Global Net Lease, Inc. GNL
We are an internally managed real estate investment trust for United States ("U.S.") federal income tax purposes ("REIT") that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe.
As of December 31, 2025, we owned 820 properties consisting of 40.7 million rentable square feet, which were 97% leased, with a weighted-average remaining lease term of 6.1 years. Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2025, approximately 74% of our properties were located in the U.S. and Canada and approximately 26% were located in Europe. In addition, as of December 31, 2025, our portfolio was comprised of 46% Industrial & Distribution properties, 27% Retail properties and 27% Office properties. These represent our three reportable segments and the percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar ("USD") as of December 31, 2025. The straight-line rent includes amounts for tenant concessions.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Real Estate Investing - United States
- Real Estate Investing - United Kingdom
- Real Estate Investing - Europe
- Other
| Segment | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Real Estate Investing - United States | $341.6M | $420.6M | $295.8M |
| Real Estate Investing - United Kingdom | $84.7M | $84.7M | $86.9M |
| Real Estate Investing - Europe | $65.8M | $61.3M | $59.8M |
| Other | $3.1M | $3.2M | $3.2M |
As the company reported it, from the “Segment Reporting - Geographic Distribution of Real Estate Investments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $495.3M | $569.8M | $445.8M | $378.9M | $391.2M | $330.1M | $306.2M | $282.2M | $259.3M | $214.2M |
| Cost of revenue | — | — | — | — | — | — | — | $28.2M | $24.5M | $19.8M |
| Gross profit | — | — | — | — | — | — | — | $254.0M | $234.8M | $194.4M |
| SG&A | $52.8M | $52.4M | $37.2M | $17.7M | $17.2M | $13.3M | $10.1M | $10.4M | $8.6M | $7.1M |
| Total operating expenses | $479.0M | $438.8M | $459.4M | $278.6M | $280.8M | $230.7M | $214.9M | $208.4M | $173.2M | $153.9M |
| Operating income | $111.0M | $188.1M | -$15.3M | $100.5M | $111.9M | $99.2M | $114.9M | $68.0M | $87.1M | $73.6M |
| Interest expense | $194.7M | $255.7M | $158.3M | $97.5M | $94.3M | $71.8M | $64.2M | $58.0M | $48.5M | $39.1M |
| Pre-tax income | -$113.9M | -$74.9M | -$176.7M | $23.1M | $23.5M | $15.7M | $50.8M | $13.3M | $26.7M | $52.0M |
| Income tax | $21.8M | $4.4M | $14.5M | $11.0M | $12.2M | $5.0M | $4.3M | $2.4M | $3.1M | $4.4M |
| Net income | -$225.5M | -$131.6M | -$211.9M | $12.0M | $11.4M | $10.8M | $46.5M | $10.9M | $23.6M | $47.6M |
| EPS, basic | -1.21 | -0.76 | -1.71 | -0.09 | -0.20 | -0.09 | 0.40 | 0.01 | 0.30 | — |
| EPS, diluted | -1.21 | -0.76 | -1.71 | -0.09 | -0.20 | -0.09 | 0.39 | 0.01 | 0.30 | 0.82 |
| Shares, diluted (wtd. avg.) | 223.3M | 230.4M | 142.6M | 103.7M | 98.3M | 89.5M | 86.3M | 69.7M | 66.9M | 56.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $180.1M | $159.7M | $121.6M | $104.4M | $93.3M | $125.7M | $274.3M | $103.7M | $107.7M | $77.3M |
| Goodwill | $45.9M | $51.4M | $47.0M | $21.4M | — | — | — | — | — | — |
| Other intangibles | $257.6M | $377.7M | $891.0M | $299.8M | $369.6M | $392.6M | $401.4M | $457.8M | $464.1M | $482.3M |
| Total assets | $4.35B | $6.96B | $8.10B | $3.96B | $4.18B | $3.97B | $3.70B | $3.31B | $3.04B | $2.89B |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $55.4M |
| Total liabilities | $2.68B | $4.77B | $5.46B | $2.51B | $2.56B | $2.41B | $1.99B | $1.88B | $1.62B | $1.54B |
| Retained earnings | -$2.61B | -$2.15B | -$1.70B | -$1.25B | -$1.07B | -$896.5M | -$733.2M | -$615.4M | -$468.4M | -$346.1M |
| Total equity | $1.66B | $2.19B | $2.64B | $1.45B | $1.63B | $1.55B | $1.71B | $1.43B | $1.41B | $1.36B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $222.8M | $299.5M | $143.7M | $181.8M | $192.5M | $176.9M | $146.0M | $144.6M | $131.0M | $114.4M |
| Depreciation and amortisation | $132.9M | $176.2M | $121.3M | $96.2M | $94.1M | $80.5M | $69.3M | $64.8M | $59.4M | $50.3M |
| Stock-based compensation | $12.5M | $8.9M | $17.3M | $12.1M | $11.0M | $10.1M | $9.5M | $2.6M | -$3.8M | $3.7M |
| Capital expenditure | — | — | — | — | — | — | $17.3M | $1.5M | $3.1M | $200.0K |
| Investing cash flow | $1.80B | $759.9M | -$551.9M | -$16.5M | -$436.6M | -$470.5M | -$294.5M | -$457.9M | -$79.0M | $134.1M |
| Financing cash flow | -$2.06B | -$995.4M | $469.0M | -$149.7M | $218.3M | $140.7M | $300.0M | $312.2M | -$30.7M | -$236.7M |
| Dividends paid | $192.1M | $272.4M | $207.0M | $166.8M | $156.2M | $155.1M | $150.8M | $147.4M | $142.7M | $120.4M |
| Buybacks | $120.3M | $0 | $0 | $686.0K | $156.0K | $0 | $0 | — | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-011696.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $214.2M | $259.3M | $282.2M | $306.2M | $330.1M | $391.2M | $378.9M | $445.8M | $569.8M | $495.3M |
| Gross profit | $194.4M | $234.8M | $254.0M | — | — | — | — | — | — | — |
| Net income | $47.6M | $23.6M | $10.9M | $46.5M | $10.8M | $11.4M | $12.0M | -$211.9M | -$131.6M | -$225.5M |
Recent filings and events
- Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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