---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-24-010883"
form_type: "8-K"
ticker: "MDV"
cik: "0001645873"
company_name: "MODIV INDUSTRIAL, INC."
filed_at: "2024-03-04T23:59:59+00:00"
generated_at: "2026-06-05T04:46:08.067723+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Modiv Industrial Q4/FY23 earnings: AFFO beats street, portfolio transformation continues

## Summary
- FY23 revenue $46.9M (+7.1% YoY); AFFO $14.7M ($1.33/diluted share) beats consensus by $0.04.
- Q4 revenue $12.3M (+23% YoY excl. 2022 termination fee); Q4 AFFO $0.40/share beats consensus by $0.05.
- Sold two office properties (Sacramento $7M Jan 2024; Issaquah $28.7M contract, close by Aug 2025); no debt maturities until 2027 after prepaying $3M mortgage.
- Kalera tenant bankruptcy in St. Paul; Modiv expects no economic loss; ceased related-party transactions.

## SEC filing metadata
- accession: 0001140361-24-010883
- form_type: 8-K
- ticker: MDV
- cik: 0001645873
- company_name: MODIV INDUSTRIAL, INC.
- filed_at: 2024-03-04T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1645873/000114036124010883/0001140361-24-010883-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1645873/000114036124010883/ef20022917_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-24-010883
- JSON: https://secwatch.observer/filing/0001140361-24-010883.json
- Plain text: https://secwatch.observer/filing/0001140361-24-010883.txt

## Key facts
- Earnings Releases
  MODIV INDUSTRIAL, INC. reported fourth quarter and full year ended December 31, 2023 results: revenue Annual revenue of $46.9 million.
  - Period: fourth quarter and full year ended December 31, 2023
  - Revenue: Annual revenue of $46.9 million
  - Result: reported results
  source text: acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2023. Highlights: • Annual revenue of $46.9 million increased 7.1% year-over-year compared with 2022 revenue of $43.8 million. 2022 revenue included a $3.8 million non-recurring early lease termination fee and excluding that fee,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036124010883/0001140361-24-010883-index.htm
- Earnings Releases
  MODIV INDUSTRIAL, INC. reported full year ended December 31, 2023 results: revenue Annual revenue of $46.9 million, EPS Full year 2023 AFFO of $14.7 million, or $1.33 per diluted share.
  - Period: full year ended December 31, 2023
  - Revenue: Annual revenue of $46.9 million
  - EPS: Full year 2023 AFFO of $14.7 million, or $1.33 per diluted share
  - Result: reported results
  source text: acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2023. Highlights: • Annual revenue of $46.9 million increased 7.1% year-over-year compared with 2022 revenue of $43.8 million. 2022 revenue included a $3.8 million non-recurring early lease termination fee and excluding that fee,
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036124010883/0001140361-24-010883-index.htm
- Earnings Releases
  MODIV INDUSTRIAL, INC. reported fourth quarter ended December 31, 2023 results: revenue Fourth quarter revenue of $12.3 million, EPS Fourth quarter AFFO of $4.5 million, or $0.40 per diluted share.
  - Period: fourth quarter ended December 31, 2023
  - Revenue: Fourth quarter revenue of $12.3 million
  - EPS: Fourth quarter AFFO of $4.5 million, or $0.40 per diluted share
  - Result: reported results
  source text: Fourth quarter revenue of $12.3 million increased $2.3 million year-over-year, or 23%, excluding the 2022 lease termination fee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036124010883/0001140361-24-010883-index.htm
- Earnings Releases
  MODIV INDUSTRIAL, INC. updated its 2024 guidance (reaffirmed).
  - Period: 2024
  - Guidance: reaffirmed
  - Result: guidance update
  source text: Business Outlook: Acquisitions – Yes, that’s right, no acquisitions for fourth quarter or YTD 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1645873/000114036124010883/0001140361-24-010883-index.htm

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