Modiv Industrial (MDV) Q1 2026 earnings summary

Executive summary

• Portfolio consisted of 41 properties (82% industrial by ABR), 99% occupancy, $40.1M annual base rent as of March 31, 2026.

• Acquired remaining 27.3% TIC interest in Santa Clara, CA property for $9.6M and sold vacant St. Paul, MN property for $4.1M.

• Entered into a merger agreement with Global Net Lease, Inc. (GNL), expected to close in Q3 2026, subject to shareholder approval.

Financial highlights

• Rental revenue was $11.7M for Q1 2026, flat year-over-year.

• Net loss attributable to common stockholders was $(0.9)M, or $(0.11) per share, compared to net income of $2K, or $(0.01) per share, in Q1 2025.

• FFO was $2.7M ($0.21 per share/unit), AFFO was $4.1M ($0.32 per share/unit) for Q1 2026.

• General and administrative expenses decreased 24% to $1.5M; stock compensation increased to $0.8M.

• Cash provided by operating activities was $4.1M, up from $3.1M year-over-year.

Outlook and guidance

• Merger with GNL expected to close in Q3 2026, with Class C shares converting to GNL shares and preferred stockholders receiving $25/share in cash.

• Management expects adequate liquidity for the next 12 months and beyond.

• No shares sold in ATM offering during Q1 2026; $36.9M remains available.