MODIV INDUSTRIAL Business Summary

Modiv Industrial, Inc. (MDV) is an internally managed real estate investment trust (REIT) that generates revenue through the acquisition and management of single-tenant, net-lease industrial manufacturing properties. The company’s business model is centered on securing long-term rental income from mission-critical assets, including manufacturing, logistics, and food production facilities that strengthen national supply chains. Modiv operates as a niche specialist within the industrial real estate sector, specifically targeting the manufacturing sub-sector to differentiate itself from broader distribution-focused REITs. Its primary business segments are focused on high-yield industrial assets with contractual rent escalations designed to drive Adjusted Funds From Operations (AFFO). Direct competitors include Armada Hoffler Properties (AHH), Alexandria Real Estate Equities (ARE), and Alpine Income Property Trust (PINE); Modiv fits into the market as a specialized, "blue-collar" industrial pure-play that prioritizes monthly dividend distributions and strategic asset recycling. The company traces its origins to 2015 as a direct-to-consumer crowdfunding platform (formerly Rich Uncles) co-founded by industry veterans including Ray Wirta, the former Chairman of CBRE. The current leadership is led by CEO Aaron Halfacre, who joined in 2019 to spearhead the company's transformation, bringing a pedigree from senior roles at BlackRock, Green Street Advisors, and Cole Real Estate Investments. The executive team includes John C. Raney, who was appointed Chief Financial Officer in January 2026 while maintaining his roles as Chief Operating Officer and General Counsel, and Bill Broms as Chief Investment Officer. Governance is provided by a board chaired by Thomas H. Nolan, Jr., the former CEO of Spirit Realty Capital, with notable institutional ownership from BlackRock, Vanguard, and First City Investment Group.