Item 7.01. Regulation FD Disclosure.
Press Release
On June 20, 2023, Modiv Inc. (the "Company") issued a press release announcing
(i) the declaration of a quarterly dividend for the second quarter of 2023 on
the Company's 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock,
$0.001 par value per share (the "Series A Preferred Stock"), and (ii) the
declaration of monthly distributions on the Company's Class C common stock,
$0.001 par value per share (the "Common Stock") for July, August and September
2023, a copy of which is attached hereto as Exhibit 99.1. The information set
forth in Item 7.01 of this Current Report on Form 8-K and in the attached
Exhibit 99.1 is deemed to be "furnished" and shall not be deemed to be "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 set forth in Item 7.01 of this Current Report on Form 8-K,
including Exhibit 99.1, shall not be deemed incorporated by reference into any
filing under the Exchange Act or the Securities Act of 1933, as amended,
regardless of any general incorporation language in such filing.
Item 8.01. Other Events.
Series A Preferred Stock Dividend Declared
On June 15, 2023, the Company's Board of Directors (the "Board") authorized and
the Company declared a dividend on the Series A Preferred Stock of $921,875 for
the second quarter of 2023, which will be paid at a rate of $0.4609375 per share
on July 17, 2023 (the "Second Quarter Dividend"). The Second Quarter Dividend
will be payable to holders of record of the Company's Series A Preferred Stock
as of the close of business on June 30, 2023.
Monthly Distributions for Common Stock Declared
On June 15, 2023, the Board authorized and the Company declared a distribution
on the Common Stock, at a rate of $0.09583 per share of Common Stock, which will
be payable to holders of record of the Common Stock as of the close of business
on July 31, 2023 (the "July Dividend"). The July Dividend will be payable on or
about August 25, 2023.
Also, on June 15, 2023, the Board authorized and the Company declared a
distribution on the Common Stock at a rate of $0.09583 per share of Common
Stock, which will be payable to holders of record of the Common Stock as of the
close of business on August 31, 2023 (the "August Dividend"). The August
Dividend will be payable on or about September 25, 2023.
Also, on June 15, 2023, the Board authorized and the Company declared a
distribution on the Common Stock at a rate of $0.09583 per share of Common
Stock, which will be payable to holders of record of the Common Stock as of the
close of business on September 29, 2023 (the "September Dividend"). The
September Dividend will be payable on or about October 25, 2023.
The per share monthly distribution rate of $0.09583 per share of Common Stock is
equivalent to an annualized rate of $1.15 per share and consistent with the
annualized dividend rate paid since October 1, 2021.
Safe Harbor Statement
There is no guarantee that the Company's Board will authorize, or that the
Company will declare, additional dividends in the future, and the amount of
future dividends, if any, and the authorization and payment thereof, will be
determined by the Board based on the Company's financial condition and such
other factors as the Board deems relevant. The Company's operating performance
and the timing and amount of future dividends is subject to risks and
uncertainties as described under "Risk Factors" in the Company's Annual Report
on Form 10-K for the year ended December 31, 2022.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Modiv Inc. Press Release dated June 20 , 202 3
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded
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