MODIV INDUSTRIAL, INC. (MDV) Form 10-Q — Aug 11, 2026

$MDVForm 10-QFiled Aug 11, 2026, 4:15 PM ET0001645873-26-000079Original filing

Modiv Industrial's Q2 2026 10-Q confirms its stockholders approved the merger with Global Net Lease on August 10, 2026, with closing expected in mid-August. Each Class C share converts into 1.975 GNL shares and each Series A preferred share into $25.00 cash plus accrued dividends, after which MDV and MDV.PA will be delisted from the NYSE and deregistered. The company swung to Q2 net income of $6.5 million ($0.45 per share) from a $2.6 million loss a year ago, but the profit was driven by a one-time $7.5 million gain on the $18.7 million sale of its Northrop Grumman-leased Melbourne, Florida property. Merger costs of $2.8 million weighed on the quarter.

Key figures

Eps: $0.45 basic (Q2 2026) vs -$0.32 (Q2 2025); $0.34 basic (H1 2026)
Revenue: $11.69 million (Q2 2026); $23.40 million (H1 2026)
Net Income: $6.49 million (Q2 2026) vs -$2.63 million (Q2 2025)
Total Debt: $273.3 million net ($250.0 million term loan + $23.6 million mortgage notes)
Revenue Yoy: -1.0% (H1 2026 vs H1 2025)
Total Assets: $487.7 million
Cash Position: $21.6 million
Shares Outstanding: 10323670
Abr: $39.1 million
Occupancy: 99% based on square footage
Portfolio: 40 properties, ~4.2 million sq ft, 14 states, 26 tenants
Merger costs: $2.8 million (Q2 2026); $3.4 million (H1 2026)
Expected close: mid-August 2026
Gain on sale q2 2026: $7.5 million (Melbourne, FL property sold for $18.7 million)
Monthly distribution: $0.10 per share ($1.20 annualized)
Merger exchange ratio: 1.975 GNL shares per Class C common share
Term loan interest rate: 5.3250% floating / 4.15% fixed via swaps
Santa clara tic acquisition: $9.6 million for remaining 27.3% TIC interest
Ffo per share diluted q2 2026: $0.14 vs $0.36 (Q2 2025)
Affo per share diluted q2 2026: $0.36 vs $0.38 (Q2 2025)
Preferred merger consideration: $25.00 cash per Series A preferred share plus accrued dividends
Preferred repurchases since mar 2025: 322,412 shares (16.1% of issued) for $7.7 million at avg $23.91

Price after filing

1 day: 0.0%7 days: -0.9%

Close on the filing date to close N calendar days later (from $18.21). Historical, not a forecast.

AI analysis

Red flags6 · Pro

The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.

Upgrade to Pro · $49/mo billed annually

AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.