Modiv Industrial Acquisition, Valuation & Financials

Modiv Industrial was acquired by Global Net Lease for $535M in May 2026, a 13.7x multiple on $39M of revenue.

Modiv Industrial acquisition price

$535M

Acquired by Global Net Lease · May 2026

Modiv Industrial revenue at acquisition

$39M

Last twelve months · May 2026

Modiv Industrial revenue multiple at acquisition

13.7x

EV/Revenue · May 2026

Modiv Industrial EBITDA multiple before the deal

12.0x

EV/EBITDA · last month listed · Aug 2026

Modiv Industrial Overview

About Modiv Industrial

Modiv Industrial Inc is a pioneer in the direct-to-consumer commercial real estate product industry. It provides individual investors access to real estate and real estate-related investments designed to provide both income and long-term growth. The Company has invested in single-tenant income-producing properties. Its current business consists of owning, managing, operating, leasing, acquiring, investing in and disposing of commercial real estate assets utilized for industrial manufacturing, as well as a few non-core assets. All of the company's consolidated revenues are derived from company's consolidated real estate properties.


Founded

2015

HQ

United StatesUnited States

Website

modiv.com

Status

Acquired

Revenue

$39M (May 2026)

Valuation

$535M (acquired May 2026)

Modiv Industrial Acquisition

Modiv Industrial was acquired by Global Net Lease for $535M on 3 May 2026.

The acquisition price implies a 13.7x revenue multiple on $39M of revenue.

Global Net Lease, Inc. (NYSE: GNL) agreed to acquire Modiv Industrial, Inc. (NYSE: MDV) in an all-stock transaction valued at an enterprise value of $535 million. Modiv common stockholders and operating partnership unit holders will receive 1.975 newly-issued shares of GNL common stock or OP units per Modiv share or OP unit, equating to approximately $18.82 per Modiv share based on GNL’s May 1, 2026 closing price, a 17% premium to Modiv’s closing price and 28% to its unaffected price prior to January 20, 2026. The acquisition is expected to deliver immediate 4% accretion to GNL’s AFFO per share and remain leverage-neutral within 6.5x–6.9x net debt to recurring EBITDA, supporting GNL’s expansion in industrial properties amid rising demand for warehouses and logistics assets. The deal aligns with GNL’s strategic shift post-deleveraging, with $1.3 billion net debt reduction year-over-year to $2.4 billion as of March 31, 2026, and $911.1 million liquidity. Modiv Industrial owns 42 properties across 14 states, primarily in California, focused on industrial assets with some retail and office exposure. The portfolio generated $39.1 million in annual base rent in 2025. The transaction, approved by both boards, awaits Modiv shareholder approval and is targeted to close by September 30, 2026.

Modiv Industrial acquisition details
AcquirerDateTypePriceEV/Revenue
3 May 2026Strategic M&A$535M13.7x

Modiv Industrial as a Public Company

Modiv Industrial traded as NYS: MDV before it was taken private. Its acquisition was announced in May 2026. August 2026 is its last month on record as a listed company, with a market cap of $186M and an enterprise value of $455M.

Last-twelve-month revenue was $46M, with EBITDA of $38M (82% margin), and the shares traded at 9.8x EV/Revenue and 12.0x EV/EBITDA.

Over the 4 years before that, its market cap grew from $112M in August 2022 to $186M.

Modiv Industrial market cap while listed

Modiv Industrial EV/Revenue (LTM) while listed

Modiv Industrial financials and trading multiples by year while listed
As ofMarket capRevenue (LTM)EBITDA (LTM)EBITDA marginEV/RevenueEV/EBITDA
Aug 2026$186M$46M$38M82%9.8x12.0x
Aug 2025$154M$47M$37M79%9.9x12.6x
Aug 2024$158M$47M$36M75%9.7x12.8x
Aug 2023$94M-----
Aug 2022$112M-----

Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Modiv Industrial traded.

Modiv Industrial Competitors

Modiv Industrial competitors include listed companies like Abacus Group, Land Development, Smith Douglas Homes and Heimar, and private ones like Aspace International Holdings and Guy & Doron Levy Engineering Construction Investment.

Public and private companies comparable to Modiv Industrial
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Abacus GroupAustraliaAustraliaPublicly listed$103M($21M)$536M8.0x
Land DevelopmentIsraelIsraelPublicly listed$329M$308M$539M-
Smith Douglas HomesUnited StatesUnited StatesPublicly listed$971M$77M$525M0.9x
HeimarIcelandIcelandPublicly listed$134M$126M$552M-
Aspace International HoldingsUAEDubaiPrivate--$500M-
Guy & Doron Levy Engineering Construction InvestmentIsraelHerzliyaPrivate--$779M-

Modiv Industrial Public Comps

Modiv Industrial is no longer listed, but its public comps include Abacus Group, Land Development, Smith Douglas Homes, Heimar, Peet, Nawi Group, Consultatio, Stendorren Fastigheter, Aradei and Vinci Shopping Centers.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Abacus Group$103M($21M)9.0x8.0x(44.6x)11.0x
Land Development$329M$308M9.5x-10.1x-
Smith Douglas Homes$971M$77M1.0x0.9x12.4x25.9x
Heimar$134M$126M13.2x-14.0x-
Peet$293M$33M2.4x2.2x21.8x6.6x
Nawi Group$152M$95M12.9x-20.6x-
Consultatio$164M($4M)2.7x-(107.4x)-
Stendorren Fastigheter$106M$65M15.9x13.7x25.9x18.8x

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Common questions about Modiv Industrial

When was Modiv Industrial founded?Modiv Industrial was founded in 2015.
Where is Modiv Industrial headquartered?Modiv Industrial is headquartered in United States.
Is Modiv Industrial publicly listed?No, Modiv Industrial was acquired by Global Net Lease in May 2026.
Who acquired Modiv Industrial?Modiv Industrial was acquired by Global Net Lease in May 2026.
How much was Modiv Industrial acquired for?Modiv Industrial was acquired for $535M in May 2026, a 13.7x revenue multiple.
Which companies are comparable to Modiv Industrial?Companies comparable to Modiv Industrial include Abacus Group, Land Development, Smith Douglas Homes, Heimar, Aspace International Holdings and Guy & Doron Levy Engineering Construction Investment.
What was Modiv Industrial's market cap before the acquisition?Modiv Industrial had a market cap of $186M in August 2026, its last month on record as a listed company, trading at 9.8x EV/Revenue.
What was Modiv Industrial's revenue as a public company?Modiv Industrial's last reported twelve-month revenue was $46M (August 2026), with EBITDA of $38M.

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