---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-052717"
form_type: "8-K"
ticker: "MDV"
cik: "0001645873"
company_name: "MODIV INDUSTRIAL, INC."
filed_at: "2023-11-13T23:59:59+00:00"
generated_at: "2026-06-08T05:15:12.293065+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Modiv Industrial Q3 revenue $12.5M (+21% YoY), AFFO $3.7M (+19% YoY), plans GIPR in-kind dividend

## Summary
- Revenue $12.5M (up 21% YoY from $10.3M); AFFO $3.7M (up 19% YoY from $3.1M).
- Reduced debt by $10M; net debt/adjusted EBITDA down 14% vs prior quarter.
- Portfolio: 44 properties, weighted avg lease term 14.0 years, avg annual rent increases 2.48%.
- CEO provides strategic outlook but no formal 2024 guidance; near-term acquisition pause.
- Potential Jan 2024 in-kind distribution of up to 3.0M GIPR shares; combined yield >16%.

## SEC filing metadata
- accession: 0001140361-23-052717
- form_type: 8-K
- ticker: MDV
- cik: 0001645873
- company_name: MODIV INDUSTRIAL, INC.
- filed_at: 2023-11-13T23:59:59+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/1645873/000114036123052717/0001140361-23-052717-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1645873/000114036123052717/ef20014573_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-052717
- JSON: https://secwatch.observer/filing/0001140361-23-052717.json
- Plain text: https://secwatch.observer/filing/0001140361-23-052717.txt

## Key facts
- Earnings Releases
  MODIV INDUSTRIAL, INC. reported third quarter ended September 30, 2023 results: revenue $12.5 million.
  - Period: third quarter ended September 30, 2023
  - Revenue: $12.5 million
  - Result: reported results
  source text: real estate, today announced operating results for the third quarter ended September 30, 2023. Key Financial Highlights: ◾ 21% year-over-year increase in revenue generating $12.5 million compared with $10.3 million in the year-ago quarter. ◾ 19% year-over-year increase in AFFO netting $3.7 million compared with $3.1 million in the year-ago quarter. ◾ $10 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036123052717/0001140361-23-052717-index.htm

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