# Global Net Lease, Inc. (GNL)

> Source: Nexqual · https://nexqual.com/GNL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Global Net Lease, Inc. (GNL), nexqual.com/GNL" · informational, not investment advice.

**Price:** USD 7.28 (+2.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 7.12 · day 7.08–7.3 · 52w 7.05–10.04 · market cap $1.68B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $460M, net income -$13.5M (-2.9% margin) (SEC filings).
- Earnings quality: non-operating income -$176M vs operating income $182M over the last four quarters; P/E excluding non-operating income ≈16.7x (estimate: non-operating income taxed at the company's 35% effective rate).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (9 analysts), mean target USD 9.88 (range 8–12).
- Total return with dividends: 1Y +4.0% vs S&P 500 +14.9%; 5Y -18.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.05, revenue estimate $113M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $391M | $379M | $446M | $570M | $495M | $460M |
| Operating income | $112M | $101M | -$15.3M | $188M | $111M | $182M |
| Net income | $11.4M | $12.0M | -$212M | -$132M | -$225M | -$13.5M |
| EPS (diluted) | -$0.20 | -$0.09 | -$1.71 | -$0.76 | -$1.21 | — |
| Operating margin | 28.6% | 26.5% | -3.4% | 33.0% | 22.4% | 39.6% |
| Net margin | 2.9% | 3.2% | -47.5% | -23.1% | -45.5% | -2.9% |
| Revenue growth | +18.5% | -3.2% | +17.7% | +27.8% | -13.1% | — |
| Cash + short-term investments | $89.7M | $103M | $122M | $160M | $180M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E ex non-operating (est.) ≈16.7x · P/S 3.7x · P/B 1.1x · Earnings yield -0.80% · Dividend yield (paid, TTM) 9.89% · Buyback yield (TTM) 5.57%

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 9 analysts; mean target USD 9.88 (low 8, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-31 | Citizens | Reiterated | Market Outperform | $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.0% | -18.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.1% | -4.0% |
| Volatility (annualized) | 21.5% | 29.3% |
| Max drawdown | -23.7% (Feb 2026→Oct 2026) | -46.0% (Jan 2023→Apr 2024) |

## Peers (REIT - Diversified)
AAT (American Assets Trust, Inc.) USD 21.29 +4.01% · ESRT (Empire State Realty Trust, Inc.) USD 4.93 +5.57% · JBGS (JBG SMITH Properties) USD 11.39 +6.35% · SAFE (Safehold Inc. New) USD 11.33 +6.29% · CTO (CTO Realty Growth, Inc.) USD 20.25 +3.42% · BNL (Broadstone Net Lease, Inc.) USD 17.55 +1.86%

## More
Full page: https://nexqual.com/GNL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GNL's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1526113/000162828026011696/gnl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BMO Capital Markets | "As noted herein, our debt agreements, including the indentures governing the 4.50% Senior Notes and the 3.75% Senior Notes (collectively, our "Senior Notes") as well as our credit agreement with BMO Bank N.A. ("BMO"), as…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Real Estate Investing | $112.5M | 100.0% | -10.0% | — | — |
| — Industrial & Distribution (part of Real Estate Investing) | $51.7M | 46.0% | -6.0% | $46.0M | 89.1% |
| — Office (part of Real Estate Investing) | $30.8M | 27.4% | -10.9% | $26.9M | 87.2% |
| — Retail (part of Real Estate Investing) | $30.0M | 26.7% | -15.2% | $26.2M | 87.2% |
| Total revenue | $112.5M | 100% | — | $99.1M | 88.1% |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.04 | $-0.03 | +50.0% | $113.5M | 2 |
| Next quarter (ends 2026-12-31) | $-0.04 | $-0.02 | +125.0% | $117.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.20 | $-0.17 | +17.6% | $453.5M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.14 | $-0.06 | +141.7% | $475.3M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-11-04): ±10.0%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 21.8% | ±10.0% |