# EDGAR Filing Document

**Accession Number:** 0001645873
**File Stem:** 0001645873-26-000042
**Filing Date:** 2026-3
**Character Count:** 106872
**Document Hash:** 78bf4d9607cc06712d795fc1d20639d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001645873-26-000042.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0001645873-26-000042

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260325

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MODIV INDUSTRIAL, INC.
- **CENTRAL INDEX KEY:** 0001645873
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 474156046
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40814
- **FILM NUMBER:** 26792558

**BUSINESS ADDRESS:**
- **STREET 1:** 2195 SOUTH DOWNING STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80210
- **BUSINESS PHONE:** 888-686-6348

**MAIL ADDRESS:**
- **STREET 1:** 2195 SOUTH DOWNING STREET
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Modiv Industrial, Inc.
- **DATE OF NAME CHANGE:** 20230811

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MODIV INC.
- **DATE OF NAME CHANGE:** 20210120

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RW HOLDINGS NNN REIT, INC.
- **DATE OF NAME CHANGE:** 20170814

?xml version='1.0' encoding='ASCII'? cik0001645873-20260325

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 25, 2026**

**Modiv Industrial, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Maryland** | **001-40814** | **47-4156046** |
| **(State or other jurisdiction** | **(Commission** | **(I.R.S. Employer** |
| **of incorporation)** | **File Number)** | **Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| **1500 North Grant Street #5609** | **1500 North Grant Street #5609** | |
| **Denver,** | **Colorado** | **80203** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (888) 686-6348**

**None**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class C Common Stock, $0.001 par value per share | MDV | New York Stock Exchange |
| 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share | MDV.PA | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 &nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On March 25, 2026, Modiv Industrial, Inc., a Maryland corporation (the "Company"), issued an earnings press release relating to the Company's financial results for the fourth quarter and year ended December 31, 2025. A copy of the press release is available on the Company's website, is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Company also released supplemental data on the Company's website relating to the Company's portfolio information as of December 31, 2025 and its financial results for the fourth quarter and year ended December 31, 2025. A copy of the supplemental data is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information in this Current Report, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, unless it is specifically incorporated by reference therein. References to the Company's website in this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 to this Current Report on Form 8-K do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference.

**Item 7.01 &nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

The disclosure contained in Item 2.02 is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

**(d) Exhibits**

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | <u>[Modiv Industrial, Inc. Press Release dated March 25, 2026](modivreit-liveearningsrele.htm)</u> |
| 99.2 | <u>[Modiv Industrial, Inc. Supplemental Data for the Year and Quarter Ended December 31, 2025](modivreit-liveqtrlysupplem.htm)</u> |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |

---

**<u>Safe Harbor Statement</u>**

Certain statements contained in this Current Report on Form 8-K, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, but are not limited to, statements related to the Company's expectations regarding the performance of its business. These forward-looking statements can be identified by the use of words such as "believes," "potential," "may," "will," "should," "intends," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC"). Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Current Report on Form 8-K and in the Company's other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| MODIV INDUSTRIAL, INC.<br>*(Registrant)*  | MODIV INDUSTRIAL, INC.<br>*(Registrant)*  | MODIV INDUSTRIAL, INC.<br>*(Registrant)*  |
| By: | /s/ RAYMOND J. PACINI | /s/ RAYMOND J. PACINI |
|  | Name: | Raymond J. Pacini |
|  | Title: | Chief Financial Officer |

---

Date: March 25, 2026

## Exhibit 99.1

**<u>Exhibit 99.1</u>**

![image.jpg](image.jpg)

**Modiv Industrial Announces Fourth Quarter and Full Year 2025 Results**

Denver, CO, March 25, 2026 – Modiv Industrial, Inc. ("Modiv Industrial," "Modiv" or the "Company") (NYSE:MDV), the only public REIT exclusively focused on acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2025.

The following is a statement from Aaron Halfacre, CEO of Modiv Industrial.

"<u>Groundhog days…</u>

Son of a diddly! When we last spoke a smidge over 60 days ago it was looking like REITs might have their day in the sun. Sure enough, by late February the REIT market was up nicely. However, if the REIT rally was Punxsutawney Phil, then it saw the shadow of inflation and the clouds of war and hurried back into its burrow for a continued REIT market winter – giving back all the gains garnered the last two months. The markets are clearly in tumult right now and no one really knows what things will look like down the road. There are A LOT of opinions out there ranging from fantastic to fatalistic to fatal. What is likely certain in the interim is the day in, day out, grind of doing little things with patience while the bigger things play themselves out on the world stage. I'll take the half full narrative here and tell you that Modiv is really good at the repetitive monotony of groundhog days…we've been dealing with wars, tariffs and higher rates for the entire time we've been public…say it with me – grit, grind, get it done!

Though it feels a bit like ancient history, let me share with you the results from 2025. Fourth quarter 2025 net income attributable to common stockholders was $0.4 million. Fourth quarter AFFO of $4.0 million. Full year 2025 net loss attributable to common stockholders was $2.1 million, or $(0.31) per diluted share. Full year 2025 AFFO of $17.2 million, or $1.38 per diluted share, increased $2.3 million or 15.0% over 2024 AFFO. As we previously disclosed, we completed the $26.0 million sale of our property in Issaquah, Washington and repaid the related $18.3 million mortgage.

I will be upfront and tell you that first quarter of 2026 was an odd one. When we sent out our January 20<sup>th</sup> strategic update, we informed you of a handful of items to include 1) the extension of our credit facility to 2028; 2) the acquisition of the remaining minority interest in our property located in Santa Clara, CA that is leased to Fujifilm; and 3) that we were under contract to sell the vacant property located in St. Paul, MN (which closes next week). In the past 60 days the only real addition we have to that list is to inform you that we are under contract, with over $400k hard earnest money deposit, to sell our property located in Melbourne, FL that is leased to Northrop Grumman. The closing for that transaction will occur in the second quarter. All of these activities feed into our recycling initiative, but we had hoped to have been busier – so you might be asking what else was at play to make the quarter different.

Shortly after our January 20<sup>th</sup> press release we received multiple inquiries of interest, including two unsolicited offers, from a varied assortment of parties. One of those unsolicited offers presented a potentially compelling upside for our investors so we expended considerable time and energy diving into the art of the possible. Ultimately, we concluded

------

that we couldn't confidently see a secure path forward at that moment and chose to step back from the discussions. Mind you, this decision was made before it became abundantly clear that the REIT market was going to have to find safe passage through the Strait of High Rates.

As you can imagine that activity consumed a good portion of the quarter which marginally delayed our recycling initiative, but regardless of what the future holds, we feel sharper and stronger for it. We won't, and can't, get into any more specifics at this time but know that we remain devoutly focused on our goal of maximizing shareholder value and all decisions are framed relative to it. The math is simple – we will spend as much time as needed when we see an opportunity where the upside is potentially better (and sooner) than what we can achieve through recycling the portfolio, persisting in the markets and paying monthly dividends to each of you.

All that said, you might be asking yourself what these potential suitors see in us that the daily priced stock market doesn't (yet) reflect. Personally, I believe they see a synergistic plug and play portfolio that currently has ~14 years of lease duration, ~2.5% annual rent bumps, ~10x EBITDAR to rent coverage, ~2x fixed charge coverage, ~28% true investment grade exposure, durable manufacturing tenancy, and a landscape where the other small cap industrial REITs have already been consumed (e.g. PLYM, PKST). However, what they shouldn't see is desperation, neediness, weakness or capitulation. What we see, given our $22.19 net asset value per share based on our most recent (1/31/26) external appraisal, is a path toward a potential win-win scenario for BOTH a buyer AND our investors and that is why we remain patient as we focus on our asset recycling. We might be a wee tugboat traversing the high seas right now, but we are armor clad and your captain is hellbent on arriving to the port of maximum value.

So, with that I will let you get back to your popcorn as we all watch the capital markets show on the big screen.

Modivated." Aaron Halfacre, CEO of Modiv Industrial.

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**Conference Call and Webcast**

A conference call and audio webcast with analysts and investors will be held on March 25, 2026, at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time, to discuss the fourth quarter and full year ended December 31, 2025 operating results and answer questions.

**Live conference call:** 1-800-717-1738 or 1-646-307-1865 at 4:30 p.m. Eastern Time, March 25, 2026

**Webcast:** To listen to the webcast, either live or archived, please use this link:

<u>https://viavid.webcasts.com/starthere.jsp?ei=1756899&tp_key=bdb079fc1b</u>

or visit the investor relations page of Modiv's website at <u>www.modiv.com</u>.

**About Modiv Industrial**

Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit: <u>www.modiv.com</u>.

**Forward-looking Statements**

Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our future financial performance, annualized dividend rates, future distributions and distributions declared by the Company's board of directors. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC") on March 25, 2026. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company's other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law.

**Notice Involving Non-GAAP Financial Measures**

In addition to U.S. GAAP financial measures, this press release and the supplemental financial and operating report included in our Form 8-K dated March 25, 2026 contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are provided below.

FFO, AFFO and Adjusted EBITDA are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See the Reconciliation of Non-GAAP Measures later in this press release.

**Inquiries:**

<u>management@modiv.com</u>

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**MODIV INDUSTRIAL, INC.**

**Consolidated Statements of Operations**

(in thousands, except shares and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (unaudited) | (unaudited) | | |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental | $11008 | $11664 | $45823 | $46497 |
| &nbsp;&nbsp;&nbsp;Other property | 66 | 66 | 564 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 11074 | 11730 | 46387 | 46761 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 1246 | 1261 | 5811 | 6340 |
| &nbsp;&nbsp;&nbsp;Stock compensation | 810 | 65 | 2915 | 1586 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 3695 | 4164 | 15087 | 16601 |
| &nbsp;&nbsp;&nbsp;Property | 870 | 910 | 3460 | 3613 |
| &nbsp;&nbsp;&nbsp;Impairment of real estate investment property | 1814 |  | 5814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 8435 | 6400 | 33087 | 28140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate investments, net | 2436 |  | 2520 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 5075 | 5330 | 15820 | 21981 |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and other income | 760 | 68 | 893 | 474 |
| &nbsp;&nbsp;&nbsp;Dividend income |  |  |  | 113 |
| &nbsp;&nbsp;&nbsp;Income from unconsolidated investment in a real estate property | 245 | 75 | 758 | 297 |
| &nbsp;&nbsp;&nbsp;Interest expense, net of unrealized gain on interest rate swaps and derivative settlements | (4799) | (3706) | (16917) | (16221) |
| &nbsp;&nbsp;&nbsp;Loss on equity investments |  | (125) |  | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (3794) | (3688) | (15266) | (15488) |
| **Net income** | 1281 | 1642 | 554 | 6493 |
| &nbsp;&nbsp;&nbsp;Less: net (income) loss attributable to noncontrolling interests in Operating Partnership | (68) | (87) | 514 | (475) |
| **Net income attributable to Modiv Industrial, Inc.** | 1213 | 1555 | 1068 | 6018 |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | (784) | (922) | (3202) | (3688) |
| **Net income (loss) attributable to common stockholders** | $429 | $633 | $(2134) | $2330 |
| Earnings (loss) per share attributable to common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.02 | $0.07 | $(0.31) | $0.25 |
| Earnings (loss) per share attributable to common stockholders and Class C OP Units: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | $0.02 | $0.07 | $(0.31) | $0.25 |
| Weighted-average number of common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 10280568 | 9715467 | 10144791 | 9293103 |
| &nbsp;&nbsp;&nbsp;Diluted | 11873896 | 11021876 | 11676838 | 11188974 |
| Distributions declared per common share | $0.2925 | $0.2875 | $1.1700 | $1.1500 |

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**MODIV INDUSTRIAL, INC.**

**Consolidated Balance Sheets**

(in thousands, except shares and per share data)

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **<u>Assets</u>** |  |  |
| Real estate investments: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $98175 | $98009 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 383540 | 386102 |
| &nbsp;&nbsp;&nbsp;Equipment |  | 4429 |
| &nbsp;&nbsp;&nbsp;Tenant origination and absorption costs | 13638 | 13194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in real estate property | 495353 | 501734 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (73208) | (59524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net | 422145 | 442210 |
| &nbsp;&nbsp;&nbsp;Unconsolidated investment in a real estate property | 9437 | 9324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net, excluding real estate investments held for sale, net | 431582 | 451534 |
| &nbsp;&nbsp;&nbsp;Real estate investments held for sale, net | 3901 | 22372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net | 435483 | 473906 |
| Cash and cash equivalents | 14381 | 11530 |
| Tenant deferred rent and other receivables | 23436 | 18460 |
| Above-market lease intangibles, net | 1169 | 1240 |
| Prepaid expenses and other assets | 1988 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $476457 | $507829 |
| **<u>Liabilities and Equity</u>** |  |  |
| Mortgage notes payable, net | $11994 | $30777 |
| Credit facility term loan, net | 249489 | 248999 |
| Accounts payable, accrued and other liabilities | 3831 | 4035 |
| Distributions payable | 2031 | 1994 |
| Below-market lease intangibles, net | 7067 | 7948 |
| Other liabilities related to real estate investments held for sale |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 274412 | 293779 |
| Commitments and Contingencies |  |  |
| 7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value; $25.00 per share liquidation preference; 1,701,500 shares authorized; 1,701,500 outstanding as of December 31, 2025 and 2,000,000 outstanding as of December 31, 2024 | 2 | 2 |
| Class C common stock, $0.001 par value, 300,000,000 shares authorized; 10,766,709 shares issued and 10,299,390 shares outstanding as of December 31, 2025, and 10,404,211 shares issued and 9,936,892 outstanding as of December 31, 2024 | 11 | 10 |
| Additional paid-in-capital | 337028 | 349479 |
| Treasury stock, at cost, 467,319 shares held as of each December 31, 2025 and December 31, 2024 | (7112) | (7112) |
| Cumulative distributions and net losses | (168100) | (154074) |
| Accumulated other comprehensive income | 919 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Modiv Industrial, Inc. equity | 162748 | 190146 |
| Noncontrolling interests in the Operating Partnership | 39297 | 23904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 202045 | 214050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $476457 | $507829 |

---

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**MODIV INDUSTRIAL, INC.**

**Reconciliation of Non-GAAP Measures - FFO and AFFO**

(in thousands, except shares and per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (in accordance with GAAP)** | $1281 | $1642 | $554 | $6493 |
| Preferred stock dividends | (784) | (922) | (3202) | (3688) |
| **Net (loss) income attributable to common stockholders and OP Unit holders** | 497 | 720 | (2648) | 2805 |
| **FFO adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate properties | 3695 | 4163 | 15087 | 16601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization for unconsolidated investment in a real estate property | 189 | 189 | 756 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate investment property | 1814 |  | 5814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate investments, net | (2436) |  | (2520) | (3360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FFO attributable to common stockholders and OP Unit holders** | 3759 | 5072 | 16489 | 16802 |
| **AFFO adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 810 | 65 | 2915 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 157 | 529 | 629 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abandoned pursuit costs | 17 |  | 143 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred rents | (1235) | (1337) | (5048) | (5716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of unrealized holding gain, net of unrealized loss on non-designated or ineffective interest rate derivative instruments | (256) | (205) | (1015) | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of off-market interest rate derivatives and reduction for accrued interest | 1046 |  | 4200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | 768 |  | 768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of (below) above market lease intangibles, net | (217) | (211) | (854) | (847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the settlement of property-related insurance claims | (684) |  | (684) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on equity investments |  | 125 |  | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments for unconsolidated investment in a real estate property | (128) | 29 | (305) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AFFO attributable to common stockholders and OP Unit holders** | $4037 | $4067 | $17238 | $14988 |
| **Weighted Average Shares/Units Outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully diluted <sup>(1)</sup> | 12768939 | 11021876 | 12480553 | 11188974 |
| **FFO Per Share/Unit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully diluted | $0.29 | $0.46 | $1.32 | $1.50 |
| **AFFO Per Share/Unit:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fully diluted | $0.32 | $0.37 | $1.38 | $1.34 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted shares/units outstanding includes the weighted average dilutive effect of 1,593,328 Class C OP Units and 895,043 Class X OP Units for the three months ended December 31, 2025 and 1,306,409 Class C OP Units for the three months ended December 31, 2024. Fully diluted shares/units outstanding includes the weighted average dilutive effect of 1,532,047 Class C OP Units and 803,715 Class X OP Units for the year ended December 31, 2025, and 1,895,871 Class C OP Units for the Year ended December 31, 2024. Class X OP Units were excluded from the weighted average shares/units outstanding in calculating earnings (loss) per share for the three months and year ended December 31, 2025 in the unaudited condensed consolidated statements of operations since they were anti-dilutive. &nbsp;&nbsp;&nbsp;&nbsp;

------

In order to provide a more complete understanding of the operating performance of a REIT, the National Association of Real Estate Investment Trusts ("Nareit") promulgated a measure known as Funds from Operations ("FFO"). FFO is defined as net income or loss computed in accordance with GAAP, excluding gains and losses from sales of depreciable operating property, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated investments, preferred dividends and real estate impairments. Because FFO calculations adjust for such items as depreciation and amortization of real estate assets and gains and losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current Nareit definition or may interpret the current Nareit definition differently than we do, making comparisons less meaningful.

Additionally, we use Adjusted Funds from Op**e**rations ("AFFO") as a non-GAAP financial measure to evaluate our operating performance. AFFO excludes non-routine and certain non-cash items such as stock-based compensation, amortization of deferred rent, amortization of below/above market lease intangibles, proceeds from the settlement of property-related insurance claims, amortization of deferred financing costs, gain or loss from the extinguishment of debt, unrealized gains (losses) on derivative instruments, amortization of off-market interest rate derivatives and reduction for accrued interest, and write-offs of due diligence expenses for abandoned pursuits. We also believe that AFFO is a recognized measure of sustainable operating performance in the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies. Management believes that AFFO is a beneficial indicator of our ongoing portfolio performance. More specifically, AFFO isolates the financial results of our operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results. By providing FFO and AFFO, we present information that assists investors in aligning their analysis with management's analysis of long-term operating activities.

For all of these reasons, we believe the non-GAAP measures of FFO and AFFO, in addition to income or loss from operations, net income or loss and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful to investors in evaluating the performance of our real estate portfolio. AFFO is useful in assisting management and investors in assessing our ongoing ability to generate cash flow from operations and continue as a going concern in future operating periods. However, a material limitation associated with FFO and AFFO is that they are not indicative of our cash available to fund distributions since other uses of cash, such as capital expenditures at our properties and principal payments of debt, are not deducted when calculating FFO and AFFO. Therefore, FFO and AFFO should not be viewed as a more prominent measure of performance than income or loss from operations, net income (loss) or cash flows from operating activities and each should be reviewed in connection with GAAP measurements.

Neither the SEC, Nareit, nor any other applicable body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, the SEC or Nareit may decide to standardize the allowable exclusions across the REIT industry, and we may have to adjust the calculation and characterization of this non-GAAP measure.

------

**MODIV INDUSTRIAL, INC.**

**Reconciliation of Non-GAAP Measures - Adjusted EBITDA**

(in thousands)

(Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **Net income (in accordance with GAAP)** | 1281 |  | 1642 |  | 554 |  | 6493 |  |
| Depreciation and amortization of real estate properties | 3695 |  | 4163 |  | 15087 |  | 16601 |  |
| Depreciation and amortization for unconsolidated investment in a real estate property | 189 |  | 189 |  | 756 |  | 756 |  |
| Interest expense, net of unrealized gain on interest rate swaps and derivative settlements | 4799 |  | 3706 |  | 16917 |  | 16221 |  |
| Interest expense for unconsolidated investment in real estate property | 91 |  | 94 |  | 365 |  | 375 |  |
| Impairment of real estate investment property | 1814 |  |  |  | 5814 |  |  |  |
| Proceeds from the settlement of property-related insurance claims | (684) |  |  |  | (684) |  |  |  |
| Stock compensation expense | 810 |  | 65 |  | 2915 |  | 1586 |  |
| Gain on sale of real estate investments, net | (2436) |  |  |  | (2520) |  | (3360) |  |
| Abandoned pursuit costs | 17 |  |  |  | 143 |  | 240 |  |
| Loss on equity investments |  |  | 125 |  |  |  | 151 |  |
| **Adjusted EBITDA** | 9576 |  | 9984 |  | 39347 |  | 39063 |  |
| **Annualized Adjusted EBITDA** | 38304 |  | 39936 |  | 39347 |  | 39063 |  |
| **Net debt:** |  |  |  |  |  |  |  |  |
| Consolidated debt | 262070 |  | 280918 |  | 262070 |  | 280918 |  |
| Debt of unconsolidated investment in real estate property <sup>(1)</sup> | 8767 |  | 9017 |  | 8767 |  | 9017 |  |
| Consolidated cash and cash equivalents | (14381) |  | (11530) |  | (14381) |  | (11530) |  |
| Cash of unconsolidated investment in real estate property <sup>(1)</sup> | (169) |  | (435) |  | (169) |  | (435) |  |
| Net debt | 256287 |  | 277970 |  | 256287 |  | 277970 |  |
| **Net debt / Adjusted EBITDA** | 6.7 | x | 7.0 | x | 6.5 | x | 7.1 | x |
| (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. | (1) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash. |

---

We define Net Debt as gross debt less cash and cash equivalents. We define Adjusted EBITDA as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, gains or losses from the sales of depreciable property, extraordinary items, provisions for impairment on real estate investments and goodwill, interest expense, non-cash items such as stock compensation and write-offs of transaction costs and other one-time transactions. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA is not a measure of financial performance under GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.

## Exhibit 99.2

**<u>Exhibit 99.2</u>**

![imagea.jpg](imagea.jpg)

**NYSE: MDV**

**QUARTERLY SUPPLEMENTAL DATA**

**December 31, 2025**

**Financial Information**

**and**

**Portfolio Information**

------

**Modiv Industrial, Inc.**

**Supplemental Information - Fourth Quarter 2025**

---

| | |
|:---|:---|
| **Table of Contents** | |
| **<u>[About the Data](#id67772b56d71425e8c23196eb079f61a_10)</u>** | <u>[3](#id67772b56d71425e8c23196eb079f61a_10)</u> |
| **<u>[Company Overview](#id67772b56d71425e8c23196eb079f61a_13)</u>** | <u>[4](#id67772b56d71425e8c23196eb079f61a_13)</u> |
| **Financial Results** |  |
| <u>[Earnings Release](#id67772b56d71425e8c23196eb079f61a_16)</u> | <u>[5](#id67772b56d71425e8c23196eb079f61a_16)</u> |
| <u>[Consolidated Statements of Operations - Last Five Quarters](#id67772b56d71425e8c23196eb079f61a_19)</u> | <u>[8](#id67772b56d71425e8c23196eb079f61a_19)</u> |
| <u>[Consolidated Statements of Comprehensive Income (Loss) - Last Five Quarters](#id67772b56d71425e8c23196eb079f61a_22)</u> | <u>[10](#id67772b56d71425e8c23196eb079f61a_22)</u> |
| <u>[Earnings (Loss) Per Share - Last Five Quarters](#id67772b56d71425e8c23196eb079f61a_25)</u> | <u>[11](#id67772b56d71425e8c23196eb079f61a_25)</u> |
| <u>[FFO and AFFO - Last Five Quarters](#id67772b56d71425e8c23196eb079f61a_28)</u> | <u>[12](#id67772b56d71425e8c23196eb079f61a_28)</u> |
| <u>[Adjusted EBITDA - Last Five Quarters](#id67772b56d71425e8c23196eb079f61a_31)</u> | <u>[13](#id67772b56d71425e8c23196eb079f61a_31)</u> |
| <u>[Leverage Ratio](#id67772b56d71425e8c23196eb079f61a_34)</u> | <u>[14](#id67772b56d71425e8c23196eb079f61a_34)</u> |
| **Balance Sheets and Capitalization** |  |
| <u>[Capitalization](#id67772b56d71425e8c23196eb079f61a_37)</u> | <u>[15](#id67772b56d71425e8c23196eb079f61a_37)</u> |
| <u>[Consolidated Balance Sheets](#id67772b56d71425e8c23196eb079f61a_40)</u> | <u>[16](#id67772b56d71425e8c23196eb079f61a_40)</u> |
| <u>[Debt Overview](#id67772b56d71425e8c23196eb079f61a_43)</u> | <u>[17](#id67772b56d71425e8c23196eb079f61a_43)</u> |
| <u>[Credit Facility and Mortgage Notes Covenants](#id67772b56d71425e8c23196eb079f61a_46)</u> | <u>[18](#id67772b56d71425e8c23196eb079f61a_46)</u> |
| **Real Estate** |  |
| <u>[Real Estate Acquisitions](#id67772b56d71425e8c23196eb079f61a_49)</u> | <u>[19](#id67772b56d71425e8c23196eb079f61a_49)</u> |
| <u>[Real Estate Dispositions](#id67772b56d71425e8c23196eb079f61a_52)</u> | <u>[20](#id67772b56d71425e8c23196eb079f61a_52)</u> |
| <u>[Top 20 Tenants](#id67772b56d71425e8c23196eb079f61a_55)</u> | <u>[21](#id67772b56d71425e8c23196eb079f61a_55)</u> |
| <u>[Property Type](#id67772b56d71425e8c23196eb079f61a_58)</u> | <u>[22](#id67772b56d71425e8c23196eb079f61a_58)</u> |
| <u>[Tenant Industry Diversification](#id67772b56d71425e8c23196eb079f61a_61)</u> | <u>[23](#id67772b56d71425e8c23196eb079f61a_61)</u> |
| <u>[Tenant Geographic Diversification](#id67772b56d71425e8c23196eb079f61a_64)</u> | <u>[24](#id67772b56d71425e8c23196eb079f61a_64)</u> |
| <u>[Lease Expirations](#id67772b56d71425e8c23196eb079f61a_67)</u> | <u>[25](#id67772b56d71425e8c23196eb079f61a_67)</u> |
| **Appendix** |  |
| <u>[Disclosures Regarding Non-GAAP and Other Metrics](#id67772b56d71425e8c23196eb079f61a_70)</u> | <u>[26](#id67772b56d71425e8c23196eb079f61a_70)</u> |

---

------

**<u>About the Data</u>**

This data and other information described herein are as of and for the three months ended December 31, 2025 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Modiv Industrial, Inc.'s. Annual Report on Form 10-K for the year ended December 31, 2025 filed on March 25, 2026, including the financial statements and management's discussion and analysis of financial condition and results of operations.

**<u>Forward-Looking Statements</u>**

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, changes in the rate of inflation and interest rates, general economic conditions, local real estate conditions, tenant financial health, property acquisitions and dispositions and the timing of any acquisitions and dispositions, supply-chain disruptions, tariffs and negative impacts associated with foreign policy actions implemented by the United States. These and other risks, assumptions, and uncertainties are described in our filings with the U.S. Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

------

**Company Overview**

Modiv Industrial, Inc. (NYSE:MDV) ("Modiv Industrial", the "Company", "we", "us" and "our") is a real estate investment trust ("REIT") that acquires, owns and manages a portfolio of single-tenant net-lease real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit: *www.modiv.com*.

Modiv Industrial strives towards a "best-in-class" corporate governance structure through a board of directors and management team with decades of institutional real estate industry experience.

---

| | |
|:---|:---|
| **Management Team:** | **Independent Directors:** |
| Aaron S. Halfacre | Thomas H. Nolan, Jr. |
| *Chief Executive Officer and Director* | *Chairman of the Board* |
| Raymond J. Pacini | Christopher R. Gingras |
| *Chief Financial Officer and Secretary* | |
| | Kimberly Smith |
| John C. Raney | |
| *Chief Operating Officer and General Counsel* | Connie Tirondola |

---

**Investor Inquiries:**

management@modiv.com

**Transfer Agent:**

Broadridge Corporate Issuer Solutions

51 Mercedes Way

Edgewood, NY 11717-8309

Attn: IWS

866-557-4239

------

![image1a.jpg](image1a.jpg)

**Modiv Industrial Announces Fourth and Full Year 2025 Results**

Denver, CO, March 25, 2026 – Modiv Industrial, Inc. ("Modiv Industrial," "Modiv" or the "Company") (NYSE:MDV), the only public REIT exclusively focused on acquiring industrial manufacturing real estate, today announced operating results for the fourth quarter and full year ended December 31, 2025.

The following is a statement from Aaron Halfacre, CEO of Modiv Industrial.

"<u>Groundhog days…</u>

Son of a diddly! When we last spoke a smidge over 60 days ago it was looking like REITs might have their day in the sun. Sure enough, by late February the REIT market was up nicely. However, if the REIT rally was Punxsutawney Phil, then it saw the shadow of inflation and the clouds of war and hurried back into its burrow for a continued REIT market winter – giving back all the gains garnered the last two months. The markets are clearly in tumult right now and no one really knows what things will look like down the road. There are A LOT of opinions out there ranging from fantastic to fatalistic to fatal. What is likely certain in the interim is the day in, day out, grind of doing little things with patience while the bigger things play themselves out on the world stage. I'll take the half full narrative here and tell you that Modiv is really good at the repetitive monotony of groundhog days…we've been dealing with wars, tariffs and higher rates for the entire time we've been public…say it with me – grit, grind, get it done!

Though it feels a bit like ancient history, let me share with you the results from 2025. Fourth quarter 2025 net income attributable to common stockholders was $0.4 million. Fourth quarter AFFO of $4.0 million. Full year 2025 net loss attributable to common stockholders was $2.1 million, or $(0.31) per diluted share. Full year 2025 AFFO of $17.2 million, or $1.38 per diluted share, increased $2.3 million or 15.0% over 2024 AFFO. As we previously disclosed, we completed the $26.0 million sale of our property in Issaquah, Washington and repaid the related $18.3 million mortgage.

I will be upfront and tell you that first quarter of 2026 was an odd one. When we sent out our January 20<sup>th</sup> strategic update, we informed you of a handful of items to include 1) the extension of our credit facility to 2028; 2) the acquisition of the remaining minority interest in our property located in Santa Clara, CA that is leased to Fujifilm; and 3) that we were under contract to sell the vacant property located in St. Paul, MN (which closes next week). In the past 60 days the only real addition we have to that list is to inform you that we are under contract, with over $400k hard earnest money deposit, to sell our property located in Melbourne, FL that is leased to Northrop Grumman. The closing for that transaction will occur in the second quarter. All of these activities feed into our recycling initiative, but we had hoped to have been busier – so you might be asking what else was at play to make the quarter different.

Shortly after our January 20<sup>th</sup> press release we received multiple inquiries of interest, including two unsolicited offers, from a varied assortment of parties. One of those unsolicited offers presented a

------

potentially compelling upside for our investors so we expended considerable time and energy diving into the art of the possible. Ultimately, we concluded that we couldn't confidently see a secure path forward at that moment and chose to step back from the discussions. Mind you, this decision was made before it became abundantly clear that the REIT market was going to have to find safe passage through the Strait of High Rates.

As you can imagine that activity consumed a good portion of the quarter which marginally delayed our recycling initiative, but regardless of what the future holds, we feel sharper and stronger for it. We won't, and can't, get into any more specifics at this time but know that we remain devoutly focused on our goal of maximizing shareholder value and all decisions are framed relative to it. The math is simple – we will spend as much time as needed when we see an opportunity where the upside is potentially better (and sooner) than what we can achieve through recycling the portfolio, persisting in the markets and paying monthly dividends to each of you.

All that said, you might be asking yourself what these potential suitors see in us that the daily priced stock market doesn't (yet) reflect. Personally, I believe they see a synergistic plug and play portfolio that currently has ~14 years of lease duration, ~2.5% annual rent bumps, ~10x EBITDAR to rent coverage, ~2x fixed charge coverage, ~28% true investment grade exposure, durable manufacturing tenancy, and a landscape where the other small cap industrial REITs have already been consumed (e.g. PLYM, PKST). However, what they shouldn't see is desperation, neediness, weakness or capitulation. What we see, given our $22.19 net asset value per share based on our most recent (1/31/26) external appraisal, is a path toward a potential win-win scenario for BOTH a buyer AND our investors and that is why we remain patient as we focus on our asset recycling. We might be a wee tugboat traversing the high seas right now, but we are armor clad and your captain is hellbent on arriving to the port of maximum value.

So, with that I will let you get back to your popcorn as we all watch the capital markets show on the big screen.

Modivated." Aaron Halfacre, CEO of Modiv Industrial.

------

**Conference Call and Webcast**

A conference call and audio webcast with analysts and investors will be held on March 25, 2026, at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time, to discuss the fourth quarter and full year ended December 31, 2025 operating results and answer questions.

**Live conference call:** 1-800-717-1738 or 1-646-307-1865 at 4:30 p.m. Eastern Time, March 25, 2026

**Webcast:** To listen to the webcast, either live or archived, please use this link:

<u>https://viavid.webcasts.com/starthere.jsp?ei=1756899&tp_key=bdb079fc1b</u>

or visit the investor relations page of Modiv's website at <u>www.modiv.com</u>.

**About Modiv Industrial**

Modiv Industrial, Inc. is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. For more information, please visit: <u>www.modiv.com</u>.

**Forward-looking Statements**

Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our future financial performance, annualized dividend rates, future distributions and distributions declared by the Company's board of directors. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC") on March 25, 2026. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company's other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law.

**Notice Involving Non-GAAP Financial Measures**

In addition to U.S. GAAP financial measures, this press release and the supplemental financial and operating report included in our Form 8-K dated March 25, 2026 contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are provided below.

FFO, AFFO and Adjusted EBITDA are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See the Reconciliation of Non-GAAP Measures later in this press release.

**Inquiries:**

<u>management@modiv.com</u>

------

**Modiv Industrial, Inc.**

**Consolidated Statements of Operations - Last Five Quarters**

*(dollars in thousands, except share/unit and per share/unit data*)*(unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| **Revenue:** | | | | | |
| &nbsp;&nbsp;Rental <sup>(1)</sup> | $11008 | $11321 | $11767 | $11727 | $11664 |
| &nbsp;&nbsp;&nbsp;Other property | 66 | 366 | 66 | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 11074 | 11687 | 11833 | 11793 | 11730 |
| **Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 1246 | 1370 | 1202 | 1993 | 1261 |
| &nbsp;&nbsp;Stock compensation <sup>(2)</sup> | 810 | 811 | 810 | 484 | 65 |
| &nbsp;&nbsp;Depreciation and amortization <sup>(3)</sup> | 3695 | 3746 | 3828 | 3818 | 4164 |
| &nbsp;&nbsp;&nbsp;Property | 870 | 916 | 828 | 846 | 910 |
| &nbsp;&nbsp;Impairment of real estate investment property <sup>(4)</sup> | 1814 |  | 4000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 8435 | 6843 | 10668 | 7141 | 6400 |
| &nbsp;&nbsp;Gain on sale of real estate investments <sup>(5)</sup> | 2436 |  |  | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 5075 | 4844 | 1165 | 4736 | 5330 |
| **Other income (expense):** |  |  |  |  |  |
| &nbsp;&nbsp;Interest and other income <sup>(6)</sup> | 760 | 38 | 33 | 62 | 68 |
| &nbsp;&nbsp;&nbsp;Income from unconsolidated investment in a real estate property | 245 | 249 | 185 | 79 | 75 |
| &nbsp;&nbsp;Interest expense, net of unrealized gain or loss on interest rate swaps and derivative settlements <sup>(1)(7)</sup> | (4799) | (4054) | (4016) | (4048) | (3706) |
| &nbsp;&nbsp;Loss on equity investments |  |  |  |  | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (3794) | (3767) | (3798) | (3907) | (3688) |
| **Net income (loss)** | 1281 | 1077 | (2633) | 829 | 1642 |
| Less: net (income) loss attributable to noncontrolling interests in Operating Partnership | (68) | (29) | 611 |  | (87) |
| **Net income (loss) attributable to Modiv Industrial, Inc.** | 1213 | 1048 | (2022) | 829 | 1555 |
| Preferred stock dividends | (784) | (795) | (796) | (827) | (922) |
| **Net income (loss) attributable to common stockholders** | $429 | $253 | $(2818) | $2 | $633 |
| Earnings (loss) per share attributable to common stockholders: |  |  |  |  |  |
| &nbsp;&nbsp;Basic <sup>(8)</sup> | $0.02 | $— | $(0.32) | $(0.01) | $0.07 |
| Earnings (loss) per share attributable to common stockholders and Class C OP Units: |  |  |  |  |  |
| &nbsp;&nbsp;Diluted <sup>(8)</sup> | $0.02 | $— | $(0.32) | $(0.01) | $0.07 |
| Weighted-average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 10280568 | 10197942 | 10123721 | 9972967 | 9715467 |
| Weighted-average number of common shares and Class C OP Units outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;Diluted <sup>(9)</sup> | 11873896 | 11791270 | 11717049 | 11317765 | 11021876 |
| Distributions declared per common share | $0.2925 | $0.2925 | $0.2925 | $0.2925 | $0.2875 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Rental income includes tenant reimbursements primarily for property expenses. The decrease in the third and fourth quarter of 2025 is primarily due to Costco's lease expiration on July 31, 2025 and Solar Turbines lease expiration on September 30, 2025. During the fourth quarter of 2025, we completed the sale of our office property in Issaquah, Washington formerly leased to Costco for $26.0 million, which included the sale price of $25.6 million and $0.4 million of extension fees. In conjunction with the sale, we repaid the $18.3 million mortgage note secured by the property and paid a $0.7 million loan prepayment fee, which is included in interest expense, net of unrealized gain or loss on interest rate swaps and derivative instruments.

------

(2)&nbsp;&nbsp;&nbsp;&nbsp;During the first quarter of 2025, a total of 895,043 Class X OP Units were awarded to our employees. Stock compensation expense for the fourth quarter of 2024 reflects the portion of independent directors' fees that were paid in common stock.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The decrease in depreciation and amortization beginning in the first quarter of 2025 is primarily due to no longer recognizing depreciation and amortization expense for the real estate investments of our office property in Issaquah, Washington formerly leased to Costco upon classifying it as held for sale as of December 31, 2024.

(4)&nbsp;&nbsp;&nbsp;&nbsp;We recorded impairment charges of $5.8 million in aggregate related to our property and equipment in Saint Paul, Minnesota during the second and fourth quarters of 2025. We determined that impairment charges were required based on market conditions at the time and represented the excess of the assets' carrying value over the assets' estimated sale price less estimated selling costs. In December 2025, we entered into a purchase and sale agreement for the property and equipment for $4.0 million and the buyer deposited a $0.3 million non-refundable deposit. In January 2026, the parties amended the purchase and sale agreement, increasing the purchase price to $4.1 million and allowing for an option to extend the closing date to March 31, 2026 with the buyer depositing an additional $1.7 million of non-refundable deposits, which the Company has received.

(5)&nbsp;&nbsp;&nbsp;&nbsp;The gain for the fourth quarter of 2025 relates to the sale of our office property in Issaquah, Washington formerly leased to Costco. The gain for the first quarter of 2025 relates to the sale of our industrial property in Endicott, New York.

(6)&nbsp;&nbsp;&nbsp;&nbsp;Other income for the fourth quarter of 2025 includes $0.7 million of proceeds from the settlement of property-related insurance claims.

(7)&nbsp;&nbsp;&nbsp;&nbsp;Interest expense includes amortization of off-market interest rate derivatives, accrued interest receivable related to the off-market derivatives, unrealized gains and losses on interest rate swaps and is net of derivative settlements as shown below (in thousands).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| Derivative cash settlements | $(996) | $(1210) | $(1195) | $(1180) | $(1253) |
| Amortization of off-market interest rate derivatives <sup>(a)</sup> | $1046 | $1045 | $1034 | $784 | $— |
| Accrued interest from December 31, 2024 to respective swap execution date <sup>(a)</sup> | $— | $— | $— | $291 | $— |
| Amortization of unrealized gain on interest rate swap valuation <sup>(b)</sup> | $(256) | $(256) | $(253) | $(250) | $(255) |
| Unrealized loss on non-designated or ineffective interest rate derivative instruments, net <sup>(b)</sup> | $— | $— | $— | $— | $50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;In January 2025, we, through our Operating Partnership, entered into two swap agreements, effective December 31, 2024, for $125.0 million each, for an aggregate of $250.0 million, which fixed the secured overnight financing rate for the year ended December 31, 2025 at 2.45%, resulting in a fixed rate of 4.25% based on our leverage ratio. We paid aggregate premiums of $4.2 million, including accrued interest receivable of $0.3 million, to buy down the fixed rate below the market rate, which was a derivative that was recorded as an asset on our balance sheet and amortized over the 12 months ended December 31, 2025, increasing interest expense. We designated the pay-fixed, receive-floating interest rate swaps as cash flow hedges and therefore the change in fair value of $1.0 million, $1.1 million, $0.8 million and $1.0 million for the three months ended December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively, was recorded as accumulated other comprehensive income in our balance sheet, not as an increase to interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For derivative instruments that are not deemed effective or are not designated as cash flow hedges, unrealized loss results in an increase in interest expense and the unrealized gain decreases interest expense. For derivative instruments that were designated as a cash flow hedge and later deemed ineffective, any unrealized gain is amortized on a straight-line basis, as a reduction to interest expense.

(8) &nbsp;&nbsp;&nbsp;&nbsp;While net income attributable to common stockholders was $2,000 for the first quarter of 2025, earnings (loss) per share is $(0.01) for the period because distributions paid to Class X OP Units are deducted in calculating earnings (loss) per share.

(9) &nbsp;&nbsp;&nbsp;&nbsp;The weighted average dilutive effect of 895,043 Class X OP Units for each of the three months ended December 31, 2025, September 30, 2025 and June 30, 2025 and 524,660 Class X OP Units for the three months ended March 31, 2025 was excluded from diluted net income (loss) per share attributable to common stockholders and noncontrolling interests, as the effect would have been antidilutive. During the three months ended March 31, 2025, a total of 895,043 Class X OP Units were awarded to our employees.

------

**Modiv Industrial, Inc.**

**Consolidated Statements of Comprehensive Income - Last Five Quarters**

*(dollars in thousands)(unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| Net income (loss) | $1281 | $1077 | $(2633) | $829 | $1642 |
| Other comprehensive income (loss): cash flow hedge adjustments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of unrealized holding gain on interest rate swap <sup>(1)</sup> | (256) | (256) | (253) | (250) | (255) |
| &nbsp;&nbsp;&nbsp;Unrealized loss on interest rate derivatives <sup>(1)</sup> | (963) | (1140) | (840) | (966) |  |
| &nbsp;&nbsp;&nbsp;Amortization of off-market interest rate derivatives <sup>(1)</sup> | 1046 | 1045 | 1034 | 784 |  |
| Comprehensive income (loss) | 1108 | 726 | (2692) | 397 | 1387 |
| Comprehensive (income) loss attributable to noncontrolling interest in Operating Partnership | (34) | 39 | 631 | 68 | (56) |
| Comprehensive income (loss) attributable to Modiv Industrial, Inc. | $1074 | $765 | $(2061) | $465 | $1331 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;As discussed in footnote (7) to the Consolidated Statements of Operations above, (i) for derivative instruments that were designated as a cash flow hedge and later deemed ineffective, any unrealized gain is amortized on a straight-line basis, as a reduction to interest expense and offset to comprehensive income (loss), (ii) for effective derivative instruments designated as a cash flow hedge, the change in fair value is recorded in other comprehensive income, and (iii) premiums paid to buy down the fixed rate below the market rate were amortized over the 12 months ended December 31, 2025, and increased interest expense and offset comprehensive income (loss).

------

**Modiv Industrial, Inc.**

**Earnings (Loss) Per Share - Last Five Quarters**

*(dollars in thousands, except shares/units and per share/unit data*)*(unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| Net income (loss) | $1281 | $1077 | $(2633) | $829 | $1642 |
| Net (income) loss attributable to noncontrolling interest in Operating Partnership <sup>(1)</sup> | (15) | (1) | 503 |  | (85) |
| Preferred stock dividends | (784) | (795) | (796) | (827) | (922) |
| (Loss) gain on repurchases of preferred stock | (22) |  | (13) | 29 |  |
| Class X OP Unit distributions | (263) | (261) | (262) | (163) |  |
| Net income (loss) available to common stockholders used in basic net income (loss) per share | 197 | 20 | (3201) | (132) | 635 |
| Net income (loss) attributable to noncontrolling interest in Operating Partnership | 15 | 1 | (503) |  | 85 |
| Net income (loss) available to common stockholders and noncontrolling interests used in diluted net income (loss) per share/unit | $212 | $21 | $(3704) | $(132) | $720 |
| Weighted average shares of Common Stock outstanding - basic | 10280568 | 10197942 | 10123721 | 9972967 | 9715467 |
| Class C OP Units <sup>(2)</sup> | 1593328 | 1593328 | 1593328 | 1344798 | 1306409 |
| Weighted average shares and units outstanding - diluted <sup>(3)</sup> | 11873896 | 11791270 | 11717049 | 11317765 | 11021876 |
| **Earnings (loss) per share attributable to common stockholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.02 | $— | $(0.32) | $(0.01) | $0.07 |
| **Earnings (loss) per share attributable to common stockholders and Class C OP Units:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.02 | $— | $(0.32) | $(0.01) | $0.07 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Each share of Class C Common Stock and Class C OP Unit have the same participation in earnings (loss) and therefore Class C OP Units are included in the weighted average shares and units outstanding to calculate diluted earnings (loss) per share. Losses are not allocated to the Class X OP Units because they have not vested and do not have a contractual obligation to share in our losses. As such, net loss attributable to noncontrolling interest in Operating Partnership represents net loss allocated to Class C OP Units, which is different than the amount presented on the statements of operations and equity for the three month periods that include net loss allocated to Class X OP Units. Net (income) loss attributable to noncontrolling interest in Operating Partnership for the three month periods is calculated using the three month weighted average shares/units, whereas the net (income) loss attributable to noncontrolling interest in Operating Partnership presented on the statements of operations and equity for the three month periods are calculated for the year-to-date period less the prior quarter's year-to-date net (income) loss attributable to noncontrolling interest in Operating Partnership, which can result in a different amount.

(2)&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended March 31, 2025, we acquired an industrial property whereby the seller received 344,119 Class C OP Units.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Class C OP Units are included in the weighted average shares and units outstanding to calculate diluted earnings (loss) per share as each Class C Common Share and Class C OP Unit have the same participation in earnings (loss). The weighted average dilutive effect of 895,043 Class X OP Units for each of the three months ended December 31, 2025, September 30, 2025 and June 30, 2025 and 524,660 Class X OP Units for the three months ended March 31, 2025 is not included in calculating earnings (loss) per share as the effect would have been antidilutive. During the three months ended March 31, 2025, a total of 895,043 Class X OP Units were awarded to our employees.

------

**Modiv Industrial, Inc.**

**FFO and AFFO - Last Five Quarters**

*(dollars in thousands, except shares/units and per share/unit data*)*(unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| **Net income (loss) (in accordance with GAAP)** | $1281 | $1077 | $(2633) | $829 | $1642 |
| Preferred stock dividends | (784) | (795) | (796) | (827) | (922) |
| Net income (loss) attributable to common stockholders and OP Unit holders | 497 | 282 | (3429) | 2 | 720 |
| **FFO adjustments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate properties | 3695 | 3746 | 3828 | 3818 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization for unconsolidated investment in a real estate property | 189 | 189 | 189 | 189 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate investment property | 1814 |  | 4000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate investments, net | (2436) |  |  | (84) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FFO attributable to common stockholders and OP Unit holders** | 3759 | 4217 | 4588 | 3925 | 5072 |
| **AFFO adjustments:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense <sup>(1)</sup> | 810 | 811 | 810 | 484 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and write off of deferred financing costs | 157 | 157 | 158 | 157 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Abandoned pursuit costs | 17 | 126 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred rents | (1235) | (1241) | (1269) | (1303) | (1337) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of unrealized holding gain, net of unrealized loss on non-designated or ineffective interest rate derivative instruments | (256) | (256) | (253) | (250) | (205) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of off-market interest rate derivatives and reduction for accrued interest <sup>(2)</sup> | 1046 | 1045 | 1034 | 1075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on early extinguishment of debt | 768 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of (below) above market lease intangibles, net | (217) | (213) | (212) | (212) | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the settlement of property-related insurance claims | (684) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on equity investments |  |  |  |  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments for unconsolidated investment in a real estate property | (128) | (135) | (78) | 36 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AFFO attributable to common stockholders and OP Unit holders** | $4037 | $4511 | $4778 | $3912 | $4067 |
| **Weighted Average Shares/Units Outstanding:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted <sup>(3)</sup> | 12768939 | 12686313 | 12612092 | 11842425 | 11021876 |
| **FFO Per Share/Unit:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted | $0.29 | $0.33 | $0.36 | $0.33 | $0.46 |
| **AFFO Per Share/Unit:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fully diluted | $0.32 | $0.36 | $0.38 | $0.33 | $0.37 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended March 31, 2025, a total of 895,043 Class X OP Units were awarded to our employees. Stock compensation expense for the three months ended December 31, 2024 reflects the portion of independent directors' fees that were paid in common stock.

(2)&nbsp;&nbsp;&nbsp;&nbsp;In January 2025, we, through our Operating Partnership, entered into two swap agreements, effective December 31, 2024, for $125.0 million each, for an aggregate of $250.0 million which fixed the secured overnight financing rate for the year ended December 31, 2025 at 2.45%, resulting in a fixed rate of 4.25% based on our leverage ratio. We paid aggregate premiums of $4.2 million, including accrued interest receivable of $0.3 million, to buy down the fixed rate below the market rate, which was a derivative that was recorded as an asset on our balance sheet and amortized over the 12 months ended December 31, 2025, increasing interest expense.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The weighted average shares/units outstanding - diluted includes the weighted average dilutive effect of the Class C and Class X OP Units (which are excluded from the weighted average shares/units outstanding in calculating earnings (loss) per share in the unaudited condensed consolidated statement of operations since the Class X OP Units are antidilutive).

------

**Modiv Industrial, Inc.**

**Adjusted EBITDA - Last Five Quarters**

*(dollars in thousands)(unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **December 31,<br>2025** | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** |
| **Net income (loss) (in accordance with GAAP)** | $1281 | $1077 | $(2633) | $829 | $1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of real estate properties | 3695 | 3746 | 3828 | 3818 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization for unconsolidated investment in a real estate property <sup>(1)</sup> | 189 | 189 | 189 | 189 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net of unrealized gain or loss on interest rate swaps and derivative settlements | 4799 | 4054 | 4016 | 4048 | 3706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense for unconsolidated investment in real estate property <sup>(1)</sup> | 91 | 92 | 92 | 94 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of real estate investment property | 1814 |  | 4000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the settlement of property-related insurance claims | (684) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense | 810 | 811 | 810 | 484 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate investments, net | (2436) |  |  | (84) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Abandoned pursuit costs | 17 | 126 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on equity investments |  |  |  |  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $9576 | $10095 | $10302 | $9378 | $9984 |
| **Annualized adjusted EBITDA** | $38304 | $40380 | $41206 | $37512 | $39936 |
| **Net debt:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated debt <sup>(2)</sup> | $262070 | $280502 | $280642 | $280781 | $280918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt of unconsolidated investment in real estate property <sup>(3)</sup> | 8767 | 8831 | 8893 | 8912 | 9017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated cash and restricted cash | (14381) | (9947) | (5814) | (6165) | (11530) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash of unconsolidated investment in real estate property <sup>(3)</sup> | (169) | (225) | (607) | (326) | (435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net debt** | $256287 | $279161 | $283114 | $283202 | $277970 |
| **Net debt / Adjusted EBITDA** | 6.7x | 6.9x | 6.9x | 7.5x | 7.0x |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Reflects our approximate 72.7% tenant-in-common interest ("TIC Interest"). On January 16, 2026, we acquired the 27.3% remaining TIC interest for $9.6 million, giving us 100% ownership and control of the property.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Decrease at December 31, 2025 reflects repayment of the mortgage on our Issaquah, Washington property in connection with the sale of the property on December 15, 2025.

(3) &nbsp;&nbsp;&nbsp;&nbsp;Reflects our approximate 72.7% pro rata share of the mortgage note payable and cash of our unconsolidated TIC Interest at December 31, 2025.

------

**Modiv Industrial, Inc.**

**Leverage Ratio**

*(dollars in thousands)(unaudited)*

We calculate our leverage ratio in conformance with the definition used in our KeyBank credit facility as set forth below.

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **<u>Total Asset Value</u>** | | |
| Cash, cash equivalents, and restricted cash | $14381 | $11530 |
| Borrowing base value | 493590 | 489540 |
| Other real estate value <sup>(1)</sup> | 58731 | 76825 |
| Pro-rata share of unconsolidated investment in a real estate property | 34197 | 31846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total asset value | $600899 | $609741 |
| **<u>Indebtedness</u>** |  |  |
| Credit facility term loan | $250000 | $250000 |
| Mortgage debt <sup>(2)</sup> | 12070 | 30918 |
| Pro-rata share of unconsolidated investment in a real estate property | 8767 | 9017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total indebtedness | $270837 | $289935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leverage Ratio | 45.1% | 47.6% |

---

(1) Decrease reflects the sale of our Issaquah, Washington property in December 2025, partially offset by the acquisition of a property in the Jacksonville, Florida MSA in March 2025.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Decrease at December 31, 2025 reflects repayment of the mortgage on our Issaquah, Washington property in connection with the sale of the property on December 15, 2025.

------

**Modiv Industrial, Inc.**

**Capitalization as of December 31, 2025**

*(dollars in thousands, except shares and per share data and OP Units and per OP Unit data)(unaudited)*

---

| | |
|:---|:---|
| **PREFERRED EQUITY** | |
| 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock | $42538 |
| *% of Total Capitalization* | *9 %* |
| **COMMON EQUITY** |  |
| Shares of Class C Common Stock | 10299390 |
| Class C and X OP Units | 2488371 |
| Total Class C Common Stock and Class C OP Units | 12787761 |
| Price Per Share / Unit at December 31, 2025 | $14.39 |
| **IMPLIED EQUITY MARKET CAPITALIZATION** | $184016 |
| *% of Total Capitalization* | *38 %* |
| **DEBT** |  |
| Mortgage Debt |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Fresh Foods Property | 12070 |
| Total Mortgage Debt | $12070 |
| KeyBank Credit Facility |  |
| &nbsp;&nbsp;&nbsp;Revolver <sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;Term Loan <sup>(2)</sup>  | 250000 |
| Total Credit Facility | 250000 |
| **TOTAL DEBT** | $262070 |
| *% of Total Capitalization* | *53 %* |
| *% of Total Debt - Floating Rate Debt* | *— %* |
| *% of Total Debt - Fixed Rate Debt* <sup>(2) (3)</sup> | *100 %* |
| **ENTERPRISE VALUE** |  |
| Total Capitalization | $488624 |
| Less: Cash, Cash Equivalents, and Restricted Cash | (14381) |
| **Enterprise Value** | $474243 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;In December 2024, we exercised our right to reduce our Revolver line of credit from $150.0 million to $30.0 million in order to save $0.3 million in annual unused fees.

(2)&nbsp;&nbsp;&nbsp;&nbsp;In January 2026, we entered into three new swap agreements, effective December 31, 2025, for $83.3 million each, for an aggregate of $250.0 million, corresponding to the Term Loan, which will fix SOFR for the year ending December 31, 2026 to 2.45%, resulting in a fixed rate of 4.15% based on our leverage ratio of 45.1% as of December 31, 2025. We paid aggregate premiums of $2.7 million, including accrued interest receivable of $0.1 million, to buy down the fixed rate below the prevailing market rate.

(3)&nbsp;&nbsp;&nbsp;&nbsp;After taking into account the January 16, 2026 amendment to our Credit Agreement, the weighted average interest rate for the $262.1 million total debt outstanding was 4.14% as of December 31, 2025.

------

**Modiv Industrial, Inc.**

**Consolidated Balance Sheets**

*(dollars in thousands, except shares and per share data*)*(unaudited)*

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Real estate investments: |  |  |
| &nbsp;&nbsp;&nbsp;Land | $98175 | $98009 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | 383540 | 386102 |
| &nbsp;&nbsp;&nbsp;Equipment |  | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenant origination and absorption costs | 13638 | 13194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments in real estate property | 495353 | 501734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation and amortization | (73208) | (59524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net | 422145 | 442210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated investment in a real estate property | 9437 | 9324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net, excluding real estate investments held for sale, net | 431582 | 451534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate investments held for sale, net | 3901 | 22372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate investments, net | 435483 | 473906 |
| Cash and cash equivalents | 14381 | 11530 |
| Tenant deferred rent and other receivables | 23436 | 18460 |
| Above-market lease intangibles, net | 1169 | 1240 |
| Prepaid expenses and other assets | 1988 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $476457 | $507829 |
| **Liabilities and Equity** |  |  |
| Mortgage notes payable, net | $11994 | $30777 |
| Credit facility term loan, net | 249489 | 248999 |
| Accounts payable, accrued and other liabilities | 3831 | 4035 |
| Distributions payable | 2031 | 1994 |
| Below-market lease intangibles, net | 7067 | 7948 |
| Other liabilities related to real estate investments held for sale |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 274412 | 293779 |
| 7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value; $25.00 per share liquidation preference; 1,701,500 shares authorized and outstanding as of December 31, 2025 and 2,000,000 shares authorized and outstanding as of December 31, 2024 | 2 | 2 |
| Class C common stock, $0.001 par value, 300,000,000 shares authorized; 10,766,709 shares issued and 10,299,390 shares outstanding as of December 31, 2025, and 10,404,211 shares issued and 9,936,892 outstanding as of December 31, 2024 | 11 | 10 |
| Additional paid-in-capital | 337028 | 349479 |
| Treasury stock, at cost, 467,319 shares held as of each December 31, 2025 and 2024 | (7112) | (7112) |
| Cumulative distributions and net losses | (168100) | (154074) |
| Accumulated other comprehensive income | 919 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Modiv Industrial, Inc. equity | 162748 | 190146 |
| Noncontrolling interests in the Operating Partnership | 39297 | 23904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 202045 | 214050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $476457 | $507829 |

---

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**Modiv Industrial, Inc.**

**Debt Overview**

*(dollars in thousands)(unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Outstanding Balance** | **Outstanding Balance** | | | | |
|<br>**Collateral** | **December 31, 2025** | **December 31, 2024** | **Interest Rate** | **Interest Rate** |<br>**Loan Maturity** | |
| Mortgage Notes: |  |  |  |  |  |  |
| &nbsp;&nbsp;Costco property | $— | $18589 | N/A |  | N/A | (6) |
| &nbsp;&nbsp;Taylor Fresh Foods property | 12070 | 12329 | 3.85% | (2) | 11/01/2029 |  |
|  | 12070 | 30918 |  |  |  |  |
| &nbsp;&nbsp;Less unamortized deferred financing costs | (76) | (141) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage notes payable, net | 11994 | 30777 |  |  |  |  |
| KeyBank Credit Facility <sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;Revolver |  |  | 5.44% | (3) | 07/18/2028 | (7) |
| &nbsp;&nbsp;Term loan | 250000 | 250000 | 4.15% | (4) | 07/18/2028 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Credit Facility | 250000 | 250000 |  |  |  |  |
| Less unamortized deferred financing costs | (511) | (1001) |  |  |  |  |
|  | 249489 | 248999 |  |  |  |  |
| Total debt, net | $261483 | $279776 | 4.27% | (5) |  |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Our $280.0 million Credit Facility is comprised of a $30.0 million Revolver and a $250.0 million Term Loan. As of the filing date of this Supplemental Data, the $250.0 million Term Loan is fully drawn and the Revolver has no amounts outstanding.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Contractual fixed rate.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The interest rate on the Revolver is based on our leverage ratio at the end of the prior quarter. With our leverage ratio at 45.1% as of December 31, 2025, the spread over the SOFR was 175 basis points and the interest rate on the Revolver was 5.4375% as of February 26, 2026. We also pay an annual unused fee of up to 25 basis points on the Revolver, based on the daily amount of the unused commitment.

(4)&nbsp;&nbsp;&nbsp;&nbsp;In January 2026, we entered into three new swap agreements, effective December 31, 2025, for $83.3 million each, for an aggregate of $250.0 million, corresponding to the Term Loan, which will fix SOFR for the year ending December 31, 2026 to 2.45%, resulting in a fixed rate of 4.15% based on our leverage ratio of 45.1% as of December 31, 2025. We paid aggregate premiums of $2.7 million, including accrued interest receivable of $0.1 million, to buy down the fixed rate below the prevailing market rate. The buydown premium is a derivative that will be recorded as an asset on our balance sheet as of January 31, 2026 and amortized over the 12 months ending December 31, 2026, increasing interest expense.

(5)&nbsp;&nbsp;&nbsp;&nbsp;After taking into account the January 16, 2026 amendment to our Credit Agreement, the weighted average interest rate for the $262.1 million total debt outstanding was 4.14% as of December 31, 2025.

(6) &nbsp;&nbsp;&nbsp;&nbsp;During the fourth quarter of 2025, we completed the sale of our office property in Issaquah, Washington formerly leased to Costco for $26.0 million, which included the sale price of $25.6 million and $0.4 million of extension fees. In conjunction with the sale, we repaid the $18.3 million mortgage note secured by the property and paid a $0.7 million loan prepayment fee, which is included in interest expense, net of unrealized gain or loss on interest rate swaps and derivative instruments.

(7)&nbsp;&nbsp;&nbsp;&nbsp;On January 16, 2026, we entered into an agreement to amend the Credit Agreement to extend the maturity date of the credit facility eighteen months to July 18, 2028.

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**Modiv Industrial, Inc.**

**Covenants**

*(dollars in thousands)(unaudited)*

*Credit Facility and Mortgage Notes Covenants*

The following is a summary of key financial covenants for our credit facility and mortgage notes, as defined and calculated per the terms of the facility's Credit Agreement and the mortgage notes' governing documents, respectively, which are included in our filings with the SEC. These calculations, which are not based on U.S. Generally Accepted Accounting Principles ("GAAP") measurements are presented to demonstrate that as of December 31, 2025, we are in compliance with the covenants.

---

| | | |
|:---|:---|:---|
| **Unsecured Credit Facility Covenants** | **Required** | **December 31, 2025** |
| Maximum leverage ratio | <60% | 45.1% |
| Minimum fixed charge coverage ratio | >1.50x | 1.93 |
| Maximum secured indebtedness ratio | 40% | 3% |
| Minimum consolidated tangible net worth | $225676 | $275662 |
| Weighted average lease term (years) <sup>(1)</sup> | 7 | 15 |

---

(1) The weighted average lease term above only reflects the 35 properties that are included in the Credit Facility borrowing base.

---

| | | |
|:---|:---|:---|
| **Mortgage Notes Key Covenants** | **Debt Service Coverage Ratio** | **December 31, 2025** |
| &nbsp;&nbsp;Taylor Fresh Foods property | 1.5 | 2.3 |

---

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**Modiv Industrial, Inc.**

**Real Estate Acquisitions**

*(dollars in thousands)(unaudited)*

The following table summarizes our property acquisition activity from October 1, 2024 through December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tenant and Location** | **Property Type** | **Acquisition Date** | **Leasable Area (Square Feet)** | **Lease Terms (Years)** | **Annual Rent Increase** | **Acquisition Price** | **Initial Cap Rate** | **Weighted Average Cap Rate** |
| Science First, Yulee, FL | Industrial | March 2025 | 48589 | 7.8 | (1) | 6100 | 8.0% | 8.7% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Annual increase is unadjusted annual percentage change in the Consumer Price Index as published by the U.S. Bureau of Labor Statistics Consumer Price Index as published by the U.S. Bureau of Labor Statistics. Weighted average cap rate assumes 3.0% annual increases.

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**Modiv Industrial, Inc.**

**Real Estate Dispositions**

*(dollars in thousands)(unaudited)*

The following table summarizes our property disposition activity from October 1, 2024 through December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tenant and Location** | **Property Type** | **Disposition Date** | **Leasable Area (Square Feet)** | **Disposition Price** | **Cap Rate** |
| Producto, Endicott, NY <sup>(1)</sup> | Industrial | February 2025 | 31262 | 2362 | 7.4% |
| Vacant, Issaquah, WA <sup>(2)</sup> | Office | December 2025 | 97191 | 25975 | NA |
|  |  |  | 128453 | $28337 |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;In connection with this sale, the lease for our property in Jamestown, New York with another Producto subsidiary was amended to increase the base rent by $2,500 per month effective March 1, 2025.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Property was formerly leased to Costco. The disposition price includes $0.4 million of extension fees.

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**Modiv Industrial, Inc.**

**Top 20 Tenants**

*(dollars in thousands)(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tenant** | **ABR** | **ABR as a Percentage of Total Portfolio** | **Leased Area (Square Feet)** | **Square Feet as a Percentage of Total Portfolio** |
| Lindsay | $5476 | 14% | 755281 | 17% |
| KIA of Carson | 4303 | 11% | 72623 | 2% |
| State of CA OES | 2697 | 7% | 106592 | 2% |
| AvAir | 2460 | 6% | 162714 | 4% |
| Valtir | 1940 | 5% | 293612 | 7% |
| 3M | 1927 | 5% | 410400 | 9% |
| FUJIFILM Dimatix (72.71% TIC) <sup>(1)</sup> | 1863 | 5% | 94101 | 2% |
| Taylor Fresh Foods | 1714 | 5% | 216727 | 5% |
| Pacific Bearing | 1560 | 4% | 208692 | 5% |
| Titan | 1506 | 4% | 218696 | 5% |
| Northrop Grumman | 1352 | 4% | 107419 | 2% |
| Vistech | 1305 | 3% | 335525 | 8% |
| SJE | 1285 | 3% | 131573 | 3% |
| SixAxis | 1228 | 3% | 213513 | 5% |
| Husqvarna | 968 | 2% | 64637 | 1% |
| WSP USA | 944 | 2% | 37449 | 1% |
| Summit Steel | 881 | 2% | 116560 | 3% |
| L3 Harris | 853 | 2% | 46214 | 1% |
| Arrow-TruLine | 825 | 2% | 206155 | 4% |
| Labcorp Early Development Laboratories | 687 | 2% | 20800 | 1% |
| &nbsp;&nbsp;&nbsp;Total Top 20 Tenants | $35774 | 91% | 3819283 | 87% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Reflects our approximate 72.7% TIC Interest. On January 16, 2026, we acquired the 27.3% remaining TIC interest for $9.6 million, giving us 100% ownership and control of the property.

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**Modiv Industrial, Inc.**

**Property Type**

*(dollars in thousands)(unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property Type** | **Number of Properties** | **ABR** | **ABR as a Percentage of Total Portfolio** | **Leasable Area (Square Feet)** | **Square Feet as a Percentage of Total Portfolio** |
| Industrial core, including TIC Interest | 39 | $32146 | 82% | 4173096 | 95% |
| Non-core <sup>(1)</sup> | 3 | 7000 | 18% | 205251 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 42 | $39146 | 100% | 4378347 | 100% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Non-core properties include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;our non-core acquisition of a leading KIA retail property located in a prime location in Los Angeles County acquired in January 2022, which was structured as an OP Unit transaction resulting in a favorable equity issuance of $32.8 million represented by 1,312,382 Class C OP Units at a cost basis of $25 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;our 12-year lease with OES executed in January 2023 for one of our legacy assets located in Rancho Cordova, California that includes a purchase option which OES may exercise until December 31, 2026. (We define legacy assets as those that were acquired by different management teams utilizing different investment objectives and underwriting criteria); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;our legacy property formerly leased to Solar Turbine in San Diego, California that we expect to sell after we complete a parcel split in order to maximize its value.

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**Modiv Industrial, Inc.**

**Tenant Industry Diversification**

*(dollars in thousands)(unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Industry** | **Number of Properties** <sup>(1)</sup> | **ABR** | **ABR as a Percentage of Total Portfolio** | **Leased Area (Square Feet)** <sup>(1)</sup> | **Square Feet as a Percentage of Total Portfolio** <sup>(1)</sup> |
| Infrastructure | 17 | $9646 | 25% | 1217915 | 28% |
| Automotive | 3 | 6126 | 16% | 501233 | 11% |
| Industrial Products | 4 | 5682 | 15% | 897242 | 21% |
| Aerospace/Defense | 4 | 5092 | 13% | 346046 | 8% |
| Government | 1 | 2697 | 7% | 106592 | 2% |
| Technology | 2 | 2502 | 6% | 132601 | 3% |
| Metals | 4 | 2421 | 6% | 419001 | 10% |
| Agriculture/Food Production | 1 | 1714 | 4% | 216727 | 5% |
| Energy | 1 | 1506 | 4% | 218696 | 5% |
| Medical | 1 | 687 | 2% | 20800 | 1% |
| Plastics | 1 | 585 | 1% | 148012 | 3% |
| Miscellaneous Manufacturing | 1 | 488 | 1% | 48589 | 1% |
| Total | 40 | $39146 | 100% | 4273454 | 98% |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Excludes 104,893 vacant square feet comprised of an industrial property in Saint Paul, Minnesota subject to a purchase and sale agreement and the legacy property formerly leased to Solar Turbines in San Diego, California that we expect to sell after we complete a parcel split in order to maximize its value.

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**Modiv Industrial, Inc.**

**Tenant Geographic Diversification**

*(dollars in thousands)(unaudited)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State** | **Number of Properties** | **ABR** | **ABR as a Percentage of Total Portfolio** | **Leasable Area (Square Feet)** | **Square Feet as a Percentage of Total Portfolio** |
| California | 8 | $11986 | 31% | 442315 | 10% |
| Ohio | 6 | 4985 | 13% | 1003438 | 23% |
| Arizona | 2 | 4174 | 11% | 379441 | 9% |
| Illinois | 2 | 3487 | 9% | 619092 | 14% |
| Florida | 4 | 2880 | 7% | 282499 | 6% |
| Pennsylvania | 2 | 2187 | 6% | 253646 | 6% |
| South Carolina | 3 | 2168 | 6% | 343422 | 8% |
| Texas | 2 | 1745 | 4% | 251583 | 6% |
| Minnesota | 5 | 1717 | 4% | 362647 | 8% |
| North Carolina | 2 | 1611 | 4% | 134576 | 3% |
| Colorado | 3 | 888 | 2% | 98994 | 2% |
| Utah | 1 | 536 | 1% | 72498 | 2% |
| Michigan | 1 | 518 | 1% | 93085 | 2% |
| New York | 1 | 264 | 1% | 41111 | 1% |
| Total | 42 | $39146 | 100% | 4378347 | 100% |

---

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**Modiv Industrial, Inc.**

**Lease Expirations**

*(dollars in thousands)(unaudited)*

**10 Years and Thereafter Lease Expirations**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | | | | | | |
| **Year** | **Number of Leases Expiring** <sup>(2)</sup> | **ABR Expiring** | **Percentage of ABR Expiring** | **Cumulative Percentage of ABR Expiring** | **Leased Area Expiring (Square Feet)**<sup>(2)</sup> | **Percentage of Leased Area Expiring (Square Feet)**<sup>(2)</sup> | **Cumulative Percentage of Leased Area Expiring (Square Feet)**<sup>(2)</sup> |
| 2026 |  | $— | —% | —% |  | —% | —% |
| 2027 | 1 | 968 | 2% | 2% | 64637 | 1% | 1% |
| 2028 | 1 | 585 | 1% | 3% | 148012 | 3% | 4% |
| 2029 | 2 | 1492 | 5% | 8% | 84714 | 2% | 6% |
| 2030 | 1 | 687 | 2% | 10% | 20800 | 1% | 7% |
| 2031 | 1 | 1352 | 3% | 13% | 107419 | 3% | 10% |
| 2032 | 2 | 2948 | 8% | 21% | 211303 | 5% | 15% |
| 2033 | 1 | 1714 | 4% | 25% | 216727 | 5% | 20% |
| 2034 <sup>(1)</sup> | 3 | 5568 | 14% | 39% | 554441 | 13% | 33% |
| 2035 |  |  | —% | 39% |  | —% | 33% |
| Thereafter | 28 | 23832 | 61% | 100% | 2865401 | 65% | 98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 40 | $39146 | 100% |  | 4273454 | 98% |  |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Includes OES that has a purchase option that can be exercised any time through December 31, 2026 and an early termination option that can be exercised any time on or after December 31, 2028. The exercise of these options was not determined to be probable.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excludes 104,893 vacant square feet comprised of an industrial property in Saint Paul, Minnesota subject to a purchase and sale agreement and the legacy property formerly leased to Solar Turbines in San Diego, California that we expect to sell after we complete a parcel split in order to maximize its value.

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**Modiv Industrial, Inc.**

**Disclosures Regarding Non-GAAP and Other Metrics**

**<u>Notice Involving Non-GAAP Financial Measures</u>**

In addition to U.S. GAAP financial measures, this supplemental report contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are provided below.

**Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")**

In order to provide a more complete understanding of the operating performance of a REIT, the National Association of Real Estate Investment Trusts ("Nareit") promulgated a measure known as Funds from Operations ("FFO"). FFO is defined as net income or loss computed in accordance with GAAP, excluding gains and losses from sales of depreciable operating property, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated investments, preferred dividends and real estate impairments. Because FFO calculations adjust for such items as depreciation and amortization of real estate assets and gains and losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current Nareit definition or may interpret the current Nareit definition differently than we do, making comparisons less meaningful.

Additionally, we use Adjusted Funds from Op**e**rations ("AFFO") as a non-GAAP financial measure to evaluate our operating performance. AFFO excludes non-routine and certain non-cash items such as stock-based compensation, amortization of deferred rent, amortization of below/above market lease intangibles, proceeds from the settlement of property-related insurance claims, amortization of deferred financing costs, gain or loss from the extinguishment of debt, unrealized gains (losses) on derivative instruments, amortization of off-market interest rate derivatives and reduction for accrued interest, and write-offs of due diligence expenses for abandoned pursuits. We also believe that AFFO is a recognized measure of sustainable operating performance in the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies. Management believes that AFFO is a beneficial indicator of our ongoing portfolio performance. More specifically, AFFO isolates the financial results of our operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results. By providing FFO and AFFO, we present information that assists investors in aligning their analysis with management's analysis of long-term operating activities.

For all of these reasons, we believe the non-GAAP measures of FFO and AFFO, in addition to income or loss from operations, net income or loss and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful to investors in evaluating the performance of our real estate portfolio. AFFO is useful in assisting management and investors in assessing our ongoing ability to generate cash flow from operations and continue as a going concern in future operating periods. However, a material limitation associated with FFO and AFFO is that they are not indicative of our cash available to fund distributions since other uses of cash, such as capital expenditures at our properties and principal payments of debt, are not deducted when calculating FFO and AFFO. Therefore, FFO and AFFO should not be viewed as a more prominent measure of performance than income or loss from operations, net income (loss) or cash flows from operating activities and each should be reviewed in connection with GAAP measurements.

Neither the SEC, Nareit, nor any other applicable body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, the SEC or Nareit may decide to standardize the allowable exclusions across the REIT industry, and we may have to adjust the calculation and characterization of this non-GAAP measure.

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**Adjusted EBITDA**

We define Adjusted EBITDA as GAAP net income or loss adjusted to exclude depreciation and amortization, gains or losses from the sales of depreciable property, extraordinary items, provisions for impairment on investment in real estate and goodwill and intangibles, interest expense and non-cash items such as non-cash compensation expenses and write-offs of due diligence costs for abandoned pursuits We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA is not a measure of financial performance under GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.

**Net Debt**

We define Net Debt as gross debt less cash, cash equivalents, and restricted cash.

**Leverage Ratio**

We define our "leverage ratio" as total debt as a percentage of the aggregate fair value of our real estate properties, including our proportionate interest in real estate owned by unconsolidated entities, plus our cash, cash equivalents, and restricted cash.

**Annualized Base Rent ("ABR")**

ABR represents contractual annual base rent for the next 12 months.

**Initial Cap Rate**

We define "initial cap rate" for property acquisitions as the initial annual cash rent divided by the purchase price of the property.

**Weighted Average Cap Rate**

We define "weighted average cap rate" for property acquisitions as the average annual cash rent including rent escalations over the lease term, divided by the purchase price of the property.