MODIV INDUSTRIAL, INC. entered into Agreement and Plan of Merger with Global Net Lease, Inc., GNL Motion Merger Sub, LLC, Global Net Lease Operating Partnership, L.P., GNL Motion OpCo Merger Sub, LLC (effective 2026-05-03).
“On May 3, 2026, Modiv Industrial, Inc. (the “ Company ”) and Modiv Operating Partnership, LP (the “ Operating Partnership ” and, together with the Company, the “ Company Parties ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Global Net Lease, Inc. (“ GNL ”), GNL Motion Merger Sub, LLC (“ GNL Merger Sub ”), Global Net Lease Operating Partnership, L.P. (the “ GNL Operating Partnership ”) and GNL Motion OpCo Merger Sub, LLC (“ Opco Merger Sub ” and, together with GNL, GNL Merger Sub and the GNL Operating Partnership, the “ GNL Parties ”).”
Earnings Releases
MODIV INDUSTRIAL, INC. reported fourth quarter and year ended December 31, 2025 results: net income Fourth quarter 2025 net income attributable to common stockholders was $0.4 million. Full year 2025 net loss attributabl, EPS Full year 2025 ... $(0.31) per diluted share.
“Modiv Industrial Announces Fourth Quarter and Full Year 2025 Results Denver, CO, March 25, 2026 – Modiv Industrial, Inc.”
Material Agreements
MODIV INDUSTRIAL, INC. amended Fourth Amendment to Credit Agreement with Keybank National Association, individually and as Agent for itself and the other Lenders (effective 2026-01-16).
“On January 16, 2026, Modiv Industrial, Inc., a Maryland corporation (the “Company”), entered into a Fourth Amendment to Credit Agreement (the “Fourth Amendment”), by and among Modiv Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), the Company, the parties executing the amendment as Subsidiary Guarantors (as defined in the Fourth Amendment), Keybank National Association (“Agent”), individually and as Agent for itself and the other Lenders (as defined in the Fourth Amendment) from time to time a party to the Credit Agreement and the other Lenders which are signatories thereto.”
Adam Markman resigned as Director at MODIV INDUSTRIAL, INC..
“Curtis McWilliams and Adam Markman have tendered their resignations from the board of directors”
Curtis McWilliams resigned as Director at MODIV INDUSTRIAL, INC..
“Curtis McWilliams and Adam Markman have tendered their resignations from the board of directors”
Christopher R. Gingras was appointed as Director at MODIV INDUSTRIAL, INC..
“the Board appointed Christopher R. Gingras to serve as a director on the Board”
Earnings Releases
MODIV INDUSTRIAL, INC. reported financial results for the first quarter ended March 31, 2024.
“On May 2, 2024, Modiv Industrial, Inc., a Maryland corporation (the “Company”), issued an earnings press release relating to the Company’s financial results for the first quarter ended March 31, 2024.”
Earnings Releases
MODIV INDUSTRIAL, INC. updated its 2024 guidance (reaffirmed).
“Business Outlook: Acquisitions – Yes, that’s right, no acquisitions for fourth quarter or YTD 2024.”
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.
“Fourth quarter revenue of $12.3 million increased $2.3 million year-over-year, or 23%, excluding the 2022 lease termination fee.”
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.
“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,”
Earnings Releases
MODIV INDUSTRIAL, INC. reported fourth quarter and full year ended December 31, 2023 results: revenue Annual revenue of $46.9 million.
“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,”
Material Agreements
MODIV INDUSTRIAL, INC. amended First Amendment to the Agreement of Purchase and Sale with Generation Income Properties, L.P. valued at Modiv Industrial, Inc. entered into a First Amendment to the Agreement of Purchase and Sale, modifyi (effective 2023-12-28).
“On December 28, 2023, Modiv Industrial, Inc. (“Modiv Industrial” or the “Company”), entered into a First Amendment (the “First Amendment”) to the Agreement of Purchase and Sale by and among the Company, certain subsidiaries of the Company, Generation Income Properties, L.P., a Delaware limited partnership, and Generation Income Properties, Inc., a Maryland corporation (“GIPR”), dated August 10, 2023.”
Earnings Releases
MODIV INDUSTRIAL, INC. reported third quarter ended September 30, 2023 results: revenue $12.5 million.
“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”
Material Agreements
MODIV INDUSTRIAL, INC. amended Amended and Restated At Market Issuance Sales Agreement with Robert W. Baird & Co. Incorporated, Truist Securities, Inc., BMO Capital Markets Corp., B. Riley Securities, Inc., Janney Montgomery Scott LLC and Colliers Securities LLC valued at $50,000,000 (effective 2023-11-13).
“On November 13, 2023, Modiv Industrial, Inc. (the “Company”) and Modiv Operating Partnership, LP, the Company’s operating partnership, entered into an Amended and Restated At Market Issuance Sales Agreement (the “A&R Sales Agreement”) with Robert W. Baird & Co. Incorporated, Truist Securities, Inc., BMO Capital Markets Corp., B. Riley Securities, Inc., Janney Montgomery Scott LLC and Colliers Securities LLC (collectively, the “Agents”), which amends and restates the previously announced At Market Issuance Sales Agreement dated June 6, 2022”
Earnings Releases
MODIV INDUSTRIAL, INC. reported financial results for second quarter ended June 30, 2023.
“On August 17, 2023, Modiv Industrial, Inc. (formerly known as Modiv Inc.), a Maryland corporation (the “Company”), released an investor presentation and supplement on the Company’s website relating to the Company’s pro forma portfolio information as of August 14, 2023 and its financial results for the second quarter ended June 30, 2023.”
Earnings Releases
MODIV INDUSTRIAL, INC. reported second quarter ended June 30, 2023 results: revenue $11.8 million.
“Revenue was $11.8 million, up 16.7% year-over-year, reflecting the acquisition of 16 industrial manufacturing properties since June 30, 2022.”
Shareholder Votes
MODIV INDUSTRIAL, INC. shareholders approved Advisory (non-binding) approval of compensation paid to named executive officers for year ended December 31, 2022 at the 2023-07-25 meeting.
“The Registrant’s stockholders approved, on an advisory (non-binding) basis, the compensation paid to the Registrant’s named executive officers for the year ended December 31, 2022, as follows:”
Shareholder Votes
MODIV INDUSTRIAL, INC. shareholders approved Ratification of appointment of Grant Thornton LLP as independent registered public accounting firm for year ending December 31, 2023 at the 2023-07-25 meeting.
“The Registrant’s stockholders ratified the appointment of Grant Thornton LLP as the Registrant’s independent registered public accounting firm for the fiscal year ending December 31, 2023, as follows:”
Shareholder Votes
MODIV INDUSTRIAL, INC. shareholders approved Election of seven directors for a term expiring at the 2024 annual meeting of stockholders at the 2023-07-25 meeting.
“All of the director nominees listed below were elected by the Registrant’s stockholders to hold office until the next annual meeting of stockholders in 2024 and until his or her respective successor has been duly elected and qualifies or until his or her earlier resignation or removal, as follows:”
Earnings Releases
MODIV INDUSTRIAL, INC. reported first quarter ended March 31, 2023 results: revenue $10.3 million.
“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”
Auditor Changes
MODIV INDUSTRIAL, INC. engaged Grant Thornton LLP as its auditor.
“(the “Company”) recently conducted a competitive selection process to determine the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023. The Audit Committee of the Company’s Board of Directors (the “Audit Committee”) considered several public accounting firms in connection with this process and, as a result of this process, on March 30, 2023, the Audit Committee engaged Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023, replacing Baker Tilly US, LLP (“Baker Tilly”), the Company’s former independent registered public accounting firm.”
Auditor Changes
MODIV INDUSTRIAL, INC. dismissed Baker Tilly US, LLP as its auditor.
“During the years ended December 31, 2022 and 2021, and during the interim period from January 1, 2023 through March 30, 2023, the date of Baker Tilly’s dismissal, there were no disagreements with Baker Tilly on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Baker Tilly, would have caused it to make reference to such disagreement in its reports.”
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.
“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 -”
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.
“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”
Earnings Releases
MODIV INDUSTRIAL, INC. reported the third quarter ended September 30, 2022 results: revenue $10.2 million, net income $3.0 million, EPS $0.35 per diluted share.
“Financial review for the third quarter 2022 Total Revenues Total revenues were consistent year-over-year at $10.2 million. The year-ago third-quarter revenue included a $1.5 million early termination fee related to a Texas property leased to Dana Incorporated, which was sold in July 2021. Excluding this early termination fee, third-quarter revenue increased $1.5 million, or 17% year-over-year, due primarily to rental income from 16 acquisitions year-to-date and partially offset by a decrease in rental income from the sale of six office properties and one flex property in 2022. Operating Results Net income attributable to common stockholders was $3.0 million, or $0.40 per basic share and $0.35 per diluted share, compared to net income of $3.5 million, or $0.47 per basic and $0.40 per diluted share in the prior-year period.”
Debt Financings
MODIV INDUSTRIAL, INC. amended credit facility of $400,000,000 with KeyBank National Association.
“to, among other things, (i) increase the four-year revolving line of credit under the Credit Agreement from $100,000,000 to $150,000,000, (ii) increase the five-year term loan under the Credit Agreement from $150,000,000 to $250,000,000 (the “Term Loan”), and (iii) increase the total commitment of the Lenders under the Credit Agreement from $250,000,000 to $400,000,000”
Adam S. Markman was appointed as Chairman of the Board at MODIV INDUSTRIAL, INC..
“the Board appointed Adam S. Markman, a current member of the Board, as Chairman of the Board and Chairman of the Audit Committee of the Board”
Connie Tirondola was appointed as Director at MODIV INDUSTRIAL, INC..
“the Board, acting upon the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed each of Asma Ishaq, Kimberly Smith and Connie Tirondola to serve as directors on the Board”
Kimberly Smith was appointed as Director at MODIV INDUSTRIAL, INC..
“the Board, acting upon the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed each of Asma Ishaq, Kimberly Smith and Connie Tirondola to serve as directors on the Board”
Asma Ishaq was appointed as Director at MODIV INDUSTRIAL, INC..
“the Board, acting upon the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed each of Asma Ishaq, Kimberly Smith and Connie Tirondola to serve as directors on the Board”
Joe F. Hanauer resigned as Director at MODIV INDUSTRIAL, INC..
“On December 7, 2021, Raymond E. Wirta, Jeffrey Randolph and Joe F. Hanauer resigned as members of the Board of Directors (the “Board”) of Modiv Inc. (the “Company”)”
Jeffrey Randolph resigned as Director at MODIV INDUSTRIAL, INC..
“On December 7, 2021, Raymond E. Wirta, Jeffrey Randolph and Joe F. Hanauer resigned as members of the Board of Directors (the “Board”) of Modiv Inc. (the “Company”)”
Raymond E. Wirta resigned as Director at MODIV INDUSTRIAL, INC..
“On December 7, 2021, Raymond E. Wirta, Jeffrey Randolph and Joe F. Hanauer resigned as members of the Board of Directors (the “Board”) of Modiv Inc. (the “Company”)”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.