AcquisitionsJun 29, 2026, 06:21 AM
Global Net Lease Sells $74M Assets; Modiv Industrial Acquisition On Track
AI Summary
Global Net Lease, Inc. announced significant progress in its portfolio transformation strategy, having sold $74 million in assets since the first quarter of 2026, primarily office properties, at a 7.2% cash cap rate. These dispositions, totaling $145 million year-to-date, aim to reduce office exposure and fund redeployment into industrial assets. The company also confirmed that its $535 million acquisition of Modiv Industrial, Inc. is on track for a third-quarter 2026 closing, which is expected to be immediately accretive to AFFO per share and further enhance its industrial portfolio.
Key Highlights
- Sold $74 million of assets since Q1 2026, including $66 million of occupied properties.
- Occupied asset sales achieved a 7.2% cash cap rate, with office assets comprising 93% ($61 million).
- Sold $8 million of vacant assets, eliminating negative net operating income drag.
- Year-to-date dispositions total approximately $145 million at a 7.5% cash cap rate on occupied assets.
- Pending acquisition of Modiv Industrial, Inc. for $535 million remains on track for Q3 2026 closing.
- Modiv acquisition expected to be 4% accretive to AFFO per share and leverage neutral.
- Expected to reduce office exposure to approximately 21% of portfolio straight-line rent from 26% in Q1 2026.
- Under contract to acquire a 100,000 sq ft industrial property for $14 million at an 8.2% cash cap rate.
Price Impact
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