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Global Net Lease (GNL)
NYSE:GNL
Earnings Data
Report Date
May 13, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.26Last Year’s EPS
-0.87Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a predominantly positive narrative: management delivered a transformational 2025 (~$3.4B dispositions, meaningful deleveraging, credit upgrades, portfolio simplification, strong leasing and liquidity, and share repurchases) and is positioned to transition from defensive deleveraging to disciplined, accretive capital recycling in 2026. However, the company set more conservative per-share guidance for 2026 (AFFO down vs 2025), retains office exposure that requires further disposal execution, and faces macro and geographic uncertainties that could affect timing and economics of transactions. On balance, the accomplishments, improved credit profile, savings in interest expense, and demonstrated capital allocation discipline outweigh the near-term headwinds and conservative guidance.Company Guidance
Major Dispositions Completed
Completed approximately $3.4 billion of dispositions to date in 2024–2025, including a $1.8 billion multi-tenant retail portfolio sale and the McLaren campus sale for £250 million (~$108 million value above acquisition). Disposition cap rates cited: 7.6% (occupied single-tenant non-core, $995M) and 8.2% (occupied multi-tenant, $2.0B).
Material Deleveraging
Reduced outstanding debt by more than $2.8 billion since 2023 and improved net debt to Adjusted EBITDA from 8.4x to 6.7x over the same period, providing greater financial flexibility.
Refinancing and Improved Credit Profile
Executed a $1.8 billion refinancing of the revolving credit facility, extending maturity to August 2030 with better pricing and liquidity; Fitch upgraded the corporate credit rating to investment-grade BBB- (from BB+), and S&P lifted the corporate rating to BB+.
Strong Portfolio Quality and Operating Metrics
Portfolio of 820 properties (~41 million rentable sq ft) with 97% occupancy, weighted average remaining lease term (WALT) of 6.1 years, and 66% of tenants investment-grade or implied investment-grade. Top 10 tenants account for 29% of straight-line rent with no single tenant >6%.
Leasing and Rent Growth
Executed leases on more than 3.7 million sq ft in 2025 with renewal spreads of ~12% above expiring rents. New leases averaged ~5.2 years and renewals ~6.5 years, supporting cash-flow visibility.
Improved Borrowing Costs and Interest Savings
Weighted average interest rate declined to 4.2% from 4.8% in 2024 (≈12.5% relative reduction). Quarterly interest expense fell 45% year-over-year to $42.6 million (from $77.2 million), and 98% of debt is effectively fixed.
Strong Liquidity Position
Liquidity of approximately $961.9 million and revolving credit facility capacity of $1.5 billion as of 12/31/2025 (up from $492.2 million liquidity and $460.0 million revolver capacity at end of 2024).
Share Repurchases and Shareholder Returns
Repurchased 17.2 million shares through 02/20/2026 for $135.9 million at a weighted average price of $7.88 (implied AFFO yield ~12%); stock appreciated ~20% since repurchases. Total return for 2025 was 32% vs 6% for the net lease sector (+26 percentage points).
Financial Results — Q4 and Full Year 2025
Q4 2025 revenue of $117.0 million and net income attributable to common stockholders of $37.2 million. AFFO was $48.5 million ($0.22 per share) in Q4 and $0.99 per share for full-year 2025, exceeding prior guidance ($0.95–$0.97).
2026 Guidance and Strategic Shift to Capital Recycling
Established initial 2026 guidance of AFFO $0.80–$0.84 per share and net debt to Adjusted EBITDA of 6.5x–6.9x. Guidance assumes gross transaction volume of $250–$350 million (acquisitions + dispositions) and a measured move toward accretive redeployment into single-tenant industrial and retail on a leverage-neutral basis.
GNL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
GNL Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $9.48 | ― | ― |
Nov 05, 2025 | $7.39 | $7.77 | +5.17% |
Aug 06, 2025 | $6.54 | $7.13 | +9.05% |
May 07, 2025 | $7.01 | $7.31 | +4.25% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Global Net Lease (GNL) report earnings?
Global Net Lease (GNL) is schdueled to report earning on May 13, 2026, Before Open (Confirmed).
What is Global Net Lease (GNL) earnings time?
Global Net Lease (GNL) earnings time is at May 13, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GNL EPS forecast?
GNL EPS forecast for the fiscal quarter 2026 (Q1) is 0.26.