• Global Net Lease first-quarter 2026 earnings call attended by CEO Michael Weil, CFO Chris Masterson, Vice President Jordyn Schoenfeld.
• Management outlined planned all-stock acquisition of Modiv Industrial, fixed exchange ratio 1.975, targeting about 4% accretion to AFFO per share, meaningful G&A synergies, leverage-neutral structure; closing expected in third quarter.
• Pro forma portfolio shift expected to lift weighted-average lease term to 6.7 years from 5.9 years, raise industrial exposure to 50% from 47%, reduce office concentration to 24% from 26%; Modiv portfolio weighted-average lease term 15 years with 2.4% annual escalations.
• Capital recycling update included office disposition under contract for USD 13 million at 7.2% cash cap rate, expected to close in second quarter, paired with industrial acquisition under contract for USD 14 million at 8.2% cash cap rate with 2031 lease maturity.
• Quarter results showed revenue USD 109.3 million, net loss attributable to common stockholders USD 16 million, AFFO USD 43.9 million or USD 0.21 per share; reaffirmed full-year AFFO per share guidance USD 0.8-0.84, excluding Modiv, while reporting USD 158.2 million share repurchases for 20 million shares through May 1 at USD 8.05 weighted average price.

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