Comments on Manufacturing Super Cycle

Modiv Industrial, Inc. ("Modiv Industrial" or "Modiv") (NYSE:MDV), as the only public REIT exclusively focused on acquiring industrial manufacturing real estate, wishes to publicly celebrate National Manufacturing Day (www.mfgday.com) in recognition of the strength of the U.S. manufacturing industry and the thousands of hard working Americans that make products that are vital to all of us.

In a recent research report written by Joseph P. Quinlan, head of CIO Market Strategy at Merrill and Bank of America Private Bank, Mr. Quinlan noted that the U.S. is in the early stages of a manufacturing super cycle. Over the last decade the reshoring of critical manufacturing capabilities has accelerated dramatically, resulting in the creation of over 2 million jobs and $189 billion annual spending on the construction of manufacturing facilities in the U.S., a rate triple that from the 2010s. With the recent increase in both domestic infrastructure bills and foreign direct investment, the continued renewal of U.S. manufacturing is poised to extend throughout the next decade.

"Despite the current risk-off market environment, we see a meaningful longer-term economic J-curve surrounding and supporting the thesis for manufacturing. Given our focus on acquiring manufacturing facilities that make infrastructure-focused components critical to our nation rather than the whims of consumer discretionary demand, Modiv Industrial is uniquely positioned in terms of both growth and value to benefit from the continued resurgence of U.S. manufacturing," stated Aaron Halfacre, Modiv's CEO. "The economic reality already exists as it pertains to the demand for increased supply chain security, the trend of reshoring and the evidence of large aggregate spending; however, it is the awareness of this existing reality that has only really begun to enter the purview of the investor. I commend the efforts of Rosemary Coates, at the Reshoring Institute, and Harry Moser, at the Reshoring Initiative, for their tireless non-partisan work to champion for, and raise awareness of, the U.S. manufacturing industry."

"Setting aside these positive economic and financial trends, Modiv Industrial would still choose to invest in manufacturing because we sincerely believe that investing in hard working Americans is a no-lose proposition and any investment that strengthens our nation is a worthy endeavor," continued Halfacre. "My father spent his career as a maintenance supervisor for manufacturing facilities across our nation and it was that job that fed and housed our family. I wouldn't be here today, in part, if it weren't for his hard work. Too often we get caught up in the numbers and the money; in celebration of MFG Day, I choose to remember that each of us has benefited from honest hard work."

Modiv Industrial wishes to raise the awareness of the organizations that we support and who, in turn, support the manufacturing industry. To learn more about reshoring please visit www.reshoringinstitute.org and www.reshoringinitiative.org.

About Modiv Industrial

Modiv Industrial, Inc., is an internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. Driven by an investor-first focus, Modiv Industrial has over $600 million in real estate assets comprising more than 4.5 million square feet of aggregate leasable area. For more information, please visit: www.modiv.com.

Forward-looking Statements

Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to investment intentions, economic forecasts, business plans and future acquisitions. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (the "SEC") on March 13, 2023. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company's other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law.

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