<SEC-DOCUMENT>0001140361-21-015816.txt : 20210505
<SEC-HEADER>0001140361-21-015816.hdr.sgml : 20210505
<ACCEPTANCE-DATETIME>20210505060129
ACCESSION NUMBER:		0001140361-21-015816
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210505
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210505
DATE AS OF CHANGE:		20210505

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-55776
		FILM NUMBER:		21890993

	BUSINESS ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		855-742-4862

	MAIL ADDRESS:	
		STREET 1:		120 NEWPORT CENTER DRIVE
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>brhc10024035_8k.htm
<DESCRIPTION>8-K
<TEXT>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Pursuant to Section 13 or 15(d) of</div>
      <div style="text-align: center; font-weight: bold;">The Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Date of Report (Date of earliest event reported): May 5, 2021</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">Modiv Inc.</div>
      <div style="text-align: center; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
      <div><br>
      </div>
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            <td style="width: 32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Maryland</div>
            </td>
            <td style="width: 2.09%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">000-55776</div>
            </td>
            <td style="width: 1.81%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">47-4156046</div>
            </td>
          </tr>
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            <td style="width: 32%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(State or other jurisdiction of incorporation)</div>
            </td>
            <td style="width: 2.09%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Commission File Number)</div>
            </td>
            <td style="width: 1.81%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(I.R.S. Employer Identification No.)</div>
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            <td style="width: 49%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">120 Newport Center Drive</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: bottom;">&#160;</td>
          </tr>
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            <td style="width: 49%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Newport Beach, California</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">92660</div>
            </td>
          </tr>
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            <td style="width: 49%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of principal executive offices)</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: middle;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Zip Code)</div>
            </td>
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      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (888) 686-6348</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(1, 1, 1); font-weight: bold;">None</div>
      <div style="text-align: center; color: rgb(14, 14, 14); font-weight: bold;">(Former name or former address, if changed since last report)</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zfa4390b1f74642bb9e71ec49868084e7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>
          </tr>

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      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
      </div>
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              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Title of each class</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Trading Symbol(s)</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Name of each exchange on which registered</div>
            </td>
          </tr>
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            <td style="width: 32%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">None</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">None</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 32%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">None</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
        (&#167;240.12b-2 of this chapter).</div>
      <div><br>
      </div>
      <div>Emerging growth company &#9746;</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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. &#9746;</div>
      <div style="text-align: justify;"> <br>
      </div>
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            <td style="width: 65pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 7.01.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Regulation FD Disclosure.</div>
            </td>
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      </table>
      <div>&#160;</div>
      <div style="font-weight: bold;">Message to Stockholders</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">On May 5, 2021, Modiv Inc. (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) sent a message to its stockholders announcing an estimated per share net asset value (&#8220;NAV&#8221;) of the Company&#8217;s common stock of $24.61 as discussed in
        greater detail below. The Company also announced that commencing with the Company&#8217;s next distributions to stockholders on May 25, 2021, the per share reinvestment price pursuant to the Company&#8217;s distribution reinvestment plan (the &#8220;DRIP&#8221;) will be
        equal to the new NAV of $24.61 per share. In addition, repurchase requests submitted under the Company&#8217;s Share Repurchase Plan (&#8220;SRP&#8221;) during May 2021 will need to be submitted by May 26, 2021 in order to be considered for repurchase in June 2021,
        and share repurchases, if any, will be processed on June 3, 2021 based upon the $24.61 per share NAV. The Company also issued a press release related to this announcement. A copy of the message to stockholders is attached hereto as Exhibit 99.1 and
        incorporated herein by reference. A copy of the press release is attached hereto as Exhibit 99.2 and incorporated herein by reference.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt; color: rgb(0, 0, 0);">The information furnished under this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed to be &#8220;filed&#8221; for the purposes of Section 18 of the
        Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act
        of 1933, as amended (the &#8220;Securities Act&#8221;), unless it is specifically incorporated by reference therein.</div>
      <div><br>
      </div>
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            <td style="width: 65pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">Item 8.01.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Other Events.</div>
            </td>
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      </table>
      <div>&#160;</div>
      <div style="font-weight: bold;">Determination of Estimated Per Share Value</div>
      <div><br>
      </div>
      <div style="font-style: italic;">Overview</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">On May 5, 2021, the audit committee of the Company&#8217;s board of directors (the &#8220;Board&#8221;) recommended, and the Board unanimously approved and established, an estimated per share NAV of the Company&#8217;s Class C and Class S
        common stock of $24.61 based on the estimated market value of the Company&#8217;s assets less the estimated market value of the Company&#8217;s liabilities, divided by the number of fully-diluted Class C and Class S shares outstanding as of March 31, 2021.
        There have been no material changes between March 31, 2021 and the date of this filing that would impact the overall estimated per share NAV. The estimated per share NAV as of March 31, 2021 will first appear on investor dashboards on May 5, 2021.
        The Board previously determined an estimated per share NAV of the Company&#8217;s common stock as of December 31, 2020 of $23.03, as adjusted to reflect the Company&#8217;s 1:3 reverse stock split on February 1, 2021. The Company intends to publish an updated
        estimated per share NAV on a quarterly basis within 45 days after the end of each quarter, barring extenuating circumstances.</div>
      <div><br>
      </div>
      <div style="font-style: italic;">Process</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">The audit committee of our Board, composed solely of three of our non-employee directors, is responsible for the oversight of the valuation process used to determine the estimated NAV per share of our common stock,
        including oversight of the valuation processes and methodologies used to determine our estimated NAV per share, the consistency of the valuation methodologies with real estate industry standards and practices and the reasonableness of the
        assumptions used in the valuations and appraisals. In determining the estimated NAV per share, our audit committee and Board considered information and analysis, including valuation materials that were provided by Cushman &amp; Wakefield Western,
        Inc. (&#8220;Cushman &amp; Wakefield&#8221;) and information provided by management. Cushman &amp; Wakefield is an independent third-party real estate advisory and consulting firm that was engaged by us to develop an estimate of the fair value of the Company.
        Cushman &amp; Wakefield developed an opinion of fair value of the real estate assets and real estate related liabilities associated with the Company&#8217;s properties. The valuation was performed in accordance with the provisions of the Institute for
        Portfolio Alternatives Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs.</div>
      <div style="text-indent: 27pt;"> <br>
      </div>
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      <div style="text-indent: 27pt;">Cushman &amp; Wakefield&#8217;s scope of work was conducted in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. Several members of the
        Cushman &amp; Wakefield engagement team who certified the methodologies and assumptions applied by us hold a Member of Appraisal Institute (&#8220;MAI&#8221;) designation. Other than (i) its engagement as described herein, (ii) its previous engagements with
        the Company in connection with the determination of the estimated per share NAV of the Company&#8217;s common stock as of December 31, 2017, December 31, 2018, December 31, 2019, April 30, 2020 and December 31, 2020, (iii) its previous engagement with
        BRIX REIT, Inc., a REIT advised by the Company, in connection with the determination of the estimated per share NAV of BRIX REIT, Inc.&#8217;s common stock as of March 31, 2020, and (iv) its previous engagements with Rich Uncles Real Estate Investment
        Trust I (&#8220;REIT I&#8221;) in connection with the determination of the estimated per share NAV of REIT I&#8217;s common stock as of December 31, 2017 and December 31, 2018, Cushman &amp; Wakefield does not have any direct interests in any transaction with us and
        has not performed any services for us other than Asset Allocation services pursuant to Accounting Standards Update No. 2017-01, Clarifying the Definition of a Business (ASU No. 2017-01) and Financial Accounting Standards Board Accounting Standards
        Codification Topic 805, Business Combinations (ASC Topic 805) and the real estate financial advisor services they provided on behalf of REIT I in connection with REIT I&#8217;s merger with the Company on December 31, 2019.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">The materials provided by Cushman &amp; Wakefield included a range of NAV of our shares, and the audit committee of our Board believes that the use of the &#8220;Valuation Methodology,&#8221; as discussed below, as the primary or
        sole indicator of value has become widely accepted as a best practice in the valuation of non-listed REIT shares, and therefore the audit committee and our Board determined to use the Valuation Methodology in establishing the estimated per share
        NAV. This Valuation Methodology is consistent with the Net Asset Value Calculation and Valuation Procedures adopted by the Board, including a majority of our independent directors. Based on these considerations, our audit committee recommended that
        our Board establish an estimated value of our Class C and Class S common stock, as of March 31, 2021, of $24.61 per share, which estimated value was within the $24.42 to $27.66 per share valuation range calculated by Cushman &amp; Wakefield using
        the Valuation Methodology. The audit committee recommended that our Board use the high end of the range for certain properties deemed essential retail properties and the low end of the valuation range for all other properties given continued
        uncertainty regarding the impact of the COVID-19 pandemic on prospects for employees returning to office environments, non-renewal risk and the impact on the Company&#8217;s real estate properties. The Board unanimously agreed to accept the
        recommendation of the audit committee and approved $24.61 as the estimated NAV per share of our Class C and Class S common stock as of March 31, 2021. Our Board is ultimately and solely responsible for the establishment of the per share estimated
        value.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Valuation Methodology</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">In preparing its valuation materials and in reaching its conclusions as to the reasonableness of the methodologies and assumptions used by the Company to value its assets, Cushman &amp; Wakefield, among other things:</div>
      <div><br>
      </div>
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            <td style="width: 27pt; vertical-align: top; font-style: italic;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>investigated numerous sales in the properties&#8217; relevant markets, analyzed rental data and considered the input of buyers, sellers, brokers, property developers and public officials;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z399cfe1af90f49bfb000679ecd2e41cb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>reviewed and relied upon Company-provided data regarding the size, year built, construction quality and construction type of the properties in order to understand the characteristics of the existing improvements and underlying land;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z30ed133e44f54bff8534c65e4b6ee614" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>reviewed and relied upon Company-provided balance sheet items such as cash and other assets, as well as debt and other liabilities;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zbc8c54d1fb8f4cb4afb0ad613583ec9e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>relied upon Company-provided derivative instrument valuation reports prepared by a third-party pricing service;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z80a7922f8b034a409fa857b3df3d90b4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>researched the market by means of publications, public and private databases and other resources to measure current market conditions, supply and demand factors, and growth patterns and their effect on the properties; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf0853d2d5e63460785fad965cf583124" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>performed such other analyses and studies, and considered such other factors, as Cushman &amp; Wakefield considered appropriate.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Cushman &amp; Wakefield utilized two approaches in valuing the Company&#8217;s real estate assets that are commonly used in the commercial real estate industry. The following is a summary of the NAV Methodology and the
        valuation approaches used by Cushman &amp; Wakefield:</div>
      <div style="text-indent: 27pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 27pt;"><font style="font-style: italic;">NAV Methodology </font>- The NAV Methodology determines the value of the Company by determining the estimated market value of the Company&#8217;s entity level assets, including real estate
        assets, and subtracting the market value of its entity level liabilities, including its debt. The materials provided by Cushman &amp; Wakefield to estimate the value of the real estate assets were prepared using discrete estimations of &#8220;as is&#8221;
        market valuations for each of the properties in the Company&#8217;s portfolio using the income capitalization approach as the primary indicator of value and the sales comparison approach as a secondary approach to value, as discussed in greater detail
        below. Cushman &amp; Wakefield also estimated the fair value of the Company&#8217;s real estate related debt and also reviewed the methodology used by a third-party pricing service to estimate the fair value of the Company&#8217;s derivatives and determined
        that the approach was reasonable. Cushman &amp; Wakefield then added the non-real estate related assets and subtracted non-real estate related liabilities. The resulting amount, which is the estimated NAV of the portfolio, is divided by the number
        of fully-diluted shares of Class C and Class S common stock outstanding to determine the estimated per share NAV.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Determination of Estimated Market Value of the Company&#8217;s Real Estate Assets Under the NAV Methodology</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;"><font style="font-style: italic;">Income Capitalization Approach</font> - The income capitalization approach first determines the income-producing capacity of a property by using contract rents on existing leases and
        by estimating market rent from rental activity at competing properties for the vacant space. Deductions are then made for vacancy and collection loss and operating expenses. The net operating income (&#8220;NOI&#8221;) developed in Cushman &amp; Wakefield&#8217;s
        analysis is the balance of potential income remaining after vacancy and collection loss and operating expenses. This NOI was then capitalized at an appropriate rate to derive an estimate of value (the &#8220;Direct Capitalization Method&#8221;) or discounted
        by an appropriate yield rate over a typical projection period in a discounted cash flow analysis. Thus, two key steps were involved: (1) estimating the NOI applicable to the subject property and (2) choosing appropriate capitalization rates and
        discount rates.</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">The following summarizes the range of capitalization rates Cushman &amp; Wakefield used to arrive at the estimated market values of our properties valued using the Direct Capitalization Method:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zb99cd9dbbdd04eb4a3b2f5beac6892e3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 71.88%; vertical-align: bottom;">&#160;</td>
            <td style="width: 14.79%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Range</div>
            </td>
            <td style="width: 1.03%; vertical-align: top;">&#160;</td>
            <td style="width: 12.3%; vertical-align: bottom;">
              <div style="text-align: center; font-weight: bold;">Weighted- Average</div>
            </td>
          </tr>
          <tr>
            <td style="width: 71.88%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Capitalization Rate</div>
            </td>
            <td style="width: 14.79%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;">5.50% to 9.63%</div>
            </td>
            <td style="width: 1.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12.3%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center; color: rgb(0, 0, 0);">7.55%</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 22.5pt;">The capitalization rate was weighted based on NOI. An increase in the selected capitalization rate of 0.25% would result in a decrease in net asset value of approximately $13,930,000. A decrease in the selected
        capitalization rate of 0.25% would result in an increase in net asset value of approximately $14,500,000.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;"><font style="font-style: italic;">Sales Comparison Approach - </font>The sales comparison approach estimates value based on what other purchasers and sellers in the market have agreed to as the price for comparable
        improved properties. This approach is based upon the principle of substitution, which states that the limits of prices, rents, and rates tend to be set by the prevailing prices, rents, and rates of equally desirable substitutes.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Utilizing the NAV Methodology, including use of the two approaches to value the Company&#8217;s real estate assets noted above, and dividing by the 8,768,196 fully-diluted shares of the Company&#8217;s Class C and Class S common
        stock outstanding on March 31, 2021, Cushman &amp; Wakefield determined a valuation range of $24.42 on the low end to $27.66 per share on the high end.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Cushman &amp; Wakefield prepared and provided to the Company a report containing, among other information, the range of net asset values for the Company&#8217;s Class C and Class S common stock as of March 31, 2021 (the
        &#8220;Valuation Report&#8221;). On April 28, 2021, the audit committee of our Board and all of the other members of the Board conferred with management regarding the methodologies and assumptions used in the Valuation Report. On May 5, 2021, the audit
        committee of our Board recommended, and our Board unanimously approved, an estimated per share NAV of the Company&#8217;s Class C and Class S common stock, as of March 31, 2021 of $24.61 per share. The audit committee recommended that our Board use the
        high end of the range for certain properties deemed essential retail properties and the low end of the valuation range for all other properties given continued uncertainty regarding the impact of the COVID-19 pandemic on prospects for employees
        returning to office environments, non-renewal risk and the impact on the Company&#8217;s real estate properties.</div>
      <div style="text-indent: 27pt;"> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 27pt;">The table below sets forth the calculation of the Company&#8217;s estimated per share NAV as of March 31, 2021 and December 31, 2020 after reflecting the 1:3 reverse stock split on February 1, 2021 as of December 31, 2020:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z378f8df4b1764e0c9decadf9375b4a5b">

          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center; font-weight: bold;">March 31, 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 30, 2020</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-weight: bold;">Estimated Value</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-weight: bold;">Estimated</div>
              <div style="font-weight: bold;">Per Share NAV</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-weight: bold;">Estimated Value</div>
            </td>
            <td nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;&#160;</td>
            <td style="vertical-align: bottom; padding-bottom: 2px; text-align: center;" colspan="1">&#160;&#160;</td>
            <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
              <div style="font-weight: bold;">Estimated</div>
              <div style="font-weight: bold;">Per Share NAV</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Real estate properties</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">357,560,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">40.78</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">356,855,119</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">39.72</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Investment in unconsolidated entity:</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Santa Clara property tenant-in-common interest</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">14,776,229</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">1.69</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">13,499,837</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">1.50</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Cash, cash equivalents and restricted cash</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">5,535,280</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.63</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">8,488,786</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.95</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Investment in SPAC held in escrow</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">4,500,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.51</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Goodwill</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">17,320,857</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">1.98</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">17,320,857</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">1.93</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Intangibles</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">4,667,644</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.53</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">5,127,788</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.57</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">13,076,135</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">1.49</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">11,641,211</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">1.29</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Total assets</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">417,436,145</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">47.61</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">412,933,598</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">45.96</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Mortgage notes payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">186,180,953</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">21.24</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">186,967,093</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">20.81</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Unsecured credit facility</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">6,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.68</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">6,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.67</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Accrued interest payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">604,254</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.07</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">661,820</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.07</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Share repurchases payable</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">897,742</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.10</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">2,980,560</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.33</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other liabilities</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">7,977,191</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">0.91</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">9,401,575</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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              <div style="color: rgb(0, 0, 0);">1.05</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">201,660,140</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">23.00</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">206,011,048</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="color: rgb(0, 0, 0);">22.93</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Total estimated net asset value (a)</div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">215,776,005</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">24.61</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">206,922,550</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">$</div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">23.03</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 52%;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Fully-diluted shares outstanding (a) &amp; (b)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">8,768,196</div>
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            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="color: rgb(0, 0, 0);">8,984,509</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          </tr>

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      <div><br>
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          <tr>
            <td style="width: 27pt; vertical-align: top;">(a)</td>
            <td style="width: auto; vertical-align: top;">
              <div>The fully-diluted shares outstanding as of December 31, 2020 have been adjusted to reflect the 1:3 reverse stock split on February 1, 2021. The fully-diluted shares outstanding as of March 31, 2021 and December 31, 2020 have also been
                adjusted to reflect the 39,079 shares and 142,857 shares repurchased on April 5, 2021 and January 6, 2021, respectively, which are reflected in share repurchases payable above.</div>
            </td>
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      <div><br>
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            <td style="width: 27pt; vertical-align: top;">(b)</td>
            <td style="width: auto; vertical-align: top;">
              <div>Fully-diluted shares outstanding as of March 31, 2021 and December 31, 2020 includes 1,189,964 shares that would result from conversion of 657,949.5 Class M limited partnership interests of the Company&#8217;s operating partnership&#160; and 56,029
                Class P limited partnership interests of the Company&#8217;s operating partnership assuming a conversion ratio of 1.6667 shares of the Company&#8217;s Class C common stock for each Class M OP Unit and Class P OP Unit outstanding after adjusting the
                conversion ratio to reflect the 1:3 reverse stock split on February 1, 2021.&#160; Fully-diluted shares outstanding as of March 31, 2021 also includes the 30,000 shares vested to date that would result from conversion of Class R limited
                partnership interests of the Company&#8217;s operating partnership.</div>
            </td>
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      <div><br>
      </div>
      <div style="font-style: italic;">Exclusions from Estimated NAV</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">The estimated share value approved by the Board does not reflect any &#8220;portfolio premium,&#8221; nor does it reflect an enterprise value of the Company, which may include a premium or discount to NAV for:</div>
      <div><br>
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            <td style="width: 27pt; vertical-align: top; font-style: italic;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>the size of the Company&#8217;s portfolio as some buyers may pay more for a portfolio compared to prices for individual investments;</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>the overall geographic and tenant diversity of the portfolio as a whole;</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>the characteristics of the Company&#8217;s working capital, leverage, credit facilities and other financial structures where some buyers may ascribe different values based on synergies, cost savings or other attributes;</div>
            </td>
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      </table>
      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>certain third-party transaction or other expenses that would be necessary to realize the value; or</div>
            </td>
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      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>the potential difference in per share value if the Company were to list its shares of common stock on a national securities exchange.</div>
            </td>
          </tr>

      </table>
      <div> <br>
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      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
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      <div style="font-style: italic;">Limitations of the Estimated Share Value</div>
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      <div style="text-indent: 27pt;">As with any valuation methodology, the NAV Methodology used by Cushman &amp; Wakefield and approved by the Board in reaching an estimate of the value of the Company&#8217;s shares is based upon a number of estimates,
        assumptions, judgments and opinions that may, or may not, prove to be correct. The use of different valuation methods, estimates, assumptions, judgments or opinions may have resulted in significantly different estimates of the value of the
        Company&#8217;s shares. In addition, the Board&#8217;s estimate of share value is not based on the book values of the Company&#8217;s real estate, as determined by generally accepted accounting principles, as the Company&#8217;s book value for most real estate is based on
        the amortized cost of the property, subject to certain adjustments.</div>
      <div><br>
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      <div style="text-indent: 27pt;">Furthermore, in reaching an estimate of the value of the Company&#8217;s shares, our Board did not include a discount for debt that may include a prepayment obligation or a provision precluding assumption of the debt by a
        third party. In addition, selling costs were not considered by Cushman &amp; Wakefield in the valuation of the properties. Other costs that are likely to be incurred in connection with an appropriate exit strategy, whether that strategy involves a
        listing of the Company&#8217;s shares of common stock on a national securities exchange, a merger of the Company, or a sale of the Company&#8217;s portfolio, were also not included in the Board&#8217;s estimate of the value of the Company&#8217;s shares.</div>
      <div><br>
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      <div style="text-indent: 27pt;">As a result, there can be no assurance that:</div>
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            <td style="width: 27pt; vertical-align: top; font-style: italic;">&#8226;</td>
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              <div>stockholders will be able to realize the estimated share value upon attempting to sell their shares;</div>
            </td>
          </tr>

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      <div>&#160;</div>
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          <tr>
            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div>the Company will be able to achieve, for its stockholders, the estimated per share NAV upon a listing of the Company&#8217;s shares of common stock on a national securities exchange, a merger of the Company, or a sale of the Company&#8217;s
                portfolio; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
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            <td style="width: 27pt; vertical-align: top;">&#8226;</td>
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              <div>the estimated share value, or the methodology relied upon by the Board to estimate the share value, will be found by any regulatory authority to comply with ERISA, the Internal Revenue Code or other regulatory requirements.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Furthermore, the estimated value of the Company&#8217;s shares was calculated as of a particular point in time. The value of the Company&#8217;s shares will fluctuate over time as a result of, among other things, developments
        related to individual assets and responses to the real estate and capital markets.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Additional Information Regarding Engagement of Cushman &amp; Wakefield</div>
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      <div style="text-indent: 27pt;">Cushman &amp; Wakefield was selected by our Board to estimate the fair value of the real estate assets and real estate related liabilities associated with the Company&#8217;s properties. Cushman &amp; Wakefield&#8217;s valuation
        materials provided to the Company do not constitute a recommendation to purchase or sell any shares of the Company&#8217;s common stock or other securities. The estimated value of the Company&#8217;s common stock may vary depending on numerous factors that
        generally impact the price of securities, the financial condition of the Company and the state of the real estate industry more generally, such as changes in economic or market conditions, changes in interest rates, changes in the supply of and
        demand for commercial real estate properties and changes in tenants&#8217; financial condition.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">In connection with its review, while Cushman &amp; Wakefield reviewed the information supplied or otherwise made available to it by the Company for reasonableness, Cushman &amp; Wakefield assumed and relied upon the
        accuracy and completeness of all such information and of all information supplied or otherwise made available to it by any other party, and did not undertake any duty or responsibility to verify independently any of such information. With respect
        to financial forecasts and other information and data provided to or otherwise reviewed by or discussed with Cushman &amp; Wakefield, Cushman &amp; Wakefield assumed that such forecasts and other information and data were reasonably prepared in
        good faith on bases reflecting the best currently available estimates and judgments of management of the Company, and relied upon the Company to advise Cushman &amp; Wakefield promptly if any information previously provided became inaccurate or was
        required to be updated during the period of its review.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">In preparing its valuation materials, Cushman &amp; Wakefield did not, and was not requested to, solicit third party indications of interest for the Company in connection with possible purchases of the Company&#8217;s
        securities or the acquisition of all or any part of the Company.</div>
      <div style="text-indent: 27pt;"> <br>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
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      </div>
      <!--PROfilePageNumberReset%Num%7%%%-->
      <div style="text-indent: 27pt;">In performing its analyses, Cushman &amp; Wakefield made numerous assumptions with respect to industry performance, general business, economic and regulatory conditions and other matters, many of which are beyond
        Cushman &amp; Wakefield&#8217;s control and the control of the Company. The analyses performed by Cushman &amp; Wakefield are not necessarily indicative of actual values, trading values or actual future results of the Company&#8217;s common stock that might be
        achieved, all of which may be significantly more or less favorable than suggested by such analyses. The analyses do not reflect the prices at which properties may actually be sold, and such estimates are inherently subject to uncertainty. The Board
        considered other factors in establishing the estimated value of the Company&#8217;s common stock in addition to the materials prepared by Cushman &amp; Wakefield. Consequently, the analyses contained in the Cushman &amp; Wakefield materials should not be
        viewed as being determinative of the Board&#8217;s estimate of the value of the Company&#8217;s common stock.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Cushman &amp; Wakefield&#8217;s materials were necessarily based upon market, economic, financial and other circumstances and conditions existing as of March 31, 2021, and any material change in such circumstances and
        conditions may have affected Cushman &amp; Wakefield&#8217;s analysis, but Cushman &amp; Wakefield does not have, and has disclaimed, any obligation to update, revise or reaffirm its materials as of any date subsequent to March 31, 2021.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">For services rendered in connection with and upon the delivery of its valuation materials, the Company paid Cushman &amp; Wakefield a customary fee. The compensation Cushman &amp; Wakefield received was based on the
        scope of work and was not contingent on an action or event resulting from analyses, opinions, or conclusions in its valuation materials or from its use. In addition, Cushman &amp; Wakefield&#8217;s compensation for completing the valuation was not
        contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the Company, the amount of the estimated value, the attainment of a stipulated result, or the occurrence of a subsequent event
        directly related to the intended use of the valuation materials. The Company also agreed to reimburse Cushman &amp; Wakefield for its expenses incurred in connection with its services and will indemnify Cushman &amp; Wakefield against certain
        liabilities arising out of its engagement.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Offering Price of Class S Common Stock (Class S Offering)</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Commencing on May 5, 2021, the offering price for shares of the Company&#8217;s Class S common stock offered exclusively to non-US persons pursuant to an exemption from the registration requirements of the Securities Act
        under and in accordance with Regulation S of the Securities Act, will be $24.61 per share, plus the amount of any applicable upfront commissions and fees.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Distribution Reinvestment Plan</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Pursuant to the terms of the Company&#8217;s DRIP, distributions (excluding those the Board designates as ineligible for reinvestment through the DRIP) will be reinvested in shares of our Class C and Class S common stock at
        a price equal to the most recently disclosed estimated per share value, as determined by the Board. Accordingly, shares of the Company&#8217;s Class C and Class S common stock issued pursuant to the DRIP will be issued for $24.61 per share.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">A participant may terminate participation in the DRIP at any time by delivering a written notice to the administrator. To be effective for any monthly distribution, such termination notice must be received by the
        Company at least ten (10) business days prior to the last day of the month to which the distribution relates. Any termination should be provided by written notice.</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Stockholders who presently participate in the DRIP do not need to take any action to continue their participation in the DRIP.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Share Repurchase Program</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">In accordance with the Company&#8217;s share repurchase program for shares of Class C common stock, the per share repurchase price for shares of Class C common stock will depend on the length of time the redeeming
        stockholder has held such shares as follows: less than two years from the purchase date, 98% of the most recently published NAV; and after two years from the purchase date, 100% of the most recently published NAV. Share repurchase requests
        submitted starting on May 1, 2021 will be processed using the $24.61 per share NAV.</div>
      <div> <br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt;">Class S common stock shares are not eligible for repurchase unless they have been held for at least one year. After this holding period has been met, Class S common stock shares can be repurchased at the most recently
        published NAV. Share repurchase requests submitted starting on May 1, 2021 will be processed using the $24.61 per share NAV.</div>
      <div><br>
      </div>
      <div style="font-style: italic; font-weight: bold;">Forward-Looking Statements</div>
      <div><br>
      </div>
      <div style="text-indent: 27pt;">Certain statements contained in this Current Report on Form 8-K, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the
        Exchange Act. These statements include, but are not limited to, statements related to the Company&#8217;s expectations regarding the performance of its business and the estimated net asset value per share of the Company&#8217;s common stock. Cushman &amp;
        Wakefield relied on forward-looking information, some of which was provided by or on behalf of the Company, in preparing its valuation materials. Therefore, neither such statements nor Cushman &amp; Wakefield&#8217;s valuation materials are intended to,
        nor shall they, serve as a guarantee of the Company&#8217;s performance in future periods. These forward-looking statements can be identified by the use of words such as &#8220;believes,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221;
        &#8220;anticipates&#8221; or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled &#8220;Risk Factors&#8221; in the Company&#8217;s
        Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially
        from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Current Report on Form 8-K and in the Company&#8217;s other
        filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Actual events may cause the valuation and returns on the
        Company&#8217;s investments to be less than that used for purposes of the Company&#8217;s estimated per share NAV.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="zb2c98bc32fee48cd854cbee6e63032ac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 65pt; vertical-align: top; font-weight: bold;">Item 9.01.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="font-weight: bold;">(d) Exhibits</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="zb17ed7121d3047fa86cf4519d28253c0" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><a href="brhc10024035_ex99-1.htm">99.1</a></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Message to Company stockholders dated May 5, 2021</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z7479bc4650224795beaf3fa29e0f016e" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><a href="brhc10024035_ex99-2.htm">99.2</a></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Press release dated May 5, 2021</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z867118299f9b46508d361dd2b6938c05" class="DSPFListTable">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 36pt;">
                <div style="text-align: left;"><a href="brhc10024035_ex99-3.htm">99.3</a></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;">Consent of Cushman &amp; Wakefield Western, Inc.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 27pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="z83d66f1dc9b04e7ba2ab87dbd4d890e2" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: middle;" colspan="3">
              <div>MODIV INC.</div>
              <div style="font-style: italic;">(Registrant)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;" colspan="3">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="color: rgb(0, 0, 0);">/s/ RAYMOND J. PACINI</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Raymond J. Pacini</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 42%; vertical-align: middle;">
              <div style="color: rgb(0, 0, 0);">Chief Financial Officer</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="width: 3%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 42%; vertical-align: middle;" rowspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: bottom;" rowspan="1">Date: May 5, 2021</td>
            <td style="width: 3%; vertical-align: bottom;" rowspan="1">&#160;</td>
            <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
            <td style="width: 42%; vertical-align: middle;" rowspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <div style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10024035_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
    <!-- Licensed to: Broadridge
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    <div>
      <div style="text-align: right; font-weight: bold;"><u>Exhibit 99.1</u></div>
      <div><br>
      </div>
      <div><img width="214" height="95" src="image0.jpg"></div>
      <div><br>
      </div>
      <div>Subject: &#160; &#160;&#160; <font style="font-weight: bold;"><u>Estimated per Share NAV Increased 7% Over Prior Quarter</u></font></div>
      <div><br>
      </div>
      <div>Send: Wednesday, May 5, 2021</div>
      <div><br>
      </div>
      <div>Dear &lt;NAME&gt;,</div>
      <div><br>
      </div>
      <div>I am pleased to announce Modiv&#8217;s updated estimated net asset value (NAV) per share of $24.61 as of March 31, 2021, which represents a 7% increase from the NAV as of December 31, 2020. This NAV increase follows the 9.6% gain in our last NAV
        announced January 29, 2021. Our ability to prudently manage our portfolio, along with the broader commercial real estate market&#8217;s resilience and recovery, has had a positive impact on the NAV during the past year. For background on how the NAV is
        determined, you can watch this <u>short video</u>.</div>
      <div><br>
      </div>
      <div>In addition to the updated per share NAV, there were several notable accomplishments achieved during the first quarter of 2021:</div>
      <table cellspacing="0" cellpadding="0" id="zcbc98bd805894fb3ba7d1b46d3b3ccca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>We successfully completed our transition to Modiv Inc., effective February 1, 2021.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z0146e8e58baa4685b7a5bcee5780eb23" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Three assets were sold for gross proceeds of $13.7 million.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="zdceae8bd377e430584a95e6a92e02d09" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Three five-year lease renewals were completed, consisting of a Northrop Grumman office in Florida and two Dollar General stores in Ohio.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z382e149f8794446ab578ef91529b2cc2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Four properties were refinanced with a weighted average interest rate of 3.72% and more than five years of average term.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" id="z02d912ea3ae54868a0c72f0aba3cf5f4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>We entered into an innovative partnership with Forge Trust to provide no-custodial-cost self-directed IRAs to Modiv investors.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>As always, if you have questions or need assistance, please contact our Investor Relations team at 888-686-6348 or info@modiv.com. Thank you for your investment and ongoing support. </div>
      <div><br>
      </div>
      <div>Modivated,</div>
      <div><br>
      </div>
      <div><u>/s/ AARON S. HALFACRE</u></div>
      <div><br>
      </div>
      <div>Aaron S. Halfacre</div>
      <div>Chief Executive Officer</div>
      <div>Modiv Inc.</div>
      <div><br>
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="font-weight: bold;">Forward-Looking Statements</div>
      <div><br>
      </div>
      <div>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 &#8220;Securities Act&#8221;), and Section 21E of the Securities
        Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). 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. These statements include, but are not limited to, statements related to the estimated net asset value per share of the Company&#8217;s common stock, the broader recovery of the commercial real estate
        markets and the Company&#8217;s ability to manage its portfolio. Cushman &amp; Wakefield relied on forward-looking information, some of which was provided by or on behalf of the Company, in preparing its valuation materials. Therefore, neither such
        statements nor Cushman &amp; Wakefield&#8217;s valuation materials are intended to, nor shall they, serve as a guarantee of the Company&#8217;s performance in future periods. You can identify these forward-looking statements by the use of words such as
        &#8220;outlook,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;potential,&#8221; &#8220;continues,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;approximately,&#8221; &#8220;projects,&#8221; &#8220;predicts,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;estimates,&#8221; &#8220;anticipates,&#8221; or the negative version of these words or other comparable words.
        Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled &#8220;Risk Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S.
        Securities and Exchange Commission (the &#8220;SEC&#8221;). Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements, including, but not limited to, the
        Company&#8217;s inability to continue to pay a monthly distribution at the current rate and the Company&#8217;s inability to maximize the value of the Company&#8217;s portfolio. These factors should not be construed as exhaustive and should be read in conjunction
        with the other cautionary statements that are included in this release and in the Company&#8217;s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new
        information, future events, or otherwise. Actual events occurring after the Company&#8217;s determination of an estimated per share NAV may cause the value of, and returns on, the Company&#8217;s investments to be less than those used for purposes of
        determining the Company&#8217;s estimated per share NAV.</div>
      <div><br>
      </div>
      <br>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>brhc10024035_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <div>
      <div style="text-align: right; font-weight: bold;"><a name="bookmarkid.gjdgxs"></a><u>Exhibit 99.2</u></div>
      <div><br>
      </div>
      <div><img width="214" height="95" src="image0.jpg"></div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;"><a name="bookmarkid.30j0zll"></a>Modiv Inc. Announces 7% Quarterly Increase in NAV</div>
      <div><font style="font-weight: bold;"> </font><br>
      </div>
      <div style="text-align: center; font-style: italic;">Estimated NAV increase follows the 9.6% NAV gain announced January 29, 2021</div>
      <div> <br>
      </div>
      <div>NEWPORT BEACH, Calif. (May 5, 2021) &#8212; Modiv Inc. (the &#8220;Company&#8221;), an innovative real estate, fintech and proptech asset manager, today announced a $24.61 per share estimated net asset value (&#8220;NAV&#8221;) of its common stock as of March 31, 2021, which
        represents a 7% increase from the NAV as of December 31, 2020. The 7% increase from our last NAV follows the 9.6% gain in our prior NAV announced January 29, 2021.</div>
      <div> <br>
      </div>
      <div>&#8220;The NAV per share increase reflects the broader commercial real estate market&#8217;s resilience and recovery, as well as our ability to prudently manage our portfolio,&#8221; said Aaron Halfacre, Modiv&#8217;s Chief Executive Officer. &#8220;During the first quarter
        of 2021, we sold three assets, extended three leases and refinanced four properties, demonstrating our operational capabilities along with the appeal of our assets. Our team is focused on maximizing the value of our portfolio and growing the NAV as
        we execute our vision of being a leading tech-enabled real estate asset manager.&#8221;</div>
      <div> <br>
      </div>
      <div style="font-weight: bold;">Estimated NAV</div>
      <div>The Company engaged Cushman &amp; Wakefield to assist the board of directors with determining a fair value range of the Company&#8217;s real estate portfolio and a resulting estimated per share NAV. The new estimated per share NAV has been approved by
        the Company&#8217;s board of directors, including its independent directors.</div>
      <div> <br>
      </div>
      <div>The valuation was based upon the estimated market value of the Company&#8217;s assets, less the estimated market value of the Company&#8217;s liabilities, divided by the total fully diluted shares outstanding as of March 31, 2021 and was performed
        consistent with the Company&#8217;s previously disclosed Net Asset Value Calculation and Valuation Procedures. The estimated NAV does not reflect any &#8220;portfolio premium,&#8221; nor does it reflect an enterprise value for the Company. The board of directors
        intends to continue providing an estimated per share NAV on a quarterly basis to better reflect current market conditions and any portfolio-specific activities, as well as providing transparency for investors.</div>
      <div> <br>
      </div>
      <div style="font-weight: bold;">Operational Updates</div>
      <div>In addition to the updated per share NAV, the Company provided several other operational updates:</div>
      <div><br>
      </div>
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            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Company successfully completed its transition to Modiv Inc., effective February 1, 2021.</div>
            </td>
          </tr>

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          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Three assets were sold for gross proceeds of $13.7 million.</div>
            </td>
          </tr>

      </table>
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          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Three five-year lease renewals were completed, consisting of a Northrop Grumman office in Florida and two Dollar General stores in Ohio.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfed09b1cf6aa4bb3a38d2c64e1b51744">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>Four properties were refinanced with a weighted average interest rate of 3.72% and more than five years of average term.</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3e33267b022a43b8a3a02535a0d1e5cd">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#9679;</td>
            <td style="width: auto; vertical-align: top;">
              <div>The Company entered into an innovative partnership with Forge Trust to provide no-custodial-cost self-directed IRAs to Modiv investors.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div>&#8220;Modiv&#8217;s foundation is built on a quality real estate portfolio backed by creditworthy tenants,&#8221; Halfacre added. &#8220;We believe there is upside potential by leveraging our asset management and acquisition platforms to increase portfolio value and
        scale. Additionally, we continue to expand our strategic relationships, explore opportunities that may arise in the proptech and fintech industries that complement our crowdfunding business model, and look to introduce new product offerings later
        this year.&#8221;</div>
      <div> <br>
      </div>
      <div>Modiv is the only company to have crowdfunded directly from individual investors a $400+ million real estate fund that holds title to all of its properties and charges no management or performance fees to its investors, although certain expenses
        related to operating a public company apply.</div>
      <div> <br>
      </div>
      <div style="font-weight: bold;">About Modiv</div>
      <div>Modiv Inc., a real estate, fintech and proptech asset manager, is reimagining modern real estate investing for individual investors. Driven by innovation, an investor-first focus and an experienced management team, Modiv has created one of the
        largest non-listed real estate investment funds to be raised via crowdfunding technology and the first real estate crowdfunding platform to be completely investor-owned. Modiv provides individual investors access to real estate and real
        estate-related investments designed to provide both income and long-term growth. To learn more, visit modiv.com.</div>
      <div> <br>
      </div>
      <div style="font-weight: bold;">Forward-Looking Statements</div>
      <div>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 &#8220;Securities Act&#8221;), and Section 21E of the Securities
        Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). 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. These statements include, but are not limited to, statements related to the resiliency of the broader markets, the Company&#8217;s ability to maximize performance and the estimated NAV, the Company&#8217;s
        ability to continue to manage its portfolio and execute on its strategy, opportunities in the fintech and proptech industries, and introducing new product offerings. Cushman &amp; Wakefield relied on forward-looking information, some of which was
        provided by or on behalf of the Company, in preparing its valuation materials. Therefore, neither such statements nor Cushman &amp; Wakefield&#8217;s valuation materials are intended to, nor shall they, serve as a guarantee of the Company&#8217;s performance
        in future periods. You can identify these forward-looking statements by the use of words such as &#8220;outlook,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;potential,&#8221; &#8220;continues,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;approximately,&#8221; &#8220;projects,&#8221; &#8220;predicts,&#8221; &#8220;intends,&#8221;
        &#8220;plans,&#8221; &#8220;estimates,&#8221; &#8220;anticipates,&#8221; or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled &#8220;Risk
        Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;). Accordingly, there are or will be important factors that could cause actual outcomes or
        results to differ materially from those indicated in these statements, including, but not limited to, the Company&#8217;s inability to continue to pay a monthly distribution at the current rate and the Company&#8217;s inability to maximize the value of the
        Company&#8217;s portfolio. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company&#8217;s filings with the SEC. The Company undertakes no
        obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Actual events occurring after the Company&#8217;s determination of an estimated per share NAV may cause the value
        of, and returns on, the Company&#8217;s investments to be less than those used for purposes of determining the Company&#8217;s estimated per share NAV.</div>
      <div> <br>
      </div>
      <div style="font-weight: bold;">Media Contact</div>
      <div>Alex J. Stockham | Senior Vice President</div>
      <div>RUBENSTEIN</div>
      <div>astockham@rubenstein.com</div>
      <div> <br>
      </div>
      <br>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>brhc10024035_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<html>
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         Copyright 1995 - 2021 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">


  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div>
      <div style="text-align: right; font-weight: bold;"><a name="Section4"></a><u>Exhibit 99.3</u></div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">Consent of Cushman &amp; Wakefield Western, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">We hereby consent to the reference to our name and the description of our role in the valuation process of real estate properties owned by Modiv Inc. and its
        subsidiaries (collectively, the &#8220;Company&#8221;) referred to in the Current Report on Form 8-K filed on May 5, 2021 and incorporated by reference in the Company&#8217;s Registration Statement on Form S-3 (SEC File No. 333-252321).</div>
      <div><br>
      </div>
      <div style="text-align: justify;">In giving such consent, we do not thereby admit we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as
        amended.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zf667e77d344044ca90bc9ae7b806a252" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: justify;">May 5, 2021</div>
            </td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>CUSHMAN &amp; WAKEFIELD WESTERN, INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: top;">
              <div>By:</div>
            </td>
            <td style="width: 47%; vertical-align: top;"><u>/s/ TREVOR G. CHAPMAN</u></td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Name: Trevor G. Chapman</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="vertical-align: top;" colspan="2">
              <div>Title: Senior Managing Director</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
