GNL to acquire Modiv Industrial in stock-for-stock merger; Modiv shareholders get 1.975 GNL shares per common share

Global Net Lease, Inc.

• Each share of Modiv common stock to be converted into 1.975 shares of GNL common stock.
• Modiv preferred stock holders to receive $25.00 per share in cash plus accrued dividends.
• Termination fee: $10M if Modiv accepts superior proposal; $15M for material breach by either party.
• GNL expects to issue ~4.9 million OP Units to Modiv operating partnership unitholders in connection with merger.
• Merger closing conditions include Modiv stockholder vote, regulatory approvals; outside date February 3, 2027.