Global Net Lease raises 2026 AFFO guidance on pending Modiv acquisition, Q2 AFFO $0.22/share

The company disclosed its second quarter 2026 financial results through a press release and supplemental materials. The 8-K body itself does not contain specific financial metrics; those details are in the attached exhibits which were not provided for review.

Global Net Lease announced its second quarter 2026 operating results through a press release and supplemental financial information package. The 8-K itself does not contain the actual financial metrics; those are in the attached exhibits which are furnished under Regulation FD rather than filed.

The forward-looking statement disclosures reference a potential Modiv transaction as an example of acquisition risk. This suggests Global Net Lease may be considering or pursuing an acquisition of Modiv, though the filing provides no details on timing, terms, or certainty of completion.

GNL reported Q2 2026 revenue of $112.5 million and AFFO of $0.22 per share, down from $124.9 million revenue and $0.24 per share AFFO in Q2 2025. The declines reflect prior asset dispositions, including a $1.8 billion multi-tenant retail portfolio sale in 2025. Net loss attributable to common stockholders narrowed to $7.5 million from $35.1 million year-over-year.

GNL raised its full-year 2026 AFFO per share guidance from $0.80–$0.84 to $0.82–$0.85, reflecting confidence in the pending Modiv acquisition and operational momentum. The company also increased its gross transaction volume guidance from $250–$350 million to $700–$800 million, indicating a more active capital-deployment and disposition strategy. Net Debt to Adjusted EBITDA guidance remains 6.5x–6.9x.

GNL expects to close its acquisition of Modiv Industrial in mid-August 2026, pending shareholder approval on August 10, 2026. The transaction is projected to be immediately 4% accretive to AFFO per share while remaining leverage-neutral within the company's 6.5x–6.9x Net Debt to Adjusted EBITDA guidance range. Upon closing, industrial assets will represent 50% of portfolio straight-line rent, with a 15.0-year weighted average lease term, 2.4% average annual rent escalations, and 45% of annual base rent from investment-grade tenants.

GNL reduced net debt by $629.8 million year-over-year while maintaining Net Debt to Adjusted EBITDA at 6.6x (improved from 7.2x in Q1 2026). Liquidity increased to $919.0 million from $790.0 million, and Revolving Credit Facility capacity expanded to $1.3 billion from $1.2 billion. The weighted average interest rate declined to 4.1% from 4.3% year-over-year, and 92% of debt is fixed-rate or swapped.

GNL's closed and pipeline dispositions totaled $263 million year-to-date, with 78% consisting of office sales at a 7.6% cash cap rate for occupied assets, advancing the strategic reduction in office exposure and eliminating over $1 million of annualized NOI drag from vacant assets. The company repurchased 20.9 million shares for $169.7 million at a weighted average price of $8.11 through July 31, 2026, including 1.2 million shares for $11.1 million in Q2 2026.

Global Net Lease reported Q2 2026 revenue of $112.5 million and a net loss attributable to common stockholders of $7.5 million, or $0.04 per share. Cash NOI was $100.5 million, Adjusted EBITDA was $88.8 million, and AFFO attributable to common stockholders was $45.7 million. The company declared a quarterly dividend of $0.19 per share, representing an 8.5% annualized yield based on quarter-end share price.

The company's portfolio consists of 798 properties totaling 39.7 million square feet, with 97% occupancy and a weighted-average remaining lease term of 5.7 years. The portfolio is diversified across industrial & distribution (47% of annualized straight-line rent), retail (28%), and office (25%) property types.

Global Net Lease reported total consolidated debt of $2.5 billion and net debt of $2.3 billion as of June 30, 2026. The company's net debt to gross asset value ratio was 46.4%, and net debt to annualized adjusted EBITDA was 6.6x. Liquidity stood at $919.0 million, including $765.4 million of availability under the credit facility and $153.6 million of cash. The weighted-average interest rate on debt was 4.1% with a weighted-average maturity of 2.7 years, and 92% of debt was fixed rate or swapped to fixed.

The company recognized a gain on dispositions of real estate investments of $23.3 million in Q2 2026, compared to $7.9 million in Q1 2026 and $100.6 million in Q4 2025. This reflects ongoing portfolio management and asset sales activity.

Global Net Lease recorded impairment charges of $3.7 million in Q2 2026, down from $11.1 million in Q1 2026 and significantly lower than $55.4 million in Q3 2025. The company also incurred a loss on extinguishment and modification of debt of $11.9 million in Q2 2026, compared to $1.7 million in Q1 2026, reflecting debt refinancing or prepayment activity during the quarter.