sorendls/E+ via Getty ImagesIntroduction Modiv Industrial (NYSE:MDV) has outperformed the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, delivering an almost 12% total return against the ~4% gain in the benchmark ETF: MDV vs VNQ in 2024 (Seeking Alpha)I think that this outperformance is likely to continue as the company has locked in attractive cap rates and rent escalators which are not fully reflected in its cash flow multiples. However, the valuation is by no means distressed, and I see th ...