One-glance verdict
Within fair range
$5.25 our estimate vs market $6.85
Wall Street consensus: $9.88 (87.9% higher than our fair-value estimate)
30% above our estimate
Fundamentals snapshot
Global Net Lease, Inc.
GNL · NYQ · Real Estate · REIT - Diversified
Current price
$6.85
52-week range
$6.81 - $10.04
Market cap
$1.53B
Balance sheet
Distressed
0.96x Concerning
Net debt $2.65B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 11.1% with 12-year payout history.
- Risk Net debt grew 2.4% over 3 years.
- Risk Return on equity was -0.8% last year — the company lost money on shareholders' equity.
What this company does
Global Net Lease, Inc.
Global Net Lease, Inc. (GNL) buys and manages office, industrial, and retail buildings, mostly in the US and Europe, that are leased to single tenants. The money mainly comes from rent payments from these tenants, which is important because consistent rent is GNL's main way to make money and pay investors.
How the company got here
Global Net Lease, Inc. (GNL) was established in 2011 as a real estate investment trust (REIT). A REIT is a company that owns, operates, or finances income-producing real estate. GNL's core strategy from the outset was to acquire and manage a global portfolio of properties that are leased to businesses on long-term, net lease agreements. This means that the tenant is responsible for most of the property's operating expenses, such as taxes, insurance, and maintenance, in addition to paying rent. This structure provides GNL with a more predictable stream of income. Over the years, GNL has grown its portfolio across the United States and Western and Northern Europe, focusing on single-tenant properties like offices, industrial sites, and retail locations. The company has undergone strategic shifts, including a significant disposition program to strengthen its balance sheet and align its portfolio for long-term growth.
What it actually does
Global Net Lease, Inc. (GNL) operates as a landlord for businesses. Instead of selling products or services directly to consumers, GNL owns commercial real estate properties and leases them out to companies under long-term contracts. These are known as 'net leases,' where the tenant not only pays rent but also covers most of the property's operating expenses, like property taxes, insurance, and maintenance. This business model provides GNL with a steady and predictable income stream from its tenants, who are typically businesses needing space for their operations.
Industrial & Distribution
This is the largest segment for Global Net Lease, making up about 47% of its annualized rent. GNL owns and leases industrial and distribution properties, which are essentially warehouses and facilities used by companies for storing and moving goods. Tenants in this segment are businesses that need these types of spaces for their supply chain operations. The leases are long-term, and the tenants are responsible for most of the property's operating costs. This segment is a significant contributor to GNL's overall revenue and cash flow.
Retail
The retail segment accounts for approximately 28% of Global Net Lease's annualized rent. In this segment, GNL owns and leases properties to retail businesses, such as stores or shopping centers. These are spaces where companies sell their products directly to consumers. Similar to other segments, the tenants in these retail properties typically cover the operating expenses associated with the property under the terms of their net lease agreements. This segment provides diversification within GNL's real estate portfolio.
Office
The office segment represents about 25% of Global Net Lease's annualized rent. Here, GNL owns and leases office buildings to various companies. These are the spaces where businesses house their employees and conduct their administrative or operational functions. The tenants in these office properties are responsible for the majority of the property's operating expenses, as per the net lease agreements. This segment contributes to GNL's diversified income stream from its real estate holdings.
What management is betting on now
Global Net Lease's management is focused on driving earnings growth and delivering long-term value. Their strategy involves a disciplined approach to capital allocation, meaning they carefully decide where to invest the company's money. This includes selective acquisitions of new properties and potentially share repurchases, where the company buys back its own stock to increase shareholder value. They also plan to continue divesting assets when the value is compelling, meaning they will sell properties if they can get a good price for them. The goal is to maintain a strong balance sheet and operational excellence to ensure sustained shareholder returns.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$112.87M
Net income
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Diluted EPS
-0.31
Operating cash flow
$48.26M
Free cash flow
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Sources
Revenue
$112.47M
Net income
—
Diluted EPS
-0.04
Operating cash flow
$67.11M
Free cash flow
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Sources
Revenue
$109.29M
Net income
—
Diluted EPS
-0.08
Operating cash flow
$39.68M
Free cash flow
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Sources
Revenue
$116.95M
Net income
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Diluted EPS
0.14
Operating cash flow
$55.56M
Free cash flow
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Sources
Revenue
$121.01M
Net income
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Diluted EPS
-0.32
Operating cash flow
$56.03M
Free cash flow
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Revenue
$124.91M
Net income
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Diluted EPS
-0.16
Operating cash flow
$52.03M
Free cash flow
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Revenue
$132.41M
Net income
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Diluted EPS
-0.87
Operating cash flow
$59.17M
Free cash flow
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Sources
Revenue
$199.12M
Net income
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Diluted EPS
-0.08
Operating cash flow
$74.80M
Free cash flow
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Is it cheap or expensive?
Fair value $5.25 vs current price $6.85
Wall Street consensus is the average analyst price target: $9.88 (87.9% higher than our fair-value estimate).
Our most-likely fair value is $5.25 a share — about 23.3% away from today's price of $6.85, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $2.7B. Interest coverage 1.0x.
Net debt
$2.65B
Interest coverage
0.96x
Global Net Lease, Inc.'s profit covers its interest bill about 1.0 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
GNL
BASELINE
Global Net Lease, Inc.
Total debt $2.80B Interest coverage 0.96x This is the baseline the peer rows are being compared against.
Total debt $8.78B Interest coverage 2.99x +211% vs GNL Carries about 3.1x more debt cushion than GNL.
Total debt $2.89B Interest coverage 2.42x +151% vs GNL Carries about 2.5x more debt cushion than GNL.
Total debt $4.99B Interest coverage 2.79x +190% vs GNL Carries about 2.9x more debt cushion than GNL.
Total debt $864.87M Interest coverage 1.39x +45% vs GNL Carries about 1.4x more debt cushion than GNL.
Total debt $2.98B Interest coverage 3.32x +245% vs GNL Carries about 3.4x more debt cushion than GNL.
What you should know
The case for and against GNL
2 Rewards
2 Risks
Rewards
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 11.1% with 12-year payout history.
Risks
-
Net debt grew 2.4% over 3 years.
-
Return on equity was -0.8% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-47.24x
P/B
0.99x
P/S
3.38x
EV/EBITDA
12.66x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
86.7%
Operating margin
35.4%
Net margin
-2.1%
ROE
-0.8%
ROA
2.1%
Health
Liquidity and balance-sheet strength
Debt / equity
1.78x
Current ratio
5.85x
Quick ratio
3.88x
Total debt
$2.80B
Total cash
$152.62M
Growth
How the business has been compounding
Revenue TTM
$451.59M
Revenue 5Y CAGR
6.1%
EPS TTM
-0.28
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$210.61M
Free CF TTM
$189.40M
FCF margin
41.9%
Dividend
Shareholder payout
Yield
11.1%
Payout ratio
1,243.3%
Last ex-div date
2026-10-09