Global Net Lease has entered into a definitive merger agreement to acquire Modiv Industrial, a net-lease industrial REIT listed on the NYSE under the ticker MDV, in an all-stock transaction valued at an enterprise value of approximately $535 million.
Under the terms of the agreement, Modiv stockholders will receive 1.975 newly issued shares of GNL common stock for each share held, representing an implied value of $18.82 per share based on GNL’s closing price on May 1, 2026, a 17% premium to Modiv’s closing share price and a 28% premium to its unaffected share price prior to its January 20, 2026 strategic update.
The transaction is expected to be immediately 4% accretive to GNL’s AFFO per share while remaining leverage neutral, with approximately $6 million in identified annual cost synergies. GNL intends to repay all of Modiv’s existing balance sheet debt and preferred stock using its Revolving Credit Facility and cash on hand, requiring no external capital. Existing Modiv stockholders are expected to receive an immediate 25% increase in annual dividend income.
Modiv’s portfolio features a weighted-average lease term of 15.0 years, 45% investment-grade tenants, and 2.4% annual rent escalations, and is concentrated in mission-critical industrial assets geographically diversified across key U.S. markets. The transaction is expected to extend GNL’s weighted average lease term from 6.1 years to 7.0 years on a pro forma basis. The deal is expected to close in the third quarter of 2026, subject to Modiv stockholder approval and customary closing conditions.
Support: BMO Capital Markets served as sole financial advisor to GNL, and Paul, Weiss, Rifkind, Wharton and Garrison and Greenberg Traurig served as legal counsel to GNL. Truist Securities served as sole financial advisor to Modiv, and Morrison and Foerster and Venable served as legal counsel to Modiv.
KEY QUOTES:
“Modiv has thoughtfully assembled a high-quality portfolio of industrial net-lease assets that provide durable and predictable cash flows that align well with our objectives of enhancing earnings and long-term portfolio quality. We anticipate Modiv’s portfolio will integrate seamlessly with our existing portfolio. We look forward to welcoming Modiv stockholders, who will receive GNL shares offering a highly attractive dividend yield, enhanced trading liquidity as part of a larger and more broadly followed platform, and long-term value creation driven by increased scale and earnings growth.”
Michael Weil, CEO, Global Net Lease
“We have long believed that our portfolio’s quality was historically mispriced by the marketplace. Over the past year, Modiv attracted substantial interest from a range of suitors, including multiple unsolicited offers, but GNL distinguished itself through the long-term opportunity this transaction creates. Upon closing, this transaction is expected to result in a 25% increase in annual dividend income. I am confident the combined portfolio will thrive under Michael Weil and GNL’s leadership.”
Aaron Halfacre, President and CEO, Modiv Industrial
“After a thorough and disciplined review process, our Board unanimously determined that this transaction represents the best outcome for our stockholders. It is also a clear validation of the strength of our platform and the exceptional execution of our management team, who have built a high-quality portfolio that naturally aligns with a larger, well-capitalized REIT.”
Thomas H. Nolan, Jr., Chairman of the Board, Modiv Industrial
