M
MODIV INDUSTRIAL, INC.
MDVCIK 0001645873NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
$46.39M
Net Income
$1.07M
Total Assets
—
Equity
—
Shares Out
10.32M
Op. Cash Flow
$14.97M
Business
Modiv Industrial, Inc. is an internally-managed Maryland REIT that acquires, owns and manages single-tenant net-lease industrial properties throughout the United States. The company owns industrial manufacturing assets with long-term leases and generates revenues from contractual base rent with annual escalations. Modiv funds acquisitions through debt financing, equity offerings and operating cash flow while maintaining REIT qualification to distribute substantially all taxable income to stockholders.
Summary from 10-K filed 2026-03-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Rental | 46 | 46 | 47 | 44 | — | |
| Other property | 564,000 | 264,000 | — | — | — | |
| Total revenue | 46 | 47 | 47 | — | — | |
| General and administrative | 6 | 6 | 7 | 8 | 10 | |
| Stock compensation | 3 | 2 | 11 | 2 | 3 | |
| Depreciation and amortization | 15 | 17 | 16 | 15 | 15 | |
| Property | 3 | 4 | 5 | 7 | 7 | |
| Impairment of real estate investment property | 6 | 0 | — | — | — | |
| Total expenses | 33 | 28 | 43 | 51 | 46 | |
| Gain on sale of real estate investments, net | 3 | 3 | −2 | 12 | 6 | |
| Operating income | 16 | 22 | 3 | 5 | −2 | |
| Interest and other income | 893,000 | 474,000 | — | — | — | |
| Dividend income | 0 | 113,000 | 475,000 | 0 | — | |
| Income from unconsolidated investment in a real estate property | 758,000 | 297,000 | 280,000 | 278,002 | 276,042 | |
| Interest expense, net of unrealized gain on interest rate swaps and derivative settlements | −17 | −16 | −14 | — | — | |
| Loss on equity investments | 0 | −151,000 | 1 | 0 | — | |
| Other expense, net | −15 | −15 | −11 | −9 | 1 | |
| Net income | 554,000 | 6 | −9 | −5 | −435,505 | |
| Less: net loss (income) attributable to noncontrolling interests in Operating Partnership | 514,000 | −475,000 | 2 | 1 | 0 | |
| Net income attributable to Modiv Industrial, Inc. | 1 | 6 | −7 | −3 | −435,505 | |
| Preferred stock dividends | −3 | −4 | −4 | −4 | −1 | |
| Net (loss) income attributable to common stockholders | −2 | 2 | −10 | −7 | −2 | |
| Basic (in usd per share) | −0.31 | 0.25 | −1.36 | −0.93 | −0.2 | |
| Diluted (in usd per share) | −0.31 | 0.25 | −1.36 | −0.93 | −0.2 | |
| Basic (in shares) | 10 | 9 | 8 | 7 | 8 | |
| Diluted (in shares) | 12 | 11 | 9 | 7 | 8 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Land | 98 | 98 | 105 | 104 | 61 | |
| Buildings and improvements | 384 | 386 | 400 | 330 | 251 | |
| Equipment | 0 | 4 | 4 | 4 | 0 | |
| Tenant origination and absorption costs | 14 | 13 | 16 | 19 | 22 | |
| Total investments in real estate property | 495 | 502 | 525 | 457 | 334 | |
| Accumulated depreciation and amortization | −73 | −60 | −51 | −47 | −38 | |
| Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net | 422 | 442 | 474 | 411 | 296 | |
| Unconsolidated investment in a real estate property | 9 | 9 | 10 | 10 | — | |
| Total real estate investments, net, excluding real estate investments held for sale, net | 432 | 452 | 484 | 421 | 306 | |
| Real estate investments held for sale, net | 4 | 22 | 12 | 5 | 32 | |
| Total real estate investments, net | 435 | 474 | 495 | 426 | 338 | |
| Cash and cash equivalents | 14 | 12 | 3 | 9 | 56 | |
| Tenant deferred rent and other receivables | 23 | 18 | 13 | 7 | — | |
| Above-market lease intangibles, net | 1 | 1 | 1 | 2 | 691,019 | |
| Prepaid expenses and other assets | 2 | 3 | 4 | 6 | 6 | |
| Total assets | 476 | 508 | 531 | 454 | 428 | |
| Mortgage notes payable, net | 12 | 31 | 31 | 44 | 152 | |
| Credit facility term loan, net | 249 | 249 | 249 | 148 | 0 | |
| Accounts payable, accrued and other liabilities | 4 | 4 | 4 | 6 | 12 | |
| Distributions payable | 2 | 2 | 12 | 2 | — | |
| Below-market lease intangibles, net | 7 | 8 | 9 | 10 | 11 | |
| Other liabilities related to real estate investments held for sale | 0 | 26,000 | 249,000 | 117,881 | 383,282 | |
| Total liabilities | 274 | 294 | 306 | 213 | 206 | |
| Commitments and contingencies (Note 10) | — | — | — | — | — | |
| Additional paid-in-capital | 337 | 349 | 293 | 278 | 273 | |
| Treasury stock, at cost, 467,319 shares held as of each June 30, 2025 and December 31, 2024 | −7 | −7 | −5 | −4 | 0 | |
| Cumulative distributions and net losses | −168 | −154 | −146 | −118 | −102 | |
| Accumulated other comprehensive income | 919,000 | 2 | 3 | 4 | 0 | |
| Total Modiv Industrial, Inc. equity | 163 | 190 | 144 | 160 | 172 | |
| Noncontrolling interests in the Operating Partnership | 39 | 24 | 81 | 81 | 51 | |
| Total equity | 202 | 214 | 225 | 241 | 222 | |
| Total liabilities and equity | 476 | 508 | 531 | 454 | 428 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock compensation expense | 3 | 2 | 11 | 2 | 3 | |
| Amortization of deferred rents | −5 | −6 | −6 | −3 | 188,297 | |
| Amortization of deferred financing costs and premium/discount | 629,000 | 1 | — | — | — | |
| Amortization of (below) above market lease intangibles, net | −854,000 | −847,000 | −808,000 | −1 | −1 | |
| Impairment of real estate investment property | 6 | 0 | 4 | 2 | −400,999 | |
| Amortization of unrealized holding gain and unrealized gain on non-designated or ineffective interest rate derivative instruments | −1 | 1 | — | — | — | |
| Adjustment for receipts from off-market interest rate derivatives | −5 | 0 | — | — | — | |
| Amortization of off-market interest rate derivatives | 4 | 0 | — | — | — | |
| Loss on early extinguishment of debt | 768,000 | 0 | — | — | — | |
| Distributions from unconsolidated investment in a real estate property | 646,000 | 1 | 231,000 | 211,921 | 337,072 | |
| (Increase) decrease in tenant rent and other receivables | −13,000 | 71,000 | 387,000 | 140,133 | −913,208 | |
| (Increase) decrease in prepaid expenses and other assets | −31,000 | 460,000 | −59,000 | 930,343 | −1 | |
| Decrease in accounts payable, accrued and other liabilities | −535,000 | −599,000 | −903,000 | −1 | 977,563 | |
| Net cash provided by operating activities | 15 | 18 | 17 | 17 | 10 | |
| Acquisitions of real estate investments | −345,000 | −5 | −123 | −127 | — | |
| Improvements to existing real estate investments and other assets | −506,000 | −2 | −5 | −4 | −1 | |
| Net proceeds from sale of real estate investments | 27 | 15 | 35 | 71 | 38 | |
| Net proceeds from sale of investment in common stock | 0 | 652,000 | 0 | — | — | |
| Purchase deposits applied (paid) | 150,000 | −250,000 | — | — | — | |
| Sale deposits received, net of applied | 300,000 | 0 | −812,000 | 84,452 | −1 | |
| Proceeds from the settlement of property-related insurance claims | 684,000 | 0 | — | — | — | |
| Investments in off-market interest rate derivatives | −4 | 0 | — | — | — | |
| Receipts from off-market interest rate derivatives | 5 | 0 | — | — | — | |
| Net cash provided by investing activities | 28 | 8 | −94 | −61 | 22 | |
| Principal payments on mortgage notes payable | −19 | −281,000 | −13 | −130 | −37 | |
| Payments of deferred financing costs | −70,000 | 0 | 0 | −4 | −404,971 | |
| Payment of loan prepayment fees | −732,000 | 0 | — | — | — | |
| Proceeds from offering of common stock, net | 3 | 8 | 832,000 | 114,500 | 4 | |
| Repurchases of preferred stock | −7 | 0 | — | — | — | |
| Repurchases of common stock and Class C OP Units | 0 | −12 | −1 | −4 | −19 | |
| Dividends paid to preferred stockholders | −3 | −4 | −4 | −4 | 0 | |
| Net cash used in financing activities | −40 | −18 | 72 | −5 | 18 | |
| Net increase in cash, cash equivalents, and restricted cash | 3 | 8 | −5 | −50 | 50 | |
| Cash paid for interest | 12 | 14 | 12 | 8 | 8 | |
| Distribution of Generation Income Properties, Inc. (GIPR) common stock to Class C Common Stock and Class C OP Units | 0 | 10 | 0 | — | — | |
| Receipt of GIPR common stock in exchange of GIPR preferred stock | 0 | −11 | 0 | — | — | |
| Change in construction advances | 153,000 | 1 | 0 | — | — | |
| Issuance of Class C OP Units in the acquisition of a real estate investment | 6 | 0 | 5 | 33 | 0 | |
| Reinvested distributions from common stockholders | 2 | 2 | 2 | 3 | 5 | |
| (Decrease) increase in accrued distributions | −50,000 | 180,000 | 10 | −27,235 | 36,972 |
Filings
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Frequently asked questions
What is MODIV INDUSTRIAL, INC.'s CIK number?
MODIV INDUSTRIAL, INC.'s SEC CIK number is 0001645873 (1645873). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find MODIV INDUSTRIAL, INC.'s SEC filings?
All of MODIV INDUSTRIAL, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did MODIV INDUSTRIAL, INC. last report earnings?
MODIV INDUSTRIAL, INC. (MDV) most recently filed an earnings 8-K with the SEC on Mar 25, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001645873-26-000042). This is MODIV INDUSTRIAL, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is MODIV INDUSTRIAL, INC.'s most recent earnings 8-K?
MODIV INDUSTRIAL, INC.'s latest earnings 8-K (Item 2.02) was filed Mar 25, 2026 under accession 0001645873-26-000042. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View MODIV INDUSTRIAL, INC.'s latest earnings 8-K →
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