Modiv Inc.

Modiv Inc. (MDV), an industrial-focused REIT, reported FY 2025 total revenue of $46.4 million, primarily from $45.8 million in rental income and $564K in other property revenue, down slightly from $46.5 million rental revenue in 2024 due to lease expirations at Costco and Solar Turbines properties. Operating income reached $15.8 million after $33.1 million expenses, including $5.8 million impairment on Saint Paul property, $15.1 million depreciation, and $5.8 million G&A. Net income was $554K, with $1.1 million attributable to Modiv Industrial, Inc., but a $2.1 million net loss to common stockholders after $3.2 million preferred dividends. EPS was -$0 basic and diluted. Cash from operations was $15.0 million, supported by investing inflows of $27.8 million from $27.1 million property sales net proceeds, offset by $39.9 million financing outflows including $18.8 million debt principal payments and $7.1 million preferred repurchases. Balance sheet shows $476.5 million total assets, $435.5 million net real estate investments, $274.4 million liabilities with $249.5 million term loan and $12.0 million mortgages. Portfolio: 42 properties, 98% occupancy, 14.0 years WALT, 82% industrial by ABR. AFFO grew to $17.2 million ($1.38/share) from $15.0 million ($1.34/share) prior year, signaling sustainable dividends amid recycling non-core assets.

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