Global Net Lease, Inc.

Second-quarter 2026 revenue was $112.5 million, and net loss attributable to common stockholders was $7.5 million. AFFO was $45.7 million, or $0.22 per share, compared with $0.21 in Q1 2026. Gross outstanding debt was $2.5 billion, down $621 million from Q2 2025, and net debt to adjusted EBITDA improved to 6.6x from 7.2x at the end of Q1 2026. Management raised full-year 2026 AFFO per share guidance to $0.82-$0.85 from $0.80-$0.84, increased gross transaction volume guidance to $700 million-$800 million from $250 million-$350 million, and reaffirmed net debt to adjusted EBITDA of 6.5x-6.9x. The updated outlook includes only about one and a half quarters of contribution from the expected Modiv acquisition.

Michael Weil emphasized that the company is executing a multi-year strategy to strengthen the portfolio, reduce office exposure, and improve earnings durability. He highlighted the expected Modiv acquisition as a high-quality industrial addition with 15-year weighted average remaining lease term on the Modiv portfolio and 2.4% annual contractual rent escalations, saying it should improve GNL’s weighted average lease term to 6.6 years and lift industrial exposure to about 50% of total straight-line rent. His tone was confident and disciplined, repeatedly stressing selective underwriting, capital recycling, and not chasing pricing.

Chris Masterson reported Q2 revenue of $112.5 million, net loss of $7.5 million, and AFFO of $45.7 million, or $0.22 per share. He noted gross debt of $2.5 billion, 92% fixed or swapped to fixed, a 4.1% weighted average interest rate, and an interest coverage ratio of 3.2x. He also said recurring capital expenditures fell to $3.4 million in the first half of 2026 from $19.6 million in the first half of 2025, liquidity was about $919 million with $1.3 billion of revolver capacity, and share repurchases totaled 20.9 million shares for $169.7 million since inception, including 1.2 million shares in Q2 for $11.1 million at $9.10.

Analysts focused on the pace and structure of office dispositions, the use of proceeds, and whether GNL would keep making smaller acquisitions or wait for larger opportunities like Modiv. Management said office sales will continue in both traditional and lease-expiration-aligned structures, and that there are no restrictions on selling assets acquired from Modiv. On capital allocation, Weil said deleveraging remains top priority, acquisitions must clear disciplined underwriting, and share repurchases remain an available but secondary tool.