RW Holdings NNN REIT, Inc. to Become Modiv Inc.
Modiv transforms industry with innovative, investor-first focus
NEWPORT BEACH, Calif., Jan. 20, 2021 (GLOBE NEWSWIRE) -- RW Holdings NNN REIT, Inc. (the “Company”), a real estate investment manager and crowdfunding platform, announced that the Company will move forward as Modiv Inc. (www.modiv.com), effective February 1, 2021. The new name reflects the evolution of the Company following a series of acquisitions, its investor-first mission, past and future product innovation, and long-term growth potential as it continues to make strategic investments in the non-listed real estate industry.
Over the past two years, a series of transformative initiatives have been completed by Modiv that first began with the hiring of Aaron Halfacre as CEO and continued with the acquisition of Rich Uncles Real Estate Investment Trust I ("Rich Uncles"), the internalization of its management team and the fintech platform from its former sponsor, and the acquisitions of the REITless and BuildingBITs crowdfunding platforms. Next steps for the organization are expected to include the introduction of additional real estate investment products, capitalizing on the continued evolution of the crowdfunding and non-traded REIT sectors, forging new investment partnerships, and making strategic investments in fintech- and proptech-related ventures.
Led by Ray Wirta as Chairman and Halfacre as CEO, Modiv is the only company to have crowdfunded, directly from individual investors, a $400 million real estate investment trust (“REIT”) that holds title to all of its properties and charges no management or performance fees. Additionally, Modiv benefits from additional growth and revenue opportunities by being the first real estate crowdfunding platform to be wholly owned by its own investors – not by venture capitalists or external principals.
“Given all the changes we have already made and the possibilities we see in the future, we felt it was time to better reflect our growth potential,” said Wirta, the Chairman of Modiv and the former Chairman and CEO of CBRE, the world’s largest real estate services company. “We believe Modiv’s portfolio of investments furthers the company’s ability to deliver value across the real estate spectrum, and we will focus on our investors being at the center of everything we do.”
“Modiv is both a pioneer and innovator within the real estate crowdfunding space. We see tremendous change coming for the industry and we believe the events of the past year have accelerated a new phase where we could see further scale achieved,” stated Halfacre, Modiv’s CEO and a veteran of over $12 billion in prior REIT merger activity. “Just as Vanguard meaningfully improved the mutual fund industry, we are on a mission to reimagine real estate and create a leading alternative investment manager of commercial real estate products that champions the individual investor by reducing high fees, eliminates conflicts of interest and embraces strong corporate governance – aspects that have far too often been overlooked or ignored in the non-listed real estate industry.”
Modiv is unique in the industry by virtue of its highly experienced internal management team and board of directors. Each of the six most senior members of its management team average more than 25 years of real estate leadership experience and the seven members of its distinguished board of directors hold the distinction of currently and/or previously serving in roles such as Chairman, Chief Executive Officer, President, Chief Financial Officer and Chief Investment Officer for more than 12 public and private real estate companies (including eight publicly listed REITs) that were responsible for managing nearly $200 billion in real estate assets in total during their respective tenures.
Rich Uncles, the public-facing brand acquired by the Company alongside its merger with Rich Uncles REIT I in 2019, will no longer be used after February 1, 2021. Those interested in learning more about Modiv are encouraged to visit www.modiv.com for information updates on the progress of its innovative, investor-first mission, with additional details being provided in the coming weeks.
Modiv Inc., the largest crowdfunded equity real estate investment trust (REIT) in the United States, is reimagining real estate ownership. As the first real estate crowdfunding platform to be completely investor-owned, Modiv is on a mission to be the champion for the investor through its combination of low fees and investor-centric corporate governance in order to create better – and easier – ways to invest in real estate. As of December 31, 2020, Modiv’s publicly registered, non-listed portfolio consisted of 40 commercial real estate properties in 14 states including 15 retail, 14 office and 11 industrial properties, as well as a 72.7% tenant-in-common interest in an office property, with more than 2.3 million square feet of aggregate leasable space.
Certain statements contained herein, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act, Section 21E of the Exchange Act and other applicable law. Such statements include, in particular, statements about expanding crowdfunding opportunities, new investment partnerships and potential new investment opportunities. Therefore, such statements are not guarantees of future results and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control, are difficult to predict and could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Accordingly, the Company makes no representation or warranty, express or implied, about the accuracy of any such forward-looking statements contained hereunder. Except as otherwise required by federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results, whether as a result of new information, future events or otherwise.
Released January 20, 2021