Modiv Industrial Q4 Rental Income Drops to $11M, AFFO per Share Falls to $0.32
Modiv Industrial's Q4 rental income declined to $11M from $11.7M year-over-year and AFFO per share slid to $0.32 from $0.37 after a $1.1M rise in interest expense. The REIT holds $14.4M in cash, $30M revolver availability, $262.1M of 100% fixed-rate debt at 4.15% and faces no maturities until July 2028.
1. Q4 Financial Results
Modiv Industrial reported Q4 2025 rental income of $11 million, down from $11.7 million in the prior year, while AFFO totaled $4 million versus $4.1 million a year ago. AFFO per share decreased to $0.32 from $0.37, with interest expense rising by $1.1 million due to amortization of off-market swaps.
2. Balance Sheet and Liquidity
The company held $14.4 million in cash and cash equivalents and had $30 million available under its revolving credit facility as of December 31, 2025, supporting operational needs and potential acquisitions.
3. Debt Profile and Interest Rates
Modiv Industrial maintained 100% of its $262.1 million consolidated debt at a fixed weighted average interest rate of 4.15%. The REIT faces no debt maturities until July 2028, reducing near-term refinancing risk.
4. Asset Recycling Efforts
Management is pursuing asset recycling by selling non-core assets to optimize its portfolio and fund industrial manufacturing acquisitions. There is significant buyer interest, though replacement properties for some disposals have yet to be identified.