Business
Global Net Lease Reports Fourth Quarter and Full Year 2025 Results
– Company Exceeds Full-Year 2025 AFFO Guidance – Reduced Net Debt by $2.2 Billion and Improved Net Debt to Adjusted EBITDA From 7.6x to 6.7x in 2025 – Repurchased 17.2 Million Shares at a Weighted Average Price of $7.88, Totaling $135.9 Million Since Launch of Repurchase Program in February 2025 – Sold McLaren Campus for £250 Million, Approximately £80 Million Above Original Purchase Price – Corporate Credit Rating Upgraded to Investment-Grade – Introduces Initial 2026 Financial Guidance; Focus
About this update from Global Net Lease, Inc.
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(NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter and year ended December 31, 2025.","length":389,"tagName":"p"},{"type":"text","content":" Fourth Quarter and Full Year 2025 Highlights ","length":44,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenue was $117.0 million in fourth quarter 2025 compared to $137.8 million in fourth quarter 2024, primarily reflecting the impact of asset dispositions, including the Multi-Tenant Retail Portfolio sale","length":204,"tagName":"p"}]},{"val":[{"type":"text","content":"Net income attributable to common stockholders was $37.2 million in fourth quarter 2025, compared to a net loss of $17.5 million in fourth quarter 2024, reflecting the substantial gain on the sale of the McLaren Campus","length":218,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted Funds From Operations (“AFFO”) 1 was $48.5 million 1 , or $0.22 per share in fourth quarter 2025, compared to $78.3 million, or $0.34 per share, in fourth quarter 2024; full-year 2025 AFFO was $221.0 million or $0.99 per share, exceeding revised full year guidance range of $0.95 to $0.97","length":294,"tagName":"p"}]},{"val":[{"type":"text","content":"Continued to use net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet; reduced net debt by $2.2 billion in 2025, improving Net Debt to Adjusted EBITDA from 7.6x to 6.7x in 2025","length":219,"tagName":"p"}]},{"val":[{"type":"text","content":"Completed a $1.8 billion refinancing of the Revolving Credit Facility, achieving an immediate 35 basis point reduction in the interest rate spread through improved pricing, while extending weighted average debt maturity","length":219,"tagName":"p"}]},{"val":[{"type":"text","content":"Reduced weighted average interest rate to 4.2% in fourth quarter 2025, down from 4.8% in fourth quarter of 2024","length":111,"tagName":"p"}]},{"val":[{"type":"text","content":"Increased liquidity to $961.9 million and Revolving Credit Facility capacity to $1.5 billion in fourth quarter 2025, compared to $492.2 million and $460.0 million, respectively, in fourth quarter 2024","length":210,"tagName":"p"}]},{"val":[{"type":"text","content":"Sales resulting from the strategic disposition program total approximately $3.4 billion since 2024, with a weighted average lease term of 5.4 years; achieved a cash cap rate of 7.6% on non-core closed single-tenant dispositions, demonstrating tangible proof of portfolio quality","length":283,"tagName":"p"}]},{"val":[{"type":"text","content":"Sold the McLaren Campus for £250 million, or $336 million 2 , at a 7.4% cash cap rate, generating an approximate £80 million, or $108 million 2 , gain above its April 2021 purchase price, while increasing the proportion of investment-grade tenants among the top ten to 80%","length":268,"tagName":"p"}]},{"val":[{"type":"text","content":"Repurchased 17.2 million shares of outstanding common stock under the Share Repurchase Program announced in February 2025, at a weighted average price of $7.88, for a total of $135.9 million; includes 4.5 million shares repurchased in fourth quarter 2025 for a total of $37.3 million and 1.8 million shares repurchased in first quarter 2026 for a total of $15.9 million","length":399,"tagName":"p"}]},{"val":[{"type":"text","content":"Leased over 3.7 million square feet in 2025, resulting in over $33.9 million of new straight-line rent","length":112,"tagName":"p"}]},{"val":[{"type":"text","content":"Achieved a 12% renewal leasing spread in 2025, up from 7% in 2024, with a weighted average renewal term of 6.5 years; new leases completed in 2025 had a weighted average lease term of 5.2 years","length":193,"tagName":"p"}]},{"val":[{"type":"text","content":"Weighted average annual rent increase of 1.4% provides organic rental growth, excluding 19.6% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increases","length":206,"tagName":"p"}]},{"val":[{"type":"text","content":"Sector-leading 66% of annualized straight-line rent in fourth quarter 2025 comes from investment-grade or implied investment-grade tenants 3 , up from 61% in fourth quarter of 2024","length":178,"tagName":"p"}]},{"val":[{"type":"text","content":"Corporate credit rating upgraded to investment-grade BBB- from BB+ by Fitch Ratings; unsecured notes also upgraded to investment-grade BBB- by S&P Global, underscoring the Company’s strategic progress in deleveraging, enhancing operations and bolstering liquidity over the past two years ","length":291,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":3405,"olType":false},{"type":"readMore"},{"type":"text","content":"“2025 marked a decisive transformation for GNL, driven by coordinated initiatives to simplify the portfolio, materially reduce leverage, strengthen liquidity and improve our credit profile,” said Michael Weil, CEO of GNL. “This disciplined execution of our corporate strategy translated into meaningful shareholder value creation in 2025, reflected in a total return of 32%, outpacing the net lease sector. While we are pleased with the progress made and the narrowing of our valuation gap with peers, we believe there is a clear path to continued growth as we execute our 2026 objectives. We enter 2026 from a position of strength, focused on earnings growth through disciplined capital recycling and continued long-term deleveraging. Our strategy prioritizes reducing office exposure by disposing of select office assets and redeploying capital into accretive single-tenant industrial and retail investments that enhance earnings durability and portfolio quality. With a streamlined platform and enhanced financial flexibility, we believe GNL is well-positioned to execute this next phase with discipline and drive long-term value for shareholders.”","length":1151,"tagName":"p"},{"type":"text","content":" Full Year 2026 Guidance 4 ","length":24,"tagName":"p"},{"type":"text","content":"The following is a summary of the Company’s full-year 2026 guidance:","length":68,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" Financial Metric ","length":16,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2026 Guidance ","length":13,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":"AFFO Per Share","length":14,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$0.80 to $0.84","length":14,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":"Net Debt to Adjusted EBITDA","length":27,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"6.5x to 6.9x","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"val":[{"type":"text","content":" ","length":6,"tagName":"p"}]},{"val":[{"type":"text","content":" ","length":6,"tagName":"p"}]},{"val":[{"type":"text","content":" ","length":6,"tagName":"p"}]}]}],"length":115},{"type":"text","content":" 2026 Guidance assumes gross transaction volume, inclusive of both dispositions and acquisitions, of $250 million to $350 million. 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The Company operates in three reportable segments: (1) Industrial & Distribution, (2) Retail and (3) Office. 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As of December 31, 2025, the Company had net debt of $2.5 billion 8 , including $1.3 billion of mortgage debt and reduced Net Debt to Adjusted EBITDA from 7.6x to 6.7x in 2025.","length":440,"tagName":"p"},{"type":"text","content":"As of December 31, 2025, the percentage of debt that was fixed rate (including variable rate debt fixed with swaps) was 98%, compared to 91% as of December 31, 2024. The Company’s total combined debt had a weighted average interest rate of 4.2%, down from 4.8% in the fourth quarter of 2024, resulting in an interest coverage ratio of 2.9 times 9 . Weighted average debt maturity was 3.0 10 years as of December 31, 2025 as compared to 3.0 years as of December 31, 2024. ","length":478,"tagName":"p"},{"type":"text","content":" Footnotes/Definitions ","length":21,"tagName":"p"},{"type":"text","content":" 1 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.","length":412,"tagName":"p"},{"type":"text","content":" 2 Calculated based on a GBP/USD exchange rate of 1.3377 as of December 22, 2025.","length":80,"tagName":"p"},{"type":"text","content":" 3 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody's analytical tool, which generates an implied rating by measuring a company's probability of default. The term "parent" for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of December 31, 2025. Comprised of 34% leased to tenants with an actual investment grade rating and 32% leased to tenants with an Implied Investment Grade rating based on annualized straight-line rent as of December 31, 2025.","length":901,"tagName":"p"},{"type":"text","content":" 4 We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.","length":611,"tagName":"p"},{"type":"text","content":" 5 Weighted-average remaining lease term in years is based on square feet as of December 31, 2025.","length":102,"tagName":"p"},{"type":"text","content":" 6 During the year ended December 31, 2025, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock under its "at-the-market" programs. As of February 20, 2026, the Company had repurchased 17.2 million shares of outstanding common stock under its Share Repurchase Program announced in February 2025 for a total of $135.9 million, which includes 4.5 million shares repurchased in fourth quarter 2025 for a total of $37.3 million and 1.8 million shares repurchased in first quarter 2026 for a total of $15.9 million.","length":635,"tagName":"p"},{"type":"text","content":" 7 Liquidity represents the aggregate amount of cash and cash equivalents and borrowing and borrowing availability under our Revolving Credit Facility, utilizing the value of our applicable assets as of December 31, 2025 for the borrowing base calculation under such facility, and capacity represents the total undrawn commitments under our Revolving Credit Facility. Liquidity includes $781.7 million of availability under the Revolving Credit Facility and $180.1 million of cash and cash equivalents as of December 31, 2025.","length":600,"tagName":"p"},{"type":"text","content":" 8 Comprised of the principal amount of GNL's outstanding debt totaling $2.6 billion less cash and cash equivalents totaling $180.1 million, as of December 31, 2025.","length":173,"tagName":"p"},{"type":"text","content":" 9 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by Cash Paid for Interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that interest coverage ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.","length":483,"tagName":"p"},{"type":"text","content":" 10 Assumes we exercise each of our two 6-month extension options on our Revolving Credit Facility.","length":98,"tagName":"p"},{"type":"text","content":" Conference Call ","length":15,"tagName":"p"},{"type":"text","content":"GNL will host a webcast and conference call on February 26, 2026 at 11:00 a.m. ET to discuss its financial and operating results.","length":134,"tagName":"p"},{"type":"text","content":"To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.","length":196,"tagName":"p"},{"type":"text","content":"Dial-in instructions for the conference call and the replay are outlined below.","length":79,"tagName":"p"},{"type":"text","content":" Conference Call Details ","length":23,"tagName":"p"},{"type":"text","content":" Live Call ","length":9,"tagName":"p"},{"type":"text","content":"Dial-In (Toll Free): 1-877-407-0792 International Dial-In: 1-201-689-8263","length":74,"tagName":"p"},{"type":"text","content":" Conference Replay* ","length":18,"tagName":"p"},{"type":"text","content":"For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.","length":155,"tagName":"p"},{"type":"text","content":" Or dial-in below: ","length":17,"tagName":"p"},{"type":"text","content":"Domestic Dial-In (Toll Free): 1-844-512-2921","length":44,"tagName":"p"},{"type":"text","content":"International Dial-In: 1-412-317-6671 Conference Number: 13757483 *Available from 2:00 p.m. ET on February 26, 2026 through May 26, 2026.","length":142,"tagName":"p"},{"type":"text","content":" Supplemental Schedules ","length":22,"tagName":"p"},{"type":"text","content":"The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.","length":371,"tagName":"p"},{"type":"text","content":" About Global Net Lease, Inc. ","length":28,"tagName":"p"},{"type":"text","content":"Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.","length":326,"tagName":"p"},{"type":"text","content":" Forward-Looking Statements ","length":26,"tagName":"p"},{"type":"text","content":"The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “projects,” “potential,” “predicts,” “expects,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.","length":2096,"tagName":"p"},{"type":"text","content":" Contacts: ","length":9,"tagName":"p"},{"type":"text","content":"Investors and Media: Email: [email protected] Phone: (332) 265-2020","length":86,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"9","style":"text-align:center;vertical-align:middle;","val":[{"type":"text","content":" Global Net Lease, Inc. 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