1315_Nareit Testimonials_REITworld_Halfcare_2023-11-27_v2
11/30/2023 | by Nareit Staff

Aaron Halfacre, president and CEO of Modiv Industrial, Inc. (NYSE: MDV), participated in a video interview during Nareit’s REITworld: 2023 Annual Conference held Nov. 14-16 in Los Angeles.

Halfacre said he’s been pleased with Modiv’s execution during 2023, noting that the REIT has acquired over $130 million of assets this year in industrial manufacturing through the recycling of non-core assets. More than $50 million of non-core assets have been sold year to date.

Looking ahead to 2024, growth for Modiv will be in two components, Halfacre said. As a small cap REIT, Modiv has a “denominator effect,” meaning that a $15 million or $20 million acquisition can move the needle significantly compared to a much bigger REIT. That produces growth in earnings.

At the same time, there’s potential for growth in the share price, Halfacre said. “Even after all that appreciation, we still trade well below liquidation value, we still trade well below GAAP book value.”