Modiv Industrial, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Modiv Industrial, Inc. has filed its 2023 10-K report, detailing its financial performance and operational status as a Real Estate Investment Trust.</b>

AI Summary

Modiv Industrial, Inc. (MDV-PA) filed a Annual Report (10-K) with the SEC on March 7, 2024. Modiv Industrial, Inc. (MDV) filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Maryland and operates under the SIC code 6798 for Real Estate Investment Trusts. Its principal business address is located at 200 S. Virginia Street, Suite 800, Reno, NV 89501. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. Modiv Industrial, Inc. was formerly known as MODIV INC., RW HOLDINGS NNN REIT, INC., and Rich Uncles NNN REIT, Inc.

Why It Matters

For investors and stakeholders tracking Modiv Industrial, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Modiv Industrial's financial health, strategic direction, and risk factors for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. As a Real Estate Investment Trust (REIT), the details within this filing are particularly important for understanding its property portfolio, rental income, and compliance with REIT regulations, which impact its tax status and dividend distribution policies.

Risk Assessment

Risk Level: medium — Modiv Industrial, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the typical disclosure of a company's annual performance and outlook.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Modiv Industrial's performance and identify potential investment opportunities or risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-03-07 — Filing Date (The date the 10-K was filed with the SEC.)
• 2023-01-01 — Fiscal Year Start (The start date of the reporting period.)

Key Players & Entities

• Modiv Industrial, Inc. (company) — Filer of the 10-K report.
• 200 S. Virginia Street, Suite 800, Reno, NV 89501 (location) — Business and mailing address of the company.
• 20231231 (date) — Fiscal year end date for the report.
• 20240307 (date) — Filing date of the 10-K report.
• MODIV INC. (company) — Former name of Modiv Industrial, Inc.
• RW HOLDINGS NNN REIT, INC. (company) — Former name of Modiv Industrial, Inc.
• Rich Uncles NNN REIT, Inc. (company) — Former name of Modiv Industrial, Inc.
• 6798 (industry_code) — Standard Industrial Classification code for Real Estate Investment Trusts.

FAQ

Key Dates

• 2024-03-07: 10-K Filing — Annual report filing for fiscal year 2023.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial health and operations over the past year.)

REIT

Real Estate Investment Trust. A company that owns, operates, or finances income-generating real estate. (Understanding Modiv's REIT status is key to analyzing its investment strategy, income sources, and dividend policies.)

Key Financial Figures

• $0.001 — Which Registered Class C Common Stock, $0.001 par value per share MDV New York Stock
• $13.85 — ork Stock Exchange on June 30, 2023, of $13.85 per share. As of February 29, 2024, th
• $31,200,000 — nding mortgage notes payable balance of $31,200,000 for two properties, a credit facility t
• $250,000,000 — a credit facility term loan balance of $250,000,000 and no credit facility revolver balance

Filing Documents

• none-20231231.htm (10-K) — 2782KB
• modivreit-20231231xexh104x.htm (EX-10.4) — 14KB
• modivreit-20231231xexh105x.htm (EX-10.5) — 14KB
• modivreit-20231231xex211xs.htm (EX-21.1) — 9KB
• modivreit-20231231xex231xb.htm (EX-23.1) — 3KB
• modivreit-20231231xex232gt.htm (EX-23.2) — 2KB
• modivreit-20231231xex311.htm (EX-31.1) — 10KB
• modivreit-20231231xex312.htm (EX-31.2) — 10KB
• modivreit-20231231xex321.htm (EX-32.2) — 9KB
• modivreit-20231231xex971md.htm (EX-97.1) — 29KB
• 0001645873-24-000030.txt (&nbsp;) — 13679KB
• none-20231231.xsd (EX-101.SCH) — 90KB
• none-20231231_cal.xml (EX-101.CAL) — 117KB
• none-20231231_def.xml (EX-101.DEF) — 613KB
• none-20231231_lab.xml (EX-101.LAB) — 994KB
• none-20231231_pre.xml (EX-101.PRE) — 804KB
• none-20231231_htm.xml (XML) — 1929KB

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 10 ITEM 1B. UNRESOLVED STAFF COMMENTS 28 ITEM 2.

PROPERTIES

PROPERTIES 30 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 4. MINE SAFETY DISCLOSURES 32 PART II 32 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 32 ITEM 6. [RESERVED] 34 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 51 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 51 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 51 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 51 ITEM 9B. OTHER INFORMATION 52 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 52 PART III 53 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 53 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 53 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 53 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 53 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 53 PART IV 53 ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 53 ITEM 16 FORM 10-K SUMMARY 55 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F- 1 2 Tabl e of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K of Modiv Industrial, Inc. (the "Company," "Modiv," "us," "we," or "our"), other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act, Section 21E of the Exchange Act and other applicable law. Such statements include, in particular, statements about our plans, strategies, and prospects and are subject to certain risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ materially from those projected or anticipated. Therefore, such statements are not intended to be a guarantee of our performance in future periods. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "can," "will," "would," "could," "should," "plan," "potential," "project," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materia

BUSINESS

ITEM 1. BUSINESS The Company Modiv Industrial, Inc. ("Modiv") is an internally-managed Maryland corporation with publicly-traded shares of Class C Common Stock and Series A Preferred Stock (defined below) which has operated as a real estate investment trust ("REIT") for U.S. federal income tax purposes beginning with the year ended December 31, 2016. Modiv acquires, owns and manages a portfolio of single-tenant net-lease properties throughout the United States, with a focus on acquiring critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. Modiv also owns a few non-core, legacy retail and office real estate properties, and is gradually reducing its non-core exposure, subject to market conditions, as it furthers its focus as a pure-play industrial manufacturing REIT. Modiv seeks to provide investors access to MOnthly DIVidends through a durable portfolio of real estate investments designed to generate both current income and long-term growth. We changed our name from Modiv Inc. to Modiv Industrial, Inc., effective August 11, 2023, upon achieving a super-majority of industrial properties in our portfolio. As used herein, the terms "Modiv," the "Company," "we," "our" and "us" refer to Modiv Industrial, Inc. and, as required by context, Modiv Operating Partnership, LP, a Delaware limited partnership (our "Operating Partnership" or "Modiv OP"). Our 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (the "Series A Preferred Stock"), is listed on the New York Stock Exchange (the "NYSE") under the symbol "MDV.PA" and has been trading since September 14, 2021. Our Class C common stock, $0.001 par value per share (the "Class C Common Stock"), is also listed on the NYSE under the symbol "MDV" and has been trading since February 11, 2022. Prior to that date, there was no public trading market for our Class C Common Stock. Our initial lis

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View this 10-K filing on SEC EDGAR