Global Net Lease, Inc. (GNL) Q1 2026 Earnings Call Transcript

Global Net Lease, Inc. (GNL) Q1 2026 Earnings Call Transcript

Seeking Alpha • 10 hours ago

5% Yield Hides a Problem: XSHD Holdings Cut Dividends Faster Than Share Prices Fall

The Invesco S&P SmallCap High Dividend Low Volatility ETF (NASDAQ:XSHD) promises small-cap yield with smoother price action.

24/7 Wall Street • a day ago

Modiv Industrial Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Modiv Industrial, Inc. - MDV

NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Modiv Industrial, Inc. (“the Company”) (NYSE: MDV) to Global Net Lease, Inc. (NYSE: GNL). Under the terms of the proposed transaction, Modiv shareholders are expected to own approximately 11% of the combined company. KSF is seeking to determine whether this consideration and the process that led to i.

Business Wire • May 6, 2026

Global Net Lease Reports First Quarter 2026 Results

Closed Plus Disposition Pipeline Totaling  $132 Million, of Which 68% Are Office Sales, Further Advancing Strategic Reduction in Office Exposure Reduced Net Debt by $1.3 Billion Year-Over-Year; Increased Liquidity to  $911 Million and Revolving Credit Facility Capacity to $1.5 Billion Decreased Annualized G&A Expense by 25% Year-Over-Year, Representing $16 Million in Savings Entered Into Definitive Merger Agreement to Acquire Modiv Industrial in $535 Million All-Stock Transaction Immediate 4% Accretion Expected to AFFO in Leverage-Neutral Transaction Reports Q1'26 AFFO Per Share of $0.21 and Reaffirms Full-Year Guidance, Including AFFO Per Share Guidance of $0.80 to $0.84 ; GNL to Update Guidance Upon Closing of Modiv Acquisition NEW YORK, May 05, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe, announced today its financial and operating results for the quarter ended March 31, 2026. Acquisition of Modiv Industrial, Inc. GNL has entered into a definitive merger agreement to acquire Modiv Industrial, Inc. (“Modiv”) in an all-stock transaction with a fixed exchange ratio of 1.975, to lock in the 4% accretion, at an enterprise value of approximately $535 million Transaction, once closed, is expected to be immediately 4% accretive to AFFO per share, and is structured to be leverage-neutral within GNL's stated guidance range of 6.5x to 6.9x to maintain GNL's balance sheet strength and preserve financial flexibility Once closed, expected to expand GNL's exposure to high-quality industrial assets, supported by a 15.0 year weighted average lease term1, 2.4% average annual rent escalations2, and a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade tenants3 Transaction is expected to close in third quarter of 2026, subject to customary closing conditions First Quarter 2026 Highlights Revenue was $109.3 million, compared to $132.4 million in first quarter 2025, primarily reflecting the impact of asset dispositions, including the $1.8 billion multi-tenant retail portfolio sale in 2025 Net loss attributable to common stockholders was $16.0 million, compared to a net loss of $200.3 million in first quarter 2025 Adjusted Funds from Operations (“AFFO”)4 was $43.9 million, or $0.21 per share, compared to $66.2 million in first quarter 2025, or $0.29 per share Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $1.3 billion since first quarter of 2025 Increased liquidity to $911.1 million and Revolving Credit Facility capacity to $1.5 billion in first quarter 2026, compared to $499.1 million and $1.4 billion, respectively, in first quarter 2025 Year-to-date closed plus disposition pipeline totaling $132 million5, of which 68% is comprised of office sales, further advancing the Company's strategic initiative to reduce its office exposure; sales include $38 million of occupied assets closed or under contract at a 7.9% cash cap rate6, with the remaining dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1 million of annualized NOI drag Repurchased 19.7 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $8.05, for a total of $158.2 million as of May 1, 2026; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026 Building on the successful repositioning of the portfolio, including the $1.8 billion multi-tenant retail portfolio sale, GNL lowered its annualized G&A expense by 25% year-over-year to $49 million, down from $65 million in first quarter 2025, reflecting the benefits of portfolio simplification and operational efficiencies Increased portfolio occupancy to 97% compared to 95% in first quarter 2025, with office occupancy increasing to 99% in first quarter 2026 compared to 95% in first quarter of 2025 Leased over 141,000 square feet, achieving a 5.1% renewal leasing spread and a weighted average renewal term of 5.8 years, resulting in over $1.6 million of new straight-line rent Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 20.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases Reduced capital expenditures to $1.6 million in the first quarter 2026 from $9.8 million in the first quarter 2025, reflecting a more streamlined portfolio and supporting enhanced cash flow Sector-leading tenant quality with 64% of annualized straight-line rent coming from investment-grade or implied investment-grade tenants7, an increase from 60% in first quarter 2025 “GNL's performance in the first quarter of 2026 builds on our accomplishments in 2025, a pivotal year in which we meaningfully reduced leverage, reinforced our credit profile, and elevated the overall quality of our portfolio,” said Michael Weil, CEO of GNL.

GlobeNewsWire • May 5, 2026

$HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Global Net Lease, Inc. (NYSE: GNL)

NEW YORK, May 04, 2026 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Global Net Lease, Inc. (NYSE:  GNL ) related to its merger with Modiv Industrial, Inc. Under the terms of the proposed transaction, Modiv Industrial shareholders are expected to own approximately 11% of the combined company. Is it a fair deal?

GlobeNewsWire • May 4, 2026

Global Net Lease to Acquire Modiv Industrial in $535 Million Transaction

NEW YORK & DENVER--(BUSINESS WIRE)--Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) and Modiv Industrial, Inc. (NYSE: MDV) (“Modiv”) announced today that the two companies have entered into a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of approximately $535 million. The transaction, once completed, will provide GNL with an attractive portfolio of high-quality mission-critical industrial properties across th.

Business Wire • May 4, 2026

10% Yielding REITs I Am Buying

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Seeking Alpha • Apr 28, 2026

I Never Knew My First Develop Deal Would Lead To A $231 Billion Marketplace

Realty Income and VICI Properties are highlighted as top net lease REITs with wide moats and attractive valuations. Net lease REITs benefit from long-term, predictable cash flows and cost-of-capital advantages, especially those with access to European debt markets. O trades at 15.1x P/AFFO (below its historical 17.7x), offers a 5.0% yield, and is forecasted for a 15% 12-month total return.

Seeking Alpha • Apr 19, 2026

Global Net Lease: Investment Grade 8% Dividend Yield, Coverage Slipping

Global Net Lease's AFFO guidance for 2026 will see its dividend coverage projected to dip to 108% from 116%, with the REIT currently paying out an 8% yield. The REIT received an investment-grade rating of 'BBB-' from Fitch on the sustained reduction of debt since 2024. Around $2.2 billion of debt has been repaid. GNL's Series A preferred shares offer a comparable yield to the common shares with less downside risk if the common dividend is cut.

Seeking Alpha • Apr 16, 2026

A High-Yield REIT Strategy For Long-Term Income Investors

High yields often hide trouble, and blue chips can still be overpriced. The best REITs are often quality names facing temporary issues. These REITs may offer yield and upside today.

Seeking Alpha • Apr 16, 2026