\nBased on MDV\u2019s current share price, investors are earning a 7.5% dividend with 115% AFFO coverage on equity that is trading at 35% discount to net asset value.<\/p>\n<\/li>\n<\/ul>\n\nThe following is a statement from Aaron Halfacre, CEO of Modiv Industrial:<\/p>\n
\n\u201cCandidly, 2024 feels like an eon ago given 2025 market volatility. Alas, the industry\u2019s financial reporting process doesn\u2019t naturally move at market speed, and we find ourselves discussing last year\u2019s results just now. The report card is important for a variety of reasons, but I assume that the greatest use arises when past financial results allow you, as an investor, to attempt to foretell future results. Keeping with my history of zulu foxtrot, here goes\u2026<\/p>\n
What have you acquired for me lately?<\/i><\/b><\/p>\n
\nSince the modern REIT era began in the early 1990\u2019s, we have seen a progressive drive toward ever more industry specificity that was championed, in large part, by the long-only active REIT managers that were a more dominant force back then (as compared to the far greater influence of passive sector\/index players today). Innovations in corporate governance, prudent balance sheet management and meaningful economies of scale have all been worthwhile byproducts. As time has progressed though, it feels as if a bit of rote myopia has also set it in as it relates to acquiring real estate assets. There are some REIT management teams that seem to habitually tilt at the windmill of near-term growth by choosing to acquire something, anything, if need be, damn near every quarter no matter the economic environment so as to please a faceless market wizard of oz bellowing behind an emerald curtain. Yet, it only takes a casual review of some of the tech stocks to remind us that REITs aren\u2019t natural growth vehicles (just like tech companies aren\u2019t natural dividend vehicles). Yes, we should pursue and achieve growth, but meaningful growth in REITland historically has been far more idiosyncratic and episodic.<\/p>\n
\nFor those well capitalized REITs that can routinely access the common equity markets and acquire income producing assets well below their cost of capital, then no qualms. However, for those REITs less endowed, why not pick your spots? We\u2019ve all known those REITs that just have to scratch the itch to buy real estate by issuing costly equity, relying on preferred issuance, pulling off their revolver, or, worse, selling perfectly good existing assets (too often at worse prices than they paid) to buy the latest quarterly du jour.<\/p>\n
\nIn this high-interest rate, super volatile economic and geo-political environment, which hasn\u2019t been particularly favorable to hard asset strategies, it seems to me that Warren Buffett\u2019s \u201cno called strikes\u201d philosophy is the prudent path. Namely, look at all the opportunities that come across the plate but don\u2019t feel compelled to mindlessly swing at every pitch. For us, we have done just that. We\u2019ve evaluated plenty of deals but have not seen deals that make us want to overextend ourselves. Even though our potential acquisition pipeline is robust, we must be extra disciplined given our size, and through discipline, we know we can achieve even greater growth over time.<\/p>\n
\nAll that said, we have transacted very selectively. One small $2 million asset sold last week, and one small $6 million asset being acquired this month. Our sale of our Endicott, New York, asset back to the tenant was unplanned and recent. They approached us about the possibility, we felt it made sense for their business and our balance sheet, and we cleanly processed the sales transaction. The acquisition via the UPREIT transaction of the Jacksonville, FL MSA industrial asset will close no later than March 14, 2025. We negotiated a longer closing timeframe so that we could evaluate the potential of the adjacent vacant parcel that is included in the transaction, and, with this extra time, we have been able to identify a compelling future development opportunity that can lead to an even greater yield on this very soon-to-close UPREIT transaction. Prudent and disciplined activity \u2013 nothing more.<\/p>\n
How should we think about 2025?<\/i><\/b><\/p>\n
\nWe have two primary active ways to grow AFFO \u2013 acquiring positive income producing assets and continuously improving expense efficiency. Knowing full well that a near-term patient, disciplined acquisition strategy was in place, we have spent a considerable amount of time over the recent months to identify even more ways to be even more efficient with every dollar of expenditure. The beauty of being a small and disciplined REIT is that we fully understand that every dollar really does matter, and we have the bandwidth to focus on every single dollar. Our internal efficiency efforts have positioned us to be a small, special forces caliber team that tightly communicates on every facet of process and expenditure. This process has resulted in our achieving well over $1.4 million in cash savings for 2025 to include interest expense savings, a material reduction in unused revolver fees, some service contract negotiations and a reduction in employee G&A. For example, we are now saving $300k annually by rightsizing our revolver to a level that is in line with our balance sheet discipline. Also, for the next five years, I personally will not receive any salary or bonus. My interests are now completely aligned with investors \u2013 growing the dividend, growing the share price, or, ideally, both.<\/p>\n
\nSome of you might not have been following us in 2022 and don\u2019t know this, but we provided guidance that year to be like the bigger REITs. We beat that guidance. Guess what? No one really cared. Bigger market forces were at play, and we had too small of a following. Our following has grown, including analyst coverage and institutional ownership, but I am still not a huge fan of guidance for a company like ours given the reason that we could literally be a materially different company overnight by doing one transformational deal (and, as you know, we are focused on trying to do transformational deals). That said, a few years have passed, our balance sheet has evolved, and I have noticed that analyst estimates have all started to drift. For example, based on the three current analyst estimates for Modiv\u2019s 2025 AFFO, their consensus is $1.15 per fully diluted share. I don\u2019t know about you, but that number looks anemic. So, to provide a bit of course adjustment in order that the collective community has a proper base line, I am here to let you know that our internal AFFO modeling estimates us earning $1.37 per fully diluted share (including the shares to be issued in the forthcoming UPREIT transaction) by assuming we do nothing but stare at our navel (e.g. zero net acquisition activity, no transformative deals, no additional efficiencies, etc.). You can take it with a grain of salt if you so choose, but if you want to bet on us doing nothing at all during the year, then you get a 2025 AFFO estimate that is 19% higher than the street consensus.<\/p>\n
\nLooking forward to sharing more color on our earnings call.<\/p>\n
\nGrit, grind, get it done!\u201d Aaron Halfacre, CEO of Modiv Industrial<\/p>\n
Conference Call and Webcast<\/b><\/p>\n
\nA conference call and audio webcast with analysts and investors will be held on Tuesday, March 4, 2025, at 11:00 a.m. Eastern Time \/ 8:00 a.m. Pacific Time, to discuss the fourth quarter and full year 2024 operating results and answer questions.<\/p>\n
Live conference call<\/b>: 1-877-407-0789 at 11:00 a.m. Eastern Time, Tuesday, March 4, 2025<\/p>\n
Webcast<\/b>: To listen to the webcast, either live or archived, please use this link: https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1707091&tp_key=90a8b3a220<\/a> or visit the investor relations page of Modiv\u2019s website at www.modiv.com<\/a>.<\/p>\nAbout Modiv Industrial<\/b><\/p>\n
\nModiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation\u2019s supply chains. For more information, please visit: www.modiv.com<\/a>.<\/p>\nForward-looking Statements<\/b><\/p>\n
\nCertain statements contained in this press release, other than historical facts, may be considered forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements regarding our plans, strategies and prospects, both business and financial. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled \u201cRisk Factors\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 4, 2025. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company\u2019s other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law.<\/p>\n
Notice Involving Non-GAAP Financial Measures<\/b><\/p>\n
\nIn addition to U.S. GAAP financial measures, this press release and the supplemental financial and operating report included in our Form 8-K dated March 4, 2025 contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are provided below.<\/p>\n
\nAFFO is a measure that is not calculated in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d). See the Reconciliation of Non-GAAP Measures later in this press release.<\/p>\n
\n\nMODIV INDUSTRIAL, INC.<\/b><\/td>\n<\/tr>\n\nConsolidated Statements of Operations<\/b><\/td>\n<\/tr>\n\nFor the Three Months and Years Ended December 31, 2024 and 2023<\/b><\/td>\n<\/tr>\n\n| (in thousands, except share and per share data)<\/td>\n<\/tr>\n | \n | <\/tr>\n \n | \n\n Three Months Ended December 31,<\/b><\/p>\n<\/td>\n | \n Years Ended December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n(Unaudited)<\/td>\n | | \n | <\/tr>\n \n| Income:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Rental income<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n11,664<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n12,289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n46,497<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n46,936<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Management fee income<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n66<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n99<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n264<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n298<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total income<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,730<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,388<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n46,761<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n47,234<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Expenses:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| General and administrative<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,261<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,402<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,340<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,643<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Stock compensation expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n65<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,381<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,586<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,171<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,164<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,148<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,601<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,551<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Property expenses<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n910<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n731<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,613<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,161<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Impairment of real estate investment property<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n888<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,388<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total expenses<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,400<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,550<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28,140<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n42,914<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Gain (loss) on sale of real estate investments, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,360<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,709<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Operating income<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,330<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,838<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,611<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Other income (expense):<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Interest income<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n68<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n29<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n474<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n326<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Dividend income<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n285<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n475<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income from unconsolidated investment in a real estate property<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n75<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n72<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n297<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n280<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense, including unrealized gain or loss on interest rate swaps and net of derivative settlements<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,706<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,045<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(16,221<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13,807<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on equity investments<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(125<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(151<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Increase in fair value of investment in preferred stock<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n979<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,419<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other expense, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,688<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,680<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(15,488<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(11,307<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income (loss)<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,642<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,842<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,493<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8,696<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Less: net (income) loss attributable to noncontrolling interests in Operating Partnership<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(87<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n547<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(475<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,082<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss) attributable to Modiv Industrial, Inc.<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,555<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,295<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,018<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(6,614<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Preferred stock dividends<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(922<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(922<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,688<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,688<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss) attributable to common stockholders<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n633<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(2,217<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2,330<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(10,302<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income (loss) per share attributable to common stockholders:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.07<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(1.36<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (loss) per share attributable to common stockholders and noncontrolling interests:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Diluted<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.07<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(0.30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n(1.36<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted-average number of common shares outstanding:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,715,467<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,621,871<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,293,103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,558,883<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Weighted-average number of common shares and Class C OP Units outstanding:<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Diluted<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,021,876<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,221,769<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,188,974<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,086,903<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Distributions declared per common share<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n0.2875<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.3975<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1.1500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n2.2600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n(a)<\/p>\n<\/td>\n | \n \nDistributions for the three and 12 months ended December 31, 2023 include the distribution of GIPR common stock of $1.11 per share declared on December 29, 2023. The shares were distributed on January 31, 2024, based on the distribution ratio of 0.28 GIPR common shares for each share of our Class C Common Stock or Class C OP Unit, which represented $1.1648 for each share of our Class C Common Stock or Class C OP Unit.<\/p>\n<\/td>\n<\/tr>\n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\nMODIV INDUSTRIAL, INC.<\/b><\/td>\n<\/tr>\n\nConsolidated Balance Sheets<\/b><\/td>\n<\/tr>\n\nAs of December 31, 2024 and 2023<\/b><\/td>\n<\/tr>\n\n| (in thousands, except share and per share data)<\/td>\n<\/tr>\n | \n | <\/tr>\n \n | \n\n As of December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Assets<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Real estate investments:<\/td>\n | | \n | \n | <\/tr>\n \n| Land<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n98,009<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n104,859<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Building and improvements<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n386,102<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n399,667<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Equipment<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,429<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,429<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Tenant origination and absorption costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,194<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n15,707<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total investments in real estate property<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n501,734<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n524,662<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated depreciation and amortization<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(59,524<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(50,902<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n442,210<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n473,760<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Unconsolidated investment in a real estate property<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,324<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,054<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total real estate investments, net, excluding real estate investments held for sale, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n451,534<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n483,814<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Real estate investments held for sale, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22,372<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11,558<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total real estate investments, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n473,906<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n495,372<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Cash and cash equivalents<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,530<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,129<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Tenant deferred rent and other receivables<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18,460<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,795<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Above-market lease intangibles, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,240<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,314<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Prepaid expenses and other assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,693<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,174<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Investment in preferred stock<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11,039<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest rate swap derivative<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,970<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets related to real estate investments held for sale<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total assets<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n507,829<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n530,896<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Liabilities and Equity<\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Mortgage notes payable, net<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n30,777<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n31,030<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Credit facility term loan, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n248,999<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n248,509<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accounts payable, accrued and other liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,035<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,468<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Distributions payable<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,994<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12,175<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Below-market lease intangibles, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,948<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8,869<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest rate swap derivative<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n474<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other liabilities related to real estate investments held for sale<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n26<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n249<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n293,779<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n305,774<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Commitments and contingencies<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| 7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value, 2,000,000 shares authorized, issued and outstanding as of December 31, 2024 and 2023 with an aggregate liquidation value of $50,000<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Class C common stock $0.001 par value, 300,000,000 shares authorized; 10,404,211 shares issued and 9,936,892 shares outstanding as of December 31, 2024, and 8,048,110 shares issued and 7,704,600 outstanding as of December 31, 2023<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Class S common stock $0.001 par value, 100,000,000 shares authorized; no shares issued and outstanding as of December 31, 2024 and 2023<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Additional paid-in-capital<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n349,479<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n292,618<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Treasury stock, at cost, 467,319 and 343,510 shares held as of December 31, 2024 and 2023, respectively<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(7,112<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5,291<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Cumulative distributions and net losses<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(154,074<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(145,552<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,841<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,658<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total Modiv Industrial, Inc. equity<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n190,146<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n144,443<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Noncontrolling interests in the Operating Partnership<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n23,904<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n80,679<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total equity<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n214,050<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n225,122<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities and equity<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n507,829<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n530,896<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | |
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