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On November 6, 2024, Modiv Industrial, Inc., a Maryland corporation, released its financial results for the third quarter ended September 30, 2024. The company announced that its Adjusted Funds from Operations (AFFO) for the third quarter were 34 cents per share, a penny higher compared to the same period last year. Modiv Industrial also highlighted notable lease extensions, including an eight-year extension for its San Diego property and a five-year extension for its San Carlos property.
Moreover, the company reported raising $3.9 million through its ATM Offering at an average price of $16.54 since the last earnings release. Modiv Industrial is engaged in an upcoming UPREIT transaction for an industrial property in Jacksonville, FL, expected to result in an issuance of approximately $6 million in OP units at $17.00 per share. Additionally, the company proposed an increase in its annual dividend rate to $1.17 per share, subject to board approval.
The full financial report, including detailed financial statements and management’s discussion and analysis, can be accessed on the company’s official website.
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The presented financial results reflect Modiv Industrial, Inc.’s efforts to maintain transparency and drive shareholder value amidst market challenges. The company’s strategic decision-making and commitment to enhancing its real estate portfolio are key highlights of its recent performance.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Modiv’s 8K filing here.
