株探米国株
エドガーで原本を確認する
false 0001526113 0001526113 2026-08-12 2026-08-12 0001526113 us-gaap:CommonStockMember 2026-08-12 2026-08-12 0001526113 us-gaap:SeriesAPreferredStockMember 2026-08-12 2026-08-12 0001526113 us-gaap:SeriesBPreferredStockMember 2026-08-12 2026-08-12 0001526113 us-gaap:SeriesDPreferredStockMember 2026-08-12 2026-08-12 0001526113 us-gaap:SeriesEPreferredStockMember 2026-08-12 2026-08-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 13, 2026 (August 12, 2026)

 

Global Net Lease, Inc.

(Exact name of registrant as specified in its charter)

 

Maryland   001-37390   45-2771978
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

650 Fifth Avenue, 30th Floor    
New York, New York   10019
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (332) 265-2020

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
Symbol(s)
  Name of each exchange on
 which
registered
Common Stock, $0.01 par value per share   GNL   New York Stock Exchange
7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share   GNL PR A   New York Stock Exchange
6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share   GNL PR B   New York Stock Exchange
7.50% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share   GNL PR D   New York Stock Exchange 
7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share   GNL PR E   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

 

 

 

 

 

INTRODUCTORY NOTE

 

On August 12, 2026 (the “Closing Date”), Global Net Lease, Inc. (“GNL”) consummated the transactions contemplated by that certain Agreement and Plan of Merger, dated May 3, 2026 (the “Merger Agreement”), by and among GNL, GNL Motion Merger Sub, LLC (“REIT Merger Sub”), Global Net Lease Operating Partnership, L.P. (“GNL Operating Partnership”), GNL Motion OpCo Merger Sub, LLC (“OpCo Merger Sub”), Modiv Industrial, Inc. (“Modiv”) and Modiv Operating Partnership, LP (“Modiv Operating Partnership”).

 

Pursuant to the Merger Agreement, on the Closing Date, (i) Modiv merged with and into REIT Merger Sub with REIT Merger Sub surviving the merger as a wholly-owned subsidiary of GNL (the “Modiv Merger”) and (ii) contemporaneously with the Modiv Merger, OpCo Merger Sub merged with and into Modiv Operating Partnership with Modiv Operating Partnership surviving the merger as a wholly-owned subsidiary of GNL Operating Partnership (the “OpCo Merger” and, together with the Modiv Merger, the “Mergers”).

 

Following the consummation of the Mergers, the separate existence of Modiv ceased, and GNL succeeded to and assumed all of Modiv’s rights, obligations, and interests under Modiv’s existing leases and other agreements, including all agreements with Modiv’s tenants.

 

Item 2.01 Completion of Acquisition or Disposition of Assets.

 

The information set forth in the Introductory Note of this Current Report on Form 8-K (“Current Report”) is incorporated by reference in this Item 2.01.

 

The Mergers

 

Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Modiv Merger (the “Modiv Merger Effective Time”): 

 

  · each share of Class C common stock, $0.001 par value per share, of Modiv (the “Modiv Common Stock”) issued and outstanding immediately prior to the Modiv Merger Effective Time, other than any Modiv Common Stock or Modiv Preferred Stock (as defined below) owned by GNL, REIT Merger Sub or any subsidiary of GNL, Modiv or REIT Merger Sub immediately prior to the Modiv Merger Effective Time (“Excluded Shares”), converted into the right to receive 1.975 shares of common stock, par value $0.01 per share, of GNL (the “GNL Common Stock”), without interest, plus the right to receive cash in lieu of any fractional shares of GNL Common Stock, if any, without interest (the “Common Stock Merger Consideration”); and
   
  · each share of the 7.375% Series A Cumulative Redeemable Perpetual Preferred Stock, $0.001 par value per share, of Modiv (the “Modiv Preferred Stock”) issued and outstanding immediately prior to the Modiv Merger Effective Time, other than any Excluded Shares, converted into the right to receive an amount in cash equal to $25.00, plus any accrued and unpaid dividends thereon, if any, to, but not including, the Closing Date (the “Preferred Stock Merger Consideration”).

 

Pursuant to the terms and subject to the conditions set forth in the Merger Agreement:

 

  · immediately prior to the effective time of the OpCo Merger (the “OpCo Merger Effective Time”), each outstanding unit of Class X limited partnership interest in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (each, a “Class C Unit”) in the Modiv Operating Partnership; and
   
  · at the OpCo Merger Effective Time, each outstanding Class C Unit (other than Class C Units held by GNL, Modiv, GNL Operating Partnership, REIT Merger Sub, OpCo Merger Sub or any of their respective wholly-owned subsidiaries immediately prior to the OpCo Merger Effective Time) converted into the right to receive 1.975 units of limited partnership interest in the GNL Operating Partnership designated as OP Units (as defined in the agreement of limited partnership of GNL Operating Partnership, “GNL OP Units”), plus the right to receive cash in lieu of any fractional GNL OP Units, if any, without interest.

 

 

 

 

As a result of the Mergers, GNL (i) will issue approximately 20,387,757 shares of GNL Common Stock as Common Stock Merger Consideration to former holders of Modiv Common Stock, and (ii) will pay approximately $42.3 million as Preferred Stock Merger Consideration to former holders of Modiv Preferred Stock. GNL will fund the Preferred Stock Merger Consideration and the repayment of Modiv's outstanding indebtedness assumed in connection with the Mergers using borrowings under GNL’s existing revolving credit facility.

 

The foregoing description of the Merger Agreement and the transactions contemplated thereby, including the Mergers, does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which was filed as Exhibit 2.1 to GNL’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on May 4, 2026, which is incorporated herein by reference.

 

GNL Operating Partnership Agreement Amendment

 

On the Closing Date, GNL adopted an amendment to GNL Operating Partnership’s Second Amended and Restated Agreement of Limited Partnership, originally dated June 2, 2015 (as amended, the “GNL OpCo Partnership Agreement”), to, among other things, (i) require the general partner to use commercially reasonable efforts in certain transactions to avoid causing limited partners to recognize gain for federal income tax purposes, and (ii) grant GNL Operating Partnership the right, but not the obligation, to redeem (such right, the “OP Unit Call Right”) any or all outstanding OP Units at certain redemption amounts in the form of cash or GNL Common Stock, at GNL’s election, provided that the redemption of any GNL OP Units pursuant to such call right shall be made in the form of GNL Common Stock.

 

The foregoing description of the GNL OpCo Partnership Agreement does not purport to be complete and is qualified in its entirety by the full text of the GNL OpCo Partnership Agreement, which is attached hereto as Exhibit 4.1, and is incorporated herein by reference.

 

Item 3.02 Unregistered Sales of Equity Securities.

 

The information set forth in the Introductory Note and Item 2.01 of this Current Report is incorporated herein by reference.

 

As a result of the OpCo Merger, GNL Operating Partnership will issue approximately 4,914,528 GNL OP Units to former holders of Class C Units.

 

The GNL OP Units to be issued in connection with the OpCo Merger will be issued and sold in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) provided by Section 4(a)(2) of the Securities Act. Holders of GNL OP Units will have the same rights as all other holders of OP units (other than GNL and any of its wholly-owned subsidiaries) to redeem, subject to certain restrictions and pursuant to the terms of the GNL OpCo Partnership Agreement, such GNL OP Units for cash, subject to GNL’s right to satisfy such redemption with shares of GNL Common Stock on a one-for-one basis, adjusted as appropriate by the Conversion Factor (as such term is defined in the GNL OpCo Partnership Agreement). GNL may redeem the GNL OP Units for GNL Common Stock pursuant to its OP Unit Call Right.

 

Item 7.01 Regulation FD Disclosure.

 

On August 13, 2026, GNL issued a press release announcing the completion of the Mergers, a copy of which is attached hereto as Exhibit 99.1. The information set forth in this Item 7.01 of this Current Report and in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information set forth in this Item 7.01 of this Current Report, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act regardless of any general incorporation language in such filing.

 

 

 

 

Item 9.01 Financial Statements and Exhibits.

 

(a) Financial Statements of Businesses Acquired.

 

The audited consolidated financial statements of Modiv as of December 31, 2025 and 2024 are set forth as Exhibit 99.2 and incorporated herein by reference.

 

The unaudited condensed consolidated financial statements of Modiv as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 are set forth as Exhibit 99.3 and incorporated herein by reference.

 

(b) Pro Forma Financial Information.

 

The pro forma financial information required by this Item, with respect to the transactions described in Item 2.01 herein, will be filed by amendment to this Current Report as soon as practicable, and in any event not later than 71 calendar days after the date on which this Current Report was required to be filed. 

 

(d) Exhibits.

 

Exhibit
Number
  Description
2.1*   Agreement and Plan of Merger, dated as of May 3, 2026, by and among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P., Modiv Industrial, Inc., Modiv Operating Partnership, LP and the other parties thereto (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by Global Net Lease, Inc. on May 4, 2026).
4.1   Eleventh Amendment to the Second Amended and Restated Agreement of Limited Partnership of Global Net Lease Operating Partnership, L.P.
99.1   Press Release, dated August 13, 2026.
99.2   Audited consolidated financial statements of Modiv Industrial, Inc. as of December 31, 2025 and 2024 and for each of the years then ended (incorporated by reference to pages F-1 through F-34 of the Annual Report on Form 10-K filed by Modiv Industrial, Inc. on March 25, 2026).
99.3   Unaudited condensed consolidated financial statements of Modiv Industrial, Inc. as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 (incorporated by reference to pages 3 through 25 of the Quarterly Report on Form 10-Q filed by Modiv Industrial, Inc. on August 11, 2026).
104   Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

* Certain schedules, exhibits and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. GNL will provide a copy of such omitted materials to the SEC or its staff upon request.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    GLOBAL NET LEASE, INC.
       
Date: August 13, 2026 By: /s/ Edward M. Weil, Jr.
    Name: Edward M. Weil, Jr.
    Title: Chief Executive Officer and President (Principal Executive Officer)

 

 

 

EX-4.1 2 tm2622741d1_ex4-1.htm EXHIBIT 4.1

 

Exhibit 4.1

 

ELEVENTH AMENDMENT

TO

SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

OF GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P.

 

This ELEVENTH Amendment to Second Amended and Restated Agreement of Limited Partnership of Global Net Lease Operating Partnership, L.P. (this “Amendment”) is hereby entered into and effective as of August 12, 2026 (the Effective Date”) by Global Net Lease, Inc., a Maryland corporation, as general partner (the “General Partner” or “GNL”) of Global Net Lease Operating Partnership, L.P., a Delaware limited partnership (the “Partnership” or “GNL OP”), for itself and on behalf of any limited partners of the Partnership. Except as specifically defined herein, all capitalized terms shall have the definitions provided in the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated June 2, 2015 (as now or hereafter amended, restated, modified, supplemented or replaced, the “Partnership Agreement”), or the Merger Agreement (defined below), as applicable.

 

WHEREAS, this Amendment is being adopted concurrently with the consummation of the transactions set forth in the Agreement and Plan of Merger, dated May 3, 2026 (the “Merger Agreement”), by and among the General Partner, GNL OP, GNL Motion Merger Sub, LLC, a Delaware limited liability company and direct wholly owned subsidiary of the General Partner (“REIT Merger Sub”), GNL Motion OpCo Merger Sub, LLC, a Delaware limited liability company and direct wholly owned subsidiary of GNL OP (“OpCo Merger Sub”), Modiv Industrial, Inc., a Maryland corporation (“MII”), and Modiv Operating Partnership, LP, a Delaware limited partnership (“MOP”), pursuant to which (i) MII will merge with and into REIT Merger Sub, with REIT Merger Sub being the surviving entity (the “Surviving Company”) and a direct wholly owned subsidiary of the General Partner (the “REIT Merger”) and (ii) contemporaneously with, or immediately following, the consummation of the REIT Merger, OpCo Merger Sub will merge with and into MOP, with MOP being the surviving entity and a wholly owned subsidiary of GNL OP (the “OpCo Merger” and together with the REIT Merger, collectively, the “Mergers”);

 

WHEREAS, after the REIT Merger, at the OpCo Merger Effective Time, by virtue of the OpCo Merger and without any further action on the part of the General Partner, GNL OP, REIT Merger Sub, OpCo Merger Sub, MII, MOP or any of the respective holders thereof, (i) each Class C Unit (including each Converted Class X Unit) of MOP, other than Class C Units held by MII, the General Partner, GNL OP, the Surviving Company, OpCo Merger Sub or any of their respective wholly owned subsidiaries immediately prior to the OpCo Merger Effective Time, issued and outstanding immediately prior to the OpCo Merger Effective Time, were cancelled and extinguished and automatically converted into validly issued OP Units in GNL OP (“New OP Units”) in an amount equal to the Exchange Ratio (as adjusted pursuant to Section 2.7 of the Merger Agreement), subject to the treatment of fractional units as provided in the Merger Agreement, and (ii) each holder of New OP Units was admitted as a limited partner of GNL OP in accordance with the terms of the Partnership Agreement;

 

WHEREAS, Section 4.02(a) of the Partnership Agreement authorizes the General Partner to cause the Partnership to issue additional Partnership Units in one or more classes, or one or more series of any such classes, with such designations, preferences and relative, participating, optional or other special rights, powers, preferences and duties, including rights, preferences and duties senior and superior to the then-outstanding Partnership Units as shall be determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner or other Person;

 

 

 

 

WHEREAS, pursuant to the authority granted to the General Partner pursuant to Article 11 of the Partnership Agreement, the General Partner desires to amend the Partnership Agreement in connection therewith; and

 

WHEREAS, the General Partner desires to revise and restate Schedule A of the Partnership Agreement to reflect the consummation of the Mergers and the issuance of the New OP Units.

 

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the General Partner hereby amends the Partnership Agreement as follows:

 

1. Article 1 of the Partnership Agreement is hereby revised by adding the following new defined terms:

 

““Call Right Redemption Amount” means the redemption price to be paid to a Limited Partner in connection with the exercise of the OP Unit Call Right equal to and in the form of the Cash Amount or the REIT Shares Amount, as determined by the General Partner in its sole and absolute discretion; provided, however, that if the OP Units to be redeemed were issued in connection with the OpCo Merger and are held by a Motion Limited Partner, the Call Right Redemption Amount shall be equal to and in the form of the REIT Shares Amount multiplied by 1.25; provided, further, that if the Partnership exercises its OP Unit Call Right with respect to the OP Units issued in connection with the OpCo Merger and held by a Motion Limited Partner on or prior to the second anniversary of the Closing Date, the Call Right Redemption Amount shall be equal to and in the form of the REIT Shares Amount multiplied by 1.50.”

 

““Motion Limited Partner” means a Limited Partner that holds OP Units as a result of its exchange of Class C units of Modiv Operating Partnership, LP, for OP Units in connection with the consummation of the Mergers or transferees of such Limited Partner pursuant to Transfers in accordance with Section 9.02(c).”

 

““OP Unit Call Right” has the meaning set forth in Section 8.07.”

 

2. Section 7.02(b) of the Partnership Agreement is revised by inserting the following paragraph immediately after the first paragraph in Section 7.02(b):

 

“In respect of any transaction described in the preceding paragraph or in Section 7.02(a)(ii) or (iii) (other than a transaction solely for cash consideration), the General Partner shall use commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction (it being understood that the General Partner will not be deemed to have structured the transaction in a manner that will cause the recognition of gain if the Limited Partners have the option to not recognize gain in such transaction), provided such efforts are consistent with the exercise of the General Partner’s board of directors’ duties to the General Partner or the stockholders of the General Partner under applicable law. Notwithstanding anything herein to the contrary, if after using such commercially reasonable efforts to avoid causing the Limited Partners to recognize gain for federal income tax purposes, the General Partner determines, in its sole and absolute discretion, (i) that it is not possible to structure such transaction to avoid causing the Limited Partners to recognize gain for federal income tax purposes or (ii) that the structure required to avoid causing the Limited Partners to recognize gain for federal income tax purposes would be unduly burdensome to the General Partner, nothing in this provision shall be construed so as to preclude the General Partner from proceeding with and consummating such transaction.”

 

 

 

 

3. A new Section 8.07 is hereby added to the Partnership Agreement as follows:

 

8.07      Partnership Right to Call Partnership Interests. Notwithstanding any other provisions of this Agreement, and subject to any agreement between the Partnership and one or more Limited Partner, the Partnership shall have the right, but not the obligation, from time to time and at any time to redeem any and all outstanding OP Units (the “OP Unit Call Right”) (other than OP Units held by the General Partner or any wholly owned subsidiary of the General Partner) by treating any Limited Partner as a Redeeming Limited Partner who has delivered a Notice of Exercise of Redemption Right pursuant to Section 8.04 for the number of OP Units to be specified by the General Partner by notice to such Limited Partner that the Partnership has elected to exercise its rights under this Section 8.07. Such notice given by the General Partner to a Limited Partner pursuant to this Section 8.07 shall be treated as if it were a Notice of Exercise of Redemption Right delivered to the Partnership and General Partner by such Investor. For purposes of this Section 8.07, (a) any Limited Partner may be treated as a Redeeming Limited Partner and (b) the provisions of Section 8.04 of the Partnership Agreement shall apply, mutatis mutandis; provided, that the limitations contained in the antepenultimate sentence of Section 8.04(a) shall not apply; provided, further, that the amount due to a Limited Partner pursuant to this Section 8.07 shall be the Call Right Redemption Amount.

 

For the avoidance of doubt, the Partnership shall not be treated as exercising its OP Unit Call Right, and a Limited Partner shall not be entitled to the Call Right Redemption Amount in connection with its OP Units, if (i) such Limited Partner redeems its OP Unit by exercising its OP Unit Redemption Right pursuant to Section 8.04, (ii) the General Partner engages in a Transaction and either Section 7.02(a)(ii) or (iii) is satisfied or (iii) the General Partner liquidates pursuant to a plan of liquidation approved by its stockholders.”

 

4. Section 11.01(a) of the Partnership Agreement is hereby deleted in its entirety and replaced by a new Section 11.01(a) set forth immediately below;

 

“(a)         Except as otherwise provided herein, the General Partner’s written consent shall be required for any amendment to this Agreement. Except as otherwise provided herein, the General Partner, without the consent of the Limited Partners, the Special Limited Partner or any other Person, may amend this Agreement in any respect; provided, however, that the following amendments shall require the written consent of a Majority in Interest (other than the Percentage Interest held by the General Partner or any Subsidiary of the General Partner) of the Limited Partners affected thereby:

 

(i)            any amendment affecting the operation of the Conversion Factor or the OP Unit Redemption Right (except as otherwise provided herein) in a manner that adversely affects the Limited Partners or the Special Limited Partner;

 

(ii)            any amendment that would adversely affect the rights of the Limited Partners or the Special Limited Partner to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

 

 

 

 

(iii)          any amendment that would alter the Partnership’s allocations of Net Income and Net Loss to the Limited Partners or the Special Limited Partner, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.02 hereof;

 

(iv)          any amendment that would impose on the Limited Partners or the Special Limited Partner any obligation to make additional Capital Contributions to the Partnership;

 

(v)           any amendment that would adversely affect the Call Right Redemption Amount due to a Limited Partner pursuant to Section 8.07 hereof;

 

(vi)          any amendment that would adversely affect the rights of the Limited Partners under Section 7.02; or

 

(vii)         any amendment to this Article XI.”

 

5. Schedule A of the Partnership Agreement is hereby revised and restated by replacing it in its entirety with Schedule A attached hereto.

 

6. The foregoing recitals are incorporated in and are made a part of this Amendment.

 

7. This Amendment has been authorized by the General Partner pursuant to Section 14.1 of the Partnership Agreement and does not require execution by any Limited Partner or any other Person.

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set forth above.

 

  GENERAL PARTNER:
     
  GLOBAL NET LEASE, INC.
     
  By: /s/ Jesse Galloway
    Name: Jesse Galloway
    Title: Authorized Signatory

 

[Signature Page to Eleventh Amendment to Second Amended and Restated Agreement of Limited Partnership]

 

 

 

EX-99.1 3 tm2622741d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

Global Net Lease Completes Acquisition of Modiv Industrial

 

§    Adds a $535 Million Primarily Industrial Portfolio at Attractive Pricing of Approximately 7.6% Cash Cap Rate and 8.7% GAAP Cap Rate

 

§    Expected to be Immediately 4% Accretive to AFFO Per Share in Leverage-Neutral Transaction

 

§    Advances Portfolio Transformation with Increased Industrial Exposure and Longer Lease Duration

 

NEW YORK – August 13, 2026 – On August 12, 2026, Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) completed its previously announced acquisition of Modiv Industrial, Inc. (“Modiv”), adding a portfolio of high-quality industrial net-lease properties across the United States. The acquisition represents another significant step in GNL’s transformation strategy, increasing industrial exposure to approximately 50% of total straight-line rent1 while enhancing portfolio quality, diversification, and cash flow durability.

 

Modiv's portfolio features a high-quality tenant base, with approximately 45% of annual base rent generated by investment-grade rated tenants2, a weighted average remaining lease term of 15.0 years3 and annual contractual rent escalations averaging 2.4%4. The acquisition extends GNL's weighted average remaining lease term from 5.7 years as of June 30, 2026 to 6.6 years3 on a pro forma basis and is expected to be immediately 4% accretive to AFFO per share while remaining leverage neutral. Collectively, these attributes are expected to enhance earnings, strengthen the long-term growth profile of cash flows through embedded contractual rent increases, and preserve the balance sheet strength and financial flexibility GNL has built over the past several years.

 

The transaction closed following approval by Modiv stockholders at a special meeting held on August 10, 2026. No vote of GNL stockholders was required to complete the transaction. Under the terms of the merger agreement, each share of Modiv common stock was converted into the right to receive 1.975 newly issued shares of GNL common stock and each share of Modiv preferred stock converted into the right to receive an amount in cash equal to $25.00, plus any accrued and unpaid dividends. Following the closing of the transaction, Modiv's common stock and preferred stock were delisted from the New York Stock Exchange (“NYSE”), and former Modiv common stockholders now own shares of GNL common stock, which continues to trade on the NYSE under the symbol “GNL.”

 

“The completion of our Modiv acquisition marks another important milestone as we continue executing our strategy to strengthen GNL's portfolio and enhance the durability of our cash flows,” said Michael Weil, Chief Executive Officer of GNL. “We believe Modiv's industrial assets are an exceptional strategic fit, increasing our industrial exposure to approximately 50% of our annual straight-line rent while extending our weighted average remaining lease term. The transaction is expected to be immediately 4% accretive to AFFO per share, with additional embedded earnings growth supported by annual contractual rent escalations averaging 2.4% that will compound over the portfolio's 15.0-year weighted average remaining lease term. Equally important, we acquired these assets at an attractive valuation, approximately a 7.6% cash cap rate and an 8.7% GAAP cap rate, underscoring the compelling economics of the transaction. We've accomplished this on a leverage neutral basis with the same disciplined capital allocation that has been central to the progress we've made over the last several years. We are pleased to welcome Modiv's stockholders and tenants to GNL and look forward to building on this momentum as we continue working to create long-term value for our stockholders.”

 

About Global Net Lease, Inc.

 

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income-producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com. 

 

Footnotes

 

[1] As of June 30, 2026.

[2] Investment Grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Based on Annual Base Rent and as of December 31, 2025, Modiv’s portfolio was 23% actual investment grade rated, and 22% implied investment grade rated. 

[3] Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera. 

[4] Metric based on Annual Base Rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera.

 

 

 

 

Important Notice

 

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of GNL’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any acquisition or disposition by GNL and any potential future acquisition or disposition by GNL, is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause GNL’s actual results to differ materially from those presented in GNL’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in GNL’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in GNL’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and GNL undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

 

Contacts:

 

Investor Relations

Email: investorrelations@globalnetlease.com