Global Net Lease Q3 revenue falls on asset sales
GNL•Global Net Lease's third-quarter revenue declined year over year to $112.87 million, while adjusted FFO per share fell to $0.22. The company raised its 2026 AFFO per-share guidance to $0.83-$0.85 and gross transaction volume guidance to $750 million-$800 million.
1. Quarterly results
Global Net Lease reported third-quarter revenue from tenants of $112.87 million and a net loss of $67.13 million. Core FFO was $38.25 million, NAREIT FFO was $32.78 million and adjusted FFO per share was $0.22. The company said lower revenue and adjusted FFO per share primarily reflected asset dispositions.
2. Raised 2026 guidance
The company raised its full-year 2026 AFFO per-share guidance to $0.83-$0.85 and gross transaction volume guidance to $750 million-$800 million. It reaffirmed net debt to adjusted EBITDA guidance of 6.5x-6.9x.
3. Acquisition and costs
Global Net Lease completed its $535 million acquisition of Modiv Industrial and said the deal increased industrial exposure and extended its average lease term. The company also said annualized general and administrative expense declined year over year due to portfolio simplification and operational efficiencies.
