Modiv Inc. Class C ( (MDV) ) has released its Q3 earnings. Here is a breakdown of the information Modiv Inc. Class C presented to its investors.
Modiv Industrial, Inc. is a Maryland-based real estate investment company focusing on industrial properties, with its Class C Common Stock and Series A Preferred Stock trading on the NYSE. The company recently released its earnings report for the third quarter of 2024, highlighting a strategic focus on industrial properties and a shift in its portfolio composition.
The earnings report revealed that Modiv Industrial, Inc. achieved a net income of $4.85 million for the nine months ended September 30, 2024, a significant improvement from the net loss of $6.85 million in the same period last year. This positive turnaround was driven by strategic property acquisitions and the successful sale of non-core assets, contributing to a total income of $35.03 million. The company’s rental income for the period was $34.83 million, reflecting stability and growth in its core business operations.
Key financial metrics from the report include a notable increase in cash and cash equivalents to $6.82 million, up from $3.13 million at the end of 2023. Modiv also reported a reduction in total liabilities to $295.62 million, down from $305.77 million, indicating improved financial health and operational efficiency. Additionally, the company made significant progress in real estate transactions, acquiring a new industrial property in Tampa, Florida, and disposing of non-core properties, which streamlined its asset portfolio.
Looking ahead, Modiv Industrial, Inc. remains committed to enhancing its industrial property holdings and optimizing its asset base. The management’s outlook emphasizes continued investment in high-quality industrial properties and strategic asset management to drive long-term growth and shareholder value.
