0001140361-23-008160.txt : 20230223 0001140361-23-008160.hdr.sgml : 20230223 20230223070040 ACCESSION NUMBER: 0001140361-23-008160 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20230223 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230223 DATE AS OF CHANGE: 20230223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MODIV INC. CENTRAL INDEX KEY: 0001645873 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 474156046 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-40814 FILM NUMBER: 23655863 BUSINESS ADDRESS: STREET 1: 200 S. VIRGINIA STREET, SUITE 800 CITY: RENO STATE: NV ZIP: 89501 BUSINESS PHONE: 888-686-6348 MAIL ADDRESS: STREET 1: 200 S. VIRGINIA STREET, SUITE 800 CITY: RENO STATE: NV ZIP: 89501 FORMER COMPANY: FORMER CONFORMED NAME: RW HOLDINGS NNN REIT, INC. DATE OF NAME CHANGE: 20170814 FORMER COMPANY: FORMER CONFORMED NAME: Rich Uncles NNN REIT, Inc. DATE OF NAME CHANGE: 20151209 FORMER COMPANY: FORMER CONFORMED NAME: Rich Uncles REIT, Inc. DATE OF NAME CHANGE: 20150623 8-K 1 brhc10048523_8k.htm 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 23, 2023

Modiv Inc.

(Exact name of registrant as specified in its charter)

Maryland		001-40814		47-4156046
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

200 S. Virginia Street, Suite 800 Reno, Nevada		89501
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (888) 686-6348

120 Newport Center Drive, Newport Beach, CA 92660

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class C Common Stock, $0.001 par value per share	MDV	New York Stock Exchange

7.375% Series A Cumulative Redeemable Perpetual Preferred	MDV.PA	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition

On February 23, 2023, Modiv Inc., a Maryland corporation (the “Company”), issued an earnings press release relating to the Company’s financial results for the fourth quarter and year ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Company also issued supplemental data for the quarter ended December 31, 2022. A copy of the supplemental data is attached hereto as Exhibit 99.2 which is incorporated herein by reference. The press release and supplemental data are available on the Company’s website.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein. References to the Company’s website in this Current Report on Form 8-K and in the attached Exhibits 99.1 and 99.2 to this Current Report on Form 8-K do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference.

Item 7.01.

Regulation FD Disclosure

On February 23, 2023, the Company issued an earnings press release relating to the Company’s financial results for the fourth quarter and year ended December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Company also issued supplemental data for the quarter ended December 31, 2022. A copy of the supplemental data is attached hereto as Exhibit 99.2 which is incorporated herein by reference.

The furnishing of this earnings press release and supplemental data is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the earnings press release and supplemental data include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.

The information in Item 7.01 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description

99.1	Modiv Inc. Earnings Press Release dated February 23, 2023

99.2	Modiv Inc. Quarterly Supplemental Data For The Quarter Ended December 31, 2022

104	Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MODIV INC. (Registrant)

	By:	/s/ RAYMOND J. PACINI
		Name: Raymond J. Pacini
		Title: Chief Financial Officer

Date: February 23, 2023

EX-99.1 2 brhc10048523_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Modiv Announces Fourth Quarter and Full Year 2022 Results

Reno, Nevada, February 23, 2023 – Modiv Inc. (“Modiv” or the “Company”) (NYSE:MDV), an internally managed real estate investment trust (“REIT”) that acquires, owns, and manages a portfolio of single-tenant net-lease real estate properties, today announced operating results for the fourth quarter and full year ended December 31, 2022.

Highlights for the full year ended December 31, 2022:

◾

Revenue of $46.2 million increased 22% year-over-year

◾

Annual AFFO increased 45% year-over-year to $16.6 million, or $1.63 per diluted share, exceeding the Company’s 2022 annual AFFO guidance of $1.26 - $1.36 per diluted share

Highlights for the fourth quarter ended December 31, 2022:

◾

Revenue of $14.4 million increased 63% year-over-year

◾

Quarterly AFFO of $6.9 million, or $0.68 per diluted share, compared with $2.4 million or $0.27 per diluted share in the year-ago quarter

Recent Business Developments

◾

In December 2022, the Company signed a new 12-year lease for its property in Rancho Cordova, California with the State of California that included an option for the tenant to purchase. The property was most recently occupied by Sutter Health which agreed to an early termination fee and paid Modiv $3.8 million in December 2022.

◾

On December 30, 2022, the Company sold a retail property in San Antonio, Texas, leased to Raising Cane’s for a sale price of $4.3 million, representing a 5.66% exit cap rate. On January 26, 2023, the Company redeployed the proceeds to acquire an industrial manufacturing property in Princeton, Minnesota, leased to Plastic Products Company, Inc., for a purchase price of $6.4 million, representing an initial cap rate of 7.51% and a weighted average cap rate of 9.20%.

◾

In January 2023, the Company signed a two-year lease extension with Solar Turbines, which has occupied the property located in San Diego, California since 2008. This is the third lease extension executed by the tenant and this renewal includes a 14% increase in the first year rental rate followed by another 3% increase in the second year.

◾

Our Net Asset Value (NAV) per fully diluted share as of December 31, 2022 was $27.72, based on the appraisal of the Company’s portfolio conducted by Cushman & Wakefield. Given Modiv’s closing price of $11.76 as of February 22, 2023, the Company’s stock is trading at a 58% discount to NAV and 36% discount to the depreciated GAAP book value of $18.49 per share.

◾

Declared monthly dividends per common share of $0.09583, equivalent to an annual rate of $1.15 per share; represents a dividend yield of 9.8% based on the $11.76 closing price of the Company’s common stock on February 22, 2023.

Management Commentary

“Our team successfully navigated our first full year as a public company in what was undoubtedly the worst decline in public REIT valuations experienced since 2008. When you measure the fundamental results that are in the direct control of our management team, Modiv experienced a tremendous year of execution including: acquiring over $162 million of properties; significantly growing AFFO and exceeding guidance; obtaining research coverage from multiple investment banks; and completing an IPO that provided full liquidity to our legacy common stockholders,” said Aaron Halfacre, Chief Executive Officer of Modiv.

“On top of that, we grew and strengthened our portfolio in 2022. We materially increased our ownership of durable industrial properties while decreasing our exposure to office assets by nearly 30%, our weighted average lease term or WALT increased from 6.3 years to 11.9 years, and with careful expense management we reduced our G&A expense by $1.9 million. Additionally, we lowered our cost of capital by restructuring our debt at low fixed rates and expanded our credit facility. These tangible results showcase our ability to execute our strategic plan and I am very confident about our prospects in 2023,” concluded Halfacre.

Fourth Quarter and Full Year 2022 Financial Overview

Total Revenues

Total revenue for the fourth quarter was $14.4 million, a year-over-year increase of $5.6 million reflecting growth in the Company’s portfolio and the early termination fee revenue paid by Sutter Health related to our property in Rancho Cordova, California. Excluding the $3.8 million early termination fee revenue, fourth quarter revenue increased $1.8 million, or 20% year-over-year.

Total revenue for the full year 2022 was $46.2 million, an increase from full year 2021 of $8.3 million, reflecting growth in the Company’s portfolio and early termination fee revenue. Excluding the early termination fee revenue, 2022 annual revenue increased $4.5 million, or 12% year-over-year, due primarily to rental income from 16 acquisitions, partially offset by the sale of eight non-core properties in 2022.

Operating Results

Net loss attributable to common stockholders for the fourth quarter was $(0.2) million, or $(0.02) per basic and diluted share, compared to net loss attributable to common stockholders of $(3.1) million, or $(0.41) per basic and diluted share in the prior-year period. The $2.9 million decrease in net loss attributable to common stockholders reflected the $3.8 million early termination fee, which was offset by a $1.7 million decrease in gain on sale of real estate investments.

Net loss attributable to common stockholders for 2022 was $(7.0) million, or $(0.93) per basic and diluted share, compared to net loss attributable to common stockholders of $(1.5) million, or $(0.20) per basic and diluted share in the prior-year period. The $5.5 million increase in net loss attributable to common stockholders reflects a $17.3 million write off of goodwill and a $1.7 million loss on early extinguishment of debt during the first quarter of 2022, along with a $2.0 million increase in property expenses for the year (partially offset by tenant reimbursements included in revenue). These increases in expenses were partially offset by the $8.3 million increase in revenue discussed above, a $6.1 million increase in gains on sale of real estate and a $1.9 million decrease in general and administrative expenses.

Adjusted Funds from Operations (AFFO)

Quarterly AFFO was $6.9 million, or $0.68 per diluted share, compared with AFFO of $2.4 million, or $0.27 per diluted share in the fourth quarter of 2021. The $4.5 million increase in AFFO was primarily attributable to the $3.8 million early termination fee discussed above, while AFFO per diluted share reflects an increase in fully diluted shares outstanding from our dividend reinvestment program and the issuance of 1.3 million Class C OP units (at $25.00 per unit) in connection with the January 2022 acquisition of a KIA auto dealership property in Carson, California.

AFFO for the year ended December 31, 2022 was $16.6 million, or $1.63 per diluted share, compared with AFFO of $11.4 million, or $1.30 per diluted share in 2021. The $5.2 million increase in AFFO was primarily attributable to the increase in early termination fee revenue and the decrease in general and administrative expenses discussed above. Excluding the $3.8 million early termination fee revenue for 2022, AFFO per diluted share was $1.26.

AFFO is a measure that is not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.

Dividend Information

As previously announced, Modiv declared a monthly cash dividend per common share of $0.09583 payable to common stockholders of record as of January 31, 2023, February 28, 2023, and March 31, 2023, which will be paid on or about February 24, 2023, March 24, 2023, and April 25, 2023, respectively. The current monthly dividend amount of $0.09583 per share represents an annualized dividend rate of $1.15 per share of common stock, which represents a yield of 9.8% based on the closing price of our common stock on February 22, 2023.

Real Estate Portfolio Highlights

Investment Activity

On January 26, 2023, the Company acquired an industrial manufacturing property in Princeton, Minnesota, for $6.4 million. This property has a remaining lease term of 5.75 years and is leased to Plastic Products Company, Inc. which is a custom thermoplastic, metal and ceramic injection molder that has been in business since 1962. The rent on this property will increase by 20% on November 1, 2023, with annual increases of 3% thereafter. The initial cap rate is 7.51% and the weighted average cap rate is 9.20%.

During 2022, the Company acquired a total of $162.7 million of real estate properties including an opportunistic acquisition of one retail property for $69.4 million, which is leased to a KIA auto dealership and included $32.8 million of equity being issued at $25.00 per share, and 15 industrial manufacturing properties for a total of $93.3 million. The combined initial cap rate for the industrial manufacturing properties was 7.0% and the weighted average cap rate was 8.9%.

The Company defines “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property. The Company defines “weighted average cap rate” for property acquisitions as the average annual cash rent including rent escalations over the lease term, divided by the purchase price of the property. The vast majority of Modiv’s real estate leases have annual rent escalations, which generally range from 2-3%.

Disposition Activity

On December 30, 2022, the Company completed the sale of its retail property located in San Antonio, Texas that was leased to Raising Cane’s for $4.3 million, which resulted in a $0.7 million gain on sale for the fourth quarter of 2022. During 2022, the Company completed the sale of six office properties, one flex property and one retail property with total contract sales prices of $73.0 million, generating net proceeds of $48.7 million and gains on sale of $12.2 million. Modiv will continue its efforts to sell non-core properties during 2023.

Portfolio

As of December 31, 2022, the Company’s portfolio consisted of 46 properties located in 17 states. The portfolio had approximately 3.2 million square feet of aggregate leasable space, which was 100% leased to 28 different commercial tenants doing business in 16 separate industries. The portfolio includes 27 industrial properties representing 59% of the portfolio, 12 retail properties representing 20% of the portfolio, and 7 office properties representing 21% of the portfolio (based on pro forma annual base rent as of December 31, 2022). As part of the Company’s long-term strategy to reduce office exposure, Modiv has decreased its office allocation by nearly 30% since December 31, 2021.

Annualized base rent of the properties owned on December 31, 2022 (based on rates in effect on December 31, 2022) totaled $33.7 million and the portfolio’s weighted average lease term was 11.9 years as of December 31, 2022 compared with 6.3 years as of December 31, 2021. Approximately 48% of the Company’s tenants have (or whose parent company has) an investment-grade credit rating from a recognized credit rating agency of “BBB-” or better.

Balance Sheet and Liquidity

As of December 31, 2022, total cash and cash equivalents were $8.6 million and the Company had $197.5 million of outstanding indebtedness consisting of $44.5 million of mortgages and $153.0 million outstanding on the Company’s $400 million credit facility. The Company’s leverage ratio was 38% as of December 31, 2022.

The Company’s credit facility is comprised of a $150 million revolving credit facility and a $250 million term loan, of which $100 million is expected to be drawn during the first four months of 2023. The credit facility includes an accordion option that allows the Company to request additional revolver and term loan lender commitments up to a total of $750 million. The revolver maturity is in January 2026 with options to extend for a total of 12 months, and the term loan’s maturity is in January 2027.

The credit facility is priced on a leverage-based grid that fluctuates based on the Company’s actual leverage ratio at the end of the prior quarter. Based on the December 31, 2022 balance sheet and interest rate swap agreements entered into during 2022, approximately 98% of the Company’s indebtedness holds a fixed interest rate. The weighted average interest rate on the total debt outstanding of $197.5 million as of December 31, 2022 was 4.03% based on the 38% leverage ratio as of September 30, 2022 and December 31, 2022.

2023 Annual Guidance

Modiv believes 2023 will be even more transformational than 2022 and has determined it to be prudent to publicly disclose the following corporate goals for 2023 that may impact Modiv’s earnings growth and share price over the balance of the year.

◾

2023 acquisition volume of at least $100 million of industrial manufacturing properties.

◾

Enhanced delineation and accelerated disposition of Modiv’s non-core/legacy office and retail assets as the Company furthers its goal to become a pure-play industrial manufacturing REIT.

◾

No material changes anticipated in G&A or property expenses.

◾

The Company does not intend to issue equity at current low share price levels and has no planned need for new debt sources beyond our current credit facility capacity.

◾

Following inquiries recently received, Modiv will begin to explore long-term and strategic investment proposals from large institutional investors that have identified Modiv’s growth potential and management capabilities. Barring any uniquely compelling and accretive opportunities, Modiv has no current knowledge of any actionable proposals and does not anticipate providing further updates unless required.

Given this is a catalyst year for Modiv, the Company is not providing specific 2023 AFFO guidance at this time.

Conference Call and Webcast

A conference call and audio webcast with analysts and investors will be held on Thursday, February 23, 2023, at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time, to discuss the fourth quarter and full year 2022 operating results and answer questions.

Live conference call: 1-877-514-3620 at 8:00 a.m. Pacific Time, Thursday, February 23, 2023

Webcast: To listen to the webcast, either live or archived, use this link https://event.choruscall.com/mediaframe/webcast.html?webcastid=mAokDz4P

or visit the investor relations page of Modiv’s website at www.modiv.com.

About Modiv

Modiv Inc. is an internally managed REIT that acquires, owns, and manages a portfolio of single-tenant net-lease real estate. The Company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. Driven by an investor-first focus, the Modiv name reflects its commitment to providing investors with Monthly Dividends. As of December 31, 2022, Modiv had a $535 million real estate portfolio (based on estimated fair value) comprised of 3.2 million square feet of aggregate leasable area. For more information, please visit: www.modiv.com.

Forward-looking Statements

Certain statements contained in this press release, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements regarding our plans, strategies and prospects, both business and financial. Such forward-looking statements are subject to various risks and uncertainties, including but not limited to those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 23, 2022. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the Company’s other filings with the SEC. Any forward-looking statements herein speak only as of the time when made and are based on information available to the Company as of such date and are qualified in their entirety by this cautionary statement. The Company assumes no obligation to revise or update any such statement now or in the future, unless required by law.

Notice Involving Non-GAAP Financial Measures

In addition to U.S. GAAP financial measures, this press release and the supplemental financial and operating report included in our Form 8-K dated February 23, 2023 contain and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are provided below.

Investor Inquiries:

Margaret Boyce, Financial Profiles, Inc.

mboyce@finprofiles.com

310-622-8247

MODIV INC.

Consolidated Statements of Operations

For the Three and Tweve Months Ended December 31, 2022

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2022			2021			2022			2021
Rental income	$	14,372,106		$	8,831,534		$	46,174,267		$	37,889,831

Expenses:
General and administrative		2,252,304			2,188,493			7,812,057			9,715,067
Stock compensation expense		660,171			629,538			2,401,022			2,744,881
Depreciation and amortization		4,347,809			3,449,407			14,929,574			15,266,936
Interest expense		2,826,490			1,874,867			8,106,658			7,586,197
Property expenses		2,105,257			1,578,700			8,899,626			6,880,993
Impairment (reversal of impairment) of real estate investment property		2,080,727			-			2,080,727			(400,999	)
Impairment of goodwill and intangible assets		-			3,767,190			17,320,857			3,767,190
Total expenses		14,272,758			13,488,195			61,550,521			45,560,265

Operating loss:
Gain on sale of real estate investments, net		669,185			2,338,904			12,196,371			6,136,588
Operating loss		768,533			(2,317,757	)		(3,179,883	)		(1,533,846	)

Other income (expense):
Interest income		5,047			19,958			21,910			21,328
Income from unconsolidated investment in a real estate property		51,312			53,337			278,002			276,042
Gain on forgiveness of economic relief note payable		-			-			-			517,000
Loss on early extinguishment of debt		-			-			(1,725,318	)		-
Other		(104,157	)		65,993			93,971			283,971
Other (expense) income, net		(47,798	)		139,288			(1,331,435	)		1,098,341

Net income (loss)		720,735			(2,178,469	)		(4,511,318	)		(435,505	)
Less: net loss attributable to noncontrolling interest in Operating Partnership		(42,508	)		-			(1,222,783	)		-
Net income (loss) attributable to Modiv Inc.		763,243			(2,178,469	)		(3,288,535	)		(435,505	)
Preferred stock dividends		(921,875	)		(921,875	)		(3,687,500	)		(1,065,278	)
Net loss attributable to common stockholders	$	(158,632	)	$	(3,100,344	)	$	(6,976,035	)	$	(1,500,783	)

Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.02	)	$	(0.41	)	$	(0.93	)	$	(0.20	)

Weighted-average number of common shares outstanding:
Basic and diluted		7,487,728			7,531,167			7,487,204			7,544,834

Distributions declared per common stock	$	0.2875		$	0.2875		$	1.2500		$	1.0800

MODIV INC.

Consolidated Balance Sheets

(Unaudited)

	As of December 31,
	2022			2021
Assets
Real estate investments:
Land	$	103,657,237		$	61,005,402
Building and improvements		329,867,099			251,246,290
Equipment		4,429,000			-
Tenant origination and absorption costs		19,499,749			21,504,210
Total investments in real estate property		457,453,085			333,755,902
Accumulated depreciation and amortization		(46,752,322	)		(37,611,133	)
Total investments in real estate property, net		410,700,763			296,144,769
Unconsolidated investment in a real estate property		10,007,420			9,941,338
Total real estate investments excluding real estate investments held for sale, net		420,708,183			306,086,107
Real estate investments held for sale, net		5,255,725			31,510,762
Total real estate investments, net		425,963,908			337,596,869
Cash and cash equivalents		8,608,649			55,965,550
Restricted cash		-			2,441,970
Receivable from early termination of lease		-			1,836,767
Tenant receivables		8,859,329			5,996,919
Above-market lease intangibles, net		1,850,756			691,019
Prepaid expenses and other assets		6,100,937			5,856,255
Interest rate swap derivative		4,629,702			-
Assets related to real estate investments held for sale		12,765			788,296
Goodwill, net		-			17,320,857
Total assets	$	456,026,046		$	428,494,502

Liabilities and Equity
Mortgage notes payable, net	$	44,435,556		$	152,223,579
Mortgage notes payable related to real estate investments held for sale, net		-			21,699,912
Total mortgage notes payable, net		44,435,556			173,923,491
Credit facility revolver		3,000,000			8,022,000
Credit facility term loan, net		148,018,164			-
Accounts payable, accrued and other liabilities		9,245,933			11,844,881
Below-market lease intangibles, net		9,675,686			11,102,940
Interest rate swap derivatives		498,866			788,016
Liabilities related to real estate investments held for sale		117,881			383,282
Total Liabilities		214,992,086			206,064,610

Commitments and contingencies

7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value, 2,000,000 shares authorized; issued and outstanding as of December 31, 2022 and 2021, respectively		2,000			2,000
Class C common stock, $0.001 par value, 300,000,000 shares authorized; 7,762,506 shares issued and 7,512,353 shares outstanding as of December 31, 2022, and 7,426,636 shares issued and outstanding as of December 31, 2021		7,762			7,427
Class S common stock, $0.001 par value, 100,000,000 shares authorized; no shares issued and outstanding as of December 31, 2022 and 63,768 shares issued and outstanding as of December 31, 2021		-			64
Additional paid-in-capital		278,349,384			273,441,831
Treasury stock, at cost, 250,153 shares as of December 31, 2022 and no shares held as of December 31, 2021		(4,161,618	)		-
Cumulative distributions and net losses		(117,949,240	)		(101,624,430	)
Accumulated other comprehensive income		3,502,616			-
Total Modiv Inc. equity		159,750,904			171,826,892
Noncontrolling interest in the Operating Partnership		81,283,056			50,603,000
Total equity		241,033,960			222,429,892
Total liabilities and equity	$	456,026,046		$	428,494,502

MODIV INC.

Reconciliation of Non-GAAP Measures

For the Three and Twelve Months Ended December 31, 2022

(Unaudited)

		Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Net income (loss) (in accordance with GAAP)			720,735		$	(2,178,469	)	$	(4,511,318	)	$	(435,505	)
Preferred stock dividends			(921,875	)		(921,875	)		(3,687,500	)		(1,065,278	)
Net loss attributable to common stockholders and Class C OP Units			(201,140	)		(3,100,344	)		(8,198,818	)		(1,500,783	)
FFO adjustments:
Add:	Depreciation and amortization of real estate properties		4,347,809			3,290,588			14,929,574			13,710,588
	Amortization of lease incentives		88,752			53,203			412,098			245,438
	Depreciation and amortization for unconsolidated investment in a real estate property		203,554			189,439			777,041			735,335
	Impairment of real estate investment		2,080,727			-			2,080,727			-
Less:	Gain on sale of real estate investments, net		(669,185	)		(2,338,904	)		(12,196,371	)		(6,136,588	)
	Reversal of impairment of real estate investments		-			-			-			(400,999	)
	FFO attributable to common stockholders and Class C OP Units		5,850,517			(1,906,018	)		(2,195,749	)		6,652,991
AFFO adjustments:
Add:	Amortization of corporate intangibles		-			158,819			-			1,556,348
	Impairment of goodwill and intangible assets		-			3,767,190			17,320,857			3,767,190
	Non-recurring corporate relocation costs		500,000			-			500,000			-
	Stock compensation		660,170			629,542			2,401,022			2,744,881
	Deferred financing costs		179,641			162,200			1,649,929			369,286
	Non-recurring loan prepayment penalties		-			-			615,336			-
	Swap termination costs		-			-			733,000			23,900
	Amortization of above-market lease intangibles		88,549			32,456			197,224			129,823
	Due diligence expenses, including abandoned pursuit costs		25,051			(16,100	)		661,222			696,825
Less:	Deferred rents		(643,784	)		206,606			(3,237,482	)		(1,478,818	)
	Unrealized gains on interest rate swaps, net		505,263			(285,982	)		(813,750	)		(970,039	)
	Amortization of below-market lease intangibles		(231,175	)		(363,074	)		(1,202,711	)		(1,462,797	)
	Gain on forgiveness of economic relief note payable		-			-			-			(517,000	)
	Other adjustments for unconsolidated investment in a real estate property		5,815			(6,191	)		5,251			(62,776	)
	AFFO attributable to common stockholders and Class C OP Units	$	6,940,047		$	2,379,448		$	16,634,149		$	11,449,814

Weighted average shares outstanding:
	Basic		7,487,728			7,531,167			7,487,204			7,544,834
	Fully Diluted (1)		10,195,869			8,744,340			10,225,850			8,780,131

FFO Per Share:
	Basic	$	0.78		$	(0.25	)	$	(0.29	)	$	0.88
	Fully Diluted	$	0.57		$	(0.25	)	$	(0.29	)	$	0.76

AFFO Per Share
	Basic	$	0.93		$	0.32		$	2.22		$	1.52
	Fully Diluted	$	0.68		$	0.27		$	1.63		$	1.30

(1)	Includes the Class C, Class M, Class P and Class R OP Units to compute the weighted average number of shares.

FFO is defined by the National Association of Real Estate Investment Trusts (“Nareit”) as net income or loss computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains and losses from sales of depreciable operating property, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships, joint ventures, preferred distributions and real estate impairments. Because FFO calculations adjust for such items as depreciation and amortization of real estate assets and gains and losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current Nareit definition or may interpret the current Nareit definition differently than we do, making comparisons less meaningful.

Additionally, we use AFFO as a non-GAAP financial measure to evaluate our operating performance. AFFO excludes non-routine and certain non-cash items such as revenues in excess of cash received, amortization of stock-based compensation, deferred rents, amortization of in-place lease valuation intangibles, deferred financing fees, gain or loss from the extinguishment of debt, unrealized gains (losses) on derivative instruments, write-offs of transaction costs and other one-time transactions. We also believe that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies. Management believes that AFFO is a beneficial indicator of our ongoing portfolio performance and ability to sustain our current distribution level. More specifically, AFFO isolates the financial results of our operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results or our future ability to pay our dividends.

By providing FFO and AFFO, we present information that assists investors in aligning their analysis with management’s analysis of long-term operating activities. For all of these reasons, we believe the non-GAAP measures of FFO and AFFO, in addition to income (loss) from operations, net income (loss) and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful to investors in evaluating the performance of our real estate portfolio. However, a material limitation associated with FFO and AFFO is that they are not indicative of our cash available to fund distributions since other uses of cash, such as capital expenditures at our properties and principal payments of debt, are not deducted when calculating FFO and AFFO. AFFO is useful in assisting management and investors in assessing our ongoing ability to generate cash flow from operations and continue as a going concern in future operating periods. However, FFO and AFFO are not useful measures in evaluating NAV because impairments are taken into account in determining NAV but not in determining FFO and AFFO. Therefore, FFO and AFFO should not be viewed as a more prominent measure of performance than income (loss) from operations, net income (loss) or cash flows from operating activities and each should be reviewed in connection with GAAP measurements.

MODIV INC.

Reconciliation of Non-GAAP Measures - Adjusted EBITDA

For the Three and Twelve Months Ended December 31, 2022

(Unaudited)

		Three Months Ended December 31,						Twelve Months Ended December 31,
		2022			2021			2022			2021
Net income (loss) (in accordance with GAAP)		$	720,735		$	(2,178,469	)	$	(4,511,318	)	$	(435,505	)

Add:	Depreciation and amortization		4,347,809			3,449,407			14,929,574			15,266,936
	Depreciation and amortization for unconsolidated investment in a real estate property		203,554			189,439			777,041			735,335
	Interest expense		2,826,490			1,874,867			8,106,658			7,586,197
	Loss on early extinguishment of debt		-			-			1,725,318			-
	Interest expense on unconsolidated investment in real estate property		98,073			100,257			392,477			552,144
	Impairment (reversal of impairment) of real estate investment property		2,080,727			-			2,080,727			(400,999	)
	Impairment of goodwill and intangible assets		-			3,767,190			17,320,857			3,767,190
	Stock compensation		660,171			629,538			2,401,022			2,744,881
	Acquisition fees and due diligence costs, including abandoned pursuit costs		25,051			(16,100	)		661,222			696,825
Less:	Gain on sale of real estate investments, net		(669,185	)		(2,338,904	)		(12,196,371	)		(6,136,588	)
	Adjusted EBITDA	$	10,293,425		$	5,477,225		$	31,687,207		$	24,376,416

Annualized Adjusted EBITDA		$	41,173,698		$	21,908,900		$	31,687,207		$	24,376,416

Net debt:
	Consolidated debt	$	197,515,009		$	183,033,756		$	197,515,009		$	183,033,756
	Debt of unconsolidated investment in real estate property (a)		9,487,515			9,709,710			9,487,515			9,709,710
	Consolidated cash and restricted cash		(8,608,649	)		(58,407,520	)		(8,608,649	)		(58,407,520	)
	Cash of unconsolidated investment in real estate property (a)		(218,424	)		(502,041	)		(218,424	)		(502,041	)
		$	198,175,450		$	133,833,905		$	198,175,450		$	133,833,905

Net debt / Adjusted EBITDA			4.8x			6.1x			6.3x			5.5x

(a) Reflects the Company's 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash.

We define Net Debt as gross debt less cash and cash equivalents and restricted cash. We define Adjusted EBITDA as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, gains or losses from the sales of depreciable property, extraordinary items, provisions for impairment on real estate investments and goodwill, interest expense, non-cash items such as non-cash compensation expenses and write-offs of transaction costs and other one-time transactions. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA is not a measure of financial performance under GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.

MODIV INC.

Non-GAAP Measures - Net Asset Value Per Share

Estimated as of December 31, 2022 and Pro Forma Estimate as of January 31, 2022

(Unaudited)

	December 31, 2022				January 31, 2022 (a)
	Estimated Value		Per Share NAV		Pro Forma Value		Per Share NAV
Assets
Real estate properties	$	503,700,000	$	48.76	$	463,054,000	$	45.73
Investments in unconsolidated entity: Santa Clara property tenant-in-common interest (b)		19,768,921		1.91		18,894,790		1.87
Cash and cash equivalents		8,608,649		0.83		65,263,037		6.45
Interest rate swap derivative		4,629,702		0.45		-		-
Other assets		3,989,400		0.39		5,878,710		0.58
Total Assets	$	540,696,672	$	52.34	$	553,090,537	$	54.62

Liabilities
Mortgage notes payable	$	41,293,644	$	4.00	$	46,236,403	$	4.57
Credit facility		153,000,000		14.81		155,775,000		15.38
Accrued interest payable		285,392		0.03		272,481		0.03
Accrued dividends and distributions payable		1,768,068		0.17		1,028,074		0.10
Interest rate swap derivatives		498,866		0.05		-		-
Other liabilities		7,448,302		0.72		8,731,045		0.86
Total Liabilities		204,294,272		19.78		212,043,003		20.94

Series A preferred stock		50,000,000		4.84		50,000,000		4.94

Total estimated net asset value	$	286,402,400	$	27.72	$	291,047,534	$	28.74

Fully-diluted shares outstanding (c)		10,331,042				10,125,412

(a)

The estimated pro forma NAV per share (unaudited) as of January 31, 2022 reflected (i) the estimated asset values for 35 properties (excluding four assets held for sale) that were in our portfolio on January 31, 2022, including two acquisitions completed in January 2022, (ii) net cash received from four dispositions that were pending as of January 31, 2022 and completed in February 2022, (iii) borrowings under the credit facility provided by KeyBank National Association (“KeyBank”) and repayment of 20 mortgages in January 2022, and (iv) the estimated fair value of debt on the three consolidated mortgages remaining after the closing of the credit facility provided by KeyBank and the four dispositions completed in February 2022.

(b)	Reflects the Company's 72.7% interest in the equity of the Santa Clara property which includes real estate valued at $30,910,000 and a mortgage with a fair value of $12,097,225.

(c)	Fully-diluted shares outstanding as of December 31, 2022 and January 31, 2022 includes the following:

1,312,382 Class C OP Units issued on January 18, 2022 in connection with the acquisition of the KIA auto dealership property;

ii)

1,189,964 shares that would result from conversion of 657,949.5 Class M OP Units and 56,029 Class P OP Units assuming a conversion ratio of 1.6667 shares of the Company’s Class C Common Stock for each Class M OP Unit and Class P OP Unit outstanding; and

iii)

316,343 shares and 101,855 shares, respectively, that would result from conversion of Class R OP Units.

###

EX-99.2 3 brhc10048523_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

NYSE: MDV

QUARTERLY SUPPLEMENTAL DATA

December 31, 2022

Modiv Inc.

Supplemental Information - Fourth Quarter 2022

Table of Contents

About the Data		3

Company Overview		4

Financial Results
	Statements of Operations - Last Five Quarters	5
	Statements of Comprehensive (Loss) Income - Last Five Quarters	6
	(Loss) Earnings Per Share - Last Five Quarters	7
	FFO and AFFO - Last Five Quarters	8
	Adjusted EBITDA - Last Five Quarters	9
	Leverage Ratio	10
Balance Sheets and Capitalization
	Capitalization	11
	Balance Sheets	12
	Debt Overview	13
	Credit Facility and Mortgage Notes Covenants	14

Real Estate
	Acquisitions	15
	Dispositions	16
	Top 10 Tenants	17
	Property Type	17
	Industry Diversification	18
	Geographic Diversification	19
	Lease Expirations	20

Appendix
	Disclosures Regarding Non-GAAP and Other Metrics	21

About the Data

This data and other information described herein are as of and for the three months ended December 31, 2022 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Modiv Inc.'s Annual Report on Form 10-K for the year ended December 31, 2022, including the financial statements and management's discussion and analysis of financial condition and results of operations, which will be filed in March 2023.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to the COVID-19 pandemic and its related impacts on us and our tenants, general economic conditions, including but not limited to impacts of the Russian war against Ukraine, supply-chain disruptions, increases in the rate of inflation and interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

Company Overview

Modiv Inc. (NYSE:MDV) (“Modiv”, the “Company”, “we”, “us” and “our”) is an internally managed real estate investment trust (“REIT”) that acquires, owns and manages a portfolio of single-tenant net-lease properties throughout the United States, with a focus on acquiring critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation's supply chains. We also own non-core, legacy retail and office real estate properties, and are gradually reducing our office and retail exposure, subject to market conditions, with the goal of becoming a pure-play industrial manufacturing REIT. Driven by an investor-first focus and an experienced and dedicated management team, Modiv is committed to providing investors with MOnthly DIVidends through a durable portfolio of real estate investments designed to generate both current income and long-term growth. As of December 31, 2022, Modiv had a $535 million real estate portfolio (based on estimated fair value) comprised of 3.2 million square feet of aggregate leasable area. For more information, please visit: www.modiv.com.

Modiv strives towards a “best-in-class” corporate governance structure through a board of directors and management team with decades of institutional real estate industry experience.

Management Team:	Independent Directors:

Aaron S. Halfacre	Adam S. Markman
Chief Executive Officer and Director	Chairman of the Board

Raymond J. Pacini	Asma Ishaq
Chief Financial Officer and Secretary

Sandra G. Sciutto	Curtis B. McWilliams
Chief Accounting Officer

John C. Raney	Thomas H. Nolan, Jr.
Chief Legal Officer

William R. Broms	Kimberly Smith
Chief Investment Officer

	Connie Tirondola

Investor Inquiries:

Margaret Boyce, Financial Profiles, Inc.

mboyce@finprofiles.com

310-622-8247

Transfer Agent:

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

800-736-3001

Modiv Inc.

Consolidated Statements of Operations - Last Five Quarters

(Unaudited)

	Three Months Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Rental income (a)	$	14,372,106		$	10,951,673		$	10,676,148		$	10,174,340		$	8,831,534

Expenses:
General and administrative (b)		2,252,304			1,838,388			1,615,182			2,106,183			2,188,493
Stock compensation		660,171			549,240			679,747			511,865			629,538
Depreciation and amortization		4,347,809			3,598,592			3,682,681			3,300,492			3,449,407
Interest expense		2,826,490			2,514,838			1,197,154			1,568,175			1,874,867
Property expenses (c)		2,105,257			2,063,892			1,965,885			2,764,592			1,578,700
Impairment of real estate investment property (d)		2,080,727			—			—			—			—
Impairment of goodwill and intangible assets (e)		—			—			—			17,320,857			3,767,190
Total expenses		14,272,758			10,564,950			9,140,649			27,572,164			13,488,195

Other operating income (loss):
Gain on sale of real estate investments		669,185			3,932,029			720,071			6,875,086			2,338,904
Operating income (loss)		768,533			4,318,752			2,255,570			(10,522,738	)		(2,317,757	)

Other income (expense):
Interest income		5,047			1,665			1,763			13,435			19,958
Income from investment in unconsolidated entity		51,312			64,358			66,868			95,464			53,337
Loss on early extinguishment of debt (f)		—			—			—			(1,725,318	)		—
Other (a)		(104,157	)		65,992			66,143			65,993			65,993
Other (expense) income, net		(47,798	)		132,015			134,774			(1,550,426	)		139,288

Net income (loss)		720,735			4,450,767			2,390,344			(12,073,164	)		(2,178,469	)
Less: net income (loss) attributable to noncontrolling interest in Operating Partnership		(42,508	)		528,540			219,214			(1,928,029	)		—
Net income (loss) attributable to Modiv Inc.		763,243			3,922,227			2,171,130			(10,145,135	)		(2,178,469	)
Preferred stock dividends		(921,875	)		(921,875	)		(921,875	)		(921,875	)		(921,875	)
Net (loss) income attributable to common stockholders	$	(158,632	)	$	3,000,352		$	1,249,255		$	(11,067,010	)	$	(3,100,344	)

(Loss) earnings per share attributable to common stockholders
Basic	$	(0.02	)	$	0.40		$	0.17		$	(1.47	)	$	(0.41	)
Diluted	$	(0.02	)	$	0.35		$	0.14		$	(1.47	)	$	(0.41	)

Weighted-average number of common shares outstanding
Basic		7,487,728			7,449,968			7,478,973			7,533,158			7,531,167
Diluted (g)		7,487,728			10,180,543			10,221,490			7,533,158			7,531,167

Distributions declared per common share (h)	$	0.2875		$	0.2875		$	0.2875		$	0.3875		$	0.2875

(a)	Rental income includes tenant reimbursements for property expenses and the fourth quarter of 2022 includes an early termination fee of $3,781,929 received from Sutter Health.

(b)	General and administrative expenses include a $500,000 accrual for estimated costs of relocating our corporate offices to Reno, Nevada.

(c)

Property expenses for the fourth quarter of 2022 include increased property taxes and property management fees compared with the comparable quarter of 2021, primarily related to the growth of our portfolio. These expenses are largely offset by tenant reimbursements included in rental income. Property expenses for the first quarter of 2022 also include $587,000 in write-offs of costs related to our proposed acquisition of 10 properties leased to Walgreens which we abandoned due to inability to obtain the mortgage servicer's approval prior to the contract termination date of February 18, 2022 and changes in market conditions.

(d)	Impairment of investment in real estate property represents an impairment charge for a property located in Rocklin, California to reflect the net realizable value as a result of its reclassification to asset held for sale. The sale of this property is expected to close by March 31, 2023.

(e)

Goodwill, which relates to the 2019 acquisition of our former sponsor’s crowdfunding platform, was impaired in the first quarter of 2022 in accordance with GAAP given that the market value of our common stock is materially below our historical net asset value and the book value of our equity. The impairment of intangible assets in the fourth quarter of 2021 relates to our decision to terminate our crowdfunding operations.

(f)

Loss on early extinguishment of debt for the first quarter of 2022 includes non-recurring charges for (i) $1,164,998 in non-cash write-offs of deferred financing costs upon refinancing 20 mortgages and the prior credit facility with the KeyBank credit facility and mortgage repayments related to four asset sales; (ii) $615,336 of mortgage prepayment fees; and (iii) $733,000 of swap termination fees related to four of the mortgages refinanced with the KeyBank credit facility and the related write-off of unrealized valuation losses of $788,016.

(g)

Diluted shares outstanding in the second and third quarters of 2022 include Class C, Class M, Class P and Class R OP Units since we reported net income for those quarters. Diluted shares outstanding for periods when we reported a net loss do not include the OP Units since they would be anti-dilutive.

(h)	We increased the annual distribution rate on our common stock from $1.05 per share to $1.15 per share effective October 1, 2021. Distributions declared during the first quarter of 2022 include a one-time 13th distribution for 2021 of $0.10 per share for stockholders of record on December 31, 2021.

Modiv Inc.

Consolidated Statements of Comprehensive Income (Loss) - Last Five Quarters

(Unaudited)

	Three Months Ended
	December 31, 2022			September 30, 2022		June 30, 2022		March 31, 2022			December 31, 2021
Net income (loss)	$	720,735		$	4,450,767	$	2,390,344	$	(12,073,164	)	$	(2,178,469	)
Other comprehensive income:
Unrealized holding (loss) gain on interest rate swap designated as a cash flow hedge (a)		(216,200	)		4,255,906		—		—			—
Comprehensive income (loss)		504,535			8,706,673		2,390,344		(12,073,164	)		(2,178,469	)
Net (loss) income attributable to noncontrolling interest in Operating Partnership		(42,508	)		528,540		219,214		(1,928,029	)		—
Other comprehensive (loss) income attributable to noncontrolling interest in Operating Partnership:
Unrealized holding (loss) gain on interest rate swap designated as a cash flow hedge		(34,942	)		637,429		—		—			—
Comprehensive (loss) income attributable noncontrolling interest in Operating Partnership		(77,450	)		1,165,969		219,214		(1,928,029	)		—
Comprehensive income (loss) attributable to Modiv Inc.	$	581,985		$	7,540,704	$	2,171,130	$	(10,145,135	)	$	(2,178,469	)

(a)	Reflects the change in fair value of the hedged derivative instrument for the six months ended December 31, 2022 that was designated as a cash flow hedge for financial accounting purposes beginning July 1, 2022.

Modiv Inc.

(Loss) Earnings Per Share - Last Five Quarters

(Unaudited)

	Three Months Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Numerator - Basic:
Net income (loss)	$	720,735		$	4,450,767		$	2,390,344		$	(12,073,164	)	$	(2,178,469	)
Net loss (income) attributable to noncontrolling interest in Operating Partnership		42,508			(528,540	)		(219,214	)		1,928,029			—
Preferred stock dividends		(921,875	)		(921,875	)		(921,875	)		(921,875	)		(921,875	)
Net (loss) income attributable to common stockholders	$	(158,632	)	$	3,000,352		$	1,249,255		$	(11,067,010	)	$	(3,100,344	)

Numerator - Diluted:
Net income (loss)	$	720,735		$	4,450,767		$	2,390,344		$	(12,073,164	)	$	(2,178,469	)
Less: preferred stock dividends		(921,875	)		(921,875	)		(921,875	)		(921,875	)		(921,875	)
Net (loss) income attributable to common stockholders	$	(201,140	)	$	3,528,892		$	1,468,469		$	(12,995,039	)	$	(3,100,344	)

Denominator:
Weighted average shares outstanding - basic		7,487,728			7,449,968			7,478,973			7,533,158			7,531,167
Operating Partnership Units - Class C (a)		—			1,312,382			1,312,382			—			—
Operating Partnership Units - other (b)		—			1,418,193			1,430,135			—			—
Weighted average shares outstanding - diluted		7,487,728			10,180,543			10,221,490			7,533,158			7,531,167

(Loss) earnings per share attributable to common stockholders:
Basic	$	(0.02	)	$	0.40		$	0.17		$	(1.47	)	$	(0.41	)
Diluted	$	(0.02	)	$	0.35		$	0.14		$	(1.47	)	$	(0.41	)

(a)

We issued 1,312,382 Class C OP Units at an agreed upon value of $25 per unit in connection with our January 18, 2022 acquisition of a KIA auto dealership property in an “UPREIT” transaction. These units were not included in the computation of Diluted EPS for the quarters ended December 31, 2022 and March 31, 2022 because their effect would be anti-dilutive.

(b)

During the three months ended December 31, 2022, March 31, 2022 and December 31, 2021, the weighted average dilutive effect of 1,395,759, 1,347,958 and 1,213,173 shares, respectively, related to other Operating Partnership units were excluded from the computation of Diluted EPS because their effect would be anti-dilutive. There were no other outstanding securities or commitments to issue common stock that would have a dilutive effect for the periods then ended.

Modiv Inc.

FFO and AFFO - Last Five Quarters

(Unaudited)

		Three Months Ended
		December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Net income (loss) (in accordance with GAAP)		$	720,735		$	4,450,767		$	2,390,344		$	(12,073,164	)	$	(2,178,469	)
Preferred stock dividends			(921,875	)		(921,875	)		(921,875	)		(921,875	)		(921,875	)
Net (loss) income attributable to common stockholders and Class C OP Units			(201,140	)		3,528,892			1,468,469			(12,995,039	)		(3,100,344	)
FFO adjustments:
Add:	Depreciation and amortization		4,347,809			3,598,592			3,682,681			3,300,492			3,290,588
	Amortization of lease incentives		88,752			176,296			75,655			71,394			53,203
	Depreciation and amortization for unconsolidated investment in a real estate property		203,554			192,551			190,468			190,468			189,439
	Impairment of real estate investment property		2,080,727			—			—			—			—
Less:	Gain on sale of real estate investments, net		(669,185	)		(3,932,029	)		(720,071	)		(6,875,086	)		(2,338,904	)
	FFO attributable to common stockholders and Class C OP Units		5,850,517			3,564,302			4,697,202			(16,307,771	)		(1,906,018	)
AFFO adjustments:
Add:	Amortization of corporate intangibles (a)		—			—			—			—			158,819
	Impairment of goodwill and intangible assets (a)		—			—			—			17,320,857			3,767,190
	Non-recurring corporate relocation costs		500,000			—			—			—			—
	Stock compensation (b)		660,170			549,240			679,747			511,865			629,542
	Deferred financing costs (c)		179,641			101,783			101,781			1,266,725			162,200
	Non-recurring loan prepayment penalties		—			—			—			615,336			—
	Swap termination costs		—			—			—			733,000			—
	Amortization of above-market lease intangibles		88,549			43,763			32,456			32,456			32,456
	Acquisition fees and due diligence expenses, including abandoned pursuit costs (d)		25,051			44,863			4,639			586,669			(16,100	)
Less:	Deferred rents		(643,784	)		(976,419	)		(981,083	)		(636,196	)		206,606
	Unrealized gain on interest rate swaps		505,263			59,000			(589,997	)		(788,016	)		(285,982	)
	Amortization of below-market lease intangibles		(231,175	)		(258,652	)		(349,810	)		(363,074	)		(363,074	)
	Other adjustments for unconsolidated investment in a real estate property		5,815			(188	)		(188	)		(188	)		(6,191	)
	AFFO attributable to common stockholders and Class C OP Units (e)	$	6,940,047		$	3,127,692		$	3,594,747		$	2,971,663		$	2,379,448

Weighted average shares outstanding:
Basic			7,487,728			7,449,968			7,478,973			7,533,158			7,531,167
Fully diluted (f) (g)			10,195,869			10,180,543			10,221,490			10,193,498			8,744,340
FFO per share:
Basic		$	0.78		$	0.48		$	0.63		$	(2.16	)	$	(0.25	)
Fully diluted		$	0.57		$	0.35		$	0.46		$	(2.16	)	$	(0.25	)
AFFO per share:
Basic		$	0.93		$	0.42		$	0.48		$	0.39		$	0.32
Fully diluted (e)		$	0.68		$	0.31		$	0.35		$	0.29		$	0.27

(a)

Intangible assets reflected our investment in our crowdfunding platform which was impaired in the fourth quarter of 2021 due to our decision to terminate our crowdfunding operations. Goodwill, which relates to the 2019 acquisition of our former sponsor’s crowdfunding platform, was impaired in the first quarter of 2022 in accordance with GAAP given that the market value of our common stock was materially below our historical net asset value and the book value of our equity.

(b)

Stock compensation expense includes (i) amortization of the Class P OP Units granted to our Chief Executive Officer and Chief Financial Officer on December 31, 2019; (ii) amortization of the Class R OP Units granted to all of our employees, including the Chief Executive Officer and Chief Financial Officer, on January 25, 2021; and (iii) stock granted to our independent directors each quarter as partial consideration for their service as directors.

(c)	Deferred financing costs for the first quarter of 2022 primarily reflect non-cash write-offs of such costs upon refinancing 20 mortgages with the KeyBank credit facility and mortgage repayments related to four asset sales.

(d)

Abandoned pursuit costs for the first quarter of 2022 primarily reflect the write-off of due diligence costs incurred due to our decision not to extend the February 18, 2022 termination date for our agreement to purchase a portfolio of 10 properties leased to Walgreens, which we abandoned due to inability to obtain the mortgage servicer's approval prior to the contract termination date and changes in market conditions.

(e)	AFFO for the fourth quarter of 2022 includes an early termination fee of $3,751,984 received from Sutter Health..

(f)

The increase in diluted shares outstanding beginning in the first quarter of 2022 primarily reflects the issuance of 1,312,382 Class C interests in our operating partnership (OP Units”) as partial consideration for the acquisition of a retail property located on Interstate 405 in Carson, CA, leased to a KIA auto dealership.

(g)

Includes the Class C, Class M, Class P and Class R OP Units to compute the weighted average number of shares for each of the four quarters ended in 2022 presented above and the Class M, Class P and Class R OP Units to compute the weighted average number of shares for the quarter ended in 2021 presented above.

Modiv Inc.

Adjusted EBITDA - Last Five Quarters

(Unaudited)

		Three Months Ended
		December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Net (loss) income (in accordance with GAAP)		$	720,735		$	4,450,767		$	2,390,344		$	(12,073,164	)	$	(2,178,469	)

Add:	Depreciation and amortization		4,347,809			3,598,592			3,682,681			3,300,492			3,449,407
	Depreciation and amortization for unconsolidated investment in a real estate property		203,554			192,551			190,468			190,468			189,439
	Interest expense		2,826,490			2,514,838			1,197,155			1,568,175			1,874,867
	Loss on early extinguishment of debt (a)		—			—			—			1,725,318			—
	Interest expense on unconsolidated investment in real estate property		98,073			98,624			98,135			97,645			100,257
	Impairment of real estate investment property (b)		2,080,727			—			—			—			—
	Impairment of goodwill and intangible assets (c)		—			—			—			17,320,857			3,767,190
	Stock compensation		660,171			549,240			679,747			511,865			629,542
	Acquisition fees and due diligence expenses, including abandoned pursuit costs		25,051			44,863			4,639			586,669			(16,100	)
Less:	Gain on sale of real estate investments		(669,185	)		(3,932,029	)		(720,071	)		(6,875,086	)		(2,338,904	)
	Adjusted EBITDA	$	10,293,425		$	7,517,446		$	7,523,098		$	6,353,239		$	5,477,229

Annualized adjusted EBITDA		$	41,173,698		$	30,069,783		$	30,092,392		$	25,412,956		$	21,908,916

Net debt:
Debt		$	197,515,009		$	201,365,536		$	201,425,173		$	165,509,220		$	183,033,756
	Debt of unconsolidated investment in real estate property (d)		9,487,515			9,487,515			9,599,182			9,653,689			9,709,710
	Cash and restricted cash		(8,608,649	)		(5,726,888	)		(11,705,449	)		(25,344,063	)		(58,407,520	)
	Cash of unconsolidated investment in real estate property (d)		(218,424	)		(341,007	)		(585,357	)		(458,948	)		(502,041	)
		$	198,175,450		$	204,785,156		$	198,733,549		$	149,359,898		$	133,833,905

Net debt / Adjusted EBITDA			4.8x			6.8x			6.6x			5.9x			6.1x

(a)

Loss on early extinguishment of debt includes non-recurring charges for (i) $1,164,998 in non-cash write-offs of deferred financing costs upon refinancing 20 mortgages and the prior credit facility with the KeyBank credit facility and mortgage repayments related to four asset sales; (ii) $615,336 of mortgage prepayment fees; and (iii) $733,000 of swap termination fees related to refinancing four mortgages with the KeyBank credit facility and the related write-off of unrealized valuation losses of $788,016.

(b)	Impairment of real estate investment property represents an impairment charge for a property located in Rocklin, California to reflect its net realizable value as a result of its reclassification to asset held for sale. The sale of this property is expected to close by March 31, 2023.

(c)

(d)	Includes our approximate 72.71% pro rata share of the tenant-in-common's mortgage note payable and cash.

Modiv Inc.

Leverage Ratio

(Unaudited)

In connection with entering into the KeyBank credit facility on January 18, 2022, we modified the calculation of our leverage ratio to conform with the definition used in our KeyBank credit facility as set forth below.

	December 31, 2022			December 31, 2021 (d)
Total Asset Value
Cash and cash equivalents (a)	$	8,608,649		$	58,407,520
Borrowing base value (b)		408,598,973			362,497,305
Other real estate value (c)		97,340,000			130,670,000
Pro-rata share of unconsolidated investment		28,582,595			28,728,063
Total asset value	$	543,130,217		$	580,302,888

Indebtedness
Credit facility revolver	$	3,000,000		$	55,775,000
Credit facility term loan		150,000,000			100,000,000
Mortgage debt (c)		44,515,009			66,833,439
Pro-rata share of unconsolidated investment		9,487,515			9,709,710
Total indebtedness	$	207,002,524		$	232,318,149

Leverage Ratio		38	%		40	%

(a)	The decrease in cash and cash equivalents primarily reflects the use of cash to fund a portion of the acquisitions in 2022.

(b)

The increase in the borrowing base value reflects the additions of (i) eight industrial properties acquired in April 2022 which are leased to Lindsay Precast and (ii) the Producto and Valtir acquisitions in July and August 2022. These additions were partially offset by the three office properties sold in June, August and September 2022 and one retail property sold in December 2022.

(c)	The decrease in other real estate value and mortgage debt primarily reflects the four property dispositions in February 2022.

Modiv Inc.

Capitalization as of December 31, 2022

(Unaudited)

PREFERRED EQUITY
7.375% Series A Cumulative Redeemable Perpetual Preferred Stock	$	50,000,000
% of Total Capitalization		14	%

COMMON EQUITY
Shares of Class C Common Stock		7,512,353
OP Units (Class M, Class P, Class R and Class C)		2,818,689
Total Class C Common Stock and OP Units		10,331,042
Price Per Share / Unit at December 31, 2022	$	12.00
IMPLIED EQUITY MARKET CAPITALIZATION	$	123,972,504
% of Total Capitalization		33	%

DEBT
Mortgage Debt
Costco Property	$	18,850,000
Taylor Fresh Foods Property		12,350,000
Sutter Health Property		13,315,009
Total Mortgage Debt	$	44,515,009
KeyBank Credit Facility
Revolver	$	3,000,000
Term Loan (a) & (b)		150,000,000
Total Credit Facility	$	153,000,000
TOTAL DEBT	$	197,515,009
% of Total Capitalization		53	%
% of Total Debt - Floating Rate Debt		2	%
% of Total Debt - Fixed Rate Debt (a) & (b)		98	%
% of Total Debt		100	%
ENTERPRISE VALUE
Total Capitalization	$	371,487,513
Less: Cash and Cash Equivalents		(8,608,649	)
Enterprise Value	$	362,878,864

(a)

On May 10, 2022, we purchased a five-year swap at 2.258% on our $150,000,000 term loan that results in a fixed interest rate of 3.858% when our leverage ratio is less than or equal to 40%. As part of this transaction, we sold a one-time option to terminate the swap on December 31, 2024, which reduced the swap rate. Under our Credit Agreement, the interest rate will continue to vary based on our leverage ratio.

(b)

On October 26, 2022, we purchased another five-year swap at 3.440% on our $100,000,000 term loan commitment that will result in a fixed interest rate of 5.04% when our leverage ratio is less than or equal to 40%. As part of this transaction, we sold a one-time option to terminate the swap on December 31, 2024, which reduced the swap rate. Under our Credit Agreement, the interest rate will continue to vary based on our leverage ratio.

Modiv Inc.

Consolidated Balance Sheets

(Unaudited)

	December 31, 2022			December 31, 2021
Assets
Real estate investments:
Land	$	103,657,237		$	61,005,402
Buildings and improvements		329,867,099			250,723,446
Equipment		4,429,000			—
Tenant origination and absorption costs		19,499,749			22,027,054
Total investments in real estate property		457,453,085			333,755,902
Accumulated depreciation and amortization		(46,752,322	)		(37,611,133	)
Total investments in real estate property, net		410,700,763			296,144,769
Unconsolidated investment in a real estate property		10,007,420			9,941,338
Total real estate investments excluding real estate investments held for sale, net		420,708,183			306,086,107
Real estate investments held for sale, net		5,255,725			31,510,762
Total real estate investments, net		425,963,908			337,596,869
Cash and cash equivalents		8,608,649			55,965,550
Restricted cash		—			2,441,970
Receivable from sale of early termination of lease		—			1,836,767
Tenant receivables		8,859,329			5,996,919
Above-market lease intangibles, net		1,850,756			691,019
Prepaid expenses and other assets		6,100,937			5,856,255
Interest rate swap derivative		4,629,702			—
Assets related to real estate investments held for sale		12,765			788,296
Goodwill		—			17,320,857
Total assets	$	456,026,046		$	428,494,502
Liabilities and Equity
Mortgage notes payable, net	$	44,435,556		$	152,223,579
Mortgage notes payable related to real estate investments held for sale, net		—			21,699,912
Total mortgage notes payable, net		44,435,556			173,923,491
Credit facility revolver		3,000,000			8,022,000
Credit facility term loan, net		148,018,164			—
Accounts payable, accrued and other liabilities		9,245,933			11,844,881
Below-market lease intangibles, net		9,675,686			11,102,940
Interest rate swap derivatives		498,866			788,016
Liabilities related to real estate investments held for sale		117,881			383,282
Total liabilities		214,992,086			206,064,610

Commitments and contingencies

7.375% Series A cumulative redeemable perpetual preferred stock, $0.001 par value, 2,000,000 shares authorized, issued and outstanding as of December 31, 2022 and 2021		2,000			2,000
Class C common stock, $0.001 par value, 300,000,000 shares authorized, 7,762,506 shares issued and 7,512,353 shares outstanding as of December 31, 2022 and 7,426,636 shares issued and outstanding as of December 31, 2021		7,762			7,427
Class S common stock, $0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 63,768 shares issued and outstanding as of December 31, 2021		—			64
Additional paid-in-capital		278,349,384			273,441,831
Treasury stock, at costs, 250,153 shares held as of December 31, 2022 and no shares as of December 31, 2021		(4,161,618	)		—
Cumulative distributions and net losses		(117,949,240	)		(101,624,430	)
Accumulated other comprehensive income		3,502,616			—
Total Modiv Inc. equity		159,750,904			171,826,892
Noncontrolling interests in the Operating Partnership		81,283,056			50,603,000
Total equity		241,033,960			222,429,892
Total liabilities and equity	$	456,026,046		$	428,494,502

Modiv Inc.

Debt Overview

(Unaudited)

	Outstanding Balance
Collateral	December 31, 2022			December 31, 2021			Contractual Interest Rate			Effective Interest Rate			Loan Maturity
Mortgage Notes:
Costco property	$	18,850,000		$	18,850,000			4.85	%		4.85	%	1/1/30
Taylor Fresh Foods property		12,350,000			12,350,000			3.85	%		3.85	%	11/1/29
Sutter Health property		13,315,009			13,597,120			4.50	%		4.50	%	3/9/24
Various mortgage notes repaid on January 18, 2022 (a)		—			108,178,317		Various			Various			Various
		44,515,009			152,975,437
Plus unamortized mortgage premium		119,245			204,281
Less unamortized deferred financing costs		(198,698	)		(956,139	)
Mortgage notes payable, net		44,435,556			152,223,579

KeyBank Credit Facility:
Revolver (a)		3,000,000			—		(b)			(b)			1/18/26
Term loan (a)(d)(e)		150,000,000			—		(c)			(c)			1/18/27
Bank of California Credit Facility (a)		—			8,022,000		(f)			(f)			n/a
Total Credit Facility		153,000,000			8,022,000
Less unamortized deferred financing costs		(1,981,836	)		(100,080	)
		151,018,164			7,921,920
Total debt, net	$	195,453,720		$	160,145,499

(a)

On January 18, 2022, we refinanced 20 mortgage notes and our prior credit facility with the KeyBank Credit Facility. During the second quarter of 2022, we borrowed $44,000,000 to fund the Lindsay Acquisition, drew the remaining $50,000,000 available under the Term loan commitment and reduced the Revolver to $6,775,000 in June 2022 to reduce interest expense. During the third quarter of 2022, we borrowed $28,000,000 to fund the Producto and Valtir acquisitions in July 2022 and made $28,000,000 in principal payments on the Revolver in September with cash generated by office property sales during the quarter to reduce interest expense. During the fourth quarter, a repayment of $3,775,000 was made on the Revolver utilizing proceeds from the Sutter Health early termination fee.

(b)

The interest rate on the Revolver is based on our leverage ratio at the end of the prior quarter. With our leverage ratio at 38% as of September 30, 2022, the spread over the Secured Overnight Financing Rate (‘‘SOFR’’), including a 10 basis point credit adjustment, is 165 basis points and the interest rate on the Revolver was 5.96% as of December 31, 2022. We also pay an annual unused fee of up to 25 basis points on the Revolver, depending on the daily amount of the unused commitment.

(c)

On May 10, 2022, we purchased a five-year swap at 2.258% on the $150,000,000 term loan that results in a fixed interest rate of 3.858% when our leverage ratio is less than or equal to 40%. As part of this transaction, we agreed to a one-time option to terminate the swap on December 31, 2024, which reduced the swap rate. Under our Credit Facility, the interest rate will continue to vary based on our leverage ratio.

(d)

On October 21, 2022, we exercised the accordion feature of our Credit Facility. Our Credit Facility was increased to $400,000,000 and is comprised of a $150,000,000 Revolver and a $250,000,000 Term Loan. The Credit Facility includes an updated accordion option that allows us to request additional Revolver and Term Loan lender commitments up to a total of $750,000,000. On December 20, 2022, the Credit Agreement was amended to allow us to draw on the additional $100,000,000 Term Loan commitment up to five times between December 20, 2022 and April 19, 2023 in exchange for a quarterly unused fee.

(e)

(f)

Under the terms of the prior credit facility with Bank of California, we paid a variable rate of interest on outstanding amounts equal to one percentage point over the prime rate published in The Wall Street Journal, provided that the interest rate in effect on any one day was not less than 4.75% per annum.

Modiv Inc.

Covenants

Credit Facility and Mortgage Notes Covenants

The following is a summary of key financial covenants for our credit facility and mortgage notes, as defined and calculated per the terms of the facility's credit agreement and the mortgage notes' governing documents, respectively, which are included in our filings with the U.S. Securities and Exchange Commission. These calculations, which are not based on U.S. GAAP measurements are presented to demonstrate that as of December 31, 2022, we believe we are in compliance with the covenants.

Unsecured Credit Facility Covenants	Required		December 31, 2022
Maximum leverage ratio	<60%			38%
Minimum fixed charge coverage ratio	>1.50x			2.00x
Maximum secured indebtedness ratio		40%		8%
Minimum consolidated tangible net worth	$	210,760,509		$	289,242,981
Minimum investment grade tenants in borrowing base		30%		41%
Weighted average lease term (years)		7		13

Mortgage Notes Key Covenants	Debt service coverage ratio	December 31, 2022
Costco property	N.A.	N.A.
Taylor Fresh Foods property	1.5	3.4
Sutter Health property	1.4	2.4

Modiv Inc.

Real Estate Acquisitions

(Unaudited)

The following table summarizes our property acquisition activity during each of last five quarters ended December 31, 2022.

Q4 2022

Tenant and Location

Property
Type

Area

(Square Feet)

Lease

Terms (Years)

Annual Rent

Increase

Acquisition

Price

Initial Cap

Rate

Weighted

Average

Cap Rate

None

—

Q3 2022

Tenant and Location	Property Type	Area (Square Feet)		Lease Terms (Years)			Annual Rent Increase			Acquisition Price		Initial Cap Rate			Weighted Average Cap Rate
Producto, two properties acquired in upstate New York	Industrial		72,373		20.0			2.0	%	$	5,343,862		7.21	%		8.8	%
Valtir, four properties acquired in Ohio, South Carolina, Texas and Utah	Industrial		293,612		20.0	(a)		2.3	%		23,375,000		7.70	%		9.7	%
			365,985							$	28,718,862					9.5	%

Q2 2022
Tenant and Location	Property Type	Area (Square Feet)		Lease Terms (Years)		Annual Rent Increase			Acquisition Price		Initial Cap Rate			Weighted Average Cap Rate
Lindsay Precast, eight properties acquired in Colorado (3), Ohio (2), North Carolina, South Carolina and Florida	Industrial		618,195		25.0		2.0	%	$	56,150,000		6.65	%		8.5	%

Q1 2022
Tenant and Location	Property Type	Area (Square Feet)		Lease Terms (Years)		Annual Rent Increase			Acquisition Price		Initial Cap Rate			Weighted Average Cap Rate
KIA, Carson, CA	Retail		72,623		25.0		2.0	%	$	69,275,000		5.7	%		7.3	%
Kalera, Saint Paul, MN	Industrial		78,857		20.0		2.5	%		8,079,000		7.0	%		8.9	%
			151,480						$	77,354,000					8.1	%

Q4 2021
Tenant and Location	Property Type	Area (Square Feet)		Lease Terms (Years)		Annual Rent Increase			Acquisition Price		Initial Cap Rate			Weighted Average Cap Rate
Arrow Tru-Line, Archbold, OH	Industrial		206,155		20.0		2.0	%	$	11,460,000		6.7	%		8.1	%

(a)	The South Carolina and Ohio properties have a 25-year master lease and the Texas and Utah properties have a 15-year master lease.

Modiv Inc.

Real Estate Dispositions

(Unaudited)

The following table summarizes our property disposition activity during each of last five quarters ended December 31, 2022.

Q4 2022
Tenant and Location	Property Type	Area (Square Feet)		Acquisition Price		Disposition Price		Net Book Value		Disposition Costs		Gain on Sale		Cap Rate
Raising Cane's, San Antonio, TX	Retail		3,853	$	3,644,221	$	4,313,045	$	3,504,097	$	139,763	$	669,185		5.7	%

Q3 2022
Tenant and Location	Property Type	Area (Square Feet)		Acquisition Price		Disposition Price		Net Book Value		Disposition Costs		Gain on Sale		Cap Rate
Williams Sonoma, Summerlin, NV	Office		35,867	$	7,211,012	$	9,300,000	$	7,339,316	$	335,748	$	1,624,936		7.4	%
Wyndham, Summerlin, NV	Office		41,390		10,116,502		12,900,000		9,960,478		632,429		2,307,093		7.4	%
			77,257	$	17,327,514	$	22,200,000	$	17,299,794	$	968,177	$	3,932,029		7.4	%

Q2 2022
Tenant and Location	Property Type	Area (Square Feet)		Acquisition Price		Disposition Price		Net Book Value		Disposition Costs		Gain on Sale		Cap Rate
EMCOR, Cincinnati, OH	Office		39,385	$	6,138,538	$	6,525,000	$	5,625,571	$	179,358	$	720,071		7.8	%

Q1 2022
Tenant and Location	Property Type	Area (Square Feet)		Acquisition Price		Disposition Price		Net Book Value		Disposition Costs		Gain on Sale		Cap Rate
Bon Secours, Richmond, VA	Office		72,890	$	10,842,907	$	10,200,000	$	9,919,061	$	252,344	$	28,595		8.1	%
Omnicare, Richmond, VA	Flex		51,800		7,324,370		8,760,000		6,650,887		218,489		1,890,624		6.8	%
Texas Health, Dallas, TX	Office		38,794		7,689,924		7,040,000		6,784,168		168,352		87,480		7.9	%
Accredo, Orlando, FL	Office		63,000		10,710,500		14,000,000		8,682,338		449,275		4,868,387		7.3	%
			226,484	$	36,567,701	$	40,000,000	$	32,036,454	$	1,088,460	$	6,875,086		7.5	%

Q4 2021
Tenant and Location	Property Type	Area (Square Feet)		Acquisition Price		Disposition Price		Net Book Value		Disposition Costs		Gain on Sale		Cap Rate
Harley Davidson, Bedford, TX	Retail		70,960	$	13,178,286	$	15,270,000	$	12,541,067	$	390,029	$	2,338,904		6.2	%

Modiv Inc.

Top 10 Tenants

(Unaudited)

Tenant	Industry	ABR		ABR as a Percentage of Total Portfolio			Area (Square Feet)		Square Feet as a Percentage of Total Portfolio
KIA of Carson	Retail	$	3,984,941		12	%		72,623		2	%
Lindsay	Industrial		3,783,930		11	%		618,195		20	%
Costco Wholesale	Office		2,362,956		7	%		97,191		3	%
AvAir	Industrial		2,318,570		7	%		162,714		5	%
3M	Industrial		1,856,419		6	%		410,400		13	%
Valtir	Industrial		1,814,847		5	%		293,612		9	%
Taylor Fresh Foods	Industrial		1,638,884		5	%		216,727		7	%
FUJIFILM Dimatix (a)	Industrial		1,630,916		5	%		91,740		3	%
Cummins	Office		1,520,789		4	%		87,230		3	%
Northrop Grumman (b)	Industrial		1,274,437		4	%		107,419		3	%
Total Top 10 Tenants		$	22,186,689		66	%		2,157,851		68	%

(a)	Reflects our approximate 72.71% tenant-in-common interest (“TIC Interest”).

(b)	Reclassified on December 31, 2022 to industrial property from office property to reflect the lessee's change in use since a majority of the square footage of the property is now being used as laboratory space.

Modiv Inc.

Property Type

(Unaudited)

Property	Number of Properties		ABR		ABR as a Percentage of Total Portfolio			Area (Square Feet)		Square Feet as a Percentage of Total Portfolio
Industrial, including TIC Interest (1)		27	$	19,982,934		59	%		2,541,792		80	%
Retail		12		6,702,239		20	%		230,176		7	%
Office (1)		7		6,982,193		21	%		401,291		13	%
Total Properties		46	$	33,667,366		100	%		3,173,259		100	%

(1)	One property was reclassified on December 31, 2022 to industrial from office to reflect the lessee's change in use since a majority of the square footage of the property is now being used as laboratory space.

Modiv Inc.

Tenant Industry Diversification

(Unaudited)

Industry	Number of Properties		ABR		ABR as a Percentage of Total Portfolio			Area (Square Feet)		Square Feet as a Percentage of Total Portfolio
Automobile & Components		2	$	4,549,518		13	%		148,623		5	%
Transportation		5		4,133,417		12	%		456,326		14	%
General Retailers		11		3,801,253		11	%		204,744		6	%
Precast Concrete		8		3,783,928		11	%		618,195		19	%
Manufacturing		5		3,585,653		10	%		430,395		14	%
Food, Beverage & Tobacco		2		2,217,374		7	%		295,584		9	%
Technology Hardware & Equipment		2		2,215,635		7	%		130,240		4	%
Defense		2		2,126,623		6	%		153,633		5	%
Materials		1		1,856,419		6	%		410,400		13	%
Government		2		1,593,142		5	%		117,606		4	%
Commercial & Professional Services		2		1,566,981		5	%		70,567		2	%
Consumer Services		1		924,000		3	%		50,000		2	%
Pharmaceuticals, Biotechnology & Life Sciences		1		645,900		2	%		20,800		1	%
Energy		1		565,643		2	%		26,036		1	%
Consumer Durables and Apparel		1		101,880		—	%		40,110		1	%
Total		46	$	33,667,366		100	%		3,173,259		100	%

Modiv Inc.

Tenant Geographic Diversification

(Unaudited)

State	Number of Properties		ABR		ABR as a Percentage of Total Portfolio			Area (Square Feet)		Square Feet as a Percentage of Total Portfolio
California		13	$	11,964,073		36	%		600,395		19	%
Arizona		2		3,957,454		12	%		379,441		12	%
Ohio		7		3,133,160		9	%		644,021		20	%
Florida		3		2,689,529		8	%		237,329		8	%
Washington		1		2,362,956		7	%		97,191		3	%
Illinois		1		1,856,419		5	%		410,400		13	%
Tennessee		1		1,520,789		5	%		87,230		3	%
North Carolina		2		1,369,728		4	%		134,576		4	%
Texas		3		1,234,022		4	%		91,913		3	%
South Carolina		2		880,764		3	%		129,909		4	%
Colorado		3		835,446		2	%		98,994		3	%
Minnesota		1		578,490		2	%		78,857		3	%
Utah		1		501,065		1	%		72,498		2	%
New York		2		388,466		1	%		72,373		2	%
Maine		2		205,400		1	%		18,126		1	%
Georgia		1		103,607		—	%		10,906		—	%
Pennsylvania		1		85,998		—	%		9,100		—	%
Total		46	$	33,667,366		100	%		3,173,259		100	%

Modiv Inc.

Lease Expirations

(Unaudited)

10 Years and Thereafter Lease Expirations

As of December 31, 2022
Year	Number of Leases Expiring		Leased Square Footage Expiring		Percentage of Leased Square Footage Expiring			Cumulative Percentage of Leased Square Footage Expiring			Annualized Base Rent Expiring		Percentage of Annualized Base Rent Expiring			Cumulative Percentage of Annualized Base Rent Expiring
2023		2		116,110		3.7	%		3.7	%		311,455		0.9	%		0.9	%
2024		1		87,230		2.8	%		6.5	%		1,520,789		4.5	%		5.4	%
2025		4		154,933		4.9	%		11.4	%		3,678,106		10.9	%		16.3	%
2026		5		280,740		8.8	%		20.2	%		4,808,337		14.3	%		30.6	%
2027		1		64,637		2.0	%		22.2	%		898,954		2.7	%		33.3	%
2028		1		18,827		0.6	%		22.8	%		341,972		1.0	%		34.3	%
2029		3		134,714		4.2	%		27.0	%		2,360,905		7.0	%		41.3	%
2030		5		45,278		1.4	%		28.4	%		463,363		1.4	%		42.7	%
2031		—		—		—	%		28.4	%		—		—	%		42.7	%
2032		2		177,204		5.6	%		34.0	%		2,687,570		8.0	%		50.7	%
Thereafter		22		2,093,586		66.0	%		100.0	%		16,595,915		49.3	%		100.0	%
Total		46		3,173,259		100.0	%				$	33,667,366		100.0	%

Modiv Inc.

Disclosures Regarding Non-GAAP and Other Metrics

Notice Involving Non-GAAP Financial Measures

In addition to U.S. GAAP financial measures, this supplemental report contains and may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures and statements of why management believes these measures are useful to investors are provided below.

Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”)

In order to provide a more complete understanding of the operating performance of a REIT, the National Association of Real Estate Investment Trusts (“Nareit”) promulgated a measure known as FFO. FFO is defined as net income or loss computed in accordance with GAAP, excluding extraordinary items, as defined by GAAP, and gains and losses from sales of depreciable operating property, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), and after adjustment for unconsolidated partnerships, joint ventures and preferred distributions. Because FFO calculations adjust for such items as depreciation and amortization of real estate assets and gains and losses from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), they facilitate comparisons of operating performance between periods and between other REITs. As a result, we believe that the use of FFO, together with the required GAAP presentations, provides a more complete understanding of our performance relative to our competitors and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. It should be noted, however, that other REITs may not define FFO in accordance with the current Nareit definition or may interpret the current Nareit definition differently than we do, making comparisons less meaningful.

We also believe that AFFO is a recognized measure of sustainable operating performance by the REIT industry. Further, we believe AFFO is useful in comparing the sustainability of our operating performance with the sustainability of the operating performance of other real estate companies. We believe that AFFO is a beneficial indicator of our ongoing portfolio performance and ability to sustain our current distribution level. More specifically, AFFO isolates the financial results of our operations. AFFO, however, is not considered an appropriate measure of historical earnings as it excludes certain significant costs that are otherwise included in reported earnings. Further, since the measure is based on historical financial information, AFFO for the period presented may not be indicative of future results or our future ability to pay our dividends. By providing FFO and AFFO, we present information that assists investors in aligning their analysis with management’s analysis of long-term operating activities.

For all of these reasons, we believe the non-GAAP measures of FFO and AFFO, in addition to income (loss) from operations, net income (loss) and cash flows from operating activities, as defined by GAAP, are helpful supplemental performance measures and useful to investors in evaluating the performance of our real estate portfolio. However, a material limitation associated with FFO and AFFO is that they are not indicative of our cash available to fund distributions since other uses of cash, such as capital expenditures at our properties and principal payments of debt, are not deducted when calculating FFO and AFFO. AFFO is useful in assisting management and investors in assessing our ongoing ability to generate cash flow from operations and continue as a going concern in future operating periods. However, FFO and AFFO are not useful measures in evaluating NAV because impairments are taken into account in determining NAV but not in determining FFO and AFFO. Therefore, FFO and AFFO should not be viewed as a more prominent measure of performance than income (loss) from operations, net income (loss) or cash flows from operating activities and each should be reviewed in connection with GAAP measurements.

Neither the SEC, Nareit, nor any other applicable regulatory body has opined on the acceptability of the adjustments contemplated to adjust FFO in order to calculate AFFO and its use as a non-GAAP performance measure. In the future, the SEC or Nareit may decide to standardize the allowable exclusions across the REIT industry, and we may have to adjust the calculation and characterization of this non-GAAP measure. Furthermore, as described in the notes to our unaudited condensed consolidated financial statements, the conversion ratios for units of Class M limited partnership interest in the Operating Partnership, units of Class P limited partnership interest in the Operating Partnership and units of Class R limited partnership interest (“Class R OP Units”) in the Operating Partnership can increase if the specified performance hurdles are achieved.

Adjusted EBITDA

We define Adjusted EBITDA as GAAP net income or loss adjusted to exclude depreciation and amortization, gains or losses from the sales of depreciable property, extraordinary items, provisions for impairment on investment in real estate and goodwill and intangibles, interest expense, non-cash items such as non-cash compensation expenses and write-offs of transaction costs and other one-time transactions. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. EBITDA is not a measure of financial performance under GAAP, and our EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA as an alternative to net income or cash flows from operating activities determined in accordance with GAAP.

Net Debt

We define Net Debt as gross debt less cash and cash equivalents and restricted cash.

Leverage Ratio

We define our Leverage Ratio as total debt as a percentage of the aggregate fair value of our real estate properties, including our proportionate interest in real estate owned by unconsolidated entities, plus our cash and cash equivalents.

Annualized Base Rent (“ABR”)

ABR represents contractual annual base rent for the next 12 months.

Initial Cap Rate

We define “initial cap rate” for property acquisitions as the initial annual cash rent divided by the purchase price of the property.

Weighted Average Cap Rate

We define “weighted average cap rate” for property acquisitions as the average annual cash rent including rent escalations over the lease term, divided by the purchase price of the property.

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Document and Entity Information

Feb. 23, 2023

Entity Listings [Line Items]

Document Type 8-K

Amendment Flag false

Document Period End Date Feb. 23, 2023

Entity File Number 001-40814

Entity Registrant Name Modiv Inc.

Entity Central Index Key 0001645873

Entity Incorporation, State or Country Code MD

Entity Tax Identification Number 47-4156046

Entity Address, Address Line One 200 S. Virginia Street

Entity Address, Address Line Two Suite 800

Entity Address, City or Town Reno

Entity Address, State or Province NV

Entity Address, Postal Zip Code 89501

City Area Code 888

Local Phone Number 686-6348

Entity Emerging Growth Company false

Written Communications false

Soliciting Material false

Pre-commencement Tender Offer false

Pre-commencement Issuer Tender Offer false

Common Stock [Member]

Entity Listings [Line Items]

Title of 12(b) Security Class C Common Stock, $0.001 par value per share

Trading Symbol MDV

Security Exchange Name NYSE

7.375% Series A Cumulative Redeemable Perpetual Preferred [Member]

Entity Listings [Line Items]

Title of 12(b) Security 7.375% Series A Cumulative Redeemable Perpetual Preferred

Trading Symbol MDV.PA

Security Exchange Name NYSE

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Document and Entity Information	Feb. 23, 2023
Entity Listings [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 23, 2023
Entity File Number	001-40814
Entity Registrant Name	Modiv Inc.
Entity Central Index Key	0001645873
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	47-4156046
Entity Address, Address Line One	200 S. Virginia Street
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89501
City Area Code	888
Local Phone Number	686-6348
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Entity Listings [Line Items]
Title of 12(b) Security	Class C Common Stock, $0.001 par value per share
Trading Symbol	MDV
Security Exchange Name	NYSE
7.375% Series A Cumulative Redeemable Perpetual Preferred [Member]
Entity Listings [Line Items]
Title of 12(b) Security	7.375% Series A Cumulative Redeemable Perpetual Preferred
Trading Symbol	MDV.PA
Security Exchange Name	NYSE