Global Net Lease (GNL) Q2 2026 earnings summary

Executive summary

• Achieved disciplined execution of strategic initiatives, including significant progress on the Modiv Industrial acquisition, expected to close in August 2026, projected to be 4% accretive to AFFO per share and leverage-neutral.

• Completed $263M in year-to-date closed and pipeline dispositions, 78% from office sales, reducing office exposure and improving portfolio quality.

• Portfolio comprised 798 properties (39.7M sq ft), 97% leased, with a 5.7-year weighted-average lease term, and 63% of rent from investment-grade tenants.

• Executed $169.7M in share repurchases since 2025, including $11.1M in Q2 2026, at a discount to current share price.

• CEO increased personal share ownership to 2.9M shares, signaling confidence in long-term strategy.

Financial highlights

• Q2 2026 revenue was $112.5M; net loss attributable to common stockholders was $7.5M, improved from $35.1M loss in Q2 2025.

• AFFO was $45.7M ($0.22/share), down from $53.1M ($0.24/share) in Q2 2025; six-month AFFO was $89.6M.

• Net debt reduced by $629.8M year-over-year to $2.3B; net debt to adjusted EBITDA improved to 6.6x.

• Liquidity stood at $919M, with $1.3B capacity on the revolving credit facility and $153.6M in cash.

• Weighted average interest rate on debt: 4.1%, down from 4.3% year-over-year; interest coverage ratio: 3.2x.

Outlook and guidance

• Full-year 2026 AFFO per share guidance raised to $0.82–$0.85, reflecting expected Modiv acquisition closing in August 2026.

• Gross transaction volume guidance increased to $700M–$800M, up from initial $250M–$350M.

• Net debt to adjusted EBITDA guidance maintained at 6.5x–6.9x.

• Guidance includes only 1.5 quarters of expected Modiv contribution in 2026.

• Management expects cash from operations and existing cash to be sufficient for dividend payments and capital expenditures.