Global Net Lease

GNL

Market cap $1.81B

I invest most of my capital in REITs. Even then, I'm bearish on a lot of them. This is a sector in which you need to be very selective to succeed.

NEW YORK, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") reiterated today that its recently filed Form 8-K related to the entry into an ATM Equity Offering Sales Agreement was solely made as part of extending the Company's existing shelf registration, which was set to expire in November 2025.

Global Net Lease reported a strong quarter, highlighting an investment-grade rating, debt reduction, and improved AFFO guidance. High occupancy and investment-grade tenants do not eliminate the risk of costly vacancies or property sales at low prices upon lease expirations. In fact, we have seen huge impairments and sales at low values, which have pushed the FFO lower over time.

Global Net Lease, Inc. ( GNL ) Q3 2025 Earnings Call November 6, 2025 11:00 AM EST Company Participants Jordyn Schoenfeld Edward Weil - President, CEO & Director Christopher Masterson - CFO, Treasurer & Secretary Conference Call Participants Upal Rana - KeyBanc Capital Markets Inc., Research Division Mitch Germain - Citizens JMP Securities, LLC, Research Division John Kim - BMO Capital Markets Equity Research Presentation Operator Good afternoon, and welcome to Global Net Lease, Inc.'s Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

Global Net Lease (GNL) came out with quarterly funds from operations (FFO) of $0.24 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to FFO of $0.32 per share a year ago.

–  Corporate Credit Rating Upgraded to Investment-Grade  –  Reduced Net Debt by $2 Billion Since Q3'24 and Increased Liquidity to $1.1 Billion –  Executed $1.8 Billion Refinancing of Revolving Credit Facility, Lowering Cost of Capital and Extending Weighted Average Debt Maturity –  Repurchased 12.1 Million Shares Year-to-Date at a Weighted Average Price of $7.59 , Totaling $92 Million –  Raises Full-Year AFFO per Share Guidance to New Range of $0.95 to $0.97 from $0.92 to $0.96 NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company"), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter ended September 30, 2025. Third Quarter 2025 Highlights GNL's corporate credit rating was upgraded to an investment-grade BBB- from BB+ by Fitch Ratings, reflecting the Company's success over the past two years in strategically deleveraging, driving operational efficiencies and enhancing liquidity Revenue was $121.0 million, compared to $138.7 million in third quarter 2024, primarily reflecting the impact of asset dispositions, including the multi-tenant retail portfolio sale Net loss attributable to common stockholders was $71.1 million, compared to a net loss of $76.6 million in third quarter 2024 Core Funds from Operations ("Core FFO") was $39.5 million compared to $53.9 million in third quarter 2024, primarily reflecting the impact of asset dispositions, including the multi-tenant retail portfolio sale Adjusted Funds from Operations ("AFFO")1 was $53.2 million, or $0.24 per share, compared to $73.9 million in third quarter 2024, or $0.32 per share, reflecting asset dispositions, including the multi-tenant retail portfolio sale Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced Net Debt by $2.0 billion since third quarter 2024 and improved Net Debt to Adjusted EBITDA from 8.0x to 7.2x over the same period Completed a $1.8 billion refinancing of the Revolving Credit Facility, achieving an immediate 35 basis point reduction in the interest rate spread through improved pricing, while extending weighted average debt maturity Decreased weighted average interest rate to 4.2%, down from 4.8% in third quarter of 2024 Increased liquidity to $1.1 billion and Revolving Credit Facility capacity to $1.2 billion in third quarter 2025, compared to $252.7 million and $366.0 million, respectively, in third quarter 2024 Since launching the disposition program in 2024, sales total approximately $3 billion with a weighted average lease term of 5.0 years; achieved a cash cap rate of 7.7% on non-core closed single-tenant dispositions, demonstrating tangible proof of portfolio quality Taking advantage of the compelling opportunity to buy back shares at an approximate 12% AFFO yield, which continues to exceed yields from buying hard assets in this environment, GNL has repurchased 12.1 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $7.59, for a total of $91.7 million as of October 31, 2025; this includes 868,819 shares for a total of $6.9 million repurchased in third quarter 2025 Leased over 1.0 million square feet, resulting in over $10.5 million of new straight-line rent Achieved a 26% renewal leasing spread, driven by renewals with GE Aviation and GXO Logistics, with a weighted average renewal term of 7.3 years; new leases completed in the quarter had a weighted average lease term of 5.0 years Weighted average annual rent increase of 1.4% provides organic rental growth, excluding 23.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases Sector-leading 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants2 "GNL achieved several milestones in the third quarter of 2025, all of which are a direct result of the ambitious and transformative initiatives that we've been executing over the last two years," said Michael Weil, CEO of GNL.

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Many REITs are bad investments. This is a sector in which you need to be very selective. I share five key lessons from over a decade of REIT investing that will help you avoid losers and improve your investment results.

Global Net Lease is transitioning into a pure-play net-lease REIT with significant U.S., UK, and European exposure. GNL has aggressively reduced debt by selling non-core assets, improving its net leverage ratio, and earning an investment-grade upgrade from Fitch. Despite recent revenue and cash flow declines due to asset sales, GNL shares appear attractively priced compared to peers, with low valuation multiples.

U.S. equity markets rebounded this past week as the White House resumed negotiations with China following a major tariff threat, while investors focused on bank earnings that raised some eyebrows. Consistent with the "risk-off" theme that has prevailed amid the ongoing federal government shutdown with no resolution in sight, short-term Treasury yields receded to the lowest levels in three years. Buoyed by a dip in benchmark rates, real estate equities led the rebound this week after REIT earnings season began on a positive note with surprisingly strong industrial REIT results.