Global Net Lease Reports Third Quarter 2026 Results

Michael Weil, Chief Executive Officer of Global Net Lease

“In the third quarter of 2026, GNL continued to deliver on the priorities we have outlined for shareholders, completing and fully integrating the Modiv Industrial acquisition and accelerating the reduction in our office exposure”

Michael Weil, Chief Executive Officer of Global Net Lease

“The immediately accretive Modiv transaction increased industrial exposure to 51% of portfolio straight-line rent, extended our portfolio weighted-average remaining lease term to 6.3 years and increased our weighted-average annual contractual rent increase to 1.5%, which does not include the approximately 20% of our portfolio with CPI-linked leases. Including those leases, and using historical CPI data, our portfolio’s annual rent growth is approximately 2%. The integration has already delivered the anticipated G&A synergies, and quarterly G&A expense declined from both the prior year and the prior quarter. We reduced GNL’s office exposure to 23% from 27% at the beginning of the year, and we expect to further reduce that exposure to approximately 18% upon completion of pending dispositions.”

Michael Weil, Chief Executive Officer of Global Net Lease

“Our strong liquidity position, investment-grade balance sheet and $391 million of closed plus disposition pipeline, together with no debt maturities until the fourth quarter of 2027, provide the flexibility to advance our strategy without needing to issue common equity or debt in this market. We have strategically identified opportunistic sales of car wash and gas and convenience assets, with approximately $70 million currently under contract at a cash cap rate of 6.5%, supported by buyer demand for year-end bonus depreciation benefits. The expected proceeds provide another source of attractively priced capital, and the ability to monetize assets at these valuations while repurchasing our shares at an AFFO yield of approximately 10% underscores the appeal of this capital allocation strategy. During the quarter, we repurchased 6.6 million shares for $58.5 million, reflecting our view that GNL remains undervalued and that repurchases offered greater accretion than the real estate acquisition opportunities we evaluated. We will remain patient when market conditions do not support accretive acquisitions, while maintaining our focus on reducing office exposure and leverage over time.”

Michael Weil, Chief Executive Officer of Global Net Lease

“Despite market headwinds, we continue to strengthen GNL and see significant opportunities to execute our long-term growth strategy and unlock value for investors. We believe our portfolio’s strong performance and continued progress support raising the low end of our full-year AFFO per share and gross transaction volume guidance ranges, reflecting our confidence in the business and continued focus on creating long-term shareholder value.”