v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate investments:    
Land $ 98,175 $ 98,009
Buildings and improvements 383,540 386,102
Equipment 0 4,429
Tenant origination and absorption costs 13,638 13,194
Total investments in real estate property 495,353 501,734
Accumulated depreciation and amortization (73,208) (59,524)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net 422,145 442,210
Unconsolidated investment in a real estate property 9,437 9,324
Total real estate investments, net, excluding real estate investments held for sale, net 431,582 451,534
Real estate investments held for sale, net 3,901 22,372
Total real estate investments, net 435,483 473,906
Cash and cash equivalents 14,381 11,530
Tenant deferred rent and other receivables 23,436 18,460
Above-market lease intangibles, net 1,169 1,240
Prepaid expenses and other assets 1,988 2,693
Total assets 476,457 507,829
Liabilities and Equity    
Mortgage notes payable, net 11,994 30,777
Credit facility term loan, net 249,489 248,999
Accounts payable, accrued and other liabilities 3,831 4,035
Distributions payable 2,031 1,994
Below-market lease intangibles, net 7,067 7,948
Other liabilities related to real estate investments held for sale 0 26
Total liabilities 274,412 293,779
Commitments and contingencies (Note 10)
Additional paid-in-capital 337,028 349,479
Treasury stock, at cost, 467,319 shares held as of each June 30, 2025 and December 31, 2024 (7,112) (7,112)
Cumulative distributions and net losses (168,100) (154,074)
Accumulated other comprehensive income 919 1,841
Total Modiv Industrial, Inc. equity 162,748 190,146
Noncontrolling interests in the Operating Partnership 39,297 23,904
Total equity 202,045 214,050
Total liabilities and equity 476,457 507,829
Series A    
Liabilities and Equity    
7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value; $25.00 per share liquidation preference; 2,000,000 shares authorized; 1,725,000 outstanding as of June 30, 2025 and 2,000,000 outstanding as of December 31, 2024 2 2
Common Class C    
Liabilities and Equity    
Class C common stock, $0.001 par value, 300,000,000 shares authorized; 10,614,130 shares issued and 10,146,811 shares outstanding as of June 30, 2025, and 10,404,211 shares issued and 9,936,892 outstanding as of December 31, 2024 $ 11 $ 10