Overview
- Global Net Lease said Monday it will acquire Modiv Industrial in a $535 million all-stock merger that it expects will raise per-share cash flow by about 4 percent and keep debt ratios steady.
- AFFO, or adjusted funds from operations, is a REIT cash-flow yardstick, so accretion here means GNL expects more cash per share to support dividends after the merger closes.
- GNL plans to use its revolving credit line and cash to pay off all Modiv debt and retire Modiv preferred stock, which means it does not need to raise new capital to finish the deal.
- The transaction requires approval from Modiv stockholders and other routine conditions and targets a third-quarter 2026 close, while GNL does not need a shareholder vote.
- GNL cited Modiv’s 42 single-tenant industrial sites totaling 4.3 million square feet and agreed to pay roughly a 17 percent premium to Modiv’s last closing price.