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Modiv Industrial
Modiv Industrial (MDV) investor relations material
Modiv Industrial Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Aug, 2026
Executive summary
Portfolio consisted of 40 properties in 14 states, with 82% industrial and 18% non-core assets, totaling 4.2 million sq. ft. and 99% occupancy as of June 30, 2026.
Annual base rent was $39.1 million, with 26 tenants across 12 industries.
A merger with Global Net Lease, Inc. (GNL) was approved by shareholders on August 10, 2026, with closing expected mid-August 2026.
Financial highlights
Net income for Q2 2026 was $6.5 million, compared to a net loss of $2.6 million in Q2 2025; six-month net income was $6.2 million versus a $1.8 million loss year-over-year.
Rental revenue for Q2 2026 was $11.7 million, flat year-over-year; six-month rental revenue was $23.4 million, slightly down from $23.5 million.
Operating income for Q2 2026 was $10.0 million, up from $1.2 million in Q2 2025, driven by a $7.5 million gain on property sale.
FFO for Q2 2026 was $1.8 million ($0.14/share), down from $4.6 million ($0.36/share) in Q2 2025; AFFO was $4.6 million ($0.36/share), down from $4.8 million ($0.38/share).
Cash and cash equivalents were $21.6 million as of June 30, 2026.
Outlook and guidance
No new property acquisitions planned due to pending merger; cash requirements for operations, debt, and merger costs expected to be met with cash on hand.
Sufficient liquidity is expected for the next 12 months and beyond.
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Latest events from Modiv Industrial
- Merger and related compensation proposals were approved by stockholders without opposition.MDV
EGM 2026 - Stockholders are asked to approve a merger with GNL, exchanging Modiv shares for GNL stock.MDVProxy filing
- Q1 2026 saw stable operations, a net loss, strong FFO/AFFO, and a pending merger with GNL.MDVQ1 2026
- AFFO rose 15% in 2025 as asset recycling and portfolio transition advanced.MDVQ4 2025
- Shelf registration allows up to $250M in securities to fund industrial REIT growth and acquisitions.MDVRegistration Filing
- AFFO rose 22% year-over-year, with 96% occupancy and a disciplined asset recycling strategy.MDVQ3 2025
- AFFO up 17.3% to $3.9M, 43-property portfolio, 7.79% yield, all debt fixed at 4.52%.MDVQ2 2024
- AFFO per share rose, dividend increased, and portfolio advanced to 77% industrial with 98% occupancy.MDVQ3 2024
- AFFO and net income beat estimates; 2025 outlook highlights disciplined growth and cost savings.MDVQ4 2024
Next Modiv Industrial earnings date
Q3 202613 Nov, 2026
Modiv Industrial
Next Modiv Industrial earnings date
Q3 202613 Nov, 2026
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Frequently asked questions
Modiv Industrial Inc. is a real estate investment trust (REIT) that focuses on acquiring, owning, and managing industrial properties across the United States. The company’s portfolio primarily consists of single-tenant industrial properties that are essential to the operations of its tenants, such as manufacturing, distribution, and logistics facilities. Modiv aims to provide long-term value to its investors by targeting high-quality, income-producing properties leased to creditworthy tenants. The company is headquartered in Newport Beach, California, and its shares are listed on the NYSE.