Global Net Lease (GNL)
Owner of net-leased industrial, retail, and office properties across North America and Europe.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 17, 2026 | BMO Capital | Upgrade | ||
| Apr 17, 2026 | BMO Capital | Downgrade | Target: $11 | Target: $10 |
| Feb 3, 2026 | Cantor Fitzgerald | Target | Target: — | Target: $11 |
| Aug 19, 2025 | Keybanc | Upgrade | ||
| Dec 17, 2024 | JMP Securities | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $168.0M · Total debt $2.46B · Total assets $4.07B · Shareholders' equity $1.51B
- Revenue
- $112.5M
- Operating income
- $54.7M
- Net income
- $3.5M
HistoryDividendAnnual yield
| Institutions | 79.89% | 169.31M shares | |
|---|---|---|---|
| 347 holders · as of Jun 30, 2026 | |||
| Insiders | 9.80% | 20.76M shares | |
| 14 holders · as of Jul 24, 2026 | |||
| Other | 10.31% | 21.86M shares | |
| remainder | |||
211.93M company shares as of Sep 2, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.13% | 32.07M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 9.69% | 20.54M | as of Jun 30, 2026 |
Nicholas S. Schorsch1Insiderother: See Remarks | 7.54% | 15.99M | filed Jul 24, 2026 |
State Street CorpInstitution | 5.18% | 10.98M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.38% | 9.27M | as of Jun 30, 2026 |
- Nicholas S. Schorsch's own ownership statement (13D, Jul 24, 2026) reports fewer shares than the transaction reports; the statement is used.
Insider tradesForm 4
No open-market trades in the last 12 months.
- W. P. Carey
Diversified net-lease REIT with US and European industrial and retail portfolio.
- Realty Income
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- Agree Realty
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- Broadstone Net Lease
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- Essential Properties Realty Trust
US-only service-tenant net-lease REIT; 2,300 properties via sale-leaseback.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Global Net Lease | $8.69 | −0.29% | $1.85B | — | — | 4.0 | −10.0% |
| W. P. Carey | $66.20 | −1.02% | $15.24B | 22.8 | 22.3 | 8.0 | +7.0% |
| Realty Income | $55.54 | −1.75% | $52.71B | 41.3 | 34.4 | 8.9 | +1.1% |
| NNN REIT | $41.16 | −1.07% | $7.91B | 20.4 | 19.6 | 8.3 | +7.2% |
| Agree Realty | $66.83 | −0.73% | $8.09B | 36.2 | 34.4 | 10.4 | +16.9% |
| Broadstone Net Lease | $18.86 | −1.39% | $3.67B | 25.8 | 26.7 | 7.7 | +8.3% |
| Essential Properties Realty Trust | $26.68 | −1.39% | $5.85B | 21.0 | 20.9 | 8.8 | +10.3% |
| Median | 24.3 | 24.5 | 8.6 | +7.7% |