Global Net Lease (GNL)
NYSE:GNL
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Global Net Lease
(NYSE:GNL)
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Rating:54Neutral
Price Target:
$9.50
â–¼(-1.66% Downside)
Action:ReiteratedDate:04/02/26
The score is held back mainly by weakened profitability, elevated leverage/declining equity, and some instability in reported financial statement figures, partially offset by resilient operating/free cash flow. Earnings-call developments (deleveraging, liquidity improvement, credit upgrades, and buybacks) provide a meaningful positive counterweight, while technicals are neutral and valuation is supported by a high dividend yield despite negative earnings.
Positive Factors
Cash Generation
Consistent positive operating cash flow and material free cash flow across 2024–2025 indicate durable internal funding for dividends, debt service and selective buybacks. This cash generation cushions earnings volatility and supports capital recycling without immediate reliance on capital markets.
Negative Factors
Elevated Leverage & Declining Equity
Despite recent paydowns, leverage and shrinking equity remain structural constraints. High leverage amplifies sensitivity to cash‑flow shocks or slower disposition proceeds, limiting flexibility for growth capex or larger acquisitions and sustaining refinancing and covenant risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistent positive operating cash flow and material free cash flow across 2024–2025 indicate durable internal funding for dividends, debt service and selective buybacks. This cash generation cushions earnings volatility and supports capital recycling without immediate reliance on capital markets.
Read all positive factors
Global Net Lease (GNL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.07B
Dividend Yield10.29%
Average Volume (3M)2.03M
Price to Earnings (P/E)―
Beta (1Y)0.30
Revenue Growth-28.94%
EPS Growth-28.24%
CountryUS
Employees73
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.16
Shares Outstanding214,186,000
10 Day Avg. Volume1,559,523
30 Day Avg. Volume2,027,405
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)1.15
Price to Sales (P/S)3.86
P/FCF Ratio10.14
Enterprise Value/Market Cap2.16
Enterprise Value/Revenue9.01
Enterprise Value/Gross Profit12.57
Enterprise Value/Ebitda12.57
Forecast
1Y Price Target
$11.00Price Target Upside13.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.07
Revenue Forecast (FY)$463.58M
Global Net Lease Business Overview & Revenue Model
Company Description
Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single ...
How the Company Makes Money
GNL makes money primarily by owning income-producing commercial real estate and collecting contractual rent from tenants under net lease arrangements. Under net leases, tenants are generally responsible for certain property-level operating costs (...
Global Net Lease Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
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.Positive Updates
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).
Negative Updates
Lower AFFO Guidance for 2026 Versus 2025
2026 AFFO guidance of $0.80–$0.84 per share compares to full-year 2025 AFFO of $0.99 per share — a decline of roughly 15%–19% versus 2025 (midpoint decline ≈17%), signaling more modest near-term per-share earnings expectations.
Read all updates
Q4-2025 Updates
Positive
Negative
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).
Read all positive updates
Company Guidance
Global Net Lease gave initial 2026 guidance calling for AFFO of $0.80–$0.84 per share and net debt to Adjusted EBITDA of 6.5x–6.9x, assuming gross transaction volume of $250M–$350M (acquisitions + dispositions) executed on a leverage‑neutral, accretive basis; that outlook follows 2025 results of AFFO $0.99 per share (Q4 AFFO $48.5M, $0.22/share), year‑end net debt of $2.5B (gross debt $2.6B) and net debt/Adjusted EBITDA of 6.7x, liquidity of ~$961.9M, $1.5B revolver capacity (revolver outstanding ~$324.2M), weighted average interest rate of 4.2%, interest coverage of 2.9x, ~216M shares outstanding after repurchasing 17.2M shares for $135.9M at a $7.88 average (implied AFFO yield ~12%).Global Net Lease Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
33
Negative
Cash Flow
61
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 497.89M | 805.01M | 515.07M | 378.86M | 391.23M |
| Gross Profit | 64.30M | 662.51M | 364.46M | 345.98M | 358.48M |
| EBITDA | 269.08M | 568.88M | 215.72M | 279.43M | 285.54M |
| Net Income | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M |
Balance Sheet | |||||
| Total Assets | 4.35B | 6.96B | 8.10B | 3.96B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 180.11M | 159.70M | 121.57M | 103.33M | 89.67M |
| Total Debt | 2.58B | 4.64B | 5.29B | 2.44B | 2.48B |
| Total Liabilities | 2.68B | 4.77B | 5.46B | 2.51B | 2.56B |
| Stockholders Equity | 1.66B | 2.19B | 2.64B | 1.44B | 1.62B |
Cash Flow | |||||
| Free Cash Flow | 189.40M | 253.84M | 96.45M | 151.88M | 184.57M |
| Operating Cash Flow | 222.79M | 299.47M | 143.74M | 181.82M | 192.49M |
| Investing Cash Flow | 1.80B | 759.90M | -551.90M | -16.54M | -436.57M |
| Financing Cash Flow | -2.06B | -995.36M | 469.01M | -149.74M | 218.32M |
Global Net Lease Technical Analysis
Positive
9.66
Price Trends
9.51
Positive
8.97
Positive
8.17
Positive
Market Momentum
0.03
Negative
59.78
Neutral
86.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GNL, the sentiment is Positive. The current price of 9.66 is above the 20-day moving average (MA) of 9.41, above the 50-day MA of 9.51, and above the 200-day MA of 8.17, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 59.78 is Neutral, neither overbought nor oversold. The STOCH value of 86.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GNL.
Global Net Lease Risk Analysis
Global Net Lease disclosed 70 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $15.70B | 30.43 | 5.68% | 5.51% | 5.59% | -34.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $3.82B | 31.75 | 3.41% | 6.72% | 3.87% | -37.59% | |
61 Neutral | $890.45M | 23.09 | 4.56% | 2.16% | 0.45% | -24.85% | |
56 Neutral | $1.19B | 16.06 | 5.29% | 7.31% | 5.95% | 5.06% | |
54 Neutral | $2.07B | -8.52 | -12.68% | 10.29% | -28.94% | -28.24% |
* Real Estate Sector Average
GNL
Global Net Lease
9.66
2.96
44.09%
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BNL
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Global Net Lease Corporate Events
Executive/Board ChangesShareholder Meetings
Global Net Lease Announces Retirement of Long-Serving Directors
Neutral
Apr 2, 2026
On April 1, 2026, Global Net Lease directors P. Sue Perrotty and former Pennsylvania Governor Edward Rendell informed the company they would not stand for re-election at the 2026 annual meeting and would retire at the end of their current terms. T...
Business Operations and StrategyDividends
Global Net Lease Declares Q2 2026 Common Dividend
Positive
Apr 1, 2026
On April 1, 2026, Global Net Lease, Inc. announced that its board declared a common stock dividend of $0.190 per share for the second quarter of 2026. The dividend will be paid on April 17, 2026, to shareholders of record as of the close of busine...
Dividends
Global Net Lease Declares Quarterly Preferred Stock Dividends
Positive
Mar 19, 2026
On March 19, 2026, Global Net Lease, Inc. declared quarterly cash dividends on four series of its preferred stock, underscoring continued capital returns to income-focused investors. The REIT set April 3, 2026 as the record date and April 15, 2026...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Global Net Lease Highlights Transformational 2025 Portfolio Dispositions
Positive
Feb 26, 2026
On February 26, 2026, Global Net Lease reported that 2025 was a transformational year marked by the completion of a $1.8 billion multi-tenant retail portfolio sale and a broader $3.4 billion disposition program that finished in December 2025, incl...
Business Operations and StrategyStock BuybackFinancial Disclosures
Global Net Lease Reports Strong 2025 Results, Deleveraging Progress
Positive
Feb 25, 2026
On February 25, 2026, Global Net Lease reported fourth-quarter and full-year 2025 results that showed a sharp swing to net income, exceeding its 2025 AFFO guidance despite lower revenue driven by asset sales. The REIT executed a large-scale deleve...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
Global Net Lease Highlights Strong 2025 Returns and Deleveraging
Positive
Feb 25, 2026
On February 25, 2026, Global Net Lease released a fourth-quarter 2025 investor presentation highlighting a 32% total shareholder return for 2025, far outpacing its net lease peers, and underscoring investor recognition of its strategic repositioni...
Financial Disclosures
Global Net Lease Schedules Q4 and Full-Year 2025 Results
Neutral
Feb 5, 2026
On February 5, 2026, Global Net Lease, Inc. announced it will release its financial results for the fourth quarter and full year ended December 31, 2025, after the market close on February 25, 2026. The company will follow this with a management-l...
DividendsRegulatory Filings and Compliance
Global Net Lease Classifies 2025 Dividends as Return of Capital
Neutral
Feb 2, 2026
On February 2, 2026, Global Net Lease announced the finalized U.S. federal income tax classification for all dividends paid in 2025 on its common and multiple series of preferred stock, stating that 100% of those distributions for the 2025 tax yea...
Business Operations and StrategyStock BuybackFinancial Disclosures
Global Net Lease Completes Transformational 2025 Strategic Objectives
Positive
Jan 8, 2026
On January 8, 2026, Global Net Lease announced that it had successfully completed its key strategic objectives for fiscal 2025, a year the company described as transformational for its balance sheet and portfolio. Since launching its strategic dis...
Dividends
Global Net Lease Declares First Quarter 2026 Dividend
Positive
Jan 2, 2026
On January 2, 2026, Global Net Lease, Inc. announced that its board declared a common stock dividend of $0.190 per share for the first quarter of 2026, payable on January 16, 2026 to shareholders of record as of the close of business on January 12...
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.