Closed Plus Disposition Pipeline Totaling $132 Million, of Which 68% Are Office Sales, Further Advancing Strategic Reduction in Office Exposure Reduced Net Debt by $1.3 Billion Year-Over-Year; Increased Liquidity to $911 Million and Revolving Credit Facility Capacity to $1.5 Billion Decreased Annualized G&A Expense by 25% Year-Over-Year, Representing $16 Million in Savings Entered Into Definitive Merger Agreement to Acquire Modiv Industrial in $535 Million All-Stock Transaction Immediate 4% Accretion Expected to AFFO in Leverage-Neutral Transaction Reports Q1'26 AFFO Per Share of $0.21 and Reaffirms Full-Year Guidance, Including AFFO Per Share Guidance of $0.80 to $0.84 ; GNL to Update Guidance Upon Closing of Modiv Acquisition NEW YORK, May 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 March 31, 2026. Acquisition of Modiv Industrial, Inc. GNL has entered into a definitive merger agreement to acquire Modiv Industrial, Inc. (“Modiv”) in an all-stock transaction with a fixed exchange ratio of 1.975, to lock in the 4% accretion, at an enterprise value of approximately $535 million Transaction, once closed, is expected to be immediately 4% accretive to AFFO per share, and is structured to be leverage-neutral within GNL's stated guidance range of 6.5x to 6.9x to maintain GNL's balance sheet strength and preserve financial flexibility Once closed, expected to expand GNL's exposure to high-quality industrial assets, supported by a 15.0 year weighted average lease term1, 2.4% average annual rent escalations2, and a well-recognized tenant base of leading global brands, with 45% of annual base rent derived from investment-grade tenants3 Transaction is expected to close in third quarter of 2026, subject to customary closing conditions First Quarter 2026 Highlights Revenue was $109.3 million, compared to $132.4 million in first quarter 2025, primarily reflecting the impact of asset dispositions, including the $1.8 billion multi-tenant retail portfolio sale in 2025 Net loss attributable to common stockholders was $16.0 million, compared to a net loss of $200.3 million in first quarter 2025 Adjusted Funds from Operations (“AFFO”)4 was $43.9 million, or $0.21 per share, compared to $66.2 million in first quarter 2025, or $0.29 per share Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $1.3 billion since first quarter of 2025 Increased liquidity to $911.1 million and Revolving Credit Facility capacity to $1.5 billion in first quarter 2026, compared to $499.1 million and $1.4 billion, respectively, in first quarter 2025 Year-to-date closed plus disposition pipeline totaling $132 million5, of which 68% is comprised of office sales, further advancing the Company's strategic initiative to reduce its office exposure; sales include $38 million of occupied assets closed or under contract at a 7.9% cash cap rate6, with the remaining dispositions primarily consisting of vacant assets that the Company expects to eliminate over $1 million of annualized NOI drag Repurchased 19.7 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $8.05, for a total of $158.2 million as of May 1, 2026; this includes 4.2 million shares for a total of $38.4 million repurchased in first quarter 2026 Building on the successful repositioning of the portfolio, including the $1.8 billion multi-tenant retail portfolio sale, GNL lowered its annualized G&A expense by 25% year-over-year to $49 million, down from $65 million in first quarter 2025, reflecting the benefits of portfolio simplification and operational efficiencies Increased portfolio occupancy to 97% compared to 95% in first quarter 2025, with office occupancy increasing to 99% in first quarter 2026 compared to 95% in first quarter of 2025 Leased over 141,000 square feet, achieving a 5.1% renewal leasing spread and a weighted average renewal term of 5.8 years, resulting in over $1.6 million of new straight-line rent Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 20.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases Reduced capital expenditures to $1.6 million in the first quarter 2026 from $9.8 million in the first quarter 2025, reflecting a more streamlined portfolio and supporting enhanced cash flow Sector-leading tenant quality with 64% of annualized straight-line rent coming from investment-grade or implied investment-grade tenants7, an increase from 60% in first quarter 2025 “GNL's performance in the first quarter of 2026 builds on our accomplishments in 2025, a pivotal year in which we meaningfully reduced leverage, reinforced our credit profile, and elevated the overall quality of our portfolio,” said Michael Weil, CEO of GNL.
