Core Insights - Modiv Industrial (NYSE: MDV) is positioned in a unique and attractive niche within the REIT sector, often overlooked by investors [1] - The company initially launched as Rich Uncles with a diversified real estate strategy [1] Company Overview - Modiv Industrial focuses on a specific segment of the real estate market, which may present potential investment opportunities [1] - The company has evolved its strategy over time, indicating adaptability in its approach to real estate investment [1]

Group 1 - The article provides a detailed analysis of Modiv Industrial, Inc.'s financial position and evaluates the advantages and risks of its preferred stock [1] - Modiv Industrial, Inc. is traded on the NYSE under the symbol MDV, while its preferred stock is traded as MDV.PR.A [1]

Group 1 - The preferred stock of Modiv Industrial (MDV.PR.A) was recommended for holding due to its above-average dividend yield of 7.5% and a margin of safety [1] - Since the recommendation, the stock has outperformed the market [1] Group 2 - The author has a background in chemical engineering and economics, and has written multiple books on investing and mathematics [1] - The author emphasizes the use of fundamental and technical analysis in investment decisions, primarily utilizing options for both investing and trading [1]

Modiv Industrial (MDV) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Company Participants John Raney - Chief Operating Officer & General CounselAaron Halfacre - CEO, President & DirectorRay Pacini - CFORob Stevenson - MD & Head - Real Estate ResearchCraig Kucera - MD - Equity ResearchStephen Chick - CIO Conference Call Participants Gaurav Mehta - Managing Director, Senior Equity Research Analyst & Real Estate and FinancialsJohn Massocca - Senior Research Analyst Operator Ladies and gentlemen, greetings, an ...

Modiv Industrial (MDV) Q1 2025 Earnings Call May 07, 2025 11:00 AM ET Speaker0 Ladies and gentlemen, greetings, and welcome to Motive Industrial Inc. First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Rainey, Chief Operating Officer and General Counsel of Motive Industria ...

Modiv Industrial, Inc. (MDV) came out with quarterly funds from operations (FFO) of $0.33 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to FFO of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 6.45%. A quarter ago, it was expected that this company would post FFO of $0.20 per share when it actually produced FFO of $0.37, delivering a surprise of 85%.Over the last four quarters, the company ...

[Company Overview](index=4&type=section&id=Company%20Overview) [Company Overview](index=4&type=section&id=Company%20Overview) Modiv Industrial is a REIT specializing in acquiring, owning, and managing single-tenant net-lease industrial manufacturing properties - Modiv Industrial is a REIT focused on acquiring critical single-tenant net-lease industrial manufacturing properties with long-term leases[8](index=8&type=chunk) - The company emphasizes a strong corporate governance structure, led by a management team and board with extensive institutional real estate experience[9](index=9&type=chunk) [Financial Results](index=5&type=section&id=Financial%20Results) [Earnings Release](index=5&type=section&id=Earnings%20Release) Q1 2025 results were in line with plans, featuring an **18% year-over-year AFFO increase** and a 10-year FujiFilm lease renewal Q1 2025 Financial Highlights | Metric | Value | Note | | :--- | :--- | :--- | | Revenue | $11.8 million | - | | Net Income (to common stockholders) | $2,000 | - | | AFFO | $3.9 million | Increased 18% year-over-year | | AFFO per Diluted Share | $0.33 | Beat consensus estimates | | Preferred Stock Repurchased (YTD) | 275,000 shares | At an average price of $23.74 | - Executed a **10-year lease renewal** with FujiFilm in Santa Clara, CA, securing a **6.75% initial rent increase** and **3% annual escalations**[17](index=17&type=chunk)[18](index=18&type=chunk) - The company's CEO believes that despite recent news on tariffs, the impact on its manufacturing tenants has been minimal due to factors like producing non-consumer discretionary products, preparedness from past disruptions (COVID-19), and the immateriality of affected components[24](index=24&type=chunk)[28](index=28&type=chunk) - Management sees a long-term positive trend for U.S. manufacturing, viewing these assets as a critical infrastructure play that will see increased utilization rates as companies seek to reduce supply chain uncertainty[20](index=20&type=chunk)[22](index=22&type=chunk) [Consolidated Statements of Operations - Last Five Quarters](index=9&type=section&id=Consolidated%20Statements%20of%20Operations%20-%20Last%20Five%20Quarters) Q1 2025 saw **$11.8 million total income** and **$2,000 net income** to common stockholders, with increased stock compensation expense Q1 2025 Statement of Operations (in thousands) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Income | $11,793 | $11,967 | | Total Expenses | $7,141 | $8,496 | | Operating Income | $4,736 | $6,659 | | Net Income (Loss) | $829 | $4,637 | | Net Income (Loss) Attributable to Common Stockholders | $2 | $2,802 | - Stock compensation expense increased to **$484,000** in Q1 2025, primarily due to the award of **895,043 Class X OP Units** to employees, a significant increase from the preceding three quarters[35](index=35&type=chunk)[37](index=37&type=chunk) - Depreciation and amortization expense decreased in Q1 2025 because the office property leased to Costco was classified as held for sale as of December 31, 2024[37](index=37&type=chunk) [Consolidated Statements of Comprehensive Income (Loss) - Last Five Quarters](index=11&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29%20-%20Last%20Five%20Quarters) Q1 2025 comprehensive income was **$397,000**, lower than net income due to a **$966,000 unrealized loss** on interest rate derivatives Comprehensive Income Reconciliation - Q1 2025 (in thousands) | Item | Value | | :--- | :--- | | Net Income (Loss) | $829 | | Unrealized Loss on Interest Rate Derivatives | ($966) | | Amortization of Off-Market Interest Rate Derivatives | $784 | | Amortization of Unrealized Holding Gain on Interest Rate Swap | ($250) | | **Comprehensive Income (Loss)** | **$397** | [Earnings (Loss) Per Share - Last Five Quarters](index=12&type=section&id=Earnings%20%28Loss%29%20Per%20Share%20-%20Last%20Five%20Quarters) Modiv reported a **($0.01) basic and diluted loss per share** in Q1 2025, despite positive net income, due to Class X OP Unit distributions Earnings Per Share - Q1 2025 vs Q1 2024 | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Basic EPS | $(0.01) | $0.33 | | Diluted EPS | $(0.01) | $0.33 | - The **($0.01) loss per share** in Q1 2025 occurred because distributions of **$163,000** paid to Class X OP Units were deducted from the net income attributable to common stockholders when calculating EPS[38](index=38&type=chunk)[40](index=40&type=chunk) [FFO and AFFO - Last Five Quarters](index=13&type=section&id=FFO%20and%20AFFO%20-%20Last%20Five%20Quarters) In Q1 2025, AFFO attributable to common stockholders and OP Unit holders was **$3.9 million**, or **$0.33 per fully diluted share**, an **18% increase** in total AFFO year-over-year FFO and AFFO Per Share/Unit (Fully Diluted) | Metric | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | FFO Per Share/Unit | $0.33 | $0.43 | -23.3% | | AFFO Per Share/Unit | $0.33 | $0.29 | +13.8% | Q1 2025 AFFO Reconciliation (in thousands) | Item | Value | | :--- | :--- | | Net Income (Loss) Attributable to Common Stockholders and OP Unit Holders | $2 | | FFO Adjustments (Depreciation, Gain on Sale, etc.) | $3,923 | | **FFO Attributable to Common Stockholders and OP Unit Holders** | **$3,925** | | AFFO Adjustments (Stock Comp, Amortization, etc.) | ($13) | | **AFFO Attributable to Common Stockholders and OP Unit Holders** | **$3,912** | [Adjusted EBITDA - Last Five Quarters](index=14&type=section&id=Adjusted%20EBITDA%20-%20Last%20Five%20Quarters) Q1 2025 Adjusted EBITDA was **$9.4 million**, with Net Debt to Adjusted EBITDA at **7.5x** due to decreased cash Adjusted EBITDA and Net Debt Ratio | Metric | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Adjusted EBITDA | $9,378,000 | $9,984,000 | | Net Debt | $283,202,000 | $277,970,000 | | Net Debt / Adjusted EBITDA | 7.5x | 7.0x | [Leverage Ratio](index=15&type=section&id=Leverage%20Ratio) As of March 31, 2025, the company's leverage ratio was **47.6%**, well below the **60% maximum** covenant requirement Leverage Ratio Calculation (as of March 31, 2025) | Component | Value (in thousands) | | :--- | :--- | | Total Asset Value | $608,122 | | Total Indebtedness | $289,735 | | **Leverage Ratio** | **47.6%** | [Balance Sheets and Capitalization](index=16&type=section&id=Balance%20Sheets%20and%20Capitalization) [Capitalization](index=16&type=section&id=Capitalization) Modiv's enterprise value was **$521.1 million**, with **53% debt** and **100% fixed-rate debt** for 2025 at **4.27%** Capitalization Structure (as of March 31, 2025) | Category | Value (in thousands) | % of Total | | :--- | :--- | :--- | | Preferred Equity | $44,875 | 9% | | Implied Equity Market Capitalization | $201,611 | 38% | | Total Debt | $280,781 | 53% | | **Total Capitalization** | **$527,267** | **100%** | - **100% of the company's total debt** is fixed-rate for 2025, achieved through new swap agreements on its **$250 million Term Loan**, fixing the rate at **4.25%**[48](index=48&type=chunk) - The company reduced its Revolver line of credit from **$150 million to $30 million** in December 2024 to save on annual unused fees[48](index=48&type=chunk) [Consolidated Balance Sheets](index=17&type=section&id=Consolidated%20Balance%20Sheets) Total assets were **$506.8 million** as of March 31, 2025, with a decrease in cash and stable liabilities and equity Key Balance Sheet Items (in thousands) | Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Real Estate Investments, Net | $474,080 | $473,906 | | Cash and Cash Equivalents | $6,165 | $11,530 | | **Total Assets** | **$506,802** | **$507,829** | | Total Liabilities | $293,426 | $293,779 | | Total Equity | $213,376 | $214,050 | | **Total Liabilities and Equity** | **$506,802** | **$507,829** | - A property with a net value of **$22.4 million** is classified as 'Real estate investments held for sale' as of March 31, 2025, consistent with the prior quarter[49](index=49&type=chunk) [Debt Overview](index=18&type=section&id=Debt%20Overview) Total debt was **$280.8 million** as of March 31, 2025, with **100% fixed-rate** for 2025 at a **4.27% weighted average** Debt Composition (as of March 31, 2025) | Debt Type | Outstanding Balance (in thousands) | Interest Rate | | :--- | :--- | :--- | | Mortgage Notes | $30,781 | 3.85% - 4.85% | | Term Loan | $250,000 | 4.25% (fixed via swap) | | Revolver | $0 | 6.16% (variable) | | **Total Debt** | **$280,781** | **4.27% (weighted avg.)** | - The **$250 million Term Loan's** interest rate is fixed at **4.25%** for the year ending December 31, 2025, through interest rate swap agreements[50](index=50&type=chunk) [Credit Facility and Mortgage Notes Covenants](index=19&type=section&id=Credit%20Facility%20and%20Mortgage%20Notes%20Covenants) Modiv was in full compliance with all financial covenants, maintaining a **47.6% leverage ratio** against a **60% maximum** Unsecured Credit Facility Covenant Compliance (as of March 31, 2025) | Covenant | Requirement | Actual | | :--- | :--- | :--- | | Maximum Leverage Ratio | < 60% | 47.6% | | Minimum Fixed Charge Coverage Ratio | > 1.50x | 1.83x | | Maximum Secured Indebtedness Ratio | < 40% | 7% | [Real Estate Portfolio](index=20&type=section&id=Real%20Estate) [Real Estate Acquisitions](index=20&type=section&id=Real%20Estate%20Acquisitions) From Jan 2024 to Mar 2025, Modiv acquired two Florida industrial properties for **$11.2 million** at an **8.0% initial cap rate** Acquisition Activity (Jan 2024 - Mar 2025) | Tenant and Location | Acquisition Date | Acquisition Price (thousands) | Initial Cap Rate | | :--- | :--- | :--- | :--- | | Torrent, Seminole, FL | July 2024 | $5,125 | 8.0% | | Science First, Yulee, FL | March 2025 | $6,100 | 8.0% | | **Total** | | **$11,225** | **8.0%** | [Real Estate Dispositions](index=21&type=section&id=Real%20Estate%20Dispositions) Between Jan 2024 and Mar 2025, the company disposed of three properties and one land parcel for **$17.6 million** Disposition Activity (Jan 2024 - Mar 2025) | Tenant and Location | Property Type | Disposition Date | Disposition Price (thousands) | | :--- | :--- | :--- | :--- | | Levins, Sacramento, CA | Industrial | January 2024 | $7,075 | | Cummins, Nashville, TN | Office | February 2024 | $7,950 | | Lindsay, Canal Fulton, OH | Industrial (Land) | September 2024 | $240 | | Producto, Endicott, NY | Industrial | January 2025 | $2,362 | | **Total** | | | **$17,627** | [Top 20 Tenants](index=22&type=section&id=Top%2020%20Tenants) The top 20 tenants account for **89% of total ABR**, with Lindsay being the largest at **14% of ABR** - The top 20 tenants contribute **89% of total ABR**[59](index=59&type=chunk) Top 5 Tenants by ABR % | Tenant | ABR as a % of Total Portfolio | | :--- | :--- | | Lindsay | 14% | | KIA of Carson | 11% | | State of CA OES | 7% | | AvAir | 6% | | 3M | 5% | [Property Type](index=23&type=section&id=Property%20Type) The portfolio is **80% industrial core** by ABR, with non-core properties representing **20% of ABR** Portfolio by Property Type | Property Type | % of Total ABR | % of Total Square Feet | | :--- | :--- | :--- | | Industrial core | 80% | 93% | | Non-core | 20% | 7% | - Non-core properties include a legacy Costco property under a purchase and sale agreement with homebuilder KB Home, and a legacy OES property where the tenant has indicated interest in exercising a purchase option[61](index=61&type=chunk) [Tenant Industry Diversification](index=24&type=section&id=Tenant%20Industry%20Diversification) Portfolio diversified across 13 industries, with Infrastructure, Automotive, and Industrial Products as top three by ABR Top 5 Industries by ABR % | Industry | % of Total ABR | | :--- | :--- | | Infrastructure | 24% | | Automotive | 15% | | Industrial Products | 14% | | Aerospace/Defense | 13% | | Government | 7% | [Tenant Geographic Diversification](index=25&type=section&id=Tenant%20Geographic%20Diversification) Properties are spread across 15 states, with California, Ohio, and Arizona accounting for **54% of total ABR** Top 5 States by ABR % | State | % of Total ABR | | :--- | :--- | | California | 30% | | Ohio | 13% | | Arizona | 11% | | Illinois | 9% | | Florida | 7% | [Lease Expirations](index=26&type=section&id=Lease%20Expirations) The portfolio has a well-staggered lease expiration schedule, with only **3% of ABR expiring in 2025** Cumulative ABR Expiration | Year of Expiration | Cumulative % of ABR Expiring | | :--- | :--- | | 2025 | 3% | | 2026 | 6% | | 2027 | 8% | | 2028 | 10% | | 2034 | 41% | | Thereafter | 100% | - A recent **10-year lease extension** with Fujifilm Dimatix, Inc. moved its expiration to 2036, contributing to the long-term stability of the portfolio[64](index=64&type=chunk) [Appendix](index=27&type=section&id=Appendix) [Disclosures Regarding Non-GAAP and Other Metrics](index=27&type=section&id=Disclosures%20Regarding%20Non-GAAP%20and%20Other%20Metrics) This section defines non-GAAP financial measures like FFO, AFFO, and Adjusted EBITDA, used for assessing operating performance - FFO is a Nareit-defined measure that excludes items like depreciation and gains on property sales to facilitate operating performance comparisons between REITs[67](index=67&type=chunk) - AFFO further adjusts FFO by excluding non-routine and certain non-cash items (e.g., stock compensation, amortization of deferred rent) to provide what management believes is a recognized measure of sustainable operating performance[68](index=68&type=chunk) - Adjusted EBITDA is defined as net income adjusted for depreciation, amortization, interest expense, and other non-cash or non-recurring items to provide a widely used industry measure for comparing operating performance[71](index=71&type=chunk)

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Presents Modiv Industrial, Inc.'s unaudited condensed consolidated financial statements and management's discussion and analysis [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents Modiv Industrial, Inc.'s unaudited condensed consolidated financial statements for Q1 2025, including balance sheets, operations, and cash flows Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total real estate investments, net** | $474,080 | $473,906 | | **Cash and cash equivalents** | $6,165 | $11,530 | | **Total assets** | $506,802 | $507,829 | | **Total liabilities** | $293,426 | $293,779 | | **Total equity** | $213,376 | $214,050 | Condensed Consolidated Statement of Operations Highlights (in thousands) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | **Total revenue** | $11,793 | $11,967 | | **Operating income** | $4,736 | $6,659 | | **Net income** | $829 | $4,637 | | **Net income attributable to common stockholders** | $2 | $2,802 | | **Basic Earnings (loss) per share** | $(0.01) | $0.33 | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $3,050 | $2,987 | | **Net cash (used in) provided by investing activities** | $(864) | $14,682 | | **Net cash used in financing activities** | $(7,551) | $(2,393) | | **Net (decrease) increase in cash** | $(5,365) | $15,276 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies and specific financial statement items, covering real estate investments, debt, derivatives, and equity - The company's portfolio as of March 31, 2025, consists of **43 real estate properties**, with approximately **80% of its Annual Base Rent (ABR)** derived from **39 industrial properties**[31](index=31&type=chunk) - In Q1 2025, the company acquired **one industrial property in Florida for $6.1 million** and sold **one industrial property in New York for $2.4 million**[50](index=50&type=chunk)[52](index=52&type=chunk) - In January 2025, the company entered into **two interest rate swap agreements totaling $250.0 million** to fix the SOFR rate at **2.45%** for its Term Loan through December 31, 2025, paying a **$4.2 million premium** to buy down the rate[76](index=76&type=chunk)[83](index=83&type=chunk) - A stock repurchase program for Series A Preferred Stock was authorized on March 4, 2025. Through March 31, 2025, **205,000 shares were repurchased for $4.9 million**[38](index=38&type=chunk)[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, operations, and cash flows, covering strategic focus, market uncertainties, liquidity, and non-GAAP measures [Overview and Recent Events](index=30&type=section&id=Overview%20and%20Recent%20Events) The company, an internally managed REIT, focuses on acquiring industrial manufacturing properties and has mitigated interest rate risk with new swap agreements - The company's strategic focus is on acquiring **critical industrial manufacturing properties** to strengthen national supply chains[132](index=132&type=chunk) - As of March 31, 2025, the portfolio had a weighted average remaining lease term (WALT) of **13.8 years** and a **98% occupancy rate**[138](index=138&type=chunk) - To mitigate interest rate risk, the company entered into new swap agreements in January 2025, fixing the rate on its **$250 million Term Loan at 4.25%** for the year ending December 31, 2025[137](index=137&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company plans to fund acquisitions and debt payments through bank borrowings, property sales, and equity offerings, maintaining a $280 million credit facility - Primary sources of capital include the credit facility, mortgage debt, property sales, and equity offerings. The company expects to have **adequate liquidity for the next 12 months**[144](index=144&type=chunk)[146](index=146&type=chunk) - Through April 30, 2025, the company has raised **$10.4 million in net proceeds** from its ATM Offering, with **$38.1 million remaining available** for issuance[147](index=147&type=chunk) - The company's credit facility maturity was extended to **January 2027** for both the Revolver and Term Loan. The Revolver capacity was reduced to **$30.0 million** to lower unused fees[149](index=149&type=chunk)[150](index=150&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Rental income remained stable in Q1 2025, while stock compensation expense decreased significantly and other expenses increased due to higher interest Comparison of Key Expenses (in millions) | Expense Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Rental Income | $11.7 | $11.9 | -1.7% | | General & Administrative | $2.0 | $2.0 | 0% | | Stock Compensation | $0.5 | $1.4 | -65% | | Depreciation & Amortization | $3.8 | $4.1 | -8% | | Other Expense | $3.9 | $2.0 | +95% | - The decrease in stock compensation expense was primarily due to the **full vesting of Class P and Class R OP Units** at the end of March 2024[182](index=182&type=chunk) - The increase in Other Expense was mainly driven by a **$1.7 million increase in interest expense**, reflecting the absence of a prior-year unrealized gain on a derivative and the amortization of new off-market derivative premiums[186](index=186&type=chunk) [Funds from Operations and Adjusted Funds from Operations](index=35&type=section&id=Funds%20from%20Operations%20and%20Adjusted%20Funds%20from%20Operations) Reconciles net income to non-GAAP measures FFO and AFFO, with Q1 2025 FFO per share at $0.33 and AFFO per share at $0.33 FFO and AFFO Reconciliation (in thousands, except per share data) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net income attributable to common stockholders and OP Unit holders | $2 | $3,715 | | **FFO attributable to common stockholders and OP Unit holders** | **$3,925** | **$4,846** | | FFO Per Share/Unit (Fully diluted) | $0.33 | $0.43 | | **AFFO attributable to common stockholders and OP Unit holders** | **$3,912** | **$3,318** | | AFFO Per Share/Unit (Fully diluted) | $0.33 | $0.29 | [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - Not applicable as the company is a **smaller reporting company**[199](index=199&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[201](index=201&type=chunk) - No **material changes to internal control over financial reporting** occurred during the quarter ended March 31, 2025[202](index=202&type=chunk) [PART II - OTHER INFORMATION](index=42&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Presents other information including legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company reports it is not a party to any material legal proceedings - As of March 31, 2025, the Company is not a party to any **legal proceeding that could have a material adverse effect** on its business[109](index=109&type=chunk)[203](index=203&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the company's Annual Report on Form 10-K - No **material changes** have been made to the risk factors disclosed in the Annual Report filed on March 4, 2025[204](index=204&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the issuance of Class C OP Units for a property acquisition and the repurchase of Series A Preferred Stock - On March 7, 2025, the Company issued **344,119 Class C OP Units valued at $5.9 million** in connection with a property acquisition, exempt from registration under Section 4(a)(2) of the Securities Act[205](index=205&type=chunk) Issuer Purchases of Series A Preferred Stock (March 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | March 1-31, 2025 | 205,000 | $23.661 | [Other Information](index=43&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q1 2025 - No directors or officers adopted or terminated a **Rule 10b5-1 or non-Rule 10b5-1 trading arrangement** in Q1 2025[207](index=207&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) Provides an index of exhibits filed with or incorporated by reference into the Quarterly Report on Form 10-Q - The report includes an **exhibit index** listing all documents filed with the report, such as certifications and XBRL data[208](index=208&type=chunk)[211](index=211&type=chunk)

Group 1 - The recent months have significantly altered global trading norms due to the implementation of tariffs, leading to a new economic reality [1] - The economy is currently navigating through these changes, indicating a period of adjustment for various industries [1]

Modiv Industrial, Inc. (NYSE:MDV) Q4 2024 Earnings Conference Call March 4, 2024 8:30 AM ET Company Participants John Raney - Chief Operating Officer and General Counsel Aaron Halfacre - Chief Executive Officer, President and Director Ray Pacini - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney Bryan Maher - B. Riley Securities Operator Good day and welcome to Modiv Industries Incorporated's Fourth Quarter 2023 Conference Call. All participants will be in listen-only mode. [Opera ...