Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Real estate investments:
Land	$ 98,738	$ 98,009
Buildings and improvements	388,564	386,102
Equipment	0	4,429
Tenant origination and absorption costs	13,638	13,194
Total investments in real estate property	500,940	501,734
Accumulated depreciation and amortization	(66,176)	(59,524)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net	434,764	442,210
Unconsolidated investment in a real estate property	9,262	9,324
Total real estate investments, net, excluding real estate investments held for sale, net	444,026	451,534
Real estate investments held for sale, net	22,372	22,372
Total real estate investments, net	466,398	473,906
Cash and cash equivalents	5,814	11,530
Tenant deferred rent and other receivables	20,820	18,460
Above-market lease intangibles, net	1,203	1,240
Prepaid expenses and other assets	2,514	2,693
Interest rate swap derivatives	2,103	0
Total assets	498,852	507,829
Liabilities and Equity
Mortgage notes payable, net	30,516	30,777
Credit facility term loan, net	249,231	248,999
Accounts payable, accrued and other liabilities	3,333	4,035
Distributions payable	2,027	1,994
Below-market lease intangibles, net	7,530	7,948
Other liabilities related to real estate investments held for sale		26
Total liabilities	292,637	293,779
Commitments and contingencies (Note 10)
Additional paid-in-capital	334,096	349,479
Treasury stock, at cost, 467,319 shares held as of each June 30, 2025 and December 31, 2024	(7,112)	(7,112)
Cumulative distributions and net losses	(162,761)	(154,074)
Accumulated other comprehensive income	1,367	1,841
Total Modiv Industrial, Inc. equity	165,603	190,146
Noncontrolling interests in the Operating Partnership	40,612	23,904
Total equity	206,215	214,050
Total liabilities and equity	498,852	507,829
Series A
Liabilities and Equity
7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value; $25.00 per share liquidation preference; 2,000,000 shares authorized; 1,725,000 outstanding as of June 30, 2025 and 2,000,000 outstanding as of December 31, 2024	$ 2	$ 2
Preferred stock, dividend rate, (in percent)	7.375%	7.375%
Common Class C
Liabilities and Equity
Common stock, value	$ 11	$ 10

MODIV INDUSTRIAL, INC. 10-Q