The following is a summary of the Modiv Industrial, Inc. (MDV) Q4 2024 Earnings Call Transcript:
Financial Performance:
Modiv Industrial reported a Q4 2024 revenue of $12.3 million, a 23% increase compared to the prior year period excluding a lease termination fee from 2022.
Adjusted funds from operations (AFFO) was $4.5 million, up 41% from a year ago.
Annual revenue for 2024 was reported at $46.9 million, up 17% from the previous year. The AFFO for 2024 was $14.7 million, an increase of 14% from prior year.
Their debt as of December 31, 2023, was $280 million with a weighted average interest rate of 4.52%.
Dividends declared per common share for Q1 2024 were approximately $0.95, representing an annualized rate of $1.15 per share or an estimated yield of 7.5%.
Business Progress:
Modiv Industrial has announced organizational changes with the COO and General Counsel being made a named executive officer.
The company is considering potential construction of town homes and looking at strategic partnerships.
They have been testing the ATM offering, in order to grow liquidity and offer more controlled equity volumes.
They have also acquired 12 industrial manufacturing properties in 2023 offset by disposition of 14 non-core properties, resulting in a portfolio of 42 properties with the industrial segment contributing 76% of the income.
Due to lower headcount, reductions in insurance and technology costs, the company has managed to reduce G&A expenses.
More details: Modiv Industrial IR
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