MergerJun 29, 2026, 06:02 AM
Global Net Lease's Modiv Merger On Track; Sells $66M Properties
AI Summary
Global Net Lease, Inc. announced the sale of $74 million in assets since Q1 2026, including $66 million of occupied properties at a 7.2% cash cap rate, with office assets comprising 93% of these dispositions. These sales are part of a strategy to reduce office exposure and improve portfolio quality. The company also confirmed that its pending $535 million acquisition of Modiv Industrial, Inc. is on track for an anticipated third-quarter 2026 closing, which is expected to be immediately 4% accretive to AFFO per share and leverage neutral.
Key Highlights
- Sold $66 million of occupied properties at a 7.2% cash cap rate since Q1 2026.
- Office assets accounted for $61 million, or 93%, of occupied dispositions.
- Year-to-date dispositions total $145 million at a 7.5% cash cap rate on occupied assets.
- Pending acquisition of Modiv Industrial, Inc. ($535 million) remains on track for Q3 2026 close.
- Modiv acquisition expected to be 4% accretive to AFFO per share and leverage neutral.
- Expected office exposure reduced to 21% of portfolio straight-line rent from 26% in Q1 2026.
- Under contract to acquire a $14 million industrial property at an 8.2% cash cap rate.
Price Impact
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