Global Net Lease
Owner of net-leased industrial, retail, and office properties across North America and Europe.
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Profile
Owns industrial and distribution, retail, and office properties under net leases across North America and Europe, collecting rent while tenants generally cover property costs. Industrial assets produce roughly half of rent following the Modiv acquisition, while property sales are reducing office exposure.
Owns and manages income-producing properties under net leases, with tenants generally responsible for insurance, taxes, and other operating costs. The portfolio spans Industrial & Distribution, Retail, and Office properties across the United States, Canada, and Western and Northern Europe; the completed Modiv Industrial acquisition raised industrial assets to roughly half of rent.
Executes lease renewals, property sales, and selective acquisitions to manage occupancy and reshape the portfolio. A completed multi-tenant retail sale simplified the business, while ongoing office dispositions continue to lower office exposure.
Revenue depends on tenant payments and renewals, while European holdings add currency exposure. Debt costs and access to capital affect acquisition and refinancing economics, and REIT status requires distribution of nearly all taxable income.
Company facts
Key statistics
Year to date +3.9% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | BMO Capital | Upgrade | Market Perform | Outperform | ||
| Apr 17, 2026 | BMO Capital | Downgrade | Outperform | Market Perform | $11 | $10 |
| Feb 3, 2026 | Cantor Fitzgerald | Target | $11 | |||
| Aug 19, 2025 | Keybanc | Upgrade | Sector Weight | Overweight | ||
| Dec 17, 2024 | JMP Securities | Upgrade | Market Perform | Market Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.05 | −$0.05 | +6.2% | $109.7M | $112.5M | +2.5% | +5.22% |
| May 5, 2026Q1 FY26 | $0.10 | $0.21 | +110.0% | $112.4M | $109.3M | −2.7% | −1.31% |
| Feb 25, 2026Q4 FY25 | $0.21 | $0.29 | +38.1% | $120.1M | $117.0M | −2.6% | −3.07% |
| Nov 5, 2025Q3 FY25 | $0.21 | $0.24 | +14.3% | $118.9M | $121.0M | +1.8% | +5.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $132.4M | $124.9M | $121.0M | $117.0M | $109.3M | $112.5M | |
| Gross profit | $118.5M | $112.9M | $108.3M | $15.5M | $96.4M | $99.1M | |
| Operating income | −$27.9M | $42.3M | −$14.2M | $42.1M | $30.9M | $54.7M | |
| Net income | −$189.4M | −$24.1M | −$60.1M | $48.2M | −$5.1M | $3.5M | |
| Diluted EPS | −$0.87 | −$0.16 | −$0.32 | $0.17 | −$0.08 | −$0.04 | |
| Gross margin | 89.5% | 90.4% | 89.5% | 13.3% | 88.2% | 88.1% | |
| Operating margin | -21.1% | 33.9% | -11.7% | 36.0% | 28.3% | 48.7% |
Fiscal years (4-quarter sums)FY21 $391.2M · FY22 $378.9M · FY23 $515.1M · FY24 $689.0M · FY25 $495.3M
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $168.0M · Total debt $2.46B · Total assets $4.07B · Shareholders' equity $1.51B
Dividends
Last cut to $0.19 from $0.275 in Apr 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 13, 2026 | Jul 13 | Jul 17 | $0.19 | |
| Apr 13, 2026 | Apr 13 | Apr 17 | $0.19 | |
| Jan 12, 2026 | Jan 12 | Jan 16 | $0.19 | |
| Oct 10, 2025 | Oct 13 | Oct 16 | $0.19 | |
| Jul 11, 2025 | Jul 11 | Jul 16 | $0.19 | |
| Apr 11, 2025 | Apr 11 | Apr 16 | $0.19 | cut from $0.275 |
| Jan 13, 2025 | Jan 13 | Jan 16 | $0.275 | |
| Oct 11, 2024 | Oct 11 | Oct 16 | $0.275 |
Ownership
Shares outstanding 211.93M · Float —
Float — provider float is below the insider stake.
A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 32.07M | 15.13% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 20.54M | 9.69% | 13F | Aug 13, 2026 |
| Nicholas S. Schorsch | 15.99M | 7.50% | 13D | Jul 24, 2026 |
| State Street Corp | 10.98M | 5.18% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 9.27M | 4.38% | 13F | Aug 13, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- W. P. Carey
Diversified net-lease REIT with US and European industrial and retail portfolio.
- Realty Income
Largest US net-lease REIT; 15,600+ properties in retail, industrial, and Europe.
- NNN REIT
US-only single-tenant retail net-lease REIT; ~3,700 properties across 50 states.
- Agree Realty
Pure-play US retail net-lease REIT; 2,674 properties, ~67% IG tenant rents.
- Broadstone Net Lease
Industrial-focused US net-lease REIT: ~60% industrial, ~31% retail by ABR.
- Essential Properties Realty Trust
US-only service-tenant net-lease REIT; 2,300 properties via sale-leaseback.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Global Net Lease | $9.16 | −0.05% | $1.94B | — | — | 4.2 | −10.0% |
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| NNN REIT | $45.67 | −0.01% | $8.69B | 22.4 | 21.9 | 9.1 | +7.0% |
| Agree Realty | $73.20 | −0.05% | $8.79B | 39.4 | 37.7 | 11.3 | +16.9% |
| Broadstone Net Lease | $21.09 | 0.00% | $4.04B | 28.5 | 27.9 | 8.5 | +8.3% |
| Essential Properties Realty Trust | $30.37 | −0.03% | $6.57B | 23.5 | 23.0 | 9.9 | +10.3% |
| Median | 26.3 | 25.8 | 9.4 | +7.6% |