Modiv(US:MDV)2024-11-06 11:30Financial Performance - Third quarter AFFO was $0.34 per share, a penny higher than the same period last year and above consensus estimates[9]. - The company reported a net loss per share attributable to common stockholders of $(0.18) for the third quarter[18]. - The net loss attributable to common stockholders was $(1,508,277) for the quarter, compared to a profit of $403,042 in the same period last year[21]. - For the third quarter of 2024, Modiv Industrial, Inc. reported a net loss attributable to common stockholders of $1,694,965, compared to a profit of $281,002 in the previous quarter[36]. - The diluted loss per share for the third quarter of 2024 was $(0.18), a decrease from $0.03 in the previous quarter[36]. - The company experienced a net loss of $1,047,736 in the third quarter of 2024, compared to a net income of $1,261,736 in the second quarter of 2024[40]. - Funds from Operations (FFO) attributable to common stockholders and Class C OP Unit holders for the third quarter of 2024 was $2,215,511, down from $4,666,521 in the previous quarter[40]. - Adjusted Funds from Operations (AFFO) attributable to common stockholders and Class C OP Unit holders was $3,701,229 for the third quarter of 2024, compared to $3,900,228 in the previous quarter[40]. - The company reported a preferred stock dividend of $(921,875) for each of the last five quarters[40]. - The company reported a gain on the sale of real estate investments of $172,001 for the quarter, contrasting with a loss of $(1,708,801) in the same quarter of the previous year[20]. Revenue and Expenses - Rental income for the three months ended September 30, 2024, was $11,589,370, a decrease of 7.3% compared to $12,500,338 for the same period in 2023[20]. - Total income for the quarter was $11,655,363, reflecting a decline of 7.3% from $12,566,329 year-over-year[20]. - Total expenses increased to $6,927,563, up 44.5% from $15,575,404 in the same quarter last year[20]. - Operating income for the quarter was $4,899,801, down from $6,658,980 in the previous year, representing a decrease of 26.5%[20]. Capital and Debt - Consolidated debt as of September 30, 2024, was $281,011,068, with total indebtedness at $290,089,471[45]. - The leverage ratio remained stable at 48% as of September 30, 2024, consistent with December 31, 2023[44]. - The weighted average interest rate for total debt outstanding was 4.52% as of September 30, 2024[49]. - The company has a fully drawn $250 million Term Loan with a fixed interest rate of 4.53%[56]. - The company’s net debt to adjusted EBITDA ratio was 7.3x as of September 30, 2024[43]. Investments and Acquisitions - Total property acquisitions from January 1, 2023, to September 30, 2024, amounted to $134,273,574 across 1,730,704 square feet[59]. - The company disposed of properties totaling 405,025 square feet for a total disposition price of $62,731,960[62]. - The total investments in real estate property increased from $524,661,932 to $531,540,076, an increase of approximately 1.7%[51]. - The company has completed significant improvements to previously acquired properties, with $1,600,144 deployed as of September 30, 2024[59]. Tenant and Lease Information - The top 20 tenants contribute $35,881,637 in annual base rent (ABR), representing 89% of the total portfolio[64]. - Industrial core properties account for 77% of the total ABR, totaling $30,796,690[66]. - The largest tenant, Lindsay, contributes $5,333,787 in ABR, accounting for 13% of the total portfolio[64]. - The average lease term for acquired properties is approximately 20 years, with annual rent increases ranging from 2.2% to 3.0%[59]. - Lease expirations indicate that 77% of leased square footage will expire after 2030, totaling 3,458,148 square feet[71]. Cash and Liquidity - Cash and cash equivalents increased to $6,824,847 as of September 30, 2024, compared to $3,129,414 at December 31, 2023[45]. - Distributions payable decreased significantly from $12,174,979 to $1,962,762, a reduction of about 83.9%[51]. - Total liabilities decreased from $305,773,922 to $295,621,276, a reduction of about 3.8%[51]. Non-GAAP Measures - Modiv Industrial, Inc. defines Adjusted EBITDA as GAAP net income adjusted for various non-cash items, providing a clearer view of operating performance[79]. - The company uses Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) as key non-GAAP measures to assess operating performance[74][75]. - Modiv Industrial, Inc. emphasizes the importance of non-GAAP measures to provide a more complete understanding of its performance relative to competitors[76].