Modiv Industrial, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $11.8 million, a decrease from $12.0 million in the same period last year. The company's rental income also saw a slight decline, falling to $11.7 million from $11.9 million. Operating income for the quarter was $4.7 million, down from $6.7 million in the prior year, while net income attributable to common stockholders was $2,000, compared to $2.8 million in the first quarter of 2024. The earnings per share for common stockholders was $(0.01), a significant drop from $0.33 in the previous year.
In terms of operational changes, Modiv Industrial made strategic moves during the quarter, including the acquisition of an industrial property in Jacksonville, Florida, for $6.1 million, which added 48,589 square feet to its portfolio. The company also sold an industrial property in Endicott, New York, for $2.4 million, resulting in a gain of $0.1 million. As of March 31, 2025, Modiv's real estate investment portfolio consisted of 43 properties, with 39 being industrial properties, representing approximately 80% of the portfolio by annual base rent (ABR). The company reported an occupancy rate of 98% and a weighted average remaining lease term of approximately 13.8 years.
The financial performance was impacted by increased interest expenses, which rose to $4.0 million from $2.3 million in the previous year, primarily due to the absence of unrealized gains from interest rate swaps that had benefited the company in 2024. Additionally, stock compensation expenses decreased significantly to $0.5 million from $1.4 million, reflecting the completion of amortization for certain equity awards. The company also repurchased 205,000 shares of its Series A Preferred Stock for $4.9 million during the quarter, as part of a repurchase program authorized by its board of directors.
Looking ahead, Modiv Industrial expressed optimism about its liquidity and capital resources, stating that it expects to meet its cash requirements for the next 12 months through internally generated funds and proceeds from its at-the-market (ATM) offering. As of March 31, 2025, the company had $38.7 million of shares of Class C Common Stock available for future issuance under the ATM offering. The company remains focused on acquiring critical industrial manufacturing properties to strengthen its portfolio and enhance its market position.
About Modiv Industrial, Inc.
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