AcquisitionsAug 5, 2026, 04:30 PM
Global Net Lease to Acquire Modiv Industrial for $535M, 4% AFFO Accretive
AI Summary
Global Net Lease announced the acquisition of Modiv Industrial for an enterprise value of $535 million, an all-stock transaction expected to be immediately 4% accretive to AFFO per share. The company also raised its 2026 AFFO per share guidance to $0.82-$0.85. In Q2 2026, GNL reported AFFO per share of $0.22 and significantly reduced net debt by $630 million since Q2 2025, achieving a 6.6x Net Debt to Adjusted EBITDA ratio. The acquisition will enhance GNL's portfolio quality by increasing industrial exposure and extending its weighted average lease term.
Key Highlights
- Acquiring Modiv Industrial for $535 million, expected to be 4% accretive to AFFO per share.
- Raises 2026 AFFO per share guidance to $0.82-$0.85, up from $0.80-$0.84.
- Q2 2026 AFFO per share was $0.22; Net Loss attributable to common stockholders was $7.5 million.
- Reduced Net Debt by $630 million since Q2 2025, reaching 6.6x Net Debt to Adjusted EBITDA.
- Achieved a 5.6% renewal leasing spread in Q2 2026, including 9.1% on a FedEx renewal.
- Completed $263 million in dispositions year-to-date, with 78% of sales from office assets.
- Pro forma weighted average lease term (WALT) increases from 5.7 years to 6.6 years.
- Liquidity improved to $919 million, with total debt at $2.497 billion.
Price Impact
More from GNL