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GNL-PA

Global Net Lease, Inc.

GNL-PA

Global Net Lease, Inc. • NYSE
$22.33 ▼ -0.88% (-0.20)
Market Cap $1.63 B
52w High $24.23
52w Low $19.36
Dividend Yield 1.81%
P/E -164.17
Volume 1.25K
Outstanding Shares 72.02M

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 Q3-2023Q1-2024Q2-2024Q3-2024
Office Segment
Office Segment
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and operating profit have generally trended upward over the past several years, showing that the core property portfolio is producing more rent and doing so more efficiently. However, the bottom line has moved from small profits to meaningful losses recently. This suggests that items below operating income—such as higher interest costs, deal-related charges, or other non‑cash items—are weighing on reported earnings, even as the underlying property operations remain reasonably solid. The tension between stronger operating performance and weaker net income is a key theme here.

Balance Sheet

Balance Sheet The company carries a sizeable asset base funded with a high level of debt, which is typical for a real estate investment trust but still worth watching. Assets and debt both stepped up significantly in recent years, likely tied to portfolio growth or large transactions, and then eased slightly. Equity has grown over time but not as quickly as debt, which points to a leveraged capital structure. Overall, the balance sheet is functional for a REIT model but leaves less room for error if property values fall or financing costs stay elevated.

Cash Flow

Cash Flow Cash flow from the day‑to‑day property business has been consistently positive and has grown over time, which is a constructive sign for a net‑lease REIT. Investment spending on properties has been moderate and relatively predictable, allowing the company to regularly generate free cash flow after capital expenditures. This pattern indicates that, despite accounting losses in some years, the real estate portfolio is still throwing off cash that can support debt service and distributions, subject to management’s capital allocation choices and financing conditions.

Competitive Edge

Competitive Edge Global Net Lease competes as a diversified net‑lease landlord with tenants spread across the U.S., U.K., and Europe. Its edge comes less from technology and more from real estate fundamentals: long‑term leases, mission‑critical properties, and a focus on creditworthy tenants. The shift toward a pure-play single‑tenant net‑lease model is intended to make cash flows more predictable and easier to understand. At the same time, this is a crowded space where access to low‑cost capital, disciplined underwriting, and tenant quality all matter greatly, and high leverage can be a competitive disadvantage when interest rates are elevated.

Innovation and R&D

Innovation and R&D Innovation here is strategic rather than technological. The company’s distinctive capability lies in structuring sale‑leaseback deals, acting as a capital partner for operating companies that want to unlock real estate value while staying in their properties. Management is also treating portfolio reshaping—selling non‑core assets and concentrating on industrial, distribution, and single‑tenant office—as an ongoing “innovation” in business mix. There is no evidence of unique proprietary tech; instead, the focus is on financial structuring, portfolio optimization, and balance sheet repair as the main levers for improvement.

Summary

Global Net Lease shows a mixed picture: improving property‑level performance and steady cash generation paired with accounting losses and a fairly leveraged balance sheet. The strategy centers on being a focused net‑lease REIT with long‑term, mission‑critical assets and a niche in sale‑leaseback transactions. Execution on portfolio simplification and debt management will be crucial in determining whether the stronger operating trends can translate into more durable and visible overall profitability. For observers, the main things to watch are ongoing progress in reducing financial strain, maintaining tenant quality, and sustaining predictable cash flows from the streamlined portfolio.