Modiv, a single-tenant net lease REIT with 38 retail, office, and industrial properties in the US, announced terms for its IPO on Wednesday.
The Newport Beach, CA-based company plans to raise $1 million by offering 40k shares at $25. At the proposed price, Modiv would command a market value of $189 million. The IPO float represents just 0.5% of the basic shares outstanding. Modiv plans to make monthly distributions.
Because its deal size is less than $5 million, Modiv is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
Modiv acquires, owns and actively manages single-tenant net-lease properties throughout the US, with a focus on strategically important and mission critical properties net leased primarily to investment grade tenants. Its portfolio consists of 13 retail properties, 14 office properties, and 11 industrial properties leased to 31 different commercial tenants in 14 separate industries across 14 states. Moving forward, Modiv intends to reduce its exposure to office properties and increase weighted average lease term.
Modiv was founded in 2015 and booked $38 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol MDV. The company's Series A Preferred Stock trades on the NYSE under the symbol "MDVA." B. Riley Securities is the sole bookrunner on the deal.
