Every material Form 8-K Global Net Lease has filed with the SEC since March 28, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Global Net Lease reported third quarter 2026 revenue of $112.9 million and a net loss attributable to common stockholders of $67.1 million, with AFFO of $48.3 million, or $0.22 per share. The company raised the low end of its full-year 2026 AFFO per share guidance to $0.83 from $0.82, for a range of $0.83 to $0.85, and reaffirmed its Net Debt to Adjusted EBITDA range of 6.5x to 6.9x.
Q3 2026 revenue of $112.9 million; net loss attributable to common stockholders of $67.1 million
AFFO of $48.3 million, or $0.22 per share, for the third quarter of 2026
Full-year 2026 AFFO per share guidance now $0.83 to $0.85; gross transaction volume guidance now $750 million to $800 million
Repurchased about 6.6 million shares for $58.5 million in the third quarter; gross debt was $2.9 billion at quarter end
Global Net Lease reported third quarter 2026 revenue of $112.9 million, down from $121.0 million a year earlier, and AFFO per share of $0.22, down from $0.24. The company raised the low end of its full-year 2026 AFFO per share guidance to $0.83 to $0.85 and reaffirmed its leverage guidance, while the net loss attributable to common stockholders narrowed to $67.1 million from $71.1 million.
Revenue from tenants was $112.9 million versus $121.0 million in third quarter 2025, which the company attributed mainly to asset dispositions.
AFFO was $48.3 million, or $0.22 per share, compared with $53.2 million, or $0.24 per share, a year earlier.
Full-year 2026 AFFO per share guidance is $0.83 to $0.85, up from $0.82 to $0.85 previously; net debt to adjusted EBITDA guidance of 6.5x to 6.9x was unchanged.
The $535 million Modiv Industrial acquisition closed on August 12, 2026, and the company repurchased 6.6 million shares for $58.5 million in the quarter.
Global Net Lease completed its acquisition of Modiv Industrial on August 12, 2026, adding a portfolio the company values at $535 million. Modiv common stock holders received 1.975 GNL shares per share, and preferred holders received $25.00 in cash per share plus accrued dividends. The company says the deal is expected to be immediately 4% accretive to AFFO per share and leverage neutral, and it raises industrial exposure to approximately 50% of straight-line rent.
Completed August 12, 2026; Modiv common stock converted into 1.975 GNL common shares per share
GNL will issue approximately 20,387,757 common shares and pay approximately $42.3 million to Modiv preferred holders
Expected to be immediately 4% accretive to AFFO per share; weighted average remaining lease term extends from 5.7 to 6.6 years pro forma
Modiv common and preferred stock delisted from the NYSE; GNL continues to trade under GNL
Global Net Lease reported second-quarter 2026 revenue of $112.5 million, down from $124.9 million a year earlier, and AFFO of $45.7 million, or $0.22 per share, versus $0.24 in the prior-year quarter. The company raised its full-year 2026 AFFO per share guidance to $0.82-$0.85 from $0.80-$0.84, and the net loss narrowed to $7.5 million from $35.1 million, but the results also reflect prior asset sales and the guidance includes the pending Modiv acquisition.
Q2 2026 revenue was $112.5 million versus $124.9 million in Q2 2025, which the company attributed mainly to prior asset dispositions
Net loss attributable to common stockholders was $7.5 million, or $0.04 per share, compared with $35.1 million, or $0.16 per share, a year earlier
Full-year 2026 AFFO per share guidance was raised to $0.82-$0.85 from $0.80-$0.84, and gross transaction volume guidance rose to $700 million-$800 million from $250 million-$350 million
Modiv Industrial acquisition is expected to close in mid-August 2026, subject to a Modiv shareholder vote scheduled for August 10, 2026
Global Net Lease reported first-quarter 2026 revenue of $109.3 million, down from $132.4 million a year earlier, and a narrower net loss attributable to common stockholders of $16.0 million versus $200.3 million. The REIT also agreed to acquire Modiv Industrial in an all-stock deal at an enterprise value of about $535 million, expected to close in the third quarter of 2026, and reaffirmed its 2026 AFFO per share guidance of $0.80 to $0.84 while excluding the Modiv benefit.
Revenue from tenants was $109.3 million, compared with $132.4 million in first quarter 2025.
Net loss attributable to common stockholders was $16.0 million, compared with $200.3 million a year earlier.
AFFO was $43.9 million, or $0.21 per share, compared with $66.2 million, or $0.29 per share, in first quarter 2025.
Modiv deal: all-stock, fixed exchange ratio of 1.975, expected to be immediately 4% accretive to AFFO per share, with closing expected in third quarter 2026.
On May 3, 2026, Global Net Lease (NYSE: GNL) signed a merger agreement to acquire Modiv Industrial (NYSE: MDV) in an all-stock transaction with an enterprise value of approximately $535 million. The deal requires approval by Modiv stockholders but no GNL stockholder vote, and it is expected to close in the third quarter of 2026. GNL says the deal would be immediately 4% accretive to AFFO per share and leverage-neutral, and existing GNL stockholders are expected to own about 89% of the combined company.
Each Modiv common share converts into 1.975 GNL common shares; Modiv Series A preferred holders receive $25.00 in cash plus accrued dividends.
GNL expects an immediate 4% accretion to AFFO per share and about $6 million of annual identified synergies.
Expected closing in the third quarter of 2026; the Outside Date is February 3, 2027.
Termination fees are $10 million payable by Modiv in certain cases and $15 million payable by the non-terminating party after a material uncured breach.
Two Global Net Lease board members, P. Sue Perrotty and Governor Edward Rendell, will retire when their current terms end at the 2026 annual meeting of stockholders. The company says the decisions are for personal reasons and not the result of disagreements over operations, policies or practices. If all eight nominees are elected, the board will have eight members going forward.
Perrotty and Rendell notified the company on April 1, 2026, of their decisions to retire at the conclusion of the 2026 Annual Meeting.
Perrotty served 11 years and Rendell 14 years; the chairperson credited them with leadership through the 2023 merger and internalization.
If all eight nominees are elected, the board will consist of eight members.
The company cited personal reasons, not disagreements with the company.
Global Net Lease reported fourth-quarter 2025 revenue of $117.0 million, down from $137.8 million a year earlier, mainly due to asset dispositions. Q4 net income attributable to common stockholders was $37.2 million, compared with a net loss of $17.5 million, reflecting the gain on the McLaren Campus sale, while Q4 AFFO per share fell to $0.22 from $0.34. The company issued initial 2026 AFFO per share guidance of $0.80 to $0.84.
Q4 2025 revenue was $117.0 million versus $137.8 million in Q4 2024; full-year 2025 AFFO of $0.99 per share exceeded revised guidance of $0.95 to $0.97.
Full-year 2025 net loss attributable to common stockholders was $269.2 million, compared with $175.3 million in 2024.
Net debt fell by $2.2 billion in 2025; Net Debt to Adjusted EBITDA improved from 7.6x to 6.7x; Fitch upgraded the corporate credit rating to BBB-.
2026 guidance: AFFO per share of $0.80 to $0.84 and Net Debt to Adjusted EBITDA of 6.5x to 6.9x, assuming $250 million to $350 million of gross transaction volume.
Global Net Lease filed paperwork on November 7, 2025 for a new at-the-market equity offering program of up to $300.0 million in common stock, with banks acting as sales agents and forward sellers. The company also terminated two earlier at-the-market programs on November 4, 2025, after its prior shelf registration expired, and says it faces no termination penalties. The new program gives the company a way to raise equity capital, which can dilute existing shareholders if shares are sold.
New Equity Sales Agreement allows sale of common stock with aggregate gross sales price of up to $300.0 million
Agents may receive commissions of up to 2.0% of gross sales price on shares sold as sales agent
Terminated February 2019 program of up to $285.0 million and December 2019 Series B preferred program of up to $170.0 million, both effective November 4, 2025
Company intends to use net proceeds for general corporate purposes, including property acquisitions and repaying debt
Global Net Lease reported third-quarter 2025 revenue of $121.0 million, down from $138.7 million a year earlier, mainly due to asset dispositions including the multi-tenant retail portfolio sale. It raised its full-year 2025 AFFO per share guidance to $0.95 to $0.97 from $0.92 to $0.96, and Fitch upgraded its corporate credit rating to investment-grade BBB-. For shareholders, lower revenue and AFFO per share were partly offset by a narrower net loss, the higher guidance range and a $2.0 billion reduction in net debt since third quarter 2024.
Q3 2025 revenue was $121.0 million versus $138.7 million in Q3 2024; AFFO was $53.2 million, or $0.24 per share, versus $73.9 million, or $0.32 per share
Net loss attributable to common stockholders narrowed to $71.1 million from $76.6 million a year earlier
Full-year 2025 AFFO per share guidance raised to $0.95 to $0.97 from $0.92 to $0.96; Net Debt to Adjusted EBITDA guidance unchanged at 6.5x to 7.1x
Fitch upgraded the corporate credit rating to investment-grade BBB- from BB+; company completed a $1.8 billion refinancing of its Revolving Credit Facility and repurchased 12.1 million shares for $91.7 million year-to-date through October 3
Global Net Lease reported second-quarter 2025 revenue of $124.9 million, down from $145.5 million a year earlier, mainly due to asset dispositions including the multi-tenant retail portfolio sale. The company narrowed its net loss attributable to common stockholders to $35.1 million from $46.6 million and raised the low end of its 2025 AFFO per share guidance to a range of $0.92 to $0.96.
Revenue was $124.9 million versus $145.5 million in second quarter 2024, primarily reflecting asset dispositions.
Net loss attributable to common stockholders was $35.1 million, or $0.16 per diluted share, versus $46.6 million, or $0.20 per share, a year earlier.
AFFO was $53.1 million, or $0.24 per share, versus $76.7 million, or $0.33 per share, in second quarter 2024.
The low end of 2025 AFFO per share guidance was raised to a new range of $0.92 to $0.96; the Net Debt to Adjusted EBITDA range of 6.5x to 7.1x was reaffirmed.
Global Net Lease entered a new $1.815 billion senior unsecured revolving credit facility on August 5, 2025, using proceeds to repay its prior facility. The refinancing lowers borrowing spreads by 35 basis points and extends the revolver's maturity to August 5, 2029, with two six-month extension options, which the company says reduces near-term debt maturity pressure.
Total commitments of $1.815 billion, including a $100.0 million U.S. dollar-only sublimit and a $75.0 million letter of credit sublimit
Benchmark rate spread range of 1.15% to 1.75%, a reduction from the prior agreement; the company says it expects about $2 million in annual interest savings
Maturity extended to August 5, 2029, from August 2026 under the prior agreement; company says no significant debt maturities until 2027
Facility includes an uncommitted accordion feature allowing up to an additional $1.185 billion, subject to lender commitments
Global Net Lease said it closed the second phase of its multi-tenant portfolio sale on June 10, 2025, selling 28 encumbered properties to an affiliate of RCG Ventures Holdings for about $395 million in gross proceeds. The buyer assumed $256.3 million of secured debt, and the company said proceeds from the final two phases will be used to pay down its revolving credit facility. The third and final phase, covering 12 properties, is expected to close by the end of the second quarter of 2025.
Second phase closed June 10, 2025, covering 28 encumbered properties.
About $395 million in gross proceeds; buyer assumed $256.3 million of secured debt.
Third and final phase of 12 properties expected by end of Q2 2025; base purchase price across the agreement is about $1.780 billion.
Global Net Lease, Inc. (GNL) appointed independent director Robert Kauffman as Non-Executive Chairperson of its Board, effective May 30, 2025 per the 8-K, with the announcement made June 2, 2025. Sue Perrotty, who held the role, resigned as chair but remains on the Board as an independent director. The change is a board leadership update and does not include any financial results or guidance.
Robert Kauffman, Chair of the Finance Committee and an independent director since March 2024, succeeds Sue Perrotty as Non-Executive Chairperson.
Appointment is effective May 30, 2025, and the press release says effective immediately.
Perrotty resigned as chair but will continue to serve as an independent director.
Kauffman is a Co-Founder and former Board member of Fortress Investment Group.
Stockholders of Global Net Lease approved the 2025 Omnibus Incentive Compensation Plan at the May 22, 2025 annual meeting, and the board approved a charter amendment increasing authorized stock to 440,000,000 shares. The increase gives the company room to issue more shares, and the filing does not state any planned issuance.
Annual meeting held May 22, 2025; all ten directors were elected, with Edward M. Weil, Jr. receiving 153,522,848 votes for.
2025 Incentive Plan approved with 135,347,644 votes for and 21,966,772 against.
Authorized shares increased to 440,000,000: 400,000,000 common and 40,000,000 preferred, each $0.01 par value; filed May 23, 2025.
PricewaterhouseCoopers LLP ratified as independent auditor for 2025 with 188,813,715 votes for and 953,678 against.
Global Net Lease reported a first-quarter 2025 net loss attributable to common stockholders of $200.3 million, compared with $34.7 million a year earlier, as revenue fell to $132.4 million from $147.9 million, mainly due to asset dispositions. The company said the loss was primarily caused by the timing and purchase price allocation of the partial completion of its multi-tenant portfolio sale, which produced $1.1 billion of gross proceeds. Shareholders get a reaffirmed 2025 AFFO per share guidance range of $0.90 to $0.96, and the company had repurchased $59.4 million of stock as of May 2, 2025.
Revenue from tenants was $132.4 million, down from $147.9 million in the first quarter of 2024, primarily from asset dispositions.
Net loss attributable to common stockholders was $200.3 million, or $0.87 per diluted share, versus $34.7 million, or $0.15 per share, a year earlier.
Core FFO was $35.0 million, or $0.15 per diluted share, versus $56.6 million, or $0.25; AFFO was $66.2 million, or $0.29 per share, versus $0.33.
The company reaffirmed 2025 AFFO per share guidance of $0.90 to $0.96 and Net Debt to Adjusted EBITDA of 6.5x to 7.1x.
Global Net Lease (NYSE: GNL) closed the first phase of its multi-tenant portfolio sale on March 25, 2025, selling 59 unencumbered properties to an affiliate of RCG Ventures for $1.1 billion in gross proceeds. The company said it plans to use the net proceeds to significantly reduce leverage and pay down its revolving credit facility, and that the remaining 41 encumbered properties are expected to sell in two more phases by the end of the second quarter of 2025.
First phase closed March 25, 2025, covering 59 unencumbered properties with $1.1 billion in gross proceeds.
Cash consideration received at the first closing was $873.4 million, and $850.2 million was used to pay down the revolving credit facility.
The remaining 41 encumbered properties are expected to close in two phases by the end of Q2 2025, subject to lender consents.
Unaudited pro forma figures for 2024 show a $9.0 million estimated loss on disposition and a net loss of $0.71 per share, compared with $0.76 reported.
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