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Global Net Lease
(NYSE:GNL)
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Rating:53Neutral
Price Target:
$7.50
â–¼(-18.92% Downside)
Action:Reiterated
Date:10/01/26
The score is held back primarily by weak technicals (deeply oversold readings and price below key moving averages) and a still-challenged fundamental profile with a TTM net loss and meaningful leverage despite improvement. Offsetting factors include strong and improving free cash flow, supportive income valuation via a ~9.2% dividend yield, and a positive earnings call with raised AFFO guidance and balance-sheet progress.
Positive Factors
Industrial portfolio repositioning
The completed Modiv acquisition increases exposure to industrial net-lease properties, extends the portfolio’s lease duration, and adds contractual rent escalations. These changes can improve earnings visibility and cash-flow durability by reducing reliance on shorter leases and broadening the portfolio’s long-term income base.
Negative Factors
Elevated leverage
Although leverage has improved, debt remains material relative to operating earnings and sits near the upper end of management’s stated target range. This limits financial flexibility, makes capital allocation more constrained, and leaves GNL more exposed to pressure if operating performance or financing conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Industrial portfolio repositioning
The completed Modiv acquisition increases exposure to industrial net-lease properties, extends the portfolio’s lease duration, and adds contractual rent escalations. These changes can improve earnings visibility and cash-flow durability by reducing reliance on shorter leases and broadening the portfolio’s long-term income base.
Read all positive factors
Global Net Lease (GNL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.65B
Dividend Yield10.64%
Average Volume (3M)3.03M
Price to Earnings (P/E)―
Beta (1Y)0.29
Revenue Growth-29.60%
EPS Growth77.14%
CountryUS
Employees56
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.27
Shares Outstanding231,317,860
10 Day Avg. Volume3,175,089
30 Day Avg. Volume3,033,663
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)1.15
Price to Sales (P/S)3.86
P/FCF Ratio10.14
Enterprise Value/Market Cap2.53
Enterprise Value/Revenue9.09
Enterprise Value/Gross Profit13.08
Enterprise Value/Ebitda11.96
Forecast
1Y Price Target
$11.00Price Target Upside18.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.09
Revenue Forecast (FY)$453.81M
Global Net Lease Business Overview & Revenue Model
Company Description
Global Net Lease, Inc. is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Global Net...
How the Company Makes Money
GNL primarily makes money by owning commercial properties and leasing them to tenants under net lease agreements. Under a net lease structure (often single-tenant), the tenant is generally responsible for some or most property-level operating expe...
Global Net Lease Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed predominantly positive progress: an accretive, strategic Modiv acquisition that meaningfully improves portfolio quality and WALT; material balance sheet improvements including a ~$621M reduction in gross debt, stronger liquidity, lower capex and modest AFFO growth; disciplined capital recycling with attractive disposition and acquisition cap rate dynamics; and continued leasing strength and tenant-credit improvements. Principal risks include reliance on the timely closing of the Modiv transaction for guidance and accretion, a remaining concentration of office assets during the transition to a more industrial-heavy portfolio, a Q2 GAAP net loss (offset by positive AFFO), and leverage that—while improved—remains material. On balance, the positive items and forward-looking accretion and guidance increases outweigh the lowlights.Positive Updates
Strategic, Accretive Modiv Acquisition
Proposed acquisition of Modiv expected to close mid-August 2026; Modiv portfolio features a 15-year weighted average remaining lease term and 2.4% annual contractual rent escalations. Transaction is expected to extend company WALT to 6.6 years, increase industrial exposure to ~50% of total straight-line rent, be roughly 4% accretive to AFFO per share, and be leverage-neutral.
Negative Updates
GAAP Net Loss Despite Positive AFFO
Reported a net loss attributable to common stockholders of $7.5M in Q2 2026 while AFFO remained positive at $45.7M ($0.22 per share), indicating non‑cash or one-time items are impacting GAAP results and introducing some volatility between GAAP and cash performance measures.
Read all updates
Q2-2026 Updates
Positive
Negative
Strategic, Accretive Modiv Acquisition
Proposed acquisition of Modiv expected to close mid-August 2026; Modiv portfolio features a 15-year weighted average remaining lease term and 2.4% annual contractual rent escalations. Transaction is expected to extend company WALT to 6.6 years, increase industrial exposure to ~50% of total straight-line rent, be roughly 4% accretive to AFFO per share, and be leverage-neutral.
Read all positive updates
Company Guidance
Management raised full‑year AFFO per share guidance from a prior $0.80–$0.84 range to a new $0.82–$0.85 range, materially increased gross transaction volume guidance from prior ~$250–$350 million to $700–$800 million, and reaffirmed a net‑debt-to‑adjusted‑EBITDA target of 6.5x–6.9x (the company reported 6.6x at quarter‑end on $2.3B net debt); the updated outlook assumes roughly 1.5 quarters of contribution from the anticipated mid‑August Modiv close (Modiv is expected to be ~4% accretive to AFFO per share and leverage‑neutral, and to extend portfolio WALT to 6.6 years while increasing industrial exposure to ~50% of straight‑line rent), with the company entering the guidance period having $2.5B gross debt, ~92% fixed‑rate debt, a 4.1% weighted average interest rate, 3.2x interest coverage, ~ $919M liquidity and $1.3B revolver capacity.Global Net Lease Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
45
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 459.73M | 497.89M | 805.01M | 515.07M | 378.86M | 391.23M |
| Gross Profit | 319.29M | 64.30M | 662.51M | 364.46M | 345.98M | 358.48M |
| EBITDA | 349.33M | 308.59M | 568.88M | 215.72M | 279.43M | 285.54M |
| Net Income | -13.53M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M |
Balance Sheet | ||||||
| Total Assets | 4.07B | 4.35B | 6.96B | 8.10B | 3.96B | 4.18B |
| Cash, Cash Equivalents and Short-Term Investments | 167.99M | 180.11M | 159.70M | 121.57M | 103.33M | 89.67M |
| Total Debt | 2.46B | 2.58B | 4.64B | 5.29B | 2.44B | 2.48B |
| Total Liabilities | 2.56B | 2.68B | 4.77B | 5.46B | 2.51B | 2.56B |
| Stockholders Equity | 1.51B | 1.66B | 2.19B | 2.64B | 1.44B | 1.62B |
Cash Flow | ||||||
| Free Cash Flow | 201.18M | 189.40M | 253.84M | 96.45M | 151.88M | 184.57M |
| Operating Cash Flow | 218.39M | 222.79M | 299.47M | 143.74M | 181.82M | 192.49M |
| Investing Cash Flow | 708.51M | 1.80B | 759.90M | -551.90M | -16.54M | -436.57M |
| Financing Cash Flow | -932.02M | -2.06B | -995.36M | 469.01M | -149.74M | 218.32M |
Global Net Lease Technical Analysis
Negative
9.25
Price Trends
8.31
Negative
8.53
Negative
8.72
Negative
Market Momentum
-0.33
Positive
21.03
Positive
19.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GNL, the sentiment is Negative. The current price of 9.25 is above the 20-day moving average (MA) of 7.64, above the 50-day MA of 8.31, and above the 200-day MA of 8.72, indicating a bearish trend. The MACD of -0.33 indicates Positive momentum. The RSI at 21.03 is Positive, neither overbought nor oversold. The STOCH value of 19.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GNL.
Global Net Lease Risk Analysis
Global Net Lease disclosed 54 risk factors in its most recent earnings report. Global Net Lease reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Net Lease Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $14.67B | 21.98 | 7.83% | 5.81% | 8.96% | 92.38% | |
69 Neutral | $3.30B | 22.66 | 5.00% | 6.78% | 6.71% | 46.35% | |
67 Neutral | $6.03B | 21.91 | 5.99% | 4.64% | 20.67% | -1.36% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $589.24M | 22.76 | 11.69% | 10.07% | 10.78% | -30.46% | |
58 Neutral | $487.13M | 15.18 | 10.50% | 8.06% | 9.52% | 21.63% | |
53 Neutral | $1.65B | -26.44 | -0.84% | 10.64% | -29.60% | 77.14% |
* Real Estate Sector Average
GNL
Global Net Lease
7.14
0.08
1.13%
GOOD
Gladstone Commercial
12.08
1.72
16.57%
OLP
One Liberty Properties
22.32
3.28
17.22%
WPC
W. P. Carey Inc.
64.39
1.14
1.80%
EPRT
Essential Properties Realty
27.17
-2.48
-8.36%
BNL
Broadstone Net Lease
17.22
-0.44
-2.49%
Global Net Lease Corporate Events
Financial Disclosures
Global Net Lease Schedules Third-Quarter 2026 Results Call
Neutral
Oct 15, 2026
On October 15, 2026, Global Net Lease, Inc. announced it would release financial results for the third quarter ended September 30, 2026, after the close of trading on Wednesday, November 4, 2026. The timing underscores the REIT’s regular dis...
Dividends
Global Net Lease Declares Fourth-Quarter Common Stock Dividend
Positive
Oct 1, 2026
On October 1, 2026, Global Net Lease, Inc. announced that its board declared a fourth-quarter common stock dividend of $0.190 per share. The dividend is scheduled to be paid on October 16, 2026, to stockholders of record as of the close of busines...
Dividends
Global Net Lease Declares Quarterly Preferred Stock Dividends
Positive
Sep 17, 2026
On September 17, 2026, Global Net Lease, Inc. announced that it had declared quarterly dividends on four series of its preferred stock, underscoring continued distributions to income-focused investors. The dividends, ranging from $0.4296875 to $0....
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsPrivate Placements and Financing
Global Net Lease Closes Modiv Industrial All-Stock Acquisition
Positive
Aug 13, 2026
On August 12, 2026, Global Net Lease, Inc. completed its all-stock acquisition of Modiv Industrial, Inc., adding a $535 million portfolio of primarily industrial net-lease properties in the U.S. and delisting Modiv’s securities from the NYSE...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Global Net Lease Q2 Results Highlight Portfolio Repositioning
Positive
Aug 6, 2026
On August 6, 2026, Global Net Lease reported second-quarter 2026 results that underscored its ongoing portfolio repositioning and capital recycling strategy, including sustained 97% occupancy across 798 properties and an industry-leading 63% inves...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Global Net Lease Reports Stronger Q2 and Raises Guidance
Positive
Aug 5, 2026
On August 5, 2026, Global Net Lease reported second-quarter 2026 results showing revenue of $112.5 million and a narrowed net loss of $7.5 million, as prior non-core asset dispositions weighed on top-line performance. Adjusted funds from operation...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Global Net Lease Highlights Strategic Progress and Portfolio Optimization
Positive
Aug 5, 2026
On August 5, 2026, Global Net Lease released its second-quarter 2026 investor presentation, highlighting continued execution of its strategic plan, including $263 million of year-to-date closed transactions and disposition pipeline through July 31...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.