Modiv Industrial, Inc. (MDV)

Modiv Industrial, Inc. was a Maryland corporation, formed in 2015, that invested in income-producing real estate. It started as a non-traded real estate investment trust under the name RW Holdings NNN REIT, a vehicle sponsored by the Rich Uncles group, and was later renamed Modiv Inc. In 2023 it became Modiv Industrial, Inc. to reflect a shift to industrial properties.

The company's strategy was to own single-tenant properties leased to creditworthy tenants under long-term net leases, in which tenants generally pay property-level operating costs. Its portfolio focused increasingly on industrial and manufacturing facilities, with some retail and office assets that it sold over time. It sought to produce steady current income along with long-term appreciation, and it maintained an asset management function and an investment process built on due diligence of the tenant and the property.

Modiv listed its common stock on the New York Stock Exchange under the symbol MDV in early 2022, moving from non-traded to public status. It also had a 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock listed on the NYSE as MDV-PA. Aaron Halfacre served as chief executive officer, and the company was based in California.

As a small-cap REIT, Modiv operated with a limited market capitalization relative to larger net lease peers. In 2022 the company had entered a credit agreement with KeyBank National Association and other lenders to fund its portfolio, and this facility was repaid in full at the merger closing. Consolidation among net lease REITs created an opportunity for scale and a larger public currency.

In 2026, Modiv agreed to merge with Global Net Lease, Inc., an NYSE-listed net lease REIT, in an all-stock transaction reported at about 535 million dollars. Modiv stockholders approved the transaction at a special meeting held in 2026. Under the terms, each outstanding share of Modiv common stock converted into 1.975 shares of GNL common stock.

Holders of Modiv's 7.375% Series A preferred stock were entitled to receive $25.00 in cash per share, plus accrued and unpaid dividends through the closing date. The merger closed on August 12, 2026. Modiv became part of a GNL subsidiary, its board members resigned, and several of its officers departed.

Because the merger ended Modiv's independent existence, its common stock and preferred stock were suspended from trading and removed from NYSE listing, and a Form 25 was filed on August 12, 2026. Former Modiv common holders became shareholders of Global Net Lease, which continues to trade under the symbol GNL.