Modiv Industrial Declares 0.28-Share GIPR Distribution; Provides Business Update on Sales and Strategic Partner

MODIV INDUSTRIAL, INC.

Declared stock distribution of 0.28 shares of GIPR common per share of MDV common stock and per Modiv OP Class C Unit, payable on/about Jan 31, 2024.
GIPR to redeem its Series A Preferred Stock for 2,794,597 shares of GIPR common; Modiv retains ~5%, distributes remainder to MDV stockholders.
One-time dividend of $1.11 of GIPR stock per MDV share, a 7.4% yield based on MDV's recent closing price.
Under contract to sell non-core office properties (Cummins in Nashville, Levins in Sacramento) and Costco industrial center in Issaquah, WA, with closings in 1Q24 and 2025.
Nine NDAs signed with potential strategic partners; ideal arrangement is a joint venture to increase float and market cap.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MODIV INDUSTRIAL, INC. amended First Amendment to the Agreement of Purchase and Sale with Generation Income Properties, L.P. valued at Modiv Industrial, Inc. entered into a First Amendment to the Agreement of Purchase and Sale, modifyi (effective 2023-12-28).

Action: amendment
Agreement: asset purchase
Counterparty: Generation Income Properties, L.P.
Value: Modiv Industrial, Inc. entered into a First Amendment to the Agreement of Purchase and Sale, modifyi
Effective: 2023-12-28

Exact text from the filing

On December 28, 2023, Modiv Industrial, Inc. (“Modiv Industrial” or the “Company”), entered into a First Amendment (the “First Amendment”) to the Agreement of Purchase and Sale by and among the Company, certain subsidiaries of the Company, Generation Income Properties, L.P., a Delaware limited partnership, and Generation Income Properties, Inc., a Maryland corporation (“GIPR”), dated August 10, 2023.

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MODIV INDUSTRIAL, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-060280

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