Earnings Releases·Nov 4, 2026, 4:16 PM ET

Global Net Lease — Third Quarter 2026 Earnings Summary

Revenue declined to $112.9 million from $121.0 million year-over-year due to asset dispositions, while net loss narrowed to $67.1 million ($0.31 per share) from $71.1 million ($0.32 per share); AFFO decreased to $48.3 million ($0.22 per share) from $53.2 million ($0.24 per share).
Management raised full-year 2026 AFFO per share guidance to $0.83–$0.85 and gross transaction volume guidance to $750–$800 million, while reaffirming net debt to Adjusted EBITDA guidance of 6.5x–6.9x despite a temporary ratio of 7.7x driven by the Modiv acquisition timing.
The $535 million Modiv Industrial acquisition was fully integrated, increasing industrial exposure to 51% of portfolio rent and extending the weighted-average lease term to 6.3 years, while office exposure was reduced to 23% with further reductions expected upon pending dispositions.
Capital return strategy prioritized share repurchases over acquisitions, with 6.6 million shares bought for $58.5 million in the quarter (totaling 29.7 million shares for $245.8 million since February 2025), citing strong liquidity of $863.3 million and an undervalued stock.
Net debt decreased by $163.8 million since the prior year, with no debt maturing until Q4 2027, while G&A expenses were reduced by over $2.5 million year-over-year and recurring capital expenditures fell to $5.7 million for the nine-month period.