| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 121.01 | 3.1% | 38.4% |
| Total Income | 121.01 | 3.1% | 38.4% |
| Expenditure | 129.40 | 53.8% | 25.8% |
| PBT | -59.49 | 106.1% | 7.5% |
| Net Profit | -71.05 | 102.5% | 7.2% |
| OPM | -11.72% | 45.58pp | 20.85pp |
| NPM | -58.71% | 30.63pp | 19.76pp |
| EPS | -0.32 | 100.0% | 3.0% |
Global Net Lease Reports Q3 2025 Results; Corporate Credit Rating Upgraded
04 May 2026 · 4 May, 8:00 am
Summary
Global Net Lease, Inc. reported its financial and operating results for the quarter ended September 30, 2025. Revenue was $121.0 million, compared to $138.7 million in third quarter 2024. Net loss attributable to common stockholders was $71.1 million, compared to a net loss of $76.6 million in third quarter 2024. Adjusted Funds from Operations (AFFO) was $53.2 million, or $0.24 per share, compared to $73.9 million in third quarter 2024, or $0.32 per share. The company raised its full-year AFFO per Share guidance to a new range of $0.95 to $0.97 from $0.92 to $0.96.
Key Highlights
- 1
Global Net Lease's corporate credit rating was upgraded to investment-grade BBB- from BB+ by Fitch Ratings.
- 2
The company reduced net debt by $2.0 billion since Q3 2024 and increased liquidity to $1.1 billion.
- 3
GNL executed a $1.8 billion refinancing of its Revolving Credit Facility, lowering the cost of capital and extending weighted average debt maturity.
- 4
The company repurchased 12.1 million shares year-to-date at a weighted average price of $7.59, totaling $92 million.
- 5
Revenue was $121.0 million, compared to $138.7 million in third quarter 2024.
- 6
Adjusted Funds from Operations (AFFO) was $53.2 million, or $0.24 per share, compared to $73.9 million in third quarter 2024, or $0.32 per share.
- 7
Full-year AFFO per Share guidance is raised to a new range of $0.95 to $0.97 from $0.92 to $0.96.
Management Comments
Michael Weil
GNL achieved several milestones in the third quarter of 2025, all of which are a direct result of the ambitious and transformative initiatives that we’ve been executing over the last two years. We are particularly proud that our efforts to optimize the portfolio, lower leverage, and reduce our cost of capital has resulted in an upgrade of our corporate credit rating to investment-grade BBB-. A key driver of this success has been our disciplined disposition strategy, which totals approximately $3 billion in sales and includes non-core, short duration, single-tenant assets sold at a 7.7% cash cap rate, while reducing net debt by $2 billion since the third quarter of 2024. This demonstrates the strength and quality of our primarily investment-grade portfolio. While GNL’s stock continues to trade at a meaningfully lower valuation to our net lease peers, we have used incremental disposition proceeds to capitalize on the opportunity to repurchase shares at an approximate 12% AFFO yield, which we believe has delivered a more compelling return than other uses of capital, including acquisitions, which we have not found attractive in this current environment. Looking ahead, we remain committed to continuing to execute our near-term strategic priorities, delivering consistent results, and taking further steps to create long-term value for our shareholders.
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