Schedule III Real Estate Assets and Accumulated Depreciation and Amortization

MODIV INDUSTRIAL, INC.

Real Estate Assets and Accumulated Depreciation and Amortization

(in thousands, excludes real estate asset held for sale)


						Initial Cost to Company						Costs Capitalized Subsequent to Acquisition (3)		Gross Amount at Which Carried at Close of Period
Description	Location	Original Year of Construction	Date Acquired	Encumbrances (1)		Land		Buildings & Improvements (2)		Total				Land		Buildings & Improvements (2)		Total		Accumulated Depreciation and Amortization		Net
Northrop Grumman	Melbourne, FL	1986	03-07-2017	$	—	$	1,191	$	12,533	$	13,724	$	2,066	$	1,191	$	14,599	$	15,790	$	(5,380)	$	10,410
Northrop Grumman Parcel	Melbourne, FL	—	06-21-2018	—		329		—		329		—		329		—		329		—		329
Husqvarna	Charlotte, NC	2010	11-30-2017	—		975		11,879		12,854		—		975		11,879		12,854		(2,899)		9,955
AvAir	Chandler, AZ	2015	12-28-2017	—		3,494		23,864		27,358		—		3,494		23,864		27,358		(5,581)		21,777
3M	DeKalb, IL	2007	03-29-2018	—		759		16,360		17,119		932		759		17,292		18,051		(7,113)		10,938
Taylor Fresh Foods	Yuma, AZ	2001	10-24-2019	12,070		4,312		32,776		37,088		—		4,312		32,776		37,088		(8,205)		28,883
Labcorp	San Carlos, CA	1974	12-31-2019	—		4,774		5,306		10,080		—		4,774		5,306		10,080		(1,214)		8,866
WSP USA	San Diego, CA	1985	12-31-2019	—		3,461		6,663		10,124		537		3,461		7,200		10,661		(1,889)		8,772
ITW Rippey	El Dorado, CA	1998	12-31-2019	—		788		6,588		7,376		503		788		7,091		7,879		(1,574)		6,305
L3Harris	Carlsbad, CA	1984	12-31-2019	—		3,553		8,533		12,086		379		3,553		8,912		12,465		(2,268)		10,197
Arrow Tru-Line	Archbold, OH	1976	12-03-2021	—		779		10,739		11,518		—		779		10,739		11,518		(1,675)		9,843
Lindsay	Colorado Springs, CO	Varies	04-19-2022	—		1,195		1,117		2,312		—		1,195		1,117		2,312		(216)		2,096
Lindsay	Colorado Springs, CO	Varies	04-19-2022	—		2,239		1,075		3,314		—		2,239		1,075		3,314		(129)		3,185
Lindsay	Dacono, CO	Varies	04-19-2022	—		2,264		1,825		4,089		2,800		2,264		4,625		6,889		(505)		6,384
Lindsay	Alachua, FL	2009	04-19-2022	—		966		7,552		8,518		—		966		7,552		8,518		(1,345)		7,173
Lindsay	Franklinton, NC	2007	04-19-2022	—		2,844		4,337		7,181		1,800		2,844		6,137		8,981		(641)		8,340
Lindsay	Canal Fulton, OH	1998	04-19-2022	—		659		10,619		11,278		—		659		10,619		11,278		(1,275)		10,003
Lindsay	Canal Fulton, OH	2004	04-19-2022	—		667		9,524		10,191		—		667		9,524		10,191		(1,168)		9,023
Lindsay	Rock Hill, SC	1999	04-19-2022	—		2,816		3,740		6,556		—		2,816		3,740		6,556		(624)		5,932
Lindsay	Gap, PA	1992/2008	04-13-2023	—		2,126		14,454		16,580		—		2,126		14,454		16,580		(2,020)		14,560
Producto	Jamestown, NY	1961/1971	07-15-2022	—		767		2,307		3,074		—		767		2,307		3,074		(331)		2,743
Valtir	Centerville, UT	1970/2013	07-26-2022	—		2,468		2,218		4,686		—		2,468		2,218		4,686		(405)		4,281
Valtir	Orangeburg, SC	1998	07-26-2022	—		1,679		2,564		4,243		—		1,679		2,564		4,243		(482)		3,761
Valtir	Fort Worth, TX	1968	07-26-2022	—		1,785		1,493		3,278		—		1,785		1,493		3,278		(215)		3,063
Valtir	Lima, OH	1928/2002	08-04-2022	—		748		9,174		9,922		—		748		9,174		9,922		(1,248)		8,674
Plastic Products	Princeton, MN	1960/2020	01-26-2023	—		422		6,250		6,672		—		422		6,250		6,672		(1,644)		5,028
Stealth Manufacturing	Savage, MN	1982	03-31-2023	—		771		4,756		5,527		—		771		4,756		5,527		(474)		5,053
Summit Steel	Reading, PA	2005	04-13-2023	—		1,518		9,879		11,397		—		1,518		9,879		11,397		(1,080)		10,317
PBC Linear	Roscoe, IL	1961/2018	04-20-2023	—		699		19,325		20,024		—		699		19,325		20,024		(1,995)		18,029
Cameron Tool	Lansing, MI	Varies	05-03-2023	—		246		5,530		5,776		—		246		5,530		5,776		(550)		5,226


						Initial Cost to Company						Costs Capitalized Subsequent to Acquisition (3)		Gross Amount at Which Carried at Close of Period
Description	Location	Original Year of Construction	Date Acquired	Encumbrances (1)		Land		Buildings & Improvements (2)		Total		Costs Capitalized Subsequent to Acquisition (3)		Land		Buildings & Improvements (2)		Total		Accumulated Depreciation and Amortization		Net
S.J. Electro Systems	Detroit Lakes, MN	1998/2009	05-05-2023	—		1,737		4,577		6,314		—		1,737		4,577		6,314		(484)		5,830
S.J. Electro Systems	Plymouth, MN	1989	05-05-2023	—		628		1,598		2,226		—		628		1,598		2,226		(242)		1,984
S.J. Electro Systems	Ashland, OH	2018	05-05-2023	—		251		7,304		7,555		—		251		7,304		7,555		(556)		6,999
Titan	Alleyton, TX	1976/2012	05-11-2023	—		2,056		15,090		17,146		—		2,056		15,090		17,146		(2,328)		14,818
Vistech	Piqua, OH	1974	07-03-2023	—		922		12,629		13,551		—		922		12,629		13,551		(1,289)		12,262
SixAxis	Andrews, SC	2002	07-11-2023	—		1,229		14,241		15,470		—		1,229		14,241		15,470		(1,822)		13,648
KIA/Trophu of Carson	Carson, CA	2016	01-18-2022	—		32,742		36,663		69,405		—		32,742		36,663		69,405		(4,203)		65,202
Vacant	San Diego, CA	1985	12-31-2019	—		2,484		4,933		7,417		287		2,484		5,220		7,704		(1,246)		6,458
OES	Rancho Cordova, CA	2009	12-31-2019	—		2,443		28,728		31,171		98		2,443		28,826		31,269		(6,498)		24,771
Torrent	Tampa, FL	1996	07-15-2024	—		1,421		3,762		5,183		—		1,421		3,762		5,183		(216)		4,967
Science First	Yulee, FL	2009	03-07-2025	—		968		5,109		6,077		162		968		5,271		6,239		(179)		6,060
				$	12,070	$	98,175	$	387,614	$	485,789	$	9,564	$	98,175	$	397,178	$	495,353	$	(73,208)	$	422,145

(1) Except for the properties leased to Plastic Products, Torrent and Science First, and the mortgaged Taylor Fresh Foods property, all other properties served as collateral for borrowings under our Credit Facility as of December 31, 2025.

(2) Building and improvements include tenant origination and absorption costs.

(3) Consists of capital expenditures and real estate development costs, net of a partial land sale.

•The aggregate cost of real estate for U.S. federal income tax purposes was approximately $513.9 million (unaudited) as of December 31, 2025.

•Real estate investments (excluding land) are depreciated over their estimated useful lives. Their useful lives are generally 15-50 years for buildings, the shorter of 15 years or remaining lease term for site/building improvements, the shorter of 15 years or remaining contractual lease term for tenant improvements and the remaining lease term with consideration as to above- and below-market extension options for above- and below-market lease intangibles for tenant origination and absorption costs.

•The real estate assets are 100% owned by the Company.

The following is a reconciliation of gross real estate investments and accumulated depreciation and amortization activity for the years ended December 31, 2025 and 2024:


	December 31,
	2025			2024
Real estate investments:
Balance at beginning of year	$	501,734		$	524,662
Acquisitions	6,077			5,183
Improvements to real estate	820			2,308
Dispositions	(2,362)		(1)	(16,437)
Held for sale	(4,310)			(13,982)
Impairment of real estate investment	(6,606)			—
Balance at end of year	$	495,353		$	501,734

Accumulated depreciation and amortization:
Balance at beginning of year	$	(59,524)		$	(50,902)
Depreciation and amortization	(15,087)			(16,601)
Dispositions	202		(1)	4,812
Held for sale	409			3,167
Impairment of real estate investment	792			—
Balance at end of year	$	(73,208)		$	(59,524)

(1) Represents the sale of the Company’s industrial property located in Endicott, New York, leased to New Vision Industries, LLC, a subsidiary of Producto, on February 26, 2025. The gross assets and accumulated depreciation and amortization activity for the year ended December 31, 2025 excludes the sale of its office property in Issaquah, Washington formerly leased to Costco on December 15, 2025, as it was classified as held for sale at December 31, 2025.