GNL completes Modiv acquisition; adds $535M industrial portfolio, 4% AFFO accretive

Global Net Lease, Inc.

Closed Aug 12, 2026; Modiv stockholders approved Aug 10; each Modiv share exchanged for 1.975 GNL shares.
GNL to issue ~20.39M shares and pay ~$42.3M cash for Modiv preferred; funded via revolving credit facility.
Portfolio valued at $535M at 7.6% cash / 8.7% GAAP cap rates; industrial exposure rises to ~50% of straight-line rent.
Expected immediately 4% accretive to AFFO per share, leverage neutral; WALT extends from 5.7 to 6.6 years.
Modiv common and preferred delisted from NYSE; former Modiv holders now own GNL common (NYSE: GNL).

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