Modiv Industrial is an internally managed REIT that owns and leases single-tenant industrial manufacturing properties across the U.S. under long-term triple-net leases. Unlike most net lease REITs, Modiv focuses narrowly on "critical industrial manufacturing" — properties used as primary production facilities by tenants making specialized products, rather than generic warehouse or distribution space. The portfolio consists of 39 core industrial properties, with roughly 18% of ABR coming from legacy retail and office assets that Modiv is selling off to become a pure-play industrial manufacturing REIT. Key tenants include Lindsay (irrigation equipment, ~15% of rental income) and Northrop Grumman. Under triple-net leases, tenants pay property taxes, insurance, and maintenance, making Modiv's revenue highly predictable. The portfolio runs at 98% occupancy with a weighted average lease term of ~14 years and includes annual rent escalations averaging ~2.5%. Modiv's primary growth lever is asset recycling — selling legacy assets and redeploying proceeds into higher-yielding manufacturing properties. Modiv is internally managed with only nine full-time employees, keeping G&A lean. As a REIT, Modiv distributes most of its taxable income to shareholders, paying a monthly common dividend — its name is literally derived from "MOnthly DIVidends." Modiv trades on the NYSE under the ticker MDV.