NYSE : MDV
Modiv Industrial, Inc. — Financial statements
Real Estate · REIT - Industrial · United States
Last price 18.05 USD (At close: Aug 11, 2026) · Market cap 215.10M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 45.72M | 45.82M | 46.50M | 46.94M | 43.82M | 37.89M |
| Property Management Fees | 298.00K | |||||
| Other Revenue | 975.00K | 1.32M | 561.00K | 280.00K | 278.00K | 276.04K |
| Total Revenue | 46.69M | 47.15M | 47.06M | 47.51M | 44.10M | 38.17M |
| Property Expenses | 3.52M | 3.46M | 3.61M | 5.16M | 6.55M | 6.88M |
| Selling, General & Administrative | 5.33M | 5.61M | 6.34M | 6.64M | 7.81M | 9.72M |
| Depreciation & Amortization | 14.80M | 15.09M | 16.60M | 15.55M | 14.93M | 15.27M |
| Total Operating Expenses | 26.82M | 27.07M | 28.14M | 38.53M | 31.69M | 34.61M |
| Operating Income | 19.87M | 20.07M | 18.92M | 8.99M | 12.41M | 3.56M |
| Interest Expense | -13.95M | -16.07M | -15.84M | -13.33M | -8.11M | -7.59M |
| Interest & Investment Income | 895.00K | 893.00K | 587.00K | 801.00K | 21.91K | 21.33K |
| Other Non-Operating Income | -944.00K | -76.00K | -377.00K | -480.00K | 93.97K | 283.97K |
| EBT Excluding Unusual Items | 5.87M | 4.82M | 3.28M | -4.02M | 4.42M | -3.72M |
| Merger & Restructuring Charges | -3.40M | |||||
| Impairment of Goodwill | -17.32M | |||||
| Gain (Loss) on Sale of Investments | -172.00K | -151.00K | 1.42M | |||
| Gain (Loss) on Sale of Assets | 9.98M | 2.52M | 3.36M | -1.71M | 12.20M | 6.14M |
| Asset Writedown | -1.81M | -5.81M | -4.39M | -2.08M | -3.37M | |
| Other Unusual Items | -1.91M | -968.00K | -1.73M | 517.00K | ||
| Pretax Income | 8.55M | 554.00K | 6.49M | -8.70M | -4.51M | -435.50K |
| Earnings From Continuing Operations | 8.55M | 554.00K | 6.49M | -8.70M | -4.51M | -435.50K |
| Minority Interest in Earnings | -999.00K | 514.00K | -475.00K | 2.08M | 1.22M | |
| Net Income | 7.55M | 1.07M | 6.02M | -6.61M | -3.29M | -435.50K |
| Preferred Dividends & Other Adjustments | 3.75M | 4.16M | 3.69M | 3.69M | 3.69M | 1.07M |
| Net Income to Common | 3.79M | -3.09M | 2.33M | -10.30M | -6.98M | -1.50M |
| Basic Shares Outstanding | 10.28M | 10.14M | 9.29M | 7.56M | 7.49M | 7.54M |
| Diluted Shares Outstanding | 11.87M | 11.68M | 11.19M | 7.56M | 7.49M | 7.54M |
| EPS (Basic) | 0.37 | -0.30 | 0.25 | -1.36 | -0.93 | -0.20 |
| EPS (Diluted) | 0.36 | -0.31 | 0.25 | -1.36 | -0.93 | -0.20 |
| Dividend Per Share | 1.19 | 1.17 | 1.15 | 1.15 | 1.15 | 1.08 |
| Operating Margin | 42.57% | 42.58% | 40.20% | 18.92% | 28.14% | 9.32% |
| Profit Margin | 8.13% | -6.55% | 4.95% | -21.68% | -15.82% | -3.93% |
| EBITDA | 33.81M | 34.30M | 34.67M | 23.73M | 26.33M | 17.49M |
| EBITDA Margin | 72.42% | 72.77% | 73.68% | 49.95% | 59.71% | 45.83% |
| D&A For Ebitda | 13.94M | 14.23M | 15.75M | 14.74M | 13.92M | 13.93M |
| EBIT | 19.87M | 20.07M | 18.92M | 8.99M | 12.41M | 3.56M |
| EBIT Margin | 42.57% | 42.58% | 40.20% | 18.92% | 28.14% | 9.32% |
| Funds From Operations (FFO) | 12.47M | 16.49M | 16.80M | 10.18M | -2.20M | 6.65M |
| FFO Per Share | 0.98 | 1.32 | 1.50 | 0.92 | -0.29 | 0.76 |
| Adjusted Funds From Operations (AFFO) | 17.24M | 14.99M | 14.67M | 16.63M | 11.45M | |
| AFFO Per Share | 1.38 | 1.34 | 1.33 | 1.63 | 1.30 | |
| FFO Payout Ratio | 111.45% | 76.24% | 62.15% | 80.16% | 52.21% | |
| Revenue as Reported | 46.16M | 46.39M | 46.76M | 47.23M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 430.96M | 418.33M | 438.22M | 468.77M | 403.92M | 285.65M |
| Cash & Equivalents | 21.63M | 14.38M | 11.53M | 3.13M | 8.61M | 55.97M |
| Accounts Receivable | 25.79M | 23.44M | 18.46M | 12.79M | 9.83M | 10.23M |
| Other Receivables | 681.37K | |||||
| Investment In Debt and Equity Securities | 11.04M | |||||
| Goodwill | 17.32M | |||||
| Other Intangible Assets | 5.99M | 4.98M | 5.23M | 6.30M | 8.63M | 11.19M |
| Restricted Cash | 2.44M | |||||
| Other Current Assets | 768.00K | 4.82M | 23.99M | 14.46M | 7.69M | 34.97M |
| Trading Asset Securities | 1.71M | 2.97M | 4.63M | |||
| Deferred Long-Term Charges | 128.00K | 37.00K | 77.00K | 749.00K | 1.12M | 100.08K |
| Other Long-Term Assets | 695.00K | 10.47M | 10.32M | 10.68M | 10.01M | 9.94M |
| Total Assets | 487.66M | 476.46M | 507.83M | 530.90M | 454.43M | 428.49M |
| Current Portion of Long-Term Debt | 315.00K | 269.00K | ||||
| Long-Term Debt | 273.02M | 261.21M | 279.78M | 280.01M | 192.95M | 174.71M |
| Accounts Payable | 260.00K | 283.00K | 365.00K | 561.00K | 1.00M | 1.77M |
| Accrued Expenses | 3.48M | 1.07M | 1.04M | 1.56M | 2.45M | 4.41M |
| Other Current Liabilities | 2.52M | 2.96M | 2.02M | 12.42M | 1.89M | 2.18M |
| Long-Term Unearned Revenue | 1.34M | 1.88M | 2.03M | 2.08M | 1.87M | 1.74M |
| Other Long-Term Liabilities | 6.61M | 6.74M | 8.55M | 9.14M | 10.24M | 13.24M |
| Total Liabilities | 287.55M | 274.41M | 293.78M | 305.77M | 213.40M | 206.06M |
| Preferred Stock, Convertible | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K | 2.00K |
| Common Stock | 11.00K | 11.00K | 10.00K | 8.00K | 7.76K | 7.49K |
| Additional Paid-In Capital | 338.17M | 337.03M | 349.48M | 292.62M | 278.34M | 273.44M |
| Distributions in Excess of Earnings | -170.58M | -168.10M | -154.07M | -145.55M | -117.94M | -101.62M |
| Treasury Stock | -7.11M | -7.11M | -7.11M | -5.29M | -4.16M | |
| Comprehensive Income & Other | 755.00K | 919.00K | 1.84M | 2.66M | 3.50M | |
| Total Common Equity | 161.25M | 162.75M | 190.14M | 144.44M | 159.75M | 171.82M |
| Minority Interest | 38.87M | 39.30M | 23.90M | 80.68M | 81.28M | 50.60M |
| Shareholders' Equity | 200.11M | 202.04M | 214.05M | 225.12M | 241.03M | 222.43M |
| Total Liabilities & Equity | 487.66M | 476.46M | 507.83M | 530.90M | 454.43M | 428.49M |
| Total Debt | 273.34M | 261.48M | 279.78M | 280.01M | 195.95M | 182.73M |
| Net Cash (Debt) | -250.01M | -247.10M | -268.25M | -273.91M | -182.71M | -126.77M |
| Net Cash Per Share | -21.06 | -21.16 | -23.97 | -36.24 | -24.40 | -16.80 |
| Filing Date Shares Outstanding | 10.32M | 10.32M | 9.97M | 9.17M | 7.55M | 7.56M |
| Total Common Shares Outstanding | 10.32M | 10.30M | 9.94M | 7.70M | 7.51M | 7.49M |
| Book Value Per Share | 15.62 | 15.80 | 19.14 | 18.75 | 21.26 | 22.94 |
| Tangible Book Value | 155.26M | 157.76M | 184.91M | 138.14M | 151.12M | 143.32M |
| Tangible Book Value Per Share | 15.04 | 15.32 | 18.61 | 17.93 | 20.12 | 19.13 |
| Land | 108.60M | 98.17M | 98.01M | 104.86M | 103.66M | 61.01M |
| Buildings | 388.75M | 383.54M | 386.10M | 399.67M | 329.87M | 251.25M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.55M | 1.07M | 6.02M | -6.61M | -3.29M | -435.50K |
| Depreciation & Amortization | 13.94M | 14.23M | 15.75M | 14.74M | 13.92M | 13.93M |
| Other Amortization | 491.00K | 629.00K | 1.19M | 767.00K | 2.06M | 614.72K |
| Gain (Loss) on Sale of Assets | -9.98M | -2.52M | -3.36M | 1.71M | -12.20M | -6.14M |
| Gain (Loss) on Sale of Investments | -843.00K | -1.01M | 1.48M | -801.00K | -25.73K | -970.04K |
| Asset Writedown | 1.81M | 5.81M | 4.39M | 19.40M | 3.37M | |
| Stock-Based Compensation | 3.17M | 2.92M | 1.59M | 11.17M | 2.40M | 2.74M |
| Income (Loss) on Equity Investments | -129.00K | -112.00K | 881.00K | -49.00K | -66.08K | 61.03K |
| Change in Accounts Receivable | 48.00K | -13.00K | 71.00K | 387.00K | 140.13K | -2.75M |
| Change in Accounts Payable | 1.84M | -535.00K | -599.00K | -903.00K | -1.39M | 977.56K |
| Change in Other Net Operating Assets | 187.00K | -31.00K | 460.00K | -59.00K | 930.34K | -1.35M |
| Other Operating Activities | -2.53M | -5.47M | -5.24M | -8.16M | -5.25M | -328.70K |
| Operating Cash Flow | 15.56M | 14.97M | 18.24M | 16.58M | 16.65M | 9.73M |
| Acquisition of Real Estate Assets | -10.55M | -851.00K | -7.03M | -127.53M | -131.50M | -16.52M |
| Sale of Real Estate Assets | 46.60M | 27.14M | 15.02M | 34.74M | 70.66M | 39.54M |
| Net Sale / Acq. of Real Estate Assets | 36.04M | 26.29M | 7.99M | -92.79M | -60.84M | 23.03M |
| Investment in Marketable & Equity Securities | 652.00K | |||||
| Other Investing Activities | 2.04M | 1.51M | -250.00K | -812.00K | -227.51K | -1.00M |
| Investing Cash Flow | 38.08M | 27.80M | 8.39M | -93.60M | -61.06M | 21.83M |
| Long-Term Debt Issued | 100.00M | 150.00M | 27.46M | |||
| Total Debt Issued | 2.00M | 100.00M | 150.00M | 27.46M | ||
| Long-Term Debt Repaid | -18.85M | -281.00K | -16.32M | -135.52M | -36.57M | |
| Total Debt Repaid | -20.85M | -18.85M | -281.00K | -16.32M | -135.52M | -36.57M |
| Net Debt Issued (Repaid) | -18.85M | -18.85M | -281.00K | 83.69M | 14.48M | -9.11M |
| Issuance of Common Stock | 1.08M | 2.75M | 7.71M | 832.00K | 114.50K | 4.34M |
| Repurchase of Common Stock | -11.53M | -1.13M | -4.16M | -19.08M | ||
| Preferred Stock Issued | 47.61M | |||||
| Preferred Share Repurchases | -1.18M | -7.11M | ||||
| Common Dividends Paid | -13.90M | -12.57M | -10.44M | -8.16M | -5.86M | -3.47M |
| Preferred Dividends Paid | -3.15M | -3.34M | -3.69M | -3.69M | -3.83M | |
| Total Dividends Paid | -17.05M | -15.91M | -14.13M | -11.84M | -9.69M | -3.47M |
| Other Financing Activities | -1.83M | -802.00K | -6.13M | -1.80M | ||
| Net Cash Flow | 15.81M | 2.85M | 8.40M | -5.48M | -49.80M | 50.03M |
| Levered Free Cash Flow | 42.09M | 35.35M | -5.86M | 23.44M | 48.87M | 4.72M |
| Unlevered Free Cash Flow | 50.32M | 44.77M | 2.85M | 31.00M | 52.28M | 9.09M |
| Cash Interest Paid | 11.77M | 12.27M | 13.50M | 12.01M | 7.77M | 8.05M |
| Change in Working Capital | 2.08M | -579.00K | -68.00K | -575.00K | -314.90K | -3.12M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 215.10M | 147.86M | 143.54M | 113.09M | 89.83M | |
| Enterprise Value | 465.11M | 458.36M | 441.88M | 467.30M | 361.27M | |
| Last Close Price | 18.05 | 13.70 | 13.10 | 11.24 | 8.32 | |
| Price/FFO Ratio | 17.61 | 10.38 | 8.73 | 12.22 | -28.68 | |
| Price/AFFO Ratio | 9.93 | 9.77 | 8.45 | 5.10 | ||
| PE Ratio | 49.71 | 61.60 | ||||
| PS Ratio | 4.61 | 3.14 | 3.05 | 2.38 | 2.04 | |
| PB Ratio | 1.17 | 0.73 | 0.67 | 0.50 | 0.37 | |
| P/OCF Ratio | 13.82 | 9.88 | 7.87 | 6.82 | 5.40 | |
| EV/Sales Ratio | 9.96 | 9.72 | 9.39 | 9.84 | 8.19 | |
| EV/EBITDA Ratio | 11.95 | 13.36 | 12.74 | 19.69 | 13.72 | |
| EV/EBIT Ratio | 19.30 | 22.84 | 23.36 | 51.99 | 29.11 | |
| Debt / Equity Ratio | 1.37 | 1.29 | 1.31 | 1.24 | 0.81 | 0.82 |
| Debt / EBITDA Ratio | 8.08 | 7.62 | 8.07 | 11.80 | 7.44 | 10.45 |
| Net Debt / Equity Ratio | 1.25 | 1.22 | 1.25 | 1.22 | 0.76 | 0.57 |
| Net Debt / EBITDA Ratio | 7.39 | 7.20 | 7.74 | 11.54 | 6.94 | 7.25 |
| Asset Turnover | 0.10 | 0.10 | 0.09 | 0.10 | 0.10 | 0.09 |
| Quick Ratio | 7.47 | 8.26 | 8.75 | 1.30 | 2.77 | 4.08 |
| Current Ratio | 7.59 | 9.32 | 15.75 | 2.29 | 3.69 | 6.37 |
| Return on Equity (ROE) | 4.21% | 0.27% | 2.96% | -3.73% | -1.95% | -0.21% |
| Return on Assets (ROA) | 2.52% | 2.55% | 2.28% | 1.14% | 1.76% | 0.53% |
| Earnings Yield | 1.76% | 0.72% | 4.19% | -5.85% | -3.66% | |
| Dividend Yield | 6.65% | 8.54% | 8.78% | 10.23% | 13.82% | |
| Payout Ratio | 354.61% | 1,489.70% | 234.81% | |||
| Buyback Yield / Dilution | -20.96% | -4.36% | -48.02% | -0.96% | 0.76% | 5.76% |
| Total Shareholder Return | -14.31% | 4.18% | -39.24% | 9.27% | 14.59% | 5.76% |