Global Net Lease (GNL) entered into a definitive merger agreement to acquire Modiv Industrial in an all-stock, leverage-neutral transaction. The acquisition is a key strategic move for GNL, aimed at accelerating its transition to earnings growth and enhancing its portfolio quality. By integrating Modiv's assets, GNL significantly increases its exposure to high-quality, mission-critical industrial properties while simultaneously reducing its concentration in the office sector. The deal is structured to be immediately accretive to GNL's Adjusted Funds From Operations (AFFO) per share. For Modiv's stockholders, the transaction offers a significant premium over the company's recent trading prices and an immediate increase in their expected annual dividend income. Furthermore, they gain the opportunity to participate in the potential upside of a larger, more diversified, and more liquid combined company. The agreement was the result of a thorough strategic review process by Modiv's board, which had received substantial interest and multiple unsolicited offers from other parties. The combination is expected to create meaningful long-term value through enhanced scale, operational synergies, improved access to capital, and a more resilient and diversified real estate platform.

MODIV INDUSTRIAL, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Financial Services sector (14.0x).

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