---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-008160"
form_type: "8-K"
ticker: "MDV"
cik: "0001645873"
company_name: "MODIV INDUSTRIAL, INC."
filed_at: "2023-02-23T23:59:59+00:00"
generated_at: "2026-06-19T02:47:45.361128+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Modiv Q4 AFFO $0.68, full-year AFFO $1.63 beats guidance; revenue $46.2M (+22% YoY); NAV $27.72

## Summary
- Full-year 2022 AFFO $16.6M ($1.63/diluted share) exceeded guidance of $1.26-$1.36; revenue $46.2M (+22% YoY).
- Q4 2022 AFFO $6.9M ($0.68/diluted share) vs $2.4M ($0.27) in Q4 2021; revenue $14.4M (+63% YoY) including $3.8M early termination fee.
- Net loss attributable to common stockholders for 2022 was $(7.0)M ($(0.93)/share) vs $(1.5)M in 2021, including $17.3M goodwill write-off.
- NAV per share $27.72 vs stock price $11.76 (58% discount); dividend $0.09583/month ($1.15 annual, 9.8% yield).
- 2023 goals: at least $100M industrial acquisitions, no equity issuance at current prices, exploring strategic proposals.

## SEC filing metadata
- accession: 0001140361-23-008160
- form_type: 8-K
- ticker: MDV
- cik: 0001645873
- company_name: MODIV INDUSTRIAL, INC.
- filed_at: 2023-02-23T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1645873/000114036123008160/0001140361-23-008160-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1645873/000114036123008160/brhc10048523_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-008160
- JSON: https://secwatch.observer/filing/0001140361-23-008160.json
- Plain text: https://secwatch.observer/filing/0001140361-23-008160.txt

## Key facts
- Earnings Releases
  MODIV INDUSTRIAL, INC. reported the fourth quarter ended December 31, 2022 results: revenue $14.4 million, net income $(0.2) million, EPS $(0.02) per basic and diluted share.
  - Period: the fourth quarter ended December 31, 2022
  - Revenue: $14.4 million
  - Net income: $(0.2) million
  - EPS: $(0.02) per basic and diluted share
  - Result: reported results
  source text: per diluted share, exceeding the Company’s 2022 annual AFFO guidance of $1.26 - $1.36 per diluted share Highlights for the fourth quarter ended December 31, 2022: ◾ Revenue of $14.4 million increased 63% year-over-year ◾ Quarterly AFFO of $6.9 million, or $0.68 per diluted share, compared with $2.4 million or $0.27 per diluted share in the year-ago quarter Recent
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036123008160/0001140361-23-008160-index.htm
- Earnings Releases
  MODIV INDUSTRIAL, INC. reported the full year ended December 31, 2022 results: revenue $46.2 million, net income $(7.0) million, EPS $(0.93) per basic and diluted share.
  - Period: the full year ended December 31, 2022
  - Revenue: $46.2 million
  - Net income: $(7.0) million
  - EPS: $(0.93) per basic and diluted share
  - Result: reported results
  source text: properties, today announced operating results for the fourth quarter and full year ended December 31, 2022. Highlights for the full year ended December 31, 2022: ◾ Revenue of $46.2 million increased 22% year-over-year ◾ Annual AFFO increased 45% year-over-year to $16.6 million, or $1.63 per diluted share, exceeding the Company’s 2022 annual AFFO guidance of $1.26 -
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036123008160/0001140361-23-008160-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.