RW Holdings NNN REIT Inc., a publicly registered non-traded crowdfunded equity real estate investment trust formerly known as Rich Uncles NNN REIT Inc., has changed its name to Modiv Inc., effective February 1, 2021.
The company said that the new name “reflects its evolution following a series of acquisitions, its investor-first mission, past and future product innovation, and long-term growth potential as it continues to make strategic investments in the non-listed real estate industry.”
In the past two years, the company hired Aaron Halfacre as chief executive officer, acquired affiliated non-traded REIT Rich Uncles Real Estate Investment Trust I, internalized management and the fintech platform from its former sponsor, and purchased REITless and BuildingBITs crowdfunding platforms.
The company said that it plans to introduce additional real estate investment products and make strategic investments in fintech- and proptech-related ventures.
“We see tremendous change coming for the industry and we believe the events of the past year have accelerated a new phase where we could see further scale achieved…,” said Halfacre.”
Rich Uncles, the public-facing brand acquired by the company alongside its merger with Rich Uncles REIT I in 2019, will no longer be used after February 1, 2021.
Earlier this month, The DI Wire detailed a number of changes at the company, including its creation of a “13th dividend.” The dividend will begin at the end of 2021, and each year thereafter, and will be based on the success of the company’s business activities for the year.
The company also plans to declare a 1:3 reverse stock split effective February 1, 2021, immediately following the announcement of its new NAV (i.e., 300 shares held at $7.00/share would then be 100 shares at $21.00/share).
In May 2020, the REIT revised its distribution rate to $0.35 per share per year, paid monthly. The company noted that it will only pay a dividend that is fully supported by funds from operations going forward.
As of December 31, 2020, the REIT’s real estate investment portfolio consisted of 40 properties in 14 states, including 15 retail, 14 office, and 11 industrial properties, and a 72.7 percent tenant-in-common interest in an office property. The company raised $197.8 million in investor equity as of September 30, 2020.