M
MODIV INDUSTRIAL, INC.
MDVCIK 0001645873NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
$46.39M
Net Income
$1.07M
Total Assets
—
Equity
—
Shares Out
10.32M
Op. Cash Flow
$14.97M
Business
Modiv Industrial, Inc. acquires, owns and manages a portfolio of single-tenant net-lease real estate assets and operates as an internally managed REIT. Modiv focuses on critical industrial manufacturing properties with long-term net leases and also retains a limited number of legacy retail and office assets while targeting recurring monthly dividends for investors. Modiv conducts its business through an umbrella partnership structure, Modiv Operating Partnership, and engages in acquisitions, dispositions, joint ventures, tenants-in-common arrangements and OP unit issuances. Modiv sources, leases and dispositions properties throughout the United States, primarily to single-tenant occupants via sale-leaseback and long-term net lease arrangements.
Summary from filing dated 2025-03-04
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Rental | 46 | 46 | 47 | 44 | — | |
| Other property | 564,000 | 264,000 | — | — | — | |
| Total revenue | 46 | 47 | 47 | — | — | |
| General and administrative | 6 | 6 | 7 | 8 | 10 | |
| Stock compensation | 3 | 2 | 11 | 2 | 3 | |
| Depreciation and amortization | 15 | 17 | 16 | 15 | 15 | |
| Property | 3 | 4 | 5 | 7 | 7 | |
| Impairment of real estate investment property | 6 | 0 | — | — | — | |
| Total expenses | 33 | 28 | 43 | 51 | 46 | |
| Gain on sale of real estate investments, net | 3 | 3 | −2 | 12 | 6 | |
| Operating income | 16 | 22 | 3 | 5 | −2 | |
| Interest and other income | 893,000 | 474,000 | — | — | — | |
| Dividend income | 0 | 113,000 | 475,000 | 0 | — | |
| Income from unconsolidated investment in a real estate property | 758,000 | 297,000 | 280,000 | 278,002 | 276,042 | |
| Interest expense, net of unrealized gain on interest rate swaps and derivative settlements | −17 | −16 | −14 | — | — | |
| Loss on equity investments | 0 | −151,000 | 1 | 0 | — | |
| Other expense, net | −15 | −15 | −11 | −9 | 1 | |
| Net income | 554,000 | 6 | −9 | −5 | −435,505 | |
| Less: net loss (income) attributable to noncontrolling interests in Operating Partnership | 514,000 | −475,000 | 2 | 1 | 0 | |
| Net income attributable to Modiv Industrial, Inc. | 1 | 6 | −7 | −3 | −435,505 | |
| Preferred stock dividends | −3 | −4 | −4 | −4 | −1 | |
| Net (loss) income attributable to common stockholders | −2 | 2 | −10 | −7 | −2 | |
| Basic (in usd per share) | −0.31 | 0.25 | −1.36 | −0.93 | −0.2 | |
| Diluted (in usd per share) | −0.31 | 0.25 | −1.36 | −0.93 | −0.2 | |
| Basic (in shares) | 10 | 9 | 8 | 7 | 8 | |
| Diluted (in shares) | 12 | 11 | 9 | 7 | 8 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Land | 98 | 98 | 105 | 104 | 61 | |
| Buildings and improvements | 384 | 386 | 400 | 330 | 251 | |
| Equipment | 0 | 4 | 4 | 4 | 0 | |
| Tenant origination and absorption costs | 14 | 13 | 16 | 19 | 22 | |
| Total investments in real estate property | 495 | 502 | 525 | 457 | 334 | |
| Accumulated depreciation and amortization | −73 | −60 | −51 | −47 | −38 | |
| Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net | 422 | 442 | 474 | 411 | 296 | |
| Unconsolidated investment in a real estate property | 9 | 9 | 10 | 10 | — | |
| Total real estate investments, net, excluding real estate investments held for sale, net | 432 | 452 | 484 | 421 | 306 | |
| Real estate investments held for sale, net | 4 | 22 | 12 | 5 | 32 | |
| Total real estate investments, net | 435 | 474 | 495 | 426 | 338 | |
| Cash and cash equivalents | 14 | 12 | 3 | 9 | 56 | |
| Tenant deferred rent and other receivables | 23 | 18 | 13 | 7 | — | |
| Above-market lease intangibles, net | 1 | 1 | 1 | 2 | 691,019 | |
| Prepaid expenses and other assets | 2 | 3 | 4 | 6 | 6 | |
| Total assets | 476 | 508 | 531 | 454 | 428 | |
| Mortgage notes payable, net | 12 | 31 | 31 | 44 | 152 | |
| Credit facility term loan, net | 249 | 249 | 249 | 148 | 0 | |
| Accounts payable, accrued and other liabilities | 4 | 4 | 4 | 6 | 12 | |
| Distributions payable | 2 | 2 | 12 | 2 | — | |
| Below-market lease intangibles, net | 7 | 8 | 9 | 10 | 11 | |
| Other liabilities related to real estate investments held for sale | 0 | 26,000 | 249,000 | 117,881 | 383,282 | |
| Total liabilities | 274 | 294 | 306 | 213 | 206 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Additional paid-in-capital | 337 | 349 | 293 | 278 | 273 | |
| Treasury stock, at cost, 467,319 shares held as of each June 30, 2025 and December 31, 2024 | −7 | −7 | −5 | −4 | 0 | |
| Cumulative distributions and net losses | −168 | −154 | −146 | −118 | −102 | |
| Accumulated other comprehensive income | 919,000 | 2 | 3 | 4 | 0 | |
| Total Modiv Industrial, Inc. equity | 163 | 190 | 144 | 160 | 172 | |
| Noncontrolling interests in the Operating Partnership | 39 | 24 | 81 | 81 | 51 | |
| Total equity | 202 | 214 | 225 | 241 | 222 | |
| Total liabilities and equity | 476 | 508 | 531 | 454 | 428 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock compensation expense | 3 | 2 | 11 | 2 | 3 | |
| Amortization of deferred rents | −5 | −6 | −6 | −3 | 188,297 | |
| Amortization of deferred financing costs and premium/discount | 629,000 | 1 | — | — | — | |
| Amortization of (below) above market lease intangibles, net | −854,000 | −847,000 | −808,000 | −1 | −1 | |
| Impairment of real estate investment property | 6 | 0 | 4 | 2 | −400,999 | |
| Amortization of unrealized holding gain and unrealized gain on non-designated or ineffective interest rate derivative instruments | −1 | 1 | — | — | — | |
| Adjustment for receipts from off-market interest rate derivatives | −5 | 0 | — | — | — | |
| Amortization of off-market interest rate derivatives | 4 | 0 | — | — | — | |
| Loss on early extinguishment of debt | 768,000 | 0 | — | — | — | |
| Distributions from unconsolidated investment in a real estate property | 646,000 | 1 | 231,000 | 211,921 | 337,072 | |
| (Increase) decrease in tenant rent and other receivables | −13,000 | 71,000 | 387,000 | 140,133 | −913,208 | |
| (Increase) decrease in prepaid expenses and other assets | −31,000 | 460,000 | −59,000 | 930,343 | −1 | |
| Decrease in accounts payable, accrued and other liabilities | −535,000 | −599,000 | −903,000 | −1 | 977,563 | |
| Net cash provided by operating activities | 15 | 18 | 17 | 17 | 10 | |
| Acquisitions of real estate investments | −345,000 | −5 | −123 | −127 | — | |
| Improvements to existing real estate investments and other assets | −506,000 | −2 | −5 | −4 | −1 | |
| Net proceeds from sale of real estate investments | 27 | 15 | 35 | 71 | 38 | |
| Net proceeds from sale of investment in common stock | 0 | 652,000 | 0 | — | — | |
| Purchase deposits applied (paid) | 150,000 | −250,000 | — | — | — | |
| Sale deposits received, net of applied | 300,000 | 0 | −812,000 | 84,452 | −1 | |
| Proceeds from the settlement of property-related insurance claims | 684,000 | 0 | — | — | — | |
| Investments in off-market interest rate derivatives | −4 | 0 | — | — | — | |
| Receipts from off-market interest rate derivatives | 5 | 0 | — | — | — | |
| Net cash provided by investing activities | 28 | 8 | −94 | −61 | 22 | |
| Principal payments on mortgage notes payable | −19 | −281,000 | −13 | −130 | −37 | |
| Payments of deferred financing costs | −70,000 | 0 | 0 | −4 | −404,971 | |
| Payment of loan prepayment fees | −732,000 | 0 | — | — | — | |
| Proceeds from offering of common stock, net | 3 | 8 | 832,000 | 114,500 | 4 | |
| Repurchases of preferred stock | −7 | 0 | — | — | — | |
| Repurchases of common stock and Class C OP Units | 0 | −12 | −1 | −4 | −19 | |
| Dividends paid to preferred stockholders | −3 | −4 | −4 | −4 | 0 | |
| Net cash used in financing activities | −40 | −18 | 72 | −5 | 18 | |
| Net increase in cash, cash equivalents, and restricted cash | 3 | 8 | −5 | −50 | 50 | |
| Cash paid for interest | 12 | 14 | 12 | 8 | 8 | |
| Distribution of Generation Income Properties, Inc. (GIPR) common stock to Class C Common Stock and Class C OP Units | 0 | 10 | 0 | — | — | |
| Receipt of GIPR common stock in exchange of GIPR preferred stock | 0 | −11 | 0 | — | — | |
| Change in construction advances | 153,000 | 1 | 0 | — | — | |
| Issuance of Class C OP Units in the acquisition of a real estate investment | 6 | 0 | 5 | 33 | 0 | |
| Reinvested distributions from common stockholders | 2 | 2 | 2 | 3 | 5 | |
| (Decrease) increase in accrued distributions | −50,000 | 180,000 | 10 | −27,235 | 36,972 |
Filings
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