Quarterly ResultMay 7, 2026, 04:28 PM
Global Net Lease Q1 AFFO $0.21; Modiv Acquisition 4% Accretive
AI Summary
Global Net Lease, Inc. discussed its first quarter 2026 financial and operating results, reporting AFFO of $0.21 per share and revenue of $109.3 million. The company highlighted its planned strategic acquisition of Modiv Industrial, which is expected to be immediately accretive by approximately 4% to AFFO per share and structured as an all-stock, leverage-neutral transaction. This acquisition will enhance the portfolio mix by increasing industrial exposure to 50% and extending the weighted average lease term to 6.7 years. GNL also reaffirmed its full-year 2026 AFFO per share guidance of $0.80 to $0.84 and its Net Debt to Adjusted EBITDA guidance range of 6.5x to 6.9x, despite Q1's ratio being 7.2x.
Key Highlights
- Modiv Industrial acquisition expected to be 4% accretive to AFFO per share.
- Modiv acquisition will increase industrial exposure to 50% and weighted average lease term to 6.7 years.
- Q1 2026 AFFO was $0.21 per share, with total revenue of $109.3 million.
- Repurchased 19.7 million shares for $158.2 million at a weighted average price of $8.05 through May 1, 2026.
- Portfolio occupancy increased to 97%, with 64% of tenants having investment-grade or implied investment-grade ratings.
- Reaffirmed full-year 2026 AFFO per share guidance of $0.80 to $0.84.
- Net Debt to Adjusted EBITDA was 7.2x in Q1 2026, with full-year guidance of 6.5x to 6.9x.