Recent Updates — MDV-PA

Modiv Industrial, Inc. completed its merger with Global Net Lease, Inc. (GNL) on August 12, 2026, resulting in Modiv becoming a wholly owned subsidiary of GNL. Each outstanding share of Modiv Class C common stock converted into the right to receive 1.975 shares of GNL common stock plus cash for fractional shares. Holders of Modiv Series A Preferred Stock received $25.00 per share plus accrued dividends in cash. Concurrently, outstanding Class X limited partnership interests in the Modiv Operating Partnership converted to Class C units and then into 1.975 GNL OP Units per unit. All outstanding debt under the January 2022 Credit Agreement was repaid in full upon closing. The company's common and preferred stock were suspended from NYSE trading, and Form 25 for delisting was filed. The entire board of directors resigned, and Modiv ceased to exist as a separate public entity.

Modiv Industrial stockholders approved the previously announced merger with Global Net Lease at a special meeting held on August 10, 2026. The Merger Proposal received affirmative votes from approximately 94% of votes cast, representing more than 61% of outstanding common shares. The transaction is expected to close around August 12, 2026, subject to customary conditions. Modiv operates as an internally managed REIT focused on single-tenant net-lease industrial manufacturing real estate.