Modiv Extends Credit Facility and Announces CFO Transition

Modiv ( (MDV) ) has issued an update.

On January 16, 2026, Modiv Industrial amended its existing credit agreement, extending the maturity of its credit facility by 18 months to July 18, 2028, eliminating a 10-basis-point SOFR adjustment and loosening distribution covenants to permit repurchases of its 7.375% Series A preferred stock when funded by recent equity issuance or asset sale proceeds. That same day, longtime finance executive Raymond J. Pacini notified the board he would step down as chief financial officer, secretary and treasurer following the filing of the company’s 2025 annual report, remaining as executive vice president, while general counsel and chief operating officer John C. Raney was appointed to succeed him as CFO and secretary without changes to his compensation. The board also declared monthly cash dividends of $0.10 per share on Class C common stock for record dates at the end of January, February and March 2026, representing an annualized distribution of $1.20 per share and the second dividend increase in two years, supported by more than $2 million in additional AFFO generated through rent escalations, cost reductions, preferred share repurchases and selective asset recycling. In parallel, Modiv advanced its ongoing portfolio transformation by selling an office asset in Issaquah, Washington, securing a no-contingency contract to sell a vacant property in St. Paul, Minnesota for $4.1 million, and acquiring the remaining 27.2% tenant-in-common interest in its Santa Clara, California property, steps that further reduce office exposure, simplify ownership structures and set up a more intensive recycling of 12 to 15 non-core or shorter-lease assets over the next 24 months via tax-efficient 1031 exchanges. The board expanded and extended the preferred stock repurchase program to December 31, 2027 with total capacity of $49.6 million, leaving about $42.0 million available, and voted to terminate the company’s distribution reinvestment plan effective February 15, 2026, meaning that, after the January dividend, all common shareholders will receive cash distributions rather than share reinvestments, a move that, together with the dividend increase and liability management, underscores Modiv’s emphasis on cash returns and balance sheet optimization as it seeks to bolster AFFO per share and improve its positioning for future institutional capital while avoiding dilutive equity issuance at what management views as an undervalued share price.

The most recent analyst rating on (MDV) stock is a Hold with a $15.00 price target. To see the full list of analyst forecasts on Modiv stock, see the MDV Stock Forecast page.

Spark’s Take on MDV Stock

According to Spark, TipRanks’ AI Analyst, MDV is a Neutral.

The score is driven mainly by mixed but improving fundamentals (stronger leverage position and solid operating profitability, but volatile net results and weaker recent free-cash-flow growth). Technicals are neutral with slightly soft momentum, while valuation is supported by a high dividend yield but constrained by a negative P/E. Earnings-call commentary adds modest support via disciplined strategy and improving opportunity set, offset by revenue and cost headwinds.

To see Spark’s full report on MDV stock, click here.

More about Modiv

Modiv Industrial, Inc. is a publicly traded real estate investment trust (REIT) listed on the NYSE under the ticker MDV and is the only public REIT exclusively focused on acquiring industrial manufacturing real estate properties. The company targets industrial assets with long-term leases and has been actively transforming its portfolio away from office and other non-industrial properties to concentrate on industrial manufacturing real estate, with a focus on enhancing adjusted funds from operations (AFFO) and shareholder value through disciplined capital allocation and asset recycling.

Average Trading Volume: 32,412

Technical Sentiment Signal: Strong Buy

Current Market Cap: $151.2M

For a thorough assessment of MDV stock, go to TipRanks’ Stock Analysis page.