Modiv Industrial Q4/FY23 earnings: AFFO beats street, portfolio transformation continues

MODIV INDUSTRIAL, INC.

FY23 revenue $46.9M (+7.1% YoY); AFFO $14.7M ($1.33/diluted share) beats consensus by $0.04.
Q4 revenue $12.3M (+23% YoY excl. 2022 termination fee); Q4 AFFO $0.40/share beats consensus by $0.05.
Sold two office properties (Sacramento $7M Jan 2024; Issaquah $28.7M contract, close by Aug 2025); no debt maturities until 2027 after prepaying $3M mortgage.
Kalera tenant bankruptcy in St. Paul; Modiv expects no economic loss; ceased related-party transactions.

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 fourth quarter and full year ended December 31, 2023 results: revenue Annual revenue of $46.9 million.

Period: fourth quarter and full year ended December 31, 2023
Revenue: Annual revenue of $46.9 million
Result: reported results

Exact text from the filing

acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2023. Highlights: • Annual revenue of $46.9 million increased 7.1% year-over-year compared with 2022 revenue of $43.8 million. 2022 revenue included a $3.8 million non-recurring early lease termination fee and excluding that fee,

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MODIV INDUSTRIAL, INC. reported full year ended December 31, 2023 results: revenue Annual revenue of $46.9 million, EPS Full year 2023 AFFO of $14.7 million, or $1.33 per diluted share.

Period: full year ended December 31, 2023
Revenue: Annual revenue of $46.9 million
EPS: Full year 2023 AFFO of $14.7 million, or $1.33 per diluted share
Result: reported results

Exact text from the filing

acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2023. Highlights: • Annual revenue of $46.9 million increased 7.1% year-over-year compared with 2022 revenue of $43.8 million. 2022 revenue included a $3.8 million non-recurring early lease termination fee and excluding that fee,

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MODIV INDUSTRIAL, INC. reported fourth quarter ended December 31, 2023 results: revenue Fourth quarter revenue of $12.3 million, EPS Fourth quarter AFFO of $4.5 million, or $0.40 per diluted share.

Period: fourth quarter ended December 31, 2023
Revenue: Fourth quarter revenue of $12.3 million
EPS: Fourth quarter AFFO of $4.5 million, or $0.40 per diluted share
Result: reported results

Exact text from the filing

Fourth quarter revenue of $12.3 million increased $2.3 million year-over-year, or 23%, excluding the 2022 lease termination fee.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.8

MODIV INDUSTRIAL, INC. updated its 2024 guidance (reaffirmed).

Period: 2024
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Business Outlook: Acquisitions – Yes, that’s right, no acquisitions for fourth quarter or YTD 2024.

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MODIV INDUSTRIAL, INC. filing history →

Source: SEC EDGAR

accession 0001140361-24-010883

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