Here are the 10-K annual reports from Modiv Industrial, Inc. (MDV) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow MDV and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MDV filings page.
Modiv Industrial, Inc. filed Amendment No. 1 to its annual report to add full Part III disclosures because it does not expect to file a proxy statement within 120 days of year-end. The amendment focuses on directors and governance, executive compensation, security ownership, related-party policies and auditor fees, and does not change prior financial statements.
The filing details the board’s composition and independence, its audit committee and code of ethics, and an insider trading policy with quarterly and event-based blackout periods. It also outlines large 2025 grants of Class X OP Units to senior executives, director retainers in cash and stock, and significant equity ownership by management and 5% holders.
Grant Thornton LLP’s role and audit fees for 2025 and 2024 are disclosed, and updated officer certifications under Section 302 of the Sarbanes-Oxley Act are included, while Section 906 certifications remain only in the original filing.
Modiv Industrial, Inc. files its annual report, outlining a focused strategy as an internally managed industrial manufacturing REIT with a diversified portfolio of 42 properties generating $39.1 million in annual base rent as of December 31, 2025. About 82% of rent comes from 39 industrial assets, with a weighted average lease term of roughly 14 years and 98% occupancy over 4.4 million square feet in 14 states. The company is recycling 12–15 non-core and shorter-lease assets over the next 24 months to become a pure-play industrial platform. Concentration risks are notable, with two tenants providing about 25% of annual base rent and approximately 31% of rent coming from California. Modiv reports a $5.8 million impairment on a Minnesota property and leverage of about 45.1% of asset value, above its long-term 40% target, and highlights cybersecurity, interest-rate, liquidity, and REIT-qualification risks.