Series A Preferred Stock Dividend Declaration
As previously disclosed in Modiv Inc.’s (the “Company”) Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, on November 11, 2021, the Company’s board of directors authorized and the Company declared dividends on the Company’s 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share (the “Series A Preferred Stock”), of $1,065,278 for the fourth quarter of 2021, which includes $143,403 of accrued dividends as of September 30, 2021, which are payable on January 15, 2022 (the “Fourth Quarter Dividend”). The Fourth Quarter Dividend will be payable to holders of record of the Company’s Series A Preferred Stock as of the close of business on December 31, 2021.
As previously announced, dividends on the Company’s Series A Preferred Stock accrue in an amount equal to $1.84375 per share per year or $0.46094 per share per quarter. The Fourth Quarter Dividend will be paid at a rate of $0.53264 per share which includes the period commencing on September 17, 2021, when the shares of Series A Preferred Stock were first issued, through September 30, 2021, plus the period commencing October 1, 2021 through December 31, 2021.
Safe Harbor Statement
There is no guarantee that the Company’s board of directors 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 Company’s board of directors based on the Company’s financial condition and such other factors as the board of directors 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, 2020.