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.

"Groundhog days…

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 20th 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 20th 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:

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

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

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: www.modiv.com.