---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-024492"
form_type: "8-K"
ticker: "MDV"
cik: "0001645873"
company_name: "MODIV INDUSTRIAL, INC."
filed_at: "2023-05-15T23:59:59+00:00"
generated_at: "2026-06-15T01:15:22.581039+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Modiv Q1 revenue up 7.7% to $10.3M; AFFO rises to $0.30/share; $100.6M in acquisitions YTD

## Summary
- Q1 revenue $10.3M (+7.7% YoY); AFFO $0.30 per diluted share vs $0.29 in prior-year quarter.
- Acquired 10 industrial properties YTD through May 12 for $100.6M at blended initial cap rate 7.7%.
- Total debt $294.4M (weighted avg interest 4.4% with swaps); consolidated leverage 40% as of March 31.
- Industrial portfolio now 37 assets (67% of pro forma NOI); WALT 14.5 years; 2.4% avg annual rent increases.
- Term loan drawn additional $80M in April, bringing total to $250M; $150M revolver available.

## SEC filing metadata
- accession: 0001140361-23-024492
- form_type: 8-K
- ticker: MDV
- cik: 0001645873
- company_name: MODIV INDUSTRIAL, INC.
- filed_at: 2023-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1645873/000114036123024492/0001140361-23-024492-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1645873/000114036123024492/brhc20052879_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-024492
- JSON: https://secwatch.observer/filing/0001140361-23-024492.json
- Plain text: https://secwatch.observer/filing/0001140361-23-024492.txt

## Key facts
- Earnings Releases
  MODIV INDUSTRIAL, INC. reported first quarter ended March 31, 2023 results: revenue $10.3 million.
  - Period: first quarter ended March 31, 2023
  - Revenue: $10.3 million
  - Result: reported results
  source text: Modiv Announces First Quarter 2023 Results Reno, Nevada, May 15, 2023 – Modiv Inc. (“Modiv” or the “Company”) (NYSE:MDV), an internally managed real estate investment trust (“REIT”) that actively acquires, owns, and manages a portfolio of single-tenant net-lease industrial manufacturing real estate properties, today announced operating results for the first quarter ended March 31, 2023. Key Highlights: ◾ First quarter revenue of $10.3 million increased 7.7% year-over-year
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036123024492/0001140361-23-024492-index.htm

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