Modiv Industrial, Inc. reported a net loss of $2.8 million for the second quarter of 2025, compared to a profit of $403,000 in the same period last year. The company's revenue for the quarter was $11.8 million, a 4% increase from $11.3 million in the prior year, driven primarily by rental income from properties acquired after June 30, 2024. For the first half of 2025, total revenue reached $23.6 million, slightly up from $23.4 million in the first half of 2024. However, the company faced increased expenses, including a $4 million impairment charge related to a property in Saint Paul, Minnesota, contributing to the overall net loss.
In terms of operational metrics, Modiv's real estate portfolio consisted of 43 properties, with 39 classified as industrial, representing approximately 81% of the portfolio by annual base rent (ABR). The company maintained a high occupancy rate of 98% and a weighted average remaining lease term of 14.4 years. The total net investment in real estate was reported at $466.4 million as of June 30, 2025. The company also noted a decrease in its employee headcount from 12 to 9, which contributed to a reduction in general and administrative expenses.
Strategically, Modiv completed the acquisition of an industrial property in Jacksonville, Florida, for $6.1 million in March 2025, which included both cash and Class C OP Units. The company also sold a property in Endicott, New York, for $2.4 million in February 2025. These transactions reflect Modiv's ongoing strategy to focus on industrial properties while reducing exposure to non-core assets. The company has also initiated a repurchase program for its Series A Preferred Stock, having repurchased 275,000 shares for $6.5 million during the reporting period.
Looking ahead, Modiv anticipates challenges due to ongoing market uncertainties, including inflation and interest rate fluctuations, which could impact future rental rates and occupancy levels. The company has a credit facility with a $30 million unused capacity, which it may utilize for future acquisitions or operational needs. Modiv's management expressed confidence in maintaining adequate liquidity to meet cash requirements over the next 12 months, despite the current economic environment.
About Modiv Industrial, Inc.
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