DENVER – Modiv Industrial, Inc. (MDV), a real estate investment trust (REIT) specializing in industrial properties with a market capitalization of $170.3 million and an attractive 7.38% dividend yield, announced the results of its Annual Meeting of Stockholders held today, where several key proposals were passed. According to InvestingPro data, the company has demonstrated strong performance with a 23.32% year-to-date return.
During the meeting, shareholders voted on four proposals, which included the election of directors, the ratification of the company's independent auditor, approval of executive compensation, and the adoption of a new incentive plan. InvestingPro analysis reveals the company maintains a GOOD financial health score, with impressive gross profit margins of 92.76% and strong liquidity, as indicated by a current ratio of 5.34. For detailed insights and additional metrics, investors can access the comprehensive Pro Research Report, available for over 1,400 US stocks.
The election of five directors to serve until the 2025 annual meeting resulted in all nominees being elected. Votes for the directors ranged from 4,014,969 to 4,289,034, with withheld votes between 242,633 and 516,698. There were 1,304,693 broker non-votes for each nominee.
Shareholders ratified the appointment of Grant Thornton LLP as Modiv Industrial's independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal received overwhelming support with 5,590,840 votes in favor, 108,937 against, and 136,583 abstentions.
The non-binding advisory vote on the compensation paid to the company's named executive officers for the year ended December 31, 2023, was approved with 3,753,925 votes for, 444,975 against, and 332,767 abstentions. There were also 1,304,693 broker non-votes recorded for this proposal.
Additionally, the adoption of the Registrant’s 2024 Omnibus Incentive Plan received approval, with 3,782,571 votes in favor, 365,864 votes against, and 383,232 abstentions, accompanied by 1,304,693 broker non-votes.
The outcomes of these votes are detailed in the company's definitive proxy statement filed with the Securities and Exchange Commission on September 18, 2024. Modiv Industrial, Inc., headquartered in Denver, Colorado, is incorporated in Maryland and has been operating under its current name since a name change in August 2023.
In other recent news, Modiv Industrial Inc. released its third-quarter 2024 financials. The earnings call, led by top executives including COO John Raney, CEO Aaron Halfacre, and CFO Ray Pacini, provided insights into the company's financial performance and future strategies. The management team discussed anticipated acquisitions and dispositions, indicating strategic moves for the company's growth.
In the call, Modiv Industrial Inc. also acknowledged potential risks that could impact their financial condition and operational results. The company's forward-looking statements suggest positive expectations for the future, while also recognizing the inherent uncertainties in such projections. However, no specific financial misses were discussed during the call.
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