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05/2026

MODIV INDUSTRIAL acquired by GLOBAL NET LEASE

UNITED STATES Specialty Finance / Asset Leasing & Financing EV 500M - 1.5b USD

Context

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 (12.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Modiv Industrial, Inc. is an internally managed real estate investment trust (REIT) specializing in the ownership and operation of single-tenant, net-lease industrial manufacturing properties. The company focuses on acquiring assets that are mission-critical to its tenants' operations, thereby supporting the national economy and strengthening supply chains across the United States. Its strategy involves securing properties with long-term lease agreements to ensure stable and predictable cash flows. The portfolio is geographically diversified, providing exposure to key industrial markets throughout the country. As of December 31, 2025, the company's portfolio featured a weighted average lease term of 15.0 years and average annual rent escalations of 2.4%. Modiv's tenant base includes a significant number of well-recognized global brands. In 2025, 45% of its annual base rent was derived from tenants that were either investment-grade rated or considered implied investment grade, reflecting a focus on high-credit-quality occupants.

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Historical Financials (USD)

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REFERENCES

Valuation range: EV 500M - 1.5b USD

Revenue range: 25M - 50M USD

EBITDA range: 25M - 50M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of MODIV INDUSTRIAL by GLOBAL NET LEASE are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: modiv industrial

Acquirer: global net lease