Modiv Industrial (MDV) Q2 2026 earnings summary

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.