Global Net Lease (GNL)
Market Price (7/26/2026): $8.88 | Market Cap: $1.9 BilSector: Real Estate | Industry: Diversified REITs
Global Net Lease (GNL)
Market Price (7/26/2026): $8.88Market Cap: $1.9 BilSector: Real EstateIndustry: Diversified REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 8.9%, FCF Yield is 9.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% Low stock price volatilityVol 12M is 24% Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Sustainable & Green Buildings, and Automation & Robotics. Themes include E-commerce Logistics REITs, Show more. | Weak multi-year price returns2Y Excs Rtn is -4.8%, 3Y Excs Rtn is -48% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 125% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg QQuarterly Revenue Change % is -17% Key risksGNL key risks include [1] execution challenges with its aggressive deleveraging strategy reliant on significant asset sales, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.7%, Dividend Yield is 8.9%, FCF Yield is 9.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% |
| Low stock price volatilityVol 12M is 24% |
| Megatrend and thematic driversMegatrends include E-commerce Logistics & Data Centers, Sustainable & Green Buildings, and Automation & Robotics. Themes include E-commerce Logistics REITs, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -4.8%, 3Y Excs Rtn is -48% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 125% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg QQuarterly Revenue Change % is -17% |
| Key risksGNL key risks include [1] execution challenges with its aggressive deleveraging strategy reliant on significant asset sales, Show more. |
Qualitative Assessment
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Global Net Lease (GNL) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Results and Reaffirmed Guidance.
Global Net Lease reported a Q1 2026 earnings per share (EPS) loss of -$0.08, missing the consensus estimate of $0.10, with revenue also falling short at $109.29 million against an expected $112.37 million. Despite these misses, the company reaffirmed its full-year 2026 Adjusted Funds From Operations (AFFO) per share guidance in the range of $0.80 to $0.84, signaling management's confidence in future performance despite the quarterly setback.
2. Strategic Portfolio Rebalancing Through Dispositions.
The company continued its strategy of reducing office exposure and improving portfolio quality by executing significant asset dispositions. Since Q1 2026, Global Net Lease closed $74 million in dispositions, with $61 million (93%) of these being office assets sold at a 7.2% cash cap rate on occupied properties. Year-to-date 2026, total dispositions amounted to approximately $145 million at a 7.5% cash cap rate on occupied assets, aiming to strategically pivot away from office properties and mitigate lease rollover risk.
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Global Net Lease (GNL) stock has remained largely at the same level since 3/31/2026 because of the following key factors:
1. Mixed Q1 2026 Financial Results and Reaffirmed Guidance.
Global Net Lease reported a Q1 2026 earnings per share (EPS) loss of -$0.08, missing the consensus estimate of $0.10, with revenue also falling short at $109.29 million against an expected $112.37 million. Despite these misses, the company reaffirmed its full-year 2026 Adjusted Funds From Operations (AFFO) per share guidance in the range of $0.80 to $0.84, signaling management's confidence in future performance despite the quarterly setback.
2. Strategic Portfolio Rebalancing Through Dispositions.
The company continued its strategy of reducing office exposure and improving portfolio quality by executing significant asset dispositions. Since Q1 2026, Global Net Lease closed $74 million in dispositions, with $61 million (93%) of these being office assets sold at a 7.2% cash cap rate on occupied properties. Year-to-date 2026, total dispositions amounted to approximately $145 million at a 7.5% cash cap rate on occupied assets, aiming to strategically pivot away from office properties and mitigate lease rollover risk.
3. Anticipated Accretion from Modiv Industrial Acquisition.
Global Net Lease entered a definitive merger agreement to acquire Modiv Industrial in a $535 million all-stock transaction. This acquisition, expected to close in Q3 2026, is projected to be immediately 4% accretive to AFFO per share and leverage-neutral. The Modiv portfolio's longer weighted-average lease term (WALT) of 15.0 years is also expected to extend GNL's overall WALT from 5.9 to 6.7 years, enhancing portfolio stability and future earnings prospects.
4. High Dividend Yield Amidst Coverage Concerns.
Global Net Lease continued to offer a high dividend yield, with the latest quarterly dividend per share at $0.19, translating to an annual dividend of $0.76 and an 8.21% yield as of July 23, 2026. However, this attractive yield is coupled with analyst concerns regarding its coverage and the company's "elevated debt load," which stood at 8.4x net debt/EBITDA at the end of 2023, though reduced to 6.7x by Q1 2025. This balance of high yield versus financial prudence likely contributed to a stable stock price as investors weighed these factors.
5. Neutral to Moderately Positive Analyst Sentiment.
Analyst ratings for Global Net Lease during the period ranged from "Moderate Buy" to "Hold." Out of seven analysts, two recommended a "Hold" rating, four a "Buy," and one a "Strong Buy." The average price target was $10.33, suggesting a modest upside of 12.87% from the stock's price of $9.16 on July 22, 2026. New coverage, such as Huntington's "market perform" rating with a $10.00 price target, reflected "cautious optimism," balancing the strategic shifts against existing concerns about office exposure and debt. This somewhat balanced analyst outlook likely prevented significant price movements in either direction.
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Stock Movement Drivers
Fundamental Drivers
The -1.2% change in GNL stock from 3/31/2026 to 7/25/2026 was primarily driven by a -4.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.98 | 8.88 | -1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 495 | 472 | -4.7% |
| P/S Multiple | 4.0 | 4.0 | 1.3% |
| Shares Outstanding (Mil) | 219 | 214 | 2.3% |
| Cumulative Contribution | -1.2% |
Market Drivers
3/31/2026 to 7/25/2026| Return | Correlation | |
|---|---|---|
| GNL | -1.2% | |
| Market (SPY) | 13.6% | 11.7% |
| Sector (XLRE) | 12.5% | 43.4% |
Fundamental Drivers
The 9.9% change in GNL stock from 12/31/2025 to 7/25/2026 was primarily driven by a 16.4% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.08 | 8.88 | 9.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 516 | 472 | -8.5% |
| P/S Multiple | 3.5 | 4.0 | 16.4% |
| Shares Outstanding (Mil) | 221 | 214 | 3.2% |
| Cumulative Contribution | 9.9% |
Market Drivers
12/31/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| GNL | 9.9% | |
| Market (SPY) | 8.7% | 20.8% |
| Sector (XLRE) | 14.6% | 46.8% |
Fundamental Drivers
The 31.6% change in GNL stock from 6/30/2025 to 7/25/2026 was primarily driven by a 43.6% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.75 | 8.88 | 31.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 554 | 472 | -14.8% |
| P/S Multiple | 2.8 | 4.0 | 43.6% |
| Shares Outstanding (Mil) | 230 | 214 | 7.6% |
| Cumulative Contribution | 31.6% |
Market Drivers
6/30/2025 to 7/25/2026| Return | Correlation | |
|---|---|---|
| GNL | 31.6% | |
| Market (SPY) | 20.6% | 12.7% |
| Sector (XLRE) | 13.8% | 42.7% |
Fundamental Drivers
The 29.0% change in GNL stock from 6/30/2023 to 7/25/2026 was primarily driven by a 111.9% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7252026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.88 | 8.88 | 29.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 376 | 472 | 25.6% |
| P/S Multiple | 1.9 | 4.0 | 111.9% |
| Shares Outstanding (Mil) | 104 | 214 | -51.5% |
| Cumulative Contribution | 29.0% |
Market Drivers
6/30/2023 to 7/25/2026| Return | Correlation | |
|---|---|---|
| GNL | 29.0% | |
| Market (SPY) | 72.6% | 33.7% |
| Sector (XLRE) | 33.9% | 63.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GNL Return | -2% | -7% | -9% | -15% | 32% | 10% | 1% |
| Peers Return | 24% | -4% | -2% | 6% | 9% | 18% | 61% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| GNL Win Rate | 50% | 42% | 50% | 25% | 67% | 43% | |
| Peers Win Rate | 62% | 52% | 42% | 57% | 58% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| GNL Max Drawdown | -28% | -32% | -44% | -29% | -17% | -9% | |
| 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 7/24/2026 (YTD)
How Low Can It Go
| Event | GNL | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.3% | -9.5% |
| % Gain to Breakeven | 39.4% | 10.5% |
| Time to Breakeven | 761 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.8% | -6.7% |
| % Gain to Breakeven | 53.5% | 7.1% |
| Time to Breakeven | 992 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.1% | -24.5% |
| % Gain to Breakeven | 39.1% | 32.4% |
| Time to Breakeven | 104 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.8% | -33.7% |
| % Gain to Breakeven | 136.8% | 50.9% |
| Time to Breakeven | 393 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.9% | -19.2% |
| % Gain to Breakeven | 16.1% | 23.8% |
| Time to Breakeven | 23 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.3% | -3.7% |
| % Gain to Breakeven | 18.1% | 3.9% |
| Time to Breakeven | 100 days | 6 days |
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.
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| Event | GNL | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.3% | -9.5% |
| % Gain to Breakeven | 39.4% | 10.5% |
| Time to Breakeven | 761 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.8% | -6.7% |
| % Gain to Breakeven | 53.5% | 7.1% |
| Time to Breakeven | 992 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.1% | -24.5% |
| % Gain to Breakeven | 39.1% | 32.4% |
| Time to Breakeven | 104 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.8% | -33.7% |
| % Gain to Breakeven | 136.8% | 50.9% |
| Time to Breakeven | 393 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -21.5% | -12.2% |
| % Gain to Breakeven | 27.4% | 13.9% |
| Time to Breakeven | 50 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.2% | -6.8% |
| % Gain to Breakeven | 37.3% | 7.3% |
| Time to Breakeven | 84 days | 15 days |
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.
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Here are 1-3 brief analogies for Global Net Lease (GNL):
- Realty Income for global commercial properties.
- American Tower for diversified commercial buildings.
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- 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.
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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)
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American Realty Capital Global Advisors, LLC
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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.
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The key risks to Global Net Lease (GNL) largely revolve around its financial performance, the macroeconomic environment, and its real estate portfolio specifics.
- 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.
- 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.
- 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.
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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.
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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.
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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.
- 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.
- 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.
- 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.
- 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.
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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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 57.49 |
| Mkt Cap | 9.5 |
| Rev LTM | 843 |
| Op Inc LTM | 483 |
| FCF LTM | 587 |
| FCF 3Y Avg | 550 |
| CFO LTM | 587 |
| CFO 3Y Avg | 550 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.6% |
| Rev Chg 3Y Avg | 13.8% |
| Rev Chg Q | 10.5% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 15.3% |
| Op Inc Chg 3Y Avg | 17.6% |
| Op Mgn LTM | 50.5% |
| Op Mgn 3Y Avg | 49.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 69.5% |
| CFO/Rev 3Y Avg | 69.6% |
| FCF/Rev LTM | 69.5% |
| FCF/Rev 3Y Avg | 69.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Industrial & Distribution | 226 | 238 | 220 | ||
| Office | 137 | 144 | 155 | ||
| Retail | 133 | ||||
| Multi-Tenant Retail | 0 | 259 | 80 | ||
| Single-Tenant Retail | 165 | 61 | |||
| Revenue from tenants | 379 | 391 | |||
| Total | 495 | 805 | 515 | 379 | 391 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Industrial & Distribution | 207 | 216 | 205 |
| Office | 119 | 125 | 134 |
| Retail | 118 | ||
| Gain on dispositions of real estate investments | 95 | 57 | -2 |
| Multi-Tenant Retail | 0 | 173 | 53 |
| Operating fees to related parties | 0 | 0 | -28 |
| Settlement costs | 0 | 0 | -30 |
| Merger, transaction and other costs | -7 | -6 | -54 |
| Goodwill impairment | -7 | ||
| Equity-based compensation | -13 | -9 | -17 |
| General and administrative | -53 | -58 | -40 |
| Impairment charges | -158 | -90 | -69 |
| Depreciation and amortization | -191 | -350 | -222 |
| Single-Tenant Retail | 149 | 55 | |
| Total | 111 | 206 | -15 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Industrial & Distribution | 1,792 | 2,180 | 2,480 | 2,132 |
| Retail | 1,143 | 1,403 | ||
| Office | 875 | 1,039 | 1,231 | 1,357 |
| Cash and cash equivalents | 180 | 160 | 122 | 103 |
| Unbilled straight line rent | 73 | 90 | 84 | 73 |
| Operating lease right-of-use asset | 63 | 66 | 77 | 49 |
| Prepaid expenses and other assets | 60 | 52 | 122 | 64 |
| Real estate assets held for sale | 50 | 17 | ||
| Goodwill | 46 | 51 | 47 | 21 |
| Multi-tenant disposition receivable, net | 28 | 0 | ||
| Deferred financing costs, net | 17 | 10 | 15 | 13 |
| Restricted cash | 14 | 65 | 41 | 1 |
| Deferred tax assets | 5 | 5 | 5 | 4 |
| Assets of discontinued operations | 0 | 1,816 | ||
| Derivative assets, at fair value | 0 | 2 | 11 | 37 |
| Assets held for sale | 3 | |||
| Multi-Tenant Retail | 2,174 | 0 | ||
| Single-Tenant Retail | 1,688 | 107 | ||
| Due from related parties | 0 | |||
| Total | 4,347 | 6,956 | 8,099 | 3,962 |
Price Behavior
| Market Price | $8.88 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 06/02/2015 | |
| Distance from 52W High | -7.1% | |
| 50 Days | 200 Days | |
| DMA Price | $9.05 | $8.60 |
| DMA Trend | up | down |
| Distance from DMA | -1.8% | 3.3% |
| 3M | 1YR | |
| Volatility | 23.1% | 23.6% |
| Downside Capture | 24.33 | 2.52 |
| Upside Capture | -1.98 | 38.20 |
| Correlation (SPY) | 8.0% | 12.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.03 | 0.11 | 0.21 | 0.31 | 0.22 | 0.63 |
| Up Beta | -0.69 | -0.25 | 0.17 | -0.00 | 0.15 | 0.63 |
| Down Beta | -0.10 | -0.00 | 0.09 | 0.39 | 0.22 | 0.54 |
| Up Capture | -0% | -2% | 14% | 40% | 30% | 36% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 7 | 16 | 29 | 59 | 119 | 363 |
| Down Capture | 50% | 53% | 44% | 36% | 14% | 89% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 30 | 58 | 118 | 360 |
[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 | |
|---|---|---|---|---|
| GNL | 36.4% | 23.5% | 1.25 | - |
| Sector ETF (XLRE) | 10.0% | 14.3% | 0.44 | 43.0% |
| Equity (SPY) | 17.6% | 12.7% | 1.00 | 11.8% |
| Gold (GLD) | 19.2% | 28.1% | 0.61 | 15.4% |
| Commodities (DBC) | 34.7% | 19.1% | 1.42 | -9.8% |
| Real Estate (VNQ) | 13.8% | 14.1% | 0.69 | 45.9% |
| Bitcoin (BTCUSD) | -46.2% | 42.9% | -1.32 | 6.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GNL | |
|---|---|---|---|---|
| GNL | -2.5% | 28.8% | -0.07 | - |
| Sector ETF (XLRE) | 3.1% | 19.2% | 0.06 | 66.0% |
| Equity (SPY) | 12.8% | 17.1% | 0.58 | 42.4% |
| Gold (GLD) | 17.0% | 18.4% | 0.75 | 14.0% |
| Commodities (DBC) | 9.6% | 19.5% | 0.38 | 10.8% |
| Real Estate (VNQ) | 3.0% | 18.9% | 0.06 | 69.8% |
| Bitcoin (BTCUSD) | 15.3% | 53.4% | 0.47 | 17.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GNL | |
|---|---|---|---|---|
| GNL | 0.6% | 33.2% | 0.10 | - |
| Sector ETF (XLRE) | 6.5% | 20.4% | 0.27 | 66.5% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 52.3% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 10.1% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 19.7% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 72.2% |
| Bitcoin (BTCUSD) | 58.1% | 66.2% | 0.98 | 16.1% |
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Returns Analyses
Earnings Returns History
Updated 7/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -1.3% | -0.2% | 2.6% |
| 2/25/2026 | -3.1% | -3.3% | -6.2% |
| 11/5/2025 | 5.2% | 3.3% | 7.0% |
| 8/6/2025 | 9.1% | 12.0% | 17.2% |
| 5/7/2025 | 4.3% | 5.0% | 2.5% |
| 2/27/2025 | 6.2% | 7.7% | 6.2% |
| 11/6/2024 | 0.3% | -5.8% | -10.1% |
| 8/6/2024 | -2.3% | -3.1% | 5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 17 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 2.4% | 5.0% | 6.2% |
| Median Negative | -1.9% | -3.3% | -7.6% |
| Max Positive | 9.1% | 12.0% | 19.5% |
| Max Negative | -3.1% | -10.7% | -15.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -1.3% | -0.2% | 2.6% |
| 2/25/2026 | -3.1% | -3.3% | -6.2% |
| 11/5/2025 | 5.2% | 3.3% | 7.0% |
| 8/6/2025 | 9.1% | 12.0% | 17.2% |
| 5/7/2025 | 4.3% | 5.0% | 2.5% |
| 2/27/2025 | 6.2% | 7.7% | 6.2% |
| 11/6/2024 | 0.3% | -5.8% | -10.1% |
| 8/6/2024 | -2.3% | -3.1% | 5.1% |
| 5/7/2024 | 0.4% | 6.4% | 5.8% |
| 2/27/2024 | -2.5% | -2.7% | 4.0% |
| 11/7/2023 | -1.5% | 1.4% | 10.5% |
| 8/3/2023 | 0.5% | 5.8% | 8.0% |
| 5/10/2023 | -1.4% | -10.7% | -4.0% |
| 2/23/2023 | 3.1% | 1.0% | -15.4% |
| 11/3/2022 | 3.3% | 3.6% | 12.6% |
| 8/4/2022 | -2.6% | 0.2% | -9.0% |
| 5/5/2022 | -0.6% | -7.9% | 3.6% |
| 2/24/2022 | 1.8% | 5.0% | 7.4% |
| 11/4/2021 | -3.1% | -3.8% | -10.6% |
| 8/5/2021 | 2.4% | -0.6% | -3.9% |
| 5/6/2021 | -0.6% | -3.7% | 4.6% |
| 2/24/2021 | 2.4% | -3.0% | -5.0% |
| 1/7/2021 | 0.4% | 1.9% | 5.1% |
| 11/5/2020 | 1.0% | 10.7% | 19.5% |
| 8/5/2020 | 2.1% | 6.6% | 6.2% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 17 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 2.4% | 5.0% | 6.2% |
| Median Negative | -1.9% | -3.3% | -7.6% |
| Max Positive | 9.1% | 12.0% | 19.5% |
| Max Negative | -3.1% | -10.7% | -15.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO Per Share | 0.8 | 0.82 | 0.84 | 0 | Affirmed | Guidance: 0.82 for 2026 | |
| 2026 Net Debt to Adjusted EBITDA | 6.5 | 6.7 | 6.9 | 0 | Affirmed | Guidance: 6.7 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO Per Share | 0.8 | 0.82 | 0.84 | -14.6% | Lower New | Guidance: 0.96 for 2025 | |
| 2026 Net Debt to Adjusted EBITDA | 6.5 | 6.7 | 6.9 | -1.5% | Lower New | Guidance: 6.8 for 2025 | |
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO Per Share | 0.95 | 0.96 | 0.97 | 2.1% | Raised | Guidance: 0.94 for 2025 | |
| 2025 Net Debt to Adjusted EBITDA | 6.5 | 6.8 | 7.1 | 0 | Affirmed | Guidance: 6.8 for 2025 | |
Insider Activity
Updated 7/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Weil, Edward M JR | CEO, President | Direct | Sell | 7112025 | 7.61 | 150,000 | 1,141,500 | 4,444,643 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Weil, Edward M JR | CEO, President | Direct | Sell | 7112025 | 7.61 | 150,000 | 1,141,500 | 4,444,643 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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