Modiv Industrial, Inc. (“Modiv Industrial”, “Modiv”, the
“Company”, “we” or “our”), (NYSE:MDV), the only public REIT
exclusively focused on acquiring industrial manufacturing real
estate, today announced operating results for the second quarter
ended June 30, 2024.
Highlights:
- Second quarter rental income of $11.3 million. Due to the
elimination of some non-NNN tenant reimbursements related to the
August 2023 portfolio disposition of 13 properties, rental income
decreased $493,000. Concurrently during the quarter, we benefited
from an $834,000 decrease in property expenses and $179,000
decrease in G&A.
- Second quarter AFFO of $3.9 million increased by $575,000, or
17.3% year over year.
- On July 15, 2024, we completed the acquisition of an industrial
manufacturing property for $5.2 million with a company that
produces optical systems for the defense and aerospace industries.
The property is located in the Tampa Florida MSA and the tenant
entered into a 20-year lease, with 2.85% annual rent escalations,
at an initial cap rate of 8.0% and a weighted average cap rate of
10.6%.
- On August 1, 2024, we repurchased 656,191 Class C units in our
operating partnership and 123,809 shares of MDV common stock from
First City Investment Group, LLC based on the 10-day average
closing price as of July 29, 2024 of $14.80 per share for a total
of $11,544,000. These units and shares were originally issued at
$25.00 in January 2022, representing an accretive full-cycle
transaction of nearly $8 million. The reduction of shares
outstanding from this repurchase results in an increased AFFO per
diluted share for the recent quarter of $0.37 on a pro forma basis
assuming the repurchase occurred at the beginning of the quarter.
This repurchase also terminates a tax protection agreement thereby
allowing the KIA auto dealership property to be recycled to buy
additional industrial manufacturing assets.
- Fully covered dividend yield of 7.79% based on our closing
price of $14.76 on August 5, 2024.
“We’re back…it’s been a little more than three months since our
last earnings release…what a summer. For those who are reading this
for the first time, I encourage you to pull up the prior quarter
press releases as each of these missives ties to the other. This
summer has been very similar to spring with still more price
volatility, economic uncertainty and geo-political risk. Modiv
stock, along with other REITs, has seen whipsaw price action as the
market seems to swoon with admiration or hide with fright on any
given day. As of this writing, the market appears to be hot to trot
for some big (and quick) rate cuts – not too dissimilar to the
market’s mood back in December. We hope it happens this time (but
ideally not on the heels of an economic meltdown), but we are fully
prepared for a meaningful rate cut not to happen for a while should
that be the case.
If volatility and uncertainty are the malady, then patience and
discipline are the medicine. With abundant patience and ironclad
discipline, the price volatility and economic/political uncertainty
we’ve all experienced is simply data that should be used to inform,
not emote. That’s been our approach even though it hasn’t always
been fun. As they say, patience begets patience – what you gain
from patience is the ability to continue to be patient. Same holds
true for discipline. Not sexy, but it works and, most importantly,
it is working for us.
To be fair, we are not a stone cold company bereft of sentiment.
In fact, we have a great sense of calm knowing that our company is
stronger than it has ever been – we are ideally poised for the
winds of fortune should they choose to blow our way. We also hold a
sense of balanced optimism that the market tumult experienced by
asset-intensive companies will come full circle eventually.
However, trying to guess when that happens could make one sick so
we will stick to taking our medicine. Grit, grind, get it done!
Business Outlook:
Acquisition Activity – You may have noticed above that
the Tampa-MSA acquisition had a closing purchase price of $5.2
million but last quarter’s release we noted that the LOI we had
signed was for $6.4 million. When we first entered into the LOI, it
was for the main building (which we ultimately ended up acquiring)
and a second, smaller building. After we completed our site tour (I
physically tour every purchase along with Bill Broms, our CIO), we
identified that the second building wasn’t in the same line of
business and after conducting some additional due diligence decided
we weren’t a buyer of that asset. Consistent with our disciplined
approach, we offered the seller a choice: we can walk away from
both or we can drop the second building.
Yes, it is a small purchase, but it is accretive, and we always
want to make sure each dollar of capital deployed is working hard
as it can to create value. We continue to look at individual
acquisitions but currently have not found a single asset
acquisition that compels us.
Share Repurchase – Way, way back in the fall of 2021,
before we had listed on the NYSE, back when interest rates had a
3-handle, and before we had conflicts in the Ukraine and Gaza (so
basically ancient history)… we entered into negotiations with the
then owner of the KIA auto dealership property which is
attractively located along the 405 freeway in Los Angeles County.
The owner was looking to shelter taxes on the potential sale of the
property and we offered a 721 exchange/UPREIT transaction. The sale
leaseback transaction that we entered into resulted in an accretive
equity issuance in January 2022 of $32.8 million at a share price
of $25.00.
Flash forward to 2Q24, after all the market carnage we have
witnessed over the past two years, when the owner of the shares we
had issued at $25 reached out to us seeking liquidity to pursue
another attractive investment opportunity. On a per share basis,
the math was a no-brainer, so we entered into a transaction that
allowed us to accretively repurchase a large block of the shares
(59% of the original total) at a price of $14.80 – a nearly $8
million 'green trade' and over 100 bps net effective improvement in
the cap rate on that asset. Another example of us making sure each
dollar of capital deployed is 'earning its keep.'
Discussions with Potential Strategic Partners – For
several quarters now we have been keeping you apprised of our
ongoing discussions with potential strategic partners with the view
that affording you the most transparency that we can helps to
better inform you, the investor. In our last earnings release I
metaphorically described two battleships, one located alongside the
English shore and the other located along the shore of Miami. As of
this writing, we have entered into a non-binding LOI with the Miami
shore battleship. This LOI, which is subject to satisfactorily
addressing several contingencies that may or may not be met
(meaning this might not happen), contemplates Modiv entering into a
non-controlling joint venture arrangement whereby we would acquire
a less-than-majority (but meaningful) stake in their portfolio of
industrial manufacturing assets. The real estate private equity
firm that steers the battleship is a savvy and respected enterprise
that we believe makes for an ideal joint venture partner. We do not
anticipate the JV growing in size after we enter into it and, under
the right market conditions, would be pleased to have the
opportunity to acquire all or some of the assets in the future. We
would be acquiring said JV stake with a mix of cash and stock, with
the stock being issued at a premium price comfortably above our 30,
60, 90, 120 and 180-day VWAP ranges. The negotiated cap rate is
attractive and this transaction will be accretive, even before
taking into consideration the host of other strategic benefits it
brings.
Next steps for us, and the other battleship, are to clear the
contingencies and then enter into a formal purchase agreement. We
are contemplating this transaction as a 'sign and close' so the
next time you will most likely hear from on us on this topic will
be either an 8-K disclosing the consummation of the deal or a
future 10-Q where we tell you why it didn’t close. That being said,
we know their portfolio well, I have toured each one of the assets
personally, and there is a natural complement to us both in terms
of industry and location.
It is also worth noting that we are still in discussions with
the English shore battleship (in fact, I spoke to them last week),
which means we could potentially enter into another transaction at
some point down the road.
Gratitude – I want to take a special moment to express
how thankful I am for the contributions made by Adam Markman and
Curtis McWilliams as members of our board of directors. They first
joined our board five years ago and have been instrumental in our
evolution. They have informed us of their intent not to stand for
reelection and I felt it important to recognize their positive
impact over these many years. Change is inevitable in life and, on
behalf of Modiv, I wish them the very best in their future
endeavors. Personally, I wish to stand tall, shoulders back, and
offer them a sharp salute for their service. Thank you gentlemen,
it’s been an honor.
Ok, that wraps it up. Zulu Foxtrot Golf. Back to the
grindstone!” – Aaron Halfacre, CEO of Modiv Industrial.
Conference Call and Webcast
A conference call and audio webcast with analysts and investors
will be held on Tuesday, August 6, 2024, at 10:30 a.m. Eastern Time
/ 7:30 a.m. Pacific Time, to discuss the second quarter 2024
operating results and answer questions.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at
10:30 a.m. Eastern Time, Tuesday, August 6, 2024
Webcast: To listen to the webcast, either live or
archived, please use this link
https://viavid.webcasts.com/starthere.jsp?ei=1683079&tp_key=e72f68c908
or visit the investor relations page of Modiv's website at
www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT that is
focused on single-tenant net-lease industrial manufacturing real
estate. The Company actively acquires critical industrial
manufacturing properties with long-term leases to tenants that fuel
the national economy and strengthen the nation’s supply chains. For
more information, please visit: www.modiv.com.
Forward-looking Statements
Certain statements contained in this press release, other than
historical facts, may be considered forward looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, but are not limited to,
statements regarding our plans, strategies and prospects, both
business and financial. Such forward-looking statements are subject
to various risks and uncertainties, including but not limited to
those described under the section entitled “Risk Factors” in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2023 filed with the SEC on March 7, 2024. Accordingly, there
are or will be important factors that could cause actual outcomes
or results to differ materially from those indicated in these
statements. These factors should not be construed as exhaustive and
should be read in conjunction with the other cautionary statements
that are included in this press release and in the Company’s other
filings with the SEC. Any forward-looking statements herein speak
only as of the time when made and are based on information
available to the Company as of such date and are qualified in their
entirety by this cautionary statement. The Company assumes no
obligation to revise or update any such statement now or in the
future, unless required by law.
Notice Involving Non-GAAP Financial Measures
In addition to U.S. GAAP financial measures, this press release
and the supplemental financial and operating report included in our
Form 8-K dated August 6, 2024 contain and may refer to certain
non-GAAP financial measures. These non-GAAP financial measures are
in addition to, not a substitute for or superior to, measures of
financial performance prepared in accordance with GAAP. These
non-GAAP financial measures should not be considered replacements
for, and should be read together with, the most comparable GAAP
financial measures. Reconciliations to the most directly comparable
GAAP financial measures and statements of why management believes
these measures are useful to investors are provided below.
AFFO is a measure that is not calculated in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”). See the Reconciliation of Non-GAAP Measures later
in this press release.
The Company defines “initial cap rate” for property acquisitions
as the initial annual cash rent divided by the purchase price of
the property. The Company defines “weighted average cap rate” for
property acquisitions as the average annual cash rent including
rent escalations over the lease term, divided by the purchase price
of the property.
MODIV INDUSTRIAL, INC.
Condensed Consolidated
Statements of Operations
For the Three and Six Months
Ended June 30, 2024 and 2023
(Unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2024
2023
2024
2023
Income: Rental income
$
11,343,521
$
11,836,563
$
23,244,088
$
22,147,745
Management fee income
65,993
65,993
131,986
131,987
Total income
11,409,514
11,902,556
23,376,074
22,279,732
Expenses: General and administrative
1,418,893
1,597,776
3,418,294
3,505,831
Stock compensation expense
67,500
660,170
1,446,002
1,320,339
Depreciation and amortization
4,136,528
3,956,334
8,270,029
7,228,394
Property expenses
694,043
1,527,868
1,678,025
3,234,712
Impairment of real estate investment property
-
-
-
3,499,438
Total expenses
6,316,964
7,742,148
14,812,350
18,788,714
Gain on sale of real estate investments, net
-
-
3,187,806
-
Operating income
5,092,550
4,160,408
11,751,530
3,491,018
Other income (expense): Interest income
197,883
216,841
321,722
270,535
Dividend income
4,955
-
113,328
-
Income from unconsolidated investment in a real estate property
74,211
72,773
148,065
128,340
Interest expense, including unrealized gain or loss on interest
rate swaps and net of derivative settlements
(4,103,350
)
179,931
(6,410,499
)
(3,838,861
)
Loss on sale of investment in common stock
(4,513
)
-
(4,513
)
-
Decrease in fair value of investment in common stock
-
-
(20,574
)
-
Other (expense) income, net
(3,830,814
)
469,545
(5,852,471
)
(3,439,986
)
Net income
1,261,736
4,629,953
5,899,059
51,032
Less: net loss (income) attributable to noncontrolling interest in
Operating Partnership
63,181
(649,643
)
(849,683
)
166,556
Net income (loss) attributable to Modiv Industrial, Inc.
1,324,917
3,980,310
5,049,376
217,588
Preferred stock dividends
(921,875
)
(921,875
)
(1,843,750
)
(1,843,750
)
Net income (loss) attributable to common stockholders
$
403,042
$
3,058,435
$
3,205,626
$
(1,626,162
)
Net income (loss) per share attributable to common
stockholders: Basic
$
0.04
$
0.41
$
0.36
$
(0.22
)
Net income (loss) per share attributable to common stockholders and
noncontrolling interests: Diluted
$
0.03
$
0.35
$
0.36
$
(0.22
)
Weighted-average number of common shares outstanding: Basic
9,441,485
7,532,106
9,002,819
7,532,080
Diluted
11,419,115
10,638,311
11,389,106
7,532,080
Distributions declared per common share
$
0.2875
$
0.2875
$
0.5750
$
0.5750
MODIV INDUSTRIAL, INC.
Condensed Consolidated Balance
Sheets
As of June 30, 2024 and
December 31, 2023
(Unaudited)
June 30, 2024 December 31, 2023
Assets Real estate investments:
Land
$
104,858,693
$
104,858,693
Building and improvements
399,880,932
399,666,781
Equipment
4,429,000
4,429,000
Tenant origination and absorption costs
15,707,458
15,707,458
Total investments in real estate property
524,876,083
524,661,932
Accumulated depreciation and amortization
(59,171,642
)
(50,901,612
)
Total real estate investments, net, excluding unconsolidated
investment in real estate property and real estate investments held
for sale, net
465,704,441
473,760,320
Unconsolidated investment in a real estate property
9,656,786
10,053,931
Total real estate investments, net, excluding real estate
investments held for sale, net
475,361,227
483,814,251
Real estate investments held for sale, net
-
11,557,689
Total real estate investments, net
475,361,227
495,371,940
Cash and cash equivalents
18,869,651
3,129,414
Tenant deferred rent and other receivables
16,064,411
12,794,568
Above-market lease intangibles, net
1,276,959
1,313,959
Prepaid expenses and other assets
5,228,889
4,173,221
Investment in preferred stock
-
11,038,658
Interest rate swap derivatives
2,730,521
2,970,733
Other assets related to real estate investments held for sale
-
103,337
Total assets
$
519,531,658
$
530,895,830
Liabilities and Equity Mortgage
notes payable, net
$
30,927,344
$
31,030,241
Credit facility term loan, net
248,753,691
248,508,515
Accounts payable, accrued and other liabilities
3,728,094
4,469,508
Distributions payable
2,018,679
12,174,979
Below-market lease intangibles, net
8,408,406
8,868,604
Interest rate swap derivative
-
473,348
Other liabilities related to real estate investments held for sale
-
248,727
Total Liabilities
293,836,214
305,773,922
Commitments and contingencies 7.375% Series A
cumulative redeemable perpetual preferred stock, $0.001 par value,
2,000,000 shares authorized, issued and outstanding as of June 30,
2024 and December 31, 2023 with an aggregate liquidation value of
$50,000,000
2,000
2,000
Class C common stock, $0.001 par value, 300,000,000 shares
authorized; 9,825,586 shares issued and 9,482,076 shares
outstanding as of June 30, 2024 and 8,048,110 shares issued and
7,704,600 shares outstanding as of December 31, 2023
9,825
8,048
Class S common stock, $0.001 par value, 100,000,000 shares
authorized; no shares issued and outstanding as of June 30, 2024
and December 31, 2023
-
-
Additional paid-in-capital
337,780,646
292,617,486
Treasury stock, at cost, 343,510 shares held as of June 30, 2024
and December 31, 2023
(5,290,780
)
(5,290,780
)
Cumulative distributions and net losses
(147,660,654
)
(145,551,586
)
Accumulated other comprehensive income
2,140,570
2,658,170
Total Modiv Industrial, Inc. equity
186,981,607
144,443,338
Noncontrolling interests in the Operating Partnership
38,713,837
80,678,570
Total equity
225,695,444
225,121,908
Total liabilities and equity
$
519,531,658
$
530,895,830
MODIV INDUSTRIAL, INC.
Reconciliation of Non-GAAP
Measures - FFO and AFFO
For the Three and Six Months
Ended June 30, 2024 and 2023
(Unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2024
2023
2024
2023
Net income (in accordance with GAAP)
$
1,261,736
$
4,629,953
$
5,899,059
$
51,032
Preferred stock dividends
(921,875
)
(921,875
)
(1,843,750
)
(1,843,750
)
Net income (loss) attributable to common stockholders and Class
C OP Unit holders
339,861
3,708,078
4,055,309
(1,792,718
)
FFO adjustments: Depreciation and amortization of real
estate properties
4,136,528
3,956,334
8,270,029
7,228,394
Amortization of deferred lease incentives
1,198
88,570
(2,588
)
177,140
Depreciation and amortization for unconsolidated investment in a
real estate property
188,934
186,069
377,853
380,242
Impairment of real estate investment property
-
-
-
3,499,438
Gain on sale of real estate investments, net
-
-
(3,187,806
)
-
FFO attributable to common stockholders and Class C OP Unit
holders
4,666,521
7,939,051
9,512,797
9,492,496
AFFO adjustments: Stock compensation
67,500
660,170
1,446,002
1,320,339
Deferred financing costs
221,495
195,213
442,992
390,426
Due diligence expenses, including abandoned pursuit costs
-
3,848
-
346,390
Amortization of deferred rents
(1,422,070
)
(1,580,358
)
(3,093,868
)
(2,755,717
)
Unrealized loss (gain) on interest rate swap valuation
550,042
(3,708,598
)
(739,322
)
(1,986,416
)
Amortization of (below) above market lease intangibles, net
(211,599
)
(195,901
)
(423,198
)
(392,184
)
Loss on sale of investment in common stock
4,513
-
4,513
-
Decrease in fair value of investment in common stock
-
-
20,574
-
Other adjustments for unconsolidated investment in a real estate
property
23,826
11,819
47,651
23,638
AFFO attributable to common stockholders and Class C OP Unit
holders
$
3,900,228
$
3,325,244
$
7,218,141
$
6,438,972
Weighted average shares outstanding: Basic
9,441,485
7,532,106
9,002,819
7,532,080
Fully diluted (1)
11,419,115
10,638,311
11,389,106
10,494,527
FFO Per Share: Basic
$
0.49
$
1.05
$
1.06
$
1.26
Fully diluted
$
0.41
$
0.75
$
0.84
$
0.90
AFFO Per Share: Basic
$
0.41
$
0.44
$
0.80
$
0.85
Fully diluted
$
0.34
$
0.31
$
0.63
$
0.61
(1)
Includes the Class M OP Units which
automatically converted to Class C OP Units on January 30, 2024,
and Class P and Class R OP Units which automatically converted to
Class C OP Units as of March 31, 2024, to compute the fully diluted
weighted average number of shares.
FFO is defined by the National Association of Real Estate
Investment Trusts (“Nareit”) as net income or loss computed in
accordance with GAAP, excluding extraordinary items, as defined by
GAAP, and gains and losses from sales of depreciable operating
property, plus real estate-related depreciation and amortization
(excluding amortization of deferred financing costs and
depreciation of non-real estate assets), and after adjustment for
unconsolidated partnerships, joint ventures, preferred
distributions and real estate impairments. Because FFO calculations
adjust for such items as depreciation and amortization of real
estate assets and gains and losses from sales of operating real
estate assets (which can vary among owners of identical assets in
similar conditions based on historical cost accounting and
useful-life estimates), they facilitate comparisons of operating
performance between periods and between other REITs. As a result,
we believe that the use of FFO, together with the required GAAP
presentations, provides a more complete understanding of our
performance relative to our competitors and a more informed and
appropriate basis on which to make decisions involving operating,
financing, and investing activities. It should be noted, however,
that other REITs may not define FFO in accordance with the current
Nareit definition or may interpret the current Nareit definition
differently than we do, making comparisons less meaningful.
Additionally, we use AFFO as a non-GAAP financial measure to
evaluate our operating performance. AFFO excludes non-routine and
certain non-cash items such as revenues in excess of cash received
(“deferred rents”), stock-based compensation, amortization of
in-place lease valuation intangibles, deferred financing fees, gain
or loss from the extinguishment of debt, unrealized gains (losses)
on derivative instruments, and write-offs of due diligence expenses
for abandoned pursuits. We also believe that AFFO is a recognized
measure of sustainable operating performance by the REIT industry.
Further, we believe AFFO is useful in comparing the sustainability
of our operating performance with the sustainability of the
operating performance of other real estate companies. Management
believes that AFFO is a beneficial indicator of our ongoing
portfolio performance and ability to sustain our current
distribution level. More specifically, AFFO isolates the financial
results of our operations. AFFO, however, is not considered an
appropriate measure of historical earnings as it excludes certain
significant costs that are otherwise included in reported earnings.
Further, since the measure is based on historical financial
information, AFFO for the period presented may not be indicative of
future results or our future ability to pay our dividends.
By providing FFO and AFFO, we present information that assists
investors in aligning their analysis with management’s analysis of
long-term operating activities. For all of these reasons, we
believe the non-GAAP measures of FFO and AFFO, in addition to
income (loss) from operations, net income (loss) and cash flows
from operating activities, as defined by GAAP, are helpful
supplemental performance measures and useful to investors in
evaluating the performance of our real estate portfolio. AFFO is
useful in assisting management and investors in assessing our
ongoing ability to generate cash flow from operations and continue
as a going concern in future operating periods. However, a material
limitation associated with FFO and AFFO is that they are not
indicative of our cash available to fund distributions since other
uses of cash, such as capital expenditures at our properties and
principal payments of debt, are not deducted when calculating FFO
and AFFO. Therefore, FFO and AFFO should not be viewed as a more
prominent measure of performance than income (loss) from
operations, net income (loss) or cash flows from operating
activities and each should be reviewed in connection with GAAP
measurements.
Neither the SEC, Nareit, nor any other applicable regulatory
body has opined on the acceptability of the adjustments
contemplated to adjust FFO in order to calculate AFFO and its use
as a non-GAAP performance measure. In the future, the SEC or Nareit
may decide to standardize the allowable exclusions across the REIT
industry, and we may have to adjust the calculation and
characterization of this non-GAAP measure.
MODIV INDUSTRIAL, INC.
Reconciliation of Non-GAAP
Measures - Adjusted EBITDA
For the Three and Six Months
Ended June 30, 2024 and 2023
(Unaudited)
Three Months Ended June 30, Six Months Ended June
30,
2024
2023
2024
2023
Net income (in accordance with GAAP)
$
1,261,736
$
4,629,953
$
5,899,059
$
51,032
Depreciation and amortization of real estate properties
4,136,528
3,956,334
8,270,029
7,228,394
Depreciation and amortization for unconsolidated investment in a
real estate property
188,934
186,069
377,853
380,242
Interest expense, including unrealized gain or loss on interest
rate swaps and net of derivative settlements
4,103,350
(179,931
)
6,410,499
3,838,861
Interest expense on unconsolidated investment in real estate
property
93,650
95,932
187,884
191,419
Impairment of real estate investment property
-
-
-
3,499,438
Stock compensation expense
67,500
660,170
1,446,002
1,320,339
Gain on sale of real estate investments, net
-
-
(3,187,806
)
-
Due diligence expenses, including abandoned pursuit costs
-
3,848
-
346,390
Loss on sale of investment in common stock
4,513
-
4,513
-
Decrease in fair value of investment in common stock
-
-
20,574
-
Adjusted EBITDA
$
9,856,211
$
9,352,375
$
19,428,607
$
16,856,115
Annualized Adjusted EBITDA
$
39,424,844
$
37,409,500
$
38,857,214
$
33,712,230
Net debt: Consolidated debt
$
281,082,633
$
294,361,357
$
281,082,633
$
294,361,357
Debt of unconsolidated investment in real estate property (a)
9,138,019
9,372,615
9,138,019
9,372,615
Consolidated cash and cash equivalents
(18,869,651
)
(9,912,110
)
(18,869,651
)
(9,912,110
)
Cash of unconsolidated investment in real estate property (a)
(298,147
)
(494,250
)
(298,147
)
(494,250
)
$
271,052,854
$
293,327,612
$
271,052,854
$
293,327,612
Net debt / Adjusted EBITDA 6.9x 7.8x 7.0x 8.7x
(a)
Reflects the Company's 72.71% pro rata
share of the tenant-in-common's mortgage note payable and cash.
We define Net Debt as gross debt less cash and cash equivalents.
We define Adjusted EBITDA as GAAP net income or loss adjusted to
exclude real estate related depreciation and amortization, gains or
losses from the sales of depreciable property, extraordinary items,
provisions for impairment on real estate investments and goodwill,
interest expense, non-cash items such as stock compensation and
write-offs of transaction costs and other one-time transactions. We
believe these non-GAAP financial measures are useful to investors
because they are widely accepted industry measures used by analysts
and investors to compare the operating performance of REITs. EBITDA
is not a measure of financial performance under GAAP, and our
EBITDA may not be comparable to similarly titled measures of other
companies. You should not consider our EBITDA as an alternative to
net income or cash flows from operating activities determined in
accordance with GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20240806416377/en/
management@modiv.com
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