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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 form a scaled industrial REIT named IRG Realty Trust, Inc. (IRGT) 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 receive ~94.1% of the combined company via operating partnership units, while existing Sachem shareholders will retain ~5.9% ownership.
  • IRGT is expected to own 98 industrial properties with a gross asset value of $2.9 billion plus Sachem's ~$470 million in mortgage loans \& other assets.
  • The combined portfolio focuses on mission-critical infrastructure, manufacturing, \& distribution tenants, with significant embedded upside from mark-to-market rent growth.
  • IRGT is projected to rank as a top-10 publicly listed industrial REIT by enterprise value, transitioning from Sachem's subscale mortgage REIT structure.
  • A 20-to-1 reverse stock split is expected to occur concurrently with closing, implying a post-split reference price of $40.00 per share.
  • IRG will hold newly issued non-economic Class B voting shares mirroring its economic ownership, subject to a 51% aggregate voting power cap.
  • Scotiabank is expected to arrange a new credit facility for IRGT, with management targeting net debt to EBITDA of mid-8.0x initially, reducing to below 6.0x over time.
  • The combined company's board will comprise seven members led by Stuart Lichter as Chairman, with John Villano remaining on the board.
  • The transaction is expected to close by the end of 2026, subject to shareholder approval \& customary conditions.
  • A joint conference call is scheduled for May 18, 2026, at 8:00 AM to discuss the transaction.