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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Real estate investments:    
Land $ 105,646,718 $ 103,657,237
Buildings and improvements 376,619,602 329,867,099
Equipment 4,429,000 4,429,000
Tenant origination and absorption costs 16,393,977 19,499,749
Total investments in real estate property 503,089,297 457,453,085
Accumulated depreciation and amortization (44,974,782) (46,752,322)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net 458,114,515 410,700,763
Unconsolidated investment in a real estate property 10,011,347 10,007,420
Total real estate investments, net, excluding real estate investments held for sale, net 468,125,862 420,708,183
Real estate investments held for sale, net 47,169,589 5,255,725
Total real estate investments, net 515,295,451 425,963,908
Cash and cash equivalents 9,912,110 8,608,649
Tenant receivables 9,468,576 7,263,202
Above-market lease intangibles, net 1,351,949 1,850,756
Prepaid expenses and other assets 5,430,520 6,100,937
Interest rate swap derivatives 5,613,847 4,629,702
Other assets related to real estate investments held for sale 2,337,517 12,765
Total assets 549,409,970 454,429,919
Liabilities and Equity    
Mortgage notes payable, net 44,243,807 44,435,556
Credit facility revolver 0 3,000,000
Credit facility term loan, net 248,263,340 148,018,164
Accounts payable, accrued and other liabilities 7,015,513 7,649,806
Below-market lease intangibles, net 9,328,801 9,675,686
Interest rate swap derivatives 0 498,866
Liabilities related to real estate investments held for sale 465,252 117,881
Total liabilities 309,316,713 213,395,959
Commitments and contingencies (Note 10)
Additional paid-in-capital 280,815,445 278,339,020
Treasury stock, at cost, 343,510 shares and 250,153 shares held as of June 30, 2023 and December 31, 2022, respectively (5,290,780) (4,161,618)
Cumulative distributions and net losses (123,895,028) (117,938,876)
Accumulated other comprehensive income 3,080,694 3,502,616
Total Modiv Industrial, Inc. equity 154,720,206 159,750,904
Noncontrolling interests in the Operating Partnership 85,373,051 81,283,056
Total equity 240,093,257 241,033,960
Total liabilities and equity 549,409,970 454,429,919
Series A cumulative redeemable perpetual preferred stock    
Liabilities and Equity    
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, 2023 and December 31, 2022 2,000 2,000
Class C common stock    
Liabilities and Equity    
Common stock, value outstanding $ 7,875 $ 7,762