Modiv Industrial's Q4 revenue misses estimates

Overview

• U.S. industrial real estate REIT's Q4 revenue declined and missed analyst expectations

• Company completed $26 mln property sale in Issaquah, WA and repaid $18.3 mln mortgage

Outlook

• Company did not provide specific guidance for current or future financial results

Result Drivers

• ASSET SALES - Q4 results included $26 mln property sale in Issaquah, WA and repayment of related mortgage

• DELAYED RECYCLING INITIATIVE - Time spent evaluating unsolicited acquisition offers marginally delayed asset recycling efforts, per CEO Aaron Halfacre

• CHALLENGING MARKET CONDITIONS - CEO cited high rates, inflation, and geopolitical uncertainty as ongoing headwinds for REITs

Company press release: ID:nBw15XDTga

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Modiv Industrial Inc is $18.00, about 26.4% above its March 24 closing price of $14.24

• The stock recently traded at 97 times the next 12-month earnings vs. a P/E of 166 three months ago

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