Global Net Lease, Inc. (GNL) · Nov 4, 2026 · Earnings

Global Net Lease earnings raise AFFO guidance as office sales continue

Guidance raised — 2026 AFFO guide raised to $0.83–$0.85 from $0.82–$0.85

Global Net Lease’s Q3 earnings presentation raises the 2026 AFFO floor and transaction-volume target as Modiv integration advances and office exposure falls.

GNL is in the middle of a portfolio repositioning: using office sales and capital recycling to build a more industrial-heavy, longer-duration net-lease portfolio while reducing leverage. The Modiv acquisition and the office-disposition program were already known milestones; this presentation mainly updates how well that strategy is tracking.

The clearest new signal is a higher AFFO floor. GNL raised 2026 AFFO-per-share guidance to $0.83–$0.85 from $0.82–$0.85, while keeping the top end unchanged. That is a modest upgrade rather than a wholesale change, but it says management now has enough visibility after three quarters and the Modiv closing to underwrite a better minimum outcome. The prior Q2 guidance was $0.82–$0.85.

Metric	Q3 2026 / Current	Prior guidance or comparison
AFFO per share (2026 guidance)	$0.83–$0.85 (Financial Guidance)	$0.82–$0.85
Gross transaction volume (2026 guidance)	$750M–$800M (Financial Guidance)	$700M–$800M
AFFO per share (Q3 2026)	$0.22 (Financial Highlights)
Net loss to common shareholders (Q3 2026)	$(67.1)M (Financial Highlights)
Net debt / adjusted EBITDA guidance	6.5x–6.9x (Financial Guidance)	6.5x–6.9x
Office exposure	23% of SLR (Portfolio)	27% at start of 2026

The operating story is improving, but the headline loss remains noisy. Q3 produced $0.22 of AFFO per share, while the company reported a $67.1 million net loss that included a $58.2 million impairment charge. The filing therefore supports a cash-flow improvement narrative more than a clean GAAP earnings one; the impairment makes the bottom-line loss a poor read on recurring property performance. The presentation also cites a 4.9% renewal spread and a 6.3-year weighted-average remaining lease term, suggesting the portfolio’s recurring income base is becoming more durable.

Modiv is now moving from transaction promise to reported contribution. The $535 million acquisition closed in August and is expected to contribute a full quarter in Q4. Management describes it as approximately 4% AFFO-per-share accretive and leverage neutral, while industrial and distribution now represent 51% of the portfolio. That is strategically meaningful, but the accretion still needs to show up consistently in future reported results rather than only in pro forma claims. The acquisition was previously announced and completed before this filing, so the new information is the integration evidence and raised guidance—not the deal itself.

Office reduction is progressing, though part of the pipeline is not yet closed. Office exposure fell to 23% of straight-line rent from 27% at the start of 2026, with pending transactions implying roughly 18% pro forma. But the $391 million year-to-date closed-plus-pipeline figure includes $58 million under signed agreements and $166 million under letters of intent, so the final reduction depends on transactions that may not close on the stated terms.

Bottom line: This is a modestly better update, not a story reset. GNL is executing the repositioning it had already promised, and the higher AFFO floor confirms improving visibility; the next proof point is whether a full quarter of Modiv earnings can sustain that upgrade.ын

What to watch next

Q4 results with a full quarter of Modiv earnings

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Global Net Lease earnings raise AFFO guidance as office sales continue

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