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Schedule III Real Estate Assets and Accumulated Depreciation and Amortization (FY)
 12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate Assets and Accumulated Depreciation and Amortization


MODIV INC.
(f/k/a RW HOLDINGS NNN REIT, INC.)
Schedule III
Real Estate Assets and Accumulated Depreciation and Amortization
December 31, 2020
 
                         
Initial Cost to Company
          
Gross Amount at Which Carried at Close of Period
              
Description
  
Location
  
Original
Year
of
Construction
    
Date
Acquired
    
Encumbrances
    
Land
    
Buildings &
Improvements
(1)
    
Total
    
Costs
Capitalized
Subsequent
to
Acquisition
    
Land
    
Buildings &
Improvements
(1)
    
Total
    
Accumulated
Depreciation
and
Amortization
    
Net
  
Accredo Health
  
Orlando, FL
  
2006
      
2016-06-15
    
$
8,538,000
    
$
1,706,641
    
$
9,003,859
    
$
10,710,500
    
$
414,698
    
$
1,706,641
    
$
9,418,557
    
$
11,125,198
    
$
(2,221,380
)
  
$
8,903,818
  
Dollar General
  
Litchfield, ME
  
2015
      
2016-11-04
      
622,884
      
293,912
      
1,104,202
      
1,398,114
      
—
      
293,912
      
1,104,202
      
1,398,114
      
(166,006
)
    
1,232,108
  
Dollar General
  
Wilton, ME
  
2015
      
2016-11-04
      
627,992
      
212,036
      
1,472,393
      
1,684,429
      
—
      
212,036
      
1,472,393
      
1,684,429
      
(212,451
)
    
1,471,978
  
Dollar General
  
Thompsontown, PA
  
2015
      
2016-11-04
      
627,992
      
217,912
      
1,088,678
      
1,306,590
      
—
      
217,912
      
1,088,678
      
1,306,590
      
(159,501
)
    
1,147,089
  
Dollar General
  
Mt. Gilead, OH
  
2015
      
2016-11-04
      
622,884
      
283,578
      
1,002,457
      
1,286,035
      
—
      
283,578
      
1,002,457
      
1,286,035
      
(152,925
)
    
1,133,110
  
Dollar General
  
Lakeside, OH
  
2015
      
2016-11-04
      
622,884
      
176,515
      
1,037,214
      
1,213,729
      
—
      
176,515
      
1,037,214
      
1,213,729
      
(156,949
)
    
1,056,780
  
Dollar General
  
Castalia, OH
  
2015
      
2016-11-04
      
622,884
      
154,676
      
1,033,818
      
1,188,494
      
—
      
154,676
      
1,033,818
      
1,188,494
      
(152,492
)
    
1,036,002
  
Dana
  
Cedar Park, TX
  
2013
      
2016-12-27
      
4,466,865
      
1,290,863
      
8,312,917
      
9,603,780
      
(1,946,609
)
    
968,007
      
6,366,308
      
7,334,315
      
(1,835,800
)
    
5,498,515
  
Northrop Grumman
  
Melbourne, FL
  
1986
      
2017-03-07
      
5,518,589
      
1,191,024
      
12,533,166
      
13,724,190
      
—
      
1,191,024
      
12,533,166
      
13,724,190
      
(2,968,985
)
    
10,755,205
  
exp US Services
  
Maitland, FL
  
1985
      
2017-03-27
      
3,321,931
      
785,801
      
5,522,567
      
6,308,368
      
136,548
      
785,801
      
5,659,115
      
6,444,916
      
(833,278
)
    
5,611,638
  
Wyndham
  
Summerlin, NV
  
2001
      
2017-06-22
      
5,607,000
      
4,144,069
      
5,972,433
      
10,116,502
      
959,213
      
4,144,069
      
6,931,646
      
11,075,715
      
(1,170,222
)
    
9,905,493
  
Williams-Sonoma
  
Summerlin, NV
  
1996
      
2017-06-22
      
4,438,200
      
3,546,744
      
4,028,821
      
7,575,565
      
1,054,532
      
3,546,745
      
5,083,353
      
8,630,098
      
(1,058,455
)
    
7,571,643
  
Omnicare
  
Richmond, VA
  
2004
      
2017-07-20
      
4,193,171
      
800,772
      
6,523,599
      
7,324,371
      
219,818
      
800,772
      
6,743,417
      
7,544,189
      
(832,474
)
    
6,711,715
  
EMCOR
  
Cincinnati, OH
  
2010
      
2017-08-29
      
2,811,539
      
427,589
      
5,996,509
      
6,424,098
      
—
      
427,589
      
5,996,509
      
6,424,098
      
(604,163
)
    
5,819,935
  
Husqvarna
  
Charlotte, NC
  
2010
      
2017-11-30
      
6,379,182
      
974,663
      
11,879,485
      
12,854,148
      
—
      
974,663
      
11,879,485
      
12,854,148
      
(1,113,651
)
    
11,740,497
  
AvAir
  
Chandler, AZ
  
2015
      
2017-12-28
      
19,950,000
      
3,493,673
      
23,864,227
      
27,357,900
      
—
      
3,493,673
      
23,864,227
      
27,357,900
      
(2,111,134
)
    
25,246,766
  
 
3M

DeKalb, IL
  
2007
      
2018-03-29
      
8,166,000
      
758,780
      
16,360,400
      
17,119,180
      
—
      
758,780
      
16,360,400
      
17,119,180
      
(3,476,588
)
    
13,642,592
  
Cummins
  
Nashville, TN
  
2001
      
2018-04-04
      
8,332,200
      
3,347,960
      
12,654,529
      
16,002,489
      
—
      
3,347,960
      
12,654,529
      
16,002,489
      
(2,151,938
)
    
13,850,551
  
Northrop Grumman Parcel
  
Melbourne, FL
  
—
      
2018-06-21
      
—
      
329,410
      
—
      
329,410
      
—
      
329,410
      
—
      
329,410
      
—
      
329,410
  
Texas Health
  
Dallas, TX
  
1978
      
2018-09-13
      
4,363,203
      
1,827,914
      
5,862,010
      
7,689,924
      
—
      
1,827,914
      
5,862,010
      
7,689,924
      
(681,341
)
    
7,008,583
  
Bon Secours
  
Richmond, VA
  
2001
      
2018-10-31
      
5,180,552
      
1,658,659
      
9,184,248
      
10,842,907
      
346,200
      
1,658,659
      
9,530,448
      
11,189,107
      
(978,335
)
    
10,210,772
  
Costco
  
Issaquah, WA
  
1987
      
2018-12-20
      
18,850,000
      
8,202,915
      
21,825,853
      
30,028,768
      
67,165
      
8,202,915
      
21,893,018
      
30,095,933
      
(2,654,329
)
    
27,441,604
  
Taylor Fresh Foods
  
Yuma, AZ
  
2001
      
2019-10-24
      
12,350,000
      
4,312,016
      
32,776,370
      
37,088,386
      
—
      
4,312,016
      
32,776,370
      
37,088,386
      
(1,597,022
)
    
35,491,364
  
Levins
  
Sacramento, CA
  
1970
      
2019-12-31
      
2,032,332
      
1,404,863
      
3,204,715
      
4,609,578
      
41,739
      
1,404,863
      
3,246,454
      
4,651,317
      
(220,609
)
    
4,430,708
  
Dollar General
  
Bakersfield, CA
  
1952
      
2019-12-31
      
2,268,922
      
1,099,458
      
3,824,688
      
4,924,146
      
237,198
      
1,099,458
      
4,061,886
      
5,161,344
      
(147,132
)
    
5,014,212
  



The following table summarizes the Company’s real estate assets and accumulated depreciation and amortization as of December 31, 2020 and 2019:
 
MODIV INC.
(f/k/a RW HOLDINGS NNN REIT, INC.)
Schedule III
Real Estate Assets and Accumulated Depreciation and Amortization
December 31, 2020 and 2019
 
                   
Initial Cost to Company
          
Gross Amount at Which Carried at Close of Period
              
Description
Location
Original
Year
of
Construction
  
Date
Acquired
    
Encumbrances
    
Land
    
Buildings &
Improvements
(1)
    
Total
    
Costs
Capitalized
Subsequent
to
Acquisition
    
Land
    
Buildings &
Improvements
(1)
    
Total
    
Accumulated
Depreciation
and
Amortization
    
Net
  
PMI Preclinical
San Carlos, CA
1974
    
2019-12-31
    
$
4,020,418
      
4,774,497
    
$
5,243,803
    
$
10,018,300
    
$
62,099
    
$
4,774,497
    
$
5,305,902
    
$
10,080,399
    
$
(204,321
)
  
$
9,876,078
  
GSA (MSHA)
Vacaville, CA
1987
    
2019-12-31
      
1,752,092
       399,062      
2,869,790
      
3,268,852
      
86,531
      
399,062
      
2,956,321
      
3,355,383
      
(138,515
)
    
3,216,868
  
PreK Education
San Antonio, TX
2014
    
2019-12-31
      
5,037,846
      
963,044
      
11,411,964
      
12,375,008
      
520,206
      
963,044
      
11,932,170
      
12,895,214
      
(599,428
)
    
12,295,786
  
Dollar Tree
Morrow, GA
1997
    
2019-12-31
      
—
       159,829      
1,020,053
      
1,179,882
      
213,783
      
159,829
      
1,233,836
      
1,393,665
      
(70,911
)
    
1,322,754
  
Solar Turbines
San Diego, CA
1985
    
2019-12-31
      
2,777,552
       2,483,960      
4,722,578
      
7,206,538
      
210,729
      
2,483,960
      
4,933,307
      
7,417,267
      
(338,232
)
    
7,079,035
  
Wood Group
San Diego, CA
1985
    
2019-12-31
      
3,397,371
       3,461,256      
6,662,918
      
10,124,174
      
73,339
      
3,461,256
      
6,736,257
      
10,197,513
      
(565,017
)
    
9,632,496
  
ITW Rippey
El Dorado Hills, CA
1998
    
2019-12-31
      
3,039,777
       787,945      
6,392,126
      
7,180,071
      
195,459
      
787,945
      
6,587,585
      
7,375,530
      
(303,219
)
    
7,072,311
  
Dollar General
Big Spring, TX
2015
    
2019-12-31
      
599,756
       103,838      
1,114,728
      
1,218,566
      
139,468
      
103,838
      
1,254,196
      
1,358,034
      
(50,969
)
    
1,307,065
  
Gap
Rocklin, CA
1998
    
2019-12-31
      
3,569,990
       2,076,754      
5,715,144
      
7,791,898
      
946,755
      
2,076,754
      
6,661,899
      
8,738,653
      
(479,306
)
    
8,259,347
  
L-3 Communications
Carlsbad, CA
1984
    
2019-12-31
      
5,185,929
       3,552,878      
8,099,339
      
11,652,217
      
433,675
      
3,552,878
      
8,533,014
      
12,085,892
      
(470,823
)
    
11,615,069
  
Sutter Health
Rancho Cordova, CA
2009
    
2019-12-31
      
13,879,655
       2,443,240      
26,690,356
      
29,133,596
      
2,038,069
      
2,443,240
      
28,728,425
      
31,171,665
      
(1,080,349
)
    
30,091,316
  
Walgreens
Santa Maria, CA
2001
    
2019-12-31
      
3,172,846
       1,832,430      
3,512,156
      
5,344,586
      
214,801
      
1,832,430
      
3,726,957
      
5,559,387
      
(132,961
)
    
5,426,426
  
                 
176,948,438
       65,681,176      
289,524,113
      
355,205,289
      
6,665,416
      
65,358,321
      
296,189,529
      
361,547,850
      
(32,091,211
)
    
329,456,639
  


(1)
Building and improvements include tenant origination and absorption costs.
 
Notes:
•
The aggregate cost of real estate for U.S. federal income tax purposes was approximately $328,029,000 (unaudited) as of December 31, 2020.
•
Real estate investments (excluding land) are depreciated over their estimated useful lives. Their useful lives are generally 10-48 years for buildings, the shorter of 15 years or remaining lease term for site/building improvements, the shorter of 15 years or remaining contractual lease term for tenant improvements and the remaining lease term with consideration as to above- and below-market extension options for above- and below-market lease intangibles for tenant origination and absorption costs.
•
The real estate assets are 100% owned by the Company.


The following table summarizes the Company’s real estate assets and accumulated depreciation and amortization as of December 31, 2020 and 2019:

 

MODIV INC.

(f/k/a RW HOLDINGS NNN REIT, INC.)

Schedule III

Real Estate Assets and Accumulated Depreciation and Amortization

December 31, 2020 and 2019



 
  
2020
    
2019
  
Real estate investments:
            
Balance at beginning of year
  
$
423,947,488
    
$
235,212,009
  
Acquisitions
    
—
      
185,446,483
  
Improvements to real estate
    
673,631
      
3,288,996
  
Dispositions
    
(26,575,397
)
    
—
  
Held for sale
    
(26,230,247
)
    
—
  
Impairment of real estate
    
(10,267,625
)
    
—
  
Balance at end of year
  
$
361,547,850
    
$
423,947,488
  
                 
Accumulated depreciation and amortization:
                
Balance at beginning of year
  
$
(20,411,794
)
  
$
(10,563,664
)
Depreciation and amortization
    
(15,759,199
)
    
(9,848,130
)
Dispositions
    
2,435,274
      
—
  
Held for sale
    
1,644,508
      
—
  
Balance at end of year
  
$
(32,091,211
)
  
$
(20,411,794
)