Quarter ended June 30, 2026
Filed Aug 5, 2026Global Net Lease filed unaudited supplemental information for the quarter ended June 30, 2026; the supplied filing text does not include the financial tables or reported results.
The supplied excerpt provides the company’s non-GAAP methodology and identifies the reporting period, but omits the key-metrics, financial-statement, debt, and cash-flow tables needed to assess operating performance.
Key metrics
as reported| Metric | Value | q/q | y/y |
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What drove it
- The company states that its FFO, Core FFO and AFFO calculations include adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation.
- The company states that Core FFO excludes certain non-core items, including merger, transaction and other costs, as well as certain debt extinguishment or modification costs.
- The company states that AFFO excludes certain investing-related, non-cash, one-time or non-recurring items, including unrealized gains and losses, lease-intangible amortization, deferred-financing-cost amortization, straight-line rent and equity-based compensation.
Concerns
- The supplied text contains no reported revenue, net income, FFO, Core FFO, AFFO, NOI, Adjusted EBITDA, cash-flow, liquidity, leverage, dividend, or repurchase figures.
- The treatment of the Multi-Tenant Retail Portfolio as a discontinued operation affects the company’s disclosed non-GAAP methodology.
- The filing’s forward-looking-statement disclosure identifies market conditions, capital availability and timing considerations as factors affecting potential future acquisitions or dispositions, including the Modiv transaction.
What to watch
- The omitted Key Metrics, Consolidated Balance Sheets, Consolidated Statements of Operations, Non-GAAP Measures and Debt Overview tables.
- Reported FFO, Core FFO, AFFO, NOI, Cash NOI and Adjusted EBITDA, including reconciliations to net income.
- The effect of the Multi-Tenant Retail Portfolio discontinued-operation treatment on reported operating and non-GAAP results.
- Any reported updates regarding potential acquisitions, dispositions or the Modiv transaction.
Analysis
Global Net Lease’s supplied filing excerpt is an unaudited supplemental package for the quarter ended June 30, 2026. It identifies the company’s intended performance framework, including FFO, Core FFO, AFFO, Adjusted EBITDA, NOI, Cash NOI and Cash Paid for Interest. However, the excerpt ends before the Key Metrics and financial-statement tables, so it does not provide the reported figures necessary to evaluate the quarter’s revenue, earnings, margins, cash generation or balance-sheet position.
The non-GAAP discussion indicates that the sale of the Multi-Tenant Retail Portfolio is treated as a discontinued operation in the company’s FFO and Core FFO calculations. The stated adjustments include depreciation and amortization and loss or gain on dispositions of real estate investments, while Core FFO also includes adjustments for merger and transaction costs and loss on extinguishment of debt. This presentation is important because the available text does not provide the underlying GAAP results or reconciliations that would show the financial impact of those adjustments.
The company describes AFFO as beginning with Core FFO and excluding items it considers more reflective of investing activities, other non-cash income and expense items, and certain one-time or non-recurring items. The enumerated exclusions include unrealized gains and losses, lease-intangible amortization, deferred-financing-cost amortization, straight-line rent and equity-based compensation. Without the omitted reconciliation tables, the supplied material does not establish the magnitude of these items or whether they increased or decreased from prior periods.
Capital allocation, liquidity and leverage cannot be assessed from the supplied excerpt. Although the table of contents identifies a Debt Overview and future minimum lease-rents section, neither table is included in the provided text. Likewise, no dividend, share-repurchase, cash, debt, operating-cash-flow, acquisition, disposition or forward-guidance amount is available in the excerpt.
The filing’s forward-looking-statement section notes that potential future acquisitions or dispositions, including the Modiv transaction, are subject to market conditions, capital availability and timing considerations. That disclosure identifies areas for monitoring, but it does not report a completed transaction, financial outcome or outlook. The primary investor issue from this submission is therefore disclosure completeness: the supplied text provides methodology but not the operating data needed for a period-performance conclusion.
Not in the filing
stated, not guessed- Total revenue
- Revenue prior-year comparison
- Revenue prior-quarter comparison
- Revenue year-over-year change
- Revenue quarter-over-quarter change
- Segment revenue and segment comparisons
- GAAP gross margin
- Non-GAAP gross margin
- GAAP operating income or loss
- Non-GAAP operating income or loss
- GAAP net income or loss
- GAAP earnings per share
- FFO
- Core FFO
- AFFO
- FFO, Core FFO and AFFO per-share figures
- Adjusted EBITDA
- NOI
- Cash NOI
- Cash Paid for Interest
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Total debt and debt maturities
- Dividend information
- Share-repurchase information
- Acquisition and disposition financial details
- Forward guidance
- Prior outlook for comparison
- Named executive commentary or quotes
- Consolidated balance-sheet table
- Consolidated statements-of-operations table
- Non-GAAP reconciliation tables
- Debt Overview table
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.