Global Net Lease, Inc. (GNL) Stock Price & How to Invest
Last updated October 2026
Short answer
Global Net Lease (GNL) is a NYSE-listed net-lease REIT that owns roughly 800 single-tenant industrial, retail and office properties across the US, Canada and Europe. The stock is mainly an income and turnaround story: a ~10% dividend yield and a ~9x AFFO multiple that reflect years of high leverage and office exposure, which management is working down through asset sales, buybacks and the August 2026 Modiv acquisition.
GNL stock price
As of 2026-10-16, Global Net Lease, Inc. (GNL) last closed at $7.43, down 3.3% over the past year. Over the past 52 weeks it has traded between $7.43 and $9.96.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Global Net Lease, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Global Net Lease, Inc. (GNL) do?
Global Net Lease is an internally managed real estate investment trust that buys commercial properties and leases each one to a single tenant on a long-term net lease, meaning the tenant pays most property taxes, insurance and maintenance. GNL's income is the rent those tenants pay, which rises through contractual escalators (a weighted-average ~1.4% a year, with another ~20% of the portfolio linked to inflation). As of June 30, 2026 it owned 798 properties covering about 40 million square feet, 97% leased, with a weighted-average remaining lease term of 5.7 years. About 74% of annualized straight-line rent came from the US and Canada and 26% from Europe, and roughly 63% came from investment-grade or implied investment-grade tenants. By property type, rent was ~47% industrial and distribution, ~28% retail and ~25% office before the Modiv deal.
The second quarter of 2026, reported August 5, showed the shape of the turnaround. Revenue fell to ~$112.5 million from ~$124.9 million a year earlier because of asset sales, and AFFO was $0.22 per share versus $0.24. The net loss to common stockholders narrowed to ~$7.5 million ($0.04 per share) from ~$35.1 million. More important, net debt to adjusted EBITDA dropped to 6.6x from 7.2x a quarter earlier, liquidity rose to ~$919 million, and management raised 2026 AFFO guidance to $0.82 to $0.85 per share. On August 12, 2026 GNL closed the ~$535 million all-stock acquisition of Modiv Industrial, issuing 1.975 GNL shares per Modiv share, which lifts industrial to about half of rent and stretches the lease term to ~6.6 years.
The investment debate traces back to the 2023 merger with Necessity Retail REIT and the internalization of management, which made GNL much larger but left it heavily indebted. Since then the company sold its multi-tenant retail portfolio in 2025, cut the quarterly dividend from $0.275 to $0.19, and has used sale proceeds to repay debt and buy back stock. Bulls see a portfolio that is becoming more industrial and less levered, trading at a steep discount to peers while paying a covered ~10% yield. Skeptics point to a shrinking revenue base, office exposure that still has to be sold, leverage above most net-lease REITs and a long record of governance friction. With the shares near $7.40 in mid-October 2026, close to their 52-week low of ~$7.38, the market is still pricing in more of the second view.
What's driving Global Net Lease, Inc. (GNL)?
1. The shift toward industrial
Industrial and distribution property was already ~47% of annualized straight-line rent at June 30, 2026, and the Modiv acquisition pushes that to roughly 50% on a pro forma basis. Modiv brought about 40 mostly industrial, manufacturing-focused properties bought at a ~7.6% cash cap rate (8.7% GAAP), with a ~15-year weighted-average lease term and ~2.4% average annual rent escalators. That lifts GNL's overall lease term from 5.7 to ~6.6 years. Management expects the deal to add about 4% to AFFO per share right away while staying leverage neutral. The longer-run hope is that a more industrial mix lets the market value GNL closer to industrial and diversified net-lease peers rather than office landlords.
2. Deleveraging
Net debt to adjusted EBITDA fell to 6.6x in Q2 2026 from 7.2x in Q1, inside the 6.5x to 6.9x guidance range, and GNL has cut net debt by ~$630 million since mid-2025. Net debt now stands near $2.3 billion, with a weighted-average interest rate of ~4.1%, about 92% of debt fixed or swapped to fixed, and interest coverage of ~3.2x. Liquidity of ~$919 million and ~$1.3 billion of revolver capacity give room to handle maturities. The weak point is a short weighted-average debt maturity of ~2.7 years, so refinancing terms over the next two years matter. Getting leverage toward the low 6x range would bring GNL nearer the 5x to 6x typical of larger peers.
3. Office sales and capital recycling
Management raised its 2026 gross transaction volume guidance to $700 million to $800 million, from $250 million to $350 million, a figure that now includes Modiv. On the sale side, the disposition pipeline through July 31, 2026 totaled ~$263 million: ~$145 million closed, ~$40 million under signed contracts and ~$77 million under letters of intent, with about 78% of it office. Occupied assets have sold at a ~7.6% cash cap rate, and selling vacant buildings is expected to remove more than $1 million of annual cost drag. Office occupancy stood at 99% at June 30. Recycling office proceeds into debt paydown or industrial assets at similar or better yields is the main lever for AFFO per share as sold rent rolls off.
4. Buybacks and the dividend
Under the buyback program authorized in February 2025, GNL had repurchased ~20.9 million shares through July 31, 2026 at a weighted-average price of ~$8.11, about $169.7 million in total, including ~1.2 million shares (~$11.1 million) in Q2 2026. No common stock was issued through the at-the-market program that quarter. The common dividend has held at $0.19 per quarter since April 2025, most recently declared October 1, 2026 and paid October 16. Against 2026 AFFO guidance of $0.82 to $0.85, the ~$0.76 annual payout is roughly 90% of AFFO. That is covered but tight, so the dividend depends on asset sales not shrinking cash flow faster than interest costs fall.
What are the risks to Global Net Lease, Inc. (GNL)?
Leverage remains GNL's central risk. At ~6.6x net debt to adjusted EBITDA it is above most net-lease peers, and a ~2.7-year weighted-average debt maturity means a large share of borrowings will be refinanced soon, possibly above the current ~4.1% average rate. Office is still about a quarter of rent before Modiv, and lease expirations there can bring vacancy, tenant improvement costs and lower re-leasing rents, while buyers for office buildings remain selective. Revenue fell from ~$132 million in Q1 2025 to ~$109 million in Q1 2026 as assets were sold, and if sale prices disappoint or proceeds cannot be redeployed accretively, AFFO per share could slip and the ~90% payout would leave little cushion. Roughly 26% of rent is in Europe, adding euro and sterling currency exposure. GNL still reports a GAAP net loss, issued new shares to buy Modiv at a depressed share price, and carries four series of preferred stock that rank ahead of common holders. Its history includes external management by AR Global and a 2023 proxy fight with Blackwells Capital, and Modiv stockholders filed disclosure complaints over the merger that GNL says lack merit.
What is the Global Net Lease, Inc. (GNL) forecast?
8 analysts publish price targets on GNL, averaging $10.00 against a $7.43 price as of October 2026, or +34.6%. The published targets run from $8.00 to $12.00, a moderate spread, and the ratings split 6 buy, 2 hold, 1 sell. Over the last six months there have been 0 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full GNL forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is GNL a buy or a sell?
We give no verdict on Global Net Lease, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. The shift toward industrial. Industrial and distribution property was already ~47% of annualized straight-line rent at June 30, 2026, and the Modiv acquisition pushes that to roughly 50% on a pro forma basis. The most optimistic published target, $12.00, assumes this works close to its best case.
The case against. Leverage remains GNL's central risk. The most pessimistic target, $8.00, is roughly what GNL is worth if this bites instead.
Read the full bull and bear case on GNL, including what would have to change to break either one. Walnut is not an investment adviser.
How is Global Net Lease, Inc. (GNL) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Global Net Lease, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$460M (June 2026 quarter ~$112.5M, -10% YoY)
- AFFO per share: $0.22 in Q2 2026; 2026 guidance $0.82 to $0.85
- Dividend: $0.19 quarterly, ~$0.76 per year (~10% yield near $7.40)
- Net debt / adjusted EBITDA: ~6.6x (June 30, 2026), target 6.5x to 6.9x
- Market cap: ~$1.7B
- Price / AFFO: ~9x (on 2026 guidance midpoint)
REITs are usually valued on AFFO (adjusted funds from operations) rather than net income, because depreciation makes GAAP earnings understate cash flow. That is why GNL can show a small net loss (about $0.04 per share in Q2 2026) and a payout ratio above 1,000% on an earnings basis while its dividend is covered by AFFO. At ~9x 2026 AFFO and roughly 1x book value, GNL trades well below larger net-lease peers such as Realty Income or W. P. Carey, which typically sit in the low-to-mid teens. The gap reflects higher leverage, office exposure, a shrinking revenue base and a weaker governance history. Q3 2026 results are scheduled for November 4, 2026.
Who competes with Global Net Lease, Inc. (GNL)?
Large diversified net-lease REITs
Realty Income (O), W. P. Carey (WPC) and NNN REIT (NNN) own thousands of single-tenant properties with lower leverage and investment-grade credit ratings. They compete with GNL for acquisitions and tenants, and they set the valuation benchmark it trades well below. W. P. Carey is the closest match, given its own European exposure and its 2023 office spin-off.
Industrial and office net-lease REITs
LXP Industrial Trust (LXP), Broadstone Net Lease (BNL) and Essential Properties Realty Trust (EPRT) compete for the single-tenant industrial and service assets GNL is now adding. On the other side, office-focused landlords such as Orion Properties (ONL) show the vacancy and valuation pressure in the office segment GNL is selling down.
High-yield, smaller-cap REITs
Gladstone Commercial (GOOD), One Liberty Properties (OLP) and Peakstone Realty Trust (PKST) appeal to the same income-focused investors with high yields on smaller net-lease portfolios that mix industrial and office. Like GNL, they are judged mainly on dividend coverage, leverage and how quickly they can shift away from office.
What stocks are similar to Global Net Lease, Inc. (GNL)?
Other names that sit close to GNL: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Global Net Lease, Inc. (GNL)
There are three common ways to get GNL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so GNL sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where GNL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Global Net Lease, Inc. (GNL)
GNL is a high-yield, deleveraging net-lease REIT whose low multiple prices in real leverage and office risk, so the case rests on continued office sales, more industrial rent and lower debt.
More on Global Net Lease, Inc. (GNL)
Whether GNL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is GNL a buy or a sell?, and where the stock could go from here in the GNL stock forecast.
For income investors, whether GNL pays a dividend and how the payout looks is covered in does GNL pay a dividend? And to weigh GNL against a peer, read the full side-by-side comparisons: GNL vs O and GNL vs WPC.
Wondering how GNL fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Global Net Lease, Inc. with AI
Connect the broker you already use and ask Walnut's AI how GNL fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Global Net Lease do?
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Global Net Lease is a real estate investment trust that owns about 800 single-tenant commercial properties in the US, Canada and Europe. It leases each building to one tenant, usually for many years, on a net lease where the tenant pays most property taxes, insurance and upkeep. GNL earns money from that rent, which rises over time through fixed escalators or inflation-linked clauses. At June 30, 2026 the portfolio was 97% leased, with about 63% of rent from investment-grade or implied investment-grade tenants and a weighted-average remaining lease term of 5.7 years. Industrial and distribution buildings were the largest category at ~47% of rent, followed by retail at ~28% and office at ~25%. The August 2026 Modiv acquisition raised industrial to roughly half of rent and lengthened the lease term to about 6.6 years.
Does GNL pay a dividend, and how much?
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Yes. GNL pays a common dividend of $0.19 per share each quarter, or about $0.76 a year, which is a yield of roughly 10% at a share price near $7.40 in mid-October 2026. The most recent dividend was declared on October 1, 2026 for stockholders of record on October 12 and paid on October 16. Dividends are paid quarterly, typically in January, April, July and October. The current rate dates from April 2025, when the payout was cut from $0.275 per quarter as the company sold assets and focused on reducing debt. Before that, it was $0.40 per quarter in early 2023 then $0.354 after the Necessity Retail merger and $0.275 from April 2024. GNL also pays separate quarterly dividends on its Series A, B, D and E preferred stock, which trade under their own symbols.
Is the GNL dividend safe?
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On management's numbers, the dividend is covered, though without much room. GNL guides to 2026 AFFO of $0.82 to $0.85 per share against ~$0.76 of annual dividends, a payout of roughly 90% of AFFO. In Q2 2026 the company earned $0.22 of AFFO per share and paid $0.19. Data sites that show a payout ratio above 1,000% use GAAP earnings, which are distorted by depreciation and are not the usual measure for REITs. The supporting factors are falling leverage, ~$919 million of liquidity, mostly fixed-rate debt and the expected ~4% AFFO lift from Modiv. The pressures are shrinking rent as properties are sold, near-term debt refinancing at possibly higher rates and office leasing risk. The dividend has been cut three times since 2023, so coverage is something holders track every quarter.
When does GNL report earnings, and what were the latest results?
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GNL is scheduled to report third-quarter 2026 results on November 4, 2026. Its most recent report, for Q2 2026, came out on August 5, 2026. That quarter revenue was ~$112.5 million, down from ~$124.9 million a year earlier because of property sales, and AFFO was $45.7 million or $0.22 per share, versus $0.24. The net loss to common stockholders narrowed to ~$7.5 million, or $0.04 per share, from ~$35.1 million. Net debt to adjusted EBITDA improved to 6.6x from 7.2x in Q1, and liquidity rose to ~$919 million. Management raised full-year 2026 AFFO guidance to $0.82 to $0.85 per share and lifted expected transaction volume to $700 million to $800 million. For Q3, analysts expect revenue of about $113 million, which would include roughly half a quarter of Modiv rent.
What was the Modiv Industrial acquisition?
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GNL completed its acquisition of Modiv Industrial on August 12, 2026, after Modiv stockholders approved it on August 10. The deal valued Modiv's portfolio at about $535 million. Each Modiv common share was exchanged for 1.975 new GNL shares, and Modiv's preferred stock was redeemed for $25 per share in cash plus accrued dividends, after which Modiv was delisted. The portfolio is mainly industrial and manufacturing property, about 40 buildings, bought at a ~7.6% cash cap rate and an 8.7% GAAP cap rate, with a ~15-year weighted-average lease term and ~2.4% annual rent escalators. GNL said the deal should add about 4% to AFFO per share immediately while keeping leverage neutral, raise industrial to roughly 50% of rent, and lift the company's overall lease term to about 6.6 years.
Is GNL stock a good investment?
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It depends on what an investor is looking for, and the bull and bear cases are both concrete. The bull case: a ~10% yield covered by AFFO, a valuation near 9x AFFO and about 1x book value, leverage that fell from 7.2x to 6.6x in one quarter, steady buybacks (~20.9 million shares repurchased at ~$8.11 on average) and a portfolio that is now about half industrial. Analysts covering the stock had an average price target of about $10 in October 2026. The bear case: revenue is shrinking as assets are sold, office is still a sizable slice of rent, debt maturities are short at ~2.7 years, the dividend has been cut three times since 2023 and the shares sit near their 52-week low. GNL suits a different risk profile than larger, investment-grade net-lease REITs, and any decision depends on personal goals and risk tolerance.
Why is GNL so much cheaper than Realty Income?
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GNL trades near 9x AFFO, while Realty Income and W. P. Carey typically trade in the low-to-mid teens. Several things explain the gap. GNL's leverage of ~6.6x net debt to adjusted EBITDA is well above the ~5x to 6x common among larger peers, and it lacks their strong investment-grade credit ratings, which raises its cost of capital. Office still made up about a quarter of rent before Modiv, a segment investors discount heavily. Revenue has been shrinking as properties are sold, so AFFO per share has drifted lower rather than growing. GNL also spent years externally managed by AR Global, merged with an affiliated REIT in 2023 and faced a proxy fight with Blackwells Capital, which weighed on trust. If deleveraging and the industrial shift continue, some of that discount could narrow, but it has persisted for years.
Who are GNL's main competitors?
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GNL competes for properties, tenants and investor capital with other net-lease REITs. The large diversified names are Realty Income (O), W. P. Carey (WPC) and NNN REIT (NNN), which own thousands of single-tenant buildings with lower leverage. W. P. Carey is the closest comparison because it also owns property in Europe and spun off its office assets in 2023. In industrial and service net lease, LXP Industrial Trust (LXP), Broadstone Net Lease (BNL) and Essential Properties Realty Trust (EPRT) bid for the kind of assets GNL is adding. Smaller high-yield peers include Gladstone Commercial (GOOD), One Liberty Properties (OLP) and Peakstone Realty Trust (PKST). GNL's common stock trades on the NYSE under GNL, and it is also held in many REIT index funds, so it is widely available at US brokerages.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Global Net Lease, Inc.'s investor relations page or your broker before making investment decisions.