Global Net Lease Q1 revenue and AFFO fall due to asset sales

Global Net Lease

05/05/2026 21:47

Overview

U.S. net lease REIT's Q1 revenue and AFFO per share fell yr/yr, reflecting asset dispositions

Company reaffirmed full-year 2026 AFFO per share guidance

Entered deal to acquire Modiv Industrial in $535 mln all-stock transaction, expected accretive to AFFO

Outlook

Global Net Lease reaffirms 2026 AFFO per share guidance of $0.80 to $0.84

Company expects to update guidance after Modiv Industrial acquisition closes in Q3 2026

Global Net Lease sees 2026 net debt to adjusted EBITDA between 6.5x and 6.9x

Result Drivers

ASSET DISPOSITIONS - Revenue and AFFO per share declined primarily due to asset sales, including a $1.8 bln multi-tenant retail portfolio sale and ongoing office dispositions

OFFICE EXPOSURE REDUCTION - Co continued to sell office assets, with 68% of the $132 mln disposition pipeline in office, as part of its strategy to reduce office exposure

COST REDUCTIONS - Annualized G&A expense fell 25% yr/yr, reflecting portfolio simplification and operational efficiencies

Company press release: ID:nGNX29dxV3

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue From Tenants
$109.29 mln
Q1 Net Income
-$16.01 mln
Q1 Core FFO
$43.90 mln
Q1 NAREIT FFO
$28.09 mln
Q1 Adjusted FFO Per Share
$0.21


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for Global Net Lease Inc is $10.50, about 14.5% above its May 4 closing price of $9.17

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)