Modiv Inc., a publicly registered non-traded crowdfunded real estate investment trust, has registered a proposed underwritten public offering of 1.4 million shares of Series A cumulative redeemable perpetual preferred stock.
The underwriters are expected to be granted a 30-day option to purchase up to an additional 210,000 shares of the preferred stock.
The company has applied to list the shares on the New York Stock Exchange under the ticker symbol “MDVA.” Shares have a $25.00 stated liquidation preference, while the dividend rate was not disclosed in the preliminary prospectus.
The net proceeds will be used for general corporate purposes, which may include purchasing additional properties and other real estate and real estate-related assets.
The joint bookrunning managers for the offering are B. Riley Securities Inc., Ladenburg Thalmann & Co. Inc., and William Blair & Company LLC. The lead manager is Colliers Securities LLC, and the co-managers are Aegis Capital Corporation, Boenning & Scattergood Inc., Huntington Capital Markets, InspereX LLC, Maxim Group LLC, and Wedbush Securities Inc.
Modiv recently converted to a Regulation A REIT after being qualified by the Securities and Exchange Commission, as reported by The DI Wire last month.
Modiv, a REIT funded through a fintech crowdfunding platform, was founded in 2015 and had approximately $430 million in total assets under management, as of the second quarter of 2021. The company’s portfolio includes 38 commercial properties (12 retail, 14 office, and 12 industrial) totaling 2.3 million square feet. The company was formerly known as RW Holdings NNN REIT Inc. and Rich Uncles NNN REIT Inc.