MDV — what changed in the latest 10-Q
A section-by-section comparison of MDV's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-08 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +53 | −59 | ~30 | 18 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Risk factors | Some risk factors updated | +20 | 0 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-08
requirements for qualification as a REIT for U.S. federal income tax purposes. Since December 31, 2019, we have been internally managed.
We primarily generate revenues by leasing properties to industrial manufacturing tenants pursuant to net leases. As of March 31, 2026, our real estate investment portfolio consisted of 41 properties as further described below. The net book value of our real estate investments as of March 31, 2026 wa…
Details of our diversified portfolio of 41 operating properties, including one property held for sale, as of March 31, 2026 are as follows:
• Annual base rent (“ABR”) aggregating $40.1 million, which is calculated based on the next 12 months of contractual monthly base rent as of March 31, 2026;
• 38 industrial properties, which represent approximately 82% of the portfolio (expressed as a percentage of ABR), including one property held for sale, and three non-core properties which represent approximately 18% of the portfolio by ABR;
Text removed vs the prior filing · source: 10-Q · 2025-11-14
We primarily generate revenues by leasing properties to industrial manufacturing tenants pursuant to net leases. As of September 30, 2025, our real estate investment portfolio consisted of 43 properties as further described below. The net book value of our real estate investments as of September 30,…
Details of our diversified portfolio of 43 operating properties, including two properties held for sale and an approximate 72.7% tenant-in-common interest in a Santa Clara, California industrial property (the “TIC Interest”), as of September 30, 2025 are as follows:
• Annual base rent (“ABR”) aggregating $38.9 million, which is calculated based on the next 12 months of contractual monthly base rent as of September 30, 2025;
• 39 industrial properties, which represent approximately 82% of the portfolio (expressed as a percentage of ABR), including the TIC Interest and one property held for sale, and four non-core properties which represent approximately 18% of the portfolio by ABR, including one property held for sale;
•28% of the portfolio by ABR is leased by investment grade tenants;
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-05-08
The consummation of the Merger is subject to a number of conditions which, if not satisfied or waived, would adversely impact our ability to complete the Merger.
The Merger is subject to certain closing conditions, including, among others: (1) the receipt by us of the affirmative vote of the holders of a majority of the outstanding shares of our Class C Common Stock approving the Merger, (2) the absence of any law, injunction, judgment, order or ruling makin…
There can be no assurance these conditions will be satisfied or waived, if permitted. Therefore, there can be no assurance with respect to the timing of the closing of the Merger, or that the Merger will be completed at all.
Failure to complete the Merger could adversely affect the market price of our Class C Common Stock and our future business and financial results.
There can be no assurance that the conditions to closing of the Merger will be satisfied or waived or that the Merger will be completed. If the Merger is not completed, our ongoing business could be adversely affected and we will be subject to a variety of risks associated with the failure to comple…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice