Modiv, a single-tenant net lease REIT with 38 retail, office, and industrial properties in the US, filed on Wednesday with the SEC to raise up to $84 million in an initial public offering.
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.
The Newport Beach, CA-based company 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. B. Riley Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
