Wed, May 7, 10:04 AM (5 days ago)
**Modiv Industrial, Inc. (MDV) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $11.8 million (Q1 2024: $11.9 million) - **Net Income:** $829,000 (Q1 2024: $4.6 million) - **Operating Income:** $4.7 million (Q1 2024: $6.7 million) - **Profit Margins:** Operating margin decreased to 40% (Q1 2024: 56%) - **Cash Flow:** Net cash provided by operating activities: $3.1 million (Q1 2024: $3.0 million) - **Earnings Changes:** EPS decreased to $(0.01) (Q1 2024: $0.33) **Key Metrics & Trends:** - **Rental Income:** Relatively stable, with a slight decrease in tenant reimbursements. - **Expenses:** General and administrative expenses remained constant at $2.0 million. - **Stock Compensation:** Decreased by 65% to $484,000 (Q1 2024: $1.4 million). - **Depreciation & Amortization:** Decreased by 8% to $3.8 million (Q1 2024: $4.1 million). - **Property Expenses:** Decreased by 18% to $846,000 (Q1 2024: $1.0 million). - **Gain on Sale:** $84,000 (Q1 2024: $3.2 million) from the sale of an industrial property. - **Interest Expense:** Increased by 75% to $4.0 million (Q1 2024: $2.3 million) due to swap agreements and amortization of off-market interest rate derivatives. **Quarterly Performance Discussion:** - **Acquisitions:** Acquired an industrial property for $6.1 million with an 8.00% initial cap rate. - **Dispositions:** Sold an industrial property for $2.4 million with a gain of $0.1 million. - **Debt:** Extended the maturity of the revolving credit facility to January 2027. - **Dividends:** Declared Series A Preferred Stock dividends of $0.8 million for Q1 2025. - **Distributions:** Authorized monthly distributions of $0.0975 per share for common stockholders. **Uncertainties & Future Operations:** - **Market Uncertainties:** Inflation, interest rates, tariffs, and geopolitical risks may impact operating results and liquidity. - **Lease Expirations:** Two leases expiring in the next 12 months, with one property under contract to be sold. - **Debt Refinancing:** Potential challenges in refinancing debt obligations at favorable terms. - **Property Portfolio:** Focus on industrial properties with long-term leases to tenants critical to the national economy.