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Global Net Lease Inc

globalnetlease.com

What Do They Do?

Leases industrial, retail and office properties to business tenants across the U.S., Canada and Europe.

How Do They Make Money?

Business tenants pay rent under property leases over time; leases generally require tenants to pay or reimburse property operating costs as well.

revenue

Segment	Share	How money arrives
Industrial & Distribution Recurring	46% FY2022: 56%	Recurring
Retail Recurring	27% FY2022: 4.5%	Recurring
Office Recurring	28% FY2022: 40%	Recurring
Multi-Tenant Retail Recurring	0.0% FY2022: 0.0%	Recurring

Who Are Their Customers?

Tenants are businesses operating across a range of industries, with properties in established markets in the U.S. and Europe.

Do Revenues Turn Into Profits?

No. It lost $225.5M in FY2025.

Operating income, FY2025

22% of revenue

▼ −41% vs FY2024 ($188.1M, 33%)

Net income, FY2025

−46% of revenue

▲ +71% (Loss) vs FY2024 (−$131.6M, −23%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −10%; vs $124.9M in Q2 FY2025
Net income: ▲ Now profitable; vs −$24.1M in Q2 FY2025

Industrial & Distribution share of revenue vs 44.0% in Q2 FY2025

Aug 13, 2026 Completed acquisition of Modiv Industrial The deal adds an industrial net-lease property portfolio to GNL.
Aug 5, 2026 Raised full-year AFFO-per-share guidance The revised range increased to $0.82–$0.85 per share from $0.80–$0.84.

Growing. Revenue grew 27% in 4 years, from $391.2M in FY2021 to $495.3M in FY2025, about 6% a year.

Multi-tenant retail exit The latest report says GNL completed the sale of its multi-tenant retail portfolio; the older report listed retail properties among its holdings.

Revenue over time

Industrial & Distribution Retail Office Multi-Tenant Retail

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025