GNL reports Q1 2026 AFFO of $0.21 per share and reaffirms full-year guidance amid strategic portfolio overhaul.
Global Net Lease (GNL) announced a strategic pivot toward higher-quality industrial assets, including an all-stock acquisition of Modiv Industrial expected to close in Q3 2026. The deal is projected to boost AFFO per share by 4% without requiring new external capital.
The company reported Q1 2026 revenue of $109.3 million and AFFO of $43.9 million, or $0.21 per share. Liquidity stood at $911 million, while occupancy rose to 97%, with investment-grade tenants accounting for 64% of rent. GNL also cut annualized G&A expenses by 25% year over year.
GNL reaffirmed full-year 2026 AFFO guidance of $0.80 to $0.84 per share and net debt to EBITDA guidance of 6.5x to 6.9x. The shift away from office assets aligns with efforts to improve portfolio quality and reduce exposure to lower-performing sectors.