MODIV INDUSTRIAL, INC.

modiv.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2026 10-Q, filed Aug 11, 2026. Its latest SEC filing is a 15-12G from Aug 24, 2026.

The sections below describe the company as of the FY2025 annual report.

What Did They Do?

Acquires, owns and leases single-tenant industrial manufacturing properties to commercial tenants, while also holding legacy retail and office properties.

How Did They Make Money?

Commercial tenants pay monthly base rent under long-term leases, generally with annual increases; under triple-net leases, they also cover most property operating costs.

FY2025 revenue

Who Were Their Customers?

Leases its industrial properties to commercial tenants, with a few retail and office properties also in the portfolio.

Did Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

34% of revenue

▼ −28% vs FY2024 ($22M, 47%)

Net income, FY2025

2% of revenue

▼ −82% vs FY2024 ($6M, 13%)

How Were They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $11.8M in Q2 FY2025
Net income: ▲ Now profitable; vs −$2M in Q2 FY2025

Aug 12, 2026 Modiv completed its merger with Global Net Lease Modiv common stock converted into GNL stock, preferred stock converted into cash, and Modiv shares were suspended from NYSE trading.

Grew. Revenue grew 22% in 4 years, from $37.9M in FY2021 to $46.4M in FY2025, about 5% a year.

Portfolio focus The portfolio has shifted from a mix of industrial, retail and office properties toward a focus on industrial manufacturing real estate, with the remaining retail and office properties described as non-core.

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