As of September 30, 2025, our annualized base rent totaled $38.9 million, we had $8.3 million of unrestricted cash on balance sheet and $30 million available to draw on our revolver. We do not have any outstanding debt maturities until January 2027, 100% of our indebtedness is fixed at a weighted average interest rate of 4.27% and our leverage ratio is 48%.

In the last four years we have steadily (with discipline), and slowly (hence the importance of patience), created more value with growing AFFO, an increasingly transformed balance sheet, consistent dividends and a mantra of transparency. As we look ahead, our intermediate focus is on recycling select assets to create more value by improving our AFFO, increasing our WALT, further strengthening our balance sheet and enhancing our overall durability. Every REIT is run by individuals, with their own unique behavioral tendencies, and therefore each REIT follows a different path for a different goal. What might be right for our path might not be the desired path of another - that takes you as the investor to understand the human decision makers at each institution to see which is right for you.

For Modiv, which is naturally impacted by my own personality, our path for the past four years has resulted in us exploring (and ultimately passing on) a handful of unfavorable “strategic partnership” proposals, declining the request (largely from bankers and hedge funds) to raise large sums of dilutive capital, declining to accept unsolicited predatory prices for our assets, and has kept us focused on our asset class even when the pipeline of quality deals ebbs with the broader market. While we have been doing this boring patient and disciplined thingy, we have seen all sorts of different paths taken in the small REIT space to include taking on life-ending strategic partner capital, the repeated dilutive issuance of common and preferred equity, dividend cuts, the evaporation of market cap, and even an outright shift from acquiring real estate to lending high yield debt. Only time, and the law of probabilities, will tell us if our approach works out but we remain dedicated to who we are and our never ending goal to create value for you.

Live conference call: 1-800-717-1738 or 1-646-307-1865 at 4:30 p.m. Eastern Time, Friday, November 14, 2025

https://viavid.webcasts.com/starthere.jsp?ei=1739146&tp_key=f6dd467ff5

management@modiv.com

(unaudited)

(unaudited)

(Unaudited)

(1)     Fully diluted shares/units outstanding includes the weighted average dilutive effect of 1,593,328 Class C OP Units and 895,043 Class X OP Units for the three months ended September 30, 2025, 1,511,395 Class C OP Units and 772,939 Class X OP Units for the nine months ended September 30, 2025, and 1,528,145 and 2,093,793 Class C OP Units for the three and nine months ended September 30, 2024, respectively. Class X OP Units were excluded from the weighted average shares/units outstanding in calculating earnings (loss) per share for the three and nine months ended September 30, 2025 in the unaudited condensed consolidated statements of operations since they were anti-dilutive.     

(in thousands)

(Unaudited)

We define Net Debt as gross debt less cash and cash equivalents. We define Adjusted EBITDA as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, gains or losses from the sales of depreciable property, extraordinary items, provisions for impairment on real estate investments and goodwill, interest expense, non-cash items such as stock compensation and write-offs of transaction costs and other one-time transactions. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA is not a measure of financial performance under GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.

This data and other information described herein are as of and for the three months ended September 30, 2025 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Modiv Industrial, Inc.'s. Annual Report on Form 10-K for the year ended December 31, 2024 filed on March 4, 2025 and Quarterly Report on Form 10-Q for the three months ended September 30, 2025, including the financial statements and management's discussion and analysis of financial condition and results of operations, filed on November 14, 2025.

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, changes in the rate of inflation and interest rates, general economic conditions, local real estate conditions, tenant financial health, property acquisitions and dispositions and the timing of any acquisitions and dispositions, supply-chain disruptions, tariffs and negative impacts associated with foreign policy actions implemented by the United States. These and other risks, assumptions, and uncertainties are described in our filings with the U.S. Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Modiv Industrial, Inc. (NYSE:MDV) (“Modiv Industrial”, the “Company”, “we”, “us” and “our”) is a real estate investment trust (“REIT”) that acquires, owns and manages a portfolio of single-tenant net-lease 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.

Modiv Industrial strives towards a “best-in-class” corporate governance structure through a board of directors and management team with decades of institutional real estate industry experience.

management@modiv.com

Broadridge Corporate Issuer Solutions

51 Mercedes Way

Edgewood, NY 11717-8309

Attn: IWS

866-557-4239

As of September 30, 2025, our annualized base rent totaled $38.9 million, we had $8.3 million of unrestricted cash on balance sheet and $30 million available to draw on our revolver. We do not have any outstanding debt maturities until January 2027, 100% of our indebtedness is fixed at a weighted average interest rate of 4.27% and our leverage ratio is 48%.

In the last four years we have steadily (with discipline), and slowly (hence the importance of patience), created more value with growing AFFO, an increasingly transformed balance sheet, consistent dividends and a mantra of transparency. As we look ahead, our intermediate focus is on recycling select assets to create more value by improving our AFFO, increasing our WALT, further strengthening our balance sheet and enhancing our overall durability. Every REIT is run by individuals, with their own unique behavioral tendencies, and therefore each REIT follows a different path for a different goal. What might be right for our path might not be the desired path of another - that takes you as the investor to understand the human decision makers at each institution to see which is right for you.

For Modiv, which is naturally impacted by my own personality, our path for the past four years has resulted in us exploring (and ultimately passing on) a handful of unfavorable “strategic partnership” proposals, declining the request (largely from bankers and hedge funds) to raise large sums of dilutive capital, declining to accept unsolicited predatory prices for our assets, and has kept us focused on our asset class even when the pipeline of quality deals ebbs with the broader market. While we have been doing this boring patient and disciplined thingy, we have seen all sorts of different paths taken in the small REIT space to include taking on life-ending strategic partner capital, the repeated dilutive issuance of common and preferred equity, dividend cuts, the evaporation of market cap, and even an outright shift from acquiring real estate to lending high yield debt. Only time, and the law of probabilities, will tell us if our approach works out but we remain dedicated to who we are and our never ending goal to create value for you.

Live conference call: 1-800-717-1738 or 1-646-307-1865 at 11:00 a.m. Eastern Time, Friday, November 14, 2025

https://viavid.webcasts.com/starthere.jsp?ei=1739146&tp_key=f6dd467ff5

management@modiv.com

(dollars in thousands, except share/unit and per share/unit data)(unaudited)

(1)    Rental income includes tenant reimbursements primarily for property expenses. The decrease in the third quarter of 2025 is primarily due to Costco’s lease expiration on July 31, 2025. The Company’s office property in Issaquah, Washington formerly leased to Costco is subject to a purchase and sale agreement, as amended, with KB Home, a national homebuilder with a sales price of $25.6 million.

(2)    During the three months ended March 31, 2025, a total of 895,043 Class X OP Units were awarded to the Company’s employees. Stock compensation expense for each of the three months ended December 31, 2024 and September 30, 2024 reflect the portion of independent directors’ fees that were paid in common stock.

(3)    The decrease in depreciation and amortization beginning in the first quarter of 2025 is primarily due to no longer recognizing depreciation and amortization expense for the real estate investments of our office property in Issaquah, Washington formerly leased to Costco upon classifying the property as held for sale as of December 31, 2024.

(4)    The Company recorded an impairment charge of $4.0 million related to its property and equipment in Saint Paul, Minnesota during the three months ended June 30, 2025. The Company determined that an impairment charge was required based on current market conditions and represented the excess of the assets' carrying value over the assets’ estimated sale price less estimated selling costs. The property is listed for sale.

(5)    The gain on sale of real estate investments in the third quarter of 2024 resulted from the sale of a land parcel that was part of an industrial property in Canal Fulton, Ohio, to be converted into a park. The gain for the three months ended March 31, 2025 relates to the sale of our industrial property in Endicott, New York.

(6)    Interest expense includes amortization of off-market interest rate derivatives, accrued interest receivable related to the off-market derivatives, unrealized gains and losses on interest rate swaps and is net of derivative settlements as shown below (in thousands).

(a)     In January 2025, the Company, through its Operating Partnership, entered into two swap agreements, effective December 31, 2024, for $125.0 million each, for an aggregate of $250.0 million, which fixes the secured overnight financing rate for the year ending December 31, 2025 at 2.45%, resulting in a fixed rate of 4.25% based on the Company’s current leverage ratio. The Company paid aggregate premiums of $4.2 million, including accrued interest receivable of $0.3 million, to buy down the fixed rate below the market rate, which is a derivative that is recorded as an asset on our balance sheet and amortized over the 12 months ending December 31, 2025, increasing interest expense. The Company designated the pay-fixed, receive-floating interest rate swaps as cash flow hedges and therefore the change in fair value of $1.1 million, $0.8 million and $1.0 million for the three months ended September 30, 2025, June 30, 2025 and March 31, 2025, respectively, was recorded as accumulated other comprehensive income in the Company's unaudited condensed balance sheet, not as an increase to interest expense.

(b)    For derivative instruments that are not deemed effective or are not designated as cash flow hedges, unrealized loss results in an increase in interest expense and the unrealized gain decreases interest expense. For derivative instruments that were designated as a cash flow hedge and later deemed ineffective, any unrealized gain is amortized on a straight-line basis, as a reduction to interest expense.

(7)     While net income attributable to common stockholders was $2,000 for the three months ended March 31, 2025, earnings (loss) per share is $(0.01) for the period because distributions paid to Class X OP Units are deducted in calculating earnings (loss) per share.

(8)     The weighted average dilutive effect of 895,043 Class X OP Units for each of the three months ended September 30, 2025 and June 30, 2025 and 524,660 Class X OP Units for the three months ended March 31, 2025 was excluded from diluted net income (loss) per share attributable to common stockholders and noncontrolling interests, as the effect would have been antidilutive. During the three months ended March 31, 2025, a total of 895,043 Class X OP Units were awarded to the Company’s employees.

(1)    As discussed in footnote (6) to the Consolidated Statements of Operations above, (i) for derivative instruments that were designated as a cash flow hedge and later deemed ineffective, any unrealized gain is amortized on a straight-line basis, as a reduction to interest expense and offset to comprehensive income (loss), (ii) for effective derivative instruments designated as a cash flow hedge, the change in fair value is recorded in other comprehensive income, and (iii) premiums paid to buy down the fixed rate below the market rate are amortized over the 12 months ending December 31, 2025, increasing interest expense and offset to comprehensive income (loss).

(dollars in thousands, except shares/units and per share/unit data)(unaudited)

(1)    Each share of Class C Common Stock and Class C OP Unit have the same participation in earnings (loss) and therefore Class C OP Units are included in the weighted average shares and units outstanding to calculate diluted earnings (loss) per share. Losses are not allocated to the Class X OP Units because they have not vested and do not have a contractual obligation to share in the Company’s losses. As such, net loss attributable to noncontrolling interest in Operating Partnership represents net loss allocated to Class C OP Units, which is different than the amount presented on the statements of operations and equity for the three month periods that include net loss allocated to Class X OP Units. Net loss (income) attributable to noncontrolling interest in Operating Partnership for the three month periods is calculated using the three month weighted average shares/units, whereas the net loss (income) attributable to noncontrolling interest in Operating Partnership presented on the statements of operations and equity for the three month periods are calculated for the year-to-date period less the prior quarter’s year-to-date net loss (income) attributable to noncontrolling interest in Operating Partnership, which can result in a different amount.

(2)    During the three months ended March 31, 2025, the Company acquired an industrial property whereby the seller received 344,119 Class C OP Units.

(3)    During the three months ended September 2024, the Company purchased 656,191 Class C OP Units.

(4)    Class C OP Units are included in the weighted average shares and units outstanding to calculate diluted earnings (loss) per share as each Class C Common Share and Class C OP Unit have the same participation in earnings (loss). The weighted average dilutive effect of 895,043 Class X OP Units for each of the three months ended September 30, 2025 and June 30, 2025 and 524,660 Class X OP Units for the three months ended March 31, 2025 as the effect would have been antidilutive. During the three months ended March 31, 2025, a total of 895,043 Class X OP Units were awarded to the Company’s employees.

(dollars in thousands, except shares/units and per share/unit data)(unaudited)

						Three Months Ended
						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Net income (loss) (in accordance with GAAP)						$	1,077					$	(2,633)					$	829					$	1,642					$	(1,048)
Preferred stock dividends						(795)						(796)						(827)						(922)						(922)
Net income (loss) attributable to common stockholders and OP Unit holders						282						(3,429)						2						720						(1,970)
FFO adjustments:
Depreciation and amortization of real estate properties						3,746						3,828						3,818						4,163						4,167
Amortization of deferred lease incentives						—						—						—						—						2
Depreciation and amortization for unconsolidated investment in a real estate property						189						189						189						189						189
Impairment of real estate investment property						—						4,000						—						—						—
Gain on sale of real estate investments, net						—						—						(84)						—						(172)
FFO attributable to common stockholders and OP Unit holders						4,217						4,588						3,925						5,072						2,216
AFFO adjustments:
Stock compensation expense (1)						811						810						484						65						75
Amortization and write off of deferred financing costs						157						158						157						529						221
Abandoned pursuit costs						126						—						—						—						239
Amortization of deferred rents						(1,241)						(1,269)						(1,303)						(1,337)						(1,285)
Amortization of unrealized holding gain, net of unrealized loss on non-designated or ineffective interest rate derivative instruments						(256)						(253)						(250)						(205)						2,423
Amortization of off-market interest rate derivatives and reduction for accrued interest (2)						1,045						1,034						1,075						—						—
Amortization of (below) above market lease intangibles, net						(213)						(212)						(212)						(211)						(212)
Loss on equity investments						—						—						—						125						—
Other adjustments for unconsolidated investment in a real estate property						(135)						(78)						36						29						25
AFFO attributable to common stockholders and OP Unit holders						$	4,511					$	4,778					$	3,912					$	4,067					$	3,702
Weighted Average Shares/Units Outstanding:
Fully diluted (3)						12,686,313						12,612,092						11,842,425						11,021,876						10,959,030
FFO Per Share/Unit:
Fully diluted						$	0.33					$	0.36					$	0.33					$	0.46					$	0.20
AFFO Per Share/Unit:
Fully diluted						$	0.36					$	0.38					$	0.33					$	0.37					$	0.34

(1)    During the three months ended March 31, 2025, a total of 895,043 Class X OP Units were awarded to the Company’s employees. Stock compensation expense for each of the three months ended December 31, 2024 and September 30, 2024 reflects the portion of independent directors’ fees that were paid in common stock.

(2)    In January 2025, the Company, through its Operating Partnership, entered into two swap agreements, effective December 31, 2024, for $125.0 million each, for an aggregate of $250.0 million which fixes the secured overnight financing rate for the year ending December 31, 2025 at 2.45%, resulting in a fixed rate of 4.25% based on the Company’s current leverage ratio. The Company paid aggregate premiums of $4.2 million, including accrued interest receivable of $0.3 million, to buy down the fixed rate below the market rate, which is a derivative that is recorded as an asset on our balance sheet and amortized over the 12 months ending December 31, 2025, increasing interest expense.

(3)    The weighted average shares/units outstanding - diluted includes the weighted average dilutive effect of the Class C and Class X OP Units (which are excluded from the weighted average shares/units outstanding in calculating earnings (loss) per share in the unaudited condensed consolidated statement of operations since the Class X OP Units are antidilutive).

(1)    Includes our approximate 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash of our unconsolidated investment in real estate property.

We calculate our leverage ratio in conformance with the definition used in our KeyBank credit facility as set forth below.

(1)    In December 2024, we exercised our right to reduce our Revolver line of credit from $150.0 million to $30.0 million in order to save $0.3 million in annual unused fees.

(2)    In January 2025, we entered into two new swap agreements, effective December 31, 2024, for $125.0 million each, for an aggregate of $250.0 million, corresponding to the Term Loan, which fixed SOFR for the year ending December 31, 2025 to 2.45%, resulting in a fixed rate of 4.25% based on our leverage ratio of 47.6% as of December 31, 2024. We paid aggregate premiums of $4.2 million to buy down the fixed rate below the prevailing market rate. This fixed rate is 28 basis points lower than 2024 and will save approximately $0.7 million of cash interest expense during 2025.

(3)    The weighted average interest rate for the $280.5 million total debt outstanding was 4.27% as of September 30, 2025.

(dollars in thousands, except shares and per share data)(unaudited)

(1)    Our $280.0 million Credit Facility is comprised of a $30.0 million Revolver and a $250.0 million Term Loan. As of the filing date of this Supplemental Data, the $250.0 million Term Loan is fully drawn and the Revolver has zero outstanding balance.

(2)    Contractual fixed rate.

(3)    The interest rate on the Revolver is based on our leverage ratio at the end of the prior quarter. With our leverage ratio at 47.7% as of September 30, 2025, the spread over the SOFR, including a 10-basis point credit adjustment, is 185 basis points and the interest rate on the Revolver was 5.9750% as of September 30, 2025, although we had no outstanding borrowings under the Revolver. We also pay an annual unused fee of up to 25 basis points on the Revolver, based on the daily amount of the unused commitment.

(4)    In January 2025, the Company, through its Operating Partnership, entered into two swap agreements, effective December 31, 2024, for $125.0 million each, for an aggregate of $250.0 million which fixes the secured overnight financing rate for the year ending December 31, 2025 at 2.45%, resulting in a fixed rate of 4.25% based on the Company’s current leverage ratio. The Company paid aggregate premiums of $4.2 million, including accrued interest receivable of $0.3 million, to buy down the fixed rate below the market rate, which is a derivative that is recorded as an asset on our balance sheet and amortized over the 12 months ending December 31, 2025, increasing interest expense.

(5)    The weighted average interest rate for the $280.5 million total debt outstanding was 4.27% as of September 30, 2025.

The following is a summary of key financial covenants for our credit facility and mortgage notes, as defined and calculated per the terms of the facility's Credit Agreement and the mortgage notes' governing documents, respectively, which are included in our filings with the SEC. These calculations, which are not based on U.S. Generally Accepted Accounting Principles (“GAAP”) measurements are presented to demonstrate that as of September 30, 2025, we are in compliance with the covenants.

(1) The weighted average lease term above only reflects the 35 properties that are included in the Credit Facility borrowing base.

The following table summarizes our property acquisition activity from July 1, 2024 through September 30, 2025:

(1)    Annual increase is unadjusted annual percentage change in the Consumer Price Index as published by the U.S. Bureau of Labor Statistics Consumer Price Index as published by the U.S. Bureau of Labor Statistics. Weighted average cap rate assumes 3.0% annual increases.

The following table summarizes our property disposition activity from July 1, 2024 through September 30, 2025.

(1)    Represents sale of an unutilized land parcel of an operating property, which was sold to the City of Canal Fulton, Ohio as park space.

(2)    In connection with this sale, the lease for our property in Jamestown, New York with another Producto subsidiary was amended to increase the base rent by approximately $2,500 per month.

(1)    Reflects our approximate 72.71% tenant-in-common interest (“TIC Interest”).

(1)    Non-core properties include the following:

(a)    our non-core acquisition of a leading KIA retail property located in a prime location in Los Angeles County acquired in January 2022, which was structured as an OP Unit transaction resulting in a favorable equity issuance of $32.8 million represented by 1,312,382 Class C OP Units at a cost basis of $25 per share;

(b)    our 12-year lease with OES executed in January 2023 for one of our legacy assets located in Rancho Cordova, California that includes a purchase option which OES may exercise until December 31, 2026. (We define legacy assets as those that were acquired by different management teams utilizing different investment objectives and underwriting criteria);

(c)    our legacy property formerly leased to Costco in Issaquah, Washington which is subject to a purchase and sale agreement with KB Home, a national homebuilder. The buyer has made $1.8 million of non-refundable deposits as of September 30, 2025; and

(d)    our legacy property formerly leased to Solar Turbine in San Diego, California that we expect to sell after we complete a parcel split in order to maximize its value.