Net Lease Event in the Big-D
Interface Net Lease West is scheduled for June 16th at the Ritz Carlton in Dallas. The conference begins at 11am and concludes with a cocktail reception from 5:30-7pm. Full details and registration information is here:
2026 Interface Net Lease West - Dallas
Three for the money
For the third time in 2026, a listed net lease REIT announced a pending transaction which will remove it as a standalone public company. Modiv Industrial (NYSE: MDV), and its ~$500 million portfolio, will be acquired by Global Net Lease (NYSE: GNL) in a stock-for-stock deal.
With an anticipated 3Q2026 closing, Modiv shareholders will receive 1.975 newly issued shares of GNL for each MDV unit owned.
GNL currently trades at ~11x its 2026 full year 2026 AFFO guidance.
Using the share exchange ratio for the deal and 2025 earnings implies a 13x AFFO multiple for the Modiv assets and a roughly estimated ~7% cap rate.
Private part
Brookfield Asset Management (NYSE: BAM) affiliates completed the take-private acquisition of IOS-focused Peakstone Realty Trust (NYSE: PKST) on May 6th. The all-cash deal, priced at $21.00/share, valued Peakstone at ~$1.2 billion and removes it from the listed net lease REIT market.
Cove(ted) tax treatment
Cove Capital Investments has fully subscribed its Cove Diversified Portfolio 88 DST at $27.7 million according to multiple reports.
The offering is backed by a five-property portfolio spanning Kentucky, Texas, South Carolina, New York and California, totaling 211,000 square feet across net lease, logistics and multi-tenant retail assets (including tenants like Tractor Supply, Sunbelt Rentals, Walgreens, Pepsi, and PetSmart).
1Q updates from net lease investors
The Fundamental Income segment of Starwood Property Trust (NYSE: STWD) acquired 32 net lease properties in 1Q26 for $129.6 million (19.5-year WALT; 2.5% annual rental escalators). Separately, the group sold “one portfolio and two single-asset net lease properties” for $22.4 million. During March, Fundamental issued an ABS pool for $466.4 million in financing with a weighted average fixed interest rate of 5.06% and maturity of 5.4 years - the deal funded redemption of a 2023-issued $324 million ABS financing that held a weighted average fixed interest rate of 6.65%. As of March 31st, STWD’s net lease portfolio includes 515 properties totaling 15.1 million sq. ft. across 44 states with a 17.4-year WALT (99.8% occupied based on property count).
Sila Realty Trust (NYSE: SILA), which has a pending agreement to be taken private by affiliates of Blue Owl, disclosed financial results but did not hold an earnings call. The healthcare-focused firm acquired one 53,000 sq. ft. inpatient rehabilitation facility for $43.3 million in Oklahoma City, OK. The property is subject to a 20-year absolute net lease with Oklahoma City Rehabilitation Hospital, LLC. Separately, the company sold 4 facilities for aggregate gross sales proceeds of $25.1 million.
Biggest week of 1st quarter earnings for dedicated net lease REITs
11 listed net lease REITs reported 1Q2026 earnings this week - full tear sheets for 8 are attached below as coverage excludes pending/completed take-privates (Sila & Peakstone-see above) and the liquidating trust at Net Lease Office Properties. Reports include industry leader Realty Income, where 2026 investment volume guidance was raised from $8.0 to $9.5 billion.
