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Name | Symbol | Market | Type |
---|---|---|---|
Modiv Industrial Inc | NYSE:MDV-A | NYSE | Preference Share |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.73 | 0 | 09:00:00 |
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 2.02. |
Results of Operations and Financial Condition
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Item 7.01. |
Regulation FD Disclosure
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Item 9.01. |
Financial Statements and Exhibits.
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Exhibit No.
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Description
|
104
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Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document
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MODIV INDUSTRIAL, INC.
(Registrant)
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|||
By:
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/s/ RAYMOND J. PACINI
|
||
Name:
|
Raymond J. Pacini
|
||
Title:
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Chief Financial Officer
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||
Date: August 6, 2024
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• |
Second quarter rental income of $11.3 million. Due to the elimination of some non-NNN tenant reimbursements related to the August 2023 portfolio disposition of 13 properties,
rental income decreased $493,000. Concurrently during the quarter, we benefitted from an $834,000 decrease in property expenses and $179,000 decrease in G&A.
|
• |
Second quarter AFFO of $3.9 million increased by $575,000, or 17.3% year over year.
|
• |
On July 15, 2024, we completed the acquisition of an industrial manufacturing property for $5.2 million with a company that produces optical systems for the defense and aerospace
industries. The property is located in the Tampa Florida MSA and the tenant entered into a 20-year lease, with 2.85% annual rent escalations, at an initial cap rate of 8.0% and a weighted average cap rate of 10.6%.
|
• |
On August 1, 2024, we repurchased 656,191 Class C units in our operating partnership and 123,809 shares of MDV common stock from First City Investment Group, LLC based on the
10-day average closing price as of July 29, 2024 of $14.80 per share for a total of $11,544,000. These units and shares were originally issued at $25.00 in January 2022, representing an accretive full-cycle transaction of nearly $8 million.
The reduction of shares outstanding from this repurchase results in an increased AFFO per diluted share for the recent quarter of $0.37 on a pro forma basis assuming the repurchase occurred at the beginning of the quarter. This repurchase
also terminates a tax protection agreement thereby allowing the KIA auto dealership property to be recycled to buy additional industrial manufacturing assets.
|
• |
Fully covered dividend yield of 7.79% based on our closing price of $14.76 on August 5, 2024.
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
Income:
|
||||||||||||||||
Rental income
|
$
|
11,343,521
|
$
|
11,836,563
|
$
|
23,244,088
|
$
|
22,147,745
|
||||||||
Management fee income
|
65,993
|
65,993
|
131,986
|
131,987
|
||||||||||||
Total income
|
11,409,514
|
11,902,556
|
23,376,074
|
22,279,732
|
||||||||||||
|
||||||||||||||||
Expenses:
|
||||||||||||||||
General and administrative
|
1,418,893
|
1,597,776
|
3,418,294
|
3,505,831
|
||||||||||||
Stock compensation expense
|
67,500
|
660,170
|
1,446,002
|
1,320,339
|
||||||||||||
Depreciation and amortization
|
4,136,528
|
3,956,334
|
8,270,029
|
7,228,394
|
||||||||||||
Property expenses
|
694,043
|
1,527,868
|
1,678,025
|
3,234,712
|
||||||||||||
Impairment of real estate investment property
|
-
|
-
|
-
|
3,499,438
|
||||||||||||
Total expenses
|
6,316,964
|
7,742,148
|
14,812,350
|
18,788,714
|
||||||||||||
|
||||||||||||||||
Gain on sale of real estate investments, net
|
-
|
-
|
3,187,806
|
-
|
||||||||||||
Operating income
|
5,092,550
|
4,160,408
|
11,751,530
|
3,491,018
|
||||||||||||
|
||||||||||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
197,883
|
216,841
|
321,722
|
270,535
|
||||||||||||
Dividend income
|
4,955
|
-
|
113,328
|
-
|
||||||||||||
Income from unconsolidated investment in a real estate property
|
74,211
|
72,773
|
148,065
|
128,340
|
||||||||||||
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements
|
(4,103,350
|
)
|
179,931
|
(6,410,499
|
)
|
(3,838,861
|
)
|
|||||||||
Loss on sale of investment in common stock
|
(4,513
|
)
|
-
|
(4,513
|
)
|
-
|
||||||||||
Decrease in fair value of investment in common stock
|
-
|
-
|
(20,574
|
)
|
-
|
|||||||||||
Other (expense) income, net
|
(3,830,814
|
)
|
469,545
|
(5,852,471
|
)
|
(3,439,986
|
)
|
|||||||||
|
||||||||||||||||
Net income
|
1,261,736
|
4,629,953
|
5,899,059
|
51,032
|
||||||||||||
Less: net loss (income) attributable to noncontrolling interest in Operating Partnership
|
63,181
|
(649,643
|
)
|
(849,683
|
)
|
166,556
|
||||||||||
Net income (loss) attributable to Modiv Industrial, Inc.
|
1,324,917
|
3,980,310
|
5,049,376
|
217,588
|
||||||||||||
Preferred stock dividends
|
(921,875
|
)
|
(921,875
|
)
|
(1,843,750
|
)
|
(1,843,750
|
)
|
||||||||
Net income (loss) attributable to common stockholders
|
$
|
403,042
|
$
|
3,058,435
|
$
|
3,205,626
|
$
|
(1,626,162
|
)
|
|||||||
|
||||||||||||||||
Net income (loss) per share attributable to common stockholders:
|
||||||||||||||||
Basic
|
$
|
0.04
|
$
|
0.41
|
$
|
0.36
|
$
|
(0.22
|
)
|
|||||||
Net income (loss) per share attributable to common stockholders and noncontrolling interests:
|
||||||||||||||||
Diluted
|
$
|
0.03
|
$
|
0.35
|
$
|
0.36
|
$
|
(0.22
|
)
|
|||||||
|
||||||||||||||||
Weighted-average number of common shares outstanding:
|
||||||||||||||||
Basic
|
9,441,485
|
7,532,106
|
9,002,819
|
7,532,080
|
||||||||||||
Diluted
|
11,419,115
|
10,638,311
|
11,389,106
|
7,532,080
|
||||||||||||
|
||||||||||||||||
Distributions declared per common share
|
$
|
0.2875
|
$
|
0.2875
|
$
|
0.5750
|
$
|
0.5750
|
June 30, 2024
|
December 31, 2023
|
||||||||
Assets
|
|||||||||
Real estate investments:
|
|||||||||
Land
|
$
|
104,858,693
|
$
|
104,858,693
|
|||||
Building and improvements
|
399,880,932
|
399,666,781
|
|||||||
Equipment
|
4,429,000
|
4,429,000
|
|||||||
Tenant origination and absorption costs
|
15,707,458
|
15,707,458
|
|||||||
Total investments in real estate property
|
524,876,083
|
524,661,932
|
|||||||
Accumulated depreciation and amortization
|
(59,171,642
|
)
|
(50,901,612
|
)
|
|||||
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net
|
465,704,441
|
473,760,320
|
|||||||
Unconsolidated investment in a real estate property
|
9,656,786
|
10,053,931
|
|||||||
Total real estate investments, net, excluding real estate investments held for sale, net
|
475,361,227
|
483,814,251
|
|||||||
Real estate investments held for sale, net
|
-
|
11,557,689
|
|||||||
Total real estate investments, net
|
475,361,227
|
495,371,940
|
|||||||
Cash and cash equivalents
|
18,869,651
|
3,129,414
|
|||||||
Tenant deferred rent and other receivables
|
16,064,411
|
12,794,568
|
|||||||
Above-market lease intangibles, net
|
1,276,959
|
1,313,959
|
|||||||
Prepaid expenses and other assets
|
5,228,889
|
4,173,221
|
|||||||
Investment in preferred stock
|
-
|
11,038,658
|
|||||||
Interest rate swap derivatives
|
2,730,521
|
2,970,733
|
|||||||
Other assets related to real estate investments held for sale
|
-
|
103,337
|
|||||||
Total assets
|
$
|
519,531,658
|
$
|
530,895,830
|
|||||
Liabilities and Equity
|
|||||||||
Mortgage notes payable, net
|
$
|
30,927,344
|
$
|
31,030,241
|
|||||
Credit facility term loan, net
|
248,753,691
|
248,508,515
|
|||||||
Accounts payable, accrued and other liabilities
|
3,728,094
|
4,469,508
|
|||||||
Distributions payable
|
2,018,679
|
12,174,979
|
|||||||
Below-market lease intangibles, net
|
8,408,406
|
8,868,604
|
|||||||
Interest rate swap derivative
|
-
|
473,348
|
|||||||
Other liabilities related to real estate investments held for sale
|
-
|
248,727
|
|||||||
Total Liabilities
|
293,836,214
|
305,773,922
|
|||||||
|
|||||||||
Commitments and contingencies
|
|||||||||
|
|||||||||
7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value, 2,000,000 shares authorized, issued and
outstanding as of June 30, 2024 and December 31, 2023 with an aggregate liquidation value of $50,000,000
|
2,000
|
2,000
|
|||||||
Class C common stock, $0.001 par value, 300,000,000 shares authorized; 9,825,586 shares issued and 9,482,076 shares outstanding as of June 30,
2024 and 8,048,110 shares issued and 7,704,600 shares outstanding as of December 31, 2023
|
9,825
|
8,048
|
|||||||
Class S common stock, $0.001 par value, 100,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024
and December 31, 2023
|
-
|
-
|
|||||||
Additional paid-in-capital
|
337,780,646
|
292,617,486
|
|||||||
Treasury stock, at cost, 343,510 shares held as of June 30, 2024 and December 31, 2023
|
(5,290,780
|
)
|
(5,290,780
|
)
|
|||||
Cumulative distributions and net losses
|
(147,660,654
|
)
|
(145,551,586
|
)
|
|||||
Accumulated other comprehensive income
|
2,140,570
|
2,658,170
|
|||||||
Total Modiv Industrial, Inc. equity
|
186,981,607
|
144,443,338
|
|||||||
Noncontrolling interests in the Operating Partnership
|
38,713,837
|
80,678,570
|
|||||||
Total equity
|
225,695,444
|
225,121,908
|
|||||||
Total liabilities and equity
|
$
|
519,531,658
|
$
|
530,895,830
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
Net income (in accordance with GAAP)
|
$
|
1,261,736
|
$
|
4,629,953
|
$
|
5,899,059
|
$
|
51,032
|
||||||||
Preferred stock dividends
|
(921,875
|
)
|
(921,875
|
)
|
(1,843,750
|
)
|
(1,843,750
|
)
|
||||||||
Net income (loss) attributable to common stockholders and Class C OP Unit holders
|
339,861
|
3,708,078
|
4,055,309
|
(1,792,718
|
)
|
|||||||||||
FFO adjustments:
|
||||||||||||||||
Depreciation and amortization of real estate properties
|
4,136,528
|
3,956,334
|
8,270,029
|
7,228,394
|
||||||||||||
Amortization of deferred lease incentives
|
1,198
|
88,570
|
(2,588
|
)
|
177,140
|
|||||||||||
Depreciation and amortization for unconsolidated investment in a real estate property
|
188,934
|
186,069
|
377,853
|
380,242
|
||||||||||||
Impairment of real estate investment property
|
-
|
-
|
-
|
3,499,438
|
||||||||||||
Gain on sale of real estate investments, net
|
-
|
-
|
(3,187,806
|
)
|
-
|
|||||||||||
FFO attributable to common stockholders and Class C OP Unit holders
|
4,666,521
|
7,939,051
|
9,512,797
|
9,492,496
|
||||||||||||
AFFO adjustments:
|
||||||||||||||||
Stock compensation
|
67,500
|
660,170
|
1,446,002
|
1,320,339
|
||||||||||||
Deferred financing costs
|
221,495
|
195,213
|
442,992
|
390,426
|
||||||||||||
Due diligence expenses, including abandoned pursuit costs
|
-
|
3,848
|
-
|
346,390
|
||||||||||||
Amortization of deferred rents
|
(1,422,070
|
)
|
(1,580,358
|
)
|
(3,093,868
|
)
|
(2,755,717
|
)
|
||||||||
Unrealized loss (gain) on interest rate swap valuation
|
550,042
|
(3,708,598
|
)
|
(739,322
|
)
|
(1,986,416
|
)
|
|||||||||
Amortization of (below) above market lease intangibles, net
|
(211,599
|
)
|
(195,901
|
)
|
(423,198
|
)
|
(392,184
|
)
|
||||||||
Loss on sale of investment in common stock
|
4,513
|
-
|
4,513
|
-
|
||||||||||||
Decrease in fair value of investment in common stock
|
-
|
-
|
20,574
|
-
|
||||||||||||
Other adjustments for unconsolidated investment in a real estate property
|
23,826
|
11,819
|
47,651
|
23,638
|
||||||||||||
AFFO attributable to common stockholders and Class C OP Unit holders
|
$
|
3,900,228
|
$
|
3,325,244
|
$
|
7,218,141
|
$
|
6,438,972
|
||||||||
|
||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
9,441,485
|
7,532,106
|
9,002,819
|
7,532,080
|
||||||||||||
Fully diluted (1)
|
11,419,115
|
10,638,311
|
11,389,106
|
10,494,527
|
||||||||||||
|
||||||||||||||||
FFO Per Share:
|
||||||||||||||||
Basic
|
$
|
0.49
|
$
|
1.05
|
$
|
1.06
|
$
|
1.26
|
||||||||
Fully diluted
|
$
|
0.41
|
$
|
0.75
|
$
|
0.84
|
$
|
0.90
|
||||||||
AFFO Per Share:
|
||||||||||||||||
Basic
|
$
|
0.41
|
$
|
0.44
|
$
|
0.80
|
$
|
0.85
|
||||||||
Fully diluted
|
$
|
0.34
|
$
|
0.31
|
$
|
0.63
|
$
|
0.61
|
(1)
|
Includes the Class M OP Units which automatically converted to Class C OP Units on January 30, 2024, and Class P and Class R OP Units which
automatically converted to Class C OP Units as of March 31, 2024, to compute the fully diluted weighted average number of shares.
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Net income (in accordance with GAAP)
|
$
|
1,261,736
|
$
|
4,629,953
|
$
|
5,899,059
|
$
|
51,032
|
||||||||
Depreciation and amortization of real estate properties
|
4,136,528
|
3,956,334
|
8,270,029
|
7,228,394
|
||||||||||||
Depreciation and amortization for unconsolidated investment in a real estate property
|
188,934
|
186,069
|
377,853
|
380,242
|
||||||||||||
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements
|
4,103,350
|
(179,931
|
)
|
6,410,499
|
3,838,861
|
|||||||||||
Interest expense on unconsolidated investment in real estate property
|
93,650
|
95,932
|
187,884
|
191,419
|
||||||||||||
Impairment of real estate investment property
|
-
|
-
|
-
|
3,499,438
|
||||||||||||
Stock compensation expense
|
67,500
|
660,170
|
1,446,002
|
1,320,339
|
||||||||||||
Gain on sale of real estate investments, net
|
-
|
-
|
(3,187,806
|
)
|
-
|
|||||||||||
Due diligence expenses, including abandoned pursuit costs
|
-
|
3,848
|
-
|
346,390
|
||||||||||||
Loss on sale of investment in common stock
|
4,513
|
-
|
4,513
|
-
|
||||||||||||
Decrease in fair value of investment in common stock
|
-
|
-
|
20,574
|
-
|
||||||||||||
Adjusted EBITDA
|
$
|
9,856,211
|
$
|
9,352,375
|
$
|
19,428,607
|
$
|
16,856,115
|
||||||||
|
||||||||||||||||
Annualized Adjusted EBITDA
|
$
|
39,424,844
|
$
|
37,409,500
|
$
|
38,857,214
|
$
|
33,712,230
|
||||||||
|
||||||||||||||||
Net debt:
|
||||||||||||||||
Consolidated debt
|
$
|
281,082,633
|
$
|
294,361,357
|
$
|
281,082,633
|
$
|
294,361,357
|
||||||||
Debt of unconsolidated investment in real estate property (a)
|
9,138,019
|
9,372,615
|
9,138,019
|
9,372,615
|
||||||||||||
Consolidated cash and cash equivalents
|
(18,869,651
|
)
|
(9,912,110
|
)
|
(18,869,651
|
)
|
(9,912,110
|
)
|
||||||||
Cash of unconsolidated investment in real estate property (a)
|
(298,147
|
)
|
(494,250
|
)
|
(298,147
|
)
|
(494,250
|
)
|
||||||||
|
$
|
271,052,854
|
$
|
293,327,612
|
$
|
271,052,854
|
$
|
293,327,612
|
||||||||
|
||||||||||||||||
Net debt / Adjusted EBITDA
|
6.9
|
x
|
7.8
|
x
|
7.0
|
x
|
8.7
|
x
|
(a)
|
Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash.
|
Table of Contents
|
||
About the Data
|
3 | |
Company Overview
|
4 | |
Financial Results
|
||
Earnings Release
|
5 | |
Consolidated Statements of Operations - Last Five Quarters
|
11 | |
Consolidated Statements of Comprehensive Income (Loss) - Last Five Quarters
|
13 | |
Earnings (Loss) Per Share - Last Five Quarters
|
14 | |
FFO and AFFO - Last Five Quarters
|
15 | |
Adjusted EBITDA - Last Five Quarters
|
17 | |
Leverage Ratio
|
18 |
|
Balance Sheets and Capitalization
|
||
Capitalization
|
19 | |
Consolidated Balance Sheets
|
20 | |
Debt Overview
|
21 | |
Credit Facility and Mortgage Notes Covenants
|
22 | |
Real Estate
|
||
Real Estate Acquisitions
|
23 | |
Real Estate Dispositions
|
24 | |
Top 20 Tenants
|
25 | |
Property Type
|
26 | |
Tenant Industry Diversification
|
27 | |
Tenant Geographic Diversification
|
28 | |
Lease Expirations
|
29 | |
Appendix
|
||
Disclosures Regarding Non-GAAP and Other Metrics
|
30 |
Management Team:
|
Independent Directors:
|
Aaron S. Halfacre
|
Adam S. Markman
|
Chief Executive Officer and Director
|
Chairman of the Board
|
Raymond J. Pacini
|
Curtis B. McWilliams
|
Chief Financial Officer and Secretary
|
|
John C. Raney
|
Thomas H. Nolan, Jr.
|
Chief Operating Officer and General Counsel
|
|
Sandra G. Sciutto
|
Kimberly Smith
|
Chief Accounting Officer
|
|
William R. Broms
|
Connie Tirondola
|
Chief Investment Officer
|
• |
Second quarter rental income of $11.3 million. Due to the elimination of some non-NNN tenant reimbursements related to the August 2023 portfolio disposition of 13 properties, rental income
decreased $493,000. Concurrently during the quarter, we benefitted from an $834,000 decrease in property expenses and $179,000 decrease in G&A.
|
• |
Second quarter AFFO of $3.9 million increased by $575,000, or 17.3% year over year.
|
• |
On July 15, 2024, we completed the acquisition of an industrial manufacturing property for $5.2 million with a company that produces optical systems for the defense and
aerospace industries. The property is located in the Tampa Florida MSA and the tenant entered into a 20-year lease, with 2.85% annual rent escalations, at an initial cap rate of 8.0% and a weighted average cap rate of 10.6%.
|
• |
On August 1, 2024, we repurchased 656,191 Class C units in our operating partnership and 123,809 shares of MDV common stock from First City Investment Group, LLC based on the 10-day average
closing price as of July 29, 2024 of $14.80 per share for a total of $11,544,000. These units and shares were originally issued at $25.00 in January 2022, representing an accretive full-cycle transaction of nearly $8 million. The
reduction of shares outstanding from this repurchase results in an increased AFFO per diluted share for the recent quarter of $0.37 on a pro forma basis assuming the repurchase occurred at the beginning of the quarter. This repurchase
also terminates a tax protection agreement thereby allowing the KIA auto dealership property to be recycled to buy additional industrial manufacturing assets.
|
• |
Fully covered dividend yield of 7.79% based on our closing price of $14.76 on August 5, 2024.
|
Three Months Ended
|
||||||||||||||||||||
June 30,
2024
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
June 30,
2023
|
||||||||||||||||
Income:
|
||||||||||||||||||||
Rental income (a)
|
$
|
11,343,521
|
$
|
11,900,567
|
$
|
12,288,516
|
$
|
12,500,338
|
$
|
11,836,563
|
||||||||||
Management fee income
|
65,993
|
65,993
|
65,993
|
65,993
|
65,993
|
|||||||||||||||
Total income
|
11,409,514
|
11,966,560
|
12,354,509
|
12,566,331
|
11,902,556
|
|||||||||||||||
Expenses:
|
||||||||||||||||||||
General and administrative
|
1,418,893
|
1,999,401
|
1,402,055
|
1,735,104
|
1,597,776
|
|||||||||||||||
Stock compensation expense (b)
|
67,500
|
1,378,502
|
1,381,001
|
8,469,867
|
660,170
|
|||||||||||||||
Depreciation and amortization
|
4,136,528
|
4,133,501
|
4,147,570
|
4,175,209
|
3,956,334
|
|||||||||||||||
Property expenses (c)
|
694,043
|
983,982
|
731,081
|
1,195,224
|
1,527,868
|
|||||||||||||||
Impairment of real estate investment property (d)
|
—
|
—
|
888,186
|
—
|
—
|
|||||||||||||||
Total expenses
|
6,316,964
|
8,495,386
|
8,549,893
|
15,575,404
|
7,742,148
|
|||||||||||||||
Gain (loss) on sale of real estate investments (e)
|
—
|
3,187,806
|
—
|
(1,708,801
|
)
|
—
|
||||||||||||||
Operating income (loss)
|
5,092,550
|
6,658,980
|
3,804,616
|
(4,717,874
|
)
|
4,160,408
|
||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest income
|
197,883
|
123,839
|
28,967
|
26,386
|
216,841
|
|||||||||||||||
Dividend income
|
4,955
|
108,373
|
285,000
|
190,000
|
—
|
|||||||||||||||
Income from unconsolidated investment in a real estate property
|
74,211
|
73,854
|
72,043
|
79,164
|
72,773
|
|||||||||||||||
Interest (expense) income, including unrealized gain or loss on interest rate swaps and net of derivative settlements
(f)
|
(4,103,350
|
)
|
(2,307,149
|
)
|
(7,045,059
|
)
|
(2,922,918
|
)
|
179,931
|
|||||||||||
Loss on sale of investment in common stock (g)
|
(4,513
|
)
|
—
|
—
|
—
|
—
|
||||||||||||||
(Decrease) increase in fair value of investment in common/preferred stock (g)
|
—
|
(20,574
|
)
|
978,658
|
440,000
|
—
|
||||||||||||||
Other
|
—
|
—
|
33,724
|
—
|
—
|
|||||||||||||||
Other (expense) income, net
|
(3,830,814
|
)
|
(2,021,657
|
)
|
(5,646,667
|
)
|
(2,187,368
|
)
|
469,545
|
|||||||||||
Net income (loss)
|
1,261,736
|
4,637,323
|
(1,842,051
|
)
|
(6,905,242
|
)
|
4,629,953
|
|||||||||||||
Less: net loss (income) attributable to noncontrolling interests in Operating Partnership
|
63,181
|
(912,864
|
)
|
546,967
|
1,368,896
|
(649,643
|
)
|
|||||||||||||
Net income (loss) attributable to Modiv Industrial, Inc.
|
1,324,917
|
3,724,459
|
(1,295,084
|
)
|
(5,536,346
|
)
|
3,980,310
|
|||||||||||||
Preferred stock dividends
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
||||||||||
Net income (loss) attributable to common stockholders
|
$
|
403,042
|
$
|
2,802,584
|
$
|
(2,216,959
|
)
|
$
|
(6,458,221
|
)
|
$
|
3,058,435
|
||||||||
Net income (loss) per share attributable to common stockholders:
|
||||||||||||||||||||
Basic
|
$
|
0.04
|
$
|
0.33
|
$
|
(0.29
|
)
|
$
|
(0.86
|
)
|
$
|
0.41
|
||||||||
Net income (loss) per share attributable to common stockholders and noncontrollling interests:
|
||||||||||||||||||||
Diluted
|
$
|
0.03
|
$
|
0.33
|
$
|
(0.29
|
)
|
$
|
(0.86
|
)
|
$
|
0.35
|
||||||||
Weighted-average number of common shares outstanding:
|
||||||||||||||||||||
Basic
|
9,441,485
|
8,568,353
|
7,621,871
|
7,548,052
|
7,532,106
|
|||||||||||||||
Diluted (h)
|
11,419,115
|
11,359,258
|
7,621,871
|
7,548,052
|
10,638,311
|
|||||||||||||||
Distributions declared per common share (i)
|
$
|
0.2875
|
$
|
0.2875
|
$
|
1.3975
|
$
|
0.2875
|
$
|
0.2875
|
(a) |
Rental income includes tenant reimbursements for property expenses.
|
(b) |
Since there are no stock incentive awards currently outstanding, stock compensation expense for the second quarter of 2024 only reflects the portion of independent directors’ fees
that are paid in common stock. Stock compensation expense in the third quarter of 2023 included a one-time non-cash catch-up adjustment of $7,822,197 related to our determination that it was probable that we would achieve our performance
target for FFO of $1.05 per diluted share for the year ending December 31, 2023, exclusive of the dilutive effect of the performance units and related stock compensation expense. Our FFO per fully diluted share excluding the dilutive impact
of the performance units and the related stock compensation expense was $1.77 for the year ended December 31, 2023. As a result of achieving our performance target of FFO of $1.05 per diluted share (excluding the performance units), our
Class R OP Units automatically converted based on a conversion ratio of 2.5 Class C OP Units for each Class R OP Unit for a total of 790,857 Class C OP Units, some of which were then exchanged for the Company's Class C Common Stock, as of
March 31, 2024. Stock compensation expense of $733,332 for the performance units was recorded for the fourth quarter of 2023 and the first quarter of 2024 to recognize the final vesting periods.
|
(c) |
The decrease in property expenses for the second quarter of 2024 compared with the comparable period of 2023 primarily reflects decreases in repairs and maintenance and property
taxes related to properties sold during August 2023 which included modified gross leases and double-net leases. Property expenses are largely offset by tenant reimbursements included in rental income.
|
(d) |
The impairment charge for the fourth quarter of 2023 relates to an office property located in Nashville, Tennessee leased to Cummins, Inc. through February 29, 2024, which was sold
on February 28, 2024. The impairment charge was based on the sale agreement executed on December 15, 2023, reflecting the excess of the property's carrying value over the property's contracted sale price, less estimated selling costs for
the sale.
|
(e) |
Gain on sale of real estate investments of $3,187,806 for the first quarter of 2024 relates to the sales of two non-core properties. Loss on sale of real estate investments for the
third quarter of 2023 includes a loss of $(1,887,040) on the sale of 13 non-core properties to Generation Income Properties, Inc. ("GIPR") (11 retail and two office), partially offset by a gain on the sale of the Rocklin, California
property. Sale proceeds from the GIPR sale included cash of $30,000,000 and newly issued GIPR preferred stock with a liquidation value of $12,000,000. The loss includes the $2,380,000 difference between the $12,000,000 liquidation value and
the $9,620,000 fair value of our investment in GIPR’s newly-created Series A Redeemable Preferred Stock received on August 10, 2023.
|
(f) |
Interest expense (income), including unrealized gain or loss on interest rate swaps and net of derivative settlements in the second and first quarters of 2024 include $550,042 and $(1,289,364), respectively, of net unrealized loss (gain) on interest rate swaps
and $1,634,702 and $1,670,732, respectively, of derivative cash settlements received. The fourth quarter of 2023 includes $3,400,138 unrealized loss on interest
rate swaps, net of $1,617,279 of derivative cash settlements received. The third quarter of 2023 is net of $(795,425) unrealized gain on interest rate swaps and
$1,586,641 of derivative cash settlements received and the second quarter of 2023 is net of $(3,708,598) unrealized gain on interest rate swaps and $1,401,716 of
derivative cash settlements received.
|
(g) |
Decrease (increase) in fair value of investment in common/preferred stock reflects adjustments to fair value. We received 2,794,597 shares of GIPR common stock on January 31, 2024
in redemption for the $12,000,000 liquidation value of GIPR Series A Redeemable Preferred Stock and immediately distributed 2,623,153 shares of the GIPR common stock to our stockholders. We sold the remaining 171,444 shares of GIPR common
stock in the open market by May 9, 2024 at an average price of $3.80 per share for aggregate net proceeds of $652,118.
|
(h) |
Diluted shares outstanding for periods when we reported a net loss do not include the OP Units since they would be anti-dilutive. Diluted shares during the second quarter of 2024
include Class C OP Units and the first quarter of 2024 and the second quarter of 2023 include Class C, Class M, Class P and Class R OP Units.
|
(i) |
Distributions for the three months ended December 31, 2023 include the distribution of GIPR common stock of $1.11 per share declared on December 29, 2023 which reflects 0.28 shares
of GIPR common stock per one share of our common stock multiplied by $3.95 which was the closing price of GIPR common stock on December 29, 2023.
|
Three Months Ended
|
||||||||||||||||||||
June 30,
2024
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
June 30,
2023
|
||||||||||||||||
Net income (loss)
|
$
|
1,261,736
|
$
|
4,637,323
|
$
|
(1,842,051
|
)
|
$
|
(6,905,242
|
)
|
$
|
4,629,953
|
||||||||
Other comprehensive loss: cash flow hedge adjustment
|
||||||||||||||||||||
Add: Amortization of unrealized holding gain on interest rate swap (a)
|
(253,093
|
)
|
(253,093
|
)
|
(258,655
|
)
|
(253,092
|
)
|
(253,093
|
)
|
||||||||||
Comprehensive income (loss)
|
1,008,643
|
4,384,230
|
(2,100,706
|
)
|
(7,158,334
|
)
|
4,376,860
|
|||||||||||||
Net loss (income) attributable to noncontrolling interest in Operating Partnership
|
63,181
|
(912,864
|
)
|
546,967
|
1,368,896
|
(649,643
|
)
|
|||||||||||||
Other comprehensive loss attributable to noncontrolling interest in Operating Partnership: cash flow
hedge adjustment
|
||||||||||||||||||||
Add: Amortization of unrealized holding gain on interest rate swap (a)
|
43,568
|
62,185
|
44,959
|
44,264
|
44,341
|
|||||||||||||||
Comprehensive loss (income) attributable to noncontrolling interest in Operating Partnership
|
106,749
|
(850,679
|
)
|
591,926
|
1,413,160
|
(605,302
|
)
|
|||||||||||||
Comprehensive income (loss) attributable to Modiv Industrial, Inc.
|
$
|
1,115,392
|
$
|
3,533,551
|
$
|
(1,508,780
|
)
|
$
|
(5,745,174
|
)
|
$
|
3,771,558
|
(a) |
Due to the $150 million Term Loan swap's failure to qualify as a cash flow hedge for each of the quarterly periods presented, the unrealized gain on interest rate swap derivative
on the consolidated balance sheet is being amortized on a straight-line basis, as a reduction to interest expense, through the maturity date of the Term Loan. The $100 million Term Loan interest rate swap derivative instrument failed to
qualify as a cash flow hedge during each of the quarterly periods presented because the swap was deemed ineffective due to the one-time cancellation option on December 31, 2024 as compared with the maturity of the Term Loan.
|
Three Months Ended
|
||||||||||||||||||||
June 30,
2024
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
June 30,
2023
|
||||||||||||||||
Numerator - Basic:
|
||||||||||||||||||||
Net income (loss)
|
$
|
1,261,736
|
$
|
4,637,323
|
$
|
(1,842,051
|
)
|
$
|
(6,905,242
|
)
|
$
|
4,629,953
|
||||||||
Less: net loss (income) attributable to noncontrolling interest in Operating Partnership
|
63,181
|
(912,864
|
)
|
546,967
|
1,368,896
|
(649,643
|
)
|
|||||||||||||
Preferred stock dividends
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
||||||||||
Net income (loss) attributable to common stockholders
|
$
|
403,042
|
$
|
2,802,584
|
$
|
(2,216,959
|
)
|
$
|
(6,458,221
|
)
|
$
|
3,058,435
|
||||||||
Numerator - Diluted:
|
||||||||||||||||||||
Net income (loss)
|
$
|
1,261,736
|
$
|
4,637,323
|
$
|
(1,842,051
|
)
|
$
|
(6,905,242
|
)
|
$
|
4,629,953
|
||||||||
Preferred stock dividends
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
||||||||||
Net income (loss) attributable to common stockholders and noncontrolling interests
|
$
|
339,861
|
$
|
3,715,448
|
$
|
(2,763,926
|
)
|
$
|
(7,827,117
|
)
|
$
|
3,708,078
|
||||||||
Denominator:
|
||||||||||||||||||||
Weighted average shares outstanding - basic (a)
|
9,441,485
|
8,568,353
|
7,621,871
|
7,548,052
|
7,532,106
|
|||||||||||||||
Operating Partnership Units - Class C (a)(b)(c)(d)
|
1,977,630
|
2,790,905
|
—
|
—
|
3,106,205
|
|||||||||||||||
Weighted average shares outstanding - diluted
|
11,419,115
|
11,359,258
|
7,621,871
|
7,548,052
|
10,638,311
|
|||||||||||||||
Earnings (loss) per share attributable to common stockholders:
|
||||||||||||||||||||
Basic
|
$
|
0.04
|
$
|
0.33
|
$
|
(0.29
|
)
|
$
|
(0.86
|
)
|
$
|
0.41
|
||||||||
Earnings (loss) per share attributable to common stockholders and noncontrolling interests:
|
||||||||||||||||||||
Diluted
|
$
|
0.03
|
$
|
0.33
|
$
|
(0.29
|
)
|
$
|
(0.86
|
)
|
$
|
0.35
|
(a) |
An aggregate of 1,980,823 of Classes M, P and R Units automatically converted to Class C OP Units during the
first quarter of 2024. An aggregate of 1,566,110 and 51,381 units of the 3,350,720 outstanding Class C OP Units were exchanged for Class C common stock during the first and second quarters of 2024, respectively.
|
(b) |
We issued 1,312,382 Class C OP Units at an agreed upon value of $25.00 per unit in connection with our
January 18, 2022 acquisition of a KIA auto dealership property in an “UPREIT” transaction. These units were not included in the computation of Diluted EPS for the quarters ended December 31, 2023 and September 30, 2023 because their effect
would be anti-dilutive. Half of these Class C OP Units or 656,191 units were exchanged for Class C common stock during the first quarter of 2024.
|
(c) |
The weighted average Class C OP Units of 1,599,898 for the quarters ended March 31, 2024 and June 30, 2023 included the weighted effect of 287,516 units issued in April 2023 in
conjunction with our acquisition in an “UPREIT” transaction of the property in Reading, Pennsylvania leased to Summit Steel & Manufacturing, LLC.
|
(d) |
During both the three months ended December 31, 2023 and September 30, 2023, the weighted average dilutive effect of 1,980,822 and 1,506,307 shares, respectively, related to Classes M, P and R Operating Partnership units were excluded from the computation of Diluted EPS because their effect would be anti-dilutive. There were no other
outstanding securities or commitments to issue common stock that would have a dilutive effect for the periods then ended.
|
Three Months Ended
|
||||||||||||||||||||
June 30,
2024
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
June 30,
2023
|
||||||||||||||||
Net income (loss) (in accordance with GAAP)
|
$
|
1,261,736
|
$
|
4,637,323
|
$
|
(1,842,051
|
)
|
$
|
(6,905,242
|
)
|
$
|
4,629,953
|
||||||||
Preferred stock dividends
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
(921,875
|
)
|
||||||||||
Net income (loss) attributable to common stockholders and Class C OP Unit holders
|
339,861
|
3,715,448
|
(2,763,926
|
)
|
(7,827,117
|
)
|
3,708,078
|
|||||||||||||
FFO adjustments:
|
||||||||||||||||||||
Depreciation and amortization of real estate properties
|
4,136,528
|
4,133,501
|
4,147,570
|
4,175,209
|
3,956,334
|
|||||||||||||||
Amortization of lease incentives
|
1,198
|
(3,786
|
)
|
(63,956
|
)
|
40,397
|
88,570
|
|||||||||||||
Depreciation and amortization for unconsolidated investment in a real estate property
|
188,934
|
188,919
|
188,889
|
187,479
|
186,069
|
|||||||||||||||
Impairment of real estate investment property
|
—
|
—
|
888,186
|
—
|
—
|
|||||||||||||||
Loss (gain) on sale of real estate investments, net
|
—
|
(3,187,806
|
)
|
—
|
1,708,801
|
—
|
||||||||||||||
FFO attributable to common stockholders and Class C OP Unit holders
|
4,666,521
|
4,846,276
|
2,396,763
|
(1,715,231
|
)
|
7,939,051
|
||||||||||||||
AFFO adjustments:
|
||||||||||||||||||||
Stock compensation (a)
|
67,500
|
1,378,502
|
1,381,001
|
8,469,867
|
660,170
|
|||||||||||||||
Deferred financing costs
|
221,495
|
221,497
|
210,604
|
165,709
|
195,213
|
|||||||||||||||
Due diligence expenses, including abandoned pursuit costs
|
—
|
—
|
—
|
1,208
|
3,848
|
|||||||||||||||
Amortization of deferred rents
|
(1,422,070
|
)
|
(1,671,798
|
)
|
(1,704,137
|
)
|
(1,772,403
|
)
|
(1,580,358
|
)
|
||||||||||
Unrealized losses (gains) on interest rate swap valuation
|
550,042
|
(1,289,364
|
)
|
3,400,138
|
(795,425
|
)
|
(3,708,598
|
)
|
||||||||||||
Amortization of (below) above market lease intangibles, net
|
(211,599
|
)
|
(211,599
|
)
|
(211,600
|
)
|
(204,011
|
)
|
(195,901
|
)
|
||||||||||
Loss on sale of investment in common stock
|
4,513
|
—
|
—
|
—
|
—
|
|||||||||||||||
Decrease (increase) in fair value of investment in common/preferred stock
|
—
|
20,574
|
(978,658
|
)
|
(440,000
|
)
|
—
|
|||||||||||||
Other adjustments for unconsolidated investment in a real estate property
|
23,826
|
23,825
|
17,821
|
11,819
|
11,819
|
|||||||||||||||
AFFO attributable to common stockholders and Class C OP Unit holders (b)
|
$
|
3,900,228
|
$
|
3,317,913
|
$
|
4,511,932
|
$
|
3,721,533
|
$
|
3,325,244
|
||||||||||
Weighted Average Shares Outstanding:
|
||||||||||||||||||||
Basic
|
9,441,485
|
8,568,353
|
7,621,871
|
7,548,052
|
7,532,106
|
|||||||||||||||
Fully diluted (b) (c)
|
11,419,115
|
11,359,258
|
11,202,591
|
11,128,772
|
10,638,311
|
|||||||||||||||
FFO Per Share:
|
||||||||||||||||||||
Basic
|
$
|
0.49
|
$
|
0.57
|
$
|
0.31
|
$
|
(0.23
|
)
|
$
|
1.05
|
|||||||||
Fully diluted
|
$
|
0.41
|
$
|
0.43
|
$
|
0.21
|
$
|
(0.23
|
)
|
$
|
0.75
|
|||||||||
AFFO Per Share:
|
||||||||||||||||||||
Basic
|
$
|
0.41
|
$
|
0.39
|
$
|
0.59
|
$
|
0.49
|
$
|
0.44
|
||||||||||
Fully diluted
|
$
|
0.34
|
$
|
0.29
|
$
|
0.40
|
$
|
0.33
|
$
|
0.31
|
(a) |
Since there are no stock incentive awards currently outstanding, stock compensation expense for the second quarter of 2024 only reflects the portion of independent directors' fees
that are paid in common stock. Stock compensation expense in the third quarter of 2023 included a one-time non-cash catch-up adjustment of $7,822,197 related to our determination that it was probable that we would achieve our performance
target for FFO of $1.05 per diluted share for the year ending December 31, 2023, exclusive of the dilutive effect of the performance units and related stock compensation expense. Our FFO per fully diluted share excluding the dilutive impact
of the performance units and the related stock compensation expense was $1.77 for the year ended December 31, 2023. As a result of achieving our performance target of FFO of $1.05 per diluted share (excluding the performance units), our
Class R OP Units automatically converted based on a conversion ratio of 2.5 Class C OP Units for each Class R OP Unit for a total of 790,857 Class C OP Units, some of which were then exchanged for the Company's Class C Common Stock, as of
March 31, 2024. Stock compensation expense of $733,332 for the performance units was recorded for the fourth quarter of 2023 and the first quarter of 2024 to recognize the final vesting periods.
|
(b) |
The weighted average Class C OP Units includes the 287,516 units issued in April 2023 in conjunction with our acquisition in an “UPREIT” transaction of the property in Reading,
Pennsylvania leased to Summit Steel & Manufacturing, LLC.
|
(c) |
Includes the Class C OP Units to compute the weighted average number of shares during the second quarter of 2024 and Class C, Class M, Class P and Class R OP Units to compute the
weighted average number of shares during for the first quarter of 2024 and the second, third and fourth quarters of 2023 presented above, including the performance portion of the Class R OP Units for the quarters ended September 30, 2023,
December 31, 2023 and March 31, 2024.
|
Three Months Ended
|
||||||||||||||||||||
June 30,
2024
|
March 31,
2024
|
December 31,
2023
|
September 30,
2023
|
June 30,
2023
|
||||||||||||||||
Net income (loss) (in accordance with GAAP)
|
$
|
1,261,736
|
$
|
4,637,323
|
$
|
(1,842,051
|
)
|
$
|
(6,905,242
|
)
|
$
|
4,629,953
|
||||||||
Depreciation and amortization of real estate properties
|
4,136,528
|
4,133,501
|
4,147,570
|
4,175,209
|
3,956,334
|
|||||||||||||||
Depreciation and amortization for unconsolidated investment in a real estate property
|
188,934
|
188,919
|
188,889
|
187,479
|
186,069
|
|||||||||||||||
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements (a)
|
4,103,350
|
2,307,149
|
7,045,059
|
2,922,918
|
(179,931
|
)
|
||||||||||||||
Interest expense on unconsolidated investment in real estate property
|
93,650
|
94,234
|
95,801
|
96,375
|
95,932
|
|||||||||||||||
Impairment of real estate investment property (b)
|
—
|
—
|
888,186
|
—
|
—
|
|||||||||||||||
Stock compensation
|
67,500
|
1,378,502
|
1,381,001
|
8,469,867
|
660,170
|
|||||||||||||||
Due diligence expenses, including abandoned pursuit costs
|
—
|
—
|
—
|
1,208
|
3,848
|
|||||||||||||||
Gain (loss) on sale of real estate investments, net
|
—
|
(3,187,806
|
)
|
—
|
1,708,801
|
—
|
||||||||||||||
Loss on sale of investment in common stock
|
4,513
|
—
|
—
|
—
|
—
|
|||||||||||||||
Decrease (increase) in fair value of investment in common/preferred stock
|
—
|
20,574
|
(978,658
|
)
|
(440,000
|
)
|
—
|
|||||||||||||
Adjusted EBITDA
|
$
|
9,856,211
|
$
|
9,572,396
|
$
|
10,925,797
|
$
|
10,216,615
|
$
|
9,352,375
|
||||||||||
Annualized adjusted EBITDA
|
$
|
39,424,844
|
$
|
38,289,580
|
$
|
43,703,188
|
$
|
40,866,460
|
$
|
37,409,500
|
||||||||||
Net debt:
|
||||||||||||||||||||
Debt
|
$
|
281,082,633
|
$
|
281,153,337
|
$
|
281,200,000
|
$
|
284,284,849
|
$
|
294,361,357
|
||||||||||
Debt of unconsolidated investment in real estate property (c)
|
9,138,019
|
9,197,045
|
9,256,466
|
9,315,322
|
9,372,615
|
|||||||||||||||
Cash and restricted cash
|
(18,869,651
|
)
|
(18,404,990
|
)
|
(3,129,414
|
)
|
(5,641,610
|
)
|
(9,912,110
|
)
|
||||||||||
Cash of unconsolidated investment in real estate property (c)
|
(298,147
|
)
|
(350,269
|
)
|
(350,937
|
)
|
(387,278
|
)
|
(494,250
|
)
|
||||||||||
$
|
271,052,854
|
$
|
271,595,123
|
$
|
286,976,115
|
$
|
287,571,283
|
$
|
293,327,612
|
|||||||||||
Net debt / Adjusted EBITDA
|
6.9
|
x
|
7.1
|
x
|
6.6
|
x
|
7.0
|
x
|
7.8
|
x
|
(a) |
Includes unrealized losses (gains) on swap valuations of $550,042 and $(1,289,364) in the second and first quarters of 2024, respectively, and $3,400,138, $(795,425) and $(3,708,598) in the fourth, third and second quarters of 2023, respectively.
|
(b) |
The impairment charge for the fourth quarter of 2023 related to an office property located in Nashville, Tennessee leased to Cummins, Inc. through February 29, 2024 that was sold
on February 28, 2024. The impairment charge was based on the sale agreement executed on December 15, 2023 reflecting the excess of the property's carrying value over the property's contracted sale price less estimated selling costs for the
sale.
|
(c) |
Includes our approximate 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash of our unconsolidated investment in real estate property.
|
As of
|
||||||||
June 30,
2024
|
December 31,
2023
|
|||||||
Total Asset Value
|
||||||||
Cash and cash equivalents
|
$
|
18,869,651
|
$
|
3,129,414
|
||||
Borrowing base value (a)
|
490,506,028
|
471,126,446
|
||||||
Other real estate value
|
76,220,000
|
102,340,000
|
||||||
Pro-rata share of unconsolidated investment in a real estate property
|
28,349,665
|
28,402,455
|
||||||
Total asset value
|
$
|
613,945,344
|
$
|
604,998,315
|
||||
Indebtedness
|
||||||||
Credit facility term loan
|
$
|
250,000,000
|
$
|
250,000,000
|
||||
Mortgage debt
|
31,082,633
|
31,200,000
|
||||||
Pro-rata share of unconsolidated investment in a real estate property
|
9,138,019
|
9,256,466
|
||||||
Total indebtedness
|
$
|
290,220,652
|
$
|
290,456,466
|
||||
Leverage Ratio
|
47
|
%
|
48
|
%
|
(a) |
The increase in borrowing base properties reflects the addition of the property leased to OES following repayment of the mortgage in December 2023, partially offset by the two
properties sold in January and February of 2024.
|
PREFERRED EQUITY
|
||||
7.375% Series A Cumulative Redeemable Perpetual Preferred Stock
|
$
|
50,000,000
|
||
% of Total Capitalization
|
10
|
%
|
||
COMMON EQUITY
|
||||
Shares of Class C Common Stock
|
9,482,076
|
|||
Class C OP Units
|
1,963,229
|
|||
Total Class C Common Stock and Class C OP Units
|
11,445,305
|
|||
Price Per Share / Unit at June 30, 2024
|
$
|
14.14
|
||
IMPLIED EQUITY MARKET CAPITALIZATION
|
$
|
161,836,613
|
||
% of Total Capitalization
|
33
|
%
|
||
DEBT
|
||||
Mortgage Debt
|
||||
Costco Property
|
$
|
18,732,633
|
||
Taylor Fresh Foods Property
|
12,350,000
|
|||
Total Mortgage Debt
|
$
|
31,082,633
|
||
KeyBank Credit Facility
|
||||
Revolver
|
$
|
—
|
||
Term Loan (a) & (b)
|
250,000,000
|
|||
Total Credit Facility
|
$
|
250,000,000
|
||
TOTAL DEBT
|
$
|
281,082,633
|
||
% of Total Capitalization
|
57
|
%
|
||
% of Total Debt - Floating Rate Debt
|
—
|
%
|
||
% of Total Debt - Fixed Rate Debt (a) (b) & (c)
|
100
|
%
|
||
% of Total Debt
|
100
|
%
|
||
ENTERPRISE VALUE
|
||||
Total Capitalization
|
$
|
492,919,246
|
||
Less: Cash and Cash Equivalents
|
(18,869,651
|
)
|
||
Enterprise Value
|
$
|
474,049,595
|
(a) |
On May 10, 2022, we purchased a five-year swap at 2.258% on our $150,000,000 term loan that results in a fixed interest rate of 4.058% based on our leverage ratio of 47% as of June 30, 2024. Under our Credit Agreement, the interest rate will continue to vary
based on our leverage ratio. The counter-party has a one-time right of cancellation on December 31, 2024.
|
(b) |
On October 26, 2022, we purchased another five-year swap at 3.44% on our $100,000,000 term loan commitment that results in a fixed interest rate of 5.24% based on our leverage
ratio of 47% as of June 30, 2024. Under our Credit Agreement, the interest rate will
continue to vary based on our leverage ratio. The counter-party has a one-time right of cancellation on December 31, 2024.
|
(c) |
The weighted average interest rate for the $281,082,633 Total Debt outstanding was 4.52% as of June 30, 2024.
|
June 30,
2024
|
December 31,
2023
|
|||||||
Assets
|
||||||||
Real estate investments:
|
||||||||
Land
|
$
|
104,858,693
|
$
|
104,858,693
|
||||
Buildings and improvements
|
399,880,932
|
399,666,781
|
||||||
Equipment
|
4,429,000
|
4,429,000
|
||||||
Tenant origination and absorption costs
|
15,707,458
|
15,707,458
|
||||||
Total investments in real estate property
|
524,876,083
|
524,661,932
|
||||||
Accumulated depreciation and amortization
|
(59,171,642
|
)
|
(50,901,612
|
)
|
||||
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate
investments held for sale, net
|
465,704,441
|
473,760,320
|
||||||
Unconsolidated investment in a real estate property
|
9,656,786
|
10,053,931
|
||||||
Total real estate investments, net, excluding real estate investments held for sale, net
|
475,361,227
|
483,814,251
|
||||||
Real estate investments held for sale, net
|
—
|
11,557,689
|
||||||
Total real estate investments, net
|
475,361,227
|
495,371,940
|
||||||
Cash and cash equivalents
|
18,869,651
|
3,129,414
|
||||||
Tenant deferred rent and other receivables
|
16,064,411
|
12,794,568
|
||||||
Above-market lease intangibles, net
|
1,276,959
|
1,313,959
|
||||||
Prepaid expenses and other assets
|
5,228,889
|
4,173,221
|
||||||
Investment in preferred stock
|
—
|
11,038,658
|
||||||
Interest rate swap derivatives
|
2,730,521
|
2,970,733
|
||||||
Other assets related to real estate investments held for sale
|
—
|
103,337
|
||||||
Total assets
|
$
|
519,531,658
|
$
|
530,895,830
|
||||
Liabilities and Equity
|
||||||||
Mortgage notes payable, net
|
$
|
30,927,344
|
$
|
31,030,241
|
||||
Credit facility term loan, net
|
248,753,691
|
248,508,515
|
||||||
Accounts payable, accrued and other liabilities
|
3,728,094
|
4,469,508
|
||||||
Distributions payable
|
2,018,679
|
12,174,979
|
||||||
Below-market lease intangibles, net
|
8,408,406
|
8,868,604
|
||||||
Interest rate swap derivative
|
—
|
473,348
|
||||||
Other liabilities related to real estate investments held for sale
|
—
|
248,727
|
||||||
Total liabilities
|
293,836,214
|
305,773,922
|
||||||
Commitments and contingencies
|
||||||||
7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value, 2,000,000
shares authorized, issued and outstanding as of June 30, 2024 and December 31, 2023 with
an aggregate liquidation value of $50,000,000
|
2,000
|
2,000
|
||||||
Class C common stock, $0.001 par value, 300,000,000 shares authorized, 9,825,586 shares issued and 9,482,076 shares outstanding as of June 30, 2024 and 8,048,110
shares issued and 7,704,600 shares outstanding as of December 31, 2023
|
9,825
|
8,048
|
||||||
Class S common stock, $0.001 par value, 100,000,000 shares authorized no shares issued and outstanding as of June 30, 2024 and December 31, 2023
|
—
|
—
|
||||||
Additional paid-in-capital
|
337,780,646
|
292,617,486
|
||||||
Treasury stock, at cost, 343,510 shares held
as of June 30, 2024 and December 31, 2023
|
(5,290,780
|
)
|
(5,290,780
|
)
|
||||
Cumulative distributions and net losses
|
(147,660,654
|
)
|
(145,551,586
|
)
|
||||
Accumulated other comprehensive income
|
2,140,570
|
2,658,170
|
||||||
Total Modiv Industrial, Inc. equity
|
186,981,607
|
144,443,338
|
||||||
Noncontrolling interests in the Operating Partnership
|
38,713,837
|
80,678,570
|
||||||
Total equity
|
225,695,444
|
225,121,908
|
||||||
Total liabilities and equity
|
$
|
519,531,658
|
$
|
530,895,830
|
Outstanding Balance
|
|||||||||||||
Collateral
|
June 30,
2024
|
December 31,
2023
|
Interest Rate
|
Loan
Maturity
|
|||||||||
Mortgage Notes:
|
|||||||||||||
Costco property
|
$
|
18,732,633
|
$
|
18,850,000
|
4.85
|
%(b)
|
1/1/2030
|
||||||
Taylor Fresh Foods property
|
12,350,000
|
12,350,000
|
3.85
|
%(b)
|
11/1/2029
|
||||||||
31,082,633
|
31,200,000
|
||||||||||||
Less unamortized deferred financing costs
|
(155,289
|
)
|
(169,759
|
)
|
|||||||||
Mortgage notes payable, net
|
30,927,344
|
31,030,241
|
|||||||||||
KeyBank Credit Facility (a):
|
|||||||||||||
Revolver
|
—
|
—
|
7.23
|
%(c)
|
1/18/2026
|
||||||||
Term loan
|
250,000,000
|
250,000,000
|
4.53
|
%(d)
|
1/18/2027
|
||||||||
Total Credit Facility
|
250,000,000
|
250,000,000
|
|||||||||||
Less unamortized deferred financing costs
|
(1,246,309
|
)
|
(1,491,485
|
)
|
|||||||||
248,753,691
|
248,508,515
|
||||||||||||
Total debt, net
|
$
|
279,681,035
|
$
|
279,538,756
|
4.52
|
%(e)
|
(a) |
Our $400,000,000 Credit Facility is comprised of a $150,000,000 Revolver and a $250,000,000 Term Loan. The Credit Facility includes an accordion option that allows us to request
additional Revolver and Term Loan lender commitments up to a total of $750,000,000. As of the filing date of this Supplemental Data, the $250,000,000 Term Loan is fully drawn and the Revolver has zero outstanding balance.
|
(b) |
Contractual fixed rate.
|
(c) |
The interest rate on the Revolver is based on our leverage ratio at the end of the prior quarter. With our leverage ratio at 47% as of June 30, 2024, the spread over the Secured Overnight Financing Rate (‘‘SOFR’’), including a 10 basis point credit adjustment, is
185 basis points and the interest rate on the Revolver was 7.2250% as of June 30, 2024, although we had no outstanding borrowings under the Revolver. We also pay an
annual unused fee of up to 25 basis points on the Revolver, based on the daily amount of the unused commitment.
|
(d) |
To mitigate the risk of rising interest rates, on May 10, 2022, we purchased a five-year swap at fixing SOFR at 2.258% on the $150,000,000 term loan that results in a fixed
interest rate of 4.058% based on our leverage ratio of 47% as of June 30, 2024. On October
26, 2022, we purchased another five-year swap fixing SOFR at 3.44% on our $100,000,000 term loan commitment which results in a fixed interest rate of 5.24% based on our leverage ratio of 47% as of June 30, 2024. Under our Credit Agreement, the interest rate will continue to vary based on our leverage ratio. The weighted
average interest rate on the Term Loan was 4.53% as of June 30, 2024. We are evaluating various alternatives available to enter into new swap agreements given the
likely exercise of the cancellation options.
|
(e) |
The weighted average interest rate for the $281,082,633 Total Debt outstanding was 4.52% as of June 30, 2024.
|
Unsecured Credit Facility Covenants
|
Required
|
June 30,
2024
|
||||||
Maximum leverage ratio
|
<60%
|
47%
|
|
|||||
Minimum fixed charge coverage ratio
|
>1.50x
|
1.74x
|
|
|||||
Maximum secured indebtedness ratio
|
40%
|
|
7%
|
|
||||
Minimum consolidated tangible net worth
|
$
|
215,058,172
|
$
|
287,508,870
|
||||
Weighted average lease term (years)
|
7
|
16
|
Mortgage Notes Key Covenants
|
Debt service
coverage ratio
|
June 30,
2024
|
||||||
Costco property
|
N.A.
|
N.A.
|
||||||
Taylor Fresh Foods property
|
1.5
|
3.4
|
Tenant and Location
|
Property
Type
|
Acquisition
Date
|
Area
(Square
Feet)
|
Lease
Term
(Years)
|
Annual
Rent
Increase
|
Acquisition
Price
|
Initial Cap
Rate
|
Weighted
Average
Cap Rate
|
||||||||||||||||||||
Plastic Products, Princeton, MN
|
Industrial
|
January 2023
|
148,012
|
5.8
|
3.0
|
%
|
6,368,776
|
7.5
|
%
|
9.2
|
%
|
|||||||||||||||||
Stealth Manufacturing, Savage MN
|
Industrial
|
March 2023
|
55,175
|
20.0
|
2.5
|
%
|
5,500,000
|
7.7
|
%
|
9.8
|
%
|
|||||||||||||||||
Lindsay Precast, Gap, PA (a)
|
Industrial
|
April 2023
|
137,086
|
24.0
|
2.2
|
%
|
18,343,624
|
7.5
|
%
|
10.1
|
%
|
|||||||||||||||||
Summit Steel, Reading, PA
|
Industrial
|
April 2023
|
116,560
|
20.0
|
2.9
|
%
|
11,200,000
|
7.3
|
%
|
9.7
|
%
|
|||||||||||||||||
PBC Linear, Roscoe, IL
|
Industrial
|
April 2023
|
219,287
|
20.0
|
2.5
|
%
|
20,000,000
|
7.8
|
%
|
9.4
|
%
|
|||||||||||||||||
Cameron Tool, Lansing, MI
|
Industrial
|
May 2023
|
93,085
|
20.0
|
2.5
|
%
|
5,721,174
|
8.5
|
%
|
10.9
|
%
|
|||||||||||||||||
S.J. Electro Systems, Minnesota (2) and Texas
|
Industrial
|
May 2023
|
159,680
|
17.0
|
2.8
|
%
|
15,975,000
|
7.5
|
%
|
9.4
|
%
|
|||||||||||||||||
Titan, Alleyton, TX
|
Industrial
|
May 2023
|
223,082
|
20.0
|
2.9
|
%
|
17,100,000
|
8.2
|
%
|
10.8
|
%
|
|||||||||||||||||
Vistech, Piqua, OH
|
Industrial
|
July 2023
|
335,525
|
25.0
|
3.0
|
%
|
13,500,000
|
9.0
|
%
|
13.1
|
%
|
|||||||||||||||||
SixAxis, Andrews, SC
|
Industrial
|
July 2023
|
213,513
|
25.0
|
2.8
|
%
|
15,440,000
|
7.5
|
%
|
10.5
|
%
|
|||||||||||||||||
Torrent, Seminole, FL
|
Industrial
|
July 2024
|
29,699
|
20.0
|
2.9
|
%
|
5,125,000
|
8.0
|
%
|
10.6
|
%
|
|||||||||||||||||
1,730,704
|
$
|
134,273,574
|
(a) |
Includes a 29,699 square foot manufacturing property used in the production of optical systems for the defense and aerospace industries. The property is located in Seminole,
Florida (Tampa metro) and was acquired on July 15, 2024.
|
(b) |
Includes $1,800,000 funding provided for improvements to the previously acquired Lindsay property in Franklinton, North Carolina.
|
Tenant and Location
|
Property Type
|
Disposition
Date
|
Area (Square
Feet)
|
Disposition
Price
|
Cap Rate
|
|||||||||||
Dollar General, Litchfield, ME
|
Retail
|
August 2023
|
9,026
|
1,247,974
|
7.5
|
%
|
||||||||||
Dollar General, Wilton, ME
|
Retail
|
August 2023
|
9,100
|
1,452,188
|
7.7
|
%
|
||||||||||
Dollar General, Thompsontown, PA
|
Retail
|
August 2023
|
9,100
|
1,111,831
|
7.7
|
%
|
||||||||||
Dollar General, Mt. Gilead, OH
|
Retail
|
August 2023
|
9,026
|
1,066,451
|
8.1
|
%
|
||||||||||
Dollar General, Lakeside, OH
|
Retail
|
August 2023
|
9,026
|
1,134,522
|
7.1
|
%
|
||||||||||
Dollar General, Castalia, OH
|
Retail
|
August 2023
|
9,026
|
1,111,831
|
7.1
|
%
|
||||||||||
Dollar General, Bakersfield, CA
|
Retail
|
August 2023
|
18,827
|
4,855,754
|
6.6
|
%
|
||||||||||
Dollar General, Big Spring, TX
|
Retail
|
August 2023
|
9,026
|
1,270,665
|
6.8
|
%
|
||||||||||
Dollar Tree, Morrow, GA
|
Retail
|
August 2023
|
10,906
|
1,293,355
|
8.0
|
%
|
||||||||||
PreK Education, San Antonio, TX
|
Retail
|
August 2023
|
50,000
|
12,888,169
|
7.2
|
%
|
||||||||||
Walgreens, Santa Maria, CA
|
Retail
|
August 2023
|
14,490
|
6,081,036
|
6.1
|
%
|
||||||||||
exp US Services, Maitland, FL
|
Office
|
August 2023
|
33,118
|
5,899,514
|
10.6
|
%
|
||||||||||
GSA (MSHA), Vacaville, CA
|
Office
|
August 2023
|
11,014
|
2,586,710
|
7.8
|
%
|
||||||||||
EMC Shop (formerly Gap), Rocklin, CA
|
Office
|
August 2023
|
40,110
|
5,466,960
|
8.1
|
%
|
||||||||||
Levins, Sacramento, CA
|
Industrial
|
January 2024
|
76,000
|
7,075,000
|
7.5
|
%
|
||||||||||
Cummins, Nashville, TN
|
Office
|
February 2024
|
87,230
|
7,950,000
|
N.A.
|
|||||||||||
405,025
|
$
|
62,491,960
|
Tenant
|
ABR
|
Proforma ABR
as a Percentage
of Total Portfolio
|
Area
(Square Feet)
|
Proforma
Square Feet as a
Percentage of
Total Portfolio
|
|||||||||||||
Lindsay
|
$
|
5,305,583
|
13
|
%
|
755,281
|
17
|
%
|
||||||||||
KIA of Carson
|
4,002,202
|
10
|
%
|
72,623
|
2
|
%
|
|||||||||||
State of CA OES
|
2,579,682
|
6
|
%
|
106,592
|
2
|
%
|
|||||||||||
Costco Wholesale
|
2,472,296
|
6
|
%
|
97,191
|
2
|
%
|
|||||||||||
AvAir
|
2,388,590
|
6
|
%
|
162,714
|
4
|
%
|
|||||||||||
3M
|
|
1,891,311
|
5
|
%
|
410,400
|
9
|
%
|
||||||||||
Valtir
|
1,876,387
|
5
|
%
|
293,612
|
7
|
%
|
|||||||||||
FUJIFILM Dimatix (a)
|
1,702,957
|
4
|
%
|
91,740
|
2
|
%
|
|||||||||||
Taylor Fresh Foods
|
1,675,896
|
4
|
%
|
216,727
|
5
|
%
|
|||||||||||
Pacific Bearing
|
1,560,000
|
4
|
%
|
219,287
|
5
|
%
|
|||||||||||
Titan
|
1,443,320
|
4
|
%
|
223,082
|
5
|
%
|
|||||||||||
Northrup Grumman
|
1,312,660
|
3
|
%
|
107,419
|
2
|
%
|
|||||||||||
Vistech
|
1,248,413
|
3
|
%
|
335,525
|
7
|
%
|
|||||||||||
SJE
|
1,233,840
|
3
|
%
|
159,680
|
3
|
%
|
|||||||||||
SixAxis
|
1,178,990
|
3
|
%
|
213,513
|
5
|
%
|
|||||||||||
Husqvarna
|
932,946
|
2
|
%
|
64,637
|
1
|
%
|
|||||||||||
L3Harris
|
891,283
|
2
|
%
|
46,214
|
1
|
%
|
|||||||||||
Summit Steel
|
844,896
|
2
|
%
|
116,560
|
3
|
%
|
|||||||||||
Arrow-TruLine
|
800,923
|
2
|
%
|
206,155
|
4
|
%
|
|||||||||||
WSP USA
|
762,288
|
2
|
%
|
37,449
|
1
|
%
|
|||||||||||
Total Top 20 Tenants
|
$
|
36,104,463
|
89
|
%
|
3,936,401
|
87
|
%
|
(a) |
Reflects our approximate 72.71% tenant-in-common interest (“TIC Interest”).
|
Property Type
|
Number of
Properties
|
ABR
|
ABR as a
Percentage of
Total Portfolio
|
Area
(Square Feet)
|
Square Feet as
a Percentage of
Total Portfolio
|
|||||||||||||||
Industrial core, including TIC Interest
|
39
|
$
|
30,614,485
|
76
|
%
|
4,196,496
|
93
|
%
|
||||||||||||
Non-core (b)
|
4
|
9,880,177
|
24
|
%
|
302,442
|
7
|
%
|
|||||||||||||
Total Properties
|
43
|
$
|
40,494,662
|
100
|
%
|
4,498,938
|
100
|
%
|
(a) |
Includes a 29,699 square foot manufacturing property used in the production of optical systems for the defense and aerospace industries. The property is located in Seminole,
Florida (Tampa metro) and was acquired on July 15, 2024.
|
(b) |
Non-core properties include the following:
|
(i) |
our non-core acquisition of a leading KIA auto dealership located in a prime location in Los Angeles County acquired in January 2022 which was structured as an UPREIT transaction
resulting in a favorable equity issuance of $32,809,550 of Class C OP Units at a cost basis of $25 per share;
|
(ii) |
our 12 year lease with the State of California’s Office of Emergency Services ("OES") for one of our legacy assets located in Rancho Cordova, California that includes an attractive
purchase option which OES may exercise anytime between May 1, 2024 and December 31, 2026. We have received preliminary indications from OES of interest in exercising the option. (We define legacy assets as those that were acquired by
different management teams utilizing different investment objectives and underwriting criteria);
|
(iii) |
our legacy property leased to Costco located in Issaquah, Washington which offers compelling redevelopment opportunities following Costco’s lease expiration given its higher
density infill location and the fact that the land is zoned for additional uses to include multi-family. We entered into a purchase and sale agreement with KB Home, a national homebuilder, for the sale of this property, for a sale price of
$28,650,000. On April 1, 2024, we entered into an amendment to the purchase and sale agreement for a revised sale price of $25,300,000 reflecting an agreement to reduce the sales price due to the City of Issaquah’s setback requirements
resulting in a reduced number of townhomes planned for the property, with an agreement to increase the purchase price by $325,000 for each additional townhome the buyer can add to the development prior to closing. KB Home completed its due
diligence on April 26, 2024 and deposited $1,407,500 into escrow on May 1, 2024, bringing the total non-refundable deposit to $1,432,500;
|
(iv) |
our legacy property leased to Solar Turbines which we expect to sell soon after we complete a parcel split to maximize value.
|
Industry
|
Number of Properties
|
ABR
|
ABR as a
Percentage of
Total Portfolio
|
Area
(Square Feet)
|
Square Feet as
a Percentage
of Total
Portfolio
|
|||||||||||||||
Infrastructure
|
18
|
$
|
10,357,088
|
26
|
%
|
1,459,535
|
32
|
%
|
||||||||||||
Automotive
|
3
|
5,950,110
|
15
|
%
|
501,233
|
11
|
%
|
|||||||||||||
Aerospace/Defense
|
4
|
4,987,104
|
12
|
%
|
346,046
|
8
|
%
|
|||||||||||||
Industrial Products
|
3
|
4,384,256
|
11
|
%
|
694,324
|
15
|
%
|
|||||||||||||
Government
|
1
|
2,579,682
|
6
|
%
|
106,592
|
2
|
%
|
|||||||||||||
Metals
|
5
|
2,479,947
|
6
|
%
|
450,263
|
10
|
%
|
|||||||||||||
Retailer
|
1
|
2,472,296
|
6
|
%
|
97,191
|
2
|
%
|
|||||||||||||
Technology
|
2
|
2,314,016
|
6
|
%
|
130,240
|
3
|
%
|
|||||||||||||
Energy
|
2
|
2,069,317
|
5
|
%
|
249,118
|
6
|
%
|
|||||||||||||
Agriculture/Food Production
|
2
|
1,675,896
|
4
|
%
|
295,584
|
7
|
%
|
|||||||||||||
Medical
|
1
|
665,398
|
2
|
%
|
20,800
|
1
|
%
|
|||||||||||||
Plastics
|
1
|
559,552
|
1
|
%
|
148,012
|
3
|
%
|
|||||||||||||
Total
|
43
|
$
|
40,494,662
|
100
|
%
|
4,498,938
|
100
|
%
|
(a) |
Includes a 29,699 square foot manufacturing property used in the production of optical systems for the defense and aerospace industries. The property is located in Seminole,
Florida (Tampa metro) and was acquired on July 15, 2024.
|
State
|
Number of
Properties
|
ABR
|
ABR as a
Percentage of
Total Portfolio
|
Area (Square
Feet)
|
Square Feet as
a Percentage
of Total
Portfolio
|
|||||||||||||||
California
|
8
|
$
|
12,040,866
|
30
|
%
|
439,954
|
10
|
%
|
||||||||||||
Ohio
|
6
|
4,807,235
|
12
|
%
|
1,016,742
|
22
|
%
|
|||||||||||||
Arizona
|
2
|
4,064,487
|
10
|
%
|
379,441
|
8
|
%
|
|||||||||||||
Illinois
|
2
|
3,451,311
|
9
|
%
|
629,687
|
14
|
%
|
|||||||||||||
Washington
|
1
|
2,472,296
|
6
|
%
|
97,191
|
2
|
%
|
|||||||||||||
Florida
|
3
|
2,302,193
|
5
|
%
|
233,910
|
5
|
%
|
|||||||||||||
Pennsylvania
|
2
|
2,108,927
|
5
|
%
|
253,646
|
6
|
%
|
|||||||||||||
South Carolina
|
3
|
2,088,949
|
5
|
%
|
343,422
|
8
|
%
|
|||||||||||||
Texas
|
2
|
1,674,893
|
4
|
%
|
255,969
|
6
|
%
|
|||||||||||||
Minnesota
|
5
|
1,648,102
|
4
|
%
|
377,450
|
8
|
%
|
|||||||||||||
North Carolina
|
2
|
1,556,335
|
4
|
%
|
134,576
|
3
|
%
|
|||||||||||||
Colorado
|
3
|
861,359
|
2
|
%
|
98,994
|
2
|
%
|
|||||||||||||
Utah
|
1
|
518,049
|
2
|
%
|
72,498
|
2
|
%
|
|||||||||||||
Michigan
|
1
|
499,496
|
1
|
%
|
93,085
|
2
|
%
|
|||||||||||||
New York
|
2
|
400,164
|
1
|
%
|
72,373
|
2
|
%
|
|||||||||||||
Total
|
43
|
$
|
40,494,662
|
100
|
%
|
4,498,938
|
100
|
%
|
(a) |
Includes a 29,699 square foot manufacturing property used in the production of optical systems for the defense and aerospace industries. The property is located in Seminole,
Florida (Tampa metro) and was acquired on July 15, 2024.
|
As of June 30, 2024
|
||||||||||||||||||||||||||||
Year
|
Number of
Leases
Expiring
|
Leased Square
Footage
Expiring
|
Percentage of
Leased Square
Footage
Expiring
|
Cumulative
Percentage
of Leased
Square
Footage
Expiring
|
Annualized
Base Rent
Expiring
|
Percentage
of
Annualized Base Rent
Expiring
|
Cumulative
Percentage of
Annualized
Base Rent
Expiring
|
|||||||||||||||||||||
July to December 2024 (1)
|
—
|
—
|
—
|
%
|
—
|
%
|
$
|
—
|
—
|
%
|
—
|
%
|
||||||||||||||||
2025
|
3
|
144,027
|
3.2
|
%
|
3.2
|
%
|
3,763,690
|
9.3
|
%
|
9.3
|
%
|
|||||||||||||||||
2026
|
3
|
236,608
|
5.3
|
%
|
8.5
|
%
|
3,777,905
|
9.3
|
%
|
18.6
|
%
|
|||||||||||||||||
2027
|
1
|
64,637
|
1.4
|
%
|
9.9
|
%
|
932,946
|
2.3
|
%
|
20.9
|
%
|
|||||||||||||||||
2028
|
1
|
148,012
|
3.3
|
%
|
13.2
|
%
|
559,552
|
1.4
|
%
|
22.3
|
%
|
|||||||||||||||||
2029
|
2
|
84,714
|
1.9
|
%
|
15.1
|
%
|
1,502,343
|
3.7
|
%
|
26.0
|
%
|
|||||||||||||||||
2030
|
—
|
—
|
—
|
%
|
15.1
|
%
|
—
|
—
|
%
|
26.0
|
%
|
|||||||||||||||||
2031
|
—
|
—
|
—
|
%
|
15.1
|
%
|
—
|
—
|
%
|
26.0
|
%
|
|||||||||||||||||
2032
|
1
|
162,714
|
3.6
|
%
|
18.7
|
%
|
2,388,590
|
5.9
|
%
|
31.9
|
%
|
|||||||||||||||||
2033
|
1
|
216,727
|
4.8
|
%
|
23.5
|
%
|
1,675,896
|
4.1
|
%
|
36.0
|
%
|
|||||||||||||||||
Thereafter
|
31
|
3,441,499
|
76.5
|
%
|
100.0
|
%
|
25,893,740
|
64.0
|
%
|
100.0
|
%
|
|||||||||||||||||
Total
|
43
|
4,498,938
|
100.0
|
%
|
$
|
40,494,662
|
100.0
|
%
|
(a) |
Includes a 29,699 square foot manufacturing property used in the production of optical systems for the defense and aerospace industries. The property is located in Seminole,
Florida (Tampa metro) and was acquired on July 15, 2024.
|
1 Year Modiv Industrial Chart |
1 Month Modiv Industrial Chart |
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