Modiv Inc. (NYSE:MDV) Q1 2023 Earnings Conference Call May 15, 2023 11:00 AM ET

Company Participants

Margaret Boyce - IR

Aaron Halfacre - CEO

Ray Pacini - CFO

Conference Call Participants

Rob Stevenson - Janney

Gaurav Mehta - EF Hutton

John Massocca - Ladenburg Thalmann

Bryan Maher - B. Riley FBR

Operator

Good day and welcome to Modiv’s First Quarter 2023 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.

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

Margaret Boyce

Thank you, Diego, and thank you all for joining us today to discuss Modiv’s first quarter 2023 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 modiv.com.

I am 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 will 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, 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 those 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.

Aaron Halfacre

Thank you, Margaret. Hello, everybody and thank you for joining our first quarter conference call. We're going to jump right in with a review of the financial results by Ray Pacini, our CFO, followed by my closing comments before we open the line for Q&A. Ray?

Ray Pacini

Thank you, Aaron. I'll begin with an overview of first quarter operating results. First quarter adjusted funds from operations or AFFO was $3.1 million or $0.03 per diluted share, compared with $3 million or $0.29 per diluted share in the year ago quarter. Revenue for the first quarter increased 7.7% to $10.3 million, compared with $9.6 million in the prior year period. Reflecting the benefit of the acquisitions we completed during 2022.