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): $9.075Market 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 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 generationCFO/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 volatilityVol 12M is 21% 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 -8.8%, 3Y Excs Rtn is -47% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -10.0% 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 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 generationCFO/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 volatilityVol 12M is 21% |
| 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 -8.8%, 3Y Excs Rtn is -47% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 120% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg QQuarterly Revenue Change % is -10.0% |
| Key risksGNL key risks include [1] execution challenges with its aggressive deleveraging strategy reliant on significant asset sales, Show more. |
Qualitative Assessment
AI Analysis | Feedback
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
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 $7.5 million for fiscal Q2 2026, alongside negative return on equity of 1.00% and a negative net margin of 2.94%. These persistent profitability challenges and a still elevated debt profile in a period of anticipated rising interest rates likely acted as a headwind, preventing a stronger positive reaction to the company's strategic and operational successes.
Show less
Stock Movement Drivers
Fundamental Drivers
The -1.0% change in GNL stock from 5/31/2026 to 9/10/2026 was primarily driven by a -2.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.17 | 9.08 | -1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 472 | 460 | -2.6% |
| P/S Multiple | 4.2 | 4.2 | 0.4% |
| Shares Outstanding (Mil) | 214 | 211 | 1.3% |
| Cumulative Contribution | -1.0% |
Market Drivers
5/31/2026 to 9/10/2026| Return | Correlation | |
|---|---|---|
| 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) | 2282026 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.04 | 9.08 | 0.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 495 | 460 | -7.2% |
| P/S Multiple | 4.0 | 4.2 | 4.4% |
| Shares Outstanding (Mil) | 219 | 211 | 3.6% |
| Cumulative Contribution | 0.4% |
Market Drivers
2/28/2026 to 9/10/2026| Return | Correlation | |
|---|---|---|
| GNL | 0.4% | |
| 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) | 8312025 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.21 | 9.08 | 25.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 534 | 460 | -13.9% |
| P/S Multiple | 3.0 | 4.2 | 38.5% |
| Shares Outstanding (Mil) | 223 | 211 | 5.5% |
| Cumulative Contribution | 25.9% |
Market Drivers
8/31/2025 to 9/10/2026| Return | Correlation | |
|---|---|---|
| GNL | 25.9% | |
| 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) | 8312023 | 9102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.88 | 9.08 | 15.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 377 | 460 | 22.0% |
| P/S Multiple | 2.2 | 4.2 | 91.6% |
| Shares Outstanding (Mil) | 104 | 211 | -50.7% |
| Cumulative Contribution | 15.2% |
Market Drivers
8/31/2023 to 9/10/2026| Return | Correlation | |
|---|---|---|
| GNL | 15.2% | |
| Market (SPY) | 74.2% | 32.2% |
| Sector (XLRE) | 27.7% | 62.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GNL Return | -2% | -7% | -9% | -15% | 32% | 13% | 4% |
| Peers Return | 24% | -4% | -2% | 6% | 9% | 9% | 49% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| GNL Win Rate | 50% | 42% | 50% | 25% | 67% | 33% | |
| Peers Win Rate | 62% | 52% | 42% | 57% | 58% | 58% | |
| S&P 500 Win Rate | 75% | 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
| 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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| 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.
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.
- 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.
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.
- 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.
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.
Peer Outperformance in Diversified REITs
| Industry | Names | 1Y med | 3Y med | 5Y 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% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.71 |
| Mkt Cap | 8.4 |
| Rev LTM | 866 |
| Op Inc LTM | 489 |
| FCF LTM | 603 |
| FCF 3Y Avg | 561 |
| CFO LTM | 603 |
| CFO 3Y Avg | 561 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.5% |
| Rev Chg 3Y Avg | 13.5% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 15.9% |
| Op Inc Chg 3Y Avg | 18.7% |
| Op Mgn LTM | 50.6% |
| Op Mgn 3Y Avg | 49.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 68.3% |
| CFO/Rev 3Y Avg | 69.7% |
| FCF/Rev LTM | 68.3% |
| FCF/Rev 3Y Avg | 69.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Industrial & Distribution | 226 | 238 | 220 | 212 | 203 |
| Office | 137 | 144 | 150 | 150 | 172 |
| Retail | 133 | 166 | 66 | ||
| Multi-Tenant Retail | 0 | 23 | 10 | 0 | 0 |
| Single-Tenant Retail | 17 | 17 | |||
| Total | 495 | 570 | 446 | 379 | 391 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Industrial & Distribution | 207 | 216 | 205 | 198 | 189 |
| Office | 119 | 125 | 130 | 132 | 153 |
| Retail | 118 | 150 | 60 | ||
| Gain on dispositions of real estate investments | 95 | 57 | -2 | 0 | 1 |
| Multi-Tenant Retail | 0 | 15 | 7 | 0 | 0 |
| Operating fees to related parties | 0 | 0 | -28 | -40 | -39 |
| Settlement costs | 0 | 0 | -30 | 0 | 0 |
| Merger, transaction and other costs | -7 | -6 | -54 | -0 | -0 |
| Goodwill impairment | -7 | 0 | 0 | ||
| 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 | 16 | 16 | |||
| Total | 111 | 188 | -15 | 101 | 112 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Industrial & Distribution | 1,792 | 2,180 | 2,480 |
| Retail | 1,143 | 1,403 | |
| Office | 875 | 1,039 | 1,231 |
| Cash and cash equivalents | 180 | 160 | 122 |
| Unbilled straight line rent | 73 | 90 | 84 |
| Operating lease right-of-use asset | 63 | 66 | 77 |
| Prepaid expenses and other assets | 60 | 52 | 122 |
| Real estate assets held for sale | 50 | 17 | |
| Goodwill | 46 | 51 | 47 |
| Multi-tenant disposition receivable, net | 28 | 0 | |
| Deferred financing costs, net | 17 | 10 | 15 |
| Restricted cash | 14 | 65 | 41 |
| Deferred tax assets | 5 | 5 | 5 |
| Assets of discontinued operations | 0 | 1,816 | |
| Derivative assets, at fair value | 0 | 2 | 11 |
| Assets held for sale | 3 | ||
| Due from related parties | 0 | ||
| Multi-Tenant Retail | 2,174 | ||
| Single-Tenant Retail | 1,688 | ||
| Total | 4,347 | 6,956 | 8,099 |
Price Behavior
| Market Price | $9.08 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 06/02/2015 | |
| Distance from 52W High | -5.0% | |
| 50 Days | 200 Days | |
| DMA Price | $8.99 | $8.88 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 1.1% | 2.2% |
| 3M | 1YR | |
| Volatility | 24.1% | 21.5% |
| Downside Capture | -12.47 | 0.73 |
| Upside Capture | -17.44 | 22.72 |
| Correlation (SPY) | -6.0% | 7.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.46 | -0.17 | -0.05 | 0.26 | 0.13 | 0.60 |
| Up Beta | -0.53 | -0.54 | -0.59 | -0.01 | 0.00 | 0.61 |
| Down Beta | 0.23 | 1.23 | 0.58 | 0.57 | 0.27 | 0.55 |
| Up Capture | -1% | -13% | -7% | 21% | 19% | 28% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 20 | 27 | 57 | 120 | 359 |
| Down Capture | -146% | -72% | -10% | 32% | -2% | 87% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 21 | 33 | 63 | 119 | 365 |
[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 | 21.0% | 21.4% | 0.79 | - |
| Sector ETF (XLRE) | 5.4% | 14.0% | 0.14 | 39.6% |
| Equity (SPY) | 17.6% | 12.8% | 0.99 | 7.6% |
| Gold (GLD) | 18.7% | 29.2% | 0.59 | 15.8% |
| Commodities (DBC) | 47.9% | 20.4% | 1.81 | -7.7% |
| Real Estate (VNQ) | 6.6% | 13.6% | 0.22 | 42.9% |
| Bitcoin (BTCUSD) | -29.9% | 43.8% | -0.68 | 5.5% |
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% | -0.06 | 65.3% |
| Equity (SPY) | 12.4% | 17.2% | 0.55 | 41.4% |
| Gold (GLD) | 18.5% | 18.8% | 0.80 | 14.2% |
| Commodities (DBC) | 11.5% | 19.5% | 0.46 | 10.3% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 69.0% |
| Bitcoin (BTCUSD) | 9.9% | 52.6% | 0.37 | 17.4% |
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 | |
|---|---|---|---|---|
| GNL | 0.9% | 33.3% | 0.11 | - |
| Sector ETF (XLRE) | 6.1% | 20.4% | 0.25 | 66.3% |
| Equity (SPY) | 15.1% | 17.9% | 0.71 | 51.9% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 10.3% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 19.6% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.19 | 72.0% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 5.2% | 4.3% | 6.0% |
| 5/5/2026 | -1.3% | -0.2% | 2.6% |
| 2/25/2026 | -3.1% | -3.3% | -6.2% |
| 11/5/2025 | 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 17 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 2.4% | 4.6% | 6.0% |
| 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 |
| 8/5/2026 | 5.2% | 4.3% | 6.0% |
| 5/5/2026 | -1.3% | -0.2% | 2.6% |
| 2/25/2026 | -3.1% | -3.3% | -6.2% |
| 11/5/2025 | 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% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 17 |
| # Negative | 10 | 11 | 8 |
| Median Positive | 2.4% | 4.6% | 6.0% |
| 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 |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO Per Share | Reported | 0.82 | 0.83 | 0.85 | 1.8% | Raised | Guidance: 0.82 for 2026 | |
| 2026 Gross Transaction Volume | Reported | 700.00 Mil | 750.00 Mil | 800.00 Mil | ||||
| 2026 AFFO Accretion | Reported | 0.04 | ||||||
| 2026 Net Debt to Adjusted EBITDA | Reported | 6.5 | 6.7 | 6.9 | Affirmed | Guidance: 6.7 for 2026 | ||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO Per Share | Reported | 0.8 | 0.82 | 0.84 | 0 | Affirmed | Guidance: 0.82 for 2026 | |
| 2026 Net Debt to Adjusted EBITDA | Reported | 6.5 | 6.7 | 6.9 | 0 | Affirmed | Guidance: 6.7 for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 AFFO Per Share | Reported | 0.8 | 0.82 | 0.84 | -14.6% | Lower New | Guidance: 0.96 for 2025 | |
| 2026 Net Debt to Adjusted EBITDA | Reported | 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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 AFFO Per Share | Reported | 0.95 | 0.96 | 0.97 | 2.1% | Raised | Guidance: 0.94 for 2025 | |
| 2025 Net Debt to Adjusted EBITDA | Reported | 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 |
Prefer one of these to Trefis? Tell us why.