Modiv, a single-tenant net lease REIT with 38 retail, office, and industrial properties in the US, raised $1 million by offering 40k shares at $25, as expected. The IPO float represents just 0.5% of the basic shares outstanding. Modiv plans to make monthly distributions.
Because the company raised less than $5 million, Modiv 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 plans to list on the NYSE under the symbol MDV. B. Riley Securities acted as sole bookrunner on the deal.
