Global Net Lease (GNL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Global Net Lease published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Global Net Lease reports EPS two ways: GAAP, under the accounting rules every US filer follows, and AFFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Global Net Lease is a REIT and its revenue line is revenue from tenants. It reports in thousands; figures here are in millions.
• Diluted EPS here is net loss per share attributable to common stockholders, which includes discontinued operations (the 100 multi-tenant retail properties sold in the first half of 2025). Loss per share from continuing operations was $(0.32), against $(0.33) a year earlier.
• Global Net Lease closed its acquisition of Modiv Industrial on August 12, 2026, so Q3 2026 includes only part of a quarter of the acquired portfolio.
• Prior-period segment figures reflect the reclassification of three tenants from Office to Industrial & Distribution.

Source: Global Net Lease Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Global Net Lease splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Global Net Lease's Industrial & Distribution revenue was $53.8 million in Q3 2026, down 7% from $57.9 million in Q3 2025, 48% of total revenue.
• Global Net Lease's Retail revenue was $30.0 million in Q3 2026, down 1% from $30.3 million in Q3 2025, 27% of total revenue.
• Global Net Lease's Office revenue was $29.0 million in Q3 2026, down 12% from $32.8 million in Q3 2025, 26% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Global Net Lease said:

“Raises Full-Year AFFO Per Share Guidance to $0.83-$0.85”

“The Company's full-year 2026 Net Debt to Adjusted EBITDA guidance range of 6.5x to 6.9x remains unchanged, consistent with the Company's expectation that the transaction will be leverage neutral.”

“We reduced GNL's office exposure to 23% from 27% at the beginning of the year, and we expect to further reduce that exposure to approximately 18% upon completion of pending dispositions.”

Source: Global Net Lease Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the GNL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenue from tenants and diluted net income (loss) per share attributable to common stockholders, each as first reported in that quarter's release.

We do not hold a confirmed date for Global Net Lease's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Global Net Lease reports its top line as revenue from tenants, which was $112.9 million in Q3 2026 against $121.0 million a year earlier. GNL said the decline primarily reflected asset dispositions. By segment, Industrial & Distribution brought in $53.8 million (from $57.9 million), Retail $30.0 million (from $30.3 million) and Office $29.0 million (from $32.8 million). (Global Net Lease Q3 2026 release, Nov 4, 2026)

Global Net Lease owns net lease properties, where the lease requires the tenant to pay its allocable share of operating expenses, which may include common area maintenance costs, real estate taxes and insurance. At September 30, 2026 the portfolio held 835 properties with about 44 million rentable square feet in ten countries and territories, 96% leased, and 63% of annualized straight-line rent came from investment-grade or implied investment-grade tenants. (Global Net Lease Form 10-K, 2025, Feb 25, 2026; Global Net Lease Q3 2026 release, Nov 4, 2026)

Global Net Lease closed its $535 million acquisition of Modiv Industrial on August 12, 2026, adding 40 properties with a 15.0-year weighted-average remaining lease term and 2.4% average annual rent increases. The deal lifted Industrial & Distribution to 51% of portfolio straight-line rent and extended the portfolio's weighted-average remaining lease term to 6.3 years, from 5.7 years at June 30, 2026. (Global Net Lease Q3 2026 release, Nov 4, 2026)

Global Net Lease is selling office buildings. Office fell to 23% of annualized straight-line rent from 27% at the start of 2026, office sales were 68% of dispositions, and GNL expects office to reach about 18% once pending sales close. Its closed plus disposition pipeline was $391 million as of October 30, 2026: $167 million of closed sales, about $58 million under signed purchase and sale agreements and about $166 million under letters of intent. (Global Net Lease Q3 2026 release, Nov 4, 2026)

By geography, Global Net Lease's U.S. revenue from tenants was $82.3 million, against $84.8 million a year earlier, and United Kingdom revenue fell to $12.8 million from $18.8 million. Europe outside the U.K. contributed $17.0 million, up from $16.7 million. (Global Net Lease Form 10-Q, Q3 2026, Nov 4, 2026)

Global Net Lease's net loss attributable to common stockholders was $67.1 million, or $(0.31) per diluted share, in Q3 2026, against $71.1 million, or $(0.32), a year earlier. The largest charges were $58.2 million of impairments on five properties (three in the U.S., one in the U.K. and one in Europe) and $43.6 million of depreciation and amortization. Merger, transaction and other costs rose to $5.3 million from $1.6 million, and preferred stock dividends took another $10.9 million. (Global Net Lease Q3 2026 release, Nov 4, 2026; Global Net Lease Form 10-Q, Q3 2026, Nov 4, 2026)

Global Net Lease's main per-share measure is adjusted funds from operations (AFFO): $48.3 million, or $0.22 per diluted share, against $53.2 million, or $0.24. AFFO adds back impairments, depreciation and amortization, losses on dispositions, merger costs and debt extinguishment losses, then adjusts for non-cash items such as equity-based compensation, straight-line rent and amortization of discounts on mortgages and senior notes. NAREIT-defined FFO was $0.15 per diluted share in both quarters. (Global Net Lease Q3 2026 release, Nov 4, 2026)

Global Net Lease repurchased 6.6 million shares for $58.5 million in Q3 2026, bringing repurchases under the program announced in February 2025 to 29.7 million shares for $245.8 million at a weighted-average price of $8.28 as of October 30, 2026. It also issued 20,387,710 common shares as consideration for the Modiv merger, and weighted-average diluted shares were 221,133 thousand against 220,891 thousand. Common dividends declared were $0.19 per share in the quarter. (Global Net Lease Q3 2026 release, Nov 4, 2026; Global Net Lease Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Global Net Lease gives full-year guidance on three measures only: AFFO per share, net debt to adjusted EBITDA and gross transaction volume. It does not guide on net income. In the Q3 2026 release it raised 2026 AFFO per share guidance to $0.83-$0.85 from $0.82-$0.85, kept net debt to adjusted EBITDA at 6.5x to 6.9x, and moved gross transaction volume to $750M-$800M from $700M-$800M. (Global Net Lease Q3 2026 release, Nov 4, 2026)

Global Net Lease put Q3 2026 net debt to adjusted EBITDA at 7.7x and called it temporarily elevated: quarter-end debt includes all of Modiv's debt while adjusted EBITDA includes only part of a quarter of its earnings. GNL said Q4 2026 will include a full quarter of Modiv, and it has no debt maturing until the fourth quarter of 2027. (Global Net Lease Q3 2026 release, Nov 4, 2026)

A consensus figure is the average of the models published by the analysts who cover Global Net Lease, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Global Net Lease's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning GNL is on is GNL a buy or a sell?, what analysts expect next is on the GNL forecast, and what the company does is on the Global Net Lease (GNL) stock page.

Every number on this page can be traced to a document Global Net Lease published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.