NEW YORK CITY AND DENVER — Global Net Lease Inc. (NYSE: GNL), a New York City-based net lease REIT, has entered into a definitive merger agreement to acquire Modiv Industrial Inc. (NYSE: MDV), an industrial REIT based in Denver. The acquisition, which has been approved by the boards of directors for both companies, is valued at $535 million.
Modiv Industrial owns and operates single-tenant industrial properties that are occupied by manufacturers on long-term net leases. According to the company, it is the only publicly traded REIT that exclusively focuses on ownership of manufacturing facilities. Recently announced transactions include Modiv acquiring a Fujifilm-occupied facility in Santa Clara, Calif., and agreeing to sell a facility in Melbourne, Fla., that is leased to Northrop Grumman.
The merger deal will grow Global Net Lease’s holdings of mission-critical industrial properties. Though the number of properties involved was not released, multiple media outlets report that Modiv owned 39 industrial facilities at the time of sale.
For Modiv, the transaction is expected to increase annual dividend payments by 25 percent for the combined company. No senior level executive changes are expected to occur as a result of the merger.
Under terms of the all-stock transaction, holders of Modiv’s common stock and operating partnership units (OP units) will receive 1.975 shares of Global Net Lease stock (or OP units) at a price of $18.82 per share. The value represents a 17 percent premium relative to Modiv’s closing share price on Friday, May 1, which is the last full trading day prior to the transaction announcement, and a 28 percent premium to Modiv’s unaffected share price prior to its strategic update announcement on Jan. 20, 2026.
“We have long believed that our portfolio’s quality was historically mispriced by the marketplace and that we would be receptive if someone sought to close the value gap sooner than we could,” says Aaron Halfacre, president and CEO of Modiv Industrial. “I personally believe this transaction represents the best opportunity for Modiv investors to not only receive compelling value today (even before considering the tax advantages of a stock-for-stock deal), but allows us the opportunity to participate in future upside as continuing investors in Global Net Lease.”
Completion of the transaction is expected in the third quarter of 2026. The merger is subject to customary closing conditions, including the approval of Modiv stockholders. (No approval of Global Net Lease stockholders will be required in connection with the transaction.)
BMO Capital Markets is acting as sole financial advisor to Global Net Lease, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Greenberg Traurig, LLP are serving as the REIT’s legal counsel.
Truist Securities is acting as sole financial advisor to Modiv, and Morrison & Foerster LLP and Venable LLP are serving as its legal counsel.
— John Nelson