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Global Net Lease (GNL) investor relations material
Global Net Lease Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved investment-grade BBB- credit rating upgrade from Fitch, reflecting successful deleveraging, improved credit profile, and financial flexibility.
Completed $1.8 billion sale of multi-tenant retail portfolio, accelerating debt reduction and shifting portfolio composition toward single-tenant net lease assets.
Reduced net debt by $2 billion since Q3 2024, with ongoing disposition program generating $3 billion in asset sales.
Repurchased 12.1 million shares YTD for $91.7 million at a 12% AFFO yield, prioritizing buybacks over acquisitions.
Raised full-year 2025 AFFO per share guidance to $0.95–$0.97, reflecting operational momentum.
Financial highlights
Q3 2025 revenue was $121 million, down from $138.7 million in Q3 2024 due to asset dispositions.
Net loss attributable to common stockholders was $71.1 million for Q3 2025.
AFFO for Q3 2025 was $53.2 million ($0.24/share); Core FFO was $39.5 million.
Gross outstanding debt at quarter-end was $3 billion, down from $5 billion in Q3 2024.
Liquidity increased to $1.1 billion, with revolving credit facility capacity at $1.2 billion.
Outlook and guidance
Full-year 2025 AFFO per share guidance raised to $0.95–$0.97.
Net debt to adjusted EBITDA guidance reaffirmed at 6.5x–7.1x for 2025.
Management expects cash from operations and existing cash to cover dividends and capital expenditures.
Focus remains on deleveraging through property dispositions and operational execution.
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