Modiv Industrial, Inc.

NYSE:MDV Stock Report

Market Cap: US$214.5m

Modiv Industrial Management

Management criteria checks 2/4

Modiv Industrial's CEO is Aaron Halfacre, appointed in Jan 2019, has a tenure of 7.42 years. total yearly compensation is $8.25M, comprised of 1% salary and 99% bonuses, including company stock and options. directly owns 1.24% of the company’s shares, worth $2.67M. The average tenure of the management team and the board of directors is 5.8 years and 4.5 years respectively.

Key information

Aaron Halfacre

Chief executive officer

US$8.2m

Total compensation

CEO salary percentage1.03%
CEO tenure7.4yrs
CEO ownership1.2%
Management average tenure5.8yrs
Board average tenure4.5yrs

Recent management updates

Recent updates

Seeking Alpha • Jan 27

Modiv Industrial: Throwing In The Towel

Summary MDV is an internally managed REIT focused on single-tenant net-lease industrial manufacturing properties, recently increasing its dividend by 2.6%. MDV faces challenges due to specialized assets, high capital costs, and sector-trailing AFFO multiples, limiting its ability to reinvest or grow efficiently. The CEO acknowledges MDV's persistent undervaluation—estimated at 20%-40% below intrinsic value—and is open to strategic alternatives, including a potential sale. I assign MDV a Hold rating as management explores creative options to unlock shareholder value amid ongoing market skepticism. Read the full article on Seeking Alpha
Analysis Article • May 10

Analysts Have Been Trimming Their Modiv Industrial, Inc. (NYSE:MDV) Price Target After Its Latest Report

It's been a mediocre week for Modiv Industrial, Inc. ( NYSE:MDV ) shareholders, with the stock dropping 11% to US$14.62...
Seeking Alpha • Apr 14

Modiv Industrial Sits In The Crosshairs Of Tariffs

Summary Modiv Industrial faces significant risks due to its sale leaseback business model and exposure to economic changes, earning it a Hold rating. The potential end of the CHIPS Act and introduction of tariffs by President Trump could severely impact MDV's tenants and overall business model. MDV's portfolio consists of 43 properties, primarily industrial, with significant exposure to California and the infrastructure sector. Despite recent share price declines making MDV more attractive, macroeconomic disruptions and uncertain US manufacturing outlook increase investment risks. Read the full article on Seeking Alpha
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New Narrative • Apr 04

Patient Acquisitions And Cost Cuts Will Yield Mixed REIT Prospects

Modiv Industrial's strategic acquisitions and property expansion plans signal potential growth in revenue and earnings once market conditions improve.
Seeking Alpha • Jan 23

Modiv Industrial: Too Risky Despite The Potential

Summary Modiv Industrial is transitioning from a diversified REIT to a pure-play industrial REIT, focusing on U.S. manufacturing properties. The company faces high risk due to its small portfolio, geographic concentration, and elevated leverage. Despite a forward dividend yield of 7.85%, Modiv's high payout ratio and volatile AFFO make the dividend less secure. Valuation models suggest Modiv trades at a discount, but inconsistent AFFO growth and high leverage warrant a "hold" rating. Read the full article on Seeking Alpha
Seeking Alpha • Nov 08

Modiv Industrial: Solid Q3 Earnings And Dividend Bumped, But Still Not Buying

Summary REITs vary in strategies; for instance, Realty Income Corporation is globally diversified, while Rexford Industrial Realty, Inc. focuses on Southern California industrial assets. Modiv Industrial specializes in single-tenant manufacturing properties, emphasizing “Made in America” and onshoring, but faces concentration and business risks. Modiv's sale leaseback strategy involves high-risk bets on tenants' creditworthiness and may overpay for low-quality assets, raising concerns about sustainability. Despite MDV's efforts to diversify and increase dividends, its portfolio's long-term risks and assets justify a Sell rating. Read the full article on Seeking Alpha
Seeking Alpha • May 30

Modiv Industrial: Unclear Growth But No Red Flags

Summary Modiv Industrial is a REIT that has recently shifted its focus to industrial properties. The company has a limited history but has shown improvements in cash flow and a relatively healthy balance sheet. Modiv's future outlook depends on its ability to convert non-core assets into industrial properties and navigate potential risks to its major tenants. The pipeline of new deals is also slow for the time being, so only rent increases in the current leases will be the main source of dividend growth. Read the full article on Seeking Alpha
Seeking Alpha • Mar 17

Modiv Industrial: A 7.2% Dividend Yield From Made In The USA

Summary Modiv Industrial is paying out a 7.2% dividend yield that's 140% covered by fourth-quarter AFFO. The REIT is solely focused on owning single-tenant net-lease industrial manufacturing properties in the US. No debt maturities until 2027 and pending Fed rate cuts will set MDV up for 2024 outperformance. Read the full article on Seeking Alpha

CEO Compensation Analysis

How has Aaron Halfacre's remuneration changed compared to Modiv Industrial's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

-US$4m

Dec 31 2025US$8mUS$85k

-US$3m

Sep 30 2025n/an/a

-US$3m

Jun 30 2025n/an/a

-US$4m

Mar 31 2025n/an/a

-US$604k

Dec 31 2024US$387kUS$250k

US$2m

Sep 30 2024n/an/a

-US$585k

Jun 30 2024n/an/a

-US$5m

Mar 31 2024n/an/a

-US$3m

Dec 31 2023US$371kUS$250k

-US$10m

Sep 30 2023n/an/a

-US$8m

Jun 30 2023n/an/a

US$1m

Mar 31 2023n/an/a

-US$594k

Dec 31 2022US$266kUS$250k

-US$7m

Sep 30 2022n/an/a

-US$10m

Jun 30 2022n/an/a

-US$9m

Mar 31 2022n/an/a

-US$12m

Dec 31 2021US$3mUS$250k

-US$2m

Sep 30 2021n/an/a

US$5m

Jun 30 2021n/an/a

-US$14k

Mar 31 2021n/an/a

-US$1m

Dec 31 2020US$1mUS$112k

-US$49m

Compensation vs Market: Aaron's total compensation ($USD8.25M) is above average for companies of similar size in the US market ($USD1.63M).

Compensation vs Earnings: Aaron's compensation has increased whilst the company is unprofitable.

CEO

Aaron Halfacre (53 yo)

7.4yrs
Tenure
US$8,245,521
Compensation

Mr. Aaron Scott Halfacre, CFA(R), has been the Chief Executive Officer and Director at Modiv Acquisition Corp. since January 15, 2021. Mr. Halfacre has been President, Chief Executive Officer and Director...

Leadership Team

NamePositionTenureCompensationOwnership
Aaron Halfacre
President7.4yrsUS$8.25m1.24%
$ 2.7m
John Raney
General Counsel5.8yrsUS$2.84m0.021%
$ 45.4k
Raymond Pacini
Executive Vice Presidentno dataUS$1.39m1.12%
$ 2.4m
William Broms
Chief Investment Officer5.8yrsno datano data
Sara Grisham
Chief Accounting Officer1.3yrsno datano data
David Collins
Head of Asset Managementno datano datano data
5.8yrs
Average Tenure
50yo
Average Age

Experienced Management: MDV's management team is seasoned and experienced (5.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Aaron Halfacre
President7.4yrsUS$8.25m1.24%
$ 2.7m
Thomas Nolan
Independent Chairman of the Board7.4yrsUS$160.00k0.29%
$ 625.8k
Kimberly Smith
Independent Director4.5yrsUS$140.00k0.18%
$ 381.6k
Connie Tirondola
Independent Director4.5yrsUS$120.00k0.15%
$ 315.3k
Christopher Gingras
Independent Director1.8yrsUS$120.00k0.13%
$ 268.8k
4.5yrs
Average Tenure
63yo
Average Age

Experienced Board: MDV's board of directors are considered experienced (4.5 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/24 01:49
End of Day Share Price 2026/06/24 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Modiv Industrial, Inc. is covered by 8 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gaurav MehtaAlliance Global Partners
John MassoccaB. Riley Securities, Inc.
Jay KornreichCantor Fitzgerald & Co.