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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.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved investment-grade BBB- credit rating upgrade from Fitch, reflecting successful deleveraging and operational improvements.
Completed $1.8 billion sale of multi-tenant retail portfolio, accelerating debt reduction and shifting focus to single-tenant net lease assets.
Reduced net debt by $2 billion since Q3 2024 and increased liquidity to $1.1 billion.
Portfolio repositioned as a pure-play, single-tenant net lease REIT with 97% occupancy and 60% investment-grade tenants.
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 $2 billion year-over-year.
Liquidity increased to $1.1 billion, with $1.2 billion of credit facility capacity.
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.
Confident in meeting leverage targets through scheduled dispositions and continued operational execution.
Management expects cash from operations and existing cash to be sufficient for dividend payments and capital expenditures.
Ongoing focus on deleveraging through property dispositions and using proceeds to reduce debt.
What conditions shift capital to acquisitions
Explain Q4 implied AFFO drop to $0.19
What drives high renewal spreads, is it sustainable?
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Next Global Net Lease earnings date
Q4 202527 Feb, 2026
Next Global Net Lease earnings date
Q4 202527 Feb, 2026
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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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