# EDGAR Filing Document

**Accession Number:** 0001645873
**File Stem:** 0001645873-23-000054
**Filing Date:** 2023-3
**Character Count:** 12347
**Document Hash:** 6e7571697b4183e7aea27b46a5104c0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001645873-23-000054.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001645873-23-000054

**CONFORMED SUBMISSION TYPE**: 10-K/A

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230315

**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:** 10-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40814
- **FILM NUMBER:** 23736642

**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

?xml version="1.0" ? none-20221231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________________________________________________________

**FORM 10-K/A**

**(Amendment No. 1)**

________________________________________________________

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2022** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission file number 001-40814**

________________________________________________________

**MODIV INC.**

**(Exact Name of Registrant as Specified in Its Charter)**

________________________________________________________

---

| | |
|:---|:---|
| **Maryland** | **47-4156046** |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| **200 S. Virginia Street, Suite 800**<br>**Reno, NV** | **89501** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(888) 686-6348**

**(Registrant's Telephone Number, Including Area Code)**

________________________________________________________

**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 Stock, $0.001 par value per share | MDV.PA | New York Stock Exchange |

---

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

None

________________________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | | 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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). Yes ☐ No ☒

As of June 30, 2022, the last business day of the Registrant's most recently completed second fiscal quarter, the aggregate market value of its Class C common stock held by non-affiliates was $131,302,924, calculated by reference to the closing price of the Registrant's Class C common stock on the New York Stock Exchange on June 30, 2022 of $17.68 per share.

As of February 28, 2023, there were 7,546,069 outstanding shares of the Registrant's Class C common stock.

**Documents Incorporated by Reference:**

The information that is required to be included in Part III of this Annual Report on Form 10-K is incorporated by reference to the definitive proxy statement to be filed by the registrant within 120 days of December 31, 2022. Only those portions of the definitive proxy statement that are specifically incorporated by reference herein shall constitute a part of this Annual Report on Form 10-K.

------

**EXPLANATORY NOTE**

This Amendment No. 1 on Form 10-K/A (this "Amendment") amends the Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the "2022 Form 10-K") originally filed on March 13, 2023 (the "Original Filing") by Modiv Inc. (the "Company," "we," "our," or "us"). We are filing this Amendment to provide an update to Exhibit 23.1 – Consent of Baker Tilly US, LLP to include an additional registration statement (the Registration Statement on Form S-3 (File No. 333-263985)) into which Baker Tilly US, LLP (Irvine, California) consents to the incorporation by reference of its report dated March 13, 2023 (PCAOB ID 23).

In accordance with Rules 12b-15 and 13a-14 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we have also amended Part IV, Item 15 of Form 10-K to include currently dated certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 from our principal executive officer and principal financial officer. Because no financial statements have been included in this Amendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4 and 5 of the certifications have been omitted. Similarly, because no financial statements have been included in this Amendment, certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 have been omitted.

Except as described above, no other changes have been made to the Original Filing. The Original Filing continues to speak as of the date of the Original Filing, and we have not updated the disclosures contained therein to reflect any events which occurred at a date subsequent to the filing of the Original Filing.

------

**PART IV**

**ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT AND FINANCIAL STATEMENT SCHEDULES**

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits:**

The following exhibits are included in this Amendment (and are numbered in accordance with Item 601 of Regulation S-K).

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 23.1 | <u>[Consent of Baker Tilly US, LLP](modivreit-2022x1213xaex231.htm)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](modivreit-20221231xaex311.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](modivreit-20221231xaex312.htm)</u> |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Reno, State of Nevada, on March 15, 2023.

---

| | |
|:---|:---|
| **MODIV INC.** | **MODIV INC.** |
| By: | /s/ AARON S. HALFACRE |
|  | **Aaron S. Halfacre** |
|  | *Chief Executive Officer, President and Director* |
|  | (principal executive officer) |

---

## Exhibit 23.1

&nbsp;&nbsp;&nbsp;&nbsp;

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statements on Form S-3 (File Nos. 333-252321 and 333-263985) of our report dated March 13, 2023, relating to the consolidated financial statements, which appears in this annual report on Form 10-K for the year ended December 31, 2022.

/s/ BAKER TILLY US, LLP

Irvine, California

March 13, 2023

Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.© 2020 Baker Tilly US, LLP

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Aaron S. Halfacre, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K of Modiv Inc.; and

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

---

| | | |
|:---|:---|:---|
| Date: March 15, 2023 | /s/ AARON S. HALFACRE | /s/ AARON S. HALFACRE |
| | Name: | Aaron S. Halfacre |
| | Title: | Chief Executive Officer and President |
| | | (Principal Executive Officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Raymond J. Pacini, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K of Modiv Inc.; and

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

---

| | | |
|:---|:---|:---|
| Date: March 15, 2023 | /s/ RAYMOND J. PACINI | /s/ RAYMOND J. PACINI |
| | Name: | Raymond J. Pacini |
| | Title: | Executive Vice President, Chief Financial Officer, Secretary and Treasurer |
| | | (Principal Financial Officer) |

---

<br>