GNL Global Net Lease, Inc.
Price Chart
Executive Summary
Global Net Lease reported Q1 2026 revenue of $109.3M, missing consensus of $112.4M and down 17.5% YoY from $132.4M, driven by asset dispositions including the $1.8B multi-tenant retail portfolio sale. AFFO per share fell to $0.21 from $0.29 a year ago, though full-year AFFO guidance of $0.80-$0.84 was reaffirmed. The company also announced a definitive agreement to acquire Modiv Industrial for $535M in an all-stock transaction expected to be 4% accretive to AFFO and close in Q3 2026.
Actionable Insight
Focus on the Modiv acquisition closing timeline and its impact on AFFO accretion; monitor progress on office exposure reduction and leverage trajectory. The reaffirmed guidance provides a floor for expectations but the revenue miss and ongoing portfolio reshaping could keep near-term pressure on the common stock.
Key Facts
- Revenue $109.3M vs consensus $112.4M (miss of ~2.8%)
- Revenue declined 17.5% YoY from $132.4M, largely due to asset sales
- Net loss attributable to common stockholders improved to ($16.0M) from ($200.3M) YoY
- AFFO per share $0.21, down from $0.29 in Q1 2025
- Full-year 2026 AFFO guidance maintained at $0.80-$0.84 per share
- Announced $535M all-stock acquisition of Modiv Industrial, expected to close Q3 2026 and be immediately 4% accretive to AFFO
- Net debt reduced by $1.3B YoY to $2.4B; net debt to annualized Adj. EBITDA at 7.2x
- Liquidity increased to $911M; revolving credit facility capacity $1.5B
- Portfolio occupancy 97% (up from 95% YoY); office occupancy 99%
- Repurchased 4.2M shares in Q1 2026 for $38.4M
Financial Impact
Revenue miss of ~$3.1M vs consensus; AFFO per share decline of 28% YoY; $535M acquisition expected to be accretive
Risk Factors
- Revenue continues to decline due to asset dispositions, impacting near-term cash flow
- Net debt to Adj. EBITDA at 7.2x is above the guided range of 6.5x-6.9x
- Office exposure remains 26% of annualized rent, subject to secular headwinds
- Modiv acquisition may not close on expected terms or within the expected timeline
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-030591 |
| Exhibit: ex991gnlearningsrelease331.htm | 0001628280-26-030591 |
| Document: gnl-20260505.htm | 0001628280-26-030591 |
| Document: 0001628280-26-030591-index-headers.html | 0001628280-26-030591 |
| Document: 0001628280-26-030591-index.html | 0001628280-26-030591 |
| Document: 0001628280-26-030591.txt | 0001628280-26-030591 |
| 8-K Data (Synthetic) | 0001628280-26-030591 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 5, 2026
5w ago
|
8-K
| $21.63 $21.70 | ▲ +0.32% | ▼ −2.46% | $9.44 (−56.36%) |
|
May 4, 2026
5w ago
|
425
| $21.74 $21.58 | ▼ −0.76% | ▼ −6.40% | $9.44 (−56.58%) |
|
May 4, 2026
5w ago
|
8-K
| $21.74 $21.58 | ▼ −0.76% | ▼ −6.40% | $9.44 (−56.58%) |
|
May 4, 2026
5w ago
|
Press Release
| $9.17 $9.24 | ▲ +0.76% | ▼ −4.88% | $9.44 (+2.94%) |
|
Apr 16, 2026
8w ago
|
8-K
| $23.79 $23.73 | ▼ −0.25% | ▼ −6.07% | $9.44 (−60.32%) |
|
Apr 16, 2026
8w ago
|
Press Release
| $9.62 $9.12 | ▼ −5.20% | ▼ −11.01% | $9.44 (−1.87%) |
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Apr 7, 2026
9w ago
|
DEFA14A
| $23.40 $23.51 | ▲ +0.47% | ▼ −8.07% | $9.44 (−59.66%) |
|
Apr 1, 2026
10w ago
|
Press Release
| $9.28 $9.52 | ▲ +2.54% | ▼ −7.18% | $9.44 (+1.68%) |
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Mar 19, 2026
12w ago
|
Press Release
| $9.38 $9.71 | ▲ +3.50% | ▼ −4.12% | $9.44 (+0.62%) |
|
Feb 25, 2026
15w ago
|
8-K
| $9.29 $8.99 | ▼ −3.27% | ▲ +3.13% | $9.44 (+1.58%) |
US Market Status
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