The following is a summary of the Modiv Industrial, Inc. (MDV) Q1 2024 Earnings Call Transcript:
Financial Performance:
Modiv Industrial reported Q1 rental income of $11.9 million, up 15.4% YoY due to the acquisition of 12 industrial manufacturing properties in 2023.
Adjusted funds from operations (AFFO) for Q1 reached $3.3 million, a 6.6% increase YoY.
AFFO per share was $0.29, a slight decrease from the previous year due to an increase in fully-diluted outstanding shares.
Property expenses decreased by $723,000 YoY due to the disposition of properties.
Q1 2024 ended with $18.4 million in cash and cash equivalents, and a total debt of $281 million.
Business Progress:
Modiv Industrial pursued a strategy of property acquisitions and non-core property dispositions in 2023 and the first two months of 2024.
The company's property portfolio comprises 42 properties with a weighted average lease term of 13.9 years.
Approximately 34% of Modiv's tenants hold an investment-grade credit rating from BBB- or better.
The company is exploring strategic partnerships and acquisition opportunities despite the current volatile market conditions.
More details: Modiv Industrial IR
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