Global Net Lease closes Modiv Industrial deal

Global Net Lease (GNL) has completed its previously announced acquisition of Modiv Industrial, closing the transaction on August 12, 2026. The deal adds a primarily industrial net-lease portfolio in the United States valued at approximately $535 million. The acquisition advances Global Net Lease’s portfolio transformation with increased industrial exposure and longer lease duration.

The portfolio was acquired at an approximate 7.6% cash capitalization rate and an 8.7% GAAP capitalization rate. The transaction is expected to be immediately 4% accretive to adjusted funds from operations per share on a leverage-neutral basis. GNL characterized the pricing and structure as attractive given these cap rate metrics and anticipated earnings impact.

Under the terms of the merger agreement, each share of Modiv common stock was converted into the right to receive 1.975 newly issued shares of Global Net Lease (GNL) common stock. Holders of Modiv preferred stock became entitled to receive $25.00 in cash per share, plus any accrued and unpaid dividends. No vote of Global Net Lease stockholders was required to complete the deal.

The transaction closed after approval by Modiv stockholders at a special meeting held on August 10, 2026. Following completion of the merger, Modiv’s common and preferred shares were delisted from the New York Stock Exchange. Former Modiv common stockholders now own Global Net Lease common shares, which continue to trade on the NYSE under the symbol GNL.

By integrating Modiv Industrial’s assets, Global Net Lease expands its footprint in industrial net-lease properties. The company highlighted the added portfolio’s characteristics as enhancing cash-flow durability, supported by longer lease terms. The acquisition is intended to support Global Net Lease’s ongoing portfolio transformation and shift toward greater industrial exposure.

With the transaction expected to be accretive to AFFO per share while remaining leverage neutral, Global Net Lease positions the deal as both strategically and financially additive. The combination of industrial focus, stated cap rates, and projected accretion underscores the company’s current approach to capital allocation and portfolio construction.