--- title: "Global Net Lease | 8-K: FY2026 Q1 Revenue: USD 109.29 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285262443.md" datetime: "2026-05-05T20:32:39.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285262443.md) - [en](https://longbridge.com/en/news/285262443.md) - [zh-HK](https://longbridge.com/zh-HK/news/285262443.md) --- # Global Net Lease | 8-K: FY2026 Q1 Revenue: USD 109.29 M Revenue: As of FY2026 Q1, the actual value is USD 109.29 M. EPS: As of FY2026 Q1, the actual value is USD -0.08, missing the estimate of USD -0.06. EBIT: As of FY2026 Q1, the actual value is USD 35.76 M. #### Overall Financial Metrics Global Net Lease, Inc. reported revenue from tenants of $109.3 million for the first quarter of 2026, a decrease from $132.4 million in the first quarter of 2025, primarily due to asset dispositions, including a $1.8 billion multi-tenant retail portfolio sale in 2025. The net loss attributable to common stockholders significantly improved to - $16.0 million, compared to - $200.3 million in the first quarter of 2025. Net loss per diluted common share was - $0.08, an improvement from - $0.87 in the first quarter of 2025. Adjusted Funds from Operations (AFFO) was $43.9 million, or $0.21 per share, down from $66.2 million, or $0.29 per share, in the first quarter of 2025. NAREIT defined FFO attributable to common stockholders was $28.1 million, compared to $33.0 million in the first quarter of 2025. NAREIT defined FFO per diluted common share was $0.13, a slight decrease from $0.14 in the first quarter of 2025. Core FFO attributable to common stockholders was $34.2 million, compared to $35.0 million in the first quarter of 2025. Core FFO per diluted common share was $0.16, an increase from $0.15 in the first quarter of 2025. Operating income was $30.9 million, a significant improvement from an operating loss of - $27.9 million in the first quarter of 2025. Total expenses decreased to $86.2 million from $158.6 million in the first quarter of 2025. General and administrative (G&A) expense was $12.1 million, down from $16.2 million in the first quarter of 2025, representing a 25% year-over-year decrease and $16 million in savings. Capital expenditures were reduced to $1.6 million from $9.8 million in the first quarter of 2025. Interest expense was - $39.2 million, a reduction from - $53.4 million in the first quarter of 2025. Cash Paid for Interest was $27.9 million, down from $54.4 million in the first quarter of 2025. Adjusted EBITDA was $84.2 million, compared to $138.4 million in the first quarter of 2025. Net Operating Income (NOI) was $96.4 million, compared to $155.9 million in the first quarter of 2025. Cash NOI was $96.8 million, compared to $150.8 million in the first quarter of 2025. For the three months ended March 31, 2026, property operating expenses were $12,925 thousand, impairment charges were $11,115 thousand, and acquisition, transaction and other costs were $4,387 thousand. Equity-based compensation was $4,042 thousand, depreciation and amortization was $41,612 thousand, and loss on extinguishment and modification of debt was - $1,707 thousand. Income tax expense was - $1,642 thousand. #### Segment Revenue and Net Operating Income (NOI) - **Industrial & Distribution Segment:** Revenue from tenants was $49.2 million, down from $58.0 million in Q1 2025, and Net Operating Income was $43.9 million, down from $52.8 million in Q1 2025. - **Retail Segment:** Revenue from tenants was $29.5 million, down from $37.0 million in Q1 2025, and Net Operating Income was $25.9 million, down from $33.1 million in Q1 2025. - **Office Segment:** Revenue from tenants was $30.6 million, down from $37.4 million in Q1 2025, and Net Operating Income was $26.6 million, down from $32.7 million in Q1 2025. #### Balance Sheet and Debt Overview As of March 31, 2026, total assets were $4,152,300 thousand, total liabilities were $2,591,049 thousand, and total stockholders’ equity was $1,561,251 thousand. Cash and cash equivalents stood at $125,479 thousand, total consolidated debt was $2,564,290 thousand, and net debt was $2,438,811 thousand. The weighted-average interest rate cost was 4.1%, and the weighted-average debt maturity was 2.7 years. The interest coverage ratio was 3.0x, with total debt by currency being 85% USD and 15% EUR. #### Operational Metrics Global Net Lease, Inc. closed on a disposition pipeline totaling $132 million year-to-date as of May 1, 2026, with 68% consisting of office sales. Net debt was reduced by $1.3 billion year-over-year since the first quarter of 2025. Liquidity increased to $911.1 million as of March 31, 2026, from $499.1 million in the first quarter of 2025. Revolving credit facility capacity increased to $1.5 billion as of March 31, 2026, from $1.4 billion in the first quarter of 2025. The company repurchased 19.7 million shares for $158.2 million under the Share Repurchase Program as of May 1, 2026, including 4.2 million shares for $38.4 million in the first quarter of 2026. Portfolio occupancy increased to 97% as of March 31, 2026, compared to 95% in the first quarter of 2025, with office occupancy rising to 99% from 95%. Leasing activity covered over 141,000 square feet, achieving a 5.1% renewal leasing spread and a weighted average renewal term of 5.8 years, generating over $1.6 million in new straight-line rent. The weighted average annual rent increase was 1.5%. Tenant quality improved, with 64% of annualized straight-line rent from investment-grade or implied investment-grade tenants, up from 60% in the first quarter of 2025. The portfolio composition by annualized straight-line rent was 47% Industrial & Distribution, 27% Retail, and 26% Office. The portfolio’s geographic distribution was 74% U.S. and Canada, and 26% Europe. The weighted-average lease term was 5.9 years. Net Debt to Adjusted EBITDA was 7.2x as of March 31, 2026. As of March 31, 2026, the real estate portfolio included 809 properties totaling 40.3 million square feet, with a leased percentage of 97% and a weighted-average remaining lease term of 5.9 years. #### Cash Flow Total cash paid for interest was $27,890 thousand for the three months ended March 31, 2026. #### Outlook / Guidance Global Net Lease, Inc. reaffirms its full-year 2026 guidance, excluding the anticipated benefits from the Modiv transaction, which will be updated upon closing. The company expects full-year AFFO per share to be between $0.80 and $0.84 and projects its Net Debt to Adjusted EBITDA ratio to be between 6.5x and 6.9x. The guidance also assumes gross transaction volume, including both dispositions and acquisitions, of $250 million to $350 million. ### Related Stocks - [GNL.US](https://longbridge.com/en/quote/GNL.US.md) ## Related News & Research - [Electro-Sensors GAAP EPS of -$0.03, revenue of $2.6M](https://longbridge.com/en/news/286518577.md) - [Donaldson Company dividend preview: 30-year growth streak set to continue](https://longbridge.com/en/news/286805354.md) - [Crombie Reit Announces May 2026 Monthly Distribution | CROMF Stock News](https://longbridge.com/en/news/286603129.md) - [Capital City Bank Group posts Q1 2026 investor presentation on website](https://longbridge.com/en/news/286599786.md) - [Ravelin Properties REIT Reports First Quarter 2026 Results | SLTTF Stock News](https://longbridge.com/en/news/286625033.md)