Global Net Lease, Inc.

Global Net Lease, Inc. is an internally managed REIT that owns and leases a global portfolio of net lease real estate. Its portfolio is concentrated in single-tenant industrial, retail, and office properties across the U.S., Canada, and Western and Northern Europe, with tenants generally responsible for property operating costs.

61,0 %

−45,5 %

−38,5 %

— Global Net Lease, Inc.
%
Industrial & Distribution47% Single-tenant industrial and logistics properties leased on a net basis.
Retail26% Retail real estate assets leased to operating tenants under long-term net leases.
Office27% Office properties leased to corporate and government-related tenants.

The company’s customers are tenants that lease individual properties, not end consumers...

  • Industrial & Distribution tenantsprimary

    Operators leasing logistics and distribution facilities for warehousing, fulfillment, and production support.

  • Retail tenantsprimary

    Retail businesses leasing standalone or net-leased retail assets for customer-facing operations.

  • Office tenantsprimary

    Corporate and government-related occupiers leasing office buildings under net leases.

  • Government Services Administration tenantssecondary

    Public-sector tenants in certain office properties that typically reimburse fewer operating costs.

Global Net Lease owns assets in ten countries and territories, with about 74% of properties in the U.S...

  • •About 74% of properties are in the U.S. and Canada
  • •About 26% of properties are in Europe
  • •Assets span ten countries and territories
  • •Portfolio is focused on developed markets
  • •Cross-border ownership adds FX and tax complexity

The company is repositioning its portfolio around three core property types after the sale of its multi-tenant retail...

01
Portfolio simplification after multi-tenant retail dispositionshort-term

Reduces complexity and refocuses the company on core net lease assets.

02
Maintain diversified income streammedium-term

Diversification across tenants, industries, and countries lowers concentration risk.

03
Use disciplined acquisitions and capital accessmedium-term

Growth depends on buying income-producing assets and funding them efficiently.

The business is exposed to tenant credit risk because most properties are single-tenant and rent collection depends on...

high

Single-tenant concentration

Most properties are occupied by one tenant, so a default can remove an entire income stream.

Scope
Portfolio-wide rent collection and occupancy
Materiality
high
high

Financing and capital markets access

Acquisitions, refinancing, and dividend support depend on debt and equity availability.

Scope
Growth funding and liquidity
Materiality
high
high

Real estate market and interest-rate sensitivity

Property values, refinancing costs, and tenant demand move with local and macro conditions.

Scope
Portfolio valuation and lease renewals
Materiality
high
medium

Dividend restrictions from debt agreements

Covenants in borrowing agreements may limit distributions to common and preferred stockholders.

Scope
Dividend policy and shareholder returns
Materiality
high
medium

Foreign exchange and cross-border operating risk

A meaningful share of assets is in Europe, creating translation and operational complexity.

Scope
European rent and asset values
Materiality
medium
Straight-line rent recognition
Affects reported revenue, receivables, and comparability to cash rent
Discontinued operations
Distorts year-over-year comparisons unless continuing operations are isolated
Lease intangibles and amortization
Affects rental revenue and depreciation/amortization expense
Deferred leasing commissions
Influences operating expenses and EBITDA-style metrics

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: 28/04/2026