Global Net Lease, Inc. (GNL) | Investment Case

1. Company Snapshot

1.a. 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 tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe.

Show Full description

1.b. Last Insights on GNL

Global Net Lease's recent performance has been driven by strategic portfolio optimization and deleveraging efforts. The company completed a $1.8 billion multi-tenant portfolio sale, generating significant proceeds to pay down debt (S&P Global, June 30, 2025). This led to an upgraded corporate credit rating to BB+ from BB and an issue-level rating upgrade to BBB- from BB+ (S&P Global, June 30, 2025). Additionally, the company refinanced its $1.8 billion Revolving Credit Facility, extending the maturity date to 2030 and reducing interest spread (GLOBE NEWSWIRE, August 6, 2025).

1.c. Company Highlights

Last Price	8.13
Change Percentage	-0.12%
Open	8.2
Previous Close	8.13
Market Cap ( Millions)	1782
Volume	16892
Year High	8.38
Year Low	6.51
M A 50	7.89
M A 200	7.71

FCF Yield	11.39%
Dividend Yield	10.39%
ROE	-15.25%
Debt / Equity	0.00%
Net Debt / EBIDTA	-63.39%
Price To Book	1.06
Price Earnings Ratio	-6.17
Price To FCF	8.78
Price To sales	3.9
EV / EBITDA	6.21

2. GNL's Q3 2025 Earnings: A Step Forward in Strategic Plan Execution

Global Net Lease, Inc. (GNL) reported its third-quarter 2025 earnings, with revenue coming in at $121 million. The company reported a net loss attributable to common stockholders of $71.1 million, while AFFO was $53.2 million or $0.24 per share, beating estimates of $0.21. The actual EPS came in at $0.24, a positive surprise. The company's debt is comprised of $3 billion in gross outstanding debt, with 87% of debt being fixed, and a weighted average interest rate of 4.2%. The financial performance indicates a continued effort in reducing leverage and improving the credit profile.

Publication Date: Nov -17

                                    📋 Highlights
                                    Debt Reduction Progress:
                                                Net debt decreased by $2 billion since Q3 2024, reaching $2.9 billion, supported by $3 billion in disposition proceeds.
Share Repurchase Impact:
                                                Repurchased 12.1 million shares for $91.7 million, achieving a 12% AFFO yield, enhancing shareholder value.
AFFO Guidance Raised:
                                                2025 AFFO per share guidance increased to $0.95–$0.97, reflecting improved operational performance despite Q3 net loss of $71.1 million.
Debt Profile Strengthened:
                                                87% fixed-rate debt with a 4.2% weighted average interest rate, coupled with $1.1 billion liquidity and $1.2 billion credit facility capacity.
Portfolio Stability:
                                                97% occupancy across 850 properties (43 million rentable sq ft) and 6.2-year average lease term, with strong 26.4% Q3 renewal leasing spread.

                                

Deleveraging and Credit Profile Improvement

GNL has made significant strides in its disposition program, generating $3 billion in proceeds, with $1.8 billion from the sale of its multi-tenant retail portfolio in June 2025. This has allowed the company to reduce net debt by $2 billion since Q3 2024 to $2.9 billion, and improve its credit profile, culminating in an investment-grade corporate credit rating from Fitch Ratings. As noted by CFO Chris Masterson, the increase in leverage in the quarter was timing-related, and the company is confident in its ability to achieve its guidance range.

Refinancing and Liquidity

The company has refinanced its revolving credit facility, extending the maturity to 2030 and reducing the interest rate spread by 35 basis points. GNL ended the quarter with liquidity of approximately $1.1 billion and $1.2 billion of capacity on its revolving credit facility. The company's strong renewal leasing spread of 26.4% in Q3 and 18.5% year-to-date is a positive indicator of its ability to maintain occupancy rates.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at -5.5%. The current valuation metrics indicate a P/E Ratio of -6.03, P/B Ratio of 1.03, and an EV/EBITDA of 6.05. The Dividend Yield stands at 10.64%, indicating an attractive return for income-seeking investors. GNL raised its AFFO per share guidance for 2025 to a new range of $0.95 to $0.97, indicating a positive outlook for the year. The company's commitment to executing on plans to unlock shareholder value and its prioritization of debt reduction and opportunistic share repurchases are expected to drive long-term value creation.

Strategic Initiatives and Outlook

GNL is not currently active in acquisitions due to unattractive cap rates and seller expectations but will continue to monitor the market. The company prioritizes debt reduction and opportunistic share repurchases, which have been accretive. With a strong occupancy rate of 97% and a weighted average remaining lease term of 6.2 years, GNL is well-positioned to navigate the current market conditions and achieve its growth objectives.

3. NewsRoom

Global Net Lease (NYSE:GNL) and Welltower (NYSE:WELL) Critical Comparison

Dec -01

Source: defenseworld.net

Advisors Asset Management Inc. Sells 205,657 Shares of Global Net Lease, Inc. $GNL

Nov -26

Source: defenseworld.net

The Dark Side Of REIT Investing

Nov -15

Source: seekingalpha.com

Global Net Lease Reiterates Customary Nature of Registration Statement

Nov -11

Source: globenewswire.com

Global Net Lease: What The Results Actually Look Like

Nov -08

Source: seekingalpha.com

Global Net Lease, Inc. (GNL) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

Global Net Lease (GNL) Q3 FFO Top Estimates

Nov -06

Source: zacks.com

Global Net Lease Reports Third Quarter 2025 Results

Nov -05

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.02%)

6. Segments

Industrial & Distribution

Expected Growth: 8.5%

Global Net Lease's Industrial & Distribution segment growth of 8.5% is driven by increasing e-commerce demand, rising need for logistics and distribution centers, and growing importance of last-mile delivery. Additionally, the segment benefits from long-term leases, high occupancy rates, and a diversified tenant base, providing a stable source of revenue.

Office

Expected Growth: 8.0%

Global Net Lease's office segment growth is driven by increasing demand for high-quality, mission-critical properties, particularly in the US and Europe. Strong tenant retention, long-term leases, and a diversified portfolio contribute to stable cash flows. Additionally, the company's strategic acquisitions and dispositions, as well as its focus on ESG initiatives, support long-term growth and value creation.

Multi-Tenant Retail

Expected Growth: 7.5%

Strong demand for essential retail services, e-commerce resistant tenants, and a diversified portfolio with a high occupancy rate drive the 7.5% growth in Multi-Tenant Retail from Global Net Lease, Inc. Additionally, the company's strategic acquisitions and active asset management contribute to the segment's growth.

Single-Tenant Retail

Expected Growth: 7.0%

Strong demand for essential retail services, e-commerce resistant business models, and a diversified tenant base with long-term leases drive 7.0% growth in Single-Tenant Retail for Global Net Lease, Inc. Additionally, strategic acquisitions and active asset management contribute to the segment's growth.

7. Detailed Products

Office Buildings

Global Net Lease, Inc. owns and operates office buildings that provide a professional and comfortable work environment for various businesses and organizations.

Industrial Properties

The company's industrial properties include warehouses, distribution centers, and light industrial facilities that cater to the logistics and supply chain needs of various industries.

Retail Properties

Global Net Lease, Inc. owns and operates retail properties such as shopping centers, strip centers, and single-tenant retail buildings.

Distribution Centers

The company's distribution centers are strategically located to facilitate the efficient movement of goods and products.

8. Global Net Lease, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Global Net Lease, Inc. operates in a niche market, providing a unique service that is not easily substitutable. However, the company faces some threat from alternative investment options.

Bargaining Power Of Customers

Global Net Lease, Inc. has a diversified customer base, which reduces the bargaining power of individual customers. The company's long-term leases also reduce the risk of customer concentration.

Bargaining Power Of Suppliers

Global Net Lease, Inc. relies on a network of suppliers for property management and maintenance services. While the company has some bargaining power due to its scale, suppliers still have some negotiating power.

Threat Of New Entrants

The net lease industry has high barriers to entry, including significant capital requirements and complex regulatory requirements. This limits the threat of new entrants.

Intensity Of Rivalry

The net lease industry is highly competitive, with several established players competing for a limited number of investment opportunities. Global Net Lease, Inc. must differentiate itself through its investment strategy and property management capabilities.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	66.12%
Debt Cost	3.95%
Equity Weight	33.88%
Equity Cost	10.47%
WACC	6.16%
Leverage	195.17%

11. Quality Control: Global Net Lease, Inc. passed 1 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Alexander & Baldwin

A-Score: 6.2/10

Value: 4.3

Growth: 3.7

Quality: 6.3

Yield: 8.0

Momentum: 5.0

Volatility: 10.0

1-Year Total Return ->

Global Net Lease

A-Score: 6.1/10

Value: 6.9

Growth: 3.3

Quality: 3.6

Yield: 10.0

Momentum: 5.0

Volatility: 8.0

1-Year Total Return ->

Peakstone Realty Trust

A-Score: 5.5/10

Value: 7.0

Growth: 5.1

Quality: 3.6

Yield: 9.0

Momentum: 4.0

Volatility: 4.0

1-Year Total Return ->

Medalist Diversified REIT

A-Score: 4.8/10

Value: 5.0

Growth: 4.7

Quality: 2.8

Yield: 5.0

Momentum: 8.0

Volatility: 3.7

1-Year Total Return ->

Generation Income Properties

A-Score: 4.3/10

Value: 7.0

Growth: 5.4

Quality: 3.9

Yield: 3.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

Empire State Realty Trust

A-Score: 4.2/10

Value: 5.7

Growth: 4.4

Quality: 4.4

Yield: 3.0

Momentum: 1.5

Volatility: 6.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-3.67%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.16%

Global Net Lease, Inc. - US3793782018

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on GNL

1.c. Company Highlights

Lower Quality

Weak Momentum

Lower Growth

Earnings Miss

Revenues Beats

Average Yield

Revenues Miss

Stable Momentum

Fairly Valued

Earnings Beats

Average Growth

Average Quality

Cheaper

2. GNL's Q3 2025 Earnings: A Step Forward in Strategic Plan Execution

Deleveraging and Credit Profile Improvement

Refinancing and Liquidity

Valuation and Growth Prospects

Strategic Initiatives and Outlook

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.02%)

6. Segments

Industrial & Distribution

Expected Growth: 8.5%

Office

Expected Growth: 8.0%

Multi-Tenant Retail

Expected Growth: 7.5%

Single-Tenant Retail

Expected Growth: 7.0%

7. Detailed Products

Office Buildings

Industrial Properties

Retail Properties

Distribution Centers

8. Global Net Lease, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Global Net Lease, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.13$

Current Price

8.13$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA