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Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Global Net Lease
Global Net Lease (GNL) investor relations material
Global Net Lease Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved a transformational year in 2025 with a $1.8B multi-tenant retail portfolio sale, completing the shift to a pure-play, single-tenant net lease REIT and delivering a 32% total return, outperforming net lease peers.
Completed $3.4B in asset sales since 2024, including $995M of non-core single-tenant and $2B of multi-tenant assets, reducing leverage and strengthening the balance sheet.
Proceeds used to reduce net debt by $2.2B–$2.8B since Q4 2023, improving Net Debt/Adjusted EBITDA from 8.4x to 6.7x.
Share repurchases of 17.2M shares for $135.9M–$136M at an average price of $7.88, supporting a 32% total return in 2025.
Portfolio now consists of 820 properties, 97% occupancy, and 66% investment-grade tenants.
Financial highlights
Q4 2025 revenue: $117M; net income attributable to common stockholders: $37.2M.
AFFO for Q4: $48.5M ($0.22/share); full year AFFO: $221M ($0.99/share), exceeding guidance.
Debt reduced to $2.6B at year-end, down $2.1B from 2024; Net Debt/Adjusted EBITDA at 6.7x.
Weighted average interest rate fell to 4.2% from 4.8%, cutting quarterly interest expense by 45%.
Liquidity at $961.9M–$962M and $1.5B credit facility capacity at year-end.
Outlook and guidance
2026 AFFO per share guidance: $0.80–$0.84; Net Debt/Adjusted EBITDA: 6.5x–6.9x.
Transaction volume guidance: $250M–$350M (acquisitions and dispositions combined), focusing on reducing office exposure and redeploying proceeds into industrial and retail assets.
Strategic focus on growth via accretive capital recycling and selective asset sales.
How does GNL prioritize share buybacks vs. acquisitions?
What supports GNL's Office asset sale pricing expectations?
What is the implied net transaction volume for 2026?
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Next Global Net Lease earnings date
Q1 20267 May, 2026
Global Net Lease
Next Global Net Lease earnings date
Q1 20267 May, 2026
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Global Net Lease Inc is a real estate investment trust listed on the NYSE focused solely on sale-leaseback transactions involving single tenant, net-leased assets across the United States, Western and Northern Europe.
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