10-K · February 25, 2026
Global Net Lease (GNL) is positioning as a lower-leverage, net-lease REIT focused on U.S. and Western/Northern Europe income-producing assets, emphasizing dispositions of non-core assets to reduce leverage. The company…
Earnings analysis · 10-Q
GNL earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Global Net Lease (GNL) reported a challenging Q1 2026 with total revenue of $109.3 million and an EPS of $0.16, both missing expectations. Notably, the company has experienced decreases in revenue across all segments…
Read full summary
Global Net Lease (GNL) reported a challenging Q1 2026 with total revenue of $109.3 million and an EPS of $0.16, both missing expectations. Notably, the company has experienced decreases in revenue across all segments year-over-year due to property dispositions, while improvements in financial metrics like reduced net loss and interest expenses illustrate some positive trends amidst operational challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.16
- Segment
- Industrial & Distribution
- Segment
- Retail
- Segment
- Office
What stood out
-
Total Revenue Decline
Revenue fell to $109.3 million, down 17.4% from $132 million year-over-year.
-
Segment Revenue Declines
Industrial & Distribution revenue decreased by $8.8 million, Retail down $7.4 million, and Office down $6.9 million year-over-year.
-
Reduced Interest Expense
Interest expense decreased to $39.2 million from $53.4 million year-over-year due to lower debt levels.
-
Drop in Net Loss
Net loss attributable to common stockholders improved to $16.0 million, significantly better than $200.3 million a year ago.
-
Significant Impairment Charges
Impairment charges were $11.1 million for Q1 2026, down from $60.3 million in Q1 2025.
-
Improved Free Cash Flow
Free Cash Flow (FCF) was reported at $43.9 million compared to $66.2 million in the prior year.
What to watch
-
Revenue Missed Expectations
Q1 2026 revenue missed analyst estimates by approximately 2.8%.
-
Sluggish Segment Performance
All segments reported declines in performance, highlighting potential ongoing demand challenges.
-
Dependence on Acquisitions
The company faces risks related to its acquisition strategy amidst market uncertainties.
Management's outlook
Management continues to expect to close the Modiv acquisition in the third quarter of 2026.
Earlier filings 4
10-Q · August 7, 2025
Global Net Lease reported quarter revenue of $124,905 (in thousands) and a net loss attributable to common stockholders of $(0.16) per share. Results reflect completion of the Multi‑Tenant Retail Disposition (contract…
10-K · February 27, 2025
Global Net Lease (GNL) is prioritizing deleveraging and portfolio optimization after internalizing management and acquiring RTL, owning 1,121 properties (60.7 million rentable sq ft) that were 97% leased as of December…
10-Q · November 6, 2024
In Q3 2024, Global Net Lease reported revenues of $196.6 million, reflecting a notable increase of 66.5% year-over-year from $118.2 million in Q3 2023. However, the diluted EPS was a loss of $0.33, missing estimates of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.