Modiv Industrial, Inc. reported a net income of $6.5 million for the fiscal year ending December 31, 2024, a significant recovery from a net loss of $8.7 million in the previous year. The company’s revenue for 2024 was approximately $46.8 million, slightly down from $46.9 million in 2023, primarily due to the sale of two properties and a reduction in rental income from non-core assets. The company’s annual base rent (ABR) totaled $39.6 million, with 78% of its portfolio now consisting of industrial properties, reflecting a strategic shift towards industrial manufacturing real estate.
In terms of operational changes, Modiv completed the acquisition of one industrial property in Florida for $5.2 million during 2024, while also selling two non-core properties. The company has been actively reducing its exposure to non-core assets, having sold 14 properties in 2023, which included 11 retail and three office properties. As of December 31, 2024, Modiv owned 43 properties, with an occupancy rate of 98% and a weighted average remaining lease term of approximately 13.8 years.
The company’s strategic focus on industrial properties has resulted in a notable increase in its market share within this sector. Modiv's tenant base includes 29 different commercial tenants across 12 industries, with 32% of its portfolio leased to investment-grade tenants. The company has also maintained a strong engagement with its tenants, evidenced by the successful negotiation of lease extensions for six properties in 2023 and 2024.
Looking ahead, Modiv plans to continue its strategy of acquiring industrial manufacturing properties while further reducing its non-core holdings. The company is also navigating a challenging economic environment characterized by inflation and rising interest rates, which could impact its future performance. Modiv's management remains optimistic about the potential for growth in the industrial sector, particularly as trends such as onshoring manufacturing continue to evolve. The company has indicated that it expects to maintain adequate liquidity to meet its operational needs and capitalize on future investment opportunities.
About Modiv Industrial, Inc.
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