Global Net Lease Closes $535M Modiv Acquisition; Raises 2026 AFFO Guidance
Global Net Lease, Inc. announced the successful closure and integration of its $535 million Modiv Industrial acquisition, significantly boosting its industrial real estate exposure to 51% and extending its weighted-average lease term to 6.3 years. The company also accelerated its strategic reduction of office property exposure to 23% and repurchased 6.6 million shares for $58.5 million. Despite a temporary increase in Net Debt to Adjusted EBITDA due to the acquisition's timing, the company reaffirmed its full-year guidance and raised its full-year AFFO per share guidance to $0.83 - $0.85.
Key Highlights
- Closed $535 million Modiv Industrial acquisition, increasing industrial exposure to 51% of portfolio.
- Repurchased 6.6 million shares for $58.5 million in Q3 2026 at an AFFO yield of approximately 10%.
- Reduced office exposure to 23% from 27% at year-start, with further reduction to ~18% pending.
- Maintained strong liquidity of $863 million and $1 billion revolving credit facility capacity.
- Q3 2026 AFFO per share reported at $0.22; Full-year AFFO per share guidance raised to $0.83 - $0.85.
- Net Debt to Adjusted EBITDA temporarily elevated to 7.7x due to Modiv acquisition timing; full-year guidance reaffirmed at 6.5x - 6.9x.
- Portfolio occupancy at 96%; weighted-average remaining lease term increased to 6.3 years.
Price Impact
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