GNL: revenue $112.5M, net income $3.5M. GNL to acquire Modiv Industrial amid portfolio contraction, debt reduction, and merger litigation

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

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  Entered definitive merger agreement to acquire Modiv Industrial (NYSE: MDV) on May 3, 2026; Modiv stockholders to receive 1.975 GNL shares per share. Transaction subject to stockholder approval and closing conditions; Modiv has received multiple stockholder demand letters and two lawsuits alleging disclosure deficiencies in the proxy materials.

  Risk Factors; Notes: Pending Modiv Acquisition view on EDGAR →
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  Total gross debt declined from $3.1B to $2.5B year-over-year (approximately $600M reduction), improving debt leverage ratio from 55.2% to 54.2%. Interest expense fell from $53.3M to $38.8M in Q2 2026, driven by lower debt outstanding and a reduced weighted-average rate (4.3% to 4.1%).

  MD&A: Debt Reduction and Leverage verify on EDGAR →
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  Portfolio contracted from 911 properties (44.0M sq ft) to 798 properties (39.7M sq ft) year-over-year, reflecting ongoing disposition activity. Occupancy declined slightly from 98% to 97%, and weighted-average remaining lease term shortened from 6.2 years to 5.7 years.

  MD&A: Portfolio Size and Composition verify on EDGAR →