Modiv Industrial raises dividend to $1.20 annually, extends debt maturity

Modiv Industrial Inc. (NYSE: MDV) announced a dividend increase and provided updates on its portfolio transformation strategy, according to a company statement.

The real estate investment trust's board approved raising the annual dividend to $1.20 per share from the previous rate, representing monthly payments of $0.10 per share. This marks the second consecutive year of dividend increases for the company, which focuses exclusively on industrial manufacturing properties.

The company completed the sale of its Issaquah, Washington office property formerly leased to Costco, with KB Homes as the buyer closing in mid-December. Modiv also has a contract to sell its vacant St. Paul, Minnesota asset for $4.1 million, with the buyer providing a $1.5 million non-refundable deposit and closing expected before quarter end.

Modiv acquired the remaining 27.2% tenant-in-common interest in its Santa Clara, California property, giving the company full ownership of the asset currently leased to FujiFilm.

The company extended its term loan maturity from January 2027 to July 2028, providing additional time for its portfolio transformation plans. Modiv intends to sell approximately 12-15 assets over the next 24 months, including its two remaining office properties and several legacy industrial assets with shorter lease terms.

Chief Financial Officer Ray Pacini will resign following the filing of the 2025 10-K in March, transitioning to an executive vice president role for one year. General Counsel John Raney will assume the CFO position while retaining his current duties.

The company discontinued its dividend reinvestment program, expecting to add approximately $0.01 per share to adjusted funds from operations this year. Modiv reported having nine employees and generating over $2 million in additional adjusted funds from operations in the past year through rent increases, expense reductions, and asset recycling.

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