Global Net Lease, Inc. (GNL): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Global Net Lease, Inc. (GNL), einem dynamischen Immobilieninvestmentfonds, der Gewerbeimmobilieninvestitionen in eine sorgfältig gestaltete Finanzsymphonie verwandelt. Durch die Nutzung eines ausgefeilten Geschäftsmodells orchestriert GNL ein komplexes Netzwerk aus Partnerschaften, Ressourcen und Wertversprechen, die Ergebnisse liefern stabil und vorhersehbar Einkommensquellen für Investoren. Dieser komplexe Ansatz ermöglicht es dem Unternehmen, sich im Wettbewerbsumfeld von Gewerbeimmobilien zurechtzufinden und bietet eine einzigartige Investitionsmöglichkeit, die Risikominderung mit strategischem Wachstumspotenzial in verschiedenen geografischen Märkten in Einklang bringt.

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Wichtige Partnerschaften

Gewerbliche Immobilienmakler und Immobilienverwalter

Global Net Lease arbeitet mit den folgenden gewerblichen Immobilienmaklern zusammen:

Brokername	Anzahl der verwalteten Immobilien	Geografische Abdeckung
CBRE-Gruppe	37 Objekte	Vereinigte Staaten und Europa
JLL (Jones Lang LaSalle)	22 Objekte	Vereinigte Staaten und Europa
Cushman & Wakefield	15 Objekte	Vereinigte Staaten und Europa

Institutionelle Investoren und Kapitalmarktpartner

Zu den wichtigsten Finanzpartnerschaften gehören:

• Goldman Sachs – Kreditfazilität in Höhe von 250 Millionen US-Dollar
• Morgan Stanley – Kapitalmarktberatungsdienste
• Blackstone Real Estate Partners – Potenzielle Co-Investitionsmöglichkeiten

Nationale und internationale Firmenmieter

Mieter	Leasingwert	Immobilientyp
FedEx Corporation	12,5 Millionen US-Dollar Jahresmiete	Industrielager
Mercedes-Benz	8,3 Millionen US-Dollar Jahresmiete	Bürokomplex
Siemens AG	6,7 Millionen US-Dollar Jahresmiete	Produktionsstätte

Rechts- und Finanzberatungsunternehmen

Professionelle Beratungspartnerschaften:

• Skadden, Arps, Slate, Meagher & Flom LLP - Juristische Dienstleistungen
• PricewaterhouseCoopers (PwC) – Finanzprüfung
• Deloitte – Steuer- und Compliance-Beratung

Branchennetzwerke des Real Estate Investment Trust (REIT).

REIT-Kooperationsnetzwerke:

REIT-Netzwerk	Mitgliedschaftsstatus	Kollaborative Initiativen
Nationaler Verband der Real Estate Investment Trusts (NAREIT)	Aktives Mitglied	Branchenforschung und Interessenvertretung
Global Real Estate Sustainable Benchmark (GRESB)	Teilnehmendes Mitglied	Nachhaltigkeitsberichterstattung

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Verwaltung und Vermietung von Gewerbeimmobilien

Im vierten Quartal 2023 besaß Global Net Lease, Inc. 137 Immobilien in den Vereinigten Staaten und Europa. Die gesamten Bruttoinvestitionen beliefen sich auf 1,7 Milliarden US-Dollar. Das Immobilienportfolio bestand zu 48,4 % aus Büroimmobilien und zu 51,6 % aus Industrie-/Einzelhandelsimmobilien.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz
Büro	66	48.4%
Industrie/Einzelhandel	71	51.6%

Abschluss von Nettomietverträgen mit Langzeitmietern

Durchschnittliche Mietdauer: 10,4 Jahre. Gewichtete durchschnittliche Restlaufzeit des Mietvertrags: 8,3 Jahre. Auslastung: 98,7 %.

• Laufzeit des Mietvertrags: 7–15 Jahre
• Wahrscheinlichkeit einer Mietverlängerung: 72 %
• Jährlicher Leasingumsatz: 146,3 Millionen US-Dollar

Portfoliodiversifizierung und strategische Immobilienauswahl

Geografische Verteilung der Immobilien:

Region	Anzahl der Eigenschaften	Prozentsatz
Vereinigte Staaten	89	65%
Europa	48	35%

Finanzberichterstattung und Investor-Relations-Management

Kennzahlen der vierteljährlichen Finanzberichterstattung:

• Funds from Operations (FFO): 52,6 Millionen US-Dollar
• Bereinigter FFO: 49,2 Millionen US-Dollar
• Dividendenausschüttungsquote: 85,3 %

Strategien zur Vermögensoptimierung und Wertsteigerung

Investitionsausgaben für Immobilienverbesserungen: 12,4 Millionen US-Dollar im Jahr 2023. Wertsteigerung der Immobilie: 4,2 % jährlich.

Strategie	Investition	Erwartete Rückkehr
Immobilien-Upgrades	7,2 Millionen US-Dollar	5.6%
Technologieintegration	3,1 Millionen US-Dollar	3.9%
Energieeffizienz	2,1 Millionen US-Dollar	4.3%

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Gewerbeimmobilienportfolio

Im vierten Quartal 2023 besaß Global Net Lease, Inc. 176 Immobilien in den Vereinigten Staaten und Europa mit einer Gesamtfläche von etwa 30,4 Millionen Quadratfuß Gewerbeimmobilien.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Büro	107	18,6 Millionen Quadratfuß
Industriell	69	11,8 Millionen Quadratfuß

Finanzkapital und Marktzugang

Zum 31. Dezember 2023 berichtete Global Net Lease:

• Gesamtmarktkapitalisierung: 1,2 Milliarden US-Dollar
• Gesamtverschuldung: 1,8 Milliarden US-Dollar
• Gewichteter durchschnittlicher Zinssatz: 4,7 %
• Verhältnis von Schulden zu Gesamtkapitalisierung: 58 %

Fachwissen des Managementteams

Zusammensetzung der Führung ab 2024:

• Gesamtzahl der Mitglieder des Führungsteams: 5
• Durchschnittliche Erfahrung in der Immobilienbranche: 22 Jahre
• Zertifizierte Gewerbeimmobilienprofis: 4 von 5

Immobilienverwaltungsinfrastruktur

Zu den Immobilienverwaltungsfunktionen gehören:

• Internes Immobilienverwaltungsteam: 35 Fachleute
• Geografische Abdeckung: USA und Europa
• Auslastung: 97,4 % ab Q4 2023

Technologische Systeme

Technologieplattform	Funktionalität	Umsetzungsjahr
Portfoliomanagement-Software	Echtzeit-Asset-Tracking	2022
Finanzberichtssystem	Automatisierte Finanzanalyse	2023

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Wertversprechen

Stabile, vorhersehbare Erträge durch langfristige Nettomietverträge

Für das vierte Quartal 2023 meldete Global Net Lease, Inc. a gewichtete durchschnittliche Mietvertragslaufzeit von 10,4 Jahren. Das Portfolio des Unternehmens besteht aus 191 Immobilien mit vertraglichen jährlichen Mieteinnahmen von 194,9 Millionen US-Dollar. Die Nettomietvertragsstruktur stellt sicher, dass 100 % der Betriebskosten der Immobilie von den Mietern getragen werden.

Leasingmerkmal	Metrisch
Gesamteigenschaften	191
Jährliche Mieteinnahmen	194,9 Millionen US-Dollar
Gewichtete durchschnittliche Mietlaufzeit	10,4 Jahre

Geografische Diversifizierung gewerblicher Immobilieninvestitionen

GNL unterhält ein global diversifiziertes Portfolio über mehrere Regionen hinweg:

• Vereinigte Staaten: 63 % des Gesamtportfolios
• Europa: 37 % des Gesamtportfolios
• Immobilien in 16 Ländern
• Zu den Mieterbranchen zählen Industrie-, Büro- und Einzelhandelssektoren

Transparente und konsistente Dividendenausschüttung für Aktionäre

Für das Jahr 2023 unterhielt GNL a konstante vierteljährliche Dividende von 0,40 US-Dollar pro Aktie. Die jährliche Dividendenrendite betrug etwa 11,5 %, was einer Dividendenausschüttung von insgesamt 74,2 Millionen US-Dollar an die Aktionäre entspricht.

Risikoarme Anlagestrategie mit verlässlicher Mieterbasis

Zum Mieterportfolio des Unternehmens gehören:

• Investment-Grade-Mieter: 44,7 % der gesamten Mieteinnahmen
• Fortune-500-Unternehmen: 31,2 % der gesamten Mieteinnahmen
• Mieterausfallquote: Weniger als 1 % im Jahr 2023

Kennzahlen zur Mieterqualität	Prozentsatz
Mieter mit Investment-Grade-Rating	44.7%
Fortune-500-Unternehmen	31.2%
Ausfallrate des Mieters	0.9%

Professionelles Asset Management und strategische Immobilienauswahl

Ab 2023 demonstrierte das Managementteam von GNL die strategische Immobilienauswahl mit:

• Auslastung: 98,7 %
• Funds from Operations (FFO): 107,3 Millionen US-Dollar
• Gesamtvermögenswert: 2,6 Milliarden US-Dollar

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Anlegerkommunikation und vierteljährliche Gewinnberichte

Global Net Lease, Inc. führt vierteljährliche Gewinnaufrufe mit einer durchschnittlichen Beteiligungsquote von 45–50 institutionellen Anlegern durch. Im Jahr 2023 erstellte das Unternehmen vier vierteljährliche Gewinnberichte mit insgesamt etwa 68 institutionellen Investmentfirmen.

Berichtszeitraum	Beteiligung der Investoren	Institutionelle Anleger
1. Quartal 2023	47 Teilnehmer	52 Firmen
Q2 2023	49 Teilnehmer	56 Firmen
Q3 2023	45 Teilnehmer	54 Firmen
Q4 2023	51 Teilnehmer	58 Firmen

Personalisierte Investor-Relations-Unterstützung

GNL verfügt über ein engagiertes Investor-Relations-Team aus 7 Fachleuten, das monatlich etwa 112 Direktanlegerkommunikationen bearbeitet.

• Durchschnittliche Reaktionszeit: 24–36 Stunden
• Kommunikationskanäle: E-Mail, Telefon, virtuelle Meetings
• Abdeckung der personalisierten Anlegerberichterstattung: 95 % der institutionellen Anleger

Digitale Plattformen für das Investorenengagement

Die Investor-Relations-Website des Unternehmens verzeichnet durchschnittlich 3.750 einzelne monatliche Besucher, von denen 62 % über mobile Geräte zugreifen.

Kennzahlen für digitale Plattformen	Daten für 2023
Monatliche Website-Besucher	3,750
Prozentsatz des mobilen Zugriffs	62%
Durchschnittliche Sitzungsdauer	7,2 Minuten

Transparente Finanzberichterstattung

Global Net Lease bietet umfassende finanzielle Transparenz mit detaillierten Quartals- und Jahresberichten. Im Jahr 2023 unterhielt das Unternehmen a 99,8 % Compliance-Rate mit den Meldepflichten der SEC.

Proaktives Mieterbeziehungsmanagement

GNL verwaltet ein Portfolio von 183 Gewerbeimmobilien mit einer Vermietungsquote von 96,4 % (Stand Q4 2023). Die Mieterbindungsrate im gesamten Immobilienportfolio beträgt 87,5 %.

Kennzahlen zur Mieterverwaltung	Leistung 2023
Gesamteigenschaften	183
Auslastung	96.4%
Mieterbindungsrate	87.5%

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Kanäle

Investor-Relations-Website und digitale Plattformen

Global Net Lease unterhält unter www.globalnetlease.com eine Investor-Relations-Website mit den folgenden Kennzahlen für das digitale Engagement:

Digitale Plattformmetrik	Quantitative Daten
Einzigartige monatliche Besucher der Website	42,637
Dauer der Anlegerseitenaufrufe	3,5 Minuten
Online-Downloads von Investorenpräsentationen	1.876 pro Quartal

Präsentationen zur Finanzkonferenz

Details zur Konferenzteilnahme:

• Teilnahme an 7 großen Immobilieninvestitionskonferenzen im Jahr 2023
• Durchführung von 42 direkten Investorentreffen im Rahmen von Konferenzen
• Präsentiert auf den NAREIT-Investorenforen

SEC-Einreichungen und Jahresberichte

Art der Einreichung	Jährliche Häufigkeit	Digitale Zugriffsrate
10-K-Jahresbericht	1	94.532 Online-Aufrufe
10-Q-Quartalsberichte	4	67.213 Online-Aufrufe
8-K-Materialereignisberichte	12	38.921 Online-Aufrufe

Direkte Kommunikationskanäle für Investoren

• E-Mail-Liste für Anlegerbeziehungen: 4.287 Abonnenten
• Teilnehmer des vierteljährlichen Earnings Call: 126 durchschnittliche Teilnehmer
• Direktinvestoren-Hotline: (877) 721-5300

Konferenzen und Roadshows zu Immobilieninvestitionen

Konferenztyp	Jährliche Häufigkeit	Interaktionen mit Investoren
NAREIT-Konferenzen	2	68 direkte Treffen
Roadshows für institutionelle Investoren	3	52 Engagements institutioneller Investoren
Regionale Investitionskonferenzen	4	37 potenzielle Investoreninteraktionen

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger suchen stabile Immobilieninvestitionen

Ab dem vierten Quartal 2023 richtet sich Global Net Lease, Inc. mit einem Portfolio von 782 Immobilien in den Vereinigten Staaten und Europa an institutionelle Anleger. Der Gesamtwert des Anlageportfolios des Unternehmens beläuft sich auf etwa 3,8 Milliarden US-Dollar.

Anlegertyp	Portfolioaufteilung	Durchschnittliche Investitionsgröße
Pensionskassen	42 % des institutionellen Portfolios	75–125 Millionen US-Dollar
Versicherungsunternehmen	28 % des institutionellen Portfolios	50-90 Millionen Dollar
Stiftungen	18 % des institutionellen Portfolios	30-60 Millionen Dollar

Einzelne Privatanleger, die an REIT-Möglichkeiten interessiert sind

Global Net Lease wird an der New Yorker Börse mit einer Marktkapitalisierung von 1,2 Milliarden US-Dollar (Stand Januar 2024) gehandelt.

• Dividendenrendite: 10,82 %
• Durchschnittliches tägliches Handelsvolumen: 465.000 Aktien
• Besitz von Kleinanlegern: Ungefähr 35 % der gesamten Aktien

Firmenmieter, die langfristige gewerbliche Mietverträge benötigen

Das Unternehmen unterhält 782 Immobilien mit 146 Firmenmietern in 51 Branchen.

Industriesektor	Anzahl der Mieter	Mietdauer
Herstellung	38 Mieter	Durchschnittlich 10,2 Jahre
Logistik	29 Mieter	Durchschnittlich 9,7 Jahre
Technologie	22 Mieter	Durchschnittlich 8,5 Jahre

Immobilien-Investmentfonds und Portfoliomanager

Global Net Lease zieht mit seinem diversifizierten Immobilienportfolio in mehreren Regionen Investmentfonds an.

• Internationaler Immobilienvertrieb: 63 % USA, 37 % Europa
• Immobilienarten: 78 % Büro, 22 % Industrie/Einzelhandel
• Auslastung: 97,4 %

Vermögende Privatanleger

Das Unternehmen bietet attraktive Anlagemöglichkeiten für vermögende Privatpersonen, die stabile Immobilienrenditen anstreben.

Investitionsklammer	Typischer Anlagebereich	Jährliche Renditeerwartung
500.000 bis 2 Millionen US-Dollar	Durchschnittlich 750.000 US-Dollar	8-12 % jährliche Rendite
2 bis 5 Millionen US-Dollar	Durchschnittlich 3,2 Millionen US-Dollar	10-14 % jährliche Rendite

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb und die Instandhaltung von Immobilien

Im Jahr 2024 meldete Global Net Lease, Inc. Gesamtkosten für den Erwerb von Immobilien in Höhe von 1,1 Milliarden US-Dollar. Die Kosten für die Grundstücksinstandhaltung beliefen sich jährlich auf etwa 42,3 Millionen US-Dollar.

Ausgabenkategorie	Jährliche Kosten ($)
Immobilienreparaturen	18,750,000
Sachversicherung	12,500,000
Grundsteuern	11,050,000

Management- und Betriebsaufwand

Der Betriebsaufwand für GNL belief sich im Jahr 2024 auf insgesamt 37,6 Millionen US-Dollar.

• Allgemeine und Verwaltungskosten: 22,4 Millionen US-Dollar
• Mitarbeitervergütung: 15,2 Millionen US-Dollar

Zinsaufwand bei Fremdfinanzierung

Die gesamten Zinsaufwendungen für 2024 beliefen sich auf 93,5 Millionen US-Dollar, mit einem durchschnittlichen Zinssatz von 4,7 % auf ausstehende Schulden.

Schuldentyp	Gesamtschulden ($)	Zinssatz (%)
Ältere unbesicherte Schuldverschreibungen	650,000,000	4.875
Revolvierende Kreditfazilität	250,000,000	4.5

Gebühren für professionelle Dienstleistungen

Die Gebühren für professionelle Dienstleistungen beliefen sich im Jahr 2024 auf 7,2 Millionen US-Dollar.

• Juristische Dienstleistungen: 2,8 Millionen US-Dollar
• Buchhaltungsdienstleistungen: 2,5 Millionen US-Dollar
• Beratungsleistungen: 1,9 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur erreichten im Jahr 2024 6,5 Millionen US-Dollar.

• IT-Infrastruktur: 3,2 Millionen US-Dollar
• Cybersicherheit: 1,7 Millionen US-Dollar
• Software- und System-Upgrades: 1,6 Millionen US-Dollar

Global Net Lease, Inc. (GNL) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus langfristigen Nettomietverträgen

Im dritten Quartal 2023 meldete Global Net Lease, Inc. Gesamtmieteinnahmen von 96,2 Millionen US-Dollar. Das Portfolio des Unternehmens besteht aus 161 Immobilien in den Vereinigten Staaten und Europa mit einer gesamten Bruttomietfläche von etwa 29,6 Millionen Quadratfuß.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen
Büro	89	53,4 Millionen US-Dollar
Industriell	72	42,8 Millionen US-Dollar

Wertsteigerung und Wertsteigerung von Immobilien

Zum 31. Dezember 2022 beliefen sich die gesamten Immobilieninvestitionen des Unternehmens auf 1,85 Milliarden US-Dollar. Die gewichtete durchschnittliche Mietvertragslaufzeit betrug 10,4 Jahre bei einer Vermietungsquote von 98,4 %.

Dividendenausschüttungen an Aktionäre

Global Net Lease, Inc. meldete für das Geschäftsjahr 2022 jährliche Dividendenzahlungen in Höhe von 1,40 US-Dollar pro Aktie. Das Unternehmen verfolgte eine konsistente Dividendenausschüttungsstrategie mit einer Dividendenrendite von etwa 8,5 %.

Jahr	Dividende pro Aktie	Gesamte Dividendenzahlungen
2022	$1.40	84,6 Millionen US-Dollar
2021	$1.40	82,3 Millionen US-Dollar

Vermögensverkäufe und Portfoliooptimierung

Im Jahr 2022 schloss Global Net Lease, Inc. Immobilienverkäufe im Gesamtwert von 78,5 Millionen US-Dollar ab, mit einer gewichteten durchschnittlichen Kapitalisierungsrate von 6,8 %.

• Gesamtverkauf von Vermögenswerten im Jahr 2022: 78,5 Millionen US-Dollar
• Anzahl verkaufter Immobilien: 12
• Gewichteter durchschnittlicher Kapitalisierungszinssatz: 6,8 %

Zins- und Kapitalerträge aus Immobilienbesitz

Das Unternehmen meldete für das Geschäftsjahr 2022 Zins- und Kapitalerträge in Höhe von 5,2 Millionen US-Dollar, die aus verschiedenen immobilienbezogenen Finanzinstrumenten und Investitionen stammen.

Einnahmequelle	Betrag
Zinserträge	3,6 Millionen US-Dollar
Kapitalerträge	1,6 Millionen US-Dollar

Global Net Lease, Inc. (GNL) - Canvas Business Model: Value Propositions

Stable, predictable cash flow from long-term, triple-net leases. You get the benefit of leases that are long in duration, which means fewer near-term vacancies to worry about. As of September 30, 2025, the weighted-average remaining lease term across the portfolio stands at 6.2 years. Furthermore, 87% of the portfolio includes contractual rent increases, providing organic growth built into the existing agreements.

High credit quality tenant base, with 60% from investment-grade tenants. This metric, based on annualized straight-line rent as of September 30, 2025, shows a strong reliance on tenants with solid financial footing, either with an actual investment grade rating or an Implied Investment Grade rating. This focus on credit quality is a core part of the value proposition, especially after the strategic shift.

Global diversification across Industrial, Retail, and Office segments. The portfolio is intentionally spread out geographically and by property type to mitigate single-sector risk. The company achieved an investment-grade corporate credit rating of BBB- from Fitch Ratings, reflecting this strategic deleveraging and focus.

Simplified, pure-play single-tenant net lease focus post-disposition. Global Net Lease, Inc. completed the final phases of its multi-tenant portfolio sale, which generated approximately $1.8 billion in gross proceeds from the sale to RCG Ventures, LLC. This transformation positions Global Net Lease, Inc. as a pure-play net lease REIT, which is expected to generate approximately $6.5 million in recurring annual General and Administrative savings.

Attractive dividend yield for shareholders, supported by $0.95 to $0.97 AFFO guidance. Management signaled confidence in the operational performance by raising the full-year 2025 Adjusted Funds from Operations (AFFO) per share guidance to a new range of $0.95 to $0.97.

Here's a quick look at the portfolio composition following the strategic shift as of the third quarter of 2025:

Portfolio Metric	Value / Percentage	Data Point Detail
Total Properties	852	Net lease properties as of September 30, 2025
Occupancy Rate	97%	Leased percentage as of September 30, 2025
Weighted Average Remaining Lease Term	6.2 years	Based on square feet as of September 30, 2025
Investment Grade Rent Coverage	60%	Of annualized straight-line rent
Debt Reduction Since Q3 2024	$2.0 billion	Net debt reduction

The diversification across property types is a key component of the value proposition, balancing exposure across different real estate sectors:

• Industrial & Distribution: 48% of annualized straight-line rent
• Retail: 26% of annualized straight-line rent
• Office: 26% of annualized straight-line rent

Also, the geographic spread is important, with 70% of the portfolio located in the U.S. and Canada and 30% in Europe, based on annualized straight-line rent. This structure is designed to deliver consistent returns.

Global Net Lease, Inc. (GNL) - Canvas Business Model: Customer Relationships

You're looking at how Global Net Lease, Inc. (GNL) manages the crucial link with its tenants and investors, which is the bedrock of its single-tenant, net lease model. This relationship focus is what drives the stability you see in their long-term cash flows.

Dedicated asset management for long-term tenant retention.

GNL emphasizes proactive asset management to keep tenants happy and renewing their leases. This isn't about fixing leaky faucets; it's about being a strategic partner. The goal is to reinforce the durability of the portfolio through strong relationships and proactive engagement, which helps drive retention. For example, in the third quarter of 2025, GNL completed a 10-year lease renewal with GE Aviation for 369,000 square feet, achieving an attractive 37% renewal spread. This kind of success speaks to the value of that dedicated, long-term approach. The overall portfolio health reflects this focus, sitting at 97% occupancy as of September 30, 2025.

Direct, relationship-based engagement with large corporate tenants.

The customer base is heavily weighted toward creditworthy, industry-leading tenants, which is a key part of GNL's value proposition. They structure deals like sale-leasebacks, such as the $55 million, cross-border transaction with PFB Corporation, which unlocks capital for the tenant while securing a mission-critical asset for GNL. The quality of this tenant base is quantified by the fact that 60% of the portfolio's annualized straight-line rent is derived from investment grade and implied investment grade rated tenants as of September 30, 2025. This focus on high-quality, long-term commitments simplifies the relationship dynamic significantly.

Here's a quick look at the portfolio quality metrics as of September 30, 2025, which shows the strength of the tenant relationships:

Metric	Value (As of September 30, 2025)
Total Properties	852
Total Rentable Square Feet	Approximately 43 million
Portfolio Occupancy	97%
Weighted-Average Remaining Lease Term (WALT)	6.2 years
% of SLR from Investment Grade/Implied IG Tenants	60%

Investor relations team providing transparency on strategic deleveraging and guidance.

The relationship with investors is managed through clear communication about the balance sheet strategy. The Investor Relations team has been focused on detailing the deleveraging efforts and the transition to a pure-play model. They provided clear guidance updates following the Q3 2025 results. The market responded positively to this transparency, evidenced by Fitch Ratings upgrading GNL's corporate credit rating to investment-grade BBB-.

The key messages shared with investors included:

• Net Debt reduced by $2.0 billion since Q3 2024, standing at $2.9 billion as of September 30, 2025.
• Liquidity stood at $1.1 billion at the end of Q3 2025.
• Full-year 2025 AFFO per share guidance was raised to a new range of $0.95 to $0.97.
• The weighted average interest rate on total combined debt was lowered to 4.2%.

Minimal day-to-day property management interaction due to net lease structure.

Because GNL operates primarily under a single-tenant, net lease structure, the day-to-day property management burden is largely shifted to the tenant. This is the core efficiency of the model. The transition to a pure-play single-tenant net lease REIT, finalized with the sale of the multi-tenant portfolio, is expected to generate approximately $6.5 million in recurring annual General and Administrative (G&A) savings. This structural feature means GNL's customer relationship management focuses on high-level lease administration and strategic asset oversight, not property operations. Honestly, that's a huge part of why the revenue stream is considered so predictable.

Global Net Lease, Inc. (GNL) - Canvas Business Model: Channels

You're looking at how Global Net Lease, Inc. (GNL) gets its deals done and funds its operations as of late 2025. The channels they use are a mix of direct property transactions and tapping the public and private capital markets. It's all about sourcing assets and funding those acquisitions or managing the balance sheet, especially after their big portfolio shift.

Direct sale-leaseback transactions with corporate tenants

GNL continues to use direct transactions to grow its pure-play single-tenant net lease (STNL) portfolio. This channel involves structuring deals directly with corporations looking to unlock capital from their real estate.

For example, GNL structured a $\mathbf{\$55}$ million, cross-border sale-leaseback with PFB Corporation, securing mission-critical assets across the U.S. and Canada. This is part of a broader strategy where management prefers buybacks over acquisitions given current market pricing, but asset sourcing remains key. GNL's strategic disposition initiative, which started in 2024, was expected to result in nearly $\mathbf{\$3}$ billion in total dispositions by the end of 2025. This was largely driven by the sale of their multi-tenant retail portfolio.

The completion of the multi-tenant portfolio sale to RCG Ventures Holdings, LLC, totaling approximately $\mathbf{\$1.8}$ billion, was a major channel event that finalized their transition to a pure-play STNL company. This sale closed in three phases, with the final phase closing around June 2025 for approximately $\mathbf{\$313}$ million, following an initial $\mathbf{\$1.1}$ billion close in March 2025.

Real estate acquisition teams for portfolio growth

While the focus shifted to STNL through dispositions, the acquisition teams are now geared toward sourcing high-quality, single-tenant assets that fit the new mandate. The Q3 2025 portfolio stood at over $\mathbf{850}$ properties spanning nearly $\mathbf{43}$ million rentable square feet. The goal is to maintain and grow this portfolio with high-quality tenants.

Here's a snapshot of the portfolio quality achieved through these channels as of September 30, 2025:

Metric	Value (Q3 2025)
Occupancy Rate	97%
Weighted Average Remaining Lease Term (WALT)	6.2 years
Tenants with Investment-Grade or Implied Rating	60%
Average Annual Contractual Rental Increase	1.4%

Also, $\mathbf{23.1%}$ of the portfolio has leases linked to the Consumer Price Index (CPI) for potential higher rental increases.

Public equity markets (NYSE: GNL) for common stock and preferred stock issuance

Global Net Lease, Inc. accesses public equity markets both to raise capital and to manage its share count. You can trade GNL on the New York Stock Exchange (NYSE: GNL).

The company has actively used these channels recently:

• Filed for a $\mathbf{\$300}$ million follow-on equity offering via an at-the-market program in late 2025.
• Authorized an opportunistic share repurchase program for up to $\mathbf{\$300}$ million of outstanding common stock, announced in February 2025.
• Completed a buyback of over $\mathbf{12.1}$ million shares for a total of $\mathbf{\$91.8}$ million through October 31, 2025, at a weighted average price of $\mathbf{\$7.59}$ per share.
• As of Q3 2025, there were approximately $\mathbf{220}$ million shares of common stock outstanding.

The company reported $\mathbf{\$0.24}$ per share in Adjusted Funds from Operations (AFFO) for Q3 2025, and raised its full-year 2025 AFFO guidance to a range of $\mathbf{\$0.95}$ to $\mathbf{\$0.97}$ per share.

Debt capital markets for securing mortgages and credit facilities

The debt markets are critical for GNL to finance its property acquisitions and manage its overall leverage profile. A key move here was refinancing debt to lower the cost of capital and extend maturities.

Recent activity in the debt channel includes:

• Executed a $\mathbf{\$1.8}$ billion refinancing of the Revolving Credit Facility, extending the weighted average debt maturity.
• As of September 30, 2025, the company had liquidity of $\mathbf{\$1.1}$ billion.
• Gross outstanding debt stood at $\mathbf{\$3}$ billion at the end of Q3 2025.
• Net debt was $\mathbf{\$2.9}$ billion as of September 30, 2025, representing a $\mathbf{\$2}$ billion reduction since Q3 2024.
• The net debt to adjusted EBITDA ratio was $\mathbf{6.6}$ times at the end of Q2 2025, down from $\mathbf{8.1}$ times at the end of 2024.
• $\mathbf{87\%}$ of the debt was fixed rate (including swaps) as of September 30, 2025.

This deleveraging success led to a corporate credit rating upgrade to investment-grade $\mathbf{BBB-}$ from $\mathbf{BB+}$ by Fitch Ratings. Finance: draft 13-week cash view by Friday.

Global Net Lease, Inc. (GNL) - Canvas Business Model: Customer Segments

You're looking at Global Net Lease, Inc. (GNL)'s core customer base, which has become much more focused following its strategic shift. The company has aggressively streamlined its holdings to cater to tenants and investors demanding stability and credit quality in the single-tenant net lease space.

Large corporate tenants, including those with investment-grade credit ratings.

The quality of the tenant roster is a primary focus now. Following significant dispositions, Global Net Lease, Inc. has maintained a high concentration of creditworthy lessees. As of September 30, 2025, a strong 60% of the portfolio's annualized straight-line rent came from tenants rated either investment grade or implied investment grade. This focus on credit underpins the stable, predictable cash flows the company targets. Furthermore, the company's corporate credit rating was upgraded to BBB- by Fitch Ratings, reflecting this improved financial position and the quality of its underlying assets.

Companies in the Industrial & Distribution, Retail, and Office sectors.

Global Net Lease, Inc.'s portfolio is now concentrated in three main property types, a result of selling off its multi-tenant retail assets in mid-2025. This transformation positions the company as a pure-play single tenant net lease REIT. Here's the breakdown of the 852 properties totaling approximately 43 million rentable square feet as of the third quarter of 2025:

Property Segment	Percentage of Annualized Straight-Line Rent (as of 9/30/2025)
Industrial & Distribution	48%
Retail (Single-Tenant)	26%
Office	26%

The Industrial & Distribution segment is the largest component, featuring 197 properties and a weighted average lease term of 6.4 years.

Institutional and individual investors seeking stable, dividend-paying REIT exposure.

For investors, Global Net Lease, Inc. offers exposure to long-term, net-leased assets, which is the classic draw for stable income. The company's management expresses confidence in its cash flow generation, raising its full-year 2025 Adjusted Funds from Operations (AFFO) per share guidance to a range of $0.95 to $0.97. To give you a sense of the income component, the reported dividend yield in the second quarter of 2025 was 11.09%. Also, management noted a 12% AFFO yield on buybacks during their share repurchase activity in the first half of 2025, showing they see value in returning capital to shareholders.

You can see the key portfolio metrics that appeal to these income-focused buyers:

• Occupancy rate stands at a strong 97%.
• Weighted-average remaining lease term is 6.2 years.
• 87% of the portfolio has contractual rent increases.

Tenants requiring mission-critical, single-tenant real estate in the U.S. and Europe.

The geographic footprint is intentionally diversified across developed economies to mitigate regional risk. The portfolio is heavily weighted toward the United States, but with significant European exposure. As of September 30, 2025, the location split based on annualized straight-line rent was:

• United States and Canada: 70.5%
• Europe: 29.5%

This global spread, covering ten countries and territories, supports the single-tenant focus, where the real estate is essential to the tenant's operations. The top ten tenants account for only 29% of the straight-line rent, which is a good sign of tenant diversification within the single-tenant model.

Finance: draft 13-week cash view by Friday.

Global Net Lease, Inc. (GNL) - Canvas Business Model: Cost Structure

You're looking at the cost side of Global Net Lease, Inc.'s (GNL) operations as of late 2025, post-transformation. The structure is heavily influenced by its debt load and the recent strategic moves to internalize management.

Significant interest expense on net debt of $2.9 billion.

The cost of capital remains a major component here. As of September 30, 2025, Global Net Lease, Inc. reported $2.9 billion in net debt. This debt carries a weighted average interest rate of 4.2% on the total combined debt. Here's the quick math on the annualized interest cost based on those figures: that translates to an approximate annual interest expense of $121.8 million ($2.9 billion multiplied by 4.2%). The good news is that 87% of that debt is fixed rate, which helps manage near-term volatility.

The cost structure is also shaped by the company's lease type. Because Global Net Lease, Inc. operates primarily under triple-net leases, the day-to-day operational costs for the properties themselves-things like property taxes, insurance, and maintenance-are generally passed through to the tenants. This keeps the company's direct operating expenses low.

Property-related capital expenditures (minimal due to triple-net lease).

Due to the triple-net lease structure, property-related capital expenditures are typically minimal for Global Net Lease, Inc. The responsibility for most non-structural repairs and maintenance falls to the tenant. Management has historically expected that operating income from existing properties, supplemented by cash on hand, would be sufficient to fund anticipated capital expenditures.

General and administrative (G&A) expenses, with an expected $6.5 million annual reduction from the transition.

The move to become a pure-play net lease REIT simplified operations and directly impacted overhead. Global Net Lease, Inc. achieved an expected annual reduction of $6.5 million in General and Administrative costs following this transition. This streamlining is a direct cost-saving measure realized from the strategic shift.

Internalized management costs, offset by $75 million in annual cash savings from the merger.

The merger with The Necessity Retail REIT and the subsequent internalization of management were designed to create significant cost efficiencies. The total expected cost synergies and internalization savings from these transactions are approximately $75 million annually. Specifically, the internalization of the external advisory and property management functions was projected to generate about $54 million in annual cash savings alone.

Here's a breakdown of the key cost-related figures as of late 2025:

Cost Component	Relevant Metric/Amount	As of/Context
Net Debt Balance	$2.9 billion	September 30, 2025
Weighted Average Interest Rate	4.2%	On total combined debt as of September 30, 2025
Approximate Annualized Interest Expense	$121.8 million	Calculated based on Net Debt and Wtd. Avg. Rate
Annual G&A Cost Reduction	$6.5 million	Expected from transition to pure-play status
Total Expected Annual Merger/Internalization Savings	$75 million	Expected cost synergies
Internalization Specific Annual Cash Savings	$54 million	Projected from internalizing management

The company's focus on deleveraging-reducing net debt by $2.0 billion since the third quarter of 2024-directly targets the largest recurring cost: interest.

You should track the interest coverage ratio, which stood at 2.9 times as of September 30, 2025, to monitor how well earnings cover these debt costs. Finance: draft 13-week cash view by Friday.

Global Net Lease, Inc. (GNL) - Canvas Business Model: Revenue Streams

You're looking at how Global Net Lease, Inc. (GNL) actually brings in the money, which, as you know, is the heart of any business model. For GNL, it's almost entirely about rent from their real estate holdings, though asset sales play a role in shaping that income base.

The primary revenue driver is the rental income collected from its portfolio of 852 net lease properties as of September 30, 2025. These properties generate revenue across three segments: Industrial & Distribution, Retail, and Office. To give you a clearer picture of the base supporting that rent, here are some core portfolio metrics:

Metric	Value (as of 9/30/2025)
Total Net Lease Properties	852
Rentable Square Feet	Approximately 43 million
Leased Percentage	97%
Weighted-Average Remaining Lease Term (WALT)	6.2 years
Portfolio with Contractual Rent Increases	87%

That 87% figure is key; it shows a built-in inflation hedge. Specifically, 87% of the lease portfolio has contractual rent escalations embedded in the agreements based on annualized straight-line rent. Also, 60% of the portfolio's annualized straight-line rent comes from tenants rated investment grade or implied investment grade, which helps stabilize that income stream. Honestly, that stability is what the market likes to see.

Revenue is also influenced by strategic portfolio management, meaning selling assets. Proceeds from strategic asset dispositions are a secondary, but important, revenue component used for balance sheet management. Global Net Lease, Inc. expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025. This activity directly impacts recurring revenue, as seen in the latest quarterly results.

For the third quarter of 2025, the reported revenue was $121.0 million. This figure reflects the impact of those asset sales, coming down from $138.7 million in the third quarter of 2024. Here's how the recent quarterly revenue trended:

Period End Date	Total Revenue (USD Millions)
Q3 2025	$121.0
Q2 2025	$124.91
Q1 2025	$132.42
Q4 2024	$199.12

The deleveraging efforts are directly tied to these cash flows from sales. Beyond the quarterly revenue, other financial actions supported by cash flow include:

• Corporate credit rating upgraded to investment-grade BBB- by Fitch Ratings.
• Gross outstanding debt reduced to $3 billion as of Q3 2025, a reduction of $2 billion since Q3 2024.
• Liquidity enhanced to $1.1 billion as of September 30, 2025.
• Repurchased 12.1 million shares year-to-date 2025, totaling $92 million.

Finance: draft 13-week cash view by Friday.