Global Net Lease, Inc.

Listed Company

GNLCIK 0001526113NYSELarge AcceleratedReal Estate Investment TrustsNew YorkFY ends Dec 31

Period

FY 2025

Revenue

$495.29M

Net Income

$-225.46M

Total Assets

$4.35B

Equity

$1.66B

Shares Out

214.19M

Op. Cash Flow

$222.79M

Business

Global Net Lease, Inc. is an internally managed REIT that acquires and manages a global portfolio of income-producing net lease commercial real estate assets. It offers ownership, asset management and leasing of single-tenant and multi-tenant net-leased properties and may originate or acquire mortgage, mezzanine or other real estate-secured loans. Its business is organized into four reportable segments: Industrial & Distribution, Multi-Tenant Retail, Single-Tenant Retail and Office. It operates across the U.S., Canada and Western and Northern Europe through direct property holdings and leasing channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from tenants	495	570	446	379	391
Property operating	51	64	44	33	33
Operating fees to related parties	0	0	28	40	39
Impairment charges	158	90	69	—	—
Merger, transaction and other costs	7	6	54	244,000	141,000
Settlement costs	0	0	30	0	0
General and administrative	53	52	37	18	17
Equity-based compensation	13	9	17	12	11
Depreciation and amortization	191	217	179	154	163
Goodwill impairment	7	0	0	—	—
Total expenses	479	439	459	279	281
Operating income (loss) before gain (loss) on dispositions of real estate investments	16	131	−14	100	110
Gain (loss) on dispositions of real estate investments	95	57	−2	325,000	1
Operating income (loss)	111	188	−15	101	112
Interest expense	−195	−256	−158	−98	—
Loss on extinguishment and modification of debt	−11	−16	−1	−2	0
(Loss) gain on derivative instruments	−11	4	−4	19	6
Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness	−13	3	0	2	0
Other income	4	1	2	981,000	121,000
Total other expense, net	−225	−263	−161	−77	−88
Net loss before income tax	−114	−75	−177	23	24
Income tax expense	−22	−4	−14	−11	−12
Loss from continuing operations	−136	−79	−191	—	—
Loss from discontinued operations	−90	−52	−21	—	—
Net loss	−225	−132	−212	12	11
Preferred stock dividends	−44	−44	−27	−20	−20
Net loss attributable to common stockholders	−269	−175	−239	−8	−9
Net loss per share from continuing operations, basic (in dollars per share)	−0.81	−0.54	−1.57	—	—
Net loss per share from continuing operations, diluted (in dollars per share)	−0.81	−0.54	−1.57	—	—
Net loss per share from discontinued operations, basic (in dollars per share)	−0.4	−0.22	−0.14	—	—
Net loss per share from discontinued operations, diluted (in dollars per share)	−0.4	−0.22	−0.14	—	—
Net loss per share attributable to common stockholders Basic (in dollars per share)	−1.21	−0.76	−1.71	−0.09	−0.2
Net income loss per share attributable to common stockholders Diluted (in dollars per share)	−1.21	−0.76	−1.71	−0.09	−0.2
Basic (in shares)	223	230	143	104	98
Diluted (in shares)	223	230	143	104	98

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	659	802	1,431	494	512
Buildings, fixtures and improvements	3,592	4,121	5,842	3,277	3,424
Construction in progress	3	3	23	27	7
Acquired intangible lease assets	523	696	1,360	—	—
Total real estate investments, at cost	4,778	5,622	8,656	4,487	4,691
Less accumulated depreciation and amortization	−967	−1,000	−1,084	−891	−811
Total real estate investments, net	3,811	4,622	7,572	3,595	3,881
Assets held for sale	50	17	3	0	0
Assets related to discontinued operations (Note 3)	348,000	1,816	—	—	—
Cash and cash equivalents	180	160	122	103	90
Restricted cash	14	65	41	1	4
Derivative assets, at fair value (Note 10)	7,000	2	11	37	4
Unbilled straight-line rent	73	90	84	73	74
Operating lease right-of-use asset (Note 13)	63	66	77	49	53
Prepaid expenses and other assets	60	52	122	64	49
Multi-tenant disposition receivable, net (Note 3)	28	0	—	—	—
Deferred tax assets	5	5	5	4	1
Goodwill	46	51	47	21	—
Deferred financing costs, net	17	10	15	13	5
Total Assets	4,347	6,956	8,099	3,962	4,183
Mortgage notes payable, net (Note 6)	1,265	1,769	2,518	1,233	1,431
Revolving credit facility (Note 7)	324	1,390	1,744	670	226
Senior notes, net (Note 8)	928	906	886	493	492
Acquired intangible lease liabilities, net	18	24	96	25	29
Derivative liabilities, at fair value (Note 10)	5	4	5	328,000	4
Accounts payable and accrued expenses	44	53	99	23	26
Operating lease liability (Note 13)	41	40	48	22	23
Prepaid rent	28	14	46	28	33
Deferred tax liability	18	5	6	7	8
Dividends payable	12	12	11	5	5
Real estate liabilities held for sale (Note 5)	60,000	0	—	—	—
Liabilities related to discontinued operations (Note 3)	890,000	552	—	—	—
Total Liabilities	2,684	4,769	5,460	2,508	2,556
Commitments and contingencies (Note 12)	0	0	0	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized, 216,016,247 and 231,051,139 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3	4	4	2	2
Additional paid-in capital	4,249	4,359	4,350	2,683	2,675
Accumulated other comprehensive income (loss)	22	−26	−14	1	16
Accumulated deficit	−2,611	−2,150	−1,702	−1,248	−1,072
Total Stockholders Equity	1,663	2,187	2,638	1,439	1,621
Total Liabilities and Equity	4,347	6,956	8,099	3,962	4,183

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	133	176	121	96	94
Amortization of intangibles	88	174	101	58	69
Amortization of deferred financing costs	10	10	9	9	10
Amortization of discounts on mortgages and senior notes	46	69	19	939,000	708,000
Amortization of below-market lease liabilities	−6	−12	−6	−4	−4
Amortization of above-market lease assets	8	18	11	4	4
Amortization related to right-of-use assets	1	1	886,000	844,000	944,000
Amortization of lease incentives	2	1	861,000	1	761,000
Unbilled straight-line rent	−6	−19	−10	−10	−6
Equity-based compensation	13	9	17	12	11
Unrealized losses (gains) losses on foreign currency transactions, derivatives, and other	6	−3	7	−9	−6
Net loss on multi-tenant disposition receivable	17	0	0	—	—
Loss on extinguishment and modification of debt	26	16	1	—	—
(Gain) loss on dispositions of real estate investments	−43	−57	2	−325,000	−1
Lease incentive and commission payments	−9	−8	−3	−6	−9
Impairment charges	158	90	69	—	—
Settlement and consulting costs paid with common stock	0	0	22	0	0
Prepaid expenses and other assets	4	6	8	−4	5
Deferred tax assets	−163,000	428,000	−2	−2	879,000
Accounts payable and accrued expenses	−30	−22	−10	−3	−4
Prepaid rent	−480,000	−16	−682,000	−4	11
Deferred tax liability	11	241,000	−569,000	−236,000	−4
Net cash, cash equivalents and restricted cash provided by operating activities	223	299	144	182	192
Investment in real estate and real estate related assets	0	0	−134	−34	−477
Cash used in business combination, net of cash acquired	0	0	−451	0	0
Capital expenditures	−33	−46	−47	−30	−8
Net proceeds from dispositions of real estate investments	1,757	803	81	55	49
Cash received from multi-tenant disposition receivable	81	0	0	—	—
Proceeds from insurance claims	0	2	0	0	—
Net cash, cash equivalents and restricted cash provided by (used in) investing activities	1,805	760	−552	−17	−437
Borrowings under revolving credit facilities	1,249	486	1,055	180	194
Repayments on revolving credit facilities	−2,389	−809	0	0	−78
Proceeds from mortgage notes payable	0	318	0	0	138
Principal payments on mortgage notes payable	−546	−650	−340	−137	−71
Penalties and charges related to repayments and early repayments of debt	−5	−16	−986,000	−487,000	0
Common shares repurchased upon vesting of restricted stock	−2	−1	−1	—	—
Repurchases of Common Stock, net	−120	0	0	−686,000	−156,000
Payments of financing costs	−15	−8	−7	−10	−6
Dividends paid on Common Stock	−192	−272	−207	−167	−156
Distributions to non-controlling interest holders	0	−137,000	−3	−400,000	−11
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	−2,064	−995	469	−150	218
Net change in cash, cash equivalents and restricted cash	−36	64	61	16	−26
Effect of exchange rate changes on cash	6	−2	−3	−4	−7
Cash paid for interest	169	249	137	87	82
Cash paid for income taxes	10	13	13	14	17
Equity issued in business combination	0	0	1,617	0	0
Mortgages assumed by the buyer as part of consideration for dispositions of real estate	466	0	0	—	—
Loss on extinguishment and modification of debt	22	0	235,000	2	0
Accrued capital expenditures	0	333,000	0	0	—

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