EarningsQ2 2026 Earnings Report
DE:2N8 Q2 2026 EPS Results
Actual EPS-€0.04
Consensus EPS-€0.05
Beat/MissBeat by +<€0.01
One Year Ago EPS-€0.14
DE:2N8 Q2 2026 Revenue Results
Actual Revenue€100.31M
Expected Revenue€97.82M
Beat/MissBeat by +€2.49M
YoY Revenue Growth-9.95%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
DE:2N8 Upcoming Earnings
Global Net Lease's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:2N8 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed predominantly positive progress: an accretive, strategic Modiv acquisition that meaningfully improves portfolio quality and WALT; material balance sheet improvements including a ~$621M reduction in gross debt, stronger liquidity, lower capex and modest AFFO growth; disciplined capital recycling with attractive disposition and acquisition cap rate dynamics; and continued leasing strength and tenant-credit improvements. Principal risks include reliance on the timely closing of the Modiv transaction for guidance and accretion, a remaining concentration of office assets during the transition to a more industrial-heavy portfolio, a Q2 GAAP net loss (offset by positive AFFO), and leverage that—while improved—remains material. On balance, the positive items and forward-looking accretion and guidance increases outweigh the lowlights.Company Guidance
Strategic, Accretive Modiv Acquisition
Proposed acquisition of Modiv expected to close mid-August 2026; Modiv portfolio features a 15-year weighted average remaining lease term and 2.4% annual contractual rent escalations. Transaction is expected to extend company WALT to 6.6 years, increase industrial exposure to ~50% of total straight-line rent, be roughly 4% accretive to AFFO per share, and be leverage-neutral.
Raised 2026 Guidance and Materially Higher Transaction Outlook
Raised full-year AFFO per share guidance from prior midpoint (~$0.80) to a new range of $0.82–$0.85 (revised midpoint $0.835). Increased gross transaction volume guidance from $250–$350 million to $700–$800 million (nearly 2.8x higher at midpoint). Updated guidance assumes ~1.5 quarters of contribution from the Modiv acquisition.
Disciplined Capital Recycling and Attractive Disposition Results
Closed and pending disposition pipeline of $263 million through July 31, 2026, including $145 million of closed dispositions at a weighted average cash cap rate of 7.6% on occupied assets. Notable sales: KPN (Netherlands) ~$18M (contracted), U.S. GSA property $13M, GE Aviation property $48M (both at ~7.2% cash cap following lease extensions). Disposition activity is primarily office (≈78% of disposition volume) to reduce office exposure toward ~21% of straight-line rent upon completion.
Selective Acquisitions at Attractive Spreads
Completed acquisition of ~100k sq ft single-tenant industrial FedEx property for ~$14M at an 8.2% going-in cash cap rate. Management highlights an attractive spread between dispositions (~7.6% cap) and acquisitions (~8% cap range) as evidence of accretive recycling.
Improved Balance Sheet, Liquidity and Lower Cost of Debt
Gross outstanding debt at $2.5B, down $621M (~20%) from Q2 2025. 92% of debt fixed or swapped to fixed. Weighted average interest rate declined to 4.1% from 4.3% YoY. Net debt to adjusted EBITDA improved to 6.6x (from 7.2x at end of Q1 2026). Liquidity increased to ~$919M (up ~$129M, +16% YoY) and revolver capacity to $1.3B (up ~$100M, +8%).
Solid Operating Metrics: Occupancy, Leasing and Tenant Quality
Portfolio: 798 properties / ~40M rentable sq ft, portfolio occupancy steady at 97%. Office occupancy improved to 99% from 95% YoY (+4 percentage points). Renewal spreads of ~5.6% on >357k sq ft with a weighted average lease term of 8.4 years (examples: Dollar General 7.4%, FedEx Freight 4.6%, FedEx 9.1%). Investment-grade or implied investment-grade tenants comprise 63% of tenants, up from 60% YoY (+3 percentage points).
AFFO and Cost Savings Execution
Q2 revenue $112.5M and AFFO of $45.7M (or $0.22 per share), up from $0.21 in Q1 2026 (+4.8%). Recurring capital expenditures declined to $3.4M in H1 2026 from $19.6M in H1 2025 (≈82.7% reduction), improving cash flow flexibility. Interest coverage ratio at 3.2x.
Share Repurchase Program Progress
Since program inception through July 31, 2026 repurchased 20.9M shares for $169.7M at a weighted average price of $8.11. Q2 repurchases: ~1.2M shares for $11.1M at $9.10. Management views buybacks as accretive while balancing deleveraging and reinvestment priorities.
DE:2N8 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed