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Global Net Lease (GNL) investor relations material
Global Net Lease Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed $1.8B sale of multi-tenant retail portfolio, transforming into a pure-play net lease REIT and streamlining operations.
Reduced net debt by $748M in Q2 2025 and $2.0B year-over-year, improving leverage metrics.
Refinanced $1.8B revolving credit facility, lowering interest rate spread by 35 bps and extending debt maturity to 3.7 years.
S&P Global upgraded corporate credit rating to BB+ and unsecured notes to investment-grade BBB-.
Repurchased 10.2M shares for $76.9M–$77M under the share repurchase program.
Financial highlights
Q2 2025 revenue was $124.9M, down from $145.5M in Q2 2024 due to asset dispositions.
Net loss attributable to common stockholders was $35.1M, improved from $46.6M loss in Q2 2024.
AFFO was $53.1M ($0.24/share), down from $76.7M ($0.33/share) year-over-year.
Gross outstanding debt at quarter end was $3.1B, down $2B from end of 2024; net debt at $2.97B.
Interest coverage ratio was 2.7x; weighted average interest rate 4.3%.
Outlook and guidance
Raised low end of 2025 AFFO per share guidance to $0.92–$0.96.
Reaffirmed net debt to adjusted EBITDA range of 6.5x to 7.1x.
Management expects cash from operations and existing cash to cover near- and long-term dividends and capex.
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