PR Newswire·May 18, 2026, 6:10 AM ET

Sachem Capital Corp. and Industrial Realty Group Announce Strategic Combination to Create IRG Realty Trust, a Top-10 Public Industrial REIT

SACH

IRG will contribute 98 industrial assets to Sachem to create IRG Realty Trust, Inc. (IRGT), an industrial REIT with an implied enterprise value of approximately $3.4 billion as of March 31, 2026.
The transaction values Sachem common shares at $2.00 per share, representing a 90% premium to the 30-day VWAP.
IRG will own approximately 94.1% of the combined company via operating partnership units, while existing Sachem shareholders will retain approximately 5.9% ownership.
IRGT is expected to hold 98 industrial properties with a gross real estate asset value of $2.9 billion plus Sachem's $470 million in loan \& real estate assets, positioning it as a top-10 publicly listed industrial REIT.
The combined portfolio focuses on mission-critical infrastructure, manufacturing, \& distribution tenants, with significant embedded upside from mark-to-market rent growth.
A 20-to-1 reverse stock split is expected to occur at closing, implying a post-split reference price of $40.00 per share.
Stuart Lichter, IRG's Founder \& Chairman, will lead the combined Board as Chairman, while John Villano, Sachem's CEO, will remain on the Board.
The transaction is expected to close by the end of 2026, subject to shareholder approval \& customary conditions.
Scotiabank is expected to arrange a new credit facility for IRGT, with management targeting a reduction in net debt to EBITDA from the mid-8.0x range to below 6.0x over time.
IRG Realty Advisors (IRGRA) will support day-to-day property \& asset management operations for the combined entity following closing.
A combined conference call is scheduled for 8:00 am on May 18, 2026, to be webcast on Sachem's investor relations website.