Modiv Industrial Declares Quarterly Dividends for Preferred Shareholders and Monthly Distributions for Common Shareholders
September 03 2024 - 6:30AM
Business Wire
Modiv Industrial, Inc. (“Modiv Industrial,” “Modiv” or the
“Company”) (NYSE:MDV), the only public REIT exclusively focused on
acquiring industrial manufacturing real estate properties,
announced the declaration of a regular quarterly cash dividend of
$0.4609375 per share on the Company’s 7.375% Series A Cumulative
Redeemable Perpetual Preferred Stock, $0.001 par value per share
(the “Series A Preferred Stock”), for the third quarter of 2024 and
the declaration of a regular monthly cash distribution of $0.09583
per share on the Company’s Class C common stock, $0.001 par value
per share (the “Common Stock”), for each of October, November and
December 2024.
On July 31, 2024, the Board of Directors authorized a quarterly
dividend payable to Series A Preferred Stockholders of record as of
September 30, 2024, which will be paid on October 15, 2024. The
quarterly dividend amount of $0.4609375 per share represents an
annualized dividend rate of $1.84375 per share of Series A
Preferred Stock.
Additionally, the Board of Directors authorized monthly
distributions payable to Common Stockholders of record as of
October 31, 2024, November 29, 2024 and December 31, 2024, which
will be paid on or about November 25, 2024, December 24, 2024 and
January 27, 2025, respectively. The current monthly distribution
amount of $0.09583 per share represents an annualized distribution
rate of $1.15 per share of common stock and a dividend yield of
6.9% based on Modiv Industrial’s closing price of $16.64 on August
30, 2024.
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 related to annualized dividend rates, future
distributions and distributions declared by the Company’s board of
directors. 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 Securities and Exchange Commission (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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240903472727/en/
Investor Inquiries:
management@modiv.com
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