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Global Net Lease
(NYSE:GNL)
Global Net Lease (GNL) vs. SPDR S&P 500 ETF (SPY)
Global Net Lease Business Overview & Revenue Model
Global Net Lease Earnings Call Summary
Global Net Lease Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 805.01M | 515.07M | 378.86M | 391.23M |
| Gross Profit | -51.21M | 662.51M | 364.46M | 345.98M | 358.48M |
| EBITDA | -294.53M | 568.88M | 215.72M | 279.43M | 285.54M |
| Net Income | -269.20M | -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 | 93.31M |
| Total Debt | 0.00 | 4.64B | 5.29B | 2.42B | 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
Global Net Lease Risk Analysis
Global Net Lease Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $16.10B | 34.82 | 5.64% | 5.51% | 5.59% | -34.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $1.01B | 23.07 | ― | 2.16% | 0.45% | -24.85% | |
63 Neutral | $3.69B | 38.30 | 3.14% | 6.72% | 3.87% | -37.59% | |
61 Neutral | $2.12B | -8.06 | -12.53% | 10.29% | -28.94% | -28.24% | |
57 Neutral | $1.18B | 20.95 | 5.29% | 7.31% | 5.95% | 5.06% | |
47 Neutral | $476.11M | -76.87 | ― | 9.50% | -39.94% | ― |
Global Net Lease Corporate Events
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, including the profitable sale of the McLaren Campus. These asset sales reduced operational complexity, boosted the share of investment-grade tenants to 80% among the top ten, and allowed the company to cut outstanding debt by more than $2.8 billion, improving Net Debt to Adjusted EBITDA from 8.4x to 6.7x and positioning the REIT as a pure-play single-tenant net lease platform.
The company used its stronger balance sheet to refinance a $1.8 billion revolving credit facility with longer maturities and better pricing, contributing to credit upgrades from Fitch to investment-grade BBB- and bond upgrades to investment-grade at S&P Global. GNL also repurchased 17.2 million shares through February 20, 2026 at an implied AFFO yield of about 12%, helping drive a 32% total return in 2025 versus 6% for the net lease sector, while 97% occupancy, robust leasing spreads and AFFO per share of $0.99, above guidance, underscored improved earnings quality and supported a strategic shift from deleveraging toward capital recycling into industrial and retail acquisitions on a leverage-neutral basis.
The most recent analyst rating on (GNL) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
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 deleveraging and portfolio simplification, cutting net debt by $2.2 billion, boosting liquidity to about $962 million, refinancing $1.8 billion of credit facilities at lower spreads, and earning an investment-grade credit upgrade.
Strategic dispositions, including the sale of the McLaren Campus for £250 million at a substantial gain, underpinned balance-sheet improvement while shifting the tenant mix toward 66% investment-grade or implied investment-grade rent. GNL also repurchased 17.2 million shares for $135.9 million since launching its buyback in February 2025 and guided 2026 AFFO per share to $0.80–$0.84, emphasizing further office exposure reductions and capital redeployment into single-tenant industrial and retail assets to support earnings durability and long-term deleveraging.
The most recent analyst rating on (GNL) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
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 repositioning. Over the year, the REIT cut net debt by $2.2 billion, reduced leverage from 8.4x to 6.7x Net Debt to Adjusted EBITDA, and secured a Fitch upgrade of its corporate credit rating to investment-grade BBB- following major asset sales and a revolver refinancing.
The company executed approximately $3.4 billion of dispositions, including the sale of its £250 million McLaren Campus at a gain over its 2021 purchase price and a cap-rate compression, which boosted portfolio quality and reduced automotive exposure. Proceeds were used to pay down debt and repurchase 17.2 million shares for $136 million, while a $1.8 billion revolving credit facility refinancing lowered borrowing costs, expanded liquidity to $962 million, and, combined with a shift to single-tenant assets and 12% renewal leasing spreads, strengthened operating metrics and positioned GNL for its next phase of growth.
The most recent analyst rating on (GNL) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
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-led conference call and audio webcast on February 26, 2026, at 11:00 a.m. ET, including a question-and-answer session, offering investors and other stakeholders structured insight into its recent performance and operational developments.
The most recent analyst rating on (GNL) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
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 year are treated as nondividend distributions, or return of capital, rather than ordinary dividends. The designation means shareholders will generally not recognize the cash received in 2025 as immediate taxable dividend income but instead must adjust their tax basis in GNL shares, an outcome that can defer tax liabilities and is particularly relevant for income-focused investors and tax planning around the REIT’s capital-return profile.
The most recent analyst rating on (GNL) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
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 disposition program in 2024, GNL sold approximately $3.3 billion of assets, including the £250 million sale of the McLaren Campus, and used proceeds to reduce total debt by more than $2.7 billion, helping the REIT secure investment-grade credit ratings on certain debt and improve terms on its $1.8 billion revolving credit facility. The company also repurchased 15.4 million shares for $120 million at what it views as highly accretive yields, while sustaining leasing momentum by completing over 2.4 million square feet of new and renewed leases with renewal spreads above 11%, moves that collectively strengthen its capital structure, sharpen its strategic focus and aim to support long-term earnings growth and shareholder value.
The most recent analyst rating on (GNL) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
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, 2026. The company reiterated that its dividends are generally paid quarterly in arrears during the first month following each fiscal quarter, underscoring its ongoing commitment to regular cash returns for common stockholders.
The most recent analyst rating on (GNL) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
On December 23, 2025, Global Net Lease announced it had closed the sale of the McLaren Campus, a three-building, 840,000-square-foot property in Woking, Surrey, England, for £250 million at a 7.4% cash cap rate, generating an approximate £80 million gain over its April 2021 purchase price and reconstituting the company’s top ten tenants while further reducing exposure to the automotive sector. The transaction effectively completes GNL’s nearly two-year, $3.3 billion non-core disposition program, and the company plans to deploy a significant portion of the proceeds to reduce debt, bolster its investment-grade balance sheet, expand liquidity under its revolving credit facility, and preserve capacity for potential share repurchases and acquisitions aimed at driving long-term earnings growth.
The most recent analyst rating on (GNL) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
On December 18, 2025, Global Net Lease, Inc. declared quarterly dividends on four series of its preferred stock, underscoring its continued cash distributions to preferred shareholders. The company set dividends of $0.453125 per share for its 7.25% Series A, $0.4296875 per share for its 6.875% Series B, $0.46875 per share for its 7.50% Series D, and $0.4609375 per share for its 7.375% Series E preferred stock, all payable on January 15, 2026 to holders of record as of the close of business on January 2, 2026, reinforcing the REIT’s income-oriented profile and providing visibility on near-term returns for preferred investors.
The most recent analyst rating on (GNL) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.
On December 8, 2025, Global Net Lease, Inc. announced an agreement to sell the McLaren Campus in Woking, Surrey, England, for £250 million, reflecting a significant increase in property value since its acquisition in April 2021. The sale is expected to enhance GNL’s financial position by reducing debt and increasing liquidity, allowing the company to pursue strategic initiatives that could drive long-term earnings growth.
The most recent analyst rating on (GNL) stock is a Hold with a $8.50 price target. To see the full list of analyst forecasts on Global Net Lease stock, see the GNL Stock Forecast page.