XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Rental income $ 11,589,370 $ 12,500,338 $ 34,833,458 $ 34,648,083
Management fee income 65,993 65,991 197,979 197,978
Total income 11,655,363 12,566,329 35,031,437 34,846,061
Expenses:        
General and administrative 1,660,520 1,735,104 5,078,814 5,240,935
Stock compensation expense 75,000 8,469,867 1,521,002 9,790,206
Depreciation and amortization 4,166,992 4,175,209 12,437,021 11,403,603
Property expenses 1,025,051 1,195,224 2,703,076 4,429,936
Impairment of real estate investment property 0 0 0 3,499,438
Total expenses 6,927,563 15,575,404 21,739,913 34,364,118
Gain (loss) gain on sale of real estate investments, net 172,001 (1,708,801) 3,359,807 (1,708,801)
Operating income (loss) 4,899,801 (4,717,876) 16,651,331 (1,226,858)
Other income (expense):        
Interest income 81,622 26,386 403,344 296,921
Dividend income 0 190,000 113,328 190,000
Income from unconsolidated investment in a real estate property 74,509 79,166 222,574 207,506
Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements (6,103,668) (2,922,918) (12,514,167) (6,761,779)
Loss on sale of investment in common stock 0 0 (4,513) 0
Increase (decrease) in fair value of investment in preferred and common stock 0 440,000 (20,574) 440,000
Other expense, net (5,947,537) (2,187,366) (11,800,008) (5,627,352)
Net (loss) income (1,047,736) (6,905,242) 4,851,323 (6,854,210)
Less: net loss (income) attributable to noncontrolling interests in Operating Partnership 461,334 1,368,896 (388,349) 1,535,452
Net (loss) income attributable to Modiv Industrial, Inc. (586,402) (5,536,346) 4,462,974 (5,318,758)
Preferred stock dividends (921,875) (921,875) (2,765,625) (2,765,625)
Net (loss) income attributable to common stockholders $ (1,508,277) $ (6,458,221) $ 1,697,349 $ (8,084,383)
Net (loss) income per share attributable to common stockholders:        
Net (loss) income per share attributable to common stockholders, basic (in usd per share) $ (0.18) $ (0.86) $ 0.19 $ (1.06)
Net (loss) earnings per share attributable to common stockholders and noncontrolling interests, diluted (in usd per share) $ (0.18) $ (0.86) $ 0.19 $ (1.06)
Weighted-average number of common shares outstanding:        
Basic (in shares) 9,430,885 7,548,052 9,151,287 7,537,505
Weighted-average number of common shares and Class C OP Units outstanding - diluted (in shares) 10,959,030 9,147,950 11,245,080 9,041,564
Distributions declared per common share and Class C OP Unit (in usd per share) $ 0.2875 $ 0.2875 $ 0.8625 $ 0.8625