At a glance
Global Net Lease, Inc. is worth $1.47B. Revenue fell 13.1% to $495.3M in fiscal 2025, at a loss. It pays a 10.89% dividend yield, and returned $1.12B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.3% over the past year with dividends reinvested and −4.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.3% in the 2020 crash (S&P 500: 33.7%) and 32.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 4 months after the lows.
The business in plain English
Global Net Lease is a real estate investment trust (REIT), a company that owns income-producing property and must pay out at least 90% of its taxable income to shareholders. It specializes in net leases: long rental contracts, usually with a single business, under which the tenant also pays most property costs, such as taxes, insurance and upkeep. GNL earns money by collecting that rent. As of December 31, 2025, it owned 820 properties, 97% leased to 231 tenants in 71 industries across ten countries and territories.
Industrial and distribution buildings, such as warehouses, are the largest segment, with $225.7 million, or 45.6%, of fiscal 2025 revenue of $495.3 million. Office brought in 27.6% and retail 26.8%. By rent, about 74% comes from the U.S. and Canada and 26% from Western and Northern Europe. About 66% of rent comes from tenants GNL counts as investment grade (financially strong), though for 32% of rent that label rests on an implied rating from a Moody's Analytics tool, not an actual credit rating.
GNL has been selling property to reduce debt. After merging with The Necessity Retail REIT and bringing its management in-house in September 2023, it sold about $3.3 billion of property across 2024 and 2025, including 99 multi-tenant retail properties sold to RCG Venture Holdings.
Price history
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GNL -1.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Industrial & Distribution | $225.7M | 45.6% |
| Office | $136.8M | 27.6% |
| Retail | $132.8M | 26.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $112.5M, down 10% from a year earlier, and net income was $-7.5M.
- For fiscal 2025, revenue was $495.3M (-13.1% year over year) with a -54.4% net margin.
Financial health check
| Operating margin | 22.4% good |
|---|---|
| Free cash flow margin | 38.2% good |
| Return on equity (FY2025) | -16.2% weak |
| Return on assets (FY2025) | -6.2% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $330.1M | $-7.8M | $170.5M |
| FY2021 | $391.2M | $-8.7M | $184.6M |
| FY2022 | $378.9M | $-8.4M | $151.9M |
| FY2023 | $445.8M | $-239.3M | $96.4M |
| FY2024 | $569.8M | $-175.3M | $253.8M |
| FY2025 | $495.3M | $-269.2M | $189.4M |
Valuation snapshot
| Market value | $1.47B |
|---|---|
| P/E ratio | — |
| Dividend yield | 10.89% |
Rank among 1514 US companies
Market value at each year end
Global Net Lease’s market value went from $2.29B at the end of 2023 to $1.47B on Oct 28, 2026, down 36%; since the end of 2025 it is down 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.47B | -21.9% |
| 2025 | $1.89B | +12.0% |
| 2024 | $1.68B | -26.5% |
| 2023 | $2.29B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GNL price data to Oct 28, 2026 | -11.5% | -1.3% | +9.1% | -4.8% | -0.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -11.6% |
| 2025 | +32.4% |
| 2024 | -15.1% |
| 2023 | -8.9% |
| 2022 | -7.3% |
| 2021 | -2.3% |
| 2020 | -6.3% |
| 2019 | +26.2% |
| 2018 | -4.4% |
| 2017 | -5.0% |
| 2016 | +7.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.6% over that stretch · deepest drop along the way 58.3%, back to its old high 13.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.1% over that stretch · deepest drop along the way 32.3%, back to its old high 3.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Dec 31, 2024 |
| Vanguard Portfolio Management | 9.56% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.1% | Jun 30, 2025 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
ETFs with the most weight in GNL
| KBWY Invesco KBW Premium Yield Equity REIT ETF | 6.46% |
| NETL NETLease Corporate Real Estate ETF | 3.86% |
| XSHD Invesco S&P SmallCap High Dividend Low Volatility ETF | 3.38% |
| HIPS GraniteShares HIPS US High Income ETF | 2.72% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.57% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.44% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.25% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.24% |
What could go wrong
- Most buildings depend on a single tenant. Most GNL properties are leased to one tenant. If that tenant goes bankrupt or leaves, the building's rent can stop entirely, and single-tenant buildings can be hard to re-lease or sell.
- Heavy debt load and borrowing costs. GNL had about $2.4 billion of debt against $1.5 billion of shareholder equity as of June 30, 2026. Higher rates, tighter lending or a credit rating cut could raise borrowing costs and limit flexibility.
- The dividend could be cut again. The regular dividend fell from $1.73 a share in fiscal 2020 to $0.845 in fiscal 2025. The annual report warns of further cuts if cash falls short, and debt agreements can restrict payouts.
- Pressure on office and retail properties. Office properties produced 27.6% and retail 26.8% of fiscal 2025 revenue. Lower demand for offices and a shift to online shopping could mean vacancies, lower rents and property write-downs.
- Overseas properties bring currency risk. About 26% of rent came from Europe as of December 31, 2025. A stronger U.S. dollar makes foreign rents worth fewer dollars, and foreign laws and taxes add cost and complexity.
- Rent increases may lag inflation. About 86% of leases include built-in rent increases, averaging 1.4% a year. If inflation runs higher, GNL's costs, including interest, can grow faster than its rent, and long leases lock in that slower growth.
Recent events
- Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Acquisition or sale of assets completed; Unregistered sale of shares; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
For income and retirement investors
GNL's dividend has been cut, with no streak of increases. Regular dividends per share fell from $1.73 in fiscal 2020 to $0.845 in fiscal 2025, an average of about 13.4% a year. The company posted a net loss every year from 2020 to 2025, and in fiscal 2025 dividends paid equaled 101.4% of free cash flow (cash left after running the business). The yield was 10.89% as of October 28, 2026. GNL bought back $120.3 million of stock in fiscal 2025, but its share count roughly doubled between November 2021 and August 2026.
In the 2020 COVID crash, the stock fell 58.3% from February 21 to March 18, 2020, and took about 13.4 months to recover. In the 2022 bear market it dropped 32.3% between August 1 and September 29, 2022, recovering in about 3.8 months. Its price record starts after the 2008 crisis. A single stock like GNL carries more risk than a diversified fund.
Questions investors ask
How does Global Net Lease make money?
Global Net Lease makes money by renting buildings to businesses under net leases, where the tenant usually pays costs such as property taxes, insurance and upkeep. As of December 31, 2025, it owned 820 properties, 97% leased to 231 tenants. In fiscal 2025, industrial and distribution properties produced 45.6% of its $495.3 million revenue, office 27.6% and retail 26.8%. About 74% of rent came from the U.S. and Canada and 26% from Europe.
Has Global Net Lease cut its dividend?
Yes, several times. Regular dividends per share fell from $1.73 in fiscal 2020 to $1.60 in fiscal 2021 and 2022, $1.55 in fiscal 2023, $1.18 in fiscal 2024 and $0.845 in fiscal 2025, less than half the 2020 level. The company's annual report (Form 10-K) warns that if it cannot generate enough cash from operations, it may have to reduce dividends or find other ways to fund them.
Why is Global Net Lease's dividend yield so high?
It is high because the share price is low relative to the dividend. The yield was 10.89% as of October 28, 2026, after the stock fell 23.5% over the prior six months. A yield this high often signals that investors doubt the payout will hold. In fiscal 2025, dividends paid were 101.4% of free cash flow (cash left after running the business), leaving no cushion, and the company reported a net loss of $269.2 million that year.
How much debt does Global Net Lease have?
Global Net Lease had about $2.4 billion of total debt as of June 30, 2026, compared with $153.6 million in cash and investments and $1.5 billion of shareholder equity. Its total assets were $4.1 billion, including $3.6 billion of real estate. Reducing debt has been its main short-term focus, helped by about $3.3 billion of property sales across 2024 and 2025. Its annual report warns that loan terms restrict its activities and may limit dividends.
How has Global Net Lease stock performed over the long term?
Its share price has drifted slightly lower over the long run. As of October 28, 2026, the price was down 0.4% a year over 10 years (4% in total) and down 4.8% a year over five years (22% in total). Over three years it gained 9.1% a year (30% in total). Calendar years swung widely: up 32.4% in 2025 after a 15.1% drop in 2024. For 2026, it was down 11.5% through October 28. These figures cover price changes only and leave out dividends.