Modiv Inc.
- Open
- 17.89
- Day high
- 18.36
- Day low
- 17.81
- Prev close
- 18.21
- Volume
- 355K
- Mkt cap
- $184M
- P/E (TTM)
- 41.0
- EPS (TTM)
- $0.44
- P/B
- 1.1
- P/S
- 4.0
- Yield
- 7.13%
- Per share
- $1.29
- ▲Insiders net buying $163K over the last 3 months (4 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
Modiv Inc. (MDV) is a Real Estate company listed on NYSE. The stock is up 16% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 0 sales (SEC Form 4).
Modiv Inc. (MDV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MDV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $0.03 | $0.45 | +1400.0% | $12M | +1.0% |
| May 8, 2026 | $0.04 | $-0.11 | -375.0% | $12M | +1.6% |
| Mar 25, 2026 | $0.37 | $0.02 | -94.6% | $11M | -2.4% |
| Nov 14, 2025 | $0.34 | $0.36 | +5.9% | $12M | +4.9% |
| Aug 7, 2025 | $0.36 | $-0.32 | -188.9% | $12M | -2.5% |
| Mar 4, 2025 | $0.20 | $0.07 | -65.0% | $12M | +0.1% |
| May 2, 2024 | $0.03 | $0.33 | +1000.0% | $12M | +1.7% |
| Mar 4, 2024 | $0.38 | $-0.29 | -176.3% | $12M | -1.2% |
| Nov 13, 2023 | $0.32 | $-0.86 | -368.7% | $13M | +4.4% |
| Aug 14, 2023 | $0.02 | $0.35 | +1849.9% | $12M | +5.1% |
| May 15, 2023 | $0.33 | $-0.62 | -287.9% | $10M | -10.8% |
| Feb 23, 2023 | $0.33 | $-0.02 | -106.1% | $14M | +34.3% |
MDV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 1, 2026 | Halfacre Aaron Scottdirector, officer: CEO and President | Buy | 2,253 | $17.21 |
| Jul 1, 2026 | Halfacre Aaron Scottdirector, officer: CEO and President | Buy | 1,333 | $17.55 |
| Jun 29, 2026 | Halfacre Aaron Scottdirector, officer: CEO and President | Buy | 4,766 | $17.50 |
| Jun 29, 2026 | Halfacre Aaron Scottdirector, officer: CEO and President | Buy | 1,000 | $17.45 |
| Apr 1, 2026 | Tirondola Conniedirector | Grant | 1,047 | $14.32 |
| Apr 1, 2026 | Gingras Christopher Raymonddirector | Grant | 1,047 | $14.32 |
| Apr 1, 2026 | NOLAN THOMAS H JRdirector | Grant | 1,047 | $14.32 |
| Apr 1, 2026 | SMITH KIMBERLY Jdirector | Grant | 1,047 | $14.32 |
| Jan 2, 2026 | Gingras Christopher Raymonddirector | Grant | 1,042 | $14.39 |
| Jan 2, 2026 | SMITH KIMBERLY Jdirector | Grant | 1,042 | $14.39 |
| Jan 2, 2026 | Tirondola Conniedirector | Grant | 1,042 | $14.39 |
| Jan 2, 2026 | NOLAN THOMAS H JRdirector | Grant | 1,042 | $14.39 |
| Oct 1, 2025 | Tirondola Conniedirector | Grant | 1,025 | $14.64 |
| Oct 1, 2025 | NOLAN THOMAS H JRdirector | Grant | 1,025 | $14.64 |
| Oct 1, 2025 | SMITH KIMBERLY Jdirector | Grant | 1,025 | $14.64 |
Source: MDV SEC Form 4 filings, latest Jul 1, 2026. For informational purposes only — not investment advice.
See the full MDV insider & 13F page →Modiv Inc. company profile
Overview
Modiv Inc. (NYSE:MDV) is a Maryland-based real estate investment trust (REIT) that was incorporated in 2015 and went public in February 2022. The company was established with the primary objective of investing in single-tenant, income-producing properties located throughout the United States that are leased to creditworthy tenants under long-term net lease agreements. Since its founding, Modiv has strategically evolved from a diversified REIT into a focused industrial manufacturing real estate investment company, systematically divesting non-core office and retail properties while building a concentrated portfolio of manufacturing and industrial assets.
Business
Modiv operates as a specialized real estate investment trust focused on the industrial manufacturing sector. A REIT is a company that owns, operates, or finances income-generating real estate, allowing individual investors to earn dividends from real estate investments without having to buy, manage, or finance properties themselves. REITs are required to distribute at least 90% of their taxable income to shareholders as dividends. The company's core business involves acquiring and owning single-tenant industrial properties that are leased under long-term net lease agreements. In a net lease arrangement, the tenant is responsible for paying not only rent but also property taxes, insurance, and maintenance costs, which provides predictable income streams for the landlord while minimizing operational responsibilities. These properties are typically mission-critical manufacturing facilities where tenants have made significant capital investments in specialized equipment and infrastructure. Modiv's current portfolio consists of 43 properties with the following composition: approximately 80% industrial manufacturing properties generating the majority of rental income, and 20% non-core assets including office and retail properties that the company is actively working to divest. The industrial properties house various manufacturing operations including photonics manufacturing, automotive components, pharmaceuticals, and other specialized manufacturing processes. The portfolio generates approximately $39.4 million in annualized base rent with a weighted average lease term of 14.2 years, providing substantial income visibility and stability.
Revenue model
Modiv generates revenue primarily through rental income from its portfolio of leased properties under long-term net lease agreements. The company's tenants pay monthly or quarterly rent payments, with leases typically structured for 10-20 year initial terms with renewal options. Approximately 30% of the company's tenants have investment-grade credit ratings, providing additional income security. The business model benefits from several key characteristics of net lease arrangements. Since tenants are responsible for property taxes, insurance, and maintenance under triple-net leases, Modiv's operating expenses are minimized and predictable. The long-term nature of the leases, averaging over 14 years remaining, provides stable cash flows with built-in rent escalations in many contracts. Additionally, the specialized nature of manufacturing facilities creates high switching costs for tenants, as relocating manufacturing operations involves significant time, cost, and business disruption. Several factors influence the company's profitability and margins. Positive factors include the ongoing trend of manufacturing reshoring to the United States, which increases demand for domestic manufacturing facilities, and the mission-critical nature of the properties which reduces tenant default risk. Interest rate environments significantly impact acquisition opportunities and refinancing costs, with the company maintaining 100% fixed-rate debt at a 4.27% weighted average interest rate to mitigate rate volatility. Negative factors include economic downturns that could pressure manufacturing tenants, competition from other REITs and private investors for quality industrial assets, and potential changes in trade policies or manufacturing trends that could affect tenant demand.
Competitive moat
Modiv's competitive moat is moderate and primarily stems from the specialized nature of its manufacturing properties and long-term lease structures. The company's properties often house mission-critical manufacturing operations where tenants have invested millions of dollars in specialized equipment, creating high switching costs and tenant stickiness. The long-term lease agreements, averaging over 14 years of remaining term, provide income predictability that is difficult for competitors to immediately replicate. However, the company's moat faces several limitations. The industrial REIT sector is highly competitive, with larger, better-capitalized competitors like Prologis, EXR, and other industrial REITs having significant advantages in terms of scale, cost of capital, and market access. Modiv's relatively small size (approximately $507 million in total assets) limits its ability to compete for larger, institutional-quality properties and restricts its access to lower-cost capital markets. The company's focus on manufacturing properties provides some differentiation from pure logistics and warehouse REITs, as manufacturing facilities are typically more specialized and harder to repurpose. However, this specialization also creates concentration risk, as manufacturing sector downturns could disproportionately impact the portfolio. Additionally, the trend toward automation and changing manufacturing processes could potentially reduce demand for certain types of industrial space over time. The company's moat is further challenged by its limited geographic and tenant diversification compared to larger industrial REITs, making it more vulnerable to regional economic shifts or individual tenant credit issues.
Risks & safety
Modiv presents a moderate margin of safety with mixed financial characteristics that require careful evaluation. • **Debt and Solvency**: Total debt of $280 million against $507 million in assets represents a debt-to-equity ratio of 1.47. All debt is fixed-rate at 4.27% weighted average with no maturities until January 2027, providing near-term stability. Cash position of $11.5 million is relatively modest but adequate for operations. • **Cash Flow**: Strong operational cash flow generation of $18.2 million annually and free cash flow of $18.2 million provides good coverage for the current dividend payments. AFFO of approximately $15-16 million annually supports dividend sustainability. • **Valuation Metrics**: Trading at 0.73x book value and 23x earnings with EV/EBITDA of 9.6x. Price-to-book below 1.0x suggests potential value, though earnings multiples appear elevated due to depreciation impacts typical in REITs. • **Other Considerations**: Monthly dividend yield of approximately 7.9% appears well-covered by AFFO. Portfolio quality is supported by long-term leases and significant tenant investment-grade representation, though small size limits diversification benefits.
Recent development
Over the past several years, Modiv has executed a strategic transformation from a diversified REIT into a pure-play industrial manufacturing focused company. The company has systematically disposed of non-core office and retail assets while acquiring specialized manufacturing properties, increasing industrial exposure from approximately 59% in 2022 to 80% currently. Key strategic initiatives include the completion of $42 million in non-core asset sales and $129.8 million in industrial manufacturing acquisitions during 2023. The company has been particularly focused on acquiring properties that house specialized manufacturing operations such as photonics, automotive components, and pharmaceutical manufacturing. Recent acquisitions have emphasized tenants with substantial capital investments in their facilities, creating higher switching costs and lease stability. Financial management has been a significant focus, with the company reducing its revolving credit facility from $150 million to $30 million to save approximately $300,000 annually in unused commitment fees. Management has also been active in the equity markets, conducting share repurchases and issuing new equity through an at-the-market program, raising $4.6 million at $16.16 per share in 2024. The company has explored potential strategic partnerships and joint venture opportunities, though specific transactions have been tabled due to market uncertainty. Additionally, Modiv has been preparing for upcoming lease option exercises, including potential purchases by existing tenants, and continues to evaluate opportunities for property development on existing land parcels.
MDV company profile · for informational purposes only — not investment advice.
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