Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Real estate investments:
Land	$ 98,738	$ 98,009
Buildings and improvements	388,884	386,102
Equipment	4,429	4,429
Tenant origination and absorption costs	13,638	13,194
Total investments in real estate property	505,689	501,734
Accumulated depreciation and amortization	(63,139)	(59,524)
Total real estate investments, net, excluding unconsolidated investment in real estate property and real estate investments held for sale, net	442,550	442,210
Unconsolidated investment in a real estate property	9,158	9,324
Total real estate investments, net, excluding real estate investments held for sale, net	451,708	451,534
Real estate investments held for sale, net	22,372	22,372
Total real estate investments, net	474,080	473,906
Cash and cash equivalents	6,165	11,530
Tenant deferred rent and other receivables	19,567	18,460
Above-market lease intangibles, net	1,221	1,240
Prepaid expenses and other assets	2,826	2,693
Interest rate swap derivatives	2,943	0
Total assets	506,802	507,829
Liabilities and Equity
Mortgage notes payable, net	30,647	30,777
Credit facility term loan, net	249,102	248,999
Accounts payable, accrued and other liabilities	3,803	4,035
Distributions payable	2,052	1,994
Below-market lease intangibles, net	7,761	7,948
Other liabilities related to real estate investments held for sale	61	26
Total liabilities	293,426	293,779
Commitments and contingencies (Note 10)
Additional paid-in-capital	333,721	349,479
Treasury stock, at cost, 467,319 shares held as of each March 31, 2025 and December 31, 2024	(7,112)	(7,112)
Cumulative distributions and net losses	(156,967)	(154,074)
Accumulated other comprehensive income	1,452	1,841
Total Modiv Industrial, Inc. equity	171,107	190,146
Noncontrolling interests in the Operating Partnership	42,269	23,904
Total equity	213,376	214,050
Total liabilities and equity	506,802	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; 1,795,000 outstanding as of March 31, 2025 and 2,000,000 outstanding as of December 31, 2024	2	2
Common Class C
Liabilities and Equity
Common stock, value	$ 11	$ 10