Modiv Industrial Inc (NYSE: MDV) is an industrial real estate investment trust that acquires and owns single-tenant net-lease industrial properties. Revenue comes primarily from rental income collected under net leases, where tenants pay base rent and most property-level expenses directly. The company operates as a REIT, distributing income to stockholders monthly to maintain its federal tax-exempt status. As of December 31, 2025, net real estate investments totaled $435.5 million (per the 10-K filed 2026-03-25). The company carries mortgage notes payable and a credit facility term loan on its balance sheet, indicating a debt-funded acquisition model. The board authorized a 2.6% increase in the annual distribution rate to $1.20 per share beginning January 2026, following a 1.7% increase to $1.17 per share effective January 2025. Tenant creditworthiness is a stated investment criterion, with most leases requiring tenants to provide regular financial reports. The company recorded $5.8 million in impairment charges on real estate investments during FY2025.

Revenue model

Rental income from single-tenant net leases on industrial properties, supplemented by other property income. Net lease structure passes most property operating costs to tenants, making rental income the primary recurring cash flow source.

Products and services

Single-tenant net-lease industrial real estate ownership and management. Properties held directly on balance sheet, with one unconsolidated investment in a real estate property also reported as of December 31, 2025.

Customers and end markets

Single tenants occupying individual industrial properties under net lease agreements. Tenant creditworthiness is assessed at acquisition. Most tenants are either publicly traded or required to provide regular financial reporting to Modiv.

Value-chain role

Property owner and net-lease landlord in the industrial real estate sector. Acquires properties, leases them to single tenants on a net basis, and distributes rental cash flows to equity holders as a REIT.

Geographic exposure

United States. Specific state or regional concentration not detailed in the filing excerpts provided.

Source: SEC 10-K, filed 2026-03-25

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