Modiv Industrial, Inc. reported its financial results for the third quarter of 2025, revealing a slight increase in total revenue to $11.7 million, compared to $11.7 million in the same period last year. The company's rental revenue decreased marginally to $11.3 million from $11.6 million, primarily due to the expiration of a lease with Costco in July 2025. For the nine months ended September 30, 2025, total revenue was $35.3 million, up from $35.0 million in the prior year. However, the company recorded a net loss attributable to common stockholders of $0.3 million for the quarter, compared to a loss of $1.5 million in the same quarter of 2024.
In terms of operational changes, Modiv Industrial's total assets decreased to $499.6 million as of September 30, 2025, down from $507.8 million at the end of 2024. The company’s real estate investments, net of depreciation, were valued at $462.9 million, reflecting a decrease from $473.9 million in the previous year. The company’s equity also saw a decline, totaling $204.8 million compared to $214.1 million at the end of 2024. The decrease in equity was attributed to net losses and the repurchase of preferred stock, which amounted to $6.5 million during the nine months ended September 30, 2025.
Strategically, Modiv Industrial acquired an industrial property in Jacksonville, Florida, for $6.1 million in March 2025, marking its first acquisition in over a year. The property is expected to generate rental income under a long-term lease. Additionally, the company sold an industrial property in Endicott, New York, for $2.4 million, resulting in a gain of $0.1 million. As of September 30, 2025, Modiv Industrial's portfolio consisted of 43 properties, with 39 being industrial, representing approximately 82% of its annual base rent.
The company reported a decrease in general and administrative expenses to $1.4 million for the third quarter, down from $1.7 million in the prior year, largely due to a reduction in headcount and salary adjustments for executives. Modiv Industrial's employee count decreased from 12 to 9 in April 2025. The company also recorded an impairment charge of $4.0 million related to its property in Saint Paul, Minnesota, reflecting current market conditions.
Looking ahead, Modiv Industrial remains cautious about market conditions, particularly regarding inflation and interest rates, which could impact future operating results. The company has indicated that it expects to maintain adequate liquidity to meet its cash requirements for the next 12 months, supported by its credit facility and ongoing operations. The company continues to focus on acquiring industrial properties that align with its strategic goals while managing its existing portfolio effectively.
About Modiv Industrial, Inc.
Modiv Industrial, Inc. focuses on acquiring and managing industrial manufacturing real estate properties. It aims to generate income through long-term leases with tenants, primarily serving the industrial sector. The company seeks growth via property acquisitions while reducing non-core assets. Its business model emphasizes real estate investment, portfolio repositioning, and strategic portfolio management within the commercial real estate market.
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