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DENVER, CO - Modiv Industrial, Inc. (NYSE:MDV), a real estate investment trust (REIT) based in Maryland with a market capitalization of $150 million and an attractive 7.52% dividend yield, announced today an amendment to its sales agreement related to its Class C common stock. The amendment, effective today, modifies the terms of the company’s existing At Market Issuance Sales Agreement dated November 13, 2023.
Under the revised agreement, Modiv Industrial may continue to offer and sell shares of its Class C common stock, with an aggregate offering price of up to $50 million. The purpose of the amendment is to update the definition of "Agents" involved in the sales process. As of today, approximately $40.3 million worth of shares remain available for issuance under the agreement.
This move allows Modiv Industrial to maintain flexibility in its capital raising efforts, providing a mechanism to fund ongoing operations or future investments as needed. The availability of additional shares for issuance signifies the company’s proactive approach to managing its financial strategy in response to market conditions. According to InvestingPro data, the company maintains strong financial health with a current ratio of 5.34, indicating robust liquidity, and an impressive gross profit margin of 92.76%.
The details of the amendment have been filed with the Securities and Exchange Commission (SEC) and are accessible through the SEC’s database. The amendment is described in Exhibit 1.1 of the company’s current report on Form 8-K, which is incorporated by reference to provide a complete overview of the changes.
Investors and stakeholders can refer to the SEC filing for a comprehensive understanding of the amended terms. The information provided is based on the press release statement from Modiv Industrial, Inc., and is intended to inform the public of the company’s latest financial arrangements without speculation on its potential impact. With a beta of -0.22, the stock typically moves counter to market trends. For deeper insights into Modiv Industrial’s financial health and growth prospects, including additional ProTips and comprehensive analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, Modiv Inc reported its fourth-quarter 2024 earnings, surpassing Wall Street expectations. The company achieved an earnings per share (EPS) of $0.07, significantly above the projected $0.03. Revenue for the quarter was $11.73 million, slightly exceeding the forecast of $11.55 million. Despite these positive results, Modiv’s stock experienced a decline of 4.02% in pre-market trading. The company is focusing on strategic asset acquisitions and development opportunities, with plans for a potential 60,000-100,000 square foot facility. Modiv maintains a strong dividend yield of 7.5%, as highlighted by CEO Aaron Halfacre. The company is also exploring the sale of certain properties, such as the planned transaction with Costco (NASDAQ:COST). Analyst firms like Janney Montgomery Scott and Alliance Global Partners (NYSE:GLP) have been engaged in discussions regarding Modiv’s strategic direction and financial performance.
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