Modiv Industrial, Inc. (MDV) announced a decline in its fourth-quarter FFO to common stockholders and class C OP Unit holders, dropping from $5.9 million the previous year to $2.4 million. That equates to an FFO per share drop from $0.57 to $0.21. However, if you exclude the Performance Units Expense, the FFO per share was more favorably placed at $0.29, compared to the previous $0.57. The fourth quarter AFFO stood at $4.5 million, which works out as $0.40 per share. This is a decrease from the previous year's $7.0 million, or $0.68 per share.
There was also a net loss attributable to the common stockholders, which was $2.2 million or $0.29 per share. This is a significant increase from the loss of $159 thousand, or $0.02 per share, recorded the previous year. There is some positive news, however, with the fourth quarter revenue coming in at $12.3 million, an impressive rise of 23%. This figure does not include the 2022 lease termination fee.
