Modiv Industrial, Inc. (NYSE: MDV)

Modiv Industrial, Inc. is a Maryland corporation that owns and manages single-tenant net-lease properties throughout the United States with a focus on industrial manufacturing assets. The company operates as a real estate investment trust (REIT) for U. S. federal income tax purposes and has been internally managed since December 31, 2019. Its primary business involves acquiring and holding industrial properties leased to tenants under long-term net leases, aiming to strengthen national supply chains through critical manufacturing assets.

Modiv Industrial, Inc. generates revenue primarily by leasing properties to industrial manufacturing tenants pursuant to net leases. The company’s income is derived from contractual base rent and tenant reimbursements for property expenses such as taxes, insurance, and maintenance. As of September 30, 2025, the company’s real estate portfolio produced annual base rent aggregating $38.9 million based on the next 12 months of contractual monthly base rent.

The company operates through the following segments: Industrial Core and Non-Core.

• The Industrial Core segment consists of industrial properties, including an approximate 72.7% tenant-in-common interest in a Santa Clara, California industrial property, representing approximately 82% of the portfolio by annual base rent as of September 30, 2025. This segment includes 39 industrial properties, one of which is held for sale, and focuses on critical industrial manufacturing properties with long-term leases to tenants that support the national economy.

• The Non-Core segment includes four properties representing approximately 18% of the portfolio by annual base rent as of September 30, 2025. These properties comprise a non-core KIA retail property in Los Angeles County, a legacy asset in Rancho Cordova, California leased to OES with a purchase option, a legacy office property in Issaquah, Washington formerly leased to Costco and under contract for sale to KB Home, and a legacy office property in San Diego, California formerly leased to Solar Turbines.

Modiv Industrial, Inc. operates within the competitive net-lease real estate sector, positioning itself as a specialized owner of single-tenant industrial properties with long-term lease structures. The company competes with other REITs and private real estate firms that focus on net-leased assets, differentiating itself through its strategic focus on domestic manufacturing properties and its internally managed platform, which reduces reliance on external advisors and aligns management incentives with long-term shareholder value.

Modiv Industrial, Inc. serves a diverse customer base of commercial tenants across multiple industries. As of September 30, 2025, the company’s properties were leased to 27 different commercial tenants operating in 12 separate industries. Specific tenants include Fujifilm Dimatix, Inc., Northrop Grumman Systems Corporation, Costco (prior to lease expiration), Solar Turbines, OES, New Vision Industries, LLC (a subsidiary of Producto Holdings LLC), and KIA-related retail operations in Los Angeles County.