Real Assets Value

NEWS -- President Trump is expected to drop his $10 billion lawsuit against the Internal Revenue Service in exchange for the creation of a $1.7 billion fund to compensate allies who claim they were wrongfully targeted by the Biden administration, sources tell me @PCCharalambous @alex_mallin abcnews.com/US/trump-poise…

DOGE is not about reducing deficits. It is an ideological purge. Whether you like that or not, that's what it actually is! noahpinion.blog/p/what-i-think…

🏭 Global Net Lease Announces $535 Million Acquisition of Modiv Industrial $GNL Global Net Lease has officially entered into a definitive agreement to acquire $MDV @modiv Modiv Industrial in an all-stock transaction. This move represents a major step in GNL’s strategic pivot toward high-quality industrial assets and portfolio diversification. 📊 Strategic Transaction Overview: * The deal is projected to be immediately 4% accretive to AFFO per share, driving enhanced value for the combined shareholder base. * Valued at approximately $535 million, the transaction is leverage-neutral and requires no external capital, preserving GNL’s balance sheet flexibility. * Modiv’s portfolio brings a robust 15.0-year weighted average lease term (WALT), significantly increasing GNL’s pro forma WALT from 6.1 to 7.0 years. * The acquisition adds mission-critical industrial properties with 2.4% average annual rent escalations, ensuring durable and predictable cash flow growth. * Approximately 45% of the acquired annual base rent is derived from investment-grade rated tenants, further de-risking the revenue stream. * The merger accelerates GNL’s initiative to reduce office exposure while deepening its footprint in the resilient U.S. industrial market. 💵 Shareholder Value: * Modiv stockholders will receive 1.975 shares of GNL for each share held * Represents a 17% premium over the May 1, 2026 closing price * Represents a 28% premium to Modiv’s unaffected share price prior to its January 20, 2026 strategic update * Modiv stockholders expected to see a 25% increase in annual dividends. * The transaction is expected to close in Q3 2026, pending Modiv stockholder approval and customary closing conditions. 🔍 Industry Outlook: * This acquisition underscores a broader trend of REITs seeking scale to lower the cost of capital and optimize platform efficiency. * By integrating Modiv’s "mission-critical" manufacturing assets, GNL is positioning itself for sustainable long-term growth and increased institutional visibility. ir.globalnetlease.com/investors/news…

Digging into $CPT capital allocation Bought 2.63mm sh for $106 in Q1, 1.43mm sh at $101 in April, took out 3.7% of S/O in 4 months in 2026 Issued $600mm of 10 yr sr unsecured at 4.9% yield, leverage up from 4.1x to 4.7x Love to see it @BillBrewsterTBB @AndrewRangeley