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
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.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |