v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate investments:    
Land $ 108,600 $ 98,175
Buildings and improvements 388,749 383,540
Tenant origination and absorption costs 13,540 13,638
Total investments in real estate property 510,889 495,353
Accumulated depreciation and amortization (75,080) (73,208)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net 435,809 422,145
Unconsolidated investment in a real estate property 0 9,437
Total real estate investments, net, excluding real estate investments held for sale, net 435,809 431,582
Real estate investments held for sale, net 0 3,901
Total real estate investments, net 435,809 435,483
Cash and cash equivalents 21,626 14,381
Tenant deferred rent and other receivables 25,787 23,436
Above-market lease intangibles, net 1,142 1,169
Prepaid expenses and other assets 1,591 1,988
Interest rate swap derivatives 1,705 0
Total assets 487,660 476,457
Liabilities and Equity    
Mortgage notes payable, net 23,590 11,994
Credit facility term loan, net 249,749 249,489
Accounts payable, accrued and other liabilities 5,549 3,831
Distributions payable 2,054 2,031
Below-market lease intangibles, net 6,604 7,067
Total liabilities 287,546 274,412
Commitments and contingencies (Note 10)
Additional paid-in-capital 338,171 337,028
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 (170,579) (168,100)
Accumulated other comprehensive income 755 919
Total Modiv Industrial, Inc. equity 161,248 162,748
Noncontrolling interests in the Operating Partnership 38,866 39,297
Total equity 200,114 202,045
Total liabilities and equity 487,660 476,457
Series A    
Liabilities and Equity    
7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value; $25.00 per share liquidation preference; 1,680,391 shares authorized and outstanding as of March 31, 2026 and 1,701,500 shares authorized and outstanding as of December 31, 2025 2 2
Common Class C    
Liabilities and Equity    
Class C common stock, $0.001 par value, 300,000,000 shares authorized; 11,129,207 shares issued and 10,661,888 shares outstanding as of December 31, 2025, and 10,766,709 shares issued and 10,299,390 outstanding as of December 31, 2024 $ 11 $ 11