Sachem Capital is merging with 98 industrial properties from Industry Realty Group to form IRG Realty Trust, creating a top 10 industrial REIT. SACH trades at just 47% of the pro forma $2/share merger valuation, offering a 12.2x pro forma EBITDA multiple compared to peers at 17X and above. Post-merger, SACH shareholders will own 5.9% of IRGT, which will have lower leverage (52% enterprise value), improved capital access, and likely higher dividends.