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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.
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Q3 2025 earnings summary6 Nov, 2025

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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Frequently asked questions

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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