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| This prudent and frugal mindset runs throughout our company as we look for more opportunities to be mindful of how we spend shareholder capital on things will provide us the highest returns over the longest period |
| We've positioned ourselves very well to be a high-growth net lease REIT and we're following through on our promises to grow the company in a prudent manner |
| With fewer transactions, higher interest rates, less 1031 exchange buyers, and an industry that has recently been based on primarily selling to less sophisticated private investors, REITs seem to be positioned very well to take advantage of the dislocations that have crept into our industry over the last year |
| We have clearly set the foundation or planted our tree for what we believe to be a tremendous opportunity to add assets and increase the value of our company |
| And our pipeline continues to be extremely robust, well above where we are now as a company in terms of number of assets and we feel like we can execute really well when the timing is right for that |
| I'd like to tell our shareholders that our pipeline for acquisitions is very strong, and our relationships reputation and communication within the net lease industry is well above where a small REIT would ordinarily be |
| We were able to accomplish all of these feats, while not materially changing the investment-grade credit makeup of our portfolio, which currently sits at 68%, one of the highest levels of IG credit as compared to our net lease REIT peers |
| We believe our balance sheet is in good condition to continue to withstand the market uncertainty specific to commercial real estate that we're experiencing |
| Our patience was rewarded with the Modiv acquisition, which we believe has accelerated the trajectory of our company |
| Ron will serve as the company's Vice President of Accounting and will serve as our company's Principal Finance and Accounting Officer, and along with our current controller, Beth Sedgwick and the litany of professionals in the ONE10 team, together with the governance oversight of the Audit Committee of our Board of Directors, we are confident that he will effectively lead the company's accounting team and are excited to have him assist us in our next stage of growth |
| This transaction, which was completed off-market with the New York Stock Exchange REIT, Modiv Industrial, increased almost every key metric in our portfolio to the benefit of our shareholders |
| We have a long-term outlook for our shareholders, one in which we believe we can continue building a portfolio that provides stable and above-market returns and one in which we also believe will outpace other fixed income investments |
| We are very grateful for the contributions that Allison made to the team on behalf of our shareholders |
| So we're really confident that additional acquisitions will allow us to cover in the future |
| So Dave, you mentioned that the pipeline was very strong |
| And almost most importantly, our adjusted base rent at the end of the third quarter is now approximately $8.6 million, a 70% increase |
| When the capital markets and timing of acquisitions put us in the best position to take advantage of what we believe to be a prodigious buying opportunity we will be confident in our choices to reenter the market for GIPR to capitalize on our opportunities.\ With that, I'm pleased to present Allison Davies, GIPR CFO, for her final update |
| Thank you for the opportunity to be a part of this amazing company and team |
| We will continue to focus on disciplined growth and creating long-term value for shareholders that we hope will be recognized over time by the wider market |
| I think it should also be mentioned that while we're in the growth period of our company, we made financial adjustments that reduced our general and administrative expenses, G&A, by 6%, excluding the approximately $88,000 in legal costs associated with the preferred equity investment by Loci in connection with the Modiv transaction in order to embrace a lean and efficient REIT model that can not only substantially grow but also sustain itself through down markets |
| We have a healthy cash balance in our next mortgage maturity is and until 2024 |
| However, we made a promise and commitment to our shareholders to be prudent and not reactive |
| I can tell you, though, that the motive transaction did allow us to trend higher to 100% dividend coverage |
| Occupancy is now 96%, a 3% increase |
| This would increase GIPR's investor base and increase our public float by approximately 100% |
| We are -- as we grow the portfolio base, the motive transaction was a prime example of how to meaningfully grow that dividend coverage |
| And so we're telling you that because we want to show that we have access to a tremendous inventory, potential inventory of net lease properties that fit our investment thesis |
| This will be her last earnings season with GIPR, and we're happy to report that her involvement in the growth of our company is something that should be highlighted and celebrated |
| The portfolio average lease term is 4.5 years, an 8% increase |
| And finally, before I leave, I too would express my gratitude to GIPR and the Board of Directors |
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| After adjusting for non-cash income and expenses, core AFFO was a loss of $29,000 as compared to income of $358,000 in the prior year, primarily related to an increase in interest expense previously discussed and offset by non-cash adjustment last year for the write-off of deferred financing costs |
| The next step of growth will also require patience as we focus all of our efforts on finding the right balance between pricing and current market conditions |
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