Modiv Crowdfunded REIT Declares Quarterly Net Asset Value Per Share
Modiv Inc., a publicly registered non-traded crowdfunded real estate investment trust formerly known as RW Holdings NNN REIT Inc. and Rich Uncles NNN REIT Inc., has declared a $26.05 per share net asset value of its common stock as of June 30, 2021.
Modiv Inc., a publicly registered non-traded crowdfunded real estate investment trust formerly known as RW Holdings NNN REIT Inc. and Rich Uncles NNN REIT Inc., has declared a $26.05 per share net asset value of its common stock as of June 30, 2021.
The latest valuation represents a 5.9 percent increase from the previous $24.61 NAV per share as of March 31, 2021.
The $26.05 NAV per share is based on the estimated market value of the company’s assets, less the estimated market value of its liabilities, divided by the number of fully-diluted Class C and Class S shares outstanding, as of June 30, 2021. Cushman & Wakefield assisted with the valuation process.
“Our experienced team’s ability to actively and efficiently manage our portfolio, along with the ongoing recovery in the broader real estate markets, has helped drive a third straight increase in our NAV per share,” said Aaron Halfacre, Modiv’s chief executive officer. “Recent real estate activity that contributed to the NAV increase included extending our lease with the San Antonio Early Childhood Education Municipal Development Corporation for eight years and selling an industrial property in Cedar Park, Texas.”
In addition, the company recently refinanced two properties for 10-year terms with fixed interest rates of 3.35 percent for the first five years, providing a total of $13.3 million of financings for a Northrop Grumman office in Florida and a L3Harris office in California. Modiv also purchased a 3,800-square-foot quick-service restaurant leased to Raising Cane’s in San Antonio, Texas.
In a letter to shareholders, Modiv said that given the NAV increase over the past three quarters, its board will consider a potential increase in the dividend when they meet later this month.
Earlier this year, the REIT effected a 1:3 reverse stock split with an annual dividend of $1.05 per share, reflecting three times the previous annual dividend of $0.35 per share.
Modiv, a REIT funded through a fintech crowdfunding platform, was founded in 2015 and has approximately $394 million in total assets under management. As of March 31, 2021, the REIT’s real estate investment portfolio consisted of 38 properties in 14 states, including 12 retail, 14 office, and 12 industrial properties, and a 72.7 percent tenant-in-common interest in an office property.
