GNL

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 11 a.m. ET Vice President - Jordyn Schoenfeld Chief Executive Officer - Michael Weil Chief Financial Officer - Christopher Masterson Operator: Good morning, and welcome to the Global Net Lease Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Jordyn Schoenfeld, Vice President at Global Net Lease. Please go ahead. Jordyn Schoenfeld: Thank you. Good morning, everyone, and thank you for joining us for GNL's Second Quarter 2026 Earnings Call. Joining me today on the call is Michael Weil, GNL's Chief Executive Officer, and Chris Masterson, GNL's Chief Financial Officer. The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward-looking and cautionary statement section at the end of our second quarter 2026 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. As stated in our SEC filings, GNL disclaims any intent or obligation to update or revise these forward-looking statements except as required by law. Also during today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance. Descriptions of those non-GAAP financial measures that we use, such as AFFO and adjusted EBITDA, and reconciliations of these measures to our results as reported in accordance with GAAP are detailed in our earnings release and supplemental materials. I'll now turn the call over to our Chief Executive Officer, Michael Weil. Mike? Edward Weil: Thanks, Jordyn. Good morning, and thank you all for joining us today. Over the past several years, we've been clear about the strategy we're executing, and, more importantly, our commitment to delivering on it. Our second quarter results reflect another period of disciplined execution with meaningful progress across the initiatives to continue to strengthen GNL and position the company for its next stage of evolution. Perhaps the best example of that progress is the proposed acquisition of Modiv. Modiv shareholder voting is currently underway, and we anticipate closing the Modiv transaction in mid-August 2026, shortly after their special meeting and shareholder vote on August 10, 2026. We believe the strategic rationale for the transaction remains as compelling today as when it was first announced. Modiv's high-quality industrial portfolio features a weighted average remaining lease term of 15 years and benefits from 2.4% annual contractual rent escalations, supported by a diversified credit-worthy tenant base that aligns well with GNL's investment strategy. Upon closing, the transaction is expected to extend our portfolio weighted average lease term to 6.6 years and increase our industrial exposure to account for approximately 50% of total straight-line rent, further improving the overall quality and resilience of our real estate portfolio. We also expect the transaction to be approximately 4% accretive to AFFO per share, while remaining leverage-neutral, allowing us to improve earnings, strengthen the durability of our cash flows, and maintain the strength and flexibility of our balance sheet. While the proposed acquisition of Modiv has been an important focus, it has been by no means our only priority. During the second quarter of 2026, our disciplined capital recycling strategy gained further momentum as we selectively monetized non-core assets, demonstrating the value of our office assets while continuing to reduce office exposure and strengthen the overall composition of our portfolio. Through July 31, 2026, we have closed and pending disposition pipelines totaling $263 million, including $145 million of credit for closed dispositions at a weighted average cash cap rate of 7.6% on occupied assets, with approximately 78% of the total disposition volume consisting of office assets. One transaction illustrates the thoughtful approach we're taking to reduce our office exposure. As previously disclosed, we remain under contract to sell our 133,000-square-foot KPN office property in the Netherlands for approximately $18 million. The property is under a signed purchase and, sale agreement with closing scheduled to coincide with the lease expiration in December of 2026. We've received a non-refundable deposit from the proposed buyer and expect to continue collecting the full contractual rental income until closing. We also have additional office assets under advanced negotiations to sell with transactions following a similar strategy and closing expected to occur upon lease expirations, allowing us to realize the remaining contractual rental cash flows while avoiding the leasing cost, capital expenditures, and occupancy risk associated with taking back vacant office assets. We look forward to providing updates as those transactions advance. In addition to these transactions, we've completed the sale of our 33,000-square-foot office property leased to the U.S. General Services Administration for $13 million, and our 369,000-square-foot office property leased to GE Aviation for $48 million, both at a 7.2% cash cap rate following 20-year and 10-year lease extensions, respectively. Collectively, these transactions reflect our ability to proactively monetize office assets at attractive valuations while continuing to reduce our office exposure and improve the overall quality of our portfolio. We remain encouraged by the level of demand we're seeing and believe we're well positioned to execute on our remaining planned office dispositions. Upon completion of these planned dispositions, we expect office to represent approximately 21% of straight-line rent, marking another meaningful step in repositioning the portfolio. Equally important, these dispositions support our long-term objective of continuing to reduce leverage while creating additional capacity to reinvest in high-quality single-tenant industrial and retail assets. While reducing our office exposure remains a key priority, our capital recycling strategy extends beyond that. We plan to continue to opportunistically monetize non-core assets where pricing is attractive and thoughtfully allocate that capital between reducing leverage and investing in opportunities that further enhance the quality of our portfolio and the long-term durability of our earnings. Consistent with that approach, we completed the acquisition of an approximately 100,000-square-foot single-tenant industrial property in Mississippi, leased to Federal Express for approximately $14 million and an 8.2% going-in cash cap rate. The property is leased through 2031 and we're already engaged in discussions with FedEx regarding a long-term lease extension. The attractive spread between the cap rates we're achieving on dispositions and those available on acquisitions, such as FedEx, highlights the value creation potential of our capital recycling strategy. Going forward, we intend to remain focused on selectively investing in high-quality single-tenant industrial and retail assets that further strengthen our portfolio. We also believe the investment backdrop for publicly traded REITs continues to improve. Recent research and commentary from firms including Morgan Stanley, UBS, JPMorgan, BlackRock, PIMCO, and Heitman point to a common set of themes: improving capital markets liquidity, recovering transaction activity, attractive relative valuations, and growing opportunities for well-capitalized REITs with disciplined capital allocation. We believe the progress we've made strengthening our portfolio, improving our credit profile, establishing an investment-grade balance sheet, and actively recycling capital into higher-quality assets positions GNL well to take advantage of this environment. In addition to our capital recycling strategy, we continue to evaluate the most effective uses of our disposition proceeds, including opportunistic share repurchases. Since the beginning of our share repurchase program through July 31, 2026, we've repurchased 20.9 million shares at a weighted average price of $8.11, totaling $169.7 million. While the pending Modiv transaction has limited our ability to repurchase shares this quarter, our view on the value of opportunistic buybacks has not changed and we remain disciplined in balancing share repurchases with our priorities of reducing leverage and reinvesting in higher-quality assets. Turning to our portfolio, at the end of the second quarter of 2026, we own 798 properties totaling 40 million rentable square feet. Our portfolio occupancy remains steady at 97% with a weighted average remaining lease term of 5.7 years. Specifically, our office occupancy increased to 99% from 95% in the second quarter of '25, primarily driven by the disposition of a $45 million vacant office property during the first quarter of 2026, which also eliminated over $1 million of annualized negative NOI drag. Our office portfolio continues to perform well, supported by 100% rent collection and the highest proportion of investment-grade tenants within our portfolio. GNL's portfolio features a stable tenant base and high quality of earnings, with an industry-leading 63% of tenants carrying an investment-grade or implied investment-grade rating, up from 60% in the second quarter of 2025. Our average annual contractual rental increase is 1.4%, excluding the impact of 20.3% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases. On the leasing front, we once again delivered strong leasing results across the portfolio, reflecting the quality of our asset management capabilities and tenant relationships. We achieved renewal spreads of approximately 5.6% above expiring rents on more than 357,000 square feet, with a weighted average lease term of 8.4 years. Highlights from this quarter included nearly 76,000 square feet of renewals with Dollar General at a 7.4% renewal spread, over 147,000 square feet with FedEx Freight at a 4.6% renewal spread, and over 100,000 square feet with FedEx at a 9.1% renewal spread. These results reflect our disciplined, proactive approach to lease management. By engaging with tenants well in advance of lease expirations, we continue to drive strong retention, preserve high occupancy levels, and capture rental growth, all while maintaining our long-term focus on portfolio stability and cash flow durability. Our continued efforts to limit exposure to high-risk geographies, asset types, tenants, and industries reflect our intentional diversification strategy and disciplined credit underwriting. No single tenant accounts for more than 6% of total straight-line rent, and our top ten tenants collectively contribute only 29% of total straight-line rent, with 80% being investment grade. 48% of our portfolio straight-line rent is derived from publicly traded tenants or is backed by a publicly traded guarantor, providing greater transparency into the financial profile of a substantial portion of our portfolio. We carefully monitor all tenants in our portfolio and their business operations on a regular basis. I encourage everyone to review the details of each segment of our portfolio in our second quarter 2026 investor presentation on our website. Before concluding, I'd like to briefly address my separation from Bellevue Capital Partnership, which was publicly disclosed last month. As part of that separation, I'll receive 2.2 million GNL shares from Bellevue, increasing my ownership to approximately 2.9 million shares. This significant ownership position underscores my confidence in GNL's future, the quality of the platform we've built, and the strategy we're executing. I remain fully committed to building on that momentum and creating long-term value for our shareholders. I'll turn the call over to Chris to walk through the financial results and balance sheet matters in more detail. Chris? Christopher Masterson: Thanks, Mike. Please note that, as always, a reconciliation of GAAP net income to non-GAAP measures can be found in our earnings release, which is posted on our website. For the second quarter of 2026, we recorded revenue of $112.5 million and a net loss attributable to common stockholders of $7.5 million. AFFO was $45.7 million, or $0.22 per share. It increased from $0.21 in the first quarter of 2026. Looking at our balance sheet, the gross outstanding debt balance was $2.5 billion at the end of the second quarter of 2026, a reduction of $621 million from the end of the second quarter of 2025. Our debt is comprised of $1 billion in senior notes, $473 million on the multi-currency revolving credit facility, and $1 billion of outstanding gross mortgage debt. As of the end of the second quarter of 2026, 92% of our debt is tied to fixed rates or debt that is swapped to fixed rates. Our weighted average interest rate stood at 4.1%, down from 4.3% in the second quarter of 2025, and our interest coverage ratio was 3.2 times. At the end of the second quarter of 2026, our net debt to adjusted EBITDA ratio improved to 6.6x based on net debt of $2.3 billion compared to 7.2x at the end of the first quarter of 2026. We also continue to realize the benefits of our streamlined operating platform, with recurring capital expenditures declining significantly to $3.4 million in the first half of 2026 from $19.6 million in the first half of 2025. This meaningful reduction in capital requirements further strengthens our cash flow profile and financial flexibility. As of June 30, 2026, we have liquidity of approximately $919 million and $1.3 billion capacity on our revolving credit facility, compared to $790 million and $1.2 billion, respectively, as of the end of the second quarter of 2025. We had approximately 211 million shares of common stock outstanding and approximately 211 million shares outstanding on a weighted average basis for the second quarter of 2026. Since launching our share repurchase program in 2025 and through July 31, 2026, we have repurchased 20.9 million shares for a total of $169.7 million. This includes approximately 1.2 million shares repurchased in the second quarter of 2026 for $11.1 million at a weighted average price of $9.10. Since inception, total repurchases under this program have been executed at a weighted average price of $8.11, a meaningful discount to the current share price. We believe this program has been a highly accretive use of capital and has generated tangible value for our shareholders. Turning to our outlook for 2026, we are raising our full-year AFFO per share guidance from $0.80 to $0.84 to a new range of $0.82 to $0.85, and increasing our gross transaction volume guidance from $250 million to $350 million to a new range of $700 million to $800 million. We also reaffirm our stated net debt to adjusted EBITDA range of 6.5x to 6.9x. Our updated guidance reflects the anticipated acquisition of Modiv based on our high degree of confidence that the transaction will close in mid-August 2026. It is important to note that this revised guidance includes only approximately one and a half quarters of expected contribution from the accretive Modiv acquisition during 2026. Our reaffirmed leverage guidance reflects the transaction's expected leverage-neutral structure, which remains fully consistent with our disciplined balance sheet strategy. I'll now turn the call back to Mike for some closing remarks. Edward Weil: Thanks, Chris. As we approach the third anniversary of our internalization, it's clear how much GNL has evolved. Our objective has been to build a stronger, more resilient company capable of delivering reliable, durable returns for shareholders. And I believe the progress we've made speaks for itself. Over that time, we've simplified our portfolio, materially reduced leverage, strengthened liquidity, improved our credit profile, and established an investment-grade balance sheet. The expected acquisition of Modiv is a natural extension of that strategy, further strengthening our portfolio and enhancing the durability of our earnings. Today, we're proud to offer shareholders an attractive dividend supported by high-quality earnings from a predominantly investment-grade tenant roster. We believe the repositioning of our portfolio over the past two years has created a meaningfully stronger GNL. As we enter this next chapter, we remain committed to building on that foundation and delivering long-term value for our shareholders. We're available to answer any questions you may have after the call. Operator, please open the line for questions. Operator: Thank you. [Operator Instructions] Our first question comes from the line of Mitch Germain with Citizens JMP. Mitch Germain: Congrats on the quarter. I really like the progress you're making in reducing office. I think you said it will be around 20% by year-end. I'm curious, can you continue to sell assets there, or are future sales really going to be more aligned with some of the lease expirations? Edward Weil: It's going to continue to be both, Mitch. We see some great opportunities. A lot of the assets that we have on the longer-term sale structure, where we're going to receive 100% of the rent that is due to us, those assets are typically going to be acquired by developers for redevelopment opportunity. So it makes sense for them and it makes great sense for us. It maximizes our revenue, as you clearly understand. So we have a group like that, that we'll continue to focus on in that same structure. And then we also have some office -- look, we've been hearing for the last couple of years from people like you and others that it would be beneficial to GNL to continue to reduce office exposure. So I don't want to look for the, we'll call it the perfect exit -- we want to look for the most efficient and beneficial exit. And I think moving down to 20% this quickly is clear proof of concept that we're committed to it, that we're going to do it. So you'll see both structures come into play. Mitch Germain: Great. Last one for me. What's the long-term plan for some of the non-industrial assets that you're acquiring from Modiv? Could there be some potential sale candidates? And can you -- is there any restrictions on your ability to sell those properties? Edward Weil: There are no restrictions in our ability to sell assets. The industrial portfolio that we're acquiring from Modiv is the majority of their asset pool, so we're very excited to bring that into GNL on a long-term basis. There are a few assets that we feel are opportunistic sale candidates that I don't want to get into too much detail on right now, but like we've done in the past, we are going to continue to sharpen this portfolio so that it is predominantly industrial assets, net lease single-tenant. And the pieces that don't fit the puzzle, although they may be great assets, to us that's just an opportunity, like we did with McLaren to achieve a tremendous disposition price and then have the opportunity to evaluate whether we want to pay down debt, whether we want to redeploy into industrial assets. But it is an opportunity that we will continue to work forward on. Operator: Our next question comes from the line of Upal Rana with KeyBanc Capital Markets. Upal Rana: Congrats on the quarter, guys. Michael, you completed one acquisition subsequent to quarter-end. Maybe could you comment on what you're seeing out there in the transaction market, including pricing, size, quality, industries, maybe how many deals you've gone through or underwritten? Any color would be helpful. I guess I'm trying to understand if the company is interested in doing smaller acquisitions? Or would you be more focused on being patient for larger type deals like a Modiv? Edward Weil: Yes, so I've always believed that one-off acquisitions are an important aspect of building a great portfolio. They are in the market, you have to evaluate them. There are a number of deals that we see that any number of reasons we are not interested in it. We may not like the guarantee structure, we may not like the asking cap rate, we may not like the geographic market, or we may not like the industry. But there are a lot of deals that we see that we do like. We were very active in the second quarter bidding. But we're bidding where we want to own, not necessarily where the seller or the broker wants to see the property transact. And that's okay. We felt that we had a great portfolio of Modiv assets coming into the company in the next, I would say, estimate about a week or so. So we didn't have to chase. We're buying those Modiv assets at about an 8% cap. We bought the FedEx in that same kind of range. So no benefit in chasing price. And what makes a great portfolio, besides the fact that we're 64% investment grade, we really focus on a lot of things other than just starting cap rate. We want to know that we've got a high-quality portfolio with the quality of earnings being top of mind for us. If it's a 15-year lease, we want that tenant in there for 15 years. We want them doing well and being happy to renew. It's one of the things that we're excited about. If you look back over the last couple of years, our renewal spreads have been consistently in the 5% and higher range. Because we've got great tenants, they value the properties, it's where they run their business from, and they don't want to have to relocate, and we certainly don't want them to relocate. So, you know, it all goes into how we look at the day one acquisition. And the most important thing I can tell you is there are a lot of properties out there that are available. We run what we think of as a funnel. You know, if we put 100 properties through the funnel, we may come out after underwriting and due diligence with three to 10 that we want to move forward on. And if we do that on a consistent basis, this portfolio is just going to continue to get stronger and bigger, and you're going to see the weighted average lease term extend. And that's the kind of company that everyone here at GNL is proud to be building. Upal Rana: Great, that was helpful. This kind of goes hand in hand, but just on your transaction guidance, you increase it to $700 to $800 million. When you combine the closed plus dispositions and your acquisitions, that kind of gets you to the midpoint, I think you've identified $64 million is going to be closing in '27. So just maybe you can comment on the transaction guidance and how we should be thinking about that. Edward Weil: Upal, I really think that Modiv was an unexpected opportunity for us in 2026 that we're really excited about. So I think the revised range is really how you should be thinking about it. We're going to continue to grind through some upcoming opportunities. But again, we want to be really selective. We want to be buying at the right price. We're starting to see our cost of capital coming in to a much better place. But we don't want to get ahead of that. And I think one of our themes over the last three years has been discipline of execution, and we're going to continue with that. Operator: [Operator Instructions] Our next question comes from the line of Jay Kornreich with Cantor Fitzgerald. Jay Kornreich: I wanted to follow up about the asset recycling, with dispositions year to date coming in at that 7.6% cap rate number while the acquisition has been at 8.2%. So I guess, do you anticipate that accretive asset recycling to continue? And then just as you think about how to recycle capital from dispositions, what is your preference in terms of new acquisitions versus reducing leverage or share repurchases at this point? Edward Weil: First part of your question, yes, I think we can continue to operate in that range. We fight very hard for achieving greatest possible sale price and we fight very hard to show that we're a qualified buyer and we negotiate the best possible price. So no sense in buying a lot of things that don't move the needle. So we'll continue with that as an underlying principle moving forward. The second part of your question is one of my favorite questions because it really comes back to strategy of how are we going to operate this company. Obviously, we continue to believe that one of the most important things we can do is execute on the continued deleveraging of the company. So that will be top of mind as we move forward. We also want to be in a position to grow earnings and to grow earnings and extend WALT, we need that disciplined underwriting on the acquisition front. And Modiv really kind of filled that gap for 2026. The stock buyback program, I'm very proud of our team as we've executed our stock buyback through 2026. I think that we have really been on point in how we've approached the strategy of the buyback. It's a great tool. We still have capacity under the buyback. We will, where we see necessary, continue to execute on the buyback. But I will tell you that I'd be even happier if the stock continues to move up on its own as new investors find this an interesting opportunity and move into the stock. We may not have to be active in the buyback, which is great. But it is a very valuable tool. It's one of the three levers, as you pointed out. We will continue to reduce leverage. We will be very focused in how we look at potential acquisitions. And when we need to, we have the ability to be active in a stock buyback. Jay Kornreich: Appreciate all that color, that's helpful. And then just one follow-up for me, just going back to the office exposure, reducing it to, I think you said 21% in the near term. Is it too early to put, kind of, goalposts around a timeline as to what you'd like to get that exposure down to? Or just how you're thinking about reducing that going forward? Edward Weil: I hate to put those types of dates on things because it just sends the wrong message to the market as far as the real estate market. By no means do I want to fire-sale the office assets, but we are very active in taking properties to market, working with very qualified brokers in regional markets and we will continue to do that. You know, I don't see this as an initiative that necessarily is over in calendar year '26. But by no means do we want it to drag on for extended periods of time. Operator: We have reached the end of the question-and-answer session. Mr. Weil, I'd like to turn the floor back over to you for closing comments. Edward Weil: Great, thank you. Yes, I just would like to close with a thank you to everybody that's on the call. We appreciate the time that you dedicate to GNL and, you know, we've had a lot of shareholders that have been with us since the internalization. We've had new shareholders join, and that really excites us, and thank you for that. We continue to be available and look forward to answering any questions you may have. Please reach out to our IR team, and we'll get time scheduled to talk. But I also want to thank the analysts that cover us and spend time and really dig in. It's very helpful, and it's really brought us to the point where we are. I think that this is an exciting point for us. We're looking forward, as we said, the Modiv shareholder vote is next Monday, and we believe that we'll be in a position to close shortly after. And we'll just keep doing the things that you've identified and pointed out to us that are part of our go-forward strategy. So thank you all for the time, the commitment, and we look forward to talking to you soon. Operator: Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day. Before you buy stock in Global Net Lease, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Global Net Lease wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Global Net Lease (GNL) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Global Net Lease, Inc.? Here are five stocks we like better. Q2 performance improved: Global Net Lease reported $112.5 million in revenue and AFFO of $45.7 million, or $0.22 per share. The company raised 2026 AFFO guidance to $0.82–$0.85 per share following its planned Modiv Industrial acquisition. Modiv acquisition will expand industrial exposure: Expected to close in mid-August, the transaction is projected to be approximately 4% accretive to AFFO per share and leverage neutral. It would raise industrial assets to about 50% of straight-line rent and increase the portfolio’s weighted average lease term. GNL is recycling capital and reducing debt: About 78% of $263 million in completed and pending dispositions involved office properties, while the company targets reducing office assets to roughly 21% of straight-line rent. Net leverage improved to 6.6x adjusted EBITDA, and GNL had approximately $919 million in liquidity at quarter-end. 5 High-Yield Stocks That Could Help Cushion Market Volatility Global Net Lease (NYSE:GNL) reported second-quarter 2026 revenue of $112.5 million, a net loss attributable to common stockholders of $7.5 million and adjusted funds from operations (AFFO) of $45.7 million, or $0.22 per share. AFFO per share increased from $0.21 in the first quarter, while the company raised its full-year outlook following its pending acquisition of Modiv Industrial. Chief Executive Officer Michael Weil said the company expects the Modiv transaction to close in mid-August, shortly after Modiv shareholders vote on the deal at an Aug. 10 special meeting. GNL said the acquisition is expected to be approximately 4% accretive to AFFO per share and leverage neutral. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Contrarian Traders Are Buying These 2 Stocks With Big Upside Weil said Modiv’s industrial portfolio has a weighted average remaining lease term of 15 years and contractual annual rent escalations of 2.4%. Upon closing, GNL expects its portfolio weighted average lease term to rise to 6.6 years and industrial assets to account for about 50% of total straight-line rent. The company said its revised 2026 guidance includes roughly one and a half quarters of expected contribution from the Modiv acquisition. Chief Financial Officer Chris Masterson said GNL raised its full-year AFFO guidance to $0.82 to $0.85 per share from a prior range of $0.80 to $0.84. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High GNL also increased its gross transaction-volume guidance to $700 million to $800 million, compared with previous guidance of $250 million to $350 million. It reaffirmed its net debt-to-adjusted EBITDA target range of 6.5x to 6.9x. During the question-and-answer session, Weil said the company expects to retain most of Modiv’s industrial assets but could sell certain properties that do not fit GNL’s long-term portfolio strategy. He said there are no restrictions on GNL’s ability to sell Modiv assets after the transaction closes. → No Hangover: Revisiting Microsoft One Week After Earnings GNL continued to sell non-core properties, particularly office assets. Through July 31, the company had closed and pending dispositions totaling $263 million, including $145 million of completed sales at a weighted average cash capitalization rate of 7.6% for occupied assets. Approximately 78% of the overall disposition volume consisted of office properties. The company said it remains under contract to sell a 133,000-square-foot KPN-leased office property in the Netherlands for about $18 million. Closing is scheduled to coincide with the property’s lease expiration in December 2026. GNL said it received a non-refundable deposit and expects to collect full contractual rent through the closing date. GNL also sold a 33,000-square-foot office property leased to the U.S. General Services Administration for $13 million and a 369,000-square-foot office property leased to GE Aerospace for $48 million. Both sales were completed at a 7.2% cash cap rate after lease extensions of 20 years and 10 years, respectively. Weil said the company expects office to represent approximately 21% of straight-line rent after planned dispositions are completed. He told analysts that future office sales could include both conventional sales and transactions structured to close upon lease expiration, allowing GNL to retain rental income while avoiding costs and leasing risks associated with vacant assets. “By no means do I want to fire sale the office assets,” Weil said, adding that the company remains active in marketing properties and does not expect the office-reduction initiative to be completed during 2026. During the quarter, GNL acquired an approximately 100,000-square-foot single-tenant industrial property in Mississippi leased to FedEx for about $14 million at an 8.2% going-in cash cap rate. The lease runs through 2031, and the company said it has begun discussions with FedEx about a long-term extension. As of June 30, GNL owned 798 properties totaling 40 million rentable square feet. Portfolio occupancy was 97%, with a weighted average remaining lease term of 5.7 years. Office occupancy increased to 99% from 95% a year earlier, primarily because GNL sold a vacant office property in the first quarter that had created more than $1 million of annualized negative net operating income drag. The company reported renewal spreads of about 5.6% above expiring rents across more than 357,000 square feet, with a weighted average lease term of 8.4 years. Renewals included Dollar General, FedEx Freight and FedEx leases. GNL said 63% of its tenants were investment grade or implied investment grade, up from 60% in the year-earlier period. No individual tenant represented more than 6% of straight-line rent, while the top 10 tenants accounted for 29%. Masterson said gross outstanding debt stood at $2.5 billion at quarter-end, down $621 million from the end of the second quarter of 2025. Net debt totaled $2.3 billion, and net debt to adjusted EBITDA improved to 6.6x from 7.2x at the end of the first quarter. GNL had 92% of its debt fixed or swapped to fixed rates, with a weighted average interest rate of 4.1% and an interest coverage ratio of 3.2x. Liquidity was approximately $919 million as of June 30, while revolving-credit-facility capacity was $1.3 billion. The company said recurring capital expenditures fell to $3.4 million in the first half from $19.6 million in the prior-year period. Since beginning its repurchase program in 2025 through July 31, GNL repurchased 20.9 million shares for $169.7 million, at an average price of $8.11 per share. That total included about 1.2 million shares repurchased during the second quarter for $11.1 million. Global Net Lease (NYSE: GNL) is a real estate investment trust (REIT) that focuses on acquiring and managing a diversified portfolio of single-tenant, net-lease commercial properties. The company's business model centers on establishing long-term, triple-net leases with creditworthy tenants, enabling the pass-through of property operating expenses while aiming to provide predictable rental income and stable cash flows. Global Net Lease's portfolio spans retail, industrial, office and light-industrial assets, each selected for its strategic location and tenant credit quality. Since launching its initial public offering in April 2016, Global Net Lease has built a presence in key markets throughout the United States and Western Europe. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Global Net Lease Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Revenue: $112.5 million for the second quarter of 2026. Net Loss: $7.5 million attributable to common stockholders. AFFO: $45.7 million, or $0.22 per share, up from $0.21 in the first quarter of 2026. Portfolio Occupancy: 97% with a weighted average remaining lease term of 5.7 years. Office Occupancy: Increased to 99% from 95% in the second quarter of 2025. Renewal Spreads: Approximately 5.6% above expiring rents on more than 357,000 square feet. Investment Grade Tenants: 63% of tenants carry an investment grade or implied investment grade rating, up from 60% in the second quarter of 2025. Total Debt: $2.5 billion gross outstanding, a reduction of $621 million from the end of the second quarter of 2025. Weighted Average Interest Rate: 4.1%, down from 4.3% in the second quarter of 2025. Net Debt to Adjusted EBITDA: Improved to 6.6 times, based on net debt of $2.3 billion. Recurring Capital Expenditures: Declined to $3.4 million in the first half of 2026 from $19.6 million in the first half of 2025. Liquidity: Approximately $919 million as of June 30, 2026. Share Repurchases: 20.9 million shares repurchased since program inception through July 31, 2026, for $169.7 million at a weighted average price of $8.11. 2026 AFFO Guidance: Raised to a range of $0.82 to $0.85 per share. 2026 Gross Transaction Volume Guidance: Increased to a range of $700 million to $800 million. Warning! GuruFocus has detected 6 Warning Signs with GNL. Is GNL fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Global Net Lease Inc (NYSE:GNL) is expected to close the accretive Motive acquisition in mid-August 2026, which is projected to be approximately 4% accretive to AFFO per share while remaining leverage neutral. The company has made significant progress in reducing its office exposure, with dispositions totaling $263 million year-to-date, and expects office to represent only 21% of straight-line rent upon completion of planned sales. Global Net Lease Inc (NYSE:GNL) delivered strong leasing results with renewal spreads of approximately 5.6% above expiring rents, including notable renewals with Dollar General, FedEx Freight, and FedEx. The company's balance sheet has improved, with net debt to adjusted EBITDA improving to 6.6 times and a reduction in gross debt of $621 million year-over-year. Global Net Lease Inc (NYSE:GNL) raised its full-year 2026 AFFO per share guidance to a range of $0.82 to $0.85 and increased its gross transaction volume guidance to $700 million to $800 million. The company has been actively repurchasing shares at a discount, having bought back 20.9 million shares at a weighted average price of $8.11, which is accretive to shareholder value. Global Net Lease Inc (NYSE:GNL) reported a net loss attributable to common stockholders of $7.5 million for the second quarter of 2026. The company's portfolio weighted average remaining lease term remains relatively short at 5.7 years, which could pose re-leasing risks in the future. Global Net Lease Inc (NYSE:GNL) still has a significant office exposure, which it is actively trying to reduce, and the process may extend beyond 2026. The company's ability to repurchase shares was limited during the quarter due to the pending Motive transaction, potentially missing out on further accretive buyback opportunities. Global Net Lease Inc (NYSE:GNL) faces ongoing challenges in the transaction market, with the need to be selective and disciplined in acquisitions to avoid overpaying for assets. The company's leverage, while improved, remains at 6.6 times net debt to adjusted EBITDA, which is still relatively high and may limit financial flexibility. Q: Can you continue to sell office assets, or will future sales be more aligned with lease expirations?A: Michael Weil, CEO, stated that the strategy will continue to be both. The company sees opportunities for longer-term sale structures where they receive 100% of the rent due, typically to developers for redevelopment. They will also pursue more traditional sales to efficiently and beneficially reduce office exposure, with the goal of moving down to 20% as proof of concept. Q: What is the long-term plan for the non-industrial assets acquired from Motive, and are there any restrictions on selling them?A: Michael Weil, CEO, confirmed there are no restrictions on selling assets. While the majority of the Motive portfolio is high-quality industrial assets they plan to hold long-term, there are a few opportunistic sale candidates. The company will continue to sharpen the portfolio to be predominantly single-tenant industrial, using any sales to pay down debt or redeploy capital. Q: Can you comment on the transaction market, including pricing, size, and quality, and is the company interested in smaller acquisitions or being patient for larger deals like Motive?A: Michael Weil, CEO, emphasized that one-off acquisitions are important for building a great portfolio. The company is active in bidding but disciplined on price, focusing on high-quality assets with strong tenants. They are buying assets like Motive at an 8% cap rate and will not chase prices. The focus is on long-term quality of earnings and tenant retention, not just starting cap rates. Q: Can you comment on the increased transaction guidance of $700 million to $800 million and how we should think about it?A: Michael Weil, CEO, stated that the Motive acquisition was an unexpected opportunity for 2026, and the revised range reflects that. The company will continue to be selective and disciplined, waiting for the right prices and not getting ahead of its improving cost of capital. Q: Do you anticipate the accretive asset recycling (selling at 7.6% cap rate and buying at 8.2%) to continue, and what is your preference for using proceeds: new acquisitions, reducing leverage, or share repurchases?A: Michael Weil, CEO, confirmed the company can continue operating in that range. The strategy prioritizes continued deleveraging, disciplined acquisitions to grow earnings and extend WALT, and opportunistic share repurchases as a valuable tool. The company is proud of its buyback execution but would be happy if the stock moves up on its own, reducing the need for buybacks. Q: Is it too early to put goalposts around a timeline for reducing office exposure further?A: Michael Weil, CEO, stated he hates to put dates on things as it sends the wrong message to the market. The company is active in taking properties to market with qualified brokers and does not want to fire-sale the assets. The initiative may not be over in calendar year 2026, but they do not want it to drag on for extended periods. Q: Can you provide more color on the progress of reducing office exposure and the recent dispositions?A: Michael Weil, CEO, highlighted the successful monetization of office assets, including the sale of a property leased to the US General Services Administration for $13 million and a GE Aviation property for $48 million, both at a 7.2% cash cap rate. These transactions demonstrate the ability to attract valuations and reduce office exposure, with office expected to represent approximately 21% of straight-line rent upon completion of planned dispositions. Q: What is the company's view on the investment backdrop for publicly traded REITs and its positioning?A: Michael Weil, CEO, noted that recent research from firms like Morgan Stanley, UBS, and BlackRock points to improving capital markets liquidity, recovering transaction activity, and attractive relative valuations. The company believes its progress in strengthening the portfolio, improving its credit profile, and establishing an investment-grade balance sheet positions it well to take advantage of this environment. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The proposed Modiv acquisition is the primary driver for increasing industrial exposure to 50% of straight-line rent while extending the portfolio's weighted average lease term to 6.6 years. Management is executing a 'thoughtful' office reduction strategy, targeting a decrease in office exposure to 21% of straight-line rent through selective monetizations and lease-end dispositions. Performance attribution for the quarter was bolstered by high occupancy (97%) and strong renewal spreads of 5.6%, particularly within the retail and industrial segments. The capital recycling strategy is focused on capturing the spread between disposition cap rates (7.6%) and higher-yielding industrial acquisitions (8.2%) like the recent FedEx transaction. Operational efficiency has improved significantly, evidenced by a sharp decline in recurring capital expenditures from $19.6 million to $3.4 million year-over-year. Management emphasized a credit-centric approach, with 63% of the tenant base now carrying investment-grade or implied investment-grade ratings. CEO Michael Weil's increased personal ownership of 2.9 million shares is presented as a signal of management's alignment with the long-term strategic trajectory. Full-year 2026 AFFO per share guidance was raised to a range of $0.82 to $0.85, reflecting approximately 1.5 quarters of expected contribution from the Modiv acquisition. Gross transaction volume guidance was significantly increased to $700 million to $800 million to account for the mid-August anticipated closing of the Modiv deal. Management reaffirmed a net debt to adjusted EBITDA target range of 6.5x to 6.9x, maintaining a leverage-neutral approach to growth. Future office dispositions will utilize a dual-track strategy: selling to developers for redevelopment at lease expiration and opportunistic market sales to maximize revenue. The company maintains a three-lever capital allocation framework prioritizing leverage reduction, disciplined industrial acquisitions, and opportunistic share repurchases. The Modiv transaction is contingent on a shareholder vote scheduled for August 10, 2026, with a mid-August closing assumption embedded in guidance. A $45 million vacant office property disposition in Q1 2026 successfully eliminated over $1 million in annualized negative NOI drag. The KPN office sale in the Netherlands is structured to close upon lease expiration in December 2026, utilizing a non-refundable deposit to mitigate occupancy risk. Management noted that while share repurchases were limited this quarter due to the pending merger, the program remains a 'valuable tool' for future capital deployment. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management declined to set a specific 'fire-sale' date but confirmed they are actively working with regional brokers to exit assets efficiently. The strategy focuses on maximizing revenue by collecting 100% of remaining rent before handing over assets to developers for redevelopment. There are no restrictions on selling these properties; GNL intends to 'sharpen' the portfolio toward single-tenant industrial assets. Non-core assets from the merger will be treated as opportunistic sale candidates to fund debt reduction or industrial reinvestment. Management is seeing ample deal flow but remains disciplined, bidding only where they want to own rather than chasing broker-led pricing. The focus remains on 'quality of earnings' and long-term tenant stability rather than just initial cap rates. Deleveraging remains the top priority for the company's long-term strategy. Management views the stock buyback program as a tool to be used when the market does not reflect intrinsic value, though they prefer organic stock price appreciation.

–   Reports Q2’26 AFFO Per Share of $0.22; Raises Full-Year AFFO Per Share Guidance to $0.82 – $0.85 and Increases Gross Transaction Volume to $700 Million – $800 Million–   Closed Plus Disposition Pipeline Totals $263 Million, with Office Sales Representing 78%, Further Advancing Strategic Reduction in Office Exposure–  Net Debt to Adjusted EBITDA Improved to 6.6x From 7.2x in Q1’26 –   Increased Liquidity to $919 Million and Revolving Credit Facility Capacity to $1.3 Billion–   Acquisition of Modiv Industrial Expected to Close Following Shareholder Vote Scheduled for August 10, 2026 NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe, announced today its financial and operating results for the quarter ended June 30, 2026. Second Quarter 2026 Highlights Revenue was $112.5 million, compared to $124.9 million in second quarter 2025, primarily reflecting prior asset dispositions, including the $1.8 billion multi-tenant retail portfolio sale completed in 2025 Net loss attributable to common stockholders was $7.5 million, compared to a net loss of $35.1 million in second quarter 2025 Adjusted Funds from Operations (“AFFO”)1 was $45.7 million, or $0.22 per share, compared to $53.1 million in second quarter 2025, or $0.24 per share Continued to deploy net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $629.8 million since second quarter 2025 while maintaining Net Debt to Adjusted EBITDA at 6.6x Reduced weighted average interest rate to 4.1% in second quarter 2026, down from 4.3% in second quarter 2025 Increased liquidity to $919.0 million and Revolving Credit Facility capacity to $1.3 billion in second quarter 2026, compared to $790.0 million and $1.2 billion in second quarter 2025 Closed plus disposition pipeline totaling $263 million2 year-to-date, of which 78% consists of office sales, further advancing the Company’s strategic reduction in office exposure; occupied assets were sold at a 7.6% cash cap rate3, with the remaining dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1 million of annualized NOI drag Repurchased 20.9 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $8.11, for a total of $169.7 million as of July 31, 2026; this includes 1.2 million shares for a total of $11.1 million repurchased in second quarter 2026 Portfolio occupancy remained at 97%, with office occupancy increasing to 99% in second quarter 2026 compared to 95% in second quarter 2025 Leased more than 357,000 square feet, achieving a 5.6% renewal leasing spread and a weighted average renewal term of 8.4 years, resulting in more than $5.1 million of new straight-line rent Weighted average annual rent increase of 1.4% provides embedded organic rental growth, excluding 20.3% of the portfolio with CPI-linked leases that have historically experienced significantly higher rent increases Reduced capital expenditures to $3.4 million for the six months ended June 30, 2026 from $19.6 million for the six months ended June 30, 2025, reflecting a more streamlined portfolio and generating more than $16 million of savings Strengthened sector-leading tenant quality with 63% of annualized straight-line rent derived from investment-grade or implied investment-grade tenants4, up from 60% in second quarter 2025 Acquisition of Modiv Industrial, Inc. Transaction is expected to close in mid-August 2026, subject to customary closing conditions, including approval of Modiv’s shareholders on August 10, 2026 Upon closing, the transaction is expected to be immediately 4% accretive to AFFO per share, while being leverage-neutral within GNL’s stated guidance range of 6.5x – 6.9x, preserving balance sheet strength and financial flexibility Upon closing, the transaction is expected to expand GNL’s exposure to high-quality industrial assets to 50% of portfolio straight-line rent, supported by a 15.0 year weighted average lease term5, 2.4% average annual rent escalations6, and a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade tenants7 “As we approach the third anniversary of our internalization, GNL is a fundamentally stronger company than when we began this transformation,” said Michael Weil, Chief Executive Officer of GNL. “Through disciplined execution, we have simplified and enhanced the quality of our portfolio, materially reduced leverage, strengthened liquidity, achieved an investment-grade balance sheet, significantly increased our exposure to investment-grade tenants and made meaningful progress reducing our office exposure through value-maximizing dispositions. The anticipated acquisition of Modiv represents a natural next step in that strategy, further improving the quality and durability of our portfolio while remaining consistent with our disciplined approach to capital allocation and balance sheet management. Our increased full-year guidance reflects the momentum we've built and our confidence in the strength of our business and the opportunities ahead. Following my recently announced exit from Bellevue Capital, my personal ownership in GNL will significantly increase, demonstrating my conviction in the strategy we are executing, the platform we have built and the significant long-term value we can create for our shareholders.” Full Year 2026 Guidance8 The revised full year 2026 guidance presented below reflects the anticipated acquisition of Modiv, based on GNL’s confidence that the transaction will close later this month. It is important to note that this revised guidance includes only approximately one and a half quarters of expected contribution from the accretive Modiv acquisition during 2026. Gross transaction volume includes both dispositions and acquisitions. Summary of Results Property Portfolio As of June 30, 2026, GNL’s portfolio of 798 net lease properties is comprised of approximately 40 million rentable square feet located in ten countries and territories. The Company operates in three reportable segments: (1) Industrial & Distribution, (2) Retail and (3) Office. Portfolio metrics include: 97% leased with a remaining weighted-average lease term of 5.7 years9 87% of the portfolio contains contractual rent increases based on annualized straight-line rent 63% of portfolio’s annualized straight-line rent is derived from investment grade and implied investment grade rated tenants 74% U.S. and Canada, 26% Europe (based on annualized straight-line rent) 47% Industrial & Distribution, 28% Retail and 25% Office (based on an annualized straight-line rent) Capital Structure and Liquidity Resources10 As of June 30, 2026, the Company had liquidity of $919.0 million, and $1.3 billion11 of capacity under its Revolving Credit Facility, compared to $790.0 million and $1.2 billion, respectively, as of the end of second quarter 2025. The Company had net debt of $2.3 billion12, including $1.0 billion of gross mortgage debt as of June 30, 2026 and Net Debt to Adjusted EBITDA was 6.6x. As of June 30, 2026, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 92%. The Company’s total combined debt had a weighted average interest rate of 4.1%, resulting in an interest coverage ratio of 3.2 times13. Weighted-average debt maturity was 2.7 years as of June 30, 202614. Footnotes/Definitions While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity. Year-to-date disposition pipeline totaling $263 million as of July 31, 2026. Closed plus active disposition pipeline includes $145 million of closed sales approximately $40 million under signed purchase and sale agreements (“PSA”), and approximately $77 million under letters of intent (“LOI”). There can be no assurances that the transactions under such PSA or LOI will be consummated on the above terms, if at all. Excludes dark properties. As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of June 30, 2026. Comprised of 38.0% leased to tenants with an actual investment grade rating and 25.3% leased to tenants with an Implied Investment Grade rating based on annualized straight-line rent as of June 30, 2026. Metric based on square feet as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera. Metric based on annual base rent as of December 31, 2025, adjusted for Modiv’s previously disclosed disposition of Northrop Grumman and Kalera. Investment Grade includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied investment grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant's obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Based on Annual Base Rent and as of December 31, 2025, Modiv’s portfolio was 23% actual investment grade rated and 22% implied investment grade rated. We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses. Weighted-average remaining lease term in years is based on square feet as of June 30, 2026. During the three months ended June 30, 2026, the Company did not sell any shares of Common Stock through its Common Stock “at-the-market” program. However, as of July 31, 2026, the Company had repurchased 20.9 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $169.7 million; this includes 1.2 million shares for a total of $11.1 million repurchased in second quarter 2026. Liquidity represents the aggregate amount of cash and cash equivalents and borrowing availability under our Revolving Credit Facility, utilizing the value of our applicable assets as of June 30, 2026 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our Revolving Credit Facility. Liquidity includes $765.4 million of availability under the Revolving Credit Facility and $153.6 million of cash and cash equivalents as of June 30, 2026. Comprised of the principal amount of GNL's outstanding debt totaling $2.5 billion less cash and cash equivalents totaling $153.6 million, as of June 30, 2026. The interest coverage ratio is calculated by dividing Adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on interest expense less non-cash portion of interest expense). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below. Assumes we exercise both 6-month extension options on our Revolving Credit Facility. Conference Call GNL will host a webcast and conference call on August 6, 2026 at 11:00 a.m. ET to discuss its financial and operating results. To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software. Dial-in instructions for the conference call and the replay are outlined below. Conference Call Details Live Call Dial-In (Toll Free): 1-877-407-0792 International Dial-In: 1-201-689-8263 Conference Replay* For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com. Or dial in below: Domestic Dial-In (Toll Free): 1-844-512-2921 International Dial-In: 1-412-317-6671 Conference Number: 13761120 *Available from 2:00 p.m. ET on August 6, 2026 through November 6, 2026. Supplemental Schedules The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov. About Global Net Lease, Inc. Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com. Forward-Looking Statements The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “projects,” “potential,” “predicts,” “expects,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition, including the Modiv transaction, or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Contacts: Investors and Media:Email: [email protected] Phone: (332) 265-2020 __________[1] For AFFO purposes, we adjust for unrealized gains and losses. For the three months ended June 30, 2026, loss on derivative instruments was $0.3 million, which consisted of unrealized gains of $0.1 million and realized losses of $0.4 million. For the three months ended June 30, 2025, the loss on derivative instruments was $8.8 million, which consisted of unrealized losses of $7.2 million and realized losses of $1.6 million.[2] Represents adjustments to the fair value of the embedded derivative feature of the multi-tenant disposition receivable. We do not consider these adjustments to be indicative of our normal operating performance and have, accordingly, increased or (decreased) AFFO for this amount.[3] Amount is recorded in other income in our consolidated statement of operations. We do not consider this income to be part of our normal operating performance and have, accordingly, decreased AFFO for this amount. The following table provides operating financial information for the Company’s reportable segments: Caution on Use of Non-GAAP Measures Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures. Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group. We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs in our peer group. As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred. Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations Funds From Operations Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP. We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the "White Paper"). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT's definition. FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income. Core Funds From Operations In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed merger, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management's analysis of the investing and operating performance of our properties. Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger and transaction costs and loss on extinguishment of debt. Adjusted Funds From Operations In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance. In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued merger, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management's analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for merger, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued merger, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs. EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense). NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, merger, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property's results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity. Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI. Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses. Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

NEW YORK, July 16, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) announced today that it will release its financial results for the second quarter ended June 30, 2026 on Wednesday, August 5, 2026 after the close of trading on the New York Stock Exchange. The Company will host a conference call and audio webcast on Thursday, August 6, 2026, beginning at 11:00 a.m. ET, to discuss the second quarter results and provide commentary on business performance. The results will be released before the call which will be conducted by GNL’s management team. A question-and-answer session will follow the prepared remarks. Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through the GNL website, www.globalnetlease.com, in the “Investor Relations” section. To listen to the live call, please go to the “Investor Relations” section of the Company's website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website. Conference Call Details Live CallDial-In (Toll Free): 1-877-407-0792 International Dial-In: 1-201-689-8263 Conference Replay*Domestic Dial-In (Toll Free): 1-844-512-2921International Dial-In: 1-412-317-6671Conference Replay Number: 13761120 *Available from 2:00 p.m. ET on August 6, 2026 through November 6, 2026. About Global Net Lease, Inc.Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com. Important NoticeThe statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition, including the Modiv transaction, or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Contacts:Investor RelationsEmail: [email protected]

NEW YORK, July 01, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (“GNL” or the “Company”) (NYSE: GNL / GNL PRA / GNL PRB / GNL PRD / GNL PRE) announced today that it declared a dividend of $0.190 per share of common stock payable on July 17, 2026, to common stockholders of record at the close of business on July 13, 2026. Dividends authorized by the Company’s board of directors and declared by the Company are paid on a quarterly basis in arrears during the first month following the end of each fiscal quarter (unless otherwise specified) to common stockholders of record on the record date for such payment. About Global Net Lease, Inc.Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com. Important NoticeThe statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition, including the Modiv transaction, or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Contacts:Investor RelationsEmail: [email protected]

Sold $66 Million of Occupied Properties, Including $61 Million of Office Assets at a 7.2% Cash Cap Rate Office Assets Accounted for 93% of Occupied Sales Disposition Activity Reduces Office Exposure and Supports Continued Focus on Leverage Reduction Pending Acquisition of Modiv Industrial Remains on Track for Anticipated Third Quarter 2026 Closing NEW YORK, June 29, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") today announced that, since the first quarter 20261, it sold $74 million of assets, including $66 million of occupied assets at a 7.2% cash cap rate, with office assets representing $61 million, or 93%, of occupied dispositions. GNL also sold $8 million of vacant assets, eliminating negative NOI drag, increasing portfolio occupancy and enhancing overall portfolio quality. Year-to-date, GNL has now closed approximately $145 million of dispositions at a 7.5% cash cap rate on occupied assets. Since the first quarter 20261, GNL sold two occupied office assets at a 7.2% cash cap rate: a 33,000-square-foot building leased to the U.S. General Services Administration ("GSA") for $13 million and a 369,000-square-foot office building leased to GE Aviation for $48 million. Prior to the sales, GNL executed 20-year and 10-year lease extensions at the GSA and GE Aviation properties, respectively, increasing the assets' marketability and positioning them for dispositions at enhanced values. In addition, GNL has a 133,000-square-foot office asset in the Netherlands, currently leased to Koninklijke KPN N.V. ("KPN"), under contract for sale for approximately $18 million2, upon the expiration of KPN's lease in December 2026. These transactions reflect the Company's continued execution of its strategy to reduce office exposure, proactively address lease rollover risk, and improve the long-term quality of the portfolio. GNL is continuing its efforts to further reduce its office exposure and looks forward to providing additional details for any potential transaction entered into. Upon completion of these transactions, GNL expects office exposure to be reduced to approximately 21% of portfolio straight-line rent. On the acquisition front, GNL is currently under contract to acquire a 100,000-square-foot single-tenant industrial property occupied by a Fortune 50 investment-grade tenant for $14 million at an 8.2% cash cap rate. The Company anticipates that this acquisition will provide an opportunity to redeploy disposition proceeds into a high-quality industrial asset at an attractive yield. Together with the pending $535 million acquisition of Modiv Industrial, Inc. (NYSE: MDV), expected to close in the third quarter of 2026, these initiatives reflect GNL's continued focus on increasing exposure to single-tenant industrial and retail assets while strategically reducing office concentration. The acquisition is expected to be immediately 4% accretive to AFFO per share and is structured to be leverage neutral, complementing GNL's broader, continued focus on reducing leverage over the long-term and preserving GNL's balance sheet strength and financial flexibility. Through the transaction, GNL will be acquiring a high-quality industrial net lease portfolio with a 15.0 year weighted average lease term and 2.4% average annual rent escalations, which is expected to extend GNL's weighted average lease term from 5.9 years in Q1'26 to 6.7 years on a pro-forma basis. "Our recent disposition activity advances our strategy of reducing office exposure while improving overall portfolio quality," said Michael Weil, CEO of GNL. "These dispositions demonstrate our ability to monetize office assets at attractive valuations while redeploying capital into high-quality industrial and retail investments. Together with the pending Modiv acquisition and additional office sales, we expect to reduce our office exposure to approximately 21% of portfolio straight-line rent, down from approximately 26% as of the first quarter of 2026, marking another meaningful step in our ongoing portfolio transformation. We believe these actions will further improve portfolio quality, strengthen our earnings profile, and position GNL to deliver long-term value for our stockholders." About Global Net Lease, Inc. Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income-producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com. Footnotes [1] Represents dispositions closed from April 1, 2026 through June 26, 2026. [2] Based on an EUR exchange rate as of June 26, 2026. Important Notice The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as "may," "will," "seeks," "anticipates," "believes," "expects," "estimates," "projects," "potential," "predicts," "plans," "intends," "would," "could," "should" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of GNL's control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition by GNL, including the Modiv transaction and the pending KPN disposition and industrial property acquisition, is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause GNL's actual results to differ materially from those presented in GNL's forward-looking statements are set forth in the "Risk Factors" and "Quantitative and Qualitative Disclosures about Market Risk" sections in GNL's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in GNL's subsequent reports. Further, forward-looking statements speak only as of the date they are made, and GNL undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. Contacts: Investor RelationsEmail: [email protected]

Interested in Global Net Lease, Inc.? Here are five stocks we like better. Global Net Lease announced a strategic shift toward higher-quality industrial assets, including a planned all-stock acquisition of Modiv Industrial expected to close in Q3 2026. Management said the deal should be immediately accretive to AFFO per share by about 4% and requires no new external capital. The company’s first-quarter 2026 results showed revenue of $109.3 million and AFFO of $43.9 million, or $0.21 per share. It also cut annualized G&A expenses 25% year over year and ended the quarter with $911 million of liquidity. Global Net Lease is continuing to reduce office exposure while improving portfolio quality, with occupancy rising to 97% and investment-grade or implied investment-grade tenants representing 64% of rent. The company 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. 5 High-Yield Stocks That Could Help Cushion Market Volatility Global Net Lease (NYSE:GNL) reported first-quarter 2026 results and outlined a strategic shift toward growth through industrial acquisitions and office dispositions, highlighted by its planned all-stock acquisition of Modiv Industrial. Chief Executive Officer Michael Weil said the Modiv transaction reflects the strategy the company described on its prior earnings call: recycling capital into higher-quality industrial and retail assets while reducing office exposure. Weil said the company entered 2026 following a “transformational year” in which it reduced leverage, strengthened its credit profile and improved portfolio quality. → Wells Fargo’s Comeback Is Real—But Not Risk-Free Contrarian Traders Are Buying These 2 Stocks With Big Upside The planned acquisition is expected to close in the third quarter of 2026. Weil said the transaction is expected to be immediately accretive, adding approximately 4% to adjusted funds from operations per share, including cost synergies from eliminating duplicative general and administrative expenses. The deal is structured as an all-stock acquisition with a fixed exchange ratio of 1.975, which Weil said makes the transaction leverage neutral and requires no new external capital. Weil said Modiv’s portfolio includes long-duration leases with a weighted average lease term of 15 years, 2.4% annual rent escalations and a tenant base that includes leading global brands. Approximately 45% of Modiv’s annual base rent comes from investment-grade or implied investment-grade tenants, according to the company. → Rocket Lab Posts Record Q1 Revenue, Raises Q2 Guidance On a pro forma basis, Weil said the acquisition is expected to extend Global Net Lease’s weighted average lease term from 5.9 years to 6.7 years, increase industrial exposure from 47% to 50% and reduce office concentration from 26% to 24%. During the question-and-answer session, Weil said Global Net Lease expects to retain Modiv’s industrial assets but may sell a small number of assets outside the industrial sector “very quickly after closing.” He said one of those assets is larger and could have a “meaningful impact.” → The Great Crypto Thaw: Regulation Ignites an Infrastructure Boom Weil declined to discuss the cap rate for the Modiv acquisition, saying additional details would be included in Modiv’s proxy materials. He said the Modiv portfolio also brings potential opportunities in lease renewals, dispositions and future relationships with tenants. For the first quarter of 2026, Chief Financial Officer Chris Masterson said Global Net Lease recorded revenue of $109.3 million and a net loss attributable to common stockholders of $16 million. Adjusted funds from operations totaled $43.9 million, or $0.21 per share. Masterson said annualized general and administrative expenses declined 25% year over year to $49 million from $65 million in the first quarter of 2025, driven by operational efficiencies. Capital expenditures fell to $1.6 million from $9.8 million a year earlier. At quarter-end, Global Net Lease had $2.6 billion of gross outstanding debt, down $1.3 billion from the end of the first quarter of 2025. Masterson said the company’s debt consisted of $1 billion in senior notes, $290 million drawn on its multicurrency revolving credit facility and $1.3 billion of gross mortgage debt. As of March 31, 99% of the company’s debt was fixed-rate or swapped to fixed rates. The company’s weighted average interest rate was 4.1%, down from 4.2% in the first quarter of 2025, and its interest coverage ratio was 3 times. Net debt to adjusted EBITDA was 7.2 times, compared with 6.7 times a year earlier. Masterson said the higher ratio reflected the timing of dispositions and that the company remains confident it will stay within its 2026 guidance range of 6.5 times to 6.9 times. Global Net Lease ended the quarter with approximately $911 million of liquidity and $1.5 billion of capacity on its revolving credit facility, compared with $499 million of liquidity and $1.4 billion of revolver capacity a year earlier. At the end of the first quarter, Global Net Lease owned 809 properties totaling 40 million rentable square feet. Weil said the portfolio was 97% occupied, up from 95% in the first quarter of 2025, with a weighted average remaining lease term of 5.9 years. Office occupancy increased to 99% from 95% a year earlier, which Weil attributed primarily to the sale of a $45 million vacant office property. He said the sale eliminated more than $1 million of annualized negative net operating income drag. Weil also said the office portfolio had 100% rent collection and the highest proportion of investment-grade tenants within the company’s portfolio. Global Net Lease said 64% of its tenants carry an investment-grade or implied investment-grade rating, up from 60% in the first quarter of 2025. No tenant accounts for more than 6% of total straight-line rent, and the top 10 tenants collectively represent 29% of total straight-line rent, with 80% of that group investment-grade. The company executed leases on more than 141,000 square feet during the quarter and achieved renewal spreads of approximately 5.1% above expiring rents. Weil highlighted renewals with Dollar General, Tractor Supply and a 58,000-square-foot FedEx distribution facility renewed at an approximately 9% spread. Weil said the company remains focused on lowering office exposure through selective sales and redeploying proceeds into industrial and retail assets. Global Net Lease is under contract to sell a 33,000-square-foot office building leased to the General Services Administration for $13 million at a 7.2% cash cap rate, with closing expected in the second quarter of 2026. The company is also under contract to acquire an approximately 100,000-square-foot single-tenant industrial asset occupied by a Fortune 50 investment-grade tenant for $14 million at an 8.2% cash cap rate. Weil said the asset has a 2031 lease maturity and that the company is discussing an early long-term extension with the tenant. In response to analyst questions, Weil said the company sold a bank branch during the quarter at a 6.2% cap rate after receiving buyer interest. He also said the company completed the sale of a vacant West Coast office property at roughly its original purchase price, removing approximately $1 million of net operating income carry. Weil said the company sees demand for some office properties, including in Europe and the U.K., where redevelopment into mixed-use residential is occurring. He said the company expects to provide additional updates on certain assets during 2026. Global Net Lease reaffirmed full-year 2026 AFFO per share guidance of $0.80 to $0.84 and net debt to adjusted EBITDA guidance of 6.5 times to 6.9 times. Masterson said the guidance excludes the anticipated benefit of the Modiv transaction, which the company plans to address after closing. The company also continues to repurchase stock. Since launching its share repurchase program in 2025 through May 1, 2026, Global Net Lease repurchased 19.7 million shares for $158.2 million at a weighted average price of $8.05. That included approximately 4.2 million shares repurchased in the first quarter for $38.4 million at an average price of $9.07. Weil said the repurchase program remains one of several tools the company will evaluate, along with leverage reduction and acquisitions. He did not provide a forecast for future repurchase activity. Weil also noted that board members Sue Perrotty and Governor Rendell intend to retire following the 2026 annual meeting of stockholders. Global Net Lease (NYSE: GNL) is a real estate investment trust (REIT) that focuses on acquiring and managing a diversified portfolio of single-tenant, net-lease commercial properties. The company's business model centers on establishing long-term, triple-net leases with creditworthy tenants, enabling the pass-through of property operating expenses while aiming to provide predictable rental income and stable cash flows. Global Net Lease's portfolio spans retail, industrial, office and light-industrial assets, each selected for its strategic location and tenant credit quality. Since launching its initial public offering in April 2016, Global Net Lease has built a presence in key markets throughout the United States and Western Europe. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Global Net Lease Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Thursday, May 7, 2026 at 11:00 a.m. ET Chief Executive Officer — Michael Weil Chief Financial Officer — Chris Masterson Need a quote from a Motley Fool analyst? Email [email protected] Michael Weil: Thanks, Jordyn. Good morning, and thank you all for joining us today. Before we review our first quarter 2026 results, I would like to discuss our planned strategic acquisition of Motive Industrial, which we announced earlier this week. This transaction is a direct reflection of the strategy we outlined on our last earnings call and the tangible progress we have already made towards implementing it. Following a transformational year for Global Net Lease, Inc. in 2025, when we took deliberate actions to significantly reduce leverage, strengthen our credit profile, and improve the overall quality of our portfolio, we are now positioned to focus on the disciplined recycling of capital into high-quality industrial and retail assets. This includes pursuing selective and opportunistic asset sales, particularly those that reduce our office exposure, while redeploying proceeds accretively into single-tenant industrial and retail investments. The Motive transaction would do just that, as we believe the closing of the transaction will advance the durability and quality of our earnings profile by adding a high-quality portfolio of industrial net lease assets across the United States, supported by long-duration leases and creditworthy tenants that align well with our investment criteria. The transaction is expected to be immediately accretive with approximately 4% accretion to AFFO per share, including meaningful cost synergies through the elimination of duplicative G&A. Importantly, the transaction is structured as an all-stock acquisition with a fixed exchange ratio of 1.975 to lock in the 4% accretion, making it leverage neutral and requiring no new external capital. We believe this structure will preserve the balance sheet strength we have established while allowing us to maintain meaningful flexibility to pursue future strategic growth opportunities. Motive’s long-duration leases have a weighted average lease term of 15 years, include 2.4% annual rent escalations, and are supported by a well-recognized tenant base of leading global brands, with approximately 45% of annual base rent derived from investment grade or implied investment grade tenants. On a pro forma basis, the acquisition is expected to extend our weighted average lease term from 5.9 to 6.7 years, increase our industrial exposure from 47% to 50%, and reduce our office concentration from 26% to 24%, which will collectively strengthen our portfolio mix and expand our geographic reach across key U.S. industrial markets and enhance the overall stability of our combined platform. We are very excited about this transaction, which we expect to close in the third quarter of this year. In addition to the Motive transaction, we are actively engaged in other transaction activity consistent with our corporate strategy. Reflecting the mission-critical nature of our office portfolio, we are under contract to sell a 33 thousand square-foot office building leased to the General Services Administration for $13 million at a 7.2% cash cap rate, with closing expected in 2026. Beyond this transaction, we currently have additional office properties in our portfolio that we believe may present a similar disposition opportunity going forward as we continue to focus on lowering our office exposure. At the same time, we are under contract to acquire a 100 thousand square-foot single-tenant industrial asset occupied by a Fortune 50 investment grade tenant for $14 million at an 8.2% cash cap rate, which would further demonstrate our ability to prudently execute our accretive recycling strategy into higher-quality assets that we believe will generate more compelling risk-adjusted returns. The asset features a 2031 lease maturity, and we believe our longstanding relationship with the tenant will be advantageous as we are already in simultaneous discussions regarding an early long-term lease extension. We are actively negotiating the sale of additional office assets and look forward to providing updates as transactions advance. Our pipeline of redeployment opportunities continues to grow, and we believe we are well positioned to execute on a leverage-neutral basis in a way that drives earnings growth while preserving the balance sheet quality we have established. Our acquisition approach remains disciplined and highly selective, focused on high-quality, income-generating assets that align with our long-term strategy. In addition to our capital recycling strategy, we continue to evaluate the most effective uses of our disposition proceeds, including opportunistic share repurchases. Since the beginning of our share repurchase program through 05/01/2026, we have repurchased 19.7 million shares at a weighted average price of $8.05, totaling $158.2 million. We have been deliberate and opportunistic in how we have executed this program, and we remain disciplined in balancing these repurchases with our continued focus on leverage reduction and the redeployment of capital into higher-quality assets. Turning to our portfolio, at the end of 2026 Q1, we owned 809 properties totaling 40 million rentable square feet. Our portfolio was 97% occupied, an increase from 95% in 2025, with a weighted average remaining lease term of 5.9 years. Specifically, our office occupancy increased to 99% from 95% in 2025, primarily driven by the disposition of a $45 million vacant office property, which also eliminates over $1 million of annualized negative NOI drag. Our office portfolio continues to perform well, supported by 100% rent collection and the highest proportion of investment grade tenants within our portfolio. Global Net Lease, Inc.’s portfolio features a stable tenant base and high quality of earnings, with an industry-leading 64% of tenants carrying an investment grade or implied investment grade rating, up from 60% in 2025. Our average annual contractual rental increase is 1.5%, excluding the impact of 20.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases. On the leasing front, we delivered strong results across the portfolio during the first quarter, reflecting the quality of our asset management capabilities and tenant relationships. We executed leases on more than 141 thousand square feet and achieved renewal spreads of approximately 5.1% above expiring rents. Notable activity included several renewals with nationally recognized retail tenants such as Dollar General and Tractor Supply, as well as the renewal of a 58 thousand square-foot FedEx distribution facility at an approximate 9% renewal spread. We continue to engage with tenants well in advance of lease expirations to drive occupancy retention and rental growth, while maintaining a long-term focus on portfolio stability. As we continue advancing our approach to asset management, we have meaningfully enhanced our data and technology capabilities, improving how we engage with tenants and evaluate opportunities and ultimately the outcomes we deliver across the portfolio. We have been leveraging artificial intelligence to enhance our decision making on both the leasing and transaction front. Specifically, we are now able to rapidly analyze foot traffic patterns and performance analytics for our tenants, intelligence that directly informs our renewal negotiations and strengthens our underwriting when evaluating prospective transactions. This data-driven approach allows us to engage tenants from a more informed position, and we believe it is an increasingly meaningful contributor to our ability to drive favorable lease economics across the portfolio and secure advantageous terms on transactions. Perhaps most importantly, we believe it will also give us the ability to seamlessly absorb the Motive portfolio and its approximately $535 million of new assets without any increase in headcount. Our continued efforts to limit exposure to high-risk geographies, asset types, tenants, and industries reflect our intentional diversification strategy and disciplined credit underwriting. No single tenant accounts for more than 6% of total straight-line rent, and our top 10 tenants collectively contribute only 29% of total straight-line rent, with 80% being investment grade. We carefully monitor all tenants in our portfolio and their business operations on a regular basis. I encourage everyone to review the details of each segment of our portfolio in our 2026 investor presentation on our website. I will now turn the call over to Chris to walk through the financial results and balance sheet matters in more detail. Chris? Chris Masterson: Thanks, Mike. Please note that, as always, a reconciliation of GAAP net income to non-GAAP measures can be found in our earnings release, which is posted on our website. For 2026 Q1, we recorded revenue of $109.3 million and a net loss attributable to common stockholders of $16 million. AFFO was $43.9 million, or $0.21 per share. Following the successful repositioning of our portfolio over the past several quarters, including the $1.8 billion multi-tenant retail portfolio sale, we have reduced annualized G&A expense by 25% year-over-year to $49 million from $65 million in 2025, driven by operational efficiencies. Additionally, capital expenditures declined to $1.6 million from $9.8 million in 2025, supporting improved cash flow through a more streamlined portfolio. Looking at our balance sheet, the gross outstanding debt balance was $2.6 billion at the end of 2026 Q1, a reduction of $1.3 billion from the end of 2025. Our debt is comprised of $1 billion of senior notes, $290 million on the multicurrency revolving credit facility, and $1.3 billion of outstanding gross mortgage debt. As of the end of 2026 Q1, 99% of our debt is tied to fixed rates or debt that is swapped to fixed rates. Our weighted average interest rate stood at 4.1%, down from 4.2% in 2025, and our interest coverage ratio was 3.0x. At the end of 2026 Q1, our net debt to Adjusted EBITDA ratio was 7.2x, based on net debt of $2.4 billion, compared to 6.7x at the end of 2025. While the ratio this quarter was higher than the end of 2025 due to timing of disposition, we are confident that we will remain within our stated net debt to Adjusted EBITDA 2026 guidance range of 6.5x to 6.9x. As of 03/31/2026, we had liquidity of approximately $911 million and $1.5 billion of capacity on our revolving credit facility, compared to $499 million and $1.4 billion, respectively, as of the end of 2025. Additionally, we had approximately 212 million shares of common stock outstanding, and approximately 214 million shares outstanding on a weighted average basis for 2026 Q1. Since launching our share repurchase program in 2025 and through 05/01/2026, we have repurchased 19.7 million shares for a total of $158.2 million. This includes approximately 4.2 million shares repurchased in 2026 for $38.4 million at a weighted average price of $9.07. Since inception, total repurchases under this program have been executed at a weighted average price of $8.05, a meaningful discount to the current share price, which has appreciated approximately 18% since those purchases were made. We believe this program has been a highly accretive use of capital and has generated tangible value for our shareholders. Turning to our outlook for 2026, we are confident in our performance and reaffirm our full-year AFFO per share guidance of $0.80 to $0.84. We also reaffirm our stated net debt to Adjusted EBITDA range of 6.5x to 6.9x. This guidance excludes the anticipated benefit from the Motive transaction, which we plan to address and update upon closing, although we believe it is worth emphasizing that the acquisition is structured to be leverage neutral within our 2026 net debt to Adjusted EBITDA guidance range of 6.5x to 6.9x. I will now turn the call back to Mike for some closing remarks. Michael Weil: Thanks, Chris. As we begin this next phase of Global Net Lease, Inc.’s evolution, we do so from a position of strength, focused on strategically reducing our office exposure while redeploying capital into higher-quality, higher-yielding assets. The foundation we built in 2025—a stronger balance sheet, an improved credit profile, and a more focused portfolio—gives us flexibility and confidence to execute this strategy on our own terms, remaining patient and selective as we identify the right opportunities. We will not rush to deploy capital for the sake of it, pursuing only those opportunities that we believe genuinely enhance the quality and earnings of our portfolio. We expect this capital recycling activity to be a meaningful contributor to earnings growth over the course of 2026 and beyond. The Motive transaction is a tangible demonstration of that approach. We identified a high-quality portfolio of industrial net lease assets that we believe will enhance the earnings power and long-term durability of our platform, and we structured a transaction that is expected to be immediately accretive, leverage neutral, and requires no external capital. We look forward to building on the strong foundation Motive has established as part of the combined Global Net Lease, Inc. platform. Before taking your questions, I would like to note that, subsequent to the first quarter, two members of our board, Sue Parati and Governor Rendell, announced their intention to retire following the 2026 annual meeting of stockholders. We thank Sue and the Governor for their years of dedicated service and meaningful contributions to Global Net Lease, Inc., and remain confident that our board's composition is well calibrated to provide effective oversight and support efficient decision making. We will now open the call for questions. Operator, please open the line for questions. Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. A moment please while we poll for your questions. Our first question comes from the line of Mitch Germain with Citizens. Please proceed with your question. Mitch Germain: Good morning. Thanks for taking my question, and congrats on the Motive deal. Starting with Motive, Mike, 40 assets, I think about 20% or so of them reside outside of the industrial sector, so I am curious, are there any potential candidates for sale across that portfolio? Michael Weil: First of all, great question. Thank you. Yes, there are. Our primary focus is on retaining the industrial assets. Motive does have a few very high-quality assets that are outside of what we would consider industrial, and we will, at the right time and working with Motive, look to dispose of those assets very quickly after closing. It will not be many; one of them is on the larger side. It will have some meaningful impact, and I think that it will also have overall value as we evaluate the acquisition as well. Mitch Germain: Got you. So lower cap rate versus what you are buying it at. Okay. And then can you talk a little bit about dispositions that either were completed or planned to be completed? It seems like activity is somewhat across each sector. We saw a change in number of assets across industrial, retail, and office. So maybe just talk about what some of the characteristics were. I think you mentioned a vacant office, a GSA-leased office. Maybe some of the characteristics of some of the other properties that were sold would be helpful. Michael Weil: As we talked about last quarter, we were going to be switching to more of a strategic disposition strategy. Where we had opportunity to dispose of some assets that maybe were not just in the office portfolio, we did so at very aggressive cap rates, and that is an ongoing part of our strategy. We are intentionally looking at growth, and adding the high-quality portfolio of Motive is a big statement of that. But we will continue to execute opportunistically. As an 800-plus property portfolio, it is not uncommon for people to call us when they see an asset that we own that they have an interest in. We always take the call, we always negotiate the deal, and then we decide if we have an opportunity to redeploy those proceeds in a more accretive way. But we are very thoughtful in not wanting to sell what is significant and core to the overall portfolio. I can give you an example. We sold a bank branch in the quarter at a 6.2% cap rate. The buyer wanted to own it, and at that cap rate, we were a happy seller. Those are the type of opportunistic dispositions, in addition to what we are going to continue to do evaluating the opportunities to reduce office. If I can just add one thing to that, because we have been talking for a good part of 2025 about an asset that we had under contract to sell. It was an office property on the West Coast. We completed the sale in the quarter, and we sold it vacant, but we sold it for just about what we paid for it when we initially owned the property, and in addition to that, it does remove about $1 million of NOI carry. So we are really looking at everything in a very deep analytical way. And not only do we value getting the proceeds from the disposition, but removing that drag to NOI, of course, is extremely valuable. Mitch Germain: Gotcha. Last one for me. When you are considering some of these office dispositions in particular, about half of your portfolio resides outside the U.S. I am curious what sort of demand you are seeing across Europe for office. Obviously, we are seeing improving fundamentals here in the U.S. Lenders are a bit more prone to lend in that sector today than they were previously. Are you seeing similar trends emerging across Europe, and does that give you an opportunity to maybe start culling some of those assets as well? Michael Weil: As you probably know, we are a little more than 25% Europe and UK, and about half of the NOI comes from office. What we have been seeing in the office market overseas is a lot of redevelopment into mixed-use residential as well if a tenant is not renewing; there is a lot of redevelopment going on. The market is very strong. We are very active, and I think as we move through 2026, you will hear more updates from us on certain assets that will be positive to the portfolio. Mitch Germain: Thank you. Michael Weil: Thanks, Mitch. Operator: Our next question comes from the line of Upal Dhananjay Rana with KeyBanc Capital Markets. Upal Dhananjay Rana: Good morning. Michael Weil: Good morning. Upal Dhananjay Rana: Mike, on the Motive transaction, maybe you could walk us through the cap rate there relative to the blended cost of capital that you will be using and then the resulting investment spreads, and also, you mentioned selling a few of those assets already once you are closed. But any other opportunities within that portfolio that could potentially drive the yield higher? Michael Weil: I am not able at this time to talk cap rate specifics. That will come out as we get further along. We are working really closely with Motive, who has just been a great partner in this transaction. They will be putting out their proxy, and it will have all those details in it, as you will understand. What I would say is that there are a lot of opportunities, some of which were already in the works on the Motive side that will transfer to us to continue—both from an origination pipeline standpoint, a lease renewal standpoint, and also some work that they were doing on dispositions. I think that they were operating their portfolio at a very high level, maximizing the performance of their portfolio, etc. So it is going to be very exciting for us to integrate that into our portfolio and continue the work that they have been doing. We have talked about the roughly $6 million of G&A savings. I think that, when we close on that, we will probably be able to squeeze more out of that. I do not know the exact number yet; we are continuing to evaluate that. But there is just a lot of upside, as we have disclosed in our press release, and the portfolio itself is performing at a very stable level, so there are not a lot of things that we would have to do to achieve these stated goals. I am looking forward to closing as early in the year as we can. We are targeting third quarter. If we can do it early in the third quarter, the earlier, the better, so that we can start to see the benefits to the portfolio. Then we will disclose our plans for the few assets that we are evaluating for disposition. I also want to say, in case we have any Motive investors on the line listening to the call today, we are very excited to have them join the Global Net Lease, Inc. investor community. They have been great shareholders for Motive, and we look forward to welcoming them into the Global Net Lease, Inc. family, and it is just a great opportunity for all of us. Upal Dhananjay Rana: Great. Thank you for that. And then maybe could you talk about what you are seeing in the market for future acquisitions? You talked about it a bit in your prepared remarks already, but maybe you could walk us through your strategy on selecting which properties and portfolios to acquire and how you are thinking about your leverage and industry exposure when you make that consideration? Michael Weil: Thank you. First of all, I think us announcing roughly a $550 million acquisition in the first quarter probably was not expected by the market, and it really gets us excited about what we can do in 2026. It was a very opportunistic situation, and it really penciled out well, and it is something that is going to pay dividends for a long time in the Global Net Lease, Inc. portfolio. I cannot tell you that there will be other large portfolio acquisitions in 2026. Obviously, we take things as they come, and we look to how we can best use our capital and how we can grow earnings, etc. What we are looking at as we are developing a review of the market and a potential pipeline is we are really focusing on the industrial side of the business. We are also seeing some retail-type acquisition potential, not as much as we have seen in the past. I think the markets are a little bit in flux, and we are looking at everything not from just dollars spent acquiring properties, but meaningful opportunity for accretion in the portfolio from an earnings standpoint. As far as your question about debt, we continue to think that is one of the most important things that we will continue to work on. Chris reaffirmed our 2026 guidance of 6.5x to 6.9x. We are very excited that the Motive transaction is leverage neutral in how we were able to structure it, so the additional opportunity to grow the EBITDA side of the formula is one of the things that I am very excited about. Nothing has changed from what we have communicated to the market, and we will continue to drive that important metric further down. Upal Dhananjay Rana: Okay. Great. Thank you so much. Michael Weil: Thank you. Operator: Thank you. Our next question comes from the line of Jay Kornridge with Cantor Fitzgerald. Please proceed with your question. Jay Kornridge: Thanks so much. Thinking bigger picture about the Motive merger, I wonder what that could signal for your strategy going forward. You recently completed the robust disposition program, and I am wondering if this merger signals maybe a return to growth for the company beyond just recycling out of office assets. Michael Weil: My short answer is yes, it does. I said on our last earnings call that was an important goal of ours. The disposition program was extremely successful. It achieved a lot of our important goals, primarily lowering net debt to EBITDA in a meaningful way and in a relatively quick way. The fact that we have the opportunity with the Motive portfolio to move forward in this leverage neutral way but still have a positive increase to earnings, I think, does give you some insight into how we are thinking about things. Again, it is not just about dollars out the door and how much you can buy in a year; it is about what is the impact of those acquisitions long term on the portfolio and on earnings. We are very excited about the fact that the WALT of the Motive portfolio at 15 years extends the WALT of Global Net Lease, Inc. by almost one full year, taking us to just under seven years. The 2.5% annual escalator that their portfolio brings to us is also meaningful, and as that 15-year WALT continues and we see the NOI in that portfolio growing at that 2.5%, it is very meaningful. One other thing that we are really focused on is the G&A reduction and how we can better operate this larger portfolio. We decreased G&A expense by 25% year-over-year. We continue to focus on that. That 25% represents a $16 million annual savings, and that is very important. You want to grow earnings, and you want to reduce expenses. That is the formula for ultimate success, and we look at both sides of that equation. Jay Kornridge: Thanks, appreciate all that commentary. You highlighted an office asset sale and capital recycling into an industrial asset at a 100-basis-point cap rate premium. Do you feel this type of accretive capital redeployment out of office is repeatable as you lower office exposure, and do you have any timeline goals for where you want to get office exposure overall down to? Michael Weil: I do not know that we can consistently every time hit that 100-basis-point type spread. That is certainly the goal, and we feel that we have very high-quality office assets, net lease. About 80% of our portfolio is investment grade, as you know. As we look to lower our exposure to office, we certainly think that we should be able to sell them at a fair value. We talked this quarter about the GSA asset at a 7.2% cap rate. I think that, as we look at the rest of the portfolio opportunity, we see it in that range. I have always talked about our office being worth in a 7% to 8% cap rate range in our minds. We never wanted to just package it all up and sell at any price because it is performing very well. As we look to reduce our exposure, it is important to us that we find fair value for this portfolio. Because it continues to perform, we will take a disciplined and strategic approach to how we reduce our exposure. We have not said anything specific about target allocation. As we finished this quarter, we are about 24%. We will continue to drive it down, but what we are most excited about is that with the Motive acquisition we are going to be 75% retail and industrial, which is important. Over 50% of that is on the industrial side. We will be a predominantly net lease industrial portfolio, with long-duration leases and really high-quality tenants. Jay Kornridge: Great. Thanks for that. That is it for me. Michael Weil: Thank you, Jay. Operator: Thank you. May be necessary to pick up your handset before pressing the star key. Our next question comes from the line of Craig Gerald Kucera with Lucid Capital Markets. Please proceed with your question. Craig Gerald Kucera: Good morning. A lot of the Motive portfolio tenants are owned by PE firms with manufacturing backgrounds. Does the acquisition potentially open up any new relationships for you for future growth, or are you already pretty familiar with most of them? Michael Weil: It always enhances relationships—some of which we already have, some of which we are happy to get to know and develop further. It is one of the things that Aaron Halfacre and I continue to talk about—making those introductions—and there may be ongoing benefit from those relationships for sure. Craig Gerald Kucera: Got it. Changing gears, given the stock price, it seems that selling assets and buying back stock still makes sense. I think you are about halfway through that $300 million authorization. Should we consider that as a consistent portion of your business model for the remainder of the year as far as acquiring, call it, $30 million to $40 million a quarter? Michael Weil: You are right that we are about halfway through that. We have bought back about $158 million since we announced. The average buyback price was $8.05. It is another tool in the toolbox that we will continue to evaluate. As we look at stock buyback, reducing the net debt to EBITDA, and acquisitions, those are all three very important things to us and tools that I think we have shown we can use effectively. We will continue to evaluate them. We have not given any forward statements on how we will, and at what level we will, use the buyback, but it is something that we are very happy to have in place and something that we do find good use for. Craig Gerald Kucera: Got it. Looking to your lease expirations during the rest of the year, are there any known large move-outs during the remainder of 2026? Michael Weil: Craig, we have—if I am remembering correctly, and Mori will correct me if I am wrong; he is in my office with me—about 6% lease rollover in 2026. 4.4. I was high. 4.4% in 2026. So we do not have any material rollovers in 2026. We continue to engage with tenants. We have not given any specifics on move-outs. We continue to think that there are opportunities to either renew the existing tenants or re-tenant, and if we do not feel that is an opportunity, we will be marketing an asset well in advance of expiration. We feel that we have a very tight handle on the portfolio. We had occupancy overall increase in the quarter. We continue to see that as a positive trend. A net lease company is typically in that 98% to 100% occupancy realm, and I am happy to say that is where we are now, and we expect to continue to stay there. We always look to push that up as high as we can, but the portfolio continues to be well tenanted, and the tenants operate out of these properties no matter what the sector. So we feel very confident about the remainder of 2026. Craig Gerald Kucera: Okay. That is helpful. Thank you. Michael Weil: Thanks. Operator: Thank you. We have reached the end of our question-and-answer session. I would like to turn the call back over to management for any closing remarks. Michael Weil: Thank you all for joining us today. I think you heard a lot of exciting news about Global Net Lease, Inc. We thought we were well positioned for 2026 before the announcement of Motive. We are even more excited to integrate that high-quality portfolio into ours and continue with this strategy for growth. We look forward to talking to any of you after today's call if you have questions, or we will be seeing you at conferences. Thanks for your time, and we will talk soon. Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day. Before you buy stock in Global Net Lease, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Global Net Lease wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $476,034!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,274,109!* Now, it’s worth noting Stock Advisor’s total average return is 975% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Global Net Lease (GNL) Q1 2026 Earnings Transcript was originally published by The Motley Fool