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Global Net Lease
(NYSE:GNL)
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Rating:56Neutral
Price Target:
$9.00
â–²(1.35% Upside)
Action:Reiterated
Date:08/17/26
GNL scores moderately due to improving but still mixed financial performance (ongoing GAAP losses and elevated leverage offset by strong, growing free cash flow). The latest earnings call adds support via raised AFFO guidance and a strategy centered on balance-sheet improvement and portfolio quality upgrades, while technical indicators remain neutral-to-weak and valuation is helped mainly by the high dividend yield despite a negative P/E.
Positive Factors
Industrial Portfolio Upgrade
The Modiv acquisition strengthens portfolio quality through greater industrial exposure, 15-year average leases and 2.4% annual escalations. Its longer lease duration and expected earnings-quality improvement should make rental cash flows more durable over the next several quarters.
Negative Factors
Elevated Leverage
Although leverage has improved, GNL still carries substantial debt relative to equity and operates near its stated net-debt-to-adjusted-EBITDA target. This limits balance-sheet flexibility and could constrain acquisitions or resilience if property cash flows weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Industrial Portfolio Upgrade
The Modiv acquisition strengthens portfolio quality through greater industrial exposure, 15-year average leases and 2.4% annual escalations. Its longer lease duration and expected earnings-quality improvement should make rental cash flows more durable over the next several quarters.
Read all positive factors
Global Net Lease (GNL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.10B
Dividend Yield8.41%
Average Volume (3M)2.70M
Price to Earnings (P/E)―
Beta (1Y)0.26
Revenue Growth-29.60%
EPS Growth77.14%
CountryUS
Employees56
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.27
Shares Outstanding231,317,860
10 Day Avg. Volume2,427,803
30 Day Avg. Volume2,701,366
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)1.15
Price to Sales (P/S)3.86
P/FCF Ratio10.14
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$11.00Price Target Upside23.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.09
Revenue Forecast (FY)$451.78M
Global Net Lease Business Overview & Revenue Model
Company Description
Global Net Lease, Inc. (GNL) is a publicly traded real estate investment trust (REIT) that owns and manages a portfolio of commercial real estate properties that are primarily net leased to tenants. The company focuses on single-tenant properties ...
How the Company Makes Money
GNL primarily makes money by acquiring and owning income-producing commercial properties and leasing them to tenants under long-term net lease structures. Under net leases, tenants generally pay base rent and, depending on lease terms, may also be...
Global Net Lease Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive progress: an accretive, strategic Modiv acquisition that meaningfully improves portfolio quality and WALT; material balance sheet improvements including a ~$621M reduction in gross debt, stronger liquidity, lower capex and modest AFFO growth; disciplined capital recycling with attractive disposition and acquisition cap rate dynamics; and continued leasing strength and tenant-credit improvements. Principal risks include reliance on the timely closing of the Modiv transaction for guidance and accretion, a remaining concentration of office assets during the transition to a more industrial-heavy portfolio, a Q2 GAAP net loss (offset by positive AFFO), and leverage that—while improved—remains material. On balance, the positive items and forward-looking accretion and guidance increases outweigh the lowlights.Positive Updates
Strategic, Accretive Modiv Acquisition
Proposed acquisition of Modiv expected to close mid-August 2026; Modiv portfolio features a 15-year weighted average remaining lease term and 2.4% annual contractual rent escalations. Transaction is expected to extend company WALT to 6.6 years, increase industrial exposure to ~50% of total straight-line rent, be roughly 4% accretive to AFFO per share, and be leverage-neutral.
Negative Updates
GAAP Net Loss Despite Positive AFFO
Reported a net loss attributable to common stockholders of $7.5M in Q2 2026 while AFFO remained positive at $45.7M ($0.22 per share), indicating non‑cash or one-time items are impacting GAAP results and introducing some volatility between GAAP and cash performance measures.
Read all updates
Q2-2026 Updates
Positive
Negative
Strategic, Accretive Modiv Acquisition
Proposed acquisition of Modiv expected to close mid-August 2026; Modiv portfolio features a 15-year weighted average remaining lease term and 2.4% annual contractual rent escalations. Transaction is expected to extend company WALT to 6.6 years, increase industrial exposure to ~50% of total straight-line rent, be roughly 4% accretive to AFFO per share, and be leverage-neutral.
Read all positive updates
Company Guidance
Management raised full‑year AFFO per share guidance from a prior $0.80–$0.84 range to a new $0.82–$0.85 range, materially increased gross transaction volume guidance from prior ~$250–$350 million to $700–$800 million, and reaffirmed a net‑debt-to‑adjusted‑EBITDA target of 6.5x–6.9x (the company reported 6.6x at quarter‑end on $2.3B net debt); the updated outlook assumes roughly 1.5 quarters of contribution from the anticipated mid‑August Modiv close (Modiv is expected to be ~4% accretive to AFFO per share and leverage‑neutral, and to extend portfolio WALT to 6.6 years while increasing industrial exposure to ~50% of straight‑line rent), with the company entering the guidance period having $2.5B gross debt, ~92% fixed‑rate debt, a 4.1% weighted average interest rate, 3.2x interest coverage, ~ $919M liquidity and $1.3B revolver capacity.Global Net Lease Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
45
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 459.73M | 497.89M | 805.01M | 515.07M | 378.86M | 391.23M |
| Gross Profit | 319.29M | 64.30M | 662.51M | 364.46M | 345.98M | 358.48M |
| EBITDA | 345.90M | 269.08M | 568.88M | 215.72M | 279.43M | 285.54M |
| Net Income | -13.53M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M |
Balance Sheet | ||||||
| Total Assets | 4.07B | 4.35B | 6.96B | 8.10B | 3.96B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 167.99M | 180.11M | 159.70M | 121.57M | 103.33M | 89.67M |
| Total Debt | 2.46B | 2.58B | 4.64B | 5.29B | 2.44B | 2.48B |
| Total Liabilities | 2.56B | 2.68B | 4.77B | 5.46B | 2.51B | 2.56B |
| Stockholders Equity | 1.51B | 1.66B | 2.19B | 2.64B | 1.44B | 1.62B |
Cash Flow | ||||||
| Free Cash Flow | 201.18M | 189.40M | 253.84M | 96.45M | 151.88M | 184.57M |
| Operating Cash Flow | 218.39M | 222.79M | 299.47M | 143.74M | 181.82M | 192.49M |
| Investing Cash Flow | 708.51M | 1.80B | 759.90M | -551.90M | -16.54M | -436.57M |
| Financing Cash Flow | -932.02M | -2.06B | -995.36M | 469.01M | -149.74M | 218.32M |
Global Net Lease Risk Analysis
Global Net Lease disclosed 54 risk factors in its most recent earnings report. Global Net Lease reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Net Lease Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $6.80B | 23.91 | 6.37% | 3.83% | 22.73% | 7.26% | |
67 Neutral | $16.41B | 24.30 | 7.83% | 4.82% | 8.96% | 92.38% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $4.07B | 27.79 | 5.00% | 5.21% | 6.71% | 46.35% | |
59 Neutral | $633.14M | 24.32 | 9.73% | 8.49% | 10.78% | -30.46% | |
58 Neutral | $532.75M | 16.44 | 10.50% | 7.16% | 9.52% | 21.63% | |
56 Neutral | $2.10B | -33.48 | -0.84% | 8.56% | -29.60% | 77.14% |
* Real Estate Sector Average
GNL
Global Net Lease
9.04
1.84
25.49%
GOOD
Gladstone Commercial
12.91
0.87
7.21%
OLP
One Liberty Properties
24.17
2.53
11.69%
WPC
W. P. Carey Inc.
71.20
8.59
13.71%
EPRT
Essential Properties Realty
30.84
0.79
2.61%
BNL
Broadstone Net Lease
21.12
3.99
23.30%
Global Net Lease Corporate Events
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsPrivate Placements and Financing
Global Net Lease Closes Modiv Industrial All-Stock Acquisition
Positive
Aug 13, 2026
On August 12, 2026, Global Net Lease, Inc. completed its all-stock acquisition of Modiv Industrial, Inc., adding a $535 million portfolio of primarily industrial net-lease properties in the U.S. and delisting Modiv’s securities from the NYSE...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Global Net Lease Q2 Results Highlight Portfolio Repositioning
Positive
Aug 6, 2026
On August 6, 2026, Global Net Lease reported second-quarter 2026 results that underscored its ongoing portfolio repositioning and capital recycling strategy, including sustained 97% occupancy across 798 properties and an industry-leading 63% inves...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Global Net Lease Reports Stronger Q2 and Raises Guidance
Positive
Aug 5, 2026
On August 5, 2026, Global Net Lease reported second-quarter 2026 results showing revenue of $112.5 million and a narrowed net loss of $7.5 million, as prior non-core asset dispositions weighed on top-line performance. Adjusted funds from operation...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Global Net Lease Highlights Strategic Progress and Portfolio Optimization
Positive
Aug 5, 2026
On August 5, 2026, Global Net Lease released its second-quarter 2026 investor presentation, highlighting continued execution of its strategic plan, including $263 million of year-to-date closed transactions and disposition pipeline through July 31...
Business Operations and StrategyFinancial Disclosures
Global Net Lease Schedules Q2 2026 Earnings Release
Neutral
Jul 17, 2026
On July 16, 2026, Global Net Lease, Inc. announced it will release financial results for the second quarter ended June 30, 2026 after the New York Stock Exchange closes on August 5, 2026. The REIT will follow the release with a management-hosted c...
Business Operations and StrategyExecutive/Board Changes
Global Net Lease CEO Separation Reshapes Governance Structure
Neutral
Jul 10, 2026
Effective July 2, 2026, Global Net Lease CEO and President Edward M. Weil, Jr. entered into a separation agreement with Bellevue Capital Partners LLC, the parent of the company’s former advisor and property manager, ending his association wi...
Dividends
Global Net Lease Declares Third-Quarter 2026 Dividend
Positive
Jul 1, 2026
On July 1, 2026, Global Net Lease, Inc. declared a third-quarter 2026 common stock dividend of $0.190 per share, payable on July 17, 2026 to shareholders of record as of July 13, 2026. The company reiterated that its board-authorized common divide...
Business Operations and StrategyM&A Transactions
Global Net Lease advances strategic shift with asset sales
Positive
Jun 29, 2026
Global Net Lease, Inc. announced on June 29, 2026 that since the first quarter of 2026 it had completed $74 million of asset sales, including $66 million of occupied properties at a 7.2% cash cap rate, with office buildings accounting for 93% of t...
Dividends
Global Net Lease Declares Quarterly Preferred Stock Dividends
Positive
Jun 18, 2026
On June 18, 2026, Global Net Lease, Inc. declared quarterly dividends on its preferred stock series, underscoring continued cash returns to income-focused investors. The company set July 2, 2026 as the record date and July 15, 2026 as the payment ...
Executive/Board ChangesShareholder Meetings
Global Net Lease Shareholders Back Board and Executive Pay
Positive
May 26, 2026
Global Net Lease, Inc. held its annual meeting of stockholders on May 21, 2026, where shareholders elected eight directors to serve until the 2027 annual meeting and ratified PricewaterhouseCoopers LLP as the independent auditor for the 2026 fisca...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.