Modiv

What Modiv does

Modiv Industrial is a publicly traded, internally managed real estate investment trust (REIT) listed on the NYSE under ticker MDV and incorporated in Maryland in 2015. The company acquires, owns, and manages single-tenant industrial manufacturing properties throughout the United States, primarily located in the "American heartland," and leases them under long-term net-lease arrangements to mission-critical manufacturing tenants. It operates from a small team (11–50 employees) headquartered in Denver, Colorado, and presents itself as a focused pure-play on U.S. industrial manufacturing real estate rather than a diversified retail/office REIT.

The company's sole product is the Modiv Industrial REIT itself, with no multi-product platform or modular technology architecture; its underlying infrastructure is the physical portfolio of net-leased properties, supplemented by a proprietary online portal for shareholder access and standard investor relations tooling (corporate website, SEC filings, email alerts). It does not disclose patents, proprietary AI/ML capabilities, or technology-driven differentiation, and technology is not material to its competitive position.

Modiv generates revenue almost entirely through rental income from its single-tenant net-lease industrial properties, with Q4 2025 rental income of $11.07 million and full-year 2025 AFFO of $17.2 million (a 15% increase over 2024). It serves two distinct customer types: income-focused individual and institutional investors seeking regular cash flow via monthly dividends (currently $1.20 annualized, a 7.95% yield), and industrial manufacturing companies requiring mission-critical single-tenant facilities. Distribution is sales-led and direct, via NYSE-listed Class C common stock and a private placement offering channel using North Capital as dealer manager. The company's near-term strategic posture is dominated by the announced all-stock merger with Global Net Lease (~$535M enterprise value, expected Q3 2026 close), which would end Modiv's standalone operating existence.

Name

Modiv

Legal name

Modiv Inc.

Website

https://modiv.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Modiv Industrial is a publicly traded, internally managed U.S. REIT that owns single-tenant industrial manufacturing properties under long-term net leases, serving income-focused investors with monthly dividends and mission-critical manufacturing tenants with specialized facilities.

Ownership category

akta.pro rank

Headquarters

HQ city

Newport Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others, Infrastructure

Revenue model

1. Rental Income from Net-Lease Industrial Properties: Modiv Industrial generates revenue through rental income from its portfolio of single-tenant net-lease industrial manufacturing properties across the United States. The company enters into long-term leases with mission-critical tenants in the industrial manufacturing sector.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Modiv Industrial is a publicly traded REIT that acquires, owns, and manages single-tenant industrial manufacturing facilities across the United States via long-term net-lease agreements with mission-critical tenants. The company generates rental income from this portfolio and distributes it to investors through monthly dividends, with a strategic focus on becoming a pure-play industrial manufacturing REIT.

Product overview

Modiv Industrial operates as a single unified REIT offering focused on industrial manufacturing net-lease properties. The company does not operate a multi-product platform or modular architecture — its entire business is the ownership and acquisition of single-tenant industrial properties leased to manufacturing tenants on long-term net leases. The sole product offering is the Modiv Industrial REIT itself, which generates persistent monthly dividend income from its portfolio of American manufacturing real estate.

Differentiator

Problem solved

Functional benefit

Products and services

• Modiv Industrial REIT (Class C common stock, NYSE: MDV) Publicly traded, internally managed REIT that invests in single-tenant industrial manufacturing facilities across the United States via long-term net leases to mission-critical tenants. Provides investors with monthly dividend income from a portfolio focused on properties where essential products are manufactured in the American heartland.

Quantifiable outcome

• 15% increase in full-year AFFO to $17.2 million in 2025 vs. 2024
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Global Net Lease (GNL)coreStrategic or Co-development Partner · 4 May 2026Global Net Lease has agreed to acquire Modiv Industrial in an all-stock transaction valued at approximately $535 million enterprise value. Modiv stockholders will receive 1.975 shares of GNL common stock per share held, representing a 17% premium and an implied value of $18.82 per share. The transaction is expected to be immediately 4% accretive to GNL's AFFO per share, deliver $6 million in annual cost synergies, extend GNL's weighted average lease term to 7.0 years, and provide Modiv investors with a 25% increase in annual dividend income. Closing is anticipated in Q3 2026 pending Modiv stockholder approval. Multiple law firms are investigating the fairness of the transaction terms on behalf of shareholders.

Scale indicators13 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Global Net Lease: Global Net Lease is a publicly traded net-lease REIT acquiring Modiv. It owns a diversified portfolio of single-tenant industrial, office, and retail properties leased to mission-critical tenants worldwide, making it the closest direct comparable to Modiv's net-lease industrial manufacturing focus.
• LXP Industrial Trust: LXP Industrial Trust is an industrial-focused REIT that owns single- and multi-tenant industrial properties across the U.S. It overlaps directly with Modiv's industrial manufacturing property focus and provides a relevant comp for asset recycling and lease-rollover dynamics in net-lease industrial.
• Broadstone Net Lease: Broadstone Net Lease is a publicly traded net-lease REIT that owns a diversified portfolio of single-tenant industrial, restaurant, and retail properties. Its industrial concentration and long-WALT profile make it a relevant peer for Modiv's pure-play industrial net-lease strategy.
• National Retail Properties: National Retail Properties (NNN) is a net-lease REIT focused on single-tenant retail and industrial properties. While more retail-skewed, its long-duration net-lease structure, monthly dividend, and tenant-quality focus closely parallel Modiv's operating model.
• Four Corners Property Trust: Four Corners Property Trust is a small-cap net-lease REIT that owns single-tenant restaurant and industrial properties under long-term net leases. Its size, dividend yield profile, and tenant-mission-critical focus make it a near-analog small-cap net-lease peer to Modiv.
• Agree Realty Corporation: Agree Realty is a net-lease REIT focused on retail and industrial single-tenant properties leased to e-commerce-resistant tenants. Its net-lease structure, monthly dividend history, and ground-up development pipeline offer a relevant peer comparison point to Modiv's industrial strategy.

Broad incumbents

• Realty Income Corporation: Realty Income is the largest net-lease REIT, owning thousands of single-tenant commercial and industrial properties under long-term net leases. It is a benchmark net-lease peer with overlapping tenant-base philosophy (mission-critical tenants, monthly income) and broader scale/diversification than Modiv.
• W. P. Carey: W. P. Carey is a diversified net-lease REIT with significant industrial and warehouse exposure across the U.S. and Europe. It is comparable to Modiv through its industrial-property focus, long-duration net leases, and dividend-oriented investor base.
• EPR Properties: EPR Properties is a specialty net-lease REIT focused on experiential and essential-use single-tenant properties. While its property types differ, its net-lease structure, dividend-oriented investor base, and single-tenant lease economics are directly comparable to Modiv's.

Emerging players

• Essential Properties Realty Trust: Essential Properties Realty Trust is a relatively young, smaller-cap net-lease REIT focused on single-tenant properties leased to middle-market tenants. While more diversified across property types, its growth-stage profile and net-lease unit economics provide a comp for Modiv's small-cap, internally managed structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/modiv
• YouTubeyoutube.com/channel/UCnLnEDb73q9pFeWFVF_9V3A
• Facebookfacebook.com/modivinc
• LinkedInlinkedin.com/company/modiv-inc
• Instagraminstagram.com/modiv

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Modiv