NYSE : GNL
Global Net Lease, Inc. — Financial statements
Real Estate · REIT - Diversified · United States
Last price 6.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.61B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 459.73M | 495.29M | 569.79M | 445.76M | 378.86M | 391.23M |
| Total Revenue | 459.73M | 495.29M | 569.79M | 445.76M | 378.86M | 391.23M |
| Property Expenses | 65.59M | 57.87M | 70.35M | 127.12M | 73.24M | 71.94M |
| Selling, General & Administrative | 49.24M | 52.75M | 52.36M | 37.20M | 17.74M | 17.23M |
| Depreciation & Amortization | 172.34M | 191.19M | 216.82M | 179.35M | 154.03M | 163.08M |
| Total Operating Expenses | 301.24M | 314.32M | 348.45M | 360.97M | 257.08M | 263.27M |
| Operating Income | 158.49M | 180.96M | 221.34M | 84.79M | 121.78M | 127.95M |
| Interest Expense | -165.94M | -194.72M | -255.69M | -158.35M | -97.51M | -94.34M |
| Currency Exchange Gain (Loss) | 1.85M | -12.64M | 3.25M | 2.44M | ||
| Other Non-Operating Income | 7.82M | -6.34M | 5.28M | -1.88M | 19.62M | 5.95M |
| EBT Excluding Unusual Items | 2.21M | -32.74M | -25.82M | -75.44M | 46.33M | 39.56M |
| Impairment of Goodwill | -7.13M | |||||
| Gain (Loss) on Sale of Assets | 125.96M | 94.69M | 57.09M | -1.67M | 325.00K | 1.48M |
| Asset Writedown | -102.22M | -157.53M | -90.31M | -68.68M | -21.56M | -17.52M |
| Total Legal Settlements | -29.73M | |||||
| Other Unusual Items | -20.07M | -11.22M | -15.88M | -1.22M | -2.04M | |
| Pretax Income | 5.88M | -113.95M | -74.92M | -176.74M | 23.05M | 23.52M |
| Income Tax Expense | 21.94M | 21.80M | 4.45M | 14.47M | 11.03M | 12.15M |
| Earnings From Continuing Operations | -16.07M | -135.75M | -79.36M | -191.22M | 12.02M | 11.37M |
| Earnings From Discontinued Operations | 2.54M | -89.71M | -52.21M | -20.69M | ||
| Net Income to Company | -13.53M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M |
| Net Income | -13.53M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M |
| Preferred Dividends & Other Adjustments | 45.56M | 45.65M | 44.40M | 31.32M | 21.32M | 31.42M |
| Net Income to Common | -59.09M | -271.10M | -175.97M | -243.24M | -9.30M | -20.05M |
| Basic Shares Outstanding | 216.30M | 223.26M | 230.44M | 142.58M | 103.69M | 98.28M |
| Diluted Shares Outstanding | 216.30M | 223.26M | 230.44M | 142.58M | 103.69M | 98.28M |
| EPS (Basic) | -0.27 | -1.21 | -0.76 | -1.71 | -0.09 | -0.20 |
| EPS (Diluted) | -0.27 | -1.21 | -0.77 | -1.72 | -0.09 | -0.20 |
| Dividend Per Share | 0.76 | 0.84 | 1.18 | 1.55 | 1.60 | 1.60 |
| Operating Margin | 34.48% | 36.54% | 38.84% | 19.02% | 32.14% | 32.71% |
| Profit Margin | -12.85% | -54.74% | -30.88% | -54.57% | -2.46% | -5.13% |
| EBITDA | 334.22M | 374.47M | 444.49M | 268.86M | 276.26M | 290.33M |
| EBITDA Margin | 72.70% | 75.61% | 78.01% | 60.31% | 72.92% | 74.21% |
| D&A For Ebitda | 175.74M | 193.50M | 223.15M | 184.07M | 154.49M | 162.37M |
| EBIT | 158.49M | 180.96M | 221.34M | 84.79M | 121.78M | 127.95M |
| EBIT Margin | 34.48% | 36.54% | 38.84% | 19.02% | 32.14% | 32.71% |
| Funds From Operations (FFO) | 88.87M | 65.41M | 208.02M | 53.28M | 166.90M | 170.42M |
| Adjusted Funds From Operations (AFFO) | 191.28M | 221.01M | 303.81M | 199.80M | 172.85M | 173.50M |
| FFO Payout Ratio | 187.40% | 293.64% | 130.96% | 388.51% | 99.96% | 91.67% |
| Effective Tax Rate | 373.43% | 47.85% | 51.67% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 3.67B | 3.87B | 4.69B | 7.65B | 3.64B | 3.93B |
| Cash & Equivalents | 153.64M | 180.11M | 159.70M | 121.57M | 103.33M | 89.67M |
| Accounts Receivable | 71.95M | 72.92M | 96.50M | 90.85M | 73.04M | 74.22M |
| Other Receivables | 2.48M | 27.93M | 464.00K | |||
| Goodwill | 45.52M | 45.90M | 51.37M | 46.98M | 21.36M | |
| Other Intangible Assets | 22.06M | |||||
| Restricted Cash | 14.35M | 13.95M | 64.51M | 40.83M | 1.11M | 3.64M |
| Other Current Assets | 88.28M | 110.42M | 1.88B | 120.05M | 70.85M | 52.22M |
| Trading Asset Securities | 169.00K | 260.00K | 9.15M | 30.78M | 1.22M | |
| Deferred Long-Term Tax Assets | 5.11M | 5.17M | 4.87M | 4.81M | 3.65M | 1.49M |
| Deferred Long-Term Charges | 14.46M | 16.81M | 9.81M | 15.41M | 12.81M | 4.92M |
| Total Assets | 4.07B | 4.35B | 6.96B | 8.10B | 3.96B | 4.18B |
| Current Portion of Long-Term Debt | 267.00K | 95.81M | 3.09M | 2.11M | 2.92M | |
| Current Portion of Leases | 1.81M | 3.46M | ||||
| Long-Term Debt | 2.40B | 2.42B | 4.07B | 5.08B | 2.40B | 2.43B |
| Long-Term Leases | 38.23M | 37.97M | 40.08M | 48.37M | 21.88M | 22.77M |
| Accounts Payable | 42.77M | 43.82M | 52.88M | 99.01M | 22.89M | 25.89M |
| Other Current Liabilities | 13.91M | 16.97M | 564.36M | 14.21M | 5.52M | 6.73M |
| Long-Term Unearned Revenue | 26.96M | 28.25M | 13.57M | 46.21M | 28.46M | 32.76M |
| Long-Term Deferred Tax Liabilities | 17.40M | 17.80M | 5.48M | 6.01M | 7.26M | 8.25M |
| Other Long-Term Liabilities | 15.78M | 17.50M | 24.35M | 95.81M | 25.73M | 30.24M |
| Total Liabilities | 2.56B | 2.68B | 4.77B | 5.46B | 2.51B | 2.56B |
| Preferred Stock, Redeemable | 240.00K | 240.00K | 240.00K | 240.00K | 115.00K | 113.00K |
| Common Stock | 3.44M | 3.49M | 3.64M | 3.64M | 2.37M | 2.37M |
| Additional Paid-In Capital | 4.21B | 4.25B | 4.36B | 4.35B | 2.68B | 2.68B |
| Retained Earnings | -2.72B | -2.61B | -2.15B | -1.70B | -1.25B | -1.07B |
| Comprehensive Income & Other | 16.48M | 22.17M | -25.84M | -14.10M | 1.15M | 15.55M |
| Total Common Equity | 1.51B | 1.66B | 2.19B | 2.64B | 1.44B | 1.62B |
| Minority Interest | 1.40M | 14.90M | 5.92M | |||
| Shareholders' Equity | 1.51B | 1.66B | 2.19B | 2.64B | 1.45B | 1.63B |
| Total Liabilities & Equity | 4.07B | 4.35B | 6.96B | 8.10B | 3.96B | 4.18B |
| Total Debt | 2.44B | 2.56B | 4.11B | 5.20B | 2.42B | 2.45B |
| Net Cash (Debt) | -2.29B | -2.38B | -3.95B | -5.07B | -2.28B | -2.36B |
| Net Cash Per Share | -10.57 | -10.66 | -17.13 | -35.54 | -22.03 | -24.03 |
| Filing Date Shares Outstanding | 210.86M | 214.02M | 230.45M | 229.77M | 103.44M | 103.30M |
| Total Common Shares Outstanding | 210.88M | 215.85M | 230.72M | 230.32M | 103.78M | 103.60M |
| Book Value Per Share | 7.15 | 7.71 | 9.48 | 11.45 | 13.86 | 15.64 |
| Tangible Book Value | 1.46B | 1.62B | 2.14B | 2.59B | 1.42B | 1.60B |
| Tangible Book Value Per Share | 6.94 | 7.49 | 9.26 | 11.25 | 13.66 | 15.43 |
| Land | 636.93M | 659.09M | 802.32M | 1.43B | 494.10M | 511.58M |
| Buildings | 3.47B | 3.59B | 4.12B | 5.84B | 3.28B | 3.42B |
| Construction In Progress | 406.00K | 2.99M | 3.36M | 23.24M | 26.72M | 6.97M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -13.53M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M |
| Depreciation & Amortization | 176.77M | 194.81M | 224.32M | 184.95M | 155.33M | 163.32M |
| Other Amortization | 46.65M | 57.74M | 79.81M | 28.40M | 11.79M | 11.35M |
| Gain (Loss) on Sale of Assets | -145.17M | -43.28M | -57.02M | 1.67M | -325.00K | -1.48M |
| Asset Writedown | 102.22M | 164.67M | 90.41M | 68.68M | 21.56M | 17.52M |
| Stock-Based Compensation | 14.07M | 12.51M | 8.93M | 17.30M | 12.07M | 11.03M |
| Change in Accounts Payable | 1.25M | -30.37M | -22.18M | -9.64M | -3.05M | -3.53M |
| Change in Other Net Operating Assets | 13.28M | 4.22M | 6.21M | 7.60M | -3.68M | 4.84M |
| Other Operating Activities | 22.09M | 48.08M | -17.70M | 17.22M | -17.15M | -30.17M |
| Net Cash from Discontinued Operations | 29.76M | 133.12M | 42.92M | |||
| Operating Cash Flow | 218.39M | 222.79M | 299.47M | 143.74M | 181.82M | 192.49M |
| Acquisition of Real Estate Assets | -17.45M | -33.39M | -45.63M | -181.40M | -71.22M | -485.32M |
| Sale of Real Estate Assets | 725.96M | 1.84B | 803.41M | 80.88M | 54.68M | 48.75M |
| Net Sale / Acq. of Real Estate Assets | 708.51M | 1.80B | 757.78M | -100.52M | -16.54M | -436.57M |
| Cash Acquisition | -451.38M | |||||
| Other Investing Activities | 2.12M | |||||
| Investing Cash Flow | 708.51M | 1.80B | 759.90M | -551.90M | -16.54M | -436.57M |
| Long-Term Debt Issued | 1.25B | 803.79M | 1.05B | 180.17M | 331.94M | |
| Total Debt Issued | 1.04B | 1.25B | 803.79M | 1.05B | 180.17M | 331.94M |
| Long-Term Debt Repaid | -2.94B | -1.46B | -340.44M | -136.70M | -149.87M | |
| Total Debt Repaid | -1.65B | -2.94B | -1.46B | -340.44M | -136.70M | -149.87M |
| Net Debt Issued (Repaid) | -604.87M | -1.69B | -654.52M | 714.50M | 43.47M | 182.07M |
| Issuance of Common Stock | 894.00K | 214.04M | ||||
| Repurchase of Common Stock | -96.89M | -122.08M | -1.04M | -1.19M | -686.00K | -156.00K |
| Preferred Stock Issued | 4.72M | 15.88M | ||||
| Common Dividends Paid | -166.53M | -192.06M | -272.44M | -206.99M | -166.84M | -156.22M |
| Preferred Dividends Paid | -43.74M | -43.74M | -43.74M | -26.23M | -20.30M | -19.83M |
| Total Dividends Paid | -210.28M | -235.80M | -316.18M | -233.23M | -187.14M | -176.05M |
| Other Financing Activities | -19.99M | -19.89M | -23.62M | -11.08M | -11.00M | -17.47M |
| Foreign Exchange Rate Adjustments | -9.02M | 5.81M | -2.21M | -2.90M | -4.41M | -6.63M |
| Net Cash Flow | -14.16M | -30.14M | 61.81M | 57.95M | 11.13M | -32.38M |
| Levered Free Cash Flow | 366.12M | 1.48B | -1.04B | 137.81M | 144.84M | 170.58M |
| Unlevered Free Cash Flow | 425.46M | 1.55B | -958.61M | 209.24M | 195.35M | 218.96M |
| Cash Interest Paid | 168.94M | 168.94M | 249.06M | 136.51M | 87.36M | 82.15M |
| Cash Income Tax Paid | 10.50M | 10.50M | 13.12M | 12.50M | 13.74M | 16.76M |
| Change in Working Capital | 15.29M | -16.05M | -30.84M | -5.50M | -13.48M | 9.56M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.61B | 1.88B | 1.68B | 2.29B | 1.30B | 1.58B |
| Enterprise Value | 3.90B | 4.65B | 6.38B | 7.24B | 3.53B | 3.82B |
| Last Close Price | 6.97 | 7.89 | 5.95 | 7.03 | 7.72 | 8.35 |
| PS Ratio | 3.51 | 3.80 | 2.95 | 5.13 | 3.44 | 4.04 |
| PB Ratio | 0.97 | 1.13 | 0.77 | 0.87 | 0.90 | 0.97 |
| P/OCF Ratio | 7.38 | 8.46 | 5.61 | 15.90 | 7.17 | 8.20 |
| EV/Sales Ratio | 8.48 | 9.40 | 11.19 | 16.25 | 9.32 | 9.75 |
| EV/EBITDA Ratio | 11.66 | 12.43 | 14.35 | 26.94 | 12.78 | 13.14 |
| EV/EBIT Ratio | 24.60 | 25.72 | 28.82 | 85.41 | 29.00 | 29.82 |
| Debt / Equity Ratio | 1.62 | 1.54 | 1.88 | 1.97 | 1.66 | 1.51 |
| Debt / EBITDA Ratio | 7.27 | 6.81 | 9.21 | 19.24 | 8.71 | 8.41 |
| Net Debt / Equity Ratio | 1.51 | 1.43 | 1.80 | 1.92 | 1.57 | 1.45 |
| Net Debt / EBITDA Ratio | 6.84 | 6.35 | 8.88 | 18.85 | 8.27 | 8.13 |
| Asset Turnover | 0.10 | 0.09 | 0.08 | 0.07 | 0.09 | 0.10 |
| Quick Ratio | 3.88 | 1.75 | 0.41 | 1.24 | 7.31 | 4.65 |
| Current Ratio | 5.63 | 2.53 | 3.55 | 2.13 | 9.84 | 6.22 |
| Return on Equity (ROE) | -0.96% | -7.05% | -3.29% | -9.34% | 0.78% | 0.71% |
| Return on Assets (ROA) | 2.19% | 2.00% | 1.84% | 0.88% | 1.87% | 1.96% |
| Return on Invested Capital (ROIC) | -10.84% | 3.44% | 3.13% | 1.45% | 1.60% | 1.56% |
| Earnings Yield | -3.92% | -11.97% | -7.83% | -9.27% | 0.92% | 0.72% |
| Dividend Yield | 10.90% | 9.68% | 16.18% | 15.65% | 12.73% | 10.50% |
| Payout Ratio | 1,556.52% | 1,548.91% | ||||
| Buyback Yield / Dilution | 5.36% | 3.12% | -61.62% | -37.52% | -5.50% | -9.85% |
| Total Shareholder Return | 16.27% | 12.80% | -45.44% | -21.86% | 7.23% | 0.65% |