<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit Financial
         Document created using Broadridge PROfile 25.1.1.5279
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: center; font-weight: bold;">As filed with the Securities and Exchange Commission on March 4, 2025</div>
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
  <div>&#160;</div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM S-8</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT UNDER THE</div>
  <div style="text-align: center; font-weight: bold;">SECURITIES ACT OF 1933</div>
  <div style="font-weight: bold;"> <br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  <div style="text-align: center; font-size: 24pt; font-weight: bold;">MODIV INDUSTRIAL, INC.</div>
  <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
  <div> <br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2352119ec5fe4956a54923656d73dda3">

      <tr>
        <td style="width: 49.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Maryland</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 49%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">47-4156046</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.01%; vertical-align: top;">
          <div style="text-align: center; color: #000000;">(State or other jurisdiction of</div>
          <div style="text-align: center; color: #000000;">incorporation or organization)</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 49%; vertical-align: top;">
          <div style="text-align: center; color: #000000;">(IRS Employer</div>
          <div style="text-align: center; color: #000000;">Identification Number)</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 49.01%; vertical-align: top;">
          <div style="text-align: center; color: #000000; font-weight: bold;">2195 South Downing Street</div>
          <div style="text-align: center; color: #000000; font-weight: bold;">Denver, Colorado</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 49%; vertical-align: bottom;">
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">80210</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">(Address of Principal Executive Offices)</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 49%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">(Zip Code)</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  <div style="text-align: center; font-weight: bold;">Modiv Industrial, Inc. 2024 Omnibus Incentive Plan</div>
  <div style="text-align: center;">(Full title of the plan)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">Aaron S. Halfacre</div>
  <div style="text-align: center; font-weight: bold;">President and Chief Executive Officer</div>
  <div style="text-align: center; font-weight: bold;">Modiv Industrial, Inc.</div>
  <div style="text-align: center; color: #000000; font-weight: bold;">2195 South Downing Street</div>
  <div style="text-align: center; color: #000000; font-weight: bold;">Denver, Colorado 80210</div>
  <div style="text-align: center;">(Name and address of agent for service)</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">(888) 686-6348</div>
  <div style="text-align: center;">(Telephone number, including area code, of agent for service)</div>
  <div> <br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; width: 20%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  <div style="text-align: center; font-weight: bold;">Copies to:</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">Andrew P. Campbell</div>
  <div style="text-align: center; font-weight: bold;">Ryan J. Adams</div>
  <div style="text-align: center; font-weight: bold;">Morrison &amp; Foerster LLP</div>
  <div style="text-align: center; font-weight: bold;">2100 L Street, NW, Suite 900</div>
  <div style="text-align: center; font-weight: bold;">Washington, D.C. 20037</div>
  <div style="text-align: center; font-weight: bold;">(202) 887-1500</div>
  <div>&#160;</div>
  <div style="text-indent: 17.6pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large
    accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9046a12f00e64f5aab3862e1762b59f6">

      <tr>
        <td style="width: 15%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Large accelerated filer</div>
        </td>
        <td style="width: 45%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">&#9744;</div>
        </td>
        <td style="width: 30%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Accelerated filer</div>
        </td>
        <td style="width: 10%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">&#9744;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 15%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Non-accelerated filer</div>
        </td>
        <td style="width: 45%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">&#9746;</div>
        </td>
        <td style="width: 30%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Smaller reporting company</div>
        </td>
        <td style="width: 10%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">&#9746;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
        <td style="width: 45%; vertical-align: top;">&#160;</td>
        <td style="width: 30%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Emerging growth company</div>
        </td>
        <td style="width: 10%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">&#9744;</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 18pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
    Section 7(a)(2)(B) of the Securities Act.<font style="color: rgb(0, 0, 0);"> &#9744;</font></div>
  <div><font style="color: rgb(0, 0, 0);"> <br>
    </font></div>
  <div>
    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><font style="color: rgb(0, 0, 0);"> </font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; font-weight: bold;">PART I</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">The documents containing the information specified in this Part I will be sent or given to the persons participating in the Modiv Industrial, Inc. 2024 Omnibus Incentive Plan, as specified by Rule 428(b)(1) under the
    Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). In accordance with the instructions to Part I of Form S-8, such documents need not be filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) either as part of this Registration
    Statement or as prospectuses or prospectus supplements pursuant to Rule 424 promulgated under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this
    Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">PART II</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30d2f9cee7914f4083eb525bf3a2a9d5">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 3.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Incorporation of Documents by Reference.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">The following documents, which Modiv Industrial, Inc. (the &#8220;Company&#8221;) has previously filed with the Commission, are hereby incorporated by reference into this Registration Statement:</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zccedb2c159404a9a985de8a08b11d1f2">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top;">(1)</td>
        <td style="width: auto; vertical-align: top;">
          <div>The Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1645873/000164587325000027/none-20241231.htm">March 4, 2025</a>;</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaccae34f61704ad3bea67ad2349d8a86">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top;">(2)</td>
        <td style="width: auto; vertical-align: top;">
          <div>The Company&#8217;s Current Report on Form 8-K, filed with the Commission on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1645873/000114036125003004/ef20042823_8k.htm">February 4, 2025</a>; and</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d113fae0ede465593f67a1452ba3e41">

      <tr>
        <td style="width: 36pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top;">(3)</td>
        <td style="width: auto; vertical-align: top;">
          <div>The description of Common Stock contained in <a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587322000045/modivreit-20211231xex42des.htm">Exhibit 4.2</a> to the Company&#8217;s Annual Report on Form 10-K referred to in (1) above.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">All reports and other documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment
    which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part hereof from the date of filing
    such documents, except as to any portion of any future annual or quarterly report or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K, and exhibits furnished on such form that relate to such items, that is not deemed
    filed under such provisions.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein (or in any
    other subsequently filed document which also is or is deemed to be incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a part hereof, except as so
    modified or superseded.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Under no circumstances shall any information furnished under Items 2.02 or 7.01 of Form 8-K, and exhibits furnished on such form that relate to such items, be deemed incorporated herein by reference unless such Form 8-K
    expressly provides to the contrary.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf39b6ccde7f746d9a1620038e5650c89">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 4.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Description of Securities.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Not applicable.</div>
  <br>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfd9101f949d945819baed18e1c9c1a2a">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 5.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Interests of Named Experts and Counsel.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Not applicable.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e7955da172d4655958d11b098cc0ed3">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 6.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Indemnification of Directors and Officers.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability
    resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action. The Company&#8217;s charter contains a
    provision which eliminates the Company&#8217;s directors&#8217; and officers&#8217; liability to the maximum extent permitted by Maryland law.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Maryland law requires a Maryland corporation (unless its charter provides otherwise, which the Company&#8217;s charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to
    which he or she is made or threatened to be made a party by reason of his or her service in that capacity. Maryland law permits a Maryland corporation to indemnify its present and former directors and officers, among others, against judgments,
    penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities unless it is
    established that: (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty; (b) the director or officer
    actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a
    Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit was improperly received, unless in either case a court orders
    indemnification and then only for expenses. In addition, Maryland law permits a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation&#8217;s receipt of (a) a written affirmation by the director or officer of his
    or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it
    is ultimately determined that the standard of conduct was not met.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt;">The Company&#8217;s charter obligates the Company, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who,
      while a director or officer of the Company and at the Company&#8217;s request, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership,
      joint venture, trust, employee benefit plan or other&#160;enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that individual may
      become subject or which that individual may incur by reason of his or her service in any of the foregoing capacities and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The Company&#8217;s charter also
      permits the Company to indemnify and advance expenses to any individual who served a predecessor of the Company in any of the capacities described above and any employees or agents of the Company or a predecessor of the Company.</font></div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">The Company has entered into indemnification agreements with certain of its executive officers and each of its directors whereby the Company has agreed to indemnify such executive officers and directors to the fullest
    extent permitted by Maryland law against all expenses and liabilities, subject to limited exceptions. These indemnification agreements also provide that upon an application for indemnity by an executive officer or director to a court of appropriate
    jurisdiction, such court may order the Company to indemnify such executive officer or director.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Insofar as the foregoing provisions permit indemnification of directors, officer or persons controlling the Company for liability arising under the Securities Act, the Company has been informed that in the opinion of the
    Commission this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44146efe200c424db08cb2b4f56d7914">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 7.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Exemption from Registration Claimed.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Not applicable.</div>
  <div>&#160;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zdb844294ae894c6a868bee0fc3eea4ee" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 36pt;">
            <div style="text-align: left; text-indent: -36pt; margin-left: 36pt;"><font style="font-weight: bold;">Item 8.</font> <br>
            </div>
          </td>
          <td style="text-align: left; vertical-align: top; width: auto;">
            <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-weight: bold;">Exhibits.</font></div>
          </td>
        </tr>

    </table>
  </div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfb7ffbd11e6748d8adfd7edcf48da07e">

      <tr>
        <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Exhibit No.</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Description</div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>4.1</div>
        </td>
        <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587321000149/modivreit-20210707xarticle.htm#i8fc1218534d44b89b8d13e53ddc29785_57">Articles of Amendment and Restatement of Modiv Inc. (incorporated by reference to Exhibit 3.1 to
              the Company&#8217;s Current Report on Form 8-K (File No. 000-55776) filed with the Securities and Exchange Commission on July 8, 2021)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top;">
          <div>4.2</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 88%; vertical-align: top;">
          <div><a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587323000168/modivreit-20230630xexh34xc.htm">Articles of Amendment to the Articles of Amendment and Restatement of Modiv Inc. changing its name to Modiv Industrial, Inc.
              (incorporated by reference to Exhibit 3.4 to the Company&#8217;s Quarterly Report on Form 10-Q (File No. 001-40814) filed with the Securities and Exchange Commission on August 14, 2023)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>4.3</div>
        </td>
        <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587323000046/modivreit-2022x1231xex32se.htm">Second Amended and Restated Bylaws of Modiv Inc., adopted on March 9, 2023 (incorporated by reference to Exhibit 3.2 to the Company&#8217;s
              Annual Report on Form 10-K (File No. 001-40814) filed with the Securities and Exchange Commission on March 13, 2023)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top;">
          <div>4.4</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 88%; vertical-align: top;">
          <div><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036121031582/brhc10029036_ex3-1.htm">Articles Supplementary designating 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (incorporated
              by reference to Exhibit 3.1 to the Company&#8217;s Current Report on Form 8-K (File No. 001-40814) filed with the Securities and Exchange Commission on September 17, 2021)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>4.5</div>
        </td>
        <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="https://www.sec.gov/Archives/edgar/data/1645873/000114036122005603/ny20001399x11_ex4-1.htm">Second Amended and Restated Distribution Reinvestment Plan (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Current Report on Form
              8-K (File No. 001-40814) filed with the Securities and Exchange Commission on February 15, 2022)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top;">
          <div>5.1*</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 88%; vertical-align: top;">
          <div><a href="ef20044377_ex5-1.htm">Opinion of Morrison &amp; Foerster LLP</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>10.1</div>
        </td>
        <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="https://www.sec.gov/Archives/edgar/data/1645873/000164587325000027/modivreit-20241231xexh_202.htm">Modiv Industrial, Inc. 2024 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.12 to the Company&#8217;s Annual Report on Form
              10-K (File No. 001-40814) filed with the Securities and Exchange Commission on March 4, 2025)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top;">
          <div>23.1*</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 88%; vertical-align: top;">
          <div><a href="ef20044377_ex23-1.htm">Consent of Grant Thornton LLP</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>23.2*</div>
        </td>
        <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="ef20044377_ex5-1.htm">Consent of Morrison &amp; Foerster LLP (included in Exhibit 5.1)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top;">
          <div>24.1*</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 88%; vertical-align: top;">
          <div><a href="#POWEROFATTORNEY">Power of Attorney (included on the signature page of this Registration Statement)</a></div>
        </td>
      </tr>
      <tr>
        <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>107*</div>
        </td>
        <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="ef20044377_ex107.htm">Filing Fee Table</a></div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>
    <hr noshade="noshade" align="left" style="height: 2px; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></div>
  <div>*Filed herewith</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z808781cfd4594545bdba71772f618b81">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 9.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Undertakings.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div>(a) The undersigned registrant hereby undertakes:</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt; margin-left: 12.95pt;">(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;);</div>
  <div>&#160;</div>
  <div style="margin-left: 48.95pt;">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
    represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that
    which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
    represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</div>
  <div>&#160;</div>
  <div style="margin-left: 48.95pt;">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</div>
  <br>
  <div> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><font style="font-style: italic;">provided, however</font>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed
    with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), that are incorporated by reference in this registration statement.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
    offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona fide </font>offering thereof.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
  <div>&#160;</div>
  <div>(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
    applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <font style="font-style: italic;">bona fide</font> offering thereof.</div>
  <div>&#160;</div>
  <div>(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised
    that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
    payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
    with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
  <div>&#160;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
    <div style="page-break-after: always;" class="BRPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused
    this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, on March 4, 2025.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc3641d82a8c6401caf270a454ca96731">

      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">MODIV INDUSTRIAL, INC.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">By:</div>
        </td>
        <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Aaron S. Halfacre</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Aaron S. Halfacre</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic;">Chief Executive Officer, President and Director</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a>POWER OF ATTORNEY</div>
  <div style="font-weight: bold;"> <br>
  </div>
  <div style="text-indent: 37.5pt;">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Aaron S. Halfacre or Raymond J. Pacini or John Raney and each of them, his true and lawful attorney-in-fact
    and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments to the Registration
    Statement), and to file the same, with all exhibits thereto, and any other documents in connection therewith, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or
    cause to be done by virtue hereof.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zae768fafad554bd1b539c8fa2d253f0a">

      <tr>
        <td style="width: 32.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Name</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Capacity</div>
        </td>
        <td style="width: 2%; vertical-align: bottom;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Date</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Aaron S. Halfacre</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="2" style="width: 32%; vertical-align: middle;">
          <div style="color: #000000;">Chief Executive Officer, President and Director (principle executive officer)</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">March 4, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Aaron S. Halfacre</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 32.01%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Raymond J. Pacini</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="2" style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">Executive Vice President, Chief Financial Officer, Secretary and Treasurer (principal financial officer)</div>
        </td>
        <td rowspan="2" style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">March 4, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Raymond J. Pacini</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 32.01%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Sandra G. Sciutto</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="2" style="width: 32%; vertical-align: bottom;">
          <div style="color: rgb(0, 0, 0);">Senior Vice President and Chief Accounting Officer (principal accounting officer)</div>
        </td>
        <td rowspan="2" style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">March 4, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Sandra G. Sciutto</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 32.01%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Thomas H. Nolan, Jr.</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom;">
          <div style="color: rgb(0, 0, 0);">Chairman of the Board and Director</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">March 4, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Thomas H. Nolan, Jr.</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 32.01%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Christopher R. Gingras</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom;">
          <div style="color: rgb(0, 0, 0);">Director</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">March 4, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Christopher R. Gingras</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 32.01%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Kimberly Smith</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom;">
          <div style="color: rgb(0, 0, 0);">Director</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">March 4, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Kimberly Smith</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 32.01%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; color: rgb(0, 0, 0);">/s/ Connie Tirondola</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom;">
          <div style="color: rgb(0, 0, 0);">Director</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0);">March 4, 2025</div>
        </td>
      </tr>
      <tr>
        <td style="width: 32.01%; vertical-align: top;">
          <div style="text-align: center; color: rgb(0, 0, 0);">Connie Tirondola</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: bottom;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 32%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
</body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "ef20044377_s8.htm", "description": "S-8", "secsgml_size_bytes": 52980}]
{"company-data": {"conformed-name": "MODIV INDUSTRIAL, INC.", "cik": "0001645873", "assigned-sic": "6798", "organization-name": "05 Real Estate & Construction", "irs-number": "474156046", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-285540", "film-number": "25705239"}, "business-address": {"street1": "2195 SOUTH DOWNING STREET", "city": "DENVER", "state": "CO", "zip": "80210", "phone": "888-686-6348"}, "mail-address": {"street1": "2195 SOUTH DOWNING STREET", "city": "DENVER", "state": "CO", "zip": "80210"}, "former-company": [{"former-conformed-name": "Modiv Industrial, Inc.", "date-changed": "20230811"}, {"former-conformed-name": "MODIV INC.", "date-changed": "20210120"}, {"former-conformed-name": "RW HOLDINGS NNN REIT, INC.", "date-changed": "20170814"}]}
As filed with the Securities and Exchange Commission on March 4, 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
MODIV INDUSTRIAL, INC.
(Exact name of registrant as specified in its charter)
Maryland
47-4156046
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
2195 South Downing Street
Denver, Colorado
80210
(Address of Principal Executive Offices)
(Zip Code)
Modiv Industrial, Inc. 2024 Omnibus Incentive Plan
(Full title of the plan)
Aaron S. Halfacre
President and Chief Executive Officer
Modiv Industrial, Inc.
2195 South Downing Street
Denver, Colorado 80210
(Name and address of agent for service)
(888) 686-6348
(Telephone number, including area code, of agent for service)
Copies to:
Andrew P. Campbell
Ryan J. Adams
Morrison & Foerster LLP
2100 L Street, NW, Suite 900
Washington, D.C. 20037
(202) 887-1500
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large
    accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
    Section 7(a)(2)(B) of the Securities Act.
☐
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in this Part I will be sent or given to the persons participating in the Modiv Industrial, Inc. 2024 Omnibus Incentive Plan, as specified by Rule 428(b)(1) under the
    Securities Act of 1933, as amended (the "Securities Act"). In accordance with the instructions to Part I of Form S-8, such documents need not be filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration
    Statement or as prospectuses or prospectus supplements pursuant to Rule 424 promulgated under the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this
    Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents, which Modiv Industrial, Inc. (the "Company") has previously filed with the Commission, are hereby incorporated by reference into this Registration Statement:
(1)
The Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on
March 4, 2025
;
(2)
The Company's Current Report on Form 8-K, filed with the Commission on
February 4, 2025
; and
(3)
The description of Common Stock contained in
Exhibit 4.2
to the Company's Annual Report on Form 10-K referred to in (1) above.
All reports and other documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment
    which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be part hereof from the date of filing
    such documents, except as to any portion of any future annual or quarterly report or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K, and exhibits furnished on such form that relate to such items, that is not deemed
    filed under such provisions.
Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein (or in any
    other subsequently filed document which also is or is deemed to be incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed to constitute a part hereof, except as so
    modified or superseded.
Under no circumstances shall any information furnished under Items 2.02 or 7.01 of Form 8-K, and exhibits furnished on such form that relate to such items, be deemed incorporated herein by reference unless such Form 8-K
    expressly provides to the contrary.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6.
Indemnification of Directors and Officers.
Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability
    resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty that is established by a final judgment and is material to the cause of action. The Company's charter contains a
    provision which eliminates the Company's directors' and officers' liability to the maximum extent permitted by Maryland law.
Maryland law requires a Maryland corporation (unless its charter provides otherwise, which the Company's charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to
    which he or she is made or threatened to be made a party by reason of his or her service in that capacity. Maryland law permits a Maryland corporation to indemnify its present and former directors and officers, among others, against judgments,
    penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities unless it is
    established that: (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty; (b) the director or officer
    actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a
    Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that personal benefit was improperly received, unless in either case a court orders
    indemnification and then only for expenses. In addition, Maryland law permits a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a) a written affirmation by the director or officer of his
    or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it
    is ultimately determined that the standard of conduct was not met.
The Company's charter obligates the Company, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who,
      while a director or officer of the Company and at the Company's request, serves or has served as a director, officer, partner, trustee, member or manager of another corporation, real estate investment trust, limited liability company, partnership,
      joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that individual may
      become subject or which that individual may incur by reason of his or her service in any of the foregoing capacities and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The Company's charter also
      permits the Company to indemnify and advance expenses to any individual who served a predecessor of the Company in any of the capacities described above and any employees or agents of the Company or a predecessor of the Company.
The Company has entered into indemnification agreements with certain of its executive officers and each of its directors whereby the Company has agreed to indemnify such executive officers and directors to the fullest
    extent permitted by Maryland law against all expenses and liabilities, subject to limited exceptions. These indemnification agreements also provide that upon an application for indemnity by an executive officer or director to a court of appropriate
    jurisdiction, such court may order the Company to indemnify such executive officer or director.
Insofar as the foregoing provisions permit indemnification of directors, officer or persons controlling the Company for liability arising under the Securities Act, the Company has been informed that in the opinion of the
    Commission this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits.
Exhibit No.
Description
4.1
Articles of Amendment and Restatement of Modiv Inc. (incorporated by reference to Exhibit 3.1 to
              the Company's Current Report on Form 8-K (File No. 000-55776) filed with the Securities and Exchange Commission on July 8, 2021)
4.2
Articles of Amendment to the Articles of Amendment and Restatement of Modiv Inc. changing its name to Modiv Industrial, Inc.
              (incorporated by reference to Exhibit 3.4 to the Company's Quarterly Report on Form 10-Q (File No. 001-40814) filed with the Securities and Exchange Commission on August 14, 2023)
4.3
Second Amended and Restated Bylaws of Modiv Inc., adopted on March 9, 2023 (incorporated by reference to Exhibit 3.2 to the Company's
              Annual Report on Form 10-K (File No. 001-40814) filed with the Securities and Exchange Commission on March 13, 2023)
4.4
Articles Supplementary designating 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (incorporated
              by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-40814) filed with the Securities and Exchange Commission on September 17, 2021)
4.5
Second Amended and Restated Distribution Reinvestment Plan (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form
              8-K (File No. 001-40814) filed with the Securities and Exchange Commission on February 15, 2022)
5.1*
Opinion of Morrison & Foerster LLP
10.1
Modiv Industrial, Inc. 2024 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.12 to the Company's Annual Report on Form
              10-K (File No. 001-40814) filed with the Securities and Exchange Commission on March 4, 2025)
23.1*
Consent of Grant Thornton LLP
23.2*
Consent of Morrison & Foerster LLP (included in Exhibit 5.1)
24.1*
Power of Attorney (included on the signature page of this Registration Statement)
107*
Filing Fee Table
*Filed herewith
Item 9.
Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act");
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
    represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that
    which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
    represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed
    with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are incorporated by reference in this registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
    offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where
    applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised
    that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the
    payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
    with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused
    this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, on March 4, 2025.
MODIV INDUSTRIAL, INC.
By:
/s/ Aaron S. Halfacre
Aaron S. Halfacre
Chief Executive Officer, President and Director
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Aaron S. Halfacre or Raymond J. Pacini or John Raney and each of them, his true and lawful attorney-in-fact
    and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments to the Registration
    Statement), and to file the same, with all exhibits thereto, and any other documents in connection therewith, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or
    cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Name
Capacity
Date
/s/ Aaron S. Halfacre
Chief Executive Officer, President and Director (principle executive officer)
March 4, 2025
Aaron S. Halfacre
/s/ Raymond J. Pacini
Executive Vice President, Chief Financial Officer, Secretary and Treasurer (principal financial officer)
March 4, 2025
Raymond J. Pacini
/s/ Sandra G. Sciutto
Senior Vice President and Chief Accounting Officer (principal accounting officer)
March 4, 2025
Sandra G. Sciutto
/s/ Thomas H. Nolan, Jr.
Chairman of the Board and Director
March 4, 2025
Thomas H. Nolan, Jr.
/s/ Christopher R. Gingras
Director
March 4, 2025
Christopher R. Gingras
/s/ Kimberly Smith
Director
March 4, 2025
Kimberly Smith
/s/ Connie Tirondola
Director
March 4, 2025
Connie Tirondola