Global Net Lease and Modiv (MDV) detail proxy process and merger risk disclosures
Rhea-AI Filing Summary
Global Net Lease, Inc. (GNL) and Modiv Inc. (MDV) describe their planned transaction and explain that both companies, along with their directors and executive officers, may be deemed participants in soliciting proxies from Modiv stockholders. Background information on these individuals and their security holdings is available in each company’s most recent Annual Report on Form 10-K, related amendments, and proxy materials, as well as subsequent Forms 4 filed with the SEC.
The communication clarifies it is not an offer to sell or solicit securities and that any offering would occur only through a prospectus meeting Securities Act requirements or an applicable exemption. It includes an extensive forward-looking statements disclaimer, citing risks such as potential termination of the merger agreement, failure to obtain Modiv stockholder approval, legal proceedings, transaction-related disruption, market volatility, REIT qualification, real estate and tenant risks, regulatory changes, and other risks detailed in GNL and Modiv’s SEC filings.
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Proxy Statement/Prospectus regulatory
forward-looking statements regulatory
Registration Statement regulatory
REIT financial
Securities Act of 1933 regulatory
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FAQ
What transaction between Global Net Lease and Modiv (MDV) is discussed here?
How are Modiv (MDV) stockholders being solicited regarding the GNL transaction?
Where can investors find information on GNL and Modiv insiders’ holdings for MDV?
Does this Global Net Lease and Modiv (MDV) communication offer or sell securities?
What key risks are highlighted for the GNL–Modiv (MDV) transaction?
How are forward-looking statements about MDV and GNL characterized in this communication?
Filed by Global Net Lease, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Modiv Industrial, Inc.
Commission File No.: 001-40814
Date: August 5, 2026
Explanatory Note: This filing is being made pursuant to Rule 425 under the Securities Act of 1933, as amended. The following slides were included in a quarterly investor presentation, which was first used on August 5, 2026, when furnished by Global Net Lease, Inc. with a Current Report on Form 8-K (Item 7.01) filed on that date.
Acquisit i on of Mod i v Ind u strial
T ransactio n Ratio n ale & S t rategic Benefits Q 2 ' 26 In v e s t o r Pr e s en t a t i o n 22 A c qu isi t i on of Mod i v Indu s trial 1 . M od i v’s m e t r i c b a s ed o n s q ua r e fee t a s o f Dec e m be r 31 , 2025 , ad j u st e d f o r M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r o p G r u mm an and K a l e r a . GN L ’s m e t r i c b a s ed o n J une 3 0 , 2026. 2 . M e t r i c ba s ed o n A nnua l B a s e R en t a s o f Dec e m be r 31 , 2025 , ad j u st e d f o r M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r op G r u m m an and K a l e r a . 3 . I n v e st m en t G r ade i n c l ude s bo t h a ct u a l i n v e st m en t g r ade r a t i ng s o f t h e t e nan t o r gua r an t o r , i f a v a il ab l e , o r i m p li ed i n v e st m e n t g r ade . I m p li ed i n v e st m en t g r ade m a y i n c l ude a ct u a l r a t i ng s o f t e nan t pa r en t , gua r an t or p a r en t (r ega r d l e ss o f w he t h e r or n o t t h e pa r en t ha s gua r an t e ed the t e nan t ' s ob li ga t i on unde r t h e l ea s e ) o r b y u s i ng a p r op r i e t ar y M ood y ' s a na l yt i c a l t o o l , w h i c h gene r a t e s an i m p li ed r a t i ng b y m e a s u r i ng a c o m pan y ' s p r obab ili ty o f de f a u l t . T he t e r m " pa r en t " f o r t h e s e p u r po s e s i n c l ude s an y en t i ty , i n c l ud i ng an y g o v e r n m en t a l en t i ty , o w n i ng m o r e t h an 5 0 % of th e vot i n g stoc k i n a t e n a n t o r a g u a r a n to r . B ase d o n A n n u a l B ase Rent a n d as of D ece m b e r 3 1 , 2 0 2 5, M o d i v ’ s p o r tf o li o w as 2 3 % actu a l i nvest m e n t g r a d e r at e d, a n d 2 2 % i m p l i e d i nvest m e n t g r a d e r at e d. Im m edia t e Ea r ni n gs Accretion w it h At t ractive Embe d de d Synergies Transac t i on i s expected t o be i mm ed i a t e l y 4% accre t i v e t o A F F O per share E xpec t ed t o r esu l t i n t he e l i m i na t i on o f dup l i ca t i v e G &A expe n ses and o t her cos t s y nerg i es , t o t a l i ng $6 m illi on o f i denti f i e d s y nerg i es expected t o be cap t ured ann u a l ly Leverage - Neu t ral T ransactio n M ain t ains Balance Sheet an d Li q ui d ity Streng th A l l - s t oc k t r ansacti o n w as s t r uc t ured t o be l e v erage neut r a l , r equ i r i ng no ne w ex t erna l cap i t a l t o co m p l e t e t he t r ansacti on T h e t r ansacti o n s t r uc t ure prese r v es ba l ance sheet s t r ength and f i nanc i a l f l ex i b i li t y , pos i t i on i ng G N L t o i n v es t i n s t r a t eg i c gr o w t h i n i t i a t i v es and con t i nue dri v i ng do w n l e v erage o v er t he l on g - t erm Hig h - Q uali t y In d us t rial Net Lease Portf o lio G N L w ill be acquiring a h i g h - q u a l i t y n e t l e a se p o r t f o l i o conc e n tr a t e d i n m i ssi o n - c r i t i ca l i ndus t r i a l ass e t s , suppo r t ed b y an a t t r ac t i v e w e i gh t ed a v e r age l ease t er m o f 15 . 0 y ears (1 ) and 2 . 4% a v erage ann u a l r en t esca l a t i on s (2) Long - dura t i on l ease pro f il e ex t ends G N L ’ s w e i gh t ed a v erage l ease t er m f r o m 5 . 7 y ears i n Q 2 ’ 26 t o 6 . 6 y ear s (1 ) on a p r o f o r m a ba s i s , enhan c i ng bo t h por t f o l i o durab ili t y and cash f l o w v i s i b i li ty Streng t he n ed Portf o lio Q uali t y & Diver s ifica t ion A cqu i s i t i on f ur t her s t r engthens G N L ’ s o v era l l por t f o l i o m i x b y s i gn i f i can t l y i ncreas i ng expos u r e t o h i g h - qua l i t y m i ss i o n - c r i t i c a l i ndust r i a l asse t s w h i l e m ean i ng f u l l y r educ i ng o f f i ce conce n t r a t i on T h e por t f o l i o f ea t ures a w e l l - r ecog n i z ed t ena n t base o f l ead i ng g l oba l brands , w i t h 45% o f ann u a l base r en t der i v ed f r o m i n v es t m en t - grade r a t ed t ena n t s (3) Enha n ced Platf o rm t o Sup p ort L o n g - T erm G ro w t h an d Shareholder V alue The acquis i t i on w ill enhan c e G N L ’ s o v e r a l l scale , d i v e r s i fi ca t i on , and capi t a l fl ex i b i li t y , an t i c i pa t ed t o posi t i on t he C o m p a n y ’ s p l a t f o r m t o e ffi c i en t l y acc e ss cap i t a l , pursue s t r a t eg i c i n v es t m en t s , and supp o r t sus t a i nab l e l on g - t er m gro w t h and v a l ue c r ea t i on A nt i c i p a t e c l o s i n g t h e M o d i v Tra n sact i o n i n m i d - A u g u s t 202 6 , ass u m i n g a p pro v a l b y M o d i v ’ s stock h olders at t h e i r s p ec i a l mee t i n g t o b e h e l d o n A u g u s t 10 , 2026 +4% AFF O A c c re t i on 0.0x A dd i t io n a l Le v e r age 2.4% A v e r age A nnua l R en t E sc a la t ion 45% I n v e st m en t - G r ade T enan ts $5 B+ P r o Fo r m a P la t f o rm
T r a n sact i on St r u ct u re • Gl o b a l N et L e ase, I n c . ( “ G N L”) t o acq u i re M o d i v I n d u s t r i a l I n c . ( “ M D V ” ) i n a l l - s t oc k t r ansacti on • Transac t i on v a l ued a t en t erp r i se v a l ue o f approx i m a t e l y $53 5 m illi on • G N L i n t ends t o f u l l y r epa y a l l o f M od i v ’ s ex i s t i ng ba l ance shee t debt and pa y o f f M od i v ’ s pre f er r ed s t oc k us i ng i t s R e v o l v i n g C r ed i t F a c ili t y and cash on han d , r equ i r i ng no ne w ex t erna l cap i t a l t o co m p l e t e t he t r ansacti o n • Pos t - c l os i ng , ex i s t i ng G N L s t oc k ho l de r s a r e expe c t ed t o o w n app r ox i m a t e l y 89 % o f t he co m b i ned co m pan y and M od i v s t oc k ho l ders are expected t o o w n approx i m a t e l y 11% Con s i d e r at i on • H o l ders o f M od i v co m m on s t oc k and ope r a t i ng par t nersh i p un i t s (“ O P U n i t s ”) w ill r ece i v e 1 . 975 ne w l y - i ssued sha r es o f G N L co m m on s t oc k or O P U n i t s f or each share o f M od i v co m m on s t oc k or O P U n i t t he y ho l d a t c l os i ng o f t he t r ansacti o n , r epresen t i n g a t o t a l cons i dera t i on o f approx i m a t e l y $18.82 per M od i v share base d on G N L ’ s c l os i ng share pric e as o f M a y 1 s t , 2026 $18.82 i mp li e d of f er pr i ce represe n t s a 17 % prem i um t o M o d i v ’ s c l o s i n g s h are pr i ce o n M a y 1 s t , 202 6 , t he l as t f u l l t r ad i ng da y pri o r t o t he t r ansacti o n ann o unce m ent 28 % prem i um t o M o d i v ’ s u n af f ected s h are pr i ce pr i or t o i t s Ja n u a r y 2 0 t h , 202 6 st r ateg i c u p d a te • $42 milli on o f M D V S eri e s A C u m u l a t i v e R ede e m ab l e P erpe t ua l P r e f er r ed S t oc k t o be r ede e m ed a t li qu i da t i on pre f erence • P l a n n e d repa y ment of a l l o u t stan d i ng M D V d e b t , i nc l ud i ng $25 0 m illi on o f unsec u r ed ban k debt and $24 milli on o f m or t gag e debt M a n a g e me n t a n d Bo a r d o f D ir ect o r s • F o ll o w i ng t he t r ansacti o n , t here are n o a n t i c i p a t e d c h a n g e s t o G N L’s exe c ut i v e mana g ement t eam or B o a rd of D i rec t ors Ex p ecte d C l o se • Tr a nsa c t i on i s expec t ed t o c l ose i n m i d - A ug u s t 2026 , subjec t t o cus t o m a r y c l os i ng condi t i ons , i nc l ud i ng t he app r o v a l o f M od i v s t oc k ho l ders . N o appro v a l o f G N L shareho l ders i s r equ i r ed T ransactio n Overview Q 2 ' 26 In v e s t o r Pr e s en t a t i o n 23 A c qu isi t i on of Mod i v Indu s trial No te : M a r k e t da t a a s o f M a y 1 , 2026 .
T op T e n P o r tf o li o T e n a n ts T ena nt P r o p e r t y T y p e In d u stry C r e di t Ra t in gs W A L T ( Y e a r s) % o f T o t al A BR I n du s tr i a l I n fr a s tr u c t u re I m p li ed B a 1 21 .0 14 . 3% Re ta i l A u t o m o t i v e De a l e r s h i p I m p li ed B aa 2 20 .8 10 . 8% G o v e r n m en t G o v e r n m en t A a 2 8 . 7 7 . 0% I n du s tr i a l T e c hno l og y A 2 ( 3 ) 9 .9 6 . 7% I n du s tr i a l A e r o s pa c e I m p li ed B a 2 6 .7 6 . 4% I n du s tr i a l I n fr a s tr u c t u re I m p li ed B a 3 17 .7 5 . 1% I n du s tr i a l I n d us tr i a l Pr odu c ts A3 8 .3 5 . 0% I n du s tr i a l F o od M anu f a c t u r i n g I m p li ed A2 7 .4 4 . 5% I n du s tr i a l M a c h i ne ry I m p li ed B a 2 1 7 .0 4 . 1% I n du s tr i a l E ne r g y I m p li ed B3 17 .1 3 . 9% Mod i v Portfolio Summary Q 2 ' 26 In v e s t o r Pr e s en t a t i o n 24 A c qu isi t i on of Mod i v Indu s trial 9 8% Proper t i e s 40 Squar e Fe et 4.2M O c c upan cy 14 States 26 T e n a n ts 15.0 yrs W A LT 2.4% I G T e n a n t s (1) 10 0% C o n t r a c t u a l Rent In c r e as e s (2) 4 5% A v e r a g e A nnua l Renta l In c r e as e (2) No te : P o r t fo li o m e t r i cs a s o f Dec e m be r 31 , 2025 , ad j u st e d f or M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r op G r u mm an a n d K a l e r a . 1 . Re fe r t o In v e st m en t G r ade de f i n i t i on i n c l uded i n t h e f o o t n o t e s on s l i de 10. 2 . M e t r i c ba s ed o n A nnua l B a s e R en t a s o f Dec e m be r 31 , 2025 , ad j u st e d f o r M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r op G r u m m an and K a l e r a . 3 . Re p r e s en ts c r ed i t r a t i ng o f pa r en t c o m pan y F u j i f i l m. C o mp l em e nt a r y h i g h - qu a l i t y i n dustria l net le a se asset s enh a nce G N L ’ s e x istin g missio n - critic a l i n d u stria l p o rt f o l i o FL TX AZ U T CO MN MI I L OH SC NC PA NY CA M a r k e t P r e s ence Geographi c all y w el l - di v er s i f i e d por t f olio , p r o v i d i ng ex p o s u r e t o key i ndu st ri a l ma r kets ac r o ss t h e Un i te d States and e n h a n c i ng o ve r a ll po r tf o li o r esi li e n c e a n d st a b ili ty
0 . 0% 3.0 % 2.0 % 4.0 % 2.0% 91.0% 2 0 26 2 0 27 2 0 28 2 0 29 2 0 30 2 0 3 1+ M odiv ’ s at t rac t i v e lease m aturi t y sc he d ule w ill ex t en d G N L ’ s pr o f or m a W A L T t o 6 . 6 y ear s ( 2 ) , an in c rea s e f ro m 5 . 7 y ear s in Q2 ’ 26 Lon g - Dated, W el l Ladder e d Lease Maturities Q 2 ' 26 In v e s t o r Pr e s en t a t i o n 25 A c qu isi t i on of Mod i v Indu s trial MDV's e xt e n d ed p ortf o l i o W A L T of 1 5 .0 y e a r s w o u l d me a n i n g ful l y e x te n d GN L ’ s W A L T a n d e n h a nc e p o rt f o l i o d u ra b i l it y a n d c a sh flo w vis i b i l i ty 1 . M et r i c b a sed o n sq u a r e f e e t as o f D ece m b e r 3 1 , 2 0 2 5 , a d j uste d fo r M o d i v ’ s p r ev i o u s l y d i s c l ose d d i spos i t i o n of N o r th r o p G r u m m a n a n d K a l e r a. 2 . P r o fo r m a m e t r i c b a s ed o n s q ua r e fee t. 3 . M e t r i c ba s ed o n A nnua l B a s e R en t a s o f Dec e m be r 31 , 2025 , ad j u st e d f o r M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r op G r u m m an and K a l e r a. 15.0 Y ears W eig h te d Average Lease T er m ( 1) 2.4% Avera g e A n n u al Ren t al Increas e ( 3) >90% of Portfol i o A B R E x p i r e s Aft e r 2 0 30
GN L ’ s pr o forma m e trics e n h a nc e d thr o u g h th e ac q u i siti o n of MDV ’ s pu r e - p l a y , sin g l e - tenant i n d u st r ial p o rtfol io Enhance d Portfolio Co m positi on Q 2 ' 26 In v e s t o r Pr e s en t a t i o n 26 A c qu isi t i on of Mod i v Indu s trial No te : P o r t fo li o m e t r i cs a s o f Dec e m be r 31 , 2025 , ad j u st e d f or M od i v’s p r e v i ou s l y d i sc l o s ed d i s po s i t i on o f No r t h r op G r u mm an a n d K a l e r a . GN L p o r t fo li o m e t r i cs a s o f J une 3 0 , 2026. 1 . M et r i c b a sed o n sq u a r e f e e t. 2 . P r o fo r m a m e t r i c b a s ed o n a nnua li z ed S L R f o r GN L a nd A nnua l B a s e R en t f o r M D V . 3 . GN L a nd M D V % I G t e nan ts i n c l ude s bo t h a ct u a l and i m p li ed c r ed i t r a t i ng . S u T o ta l P r o Fo r ma P o r tf o lio Nu m b e r o f P r op e r t i es 798 + 40 838 Nu m b e r o f States 48 + 14 48 S qu a r e F eet (m illi o n s) 40 . 0 + 4 . 2 44 . 2 I ndu st ri a l / R eta i l / Off i ce 47 % / 28 % / 25% 82% / 1 1% / 7% 50% / 2 6% / 2 4% % L ease d ( 1 ) 97% + 98% 97% W A L T ( 1 ) 5 . 7 Y ears + 15 . 0 Y ears 6 . 6 Y ear s Pe r ce n t I G R ate d T e n a n t s ( 2 )( 3 ) 63% + 45% 62% Con t r act u a l R e n t I n c r ease s ( 2 ) 87% + 100% 88% A v e r a g e A nnu a l R e n t I n c r eas e ( 2 ) 1 . 4% + 2 . 4% 1 . 5%
Additional Information and Where to Find It
In connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of May 3, 2026 (the “Merger Agreement”), Global Net Lease, Inc. (“GNL”) has filed with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (File No. 333-296382) (as amended, the “Registration Statement”), which was declared effective on June 24, 2026 and includes a proxy statement of Modiv Industrial, Inc. (“Modiv”) with respect to its special meeting of stockholders that also constitutes a prospectus relating to the offer of securities to be issued to the stockholders of the Modiv (the “Proxy Statement/Prospectus”). Following the Registration Statement being declared effective, Modiv commenced mailing the Proxy Statement/Prospectus on or about June 24, 2026 to stockholders of Modiv as of the record date established for voting on the transaction and other matters as described in the Proxy Statement/Prospectus. GNL and Modiv may also file other documents regarding the transaction with the SEC. This communication does not contain all of the information that should be considered concerning the transaction and is not intended to form the basis of any investment decision or any other decision in respect of the transaction.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, MODIV STOCKHOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS, AMENDMENTS AND SUPPLEMENTS THERETO, AND ALL OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH MODIV’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS STOCKHOLDERS TO BE HELD TO APPROVE THE TRANSACTION AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT GNL, MODIV AND THE TRANSACTION.
Investors and security holders are also able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or to be filed with the SEC by GNL, without charge, on the SEC’s website at www.sec.gov, or by directing a request to: Global Net Lease, Inc., 650 Fifth Avenue, 30th Floor, New York, New York 10019, or by email at investorrelations@globalnetlease.com. Copies of the documents filed or to be filed with the SEC by Modiv are or will be available, without charge, on Modiv’s website at www.modiv.com.
Participants in the Solicitation
GNL, Modiv and their respective directors and executive officers may be deemed participants under SEC rules in the solicitation of proxies from Modiv’s stockholders in connection with the transaction.
Information regarding GNL’s directors and executive officers, including information regarding their interests in the transaction and their ownership of GNL’s securities, is available in GNL’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026 (the “GNL 2025 Annual Report”), and GNL’s proxy statement, dated April 7, 2026, for its 2026 annual meeting of stockholders (the “GNL 2026 Proxy”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of GNL’s securities by GNL’s directors or executive officers from the amounts described in the GNL 2026 Proxy have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the GNL 2026 Proxy and are available at the SEC’s website at www.sec.gov. Information regarding Modiv’s directors and executive officers, including information regarding their interests in the transaction and their ownership of Modiv’s securities, is available in Modiv’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 25, 2026, and the amendment thereto on Form 10-K/A, filed with the SEC on April 30, 2026 (the “Modiv 2025 Annual Report”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Any changes in the holdings of Modiv’s securities by Modiv’s directors or executive officers from the amounts described in the Modiv 2025 Annual Report have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the Modiv 2025 Annual Report and are available at the SEC’s website at www.sec.gov. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Modiv’s stockholders in connection with the transaction is set forth in the Proxy Statement/Prospectus and other relevant materials filed with the SEC. Investors should read the Proxy Statement/Prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from GNL or Modiv using the sources indicated above.
No Offer or Solicitation
This communication is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the transaction and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of GNL or Modiv, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended (the “Securities Act”) or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the transaction and the parties thereto. All statements contained in this communication other than statements of historical fact, including, without limitation, statements regarding the transaction between GNL and Modiv; the anticipated benefits and timing of the transaction, GNL’s future financial performance; and other statements regarding management’s intentions, beliefs, or expectations with respect to the GNL’s future performance following the consummation of the transaction, are forward-looking statements.
Forward-looking statements are often identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements are based on the current expectations and assumptions of GNL and Modiv and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: (1) GNL’s or Modiv’s continued qualification as a REIT under the Internal Revenue Code of 1986, as amended (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (3) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the transaction and any definitive agreements with respect thereto; (4) the inability to complete the transaction, including due to failure to obtain approval of the stockholders of Modiv or other conditions to closing; (5) the risk that the transaction disrupts GNL’s current plans, business relationships, performance, operations and business generally as a result of the announcement and consummation of the transaction; (6) the risk that the price of GNL’s securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, geopolitical tensions, and macro-economic and social environments affecting its business; (7) the ability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (8) costs related to the transaction; (9) changes in applicable laws or regulations; (10) risks related to GNL and Modiv’s business, including client defaults under leases, increased client bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments, re-leasing uncertainties, and potential damages from natural disasters; competition, impairments in the value of real estate assets; changes in domestic and foreign income tax laws and rates; and (11) other risks detailed from time to time in GNL or Modiv’s filings with the SEC including the Registration Statement and related documents filed or to be filed in connection with the transaction.
The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of each of the GNL 2025 Annual Report and the Modiv 2025 Annual Report, subsequent Quarterly Reports on Form 10-Q and the Registration Statement and Proxy Statement/Prospectus filed by GNL, and other documents filed by GNL and Modiv from time to time with the SEC, as well as the list of risk factors included herein. These filings identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and none of the parties or any of their representatives assumes any obligation and do not intend to update or revise these forward-looking statements, each of which is made only as of the date of this communication.