

Aaron Halfacre: Yes. I look at those ubiquitously. Candidly, one provides tax protection, but these are institution players. So, generally speaking and I would I mean, I’m not ruling it out. But generally speaking, they’re less tax sensitive by the nature of their money. But to be clear, we’re talking about sort of that common equity element.

Gaurav Mehta: Okay. Thank you. that’s all I had.

Aaron Halfacre: Thanks so much.

Operator: Thank you. [Operator Instructions] As there are no further questions, I would now hand the conference over to Aaron Halfacre for his closing comments. Aaron?

Aaron Halfacre: Thanks, operator. Thanks, everyone. I’m trying to be candid as best we can, trying to get you guys know a real dialed in on what we’re doing. We think, I think a lot of environments or operators are uncomfortable or transparency. if you don’t like what you hear, you’re going to make a decision either way. I think we’re delivering results. We’re being transparent. So, you can try the best you can understand, where we’re headed. What we’re thinking. I’m very confident that we have the right team to get things done. And I have no ability to predict the markets. And so, like you are rolling with the punches. but I think we’re onto something in this company and look forward to talking to you again, at the next earnings release. Thanks, everyone.

Operator: Thank you. The conference of Modiv Industrial has now concluded. Thank you for your participation. You may now disconnect your lines.