$MDV
MODIV INDUSTRIAL, INC.

2023 Q3 Form 10-Q Financial Statement

#000164587323000168 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $12.50M $11.84M
YoY Change 22.4% 13.88%
Cost Of Revenue $1.200M $1.528M
YoY Change -41.86% -22.28%
Gross Profit $11.31M $10.31M
YoY Change 38.8% 22.31%
Gross Profit Margin 90.48% 87.09%
Selling, General & Admin $10.20M $2.258M
YoY Change 327.2% -1.61%
% of Gross Profit 90.19% 21.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.170M $3.956M
YoY Change 15.88% 7.43%
% of Gross Profit 36.87% 38.38%
Operating Expenses $14.37M $6.214M
YoY Change 137.86% 2.25%
Operating Profit -$4.784M $4.094M
YoY Change -210.77% 81.52%
Interest Expense $2.923M -$179.9K
YoY Change 16.23% -115.03%
% of Operating Profit -4.39%
Other Income/Expense, Net -$2.121M $535.5K
YoY Change -1706.92% 297.36%
Pretax Income -$6.910M $4.630M
YoY Change -255.25% 93.69%
Income Tax
% Of Pretax Income
Net Earnings -$5.536M $3.980M
YoY Change -241.15% 83.33%
Net Earnings / Revenue -44.29% 33.63%
Basic Earnings Per Share -$0.86 $0.41
Diluted Earnings Per Share -$0.86 $0.35
COMMON SHARES
Basic Shares Outstanding 7.545M shares 7.554M shares
Diluted Shares Outstanding 7.548M shares 10.64M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.600M $9.912M
YoY Change -2.22% -15.32%
Cash & Equivalents $5.642M $9.912M
Short-Term Investments
Other Short-Term Assets $4.900M $5.431M
YoY Change -23.28% -19.75%
Inventory
Prepaid Expenses $4.881M $5.431M
Receivables $11.20M $9.469M
Other Receivables $0.00 $0.00
Total Short-Term Assets $21.70M $24.81M
YoY Change 5.61% -11.32%
LONG-TERM ASSETS
Property, Plant & Equipment $481.1M $458.1M
YoY Change 13.1% 9.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.10M $10.01M
YoY Change 101.23% 0.55%
Other Assets $8.700M $49.51M
YoY Change
Total Long-Term Assets $517.4M $524.6M
YoY Change 17.03% 22.48%
TOTAL ASSETS
Total Short-Term Assets $21.70M $24.81M
Total Long-Term Assets $517.4M $524.6M
Total Assets $539.1M $549.4M
YoY Change 16.52% 20.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $470.3K
YoY Change -24.72% -60.64%
Accrued Expenses $6.200M $4.198M
YoY Change -4.44% -25.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.900M $7.016M
YoY Change -7.85% -19.67%
LONG-TERM LIABILITIES
Long-Term Debt $282.5M $292.5M
YoY Change 41.1% 46.08%
Other Long-Term Liabilities $9.300M $9.794M
YoY Change -6.16% -3.75%
Total Long-Term Liabilities $291.8M $302.3M
YoY Change 38.87% 43.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.900M $7.016M
Total Long-Term Liabilities $291.8M $302.3M
Total Liabilities $300.7M $309.3M
YoY Change 36.8% 41.15%
SHAREHOLDERS EQUITY
Retained Earnings -$132.5M -$123.9M
YoY Change 14.61% 6.36%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.9M $154.7M
YoY Change
Total Liabilities & Shareholders Equity $539.1M $549.4M
YoY Change 16.52% 20.41%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.536M $3.980M
YoY Change -241.15% 83.33%
Depreciation, Depletion And Amortization $4.170M $3.956M
YoY Change 15.88% 7.43%
Cash From Operating Activities $3.920M $4.504M
YoY Change -7.77% -26.88%
INVESTING ACTIVITIES
Capital Expenditures $30.34M $81.96M
YoY Change 1.94% 46.95%
Acquisitions
YoY Change
Other Investing Activities $35.23M -$1.800M
YoY Change 51.76% -128.99%
Cash From Investing Activities $4.880M -$83.76M
YoY Change -174.52% 68.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.07M 75.88M
YoY Change 255.15% 154.95%
NET CHANGE
Cash From Operating Activities 3.920M 4.504M
Cash From Investing Activities 4.880M -83.76M
Cash From Financing Activities -13.07M 75.88M
Net Change In Cash -4.270M -3.368M
YoY Change -28.58% -75.31%
FREE CASH FLOW
Cash From Operating Activities $3.920M $4.504M
Capital Expenditures $30.34M $81.96M
Free Cash Flow -$26.42M -$77.45M
YoY Change 3.56% 56.11%

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cik0001645873 Amortization And Write Off Of Debt Issuance Costs And Discounts
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cik0001645873 Impairment Reversal Of Real Estate Properties
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cik0001645873 Impairment Reversal Of Real Estate Properties
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us-gaap Goodwill Impairment Loss
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us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap Unrealized Gain Loss On Derivatives And Commodity Contracts
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cik0001645873 Write Off Of Unrealized Gain Loss On Derivatives
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Interest Paid Net
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cik0001645873 Reinvested Distribution To Investment In Rich Uncles Reit I
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cik0001645873 Reinvested Distribution To Investment In Rich Uncles Reit I
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us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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cik0001645873 Transfer Of Tenant Improvements From Other Assets To Real Estate Investments
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cik0001645873 Transfer Of Tenant Improvements From Other Assets To Real Estate Investments
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cik0001645873 Non Cash Or Part Non Cash Transactions Accrued Distributions
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cik0001645873 Non Cash Or Part Non Cash Transactions Accrued Distributions
NonCashOrPartNonCashTransactionsAccruedDistributions
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us-gaap Contribution Of Property
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us-gaap Contribution Of Property
ContributionOfProperty
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cik0001645873 Assets Related To Property Sales
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cik0001645873 Assets Related To Property Sales
AssetsRelatedToPropertySales
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us-gaap Mortgage Loan Related To Property Sales1
MortgageLoanRelatedToPropertySales1
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us-gaap Mortgage Loan Related To Property Sales1
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cik0001645873 Other Liabilities Related To Real Estate Investments Held For Sale
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cik0001645873 Other Liabilities Related To Real Estate Investments Held For Sale
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CY2023Q2 cik0001645873 Authority To Issue Of Common Stock
AuthorityToIssueOfCommonStock
450000000 shares
CY2023Q2 cik0001645873 Number Of Rentable Square Feet
NumberOfRentableSquareFeet
4300000 sqft
CY2023Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
56 property
CY2022Q4 cik0001645873 Straight Line Rents
StraightLineRents
6607220 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the accompanying unaudited condensed consolidated financial statements and the accompanying notes thereto in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. These estimates are based on historical experience and, in some cases, assumptions based on current and future market experience. Actual results may differ from those estimates.</span></div>
CY2023Q2 cik0001645873 Tenant Rent And Billed Reimbursements
TenantRentAndBilledReimbursements
106352 usd
us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Immaterial Error Corrections</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the first quarter of 2023, management determined that its prior treatment of property taxes in those instances where the Company was responsible for paying property taxes and subsequently seeking tenant reimbursement should be treated differently than those instances where property taxes were paid directly by tenants to taxing authorities. Management determined that property taxes paid directly by tenants to taxing authorities should not have been recorded in the Company’s accompanying unaudited condensed consolidated statements of operations for the prior year periods in accordance with ASU 2018-20 “Leases (Topic 842) - Narrow-Scope Improvements for Lessors.” Accordingly, the Company’s accompanying unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2022 reflect an adjustment to reduce rental income and a corresponding reduction in property expenses of $531,670 and $1,136,397, respectively, for such property taxes and the Company's consolidated balance sheet as of December 31, 2022 reflects a reduction in tenant receivables with a corresponding reduction in accounts payable, accrued and other liabilities of $1,596,127. The corrections did not affect net income (loss) or net income (loss) per share for the three and six months ended June 30, 2022 accompanying unaudited condensed consolidated statements of operations.</span></div><div style="margin-top:10pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the fourth quarter of 2022, management determined that straight-line rents receivable write-offs associated with real estate investments previously sold should be reclassified as a component of the related gain on sale of the real estate investments rather than as an offset to rental income as previously presented in the Company's statements of operations. Accordingly, the Company’s accompanying unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2022 reflect an increase in rental income and a corresponding reduction in the gain on sale of real estate investments of $282,030 and $807,721, respectively. The reclassification did not affect net income (loss) or net income (loss) per share for the three and six months ended June 30, 2022 accompanying unaudited condensed consolidated statements of operations.</span></div>
CY2023Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
56 property
CY2023Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
18 state
CY2023Q2 cik0001645873 Number Of Real Estate Held For Investments
NumberOfRealEstateHeldForInvestments
41 property
CY2023Q2 cik0001645873 Land Building And Improvements
LandBuildingAndImprovements
482266320 usd
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FixturesAndEquipmentGross
4429000 usd
CY2023Q2 us-gaap Tenant Improvements
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16393977 usd
CY2023Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
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CY2023Q2 cik0001645873 Number Of Real Estate Properties Acquired
NumberOfRealEstatePropertiesAcquired
10 property
CY2022Q2 cik0001645873 Number Of Real Estate Properties Acquired
NumberOfRealEstatePropertiesAcquired
10 property
cik0001645873 Number Of Real Estate Properties Sold
NumberOfRealEstatePropertiesSold
0 property
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P10Y8M12D
CY2023Q2 cik0001645873 Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
14 property
CY2023Q2 cik0001645873 Straight Line Rents
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CY2023Q2 cik0001645873 Deferred Tenant Reimbursement
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CY2022Q4 cik0001645873 Deferred Tenant Reimbursement
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CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
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CY2023Q2 us-gaap Long Term Debt
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CY2023Q2 cik0001645873 Debt Instrument Covenant Leverage Ratio Target
DebtInstrumentCovenantLeverageRatioTarget
0.40
CY2023Q2 us-gaap Change In Unrealized Gain Loss On Hedged Item In Fair Value Hedge1
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1639768 usd
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CY2023Q2 cik0001645873 Debt Instrument Covenant Leverage Ratio Target
DebtInstrumentCovenantLeverageRatioTarget
0.40
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2023Q2 cik0001645873 Tenant Reimbursement
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2802652 usd
CY2022Q4 cik0001645873 Tenant Reimbursement
TenantReimbursement
1789027 usd
CY2019Q4 cik0001645873 Anniversary Of Completion Of The Self Management Transaction
AnniversaryOfCompletionOfTheSelfManagementTransaction
P1Y
CY2023Q2 cik0001645873 Anniversary Of Completion Of The Self Management Transaction
AnniversaryOfCompletionOfTheSelfManagementTransaction
P4Y
CY2019Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
30.48
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
660170 usd
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
679747 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1320339 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1191612 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
4629953 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
2390344 usd
us-gaap Profit Loss
ProfitLoss
51032 usd
us-gaap Profit Loss
ProfitLoss
-9682820 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
649643 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
219214 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-166556 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1708815 usd
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
921875 usd
CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
921875 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1843750 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1843750 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3058435 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1249255 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1626162 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9817755 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
4629953 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
2390344 usd
us-gaap Profit Loss
ProfitLoss
51032 usd
us-gaap Profit Loss
ProfitLoss
-9682820 usd
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
921875 usd
CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
921875 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1843750 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1843750 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
3708078 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1468469 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1792718 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11526570 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7532106 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7478973 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7532080 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7505673 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10638311 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10221490 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7532080 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7505673 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.31
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2962447 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2735350 shares
CY2023Q2 cik0001645873 Dividends Payable Amount Per Share Per Month
DividendsPayableAmountPerSharePerMonth
0.095833
CY2023Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.15

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cik0001645873-20230630.htm Edgar Link pending
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cik0001645873-20230630_lab.xml Edgar Link unprocessable
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