Modiv Industrial Reports Strong Q4 and Full Year 2024 Results

DENVER – Modiv Industrial, Inc. (“Modiv Industrial”, “Modiv”, the “Company”, “we” or “our”), (NYSE:MDV), the only public REIT exclusively focused on acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2024. The Company reported full-year net income attributable to common stockholders of $2.3 million, or $0.25 per diluted share, and fourth quarter net income of $0.6 million, or $0.07 per diluted share. Full-year AFFO (Adjusted Funds From Operations) reached $14.99 million, or $1.34 per diluted share, exceeding street expectations by $0.08 per share. Fourth quarter AFFO was $4.1 million, or $0.37 per diluted share, beating consensus estimates by 22%.

Modiv Industrial's strong financial performance can be attributed to its disciplined capital allocation strategy and focus on acquiring high-quality industrial manufacturing real estate properties. The Company's portfolio consists of 44 properties, including 39 industrial properties, one retail property, and four office properties, distributed across 16 states. This diversification helps reduce exposure to specific risks and enables the Company to adapt to changing market conditions.

One of the key factors contributing to Modiv Industrial's success is its ability to maintain a strong balance sheet and access to capital. The Company has demonstrated its capacity to raise capital through its ATM offering, with $3.9 million raised at an average price of $16.54 per share in 2024. Additionally, Modiv Industrial has shown its capacity to repurchase shares, with 656,191 Class C units and 123,809 shares of MDV common stock repurchased from First City Investment Group, LLC at an average price of $14.80 per share.

Modiv Industrial's strategic pivot toward patience in acquisitions has also contributed to its long-term growth and resilience. The Company has transacted very selectively, acquiring properties that truly enhance shareholder value. For example, the Company acquired a $6 million industrial property in the Jacksonville, FL MSA through an UPREIT structure, exemplifying its selective approach. Additionally, the Company sold its Endicott, New York, asset back to the tenant, demonstrating its ability to adapt and monetize non-core assets.

Modiv Industrial's forward AFFO guidance of $1.37 per share for 2025 represents a substantial premium to analyst consensus while maintaining conservative assumptions (no additional acquisitions or efficiencies). This suggests either analyst underappreciation of Modiv's business model or potential upside to estimates if management executes on growth opportunities. The Company's 115% AFFO dividend coverage also provides both safety and room for potential dividend growth, making the current 7.5% yield particularly compelling.



In conclusion, Modiv Industrial's strong Q4 and full-year 2024 results demonstrate the Company's ability to navigate economic downturns and capitalize on recovery opportunities. The Company's focus on industrial manufacturing real estate, disciplined capital allocation, and strategic acquisitions position it well for long-term growth and resilience. With a forward AFFO guidance of $1.37 per share for 2025 and a 7.5% dividend yield, Modiv Industrial offers investors a compelling opportunity for steady income and potential capital appreciation.