Modiv Industrial Q2 AFFO up 17.3% to $3.9M; repurchased 780K shares at $14.80; enters LOI for JV stake

MODIV INDUSTRIAL, INC.

2024-Q2 EPS reported $0.36 revenue$23,376,074

Rental income $11.3M, down $493K due to prior portfolio sale, offset by $834K decrease in property expenses.
AFFO $3.9M, +$575K YoY; pro forma AFFO per diluted share $0.37 assuming early-quarter buyback.
Acquired Tampa optical systems property for $5.2M; 20-year lease with 2.85% escalators; 8.0% initial cap rate.
Repurchased 656,191 OP units and 123,809 MDV shares at $14.80 for $11.5M; accretive $8M gain vs $25 issue price.
Signed non-binding LOI for non-controlling JV stake in industrial manufacturing portfolio, stock issued at premium.

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