Modiv Q1 revenue up 7.7% to $10.3M; AFFO rises to $0.30/share; $100.6M in acquisitions YTD

MODIV INDUSTRIAL, INC.

2023-Q1 EPS reported -$0.62 revenue$10,377,175

Q1 revenue $10.3M (+7.7% YoY); AFFO $0.30 per diluted share vs $0.29 in prior-year quarter.
Acquired 10 industrial properties YTD through May 12 for $100.6M at blended initial cap rate 7.7%.
Total debt $294.4M (weighted avg interest 4.4% with swaps); consolidated leverage 40% as of March 31.
Industrial portfolio now 37 assets (67% of pro forma NOI); WALT 14.5 years; 2.4% avg annual rent increases.
Term loan drawn additional $80M in April, bringing total to $250M; $150M revolver available.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

MODIV INDUSTRIAL, INC. reported first quarter ended March 31, 2023 results: revenue $10.3 million.

Period: first quarter ended March 31, 2023
Revenue: $10.3 million
Result: reported results

Exact text from the filing

Modiv Announces First Quarter 2023 Results Reno, Nevada, May 15, 2023 – Modiv Inc. (“Modiv” or the “Company”) (NYSE:MDV), an internally managed real estate investment trust (“REIT”) that actively acquires, owns, and manages a portfolio of single-tenant net-lease industrial manufacturing real estate properties, today announced operating results for the first quarter ended March 31, 2023. Key Highlights: ◾ First quarter revenue of $10.3 million increased 7.7% year-over-year

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Source: SEC EDGAR

accession 0001140361-23-024492

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