Global Net Lease

GNL

Market cap $2.12B

If you purchase a 10-year U.S. Treasury bond, you'll get an annual yield of around 4%.

AI is disrupting most sectors, but REITs remain one of the few resilient asset classes. Still, not all high-yield REITs are safe. Several face serious dividend cut risk. Avoiding future cutters is key to protecting both income and capital.

Global Net Lease, Inc. (GNL) Q4 2025 Earnings Call Transcript

– Company Exceeds Full-Year 2025 AFFO Guidance – Reduced Net Debt by $2.2 Billion and Improved Net Debt to Adjusted EBITDA From 7.6x to 6.7x in 2025 – Repurchased 17.2 Million Shares at a Weighted Average Price of $7.88 , Totaling $135.9 Million Since Launch of Repurchase Program in February 2025 – Sold McLaren Campus for £250 Million, Approximately £80 Million Above Original Purchase Price – Corporate Credit Rating Upgraded to Investment-Grade – Introduces Initial 2026 Financial Guidance; Focus on Reducing Office Exposure and Accretive Capital Redeployment NEW YORK, Feb. 25, 2026 (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 and year ended December 31, 2025. Fourth Quarter and Full Year 2025 Highlights Revenue was $117.0 million in fourth quarter 2025 compared to $137.8 million in fourth quarter 2024, primarily reflecting the impact of asset dispositions, including the Multi-Tenant Retail Portfolio sale Net income attributable to common stockholders was $37.2 million in fourth quarter 2025, compared to a net loss of $17.5 million in fourth quarter 2024, reflecting the substantial gain on the sale of the McLaren Campus Adjusted Funds From Operations (“AFFO”)1 was $48.5 million1, or $0.22 per share in fourth quarter 2025, compared to $78.3 million, or $0.34 per share, in fourth quarter 2024; full-year 2025 AFFO was $221.0 million or $0.99 per share, exceeding revised full year guidance range of $0.95 to $0.97 Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $2.2 billion in 2025, improving Net Debt to Adjusted EBITDA from 7.6x to 6.7x in 2025 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 Reduced weighted average interest rate to 4.2% in fourth quarter 2025, down from 4.8% in fourth quarter of 2024 Increased liquidity to $961.9 million and Revolving Credit Facility capacity to $1.5 billion in fourth quarter 2025, compared to $492.2 million and $460.0 million, respectively, in fourth quarter 2024 Sales resulting from the strategic disposition program total approximately $3.4 billion since 2024, with a weighted average lease term of 5.4 years; achieved a cash cap rate of 7.6% on non-core closed single-tenant dispositions, demonstrating tangible proof of portfolio quality Sold the McLaren Campus for £250 million, or $336 million2, at a 7.4% cash cap rate, generating an approximate £80 million, or $108 million2, gain above its April 2021 purchase price, while increasing the proportion of investment-grade tenants among the top ten to 80% Repurchased 17.2 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $7.88, for a total of $135.9 million; includes 4.5 million shares repurchased in fourth quarter 2025 for a total of $37.3 million and 1.8 million shares repurchased in first quarter 2026 for a total of $15.9 million Leased over 3.7 million square feet in 2025, resulting in over $33.9 million of new straight-line rent Achieved a 12% renewal leasing spread in 2025, up from 7% in 2024, with a weighted average renewal term of 6.5 years; new leases completed in 2025 had a weighted average lease term of 5.2 years Weighted average annual rent increase of 1.4% provides organic rental growth, excluding 19.6% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increases Sector-leading 66% of annualized straight-line rent in fourth quarter 2025 comes from investment-grade or implied investment-grade tenants3 , up from 61% in fourth quarter of 2024 Corporate credit rating upgraded to investment-grade BBB- from BB+ by Fitch Ratings; unsecured notes also upgraded to investment-grade BBB- by S&P Global, underscoring the Company's strategic progress in deleveraging, enhancing operations and bolstering liquidity over the past two years “2025 marked a decisive transformation for GNL, driven by coordinated initiatives to simplify the portfolio, materially reduce leverage, strengthen liquidity and improve our credit profile,” said Michael Weil, CEO of GNL.

Net lease REITs like Realty Income, NNN, Agree Realty, and W. P. Carey are rebounding as falling treasury yields drive capital back to stable, long-duration assets. The sector's rally is fueled by a flight to safety amid turmoil in private credit and software, with REITs outperforming equity indices year-to-date. With weighted average lease terms of 10+ years, net lease REITs act as long-duration credit portfolios, highly sensitive to treasury yield movements.

The S&P 600 SmallCap index offers select high-yield 'dividend dogs' with analyst-projected net gains of 31% to 61% by February 2026. Adamas Trust stands out as the only stock ranking in the top ten for yield, target price, and total return, with positive free cash flow supporting its dividend. Only five of 56 high-yield S&P 600 stocks meet the 'IDEAL' criteria: annual dividends from $1K invested exceed share price and are covered by free cash flow.

NEW YORK, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) announced today that it will release its financial results for the fourth quarter and year ended December 31, 2025 on Wednesday, February 25, 2026 after the close of trading on the New York Stock Exchange. The Company will host a conference call and audio webcast on Thursday, February 26, 2026, beginning at 11:00 a.m.

NEW YORK, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Global Net Lease, Inc. (NYSE: GNL) ("GNL" or the "Company") today announced the income tax classification of its dividends paid in 2025 for the Company's common stock ("Common Stock") and preferred stock ("Preferred Stock"). As detailed below, all dividends paid on GNL's Common Stock and Preferred Stock for the tax year ended December 31, 2025 are classified as nondividend distributions (return of capital).

Global Net Lease: Market Still Mispricing This High-Yield REIT's Portfolio Reset

For my first coverage of Global Net Lease, I called it a buy, agreeing with the most recent Wall St. bullish rating. Despite portfolio reduction and FFO depression, there are some positive economic factors to consider along with a diversified international portfolio across retail, office, and industrial. The recent Fitch upgrade to investment grade further supports bullishness for this REIT that has been deleveraging.