Global Net Lease (GNL)
NYSE:GNL
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Global Net Lease
(NYSE:GNL)
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Rating:56Neutral
Price Target:
$9.50
â–¼(-2.16% Downside)
Action:Reiterated
Date:05/09/26
The score is driven by mixed financial performance (strong cash generation but weak GAAP profitability and meaningful leverage) and a constructive earnings outlook (reaffirmed AFFO guidance and an expected accretive, leverage-neutral acquisition). Valuation support comes mainly from the high dividend yield, while technical indicators point to subdued near-term momentum.
Positive Factors
Cash Generation
Consistent positive operating and free cash flow provides durable internal funding for dividends, debt servicing and selective acquisitions. For a REIT, steady cash generation supports distributions and capital recycling even when GAAP earnings lag, enabling strategic reinvestment and financial flexibility.
Negative Factors
Persistent GAAP Losses
Ongoing GAAP net losses, despite positive cash flow, indicate accounting volatility and limit reported profitability metrics like ROE. Persistent net losses can constrain earnings consistency, complicate comparisons, and may hinder long‑term confidence in sustained net income generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistent positive operating and free cash flow provides durable internal funding for dividends, debt servicing and selective acquisitions. For a REIT, steady cash generation supports distributions and capital recycling even when GAAP earnings lag, enabling strategic reinvestment and financial flexibility.
Read all positive factors
Global Net Lease (GNL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.98B
Dividend Yield10.29%
Average Volume (3M)1.73M
Price to Earnings (P/E)―
Beta (1Y)0.22
Revenue Growth-35.44%
EPS Growth50.75%
CountryUS
Employees73
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.39
Shares Outstanding211,931,460
10 Day Avg. Volume2,015,146
30 Day Avg. Volume1,730,144
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 Cap2.20
Enterprise Value/Revenue9.20
Enterprise Value/Gross Profit13.04
Enterprise Value/Ebitda13.15
Forecast
1Y Price Target
$11.00Price Target Upside13.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.45
Revenue Forecast (FY)$449.11M
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:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive strategic outlook: management emphasized a clear, disciplined capital recycling strategy, announced a significant accretive Motive acquisition (expected +4% AFFO per share accretion), delivered improved portfolio metrics (occupancy up to 97%, higher investment-grade tenant mix), meaningful cost savings (G&A -25% YoY), and stronger liquidity. Near-term GAAP loss, a temporarily elevated net debt/EBITDA ratio (7.2x vs 6.7x), and the need to sell non-core Motive assets and further reduce office exposure represent manageable execution and timing risks that management addressed with confidence and reaffirmed guidance. Overall, positives on earnings quality, balance-sheet improvement, and strategic optionality materially outweigh the identified lowlights.Positive Updates
Motive Industrial Acquisition — Immediate Accretion and Portfolio Quality
Announced planned all-stock acquisition of Motive Industrial (expected close Q3 2026) structured at a fixed exchange ratio (1.975) and expected to be immediately accretive (~4% accretion to AFFO per share). Adds ~ $535 million of industrial net-lease assets with a weighted average lease term (WALT) of 15 years and 2.4% annual rent escalations; ~45% of Motive annual base rent from investment grade or implied investment grade tenants. Pro forma impact: WALT increases from 5.9 to 6.7 years, industrial exposure rises from 47% to 50%, and office concentration falls from 26% to 24%.
Negative Updates
GAAP Net Loss in Q1
Reported a GAAP net loss attributable to common stockholders of $16.0 million for Q1 2026, while AFFO remained positive at $43.9 million ($0.21 per share).
Read all updates
Q1-2026 Updates
Positive
Negative
Motive Industrial Acquisition — Immediate Accretion and Portfolio Quality
Announced planned all-stock acquisition of Motive Industrial (expected close Q3 2026) structured at a fixed exchange ratio (1.975) and expected to be immediately accretive (~4% accretion to AFFO per share). Adds ~ $535 million of industrial net-lease assets with a weighted average lease term (WALT) of 15 years and 2.4% annual rent escalations; ~45% of Motive annual base rent from investment grade or implied investment grade tenants. Pro forma impact: WALT increases from 5.9 to 6.7 years, industrial exposure rises from 47% to 50%, and office concentration falls from 26% to 24%.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 AFFO per share guidance of $0.80–$0.84 and a net debt to Adjusted EBITDA target of 6.5x–6.9x (guidance excludes the anticipated Motive benefit); the announced Motive acquisition is expected to be immediately accretive (~4% accretion to AFFO/share), is structured as an all‑stock deal with a fixed exchange ratio of 1.975 (leverage neutral, no external capital), is targeted to close in Q3 2026, and would add ~ $535 million of assets with a 15‑year WALT, 2.4% annual rent escalations, ~45% of annual base rent from investment‑grade tenants and pro forma effects that would extend WALT from 5.9 to 6.7 years, increase industrial exposure from 47% to 50% and reduce office from 26% to 24%. Current Q1 metrics supporting the outlook include AFFO of $43.9 million ($0.21/share), revenue of $109.3 million, net debt of ~$2.4 billion (net debt/Adj. EBITDA 7.2x at 3/31/2026, versus 6.7x at end‑2025), gross debt of $2.6 billion (99% fixed or swapped, WACR 4.1%), interest coverage of 3.0x, liquidity of ~$911 million plus $1.5 billion revolver capacity, 212 million shares outstanding, and $158.2 million of share repurchases (19.7 million shares) executed through 05/01/2026.Global Net Lease Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
41
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 472.16M | 497.89M | 805.01M | 515.07M | 378.86M | 391.23M |
| Gross Profit | 333.10M | 64.30M | 662.51M | 364.46M | 345.98M | 358.48M |
| EBITDA | 330.41M | 269.08M | 568.88M | 215.72M | 279.43M | 285.54M |
| Net Income | -41.16M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M |
Balance Sheet | ||||||
| Total Assets | 4.15B | 4.35B | 6.96B | 8.10B | 3.96B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 137.46M | 180.11M | 159.70M | 121.57M | 103.33M | 89.67M |
| Total Debt | 2.50B | 2.58B | 4.64B | 5.29B | 2.44B | 2.48B |
| Total Liabilities | 2.59B | 2.68B | 4.77B | 5.46B | 2.51B | 2.56B |
| Stockholders Equity | 1.56B | 1.66B | 2.19B | 2.64B | 1.44B | 1.62B |
Cash Flow | ||||||
| Free Cash Flow | 180.63M | 189.40M | 253.84M | 96.45M | 151.88M | 184.57M |
| Operating Cash Flow | 205.84M | 222.79M | 299.47M | 143.74M | 181.82M | 192.49M |
| Investing Cash Flow | 975.72M | 1.80B | 759.90M | -551.90M | -16.54M | -436.57M |
| Financing Cash Flow | -1.25B | -2.06B | -995.36M | 469.01M | -149.74M | 218.32M |
Global Net Lease Technical Analysis
Positive
9.71
Price Trends
9.32
Positive
9.25
Positive
8.40
Positive
Market Momentum
>-0.01
Negative
50.97
Neutral
78.44
Neutral
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 9.71 is above the 20-day moving average (MA) of 9.29, above the 50-day MA of 9.32, and above the 200-day MA of 8.40, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 50.97 is Neutral, neither overbought nor oversold. The STOCH value of 78.44 is Neutral, 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 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $16.59B | 21.26 | 6.30% | 5.51% | 9.86% | 20.75% | |
71 Outperform | $3.91B | 18.76 | 4.43% | 6.72% | 6.10% | 9.74% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $1.40B | 54.41 | 1.93% | 7.31% | -12.40% | -77.27% | |
59 Neutral | $962.16M | 97.10 | 3.77% | 2.16% | 1.53% | -31.93% | |
56 Neutral | $1.98B | -98.63 | -2.44% | 10.29% | -35.44% | 50.75% |
* Real Estate Sector Average
GNL
Global Net Lease
9.33
2.28
32.25%
WPC
W. P. Carey Inc.
74.48
16.45
28.34%
ESRT
Empire State Realty
5.58
-1.55
-21.78%
AAT
American Assets
22.78
4.99
28.02%
BNL
Broadstone Net Lease
20.40
5.94
41.11%
Global Net Lease Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Global Net Lease Posts Strong Q1 2026 Operating Results
Positive
May 7, 2026
On May 7, 2026, Global Net Lease reported first-quarter 2026 results highlighting a 97% occupied portfolio of 809 properties totaling 40 million square feet, improved from 95% a year earlier, with stronger office occupancy after disposing of a lar...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Global Net Lease Announces Modiv Industrial Acquisition Deal
Positive
May 5, 2026
On May 5, 2026, Global Net Lease released a first-quarter 2026 investor presentation detailing its agreement to acquire Modiv Industrial Inc. in an all-stock deal valued at about $535 million, a transaction expected to be immediately 4% accretive ...
Financial DisclosuresRegulatory Filings and Compliance
Global Net Lease Issues Q1 2026 Operating Results Update
Neutral
May 5, 2026
Global Net Lease, a real estate investment trust, reported its operating results for the quarter ended March 31, 2026, in a press release issued on May 5, 2026. The company also released supplemental financial information for the same period, both...
Business Operations and StrategyDelistings and Listing ChangesM&A Transactions
Global Net Lease Announces All-Stock Modiv Industrial Merger
Positive
May 4, 2026
On May 3, 2026, Global Net Lease and Modiv Industrial signed a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valuing Modiv at an enterprise value of about $535 million. The deal, unanimously approved by...
Financial Disclosures
Global Net Lease Sets Date for Q1 2026 Results
Neutral
Apr 16, 2026
Global Net Lease, Inc. announced in New York on April 16, 2026 that it will release its financial results for the first quarter ended March 31, 2026 after the market close on May 5, 2026. The update will give investors a detailed look at recent pe...
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...
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.