Modiv Q2 revenue up 16.7% to $11.8M; completes transition to industrial REIT

MODIV INDUSTRIAL, INC.

2023-Q2 EPS reported -$0.22 revenue$22,279,732

FFO of $7.9M ($0.75/diluted) vs $4.7M ($0.46) YoY; AFFO $3.3M ($0.31) vs $3.6M ($0.35).
Sold 13 non-industrial assets to Generation Income Properties (GIPR) for $42M on Aug 10, 2023.
Acquired $129.8M industrial properties YTD at 7.8% initial cap rate; 76% of NOI now industrial.
Company renamed Modiv Industrial, Inc. effective Aug 11, 2023; ticker MDV unchanged.
Acquired $29M of industrial manufacturing assets in July 2023 at blended cap rate of 8.2%.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MODIV INDUSTRIAL, INC. reported second quarter ended June 30, 2023 results: revenue $11.8 million.

Period: second quarter ended June 30, 2023
Revenue: $11.8 million
Result: reported results

Exact text from the filing

Revenue was $11.8 million, up 16.7% year-over-year, reflecting the acquisition of 16 industrial manufacturing properties since June 30, 2022.

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MODIV INDUSTRIAL, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-039423

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