Share count
223Mpeak FY2024
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GNL, Global Net Lease
We are an internally managed real estate investment trust for United States federal income tax purposes that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe.
Our properties are leased to primarily "Investment Grade" rated tenants in well established markets in the U.S. and Europe.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$495M
−13.1% YoY · 8% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $472M 5-yr avg $456M
Revenue $109M −17.5% vs yr-ago qtr
Operating margin 28.3% yr-ago −21.1%
Net income ($5M) yr-ago ($189M)
Net margin −4.6% yr-ago −143.0%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Industrial & Distribution (46%), Office (28%) and Retail (27%).
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share do not form a clean trend in the record. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 segments, the largest Industrial & Distribution at 46%.
Revenue by reportable segment, FY2025
- Industrial & Distribution46%$226M
- Office28%$137M
- Retail27%$133M
- Multi-Tenant Retail0%$0
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $214M | $259M | $282M | $306M | $330M | $391M | $379M | $446M | $570M | $495M | $472M | RevenueRevenue |
| $47M | $21M | $1M | $35M | ($8M) | ($9M) | ($8M) | ($239M) | ($175M) | ($269M) | ($85M) | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| $128M | $133M | $126M | $137M | $131M | $153M | $145M | ($58M) | ($16M) | ($173M) | ($13M) | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 94% | 108% | 117% | 110% | 118% | 102% | 115% | — | — | — | — | Dividend payout (FFO)Payout |
| $2.9B | $3.2B | $3.4B | $3.8B | $4.3B | $4.7B | $4.5B | $8.7B | $5.6B | $4.8B | $4.7B | Real estate (gross)RE gross |
| $2.9B | $3.0B | $3.3B | $3.7B | $4.0B | $4.2B | $4.0B | $8.1B | $7.0B | $4.3B | $4.2B | Total assetsAssets |
| 26% | 40% | 43% | 45% | 42% | 41% | 31% | 31% | — | — | — | Debt / assetsDebt/assets |
| $747M | $1.2B | $1.4B | $1.7B | $1.7B | $1.7B | $1.2B | $2.5B | $1.8B | $1.3B | $1.2B | Total debtDebt |
| $670M | $1.1B | $1.3B | $1.4B | $1.5B | $1.6B | $1.1B | $2.4B | $1.6B | $1.1B | $1.1B | Net debt / (cash)Net debt |
| 1.9× | 1.8× | 1.2× | 1.8× | 1.4× | 1.2× | 1.0× | -0.1× | 0.7× | 0.6× | 0.9× | Interest coverageInt. cov. |
| $1.3B | $1.4B | $1.4B | $1.7B | $1.5B | $1.6B | $1.4B | $2.6B | $2.2B | $1.7B | $1.6B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 85.1M | 100M | 104M | 130M | 134M | 147M | 156M | 214M | 230M | 223M | 214M | Shares out (diluted)Shares |
| $1.51 | $1.32 | $1.21 | $1.06 | $0.98 | $1.04 | $0.93 | $-0.27 | $-0.07 | $-0.77 | $-0.06 | FFO / shareFFO/sh |
| $1.41 | $1.42 | $1.41 | $1.16 | $1.16 | $1.06 | $1.07 | $0.97 | $1.18 | $0.86 | $0.79 | Dividends / shareDiv/sh |
| $15.84 | $14.09 | $13.64 | $13.11 | $11.42 | $10.99 | $9.25 | $12.33 | $9.49 | $7.45 | $7.29 | Book value / shareBVPS |
Share counts before 2024 are restated ×1.5 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −1.4%/yr | −2.0%/yr |
| Owner earnings / share | −5.0%/yr | −7.8%/yr |
| Dividends / share | −5.4%/yr | −5.7%/yr |
| Capital spending / share | +58.6%/yr | +25.7%/yr |
| Book value / share | −8.0%/yr | −8.2%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Revenue
$495Mlow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Is it a good business?
- Funds from operations (FFO) ($173M)about $-0.77 per shareNet income ($269M) + depreciation $191M − gains on sale $95M
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not enough data
What this means
FFO or dividends missing.
Is it sound?
- Not cleanly capturedIndustry peers: median 44%
What this means
This REIT tags its borrowings in a way the pipeline could not fully total, so we decline to show a leverage figure rather than a misleadingly low one. The debt schedule in the 10-K is where to read its true leverage.
- Thin(operating income + depreciation) ÷ interest $195MIndustry peers: median 4.0×
What this means
How many times the property cash earnings cover the interest bill. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“These deficiencies and other failures of any potential AI systems could subject us to competitive harm, regulatory action, legal liability, and brand or reputational harm.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|
| 2021 | $526k | $405k | $185M |
| 2022 | $553k | $462k | $152M |
| 2023 | $5.0M | $5.7M | $96M |
| 2023 | $1.4M | $1.4M | $96M |
| 2024 | $5.2M | $3.9M | $254M |
| 2024 | $1.7M | $1.7M | $254M |
| 2025 | $8.9M | $14.5M | $189M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$13M
The slice of the business handed to employees in shares this year, 3% of revenue, equal to 11% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Net-lease REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| WPCW. P. Carey Inc. REIT | $1.7B | 60% | 5.5% | 88% | 45% |
| GLPIGaming and Leisure Properties Inc. | $1.6B | 62% | 7.8% | 86% | 61% |
| NNNNNN REIT | $926M | 68% | 6.1% | 72% | 44% |
| EPRTEssential Properties | $561M | 64% | 4.5% | 70% | 36% |
| GNLGlobal Net Lease | $495M | 39% | 3.7% | 110% | 40% |
| BNLBroadstone Net Lease Inc. | $454M | 56% | 4.4% | 59% | 38% |
| NTSTNetSTREIT Corp. | $195M | 44% | 2.9% | 82% | 31% |
| PSTLPostal Realty Trust Inc. | $96M | 37% | 4.1% | 100% | 44% |
| Group median | — | 58% | 4.5% | 84% | 42% |
The price
What a price has to assume.
What the price implies
reverse-DCFA reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Cite: Owner Scorecard, "Global Net Lease (GNL), the owner's record," https://ownerscorecard.com/c/GNL, data as of 2026-07-09.
Manual order: ← GNK its page in the Manual GNRC →
Industry order: ← GLPI the REITs — Specialty & Diversified chapter GOOD →