Global Net Lease (GNL)


Market Price (9/11/2026): $9.075 | Market Cap: $1.9 BilSector: Real Estate | Industry: Diversified REITs

Global Net Lease (GNL)


Market Price (9/11/2026): $9.075
Market Cap: $1.9 Bil
Sector: Real Estate
Industry: Diversified REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, FCF Yield is 10%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%

Low stock price volatility
Vol 12M is 21%

Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, Sustainable & Green Buildings, and Automation & Robotics. Themes include E-commerce Logistics REITs, Show more.

Weak multi-year price returns
2Y Excs Rtn is -8.8%, 3Y Excs Rtn is -47%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -10.0%

Key risks
GNL key risks include [1] execution challenges with its aggressive deleveraging strategy reliant on significant asset sales, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, Dividend Yield is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.7%, FCF Yield is 10%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44%
2 Low stock price volatility
Vol 12M is 21%
3 Megatrend and thematic drivers
Megatrends include E-commerce Logistics & Data Centers, Sustainable & Green Buildings, and Automation & Robotics. Themes include E-commerce Logistics REITs, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -8.8%, 3Y Excs Rtn is -47%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -10.0%
7 Key risks
GNL key risks include [1] execution challenges with its aggressive deleveraging strategy reliant on significant asset sales, Show more.

GNL in ETFs

Weight = GNL's share of each fund

VTI0.00%
ITOT0.00%
IWM0.06%
IJR0.10%
VB0.02%
SLYV0.21%
IJS0.19%
VIOV0.18%
+11 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Global Net Lease (GNL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Strategic Portfolio Repositioning and Modiv Acquisition Impact. Global Net Lease actively pursued a strategic shift during the period, disposing of $145 million of occupied non-core assets year-to-date through July 31, 2026, primarily office properties, at a weighted average cash cap rate of 7.6%. This move aimed to reduce exposure to the struggling office sector, with office assets accounting for 78% of the total disposition volume. Concurrently, the anticipated acquisition of Modiv Industrial, expected to close in mid-August 2026, was projected to be approximately 4% accretive to Adjusted Funds From Operations (AFFO) per share and leverage-neutral, while also increasing GNL's industrial property exposure to about 50% of straight-line rent. These long-term portfolio enhancement efforts balanced the immediate revenue decline to $112.5 million in fiscal Q2 2026 from $124.9 million in fiscal Q2 2025 due to asset sales.

2. Mixed Fiscal Q2 2026 Results Offset by Broader REIT Sector Trends. Global Net Lease reported fiscal Q2 2026 AFFO of $0.22 per share and subsequently raised its full-year 2026 AFFO per share guidance to a range of $0.82–$0.85 from $0.80–$0.84. The company also improved its Net Debt to Adjusted EBITDA to 6.6x from 7.2x in fiscal Q1 2026, and increased liquidity to $919 million. Despite these positive company-specific financial and operational improvements, the broader Real Estate Investment Trust (REIT) sector experienced a slight downturn, with an average total return of -0.49% in July 2026 after a three-month winning streak. This general market sentiment, influenced by expectations of further interest rate hikes in the second half of 2026 due to inflation and geopolitical factors, likely tempered any significant upward movement for GNL.

Show more
Updated on 9/1/2026

Global Net Lease (GNL) stock has remained largely at the same level since 5/31/2026 because of the following key factors:

1. Strategic Portfolio Repositioning and Modiv Acquisition Impact. Global Net Lease actively pursued a strategic shift during the period, disposing of $145 million of occupied non-core assets year-to-date through July 31, 2026, primarily office properties, at a weighted average cash cap rate of 7.6%. This move aimed to reduce exposure to the struggling office sector, with office assets accounting for 78% of the total disposition volume. Concurrently, the anticipated acquisition of Modiv Industrial, expected to close in mid-August 2026, was projected to be approximately 4% accretive to Adjusted Funds From Operations (AFFO) per share and leverage-neutral, while also increasing GNL's industrial property exposure to about 50% of straight-line rent. These long-term portfolio enhancement efforts balanced the immediate revenue decline to $112.5 million in fiscal Q2 2026 from $124.9 million in fiscal Q2 2025 due to asset sales.

2. Mixed Fiscal Q2 2026 Results Offset by Broader REIT Sector Trends. Global Net Lease reported fiscal Q2 2026 AFFO of $0.22 per share and subsequently raised its full-year 2026 AFFO per share guidance to a range of $0.82–$0.85 from $0.80–$0.84. The company also improved its Net Debt to Adjusted EBITDA to 6.6x from 7.2x in fiscal Q1 2026, and increased liquidity to $919 million. Despite these positive company-specific financial and operational improvements, the broader Real Estate Investment Trust (REIT) sector experienced a slight downturn, with an average total return of -0.49% in July 2026 after a three-month winning streak. This general market sentiment, influenced by expectations of further interest rate hikes in the second half of 2026 due to inflation and geopolitical factors, likely tempered any significant upward movement for GNL.

3. Consistent Share Repurchase Activity. The company's ongoing share repurchase program provided a floor for the stock price. Since its inception in February 2025, Global Net Lease repurchased 20.9 million shares for a total of $169.7 million through July 31, 2026. This included the repurchase of 1.2 million shares for $11.1 million during fiscal Q2 2026. This active capital management strategy helped to reduce the outstanding share count, demonstrating a commitment to shareholder value and likely contributing to the stock's stability.

4. Elevated Leverage and Profitability Concerns. While GNL made strides in improving its balance sheet by reducing its net debt to Adjusted EBITDA to 6.6x in fiscal Q2 2026, its overall leverage remained relatively high. The company also reported a net loss attributable to common stockholders of $7.5 million for fiscal Q2 2026, alongside negative return on equity of 1.00% and a negative net margin of 2.94%. These persistent profitability challenges and a still elevated debt profile in a period of anticipated rising interest rates likely acted as a headwind, preventing a stronger positive reaction to the company's strategic and operational successes.

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Stock Movement Drivers

Fundamental Drivers

The -1.0% change in GNL stock from 5/31/2026 to 9/10/2026 was primarily driven by a -2.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269102026Change
Stock Price ($)9.179.08-1.0%
Change Contribution By: 
Total Revenues ($ Mil)472460-2.6%
P/S Multiple4.24.20.4%
Shares Outstanding (Mil)2142111.3%
Cumulative Contribution-1.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/10/2026
ReturnCorrelation
GNL-1.0% 
Market (SPY)0.2%-1.3%
Sector (XLRE)-2.1%31.4%

Fundamental Drivers

The 0.4% change in GNL stock from 2/28/2026 to 9/10/2026 was primarily driven by a 4.4% change in the company's P/S Multiple.
(LTM values as of)22820269102026Change
Stock Price ($)9.049.080.4%
Change Contribution By: 
Total Revenues ($ Mil)495460-7.2%
P/S Multiple4.04.24.4%
Shares Outstanding (Mil)2192113.6%
Cumulative Contribution0.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/10/2026
ReturnCorrelation
GNL0.4% 
Market (SPY)10.8%16.5%
Sector (XLRE)-1.1%41.0%

Fundamental Drivers

The 25.9% change in GNL stock from 8/31/2025 to 9/10/2026 was primarily driven by a 38.5% change in the company's P/S Multiple.
(LTM values as of)83120259102026Change
Stock Price ($)7.219.0825.9%
Change Contribution By: 
Total Revenues ($ Mil)534460-13.9%
P/S Multiple3.04.238.5%
Shares Outstanding (Mil)2232115.5%
Cumulative Contribution25.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/10/2026
ReturnCorrelation
GNL25.9% 
Market (SPY)18.5%7.8%
Sector (XLRE)4.3%39.0%

Fundamental Drivers

The 15.2% change in GNL stock from 8/31/2023 to 9/10/2026 was primarily driven by a 91.6% change in the company's P/S Multiple.
(LTM values as of)83120239102026Change
Stock Price ($)7.889.0815.2%
Change Contribution By: 
Total Revenues ($ Mil)37746022.0%
P/S Multiple2.24.291.6%
Shares Outstanding (Mil)104211-50.7%
Cumulative Contribution15.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/10/2026
ReturnCorrelation
GNL15.2% 
Market (SPY)74.2%32.2%
Sector (XLRE)27.7%62.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GNL Return-2%-7%-9%-15%32%13%4%
Peers Return24%-4%-2%6%9%9%49%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
GNL Win Rate50%42%50%25%67%33% 
Peers Win Rate62%52%42%57%58%58% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
GNL Max Drawdown-28%-32%-44%-29%-17%-10% 
Peers Max Drawdown-12%-24%-27%-16%-12%-11% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, WPC, NNN, ADC, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/10/2026 (YTD)

How Low Can It Go

EventGNLS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.3%-9.5%
  % Gain to Breakeven39.4%10.5%
  Time to Breakeven761 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.8%-6.7%
  % Gain to Breakeven53.5%7.1%
  Time to Breakeven992 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.1%-24.5%
  % Gain to Breakeven39.1%32.4%
  Time to Breakeven104 days427 days
2020 COVID-19 Crash
  % Loss-57.8%-33.7%
  % Gain to Breakeven136.8%50.9%
  Time to Breakeven393 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-13.9%-19.2%
  % Gain to Breakeven16.1%23.8%
  Time to Breakeven23 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-15.3%-3.7%
  % Gain to Breakeven18.1%3.9%
  Time to Breakeven100 days6 days

Compare to O, WPC, NNN, ADC, EPRT

In The Past

Global Net Lease's stock fell -5.0% during the 2025 US Tariff Shock. Such a loss loss requires a 5.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventGNLS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-28.3%-9.5%
  % Gain to Breakeven39.4%10.5%
  Time to Breakeven761 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.8%-6.7%
  % Gain to Breakeven53.5%7.1%
  Time to Breakeven992 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-28.1%-24.5%
  % Gain to Breakeven39.1%32.4%
  Time to Breakeven104 days427 days
2020 COVID-19 Crash
  % Loss-57.8%-33.7%
  % Gain to Breakeven136.8%50.9%
  Time to Breakeven393 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.5%-12.2%
  % Gain to Breakeven27.4%13.9%
  Time to Breakeven50 days62 days
2014-2016 Oil Price Collapse
  % Loss-27.2%-6.8%
  % Gain to Breakeven37.3%7.3%
  Time to Breakeven84 days15 days

Compare to O, WPC, NNN, ADC, EPRT

In The Past

Global Net Lease's stock fell -5.0% during the 2025 US Tariff Shock. Such a loss loss requires a 5.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Global Net Lease (GNL)

Global Net Lease, Inc. (GNL) operates as a publicly traded real estate investment trust (REIT) primarily focused on acquiring a diverse portfolio of commercial properties. The company strategically invests in income-producing assets across key markets including the United States, Western Europe, and Northern Europe.

GNL's core business model emphasizes sale-leaseback transactions. In these transactions, GNL purchases commercial properties directly from businesses and subsequently leases them back to the original owners. This approach allows the selling companies to free up capital from their real estate holdings while GNL secures long-term rental income.

The properties targeted by GNL are typically single-tenant, mission-critical assets, meaning they are essential to the tenant's operations. These properties are acquired under net leases, where the tenant is generally responsible for most property operating expenses, thereby providing stable and predictable cash flow to GNL and its investors. Essentially, GNL provides a capital solution for businesses, while building a robust portfolio of real estate generating consistent lease income.

AI Analysis | Feedback

Here are 1-3 brief analogies for Global Net Lease (GNL):

  • Realty Income for global commercial properties.
  • American Tower for diversified commercial buildings.

AI Analysis | Feedback

  • Commercial Property Leasing: Global Net Lease provides businesses with commercial real estate properties through long-term net leases, generating rental income from its diversified portfolio.
  • Sale-Leaseback Transactions: Global Net Lease offers companies a financial solution by acquiring their owned real estate and simultaneously leasing it back to them, providing capital while allowing them to maintain operational control.

AI Analysis | Feedback

Global Net Lease (GNL) is a real estate investment trust (REIT) that acquires and leases commercial properties. Therefore, its major customers are the tenant companies that lease its properties.

Based on their recent disclosures, some of Global Net Lease's major tenant companies include:

  • McLaren (a private company)
  • FedEx (NYSE: FDX)
  • Whirlpool (NYSE: WHR)
  • GSA (U.S. General Services Administration, a government agency)
  • ING Groep N.V. (NYSE: ING)
  • Thermo Fisher Scientific (NYSE: TMO)

AI Analysis | Feedback

American Realty Capital Global Advisors, LLC

AI Analysis | Feedback

Michael Weil, Chief Executive Officer, President and Director

Michael Weil was appointed Chief Executive Officer in March 2024, having previously served as Co-Chief Executive Officer since May 2023. Mr. Weil previously served as Chairman and Managing Director of American Strategic Investment Co. He also held executive officer positions at Global Net Lease Advisors, LLC and Global Net Lease Properties, LLC from their inception in July 2011 and January 2012, respectively, until October 2014. Additionally, he served as a director of Global Net Lease from May 2012 to September 2014 and has been the Chief Executive Officer of AR Global Investments, LLC. His current focus includes debt reduction and opportunistic share repurchases for GNL.

Christopher Masterson, Chief Financial Officer, Treasurer & Secretary

Christopher Masterson oversees GNL's financial strategy, including the management of its debt balance. He is also listed as the Principal Accounting Officer. He is expected to continue in his role as CFO post the merger with The Necessity Retail REIT, Inc. Mr. Masterson received RSU awards for his ongoing efforts in overseeing the transition to internalized management following the merger.

Ori Kravel, Chief Operating Officer

Ori Kravel is responsible for the day-to-day operations of GNL's property portfolio. As of the third quarter of 2025, this portfolio comprised over 850 properties covering nearly 43 million square feet.

Jesse Galloway, Executive Vice President and General Counsel

Jesse Galloway is involved in the company's transition to internalized management following the merger with The Necessity Retail REIT, Inc.

Jason Slear, Executive Vice President

Jason Slear holds the position of Executive Vice President at Global Net Lease.

AI Analysis | Feedback

The key risks to Global Net Lease (GNL) largely revolve around its financial performance, the macroeconomic environment, and its real estate portfolio specifics.

  1. Profitability and Dividend Coverage Pressure: Global Net Lease has faced challenges with consistent profitability, reporting sizeable losses and uneven Funds From Operations (FFO). Critics highlight that losses have grown over the past five years, with forecasts suggesting the company may remain unprofitable, which is consistent with trailing twelve-month net income staying in the red despite quarterly swings into positive territory in Q4 2025. This situation raises questions about the reliability of its income and the sustainability of its dividend, which on a trailing twelve-month basis to Q4 2025, was not covered by earnings. The company also cut its dividend by 33% in 2020 during the pandemic, indicating vulnerability to adverse economic conditions.
  2. Economic Volatility and High Interest Rate Environment / Debt Dependency: As a real estate investment trust (REIT), GNL's operations are significantly exposed to broader economic volatility and changes in interest rates. The company's strategy involves substantial debt financing for acquisitions and operations, which increases its risk profile, particularly in a volatile interest rate environment. High interest rates elevate the cost of new debt and refinancing existing debt, directly impacting GNL's bottom line. While the company has undertaken efforts to reduce its net debt, high leverage remains a risk from macro volatility.
  3. Tenant Solvency and Office Segment Exposure: The stability of GNL's net lease structure relies heavily on the financial health and stability of its tenants. A significant portion of GNL's portfolio, 27% as of December 31, 2025, consists of office properties. The office segment faces technology-driven obsolescence risk for older, less adaptable assets, and the ongoing sociological pressure of remote work continues to create valuation drag on its office properties. There is concern that revenue from the office segment may not be sustainable as leases expire, potentially impacting occupancy and property values and putting further stress on the balance sheet.

AI Analysis | Feedback

Increasing corporate emphasis on directly controlling and reporting the environmental footprint and social impact of their core operational facilities (ESG considerations), which may lead some companies to prefer outright ownership of mission-critical assets over sale-leaseback arrangements or long-term net leases to better manage and demonstrate their sustainability commitments.

AI Analysis | Feedback

Global Net Lease (GNL) operates within the commercial real estate market, specifically targeting single-tenant, mission-critical, income-producing net-leased assets through sale-leaseback transactions in the United States, Western Europe, and Northern Europe.

The addressable markets for Global Net Lease's main products and services can be sized as follows:

United States

  • The U.S. sale-leaseback market recorded an aggregate dollar volume of approximately $14.4 billion in 2025. Other industry estimates place the annual market for these transactions between US$10 billion and US$15 billion.
  • The total net-lease investment volume in the U.S. reached $51.4 billion in 2025. This figure represents a 16% increase from the previous year. Another report indicates a net-lease investment volume of $44.6 billion in 2025, an increase of 21% from the previous year.
  • In the second quarter of 2025, investment sales volumes for the single-tenant net lease (STNL) sector in the United States reached $9.6 billion.

Europe (including Western and Northern Europe)

  • The broader European corporate-owned real estate market, which represents the potential pool for sale-leaseback transactions, is estimated to be worth approximately €5.7 trillion. Specifically, the owner-occupied corporate real estate market in Europe (excluding the UK) is estimated at €5.5 trillion.
  • Annual sale-leaseback transaction volumes in Europe have shown significant activity, with European volume totaling €8.4 billion in a year prior to 2021. For the industrial-logistics sector alone, European sale-leaseback transactions reached €3.4 billion in fiscal year 2020. In 2021, corporate disposals across EMEA (Europe, Middle East, and Africa), which include sale-leaseback transactions, reached a post-Global Financial Crisis high of €29.2 billion across 670 disposals.
  • The overall European commercial real estate market was valued at USD 1.55 trillion in 2025 and is projected to reach USD 1.64 trillion in 2026, with a forecast to grow to USD 2.17 trillion by 2031.

AI Analysis | Feedback

Global Net Lease (GNL) expects several key drivers to contribute to its future revenue growth over the next two to three years, following a strategic repositioning to focus on higher-quality, single-tenant net lease assets.

  1. Selective, Accretive Acquisitions in Industrial and Retail Properties: Global Net Lease is strategically shifting its focus towards growth, with plans to redeploy capital from asset sales into accretive acquisitions of single-tenant industrial and retail properties. The company has provided initial financial guidance for 2026, which includes a gross transaction volume of $250 million to $350 million, encompassing both dispositions and acquisitions, with an emphasis on these asset classes.
  2. Contractual Rent Escalations within Existing Leases: A significant portion of GNL's existing lease portfolio includes built-in rent escalations. As of December 31, 2025, approximately 61.7% of the company's leases featured fixed-rate increases, while an additional 19.6% were tied to the Consumer Price Index, providing a consistent and predictable stream of organic rental revenue growth. Contractual cash base rent increases are expected to average 1.4% per year.
  3. Strong Leasing Momentum and Favorable Renewal Spreads: The company has demonstrated robust leasing activity, with renewal leasing spreads doubling from 7% in Q4 2024 to 12% in Q4 2025. This ability to secure higher rents upon lease renewals contributes directly to revenue growth by maximizing occupancy and rental income across its portfolio.
  4. Strategic Repositioning towards Higher-Quality Single-Tenant Net Lease Assets: GNL has completed a multi-year strategic repositioning, transitioning to a pure-play, single-tenant net lease REIT. This involves divesting non-core and multi-tenant retail assets, as well as selectively selling office properties, to focus on mission-critical, investment-grade rated single-tenant properties. This enhanced portfolio quality and streamlined operations are expected to create a more durable foundation for long-term revenue growth by attracting and retaining high-credit tenants and potentially improving future acquisition terms.

AI Analysis | Feedback

Share Repurchases

  • Global Net Lease initiated a Share Repurchase Program in February 2025.
  • Through February 20, 2026, GNL repurchased 17.2 million shares for $135.9 million at a weighted average price of $7.88 per share.
  • The company authorized an equity buyback for up to $300 million worth of its shares, with no stated expiration date, announced on February 28, 2025.

Share Issuance

  • During the year ended December 31, 2025, Global Net Lease did not sell any shares of Common Stock or Series B Preferred Stock through its "at-the-market" programs.

Outbound Investments

  • Global Net Lease completed approximately $3.4 billion in asset sales since 2024, including a $1.8 billion multi-tenant retail portfolio sale, to transition to a pure-play single-tenant net lease REIT and reduce debt.
  • The company sold its McLaren Campus for £250 million in December 2025, generating approximately £80 million above its original purchase price.
  • For 2026, GNL plans $250 million to $350 million in gross transaction volume, focusing on disposing of select office assets and redeploying capital into accretive acquisitions of single-tenant industrial and retail assets on a leverage-neutral basis.

Capital Expenditures

  • The strategic disposition program in 2025, particularly the sale of the Multi-Tenant Retail Portfolio, aimed to eliminate operational complexities and associated capital expenditures on older, less-efficient retail assets.
  • GNL anticipates a reduction of approximately $34 million in annual capital expenditures, tenant improvements, and leasing commissions due to the multi-tenant retail portfolio sale.

Better Bets vs. Global Net Lease (GNL)

Peer Outperformance in Diversified REITs

GNL has outperformed 55% of its 11 Diversified REITs peers over 5Y. Diversified REITs ranks 7th of 12 industries in Real Estate by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Diversified REITs constituents that GNL has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
71%
of 14 industry peers · 20.8% return
3Y
42%
of 12 industry peers · 15.6% return
5Y
55%
of 11 industry peers · 1.4% return
No Diversified REITs peer with a comparable growth profile has beaten GNL by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Diversified REITs is GNL's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 14 19.3%61.5%66.7% WELL 207% · DHC 137% · CTRE 128%
Retail REITs 22 11.6%35.6%39.7% IVT 1568% · SKT 170% · SPG 109%
Other Specialized REITs 11 6.1%21.3%19.4% IRM 192% · EPR 78% · OUT 76%
Real Estate Development 6 -15.1%10.5%17.2% JOE 56% · AXR 40% · FOR 33%
Industrial REITs 11 14.8%16.8%7.6% EGP 31% · FR 30% · PLD 16%
Hotel & Resort REITs 16 27.0%26.4%7.2% RHP 88% · HST 76% · DRH 60%
Diversified REITs ← 12 10.0%25.2%-4.6% CTO 73% · WPC 25% · LXP 16%
Single-Family Residential REITs 4 -4.1%-1.9%-18.6% AMH -11% · ELS -18% · INVH -20%
Multi-Family Residential REITs 13 -4.7%4.8%-18.6% AIV 17% · ESS 1% · VMRK -3%
Real Estate Services 26 -15.3%-8.1%-24.3% REAX 865% · MDRR 581% · CHCI 297%
Office REITs 18 -10.3%13.1%-27.8% PSTL 69% · CDP 64% · SLG 7%
Telecom Tower REITs 3 -7.3%-10.3%-44.1% AMT -31% · SBAC -44% · CCI -50%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GNLOWPCNNNADCEPRTMedian
NameGlobal N.Realty I.W.P. Car.NNN REIT Agree Re.Essentia. 
Mkt Price9.0859.5769.5543.8571.4929.1051.71
Mkt Cap1.955.515.78.38.66.38.4
Rev LTM4605,9701,791953780615866
Op Inc LTM1732,732947584378394489
FCF LTM2014,1661,221673534414603
FCF 3Y Avg1903,6931,425648473345561
CFO LTM2184,1661,221673534414603
CFO 3Y Avg2293,6931,425648473345561

Growth & Margins

GNLOWPCNNNADCEPRTMedian
NameGlobal N.Realty I.W.P. Car.NNN REIT Agree Re.Essentia. 
Rev Chg LTM-13.9%10.0%9.0%6.5%18.2%22.3%9.5%
Rev Chg 3Y Avg9.7%17.6%2.5%6.1%17.3%25.0%13.5%
Rev Chg Q-10.0%6.6%7.0%7.7%16.8%18.1%7.4%
QoQ Delta Rev Chg LTM-2.6%1.5%1.7%1.9%3.9%4.2%1.8%
Op Inc Chg LTM-17.7%15.5%16.4%5.9%19.5%23.3%15.9%
Op Inc Chg 3Y Avg20.2%22.9%7.2%5.8%17.2%28.5%18.7%
Op Mgn LTM37.5%45.8%52.9%61.2%48.4%64.1%50.6%
Op Mgn 3Y Avg37.5%44.0%49.9%61.8%48.4%63.5%49.1%
QoQ Delta Op Mgn LTM-1.3%0.5%0.2%0.2%0.1%-0.2%0.2%
CFO/Rev LTM47.5%69.8%68.2%70.6%68.5%67.3%68.3%
CFO/Rev 3Y Avg44.8%69.0%84.7%72.0%70.4%68.3%69.7%
FCF/Rev LTM43.8%69.8%68.2%70.6%68.5%67.3%68.3%
FCF/Rev 3Y Avg37.3%69.0%84.7%72.0%70.4%68.3%69.7%

Valuation

GNLOWPCNNNADCEPRTMedian
NameGlobal N.Realty I.W.P. Car.NNN REIT Agree Re.Essentia. 
Mkt Cap1.955.515.78.38.66.38.4
P/S4.29.38.88.711.010.29.0
P/Op Inc11.120.316.614.222.716.016.3
P/EBIT11.221.715.713.922.916.215.9
P/E-141.943.824.121.638.223.523.8
P/CFO8.813.312.912.316.115.213.1
Total Yield8.0%7.7%9.3%10.1%6.9%8.3%8.1%
Dividend Yield8.7%5.4%5.2%5.5%4.3%4.0%5.3%
FCF Yield 3Y Avg10.8%7.1%10.5%7.9%6.1%5.9%7.5%
D/E1.30.60.60.60.50.50.6
Net D/E1.20.60.60.60.50.40.6

Returns

GNLOWPCNNNADCEPRTMedian
NameGlobal N.Realty I.W.P. Car.NNN REIT Agree Re.Essentia. 
1M Rtn0.2%-3.3%-0.6%-3.4%-2.2%-3.2%-2.7%
3M Rtn-1.3%-2.5%-6.8%-3.7%-3.4%-3.1%-3.2%
6M Rtn0.1%-6.0%-0.5%0.2%-8.3%-10.0%-3.3%
12M Rtn20.8%5.7%8.9%8.7%3.6%2.1%7.2%
3Y Rtn15.6%27.6%33.2%36.6%35.5%38.1%34.4%
1M Excs Rtn2.0%-1.6%1.1%-1.6%-0.5%-1.4%-0.9%
3M Excs Rtn-6.5%-7.3%-11.6%-8.5%-8.8%-9.0%-8.7%
6M Excs Rtn-11.5%-17.6%-12.1%-12.2%-20.6%-22.1%-14.9%
12M Excs Rtn4.4%-11.0%-8.2%-7.9%-13.4%-15.4%-9.6%
3Y Excs Rtn-47.4%-41.4%-36.5%-34.1%-33.1%-29.6%-35.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Industrial & Distribution226238220212203
Office137144150150172
Retail13316666  
Multi-Tenant Retail0231000
Single-Tenant Retail   1717
Total495570446379391


Operating Income by Segment
$ Mil20252024202320222021
Industrial & Distribution207216205198189
Office119125130132153
Retail11815060  
Gain on dispositions of real estate investments9557-201
Multi-Tenant Retail015700
Operating fees to related parties00-28-40-39
Settlement costs00-3000
Merger, transaction and other costs-7-6-54-0-0
Goodwill impairment-700  
Equity-based compensation-13-9-17-12-11
General and administrative-53-52-37-18-17
Impairment charges-158-90-69-22-18
Depreciation and amortization-191-217-179-154-163
Single-Tenant Retail   1616
Total111188-15101112


Assets by Segment
$ Mil202520242023
Industrial & Distribution1,7922,1802,480
Retail1,1431,403 
Office8751,0391,231
Cash and cash equivalents180160122
Unbilled straight line rent739084
Operating lease right-of-use asset636677
Prepaid expenses and other assets6052122
Real estate assets held for sale5017 
Goodwill465147
Multi-tenant disposition receivable, net280 
Deferred financing costs, net171015
Restricted cash146541
Deferred tax assets555
Assets of discontinued operations01,816 
Derivative assets, at fair value0211
Assets held for sale  3
Due from related parties  0
Multi-Tenant Retail  2,174
Single-Tenant Retail  1,688
Total4,3476,9568,099


Price Behavior

Price Behavior
Market Price$9.08 
Market Cap ($ Bil)1.9 
First Trading Date06/02/2015 
Distance from 52W High-5.0% 
   50 Days200 Days
DMA Price$8.99$8.88
DMA Trendupindeterminate
Distance from DMA1.1%2.2%
 3M1YR
Volatility24.1%21.5%
Downside Capture-12.470.73
Upside Capture-17.4422.72
Correlation (SPY)-6.0%7.7%
GNL Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta-0.46-0.17-0.050.260.130.60
Up Beta-0.53-0.54-0.59-0.010.000.61
Down Beta0.231.230.580.570.270.55
Up Capture-1%-13%-7%21%19%28%
Bmk +ve Days10213268138427
Stock +ve Days13202757120359
Down Capture-146%-72%-10%32%-2%87%
Bmk -ve Days11213259113324
Stock -ve Days8213363119365

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GNL
GNL21.0%21.4%0.79-
Sector ETF (XLRE)5.4%14.0%0.1439.6%
Equity (SPY)17.6%12.8%0.997.6%
Gold (GLD)18.7%29.2%0.5915.8%
Commodities (DBC)47.9%20.4%1.81-7.7%
Real Estate (VNQ)6.6%13.6%0.2242.9%
Bitcoin (BTCUSD)-29.9%43.8%-0.685.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GNL
GNL-0.5%28.8%-0.00-
Sector ETF (XLRE)0.8%19.1%-0.0665.3%
Equity (SPY)12.4%17.2%0.5541.4%
Gold (GLD)18.5%18.8%0.8014.2%
Commodities (DBC)11.5%19.5%0.4610.3%
Real Estate (VNQ)0.7%18.9%-0.0769.0%
Bitcoin (BTCUSD)9.9%52.6%0.3717.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GNL
GNL0.9%33.3%0.11-
Sector ETF (XLRE)6.1%20.4%0.2566.3%
Equity (SPY)15.1%17.9%0.7151.9%
Gold (GLD)12.2%16.3%0.6110.3%
Commodities (DBC)8.4%18.1%0.3819.6%
Real Estate (VNQ)4.6%20.7%0.1972.0%
Bitcoin (BTCUSD)63.4%66.2%1.0316.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity12.4 Mil
Short Interest: % Change Since 731202610.7%
Average Daily Volume3.7 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity211.3 Mil
Short % of Basic Shares5.9%

Earnings Returns History

Updated 9/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20265.2%4.3%6.0%
5/5/2026-1.3%-0.2%2.6%
2/25/2026-3.1%-3.3%-6.2%
11/5/20255.2%3.3%7.0%
8/6/20259.1%12.0%17.2%
5/7/20254.3%5.0%2.5%
2/27/20256.2%7.7%6.2%
11/6/20240.3%-5.8%-10.1%
...
SUMMARY STATS   
# Positive151417
# Negative10118
Median Positive2.4%4.6%6.0%
Median Negative-1.9%-3.3%-7.6%
Max Positive9.1%12.0%19.5%
Max Negative-3.1%-10.7%-15.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/5/20265.2%4.3%6.0%
5/5/2026-1.3%-0.2%2.6%
2/25/2026-3.1%-3.3%-6.2%
11/5/20255.2%3.3%7.0%
8/6/20259.1%12.0%17.2%
5/7/20254.3%5.0%2.5%
2/27/20256.2%7.7%6.2%
11/6/20240.3%-5.8%-10.1%
8/6/2024-2.3%-3.1%5.1%
5/7/20240.4%6.4%5.8%
2/27/2024-2.5%-2.7%4.0%
11/7/2023-1.5%1.4%10.5%
8/3/20230.5%5.8%8.0%
5/10/2023-1.4%-10.7%-4.0%
2/23/20233.1%1.0%-15.4%
11/3/20223.3%3.6%12.6%
8/4/2022-2.6%0.2%-9.0%
5/5/2022-0.6%-7.9%3.6%
2/24/20221.8%5.0%7.4%
11/4/2021-3.1%-3.8%-10.6%
8/5/20212.4%-0.6%-3.9%
5/6/2021-0.6%-3.7%4.6%
2/24/20212.4%-3.0%-5.0%
1/7/20210.4%1.9%5.1%
11/5/20201.0%10.7%19.5%
SUMMARY STATS   
# Positive151417
# Negative10118
Median Positive2.4%4.6%6.0%
Median Negative-1.9%-3.3%-7.6%
Max Positive9.1%12.0%19.5%
Max Negative-3.1%-10.7%-15.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/03/202310-Q
03/31/202305/10/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/05/202610-Q
03/31/202605/06/202610-Q
12/31/202502/25/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/03/202310-Q
03/31/202305/10/202310-Q
12/31/202202/23/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/24/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/07/202110-Q
12/31/202002/26/202110-K
09/30/202011/06/202010-Q
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201902/28/202010-K
09/30/201911/08/201910-Q

Recent Forward Guidance

Updated 8/6/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 AFFO Per ShareReported0.820.830.851.8% RaisedGuidance: 0.82 for 2026
2026 Gross Transaction VolumeReported700.00 Mil750.00 Mil800.00 Mil   
2026 AFFO AccretionReported 0.04    
2026 Net Debt to Adjusted EBITDAReported6.56.76.9  AffirmedGuidance: 6.7 for 2026


Prior: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 AFFO Per ShareReported0.80.820.840 AffirmedGuidance: 0.82 for 2026
2026 Net Debt to Adjusted EBITDAReported6.56.76.90 AffirmedGuidance: 6.7 for 2026

Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 AFFO Per ShareReported0.80.820.84-14.6% Lower NewGuidance: 0.96 for 2025
2026 Net Debt to Adjusted EBITDAReported6.56.76.9-1.5% Lower NewGuidance: 6.8 for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 AFFO Per ShareReported0.950.960.972.1% RaisedGuidance: 0.94 for 2025
2025 Net Debt to Adjusted EBITDAReported6.56.87.10 AffirmedGuidance: 6.8 for 2025

Insider Activity

Updated 7/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Weil, Edward M JRCEO, PresidentDirectSell71120257.61150,0001,141,5004,444,643Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Weil, Edward M JRCEO, PresidentDirectSell71120257.61150,0001,141,5004,444,643Form
Core Cache Last Updated: 9/10/2026