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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Real estate investments:    
Land $ 106,211,873 $ 104,858,693
Buildings and improvements 405,065,910 399,666,781
Equipment 4,429,000 4,429,000
Tenant origination and absorption costs 15,833,293 15,707,458
Total investments in real estate property 531,540,076 524,661,932
Accumulated depreciation and amortization (63,338,634) (50,901,612)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net 468,201,442 473,760,320
Unconsolidated investment in a real estate property 9,490,189 10,053,931
Total real estate investments, net, excluding real estate investments held for sale, net 477,691,631 483,814,251
Real estate investments held for sale, net 0 11,557,689
Total real estate investments, net 477,691,631 495,371,940
Cash and cash equivalents 6,824,847 3,129,414
Tenant deferred rent and other receivables 17,388,119 12,794,568
Above-market lease intangibles, net 1,258,460 1,313,959
Prepaid expenses and other assets 3,402,025 4,173,221
Investment in preferred stock 0 11,038,658
Interest rate swap derivative 807,337 2,970,733
Other assets related to real estate investments held for sale 0 103,337
Total assets 507,372,419 530,895,830
Liabilities and Equity    
Mortgage notes payable, net 30,863,014 31,030,241
Credit facility term loan, net 248,876,279 248,508,515
Accounts payable, accrued and other liabilities 4,985,424 4,469,508
Distributions payable 1,962,762 12,174,979
Below-market lease intangibles, net 8,178,307 8,868,604
Interest rate swap derivative 755,490 473,348
Other liabilities related to real estate investments held for sale 0 248,727
Total liabilities 295,621,276 305,773,922
Commitments and contingencies
Additional paid-in-capital 343,216,935 292,617,486
Treasury stock, at cost, 467,319 and 343,510 shares held as of September 30, 2024 and December 31, 2023, respectively (7,111,921) (5,290,780)
Cumulative distributions and net losses (151,893,580) (145,551,586)
Accumulated other comprehensive income 2,047,473 2,658,170
Total Modiv Industrial, Inc. equity 186,270,929 144,443,338
Noncontrolling interests in the Operating Partnership 25,480,214 80,678,570
Total equity 211,751,143 225,121,908
Total liabilities and equity 507,372,419 530,895,830
Series A cumulative redeemable perpetual preferred stock    
Liabilities and Equity    
7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value, 2,000,000 shares authorized, issued and outstanding as of September 30, 2024 and December 31, 2023 with an aggregate liquidation value of $50,000,000 2,000 2,000
Class C Common Stock    
Liabilities and Equity    
Common stock 10,022 8,048
Class S common stock    
Liabilities and Equity    
Common stock $ 0 $ 0