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GNL

Global Net Lease, Inc.

GNL

Global Net Lease, Inc. • NYSE
$8.21 ▼ -0.12% (-0.01)
Market Cap $1.80 B
52w High $8.38
52w Low $6.51
Dividend Yield 0.76%
P/E -6.52
Volume 727.41K
Outstanding Shares 219.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $121.013M ▼ $122.526M ▲ $-60.116M ▼ -49.677% ▼ $-0.32 ▼ $32.476M ▼
Q2-2025 $124.905M ▼ $70.59M ▼ $-24.143M ▲ -19.329% ▲ $-0.16 ▲ $72.168M ▼
Q1-2025 $132.415M ▼ $146.336M ▲ $-189.379M ▼ -143.019% ▼ $-0.87 ▼ $97.382M ▼
Q4-2024 $199.115M ▲ $99.656M ▼ $-6.522M ▲ -3.275% ▲ $-0.076 ▲ $159.142M ▲
Q3-2024 $196.564M $145.101M $-65.635M -33.391% $-0.33 $102.854M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $165.095M ▲ $4.765B ▼ $3.064B ▼ $1.701B ▼
Q2-2025 $144.809M ▼ $4.985B ▼ $3.153B ▼ $1.832B ▼
Q1-2025 $147.047M ▼ $5.789B ▼ $3.874B ▼ $1.916B ▼
Q4-2024 $159.698M ▲ $6.956B ▼ $4.769B ▼ $2.187B ▼
Q3-2024 $127.249M $7.336B $5.061B $2.273B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-60.116M ▼ $56.034M ▲ $131.021M ▼ $-163.468M ▲ $20.461M ▲ $49.414M ▲
Q2-2025 $-35.079M ▲ $52.027M ▼ $353.251M ▼ $-445.002M ▲ $-24.043M ▼ $42.204M ▼
Q1-2025 $-189.379M ▼ $59.167M ▼ $900.746M ▲ $-975.631M ▼ $-18.017M ▼ $49.411M ▼
Q4-2024 $-6.649M ▲ $74.799M ▲ $244.552M ▲ $-265.008M ▲ $43.433M ▲ $61.954M ▲
Q3-2024 $-65.635M $62.126M $234.221M $-280.291M $8.282M $47.822M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Real Estate Investing
Real Estate Investing
 $0 ▲$130.00M ▲$120.00M ▼$120.00M ▲
Office Segment
Office Segment
 $40.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with a particularly strong step‑up in the most recent year, likely reflecting portfolio expansion and the strategic shift to single‑tenant net lease assets. Operating profit has generally been positive, showing that the core property portfolio can earn a reasonable margin after expenses. However, bottom‑line results tell a different story. After several years of roughly breakeven profitability, net income has turned meaningfully negative in the last two years. This suggests that items such as higher interest costs, depreciation, transaction or restructuring expenses, and possibly one‑off charges are weighing heavily on reported earnings. In short, the business appears healthier at the operating level than the net loss figures alone would suggest, but earnings volatility and recent losses are clear risk flags.

Balance Sheet

Balance Sheet The balance sheet shows a sizable real estate asset base that expanded sharply in the middle of the period and then contracted somewhat as the company reshaped its portfolio. Debt has also risen significantly over time, leaving the company with a fairly leveraged profile, though there are signs of modest improvement as debt has started to tick down while equity has increased. Cash on hand is relatively small compared with the overall asset base, which is typical for many REITs that rely on ongoing rental cash flows and access to capital markets. The recent upgrade to an investment‑grade credit rating, as mentioned in the qualitative research, is an important offsetting strength, as it can lower borrowing costs and improve financial flexibility. Even so, leverage and interest rate sensitivity remain key structural risks to monitor.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive and generally trending upward, which is important for a REIT whose main purpose is to produce steady rental income. Free cash flow has also remained positive throughout the period, even after reinvestment in the portfolio, indicating that the properties are throwing off cash in a relatively reliable way. Capital spending needs have been modest, largely because the business model centers on owning and leasing properties rather than heavy development. The contrast between healthy cash flows and weaker accounting earnings suggests that non‑cash charges and financing costs are driving reported losses, while the underlying real estate continues to support the cash side of the business.

Competitive Edge

Competitive Edge Global Net Lease competes as a diversified net‑lease REIT focused on single‑tenant, “mission‑critical” properties. Its main strengths are a high occupancy rate, long lease terms, and a tenant base tilted toward stronger credit quality. These features support stable, predictable rent streams and lower day‑to‑day property management burdens compared with multi‑tenant models. The company also benefits from broad geographic diversification across the U.S. and parts of Europe, which can smooth out local market swings. Its sale‑leaseback expertise and focus on essential facilities give it a clear niche. On the other hand, the strategy still faces familiar REIT headwinds: sensitivity to interest rates, competition for attractive properties, and potential exposure to weaker segments such as certain office markets. The recent move to simplify into a pure‑play single‑tenant platform should make the story clearer but concentrates the business in one specific model.

Innovation and R&D

Innovation and R&D This is not a technology‑driven company in the traditional sense. Its “innovation” is mostly about portfolio strategy, capital allocation, and disciplined underwriting rather than proprietary software or unique platforms. Management emphasizes proactive asset management, long‑term triple‑net leases, and sale‑leaseback structures as its main tools. There are references to adopting smart‑building solutions, data analytics, and energy‑efficiency initiatives, but public information does not point to any standout technological edge versus peers. ESG improvements and better use of data could gradually enhance operating efficiency and tenant satisfaction, yet these appear more evolutionary than revolutionary. In practical terms, Global Net Lease’s competitive edge rests more on execution quality and financial discipline than on R&D‑style innovation.

Summary

Global Net Lease has grown its revenue base and generally maintains solid operating profitability and positive cash flows, but recent years of net losses highlight pressure from financing costs, non‑cash charges, and possibly restructuring or transaction items. The balance sheet is asset‑rich but carries meaningful leverage, even though recent credit upgrades and some debt reduction are encouraging signs. The business model is built around long‑term, triple‑net leases on mission‑critical, single‑tenant properties with diversified geography and relatively strong tenants. This can provide resilience and visibility, but also leaves the company exposed to interest rate cycles and sector‑specific real estate risks. Innovation is incremental and focused on portfolio optimization and ESG rather than breakthrough technology. Overall, the story is one of a REIT with improving strategic focus and solid cash generation, offset by leverage, earnings volatility, and execution risk as it completes its transition to a pure‑play single‑tenant net‑lease platform.

NEWS

November 11, 2025 · 6:00 AM UTC

Global Net Lease Reiterates Customary Nature of Registration Statement

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November 5, 2025 · 4:15 PM UTC

Global Net Lease Reports Third Quarter 2025 Results

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October 17, 2025 · 6:00 AM UTC

Global Net Lease Upgraded to Investment Grade by Fitch Ratings

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October 16, 2025 · 6:00 AM UTC

Global Net Lease Announces Release Date for Third Quarter 2025 Results

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October 1, 2025 · 6:00 AM UTC

Global Net Lease, Inc. Announces Common Stock Dividend for the Fourth Quarter 2025

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