Business Description

The Company Modiv Industrial, Inc. (“Modiv”) is an internally-managed Maryland corporation that acquires, owns and manages a portfolio of single-tenant net-lease properties throughout the United States, with a focus on critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. Modiv also owns three non-core, legacy retail and office real estate properties, and is gradually reducing its non-core exposure, subject to market conditions, as it furthers its focus as a pure-play industrial manufacturing real estate investment trust (“REIT”). Modiv seeks to provide investors access to MOnthly DIVidends through a durable portfolio of real estate investments designed to generate both current income and long-term growth. Modiv has operated as a REIT for U.S. federal income tax purposes beginning with the year ended December 31, 2016. As used herein, the terms “Modiv,” the “Company,” “we,” “our” and “us” refer to Modiv Industrial, Inc. and, as required by context, Modiv Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership” or “Modiv OP”). Our Class C common stock, $0.001 par value per share (the “Class C Common Stock”), is listed on the New York Stock Exchange (the “NYSE”) under the symbol “MDV.” Our 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”), also is listed on the NYSE under the symbol “MDV.PA.” Details of our diversified portfolio of 42 operating properties, including one property held for sale and an approximate 72.7% tenant-in-common interest in a Santa Clara, California industrial property (the “TIC Interest”) as of December 31, 2025 are as follows: • Annual base rent (“ABR”) aggregating $39.1 million, which is calculated based on the next 12 months of contractual monthly base rent as of December 31, 2025 (on a pro forma basis reflecting our January 2026 acquisition of the remaining 27.3% TIC interest owned by third parties, ABR was $39.8 million based on the next 12 months of contractual monthly base rent as of December 31, 2025); • 39 industrial properties, which represent approximately 82% of the portfolio (expressed as a percentage of ABR), including the TIC Interest and one property held for sale, and three non-core properties which represent approximately 18% of the portfolio by ABR; • 28% of the portfolio by ABR is leased by investment grade tenants; • Weighted average remaining lease term (“WALT”), excluding tenants’ rights to extend leases, of approximately 14.0 years as of December 31, 2025; • Occupancy rate of 98% based on square footage; • Located in 14 states; • Leased to 27 different commercial tenants doing business in 12 separate industries; • Approximately 4.4 million square feet of aggregate leasable space, including the TIC Interest; • An average leasable space per property of approximately 104,000 square feet (approximately 107,000 square feet per industrial property and approximately 68,000 square feet per non-core property); and • Outstanding mortgage notes payable balance of $12.1 million for one consolidated property, $12.1 million for the unconsolidated property that became wholly-owned in January 2026 and a credit facility term loan balance of $250.0 million. During the year ended December 31, 2025, we acquired an industrial manufacturing property located in Florida. We also sold two properties (a vacant office property in Washington and an industrial property in New York). See Notes 3 and 13 to our accompanying consolidated financial statements included in this Annual Report on Form 10-K for further details of our acquisitions and dispositions. Subsequent to December 31, 2025, we acquired the 27.3% remaining TIC interest for $9.6 million, giving us 100% ownership of the property. To date, we have invested primarily in single-tenant, income-producing properties, leased to creditworthy tenants under long-term net leases. Although we are not limited as to the form our investments may take, our investments in real estate will primarily constitute acquiring fee title or interests in entities that own and operate real estate.…