Global Net Lease (GNL) Q2 2025 earnings summary

Executive summary

• Completed $1.8 billion sale of multi-tenant retail portfolio, transforming into a pure-play net lease REIT and streamlining operations, reducing portfolio to 911 properties with 98% occupancy and a 6.2-year weighted average lease term.

• Reduced net debt by $748 million in Q2 2025 and $2.0 billion year-over-year, improving net debt to adjusted EBITDA to 6.6x.

• S&P Global upgraded corporate credit rating to BB+ and unsecured notes to investment-grade BBB-.

• Repurchased 10.2 million shares for $76.9 million at an AFFO yield of 12%, balancing buybacks with leverage reduction.

• Executed $1.8 billion refinancing of revolving credit facility, lowering interest rate spread by 35 basis points and extending maturity to 2030.

Financial highlights

• Q2 2025 revenue was $124.9 million, down from $145.5 million in Q2 2024 due to asset dispositions.

• Net loss attributable to common stockholders was $35.1 million, improved from $46.6 million in Q2 2024.

• AFFO was $53.1 million ($0.24/share), down from $76.7 million ($0.33/share) year-over-year.

• Liquidity stood at $1.0 billion, with $1.1 billion capacity on the revolving credit facility.

• Interest coverage ratio was 2.7x; weighted average interest rate was 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 guidance range of 6.5x to 7.1x.

• No material debt maturities until 2027, providing balance sheet flexibility.