Modiv Industrial Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Rental Revenue	46.48	46.5	46.94	43.82	37.89	38.64
Property Management Fees	0.26	0.26	0.3	-	-	-
Other Revenue	0.74	0.15	0.28	0.28	0.28	0.3
Total Revenue	47.48	46.91	47.51	44.1	38.17	38.94
Revenue Growth (YoY	-0.49%	-1.28%	7.74%	15.55%	-1.98%	57.13%
Property Expenses	3.5	3.61	5.16	6.55	6.88	7
Selling, General & Administrative	5.63	6.34	6.64	7.81	9.72	10.4
Depreciation & Amortization	15.56	16.6	15.55	14.93	15.27	17.59
Total Operating Expenses	26.85	28.14	38.53	31.69	34.61	34.99
Operating Income	20.63	18.77	8.99	12.41	3.56	3.95
Interest Expense	-20.43	-21.82	-18.69	-8.11	-7.59	-11.46
Interest & Investment Income	0.2	0.59	0.8	0.02	0.02	0
Other Non-Operating Income	4.6	5.6	4.88	0.09	0.28	-0.73
EBT Excluding Unusual Items	5.01	3.13	-4.02	4.42	-3.72	-8.24
Merger & Restructuring Charges	-	-	-	-	-	-0.2
Impairment of Goodwill	-	-	-	-17.32	-	-33.27
Gain (Loss) on Sale of Investments	0.03	-	1.42	-	-	-
Gain (Loss) on Sale of Assets	0.08	3.36	-1.71	12.2	6.14	4.14
Asset Writedown	-4	-	-4.39	-2.08	-3.37	-11.57
Other Unusual Items	-0.2	-	-	-1.73	0.52	-
Pretax Income	0.92	6.49	-8.7	-4.51	-0.44	-49.14
Earnings From Continuing Operations	0.92	6.49	-8.7	-4.51	-0.44	-49.14
Minority Interest in Earnings	0.5	-0.48	2.08	1.22	-	-
Net Income	1.41	6.02	-6.61	-3.29	-0.44	-49.14
Preferred Dividends & Other Adjustments	4.01	3.69	3.69	3.69	1.07	-
Net Income to Common	-2.6	2.33	-10.3	-6.98	-1.5	-49.14
Basic Shares Outstanding	10	9	8	7	8	8
Diluted Shares Outstanding	10	11	8	7	8	8
Shares Change (YoY)	14.08%	48.02%	0.96%	-0.76%	-5.76%	59.74%
EPS (Basic)	-0.26	0.25	-1.36	-0.93	-0.20	-6.14
EPS (Diluted)	-0.31	0.25	-1.36	-0.93	-0.20	-6.14
Dividend Per Share	1.165	1.150	1.150	1.150	1.075	1.460
Dividend Growth	1.30%	-	-	6.95%	-26.36%	-31.01%
Operating Margin	43.44%	40.01%	18.92%	28.14%	9.32%	10.13%
Profit Margin	-5.48%	4.97%	-21.68%	-15.82%	-3.93%	-126.21%
EBITDA	35.33	34.52	23.73	26.33	17.49	20.17
EBITDA Margin	74.42%	73.59%	49.95%	59.71%	45.83%	51.79%
D&A For Ebitda	14.71	15.75	14.74	13.92	13.93	16.22
EBIT	20.63	18.77	8.99	12.41	3.56	3.95
EBIT Margin	43.44%	40.01%	18.92%	28.14%	9.32%	10.13%
Funds From Operations (FFO)	17.8	16.8	10.18	-2.2	6.65	-26.47
FFO Per Share	1.48	1.50	0.92	-0.29	0.76	-3.31
Adjusted Funds From Operations (AFFO)	-	14.99	14.67	16.63	11.45	9.49
AFFO Per Share	-	1.34	1.33	1.63	1.30	1.03
FFO Payout Ratio	66.93%	62.15%	80.16%	-	52.21%	-
Revenue as Reported	47.04	46.76	47.23	-	-	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.

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