Global Net Lease (GNL) Q2 2026 earnings summary

Executive summary

• Achieved disciplined execution in Q2 2026, advancing portfolio repositioning, reducing office exposure, and increasing industrial weighting, with 97% occupancy and 63% investment-grade tenants.

• Announced Modiv Industrial acquisition for $535M, expected to close in August 2026, be 4% accretive to AFFO per share, leverage-neutral, and expand industrial exposure to 50% of portfolio rent.

• Year-to-date dispositions totaled $263M, 78% from office assets, supporting deleveraging and portfolio quality improvement.

• Completed $3.5B in asset sales since 2023, including a $1.8B multi-tenant retail portfolio sale.

• CEO Michael Weil to increase 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), up from $0.21/share in Q1 2026 but down from $53.1M ($0.24/share) in Q2 2025.

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

• Liquidity increased to $919M, with $1.3B capacity on revolving credit facility.

• Interest expense decreased to $38.8M in Q2 2026 from $53.3M in Q2 2025; weighted average interest rate at 4.1%.

Outlook and guidance

• Full-year 2026 AFFO per share guidance raised to $0.82–$0.85, up from $0.80–$0.84, reflecting expected Modiv acquisition closing in August 2026.

• Gross transaction volume guidance increased to $700M–$800M for 2026, up from $250M–$350M.

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

• Guidance includes only 1.5 quarters of Modiv contribution for 2026.

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