Global Net Lease said it closed $74 million of dispositions since the first quarter of 2026, including $66 million of occupied properties and $8 million of vacant assets.
The occupied sales were priced at a 7.2% cash cap rate. Office assets made up $61 million of that total, or 93% of occupied dispositions. Year to date, the company has completed about $145 million of dispositions at a 7.5% cash cap rate on occupied assets.
Among the sold properties were a 33,000-square-foot building leased to the U.S. General Services Administration for $13 million and a 369,000-square-foot office building leased to GE Aviation for $48 million. Before those sales, Global Net Lease extended the leases at both properties by 20 years and 10 years, respectively.
The company also has a 133,000-square-foot office asset in the Netherlands, leased to Koninklijke KPN N.V., under contract for about $18 million, with that lease set to expire in December 2026.
After the announced and pending office transactions, Global Net Lease said office exposure should fall to about 21% of portfolio straight-line rent, down from about 26% in the first quarter of 2026.
On the acquisition side, the company is under contract to buy a 100,000-square-foot single-tenant industrial property occupied by a Fortune 50 investment-grade tenant for $14 million at an 8.2% cash cap rate.
That deal comes alongside the pending $535 million acquisition of Modiv Industrial, which Global Net Lease expects to close in the third quarter of 2026. The company said the Modiv deal would be 4% accretive to AFFO per share and would extend its weighted average lease term to 6.7 years from 5.9 years in the first quarter of 2026. As a result of these announcements, the company's shares have moved -0.78% on the market, and are now trading at a price of $8.93. For the full picture, make sure to review Global Net Lease's 8-K report.
