Global Net Lease, Inc. (GNL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Global Net Lease, Inc. (GNL), un fideicomiso dinámico de inversión inmobiliaria que transforma las inversiones de propiedades comerciales en una sinfonía financiera meticulosamente elaborada. Al aprovechar un sofisticado lienzo de modelo de negocio, GNL orquesta una compleja red de asociaciones, recursos y propuestas de valor que entregan estable y previsible flujos de ingresos para inversores. Este enfoque intrincado permite a la compañía navegar por el panorama competitivo de bienes raíces comerciales, ofreciendo una oportunidad de inversión única que equilibra la mitigación de riesgos con potencial de crecimiento estratégico en diversos mercados geográficos.

Global Net Lease, Inc. (GNL) - Modelo de negocios: asociaciones clave

Corredores de bienes raíces comerciales y administradores de propiedades

Global Net Lease se asocia con los siguientes corredores de bienes raíces comerciales:

Nombre del corredor	Número de propiedades administradas	Cobertura geográfica
Grupo CBRE	37 propiedades	Estados Unidos y Europa
JLL (Jones Lang LaSalle)	22 propiedades	Estados Unidos y Europa
Cushman & Wakefield	15 propiedades	Estados Unidos y Europa

Inversores institucionales y socios del mercado de capitales

Las asociaciones financieras clave incluyen:

• Goldman Sachs - Capacidad de crédito de $ 250 millones
• Morgan Stanley - Servicios de asesoramiento del mercado de capitales
• Blackstone Real Estate Partners - Oportunidades de coinversión potenciales

Inquilinos corporativos nacionales e internacionales

Arrendatario	Valor de arrendamiento	Tipo de propiedad
Corporación fedEx	$ 12.5 millones de arrendamiento anual	Almacén industrial
Mercedes-Benz	$ 8.3 millones de arrendamiento anual	Complejo de oficinas
Siemens AG	$ 6.7 millones de arrendamiento anual	Instalación de fabricación

Firmas de asesoramiento legal y financiero

Asociaciones de asesoramiento profesional:

• Skadden, Arps, Slate, Meagher & Flom LLP - Servicios legales
• PricewaterhouseCoopers (PWC) - Auditoría financiera
• Deloitte - Asesoramiento de impuestos y cumplimiento

Redes industriales de fideicomiso de inversión inmobiliaria (REIT)

Redes de colaboración REIT:

Red REIT	Estado de membresía	Iniciativas de colaboración
Asociación Nacional de Fideicomisos de Inversión de Estados inmuebles (NAREIT)	Miembro activo	Investigación y defensa de la industria
Benchmarket sostenible de bienes raíces globales (GRESB)	Miembro participante	Informes de sostenibilidad

Global Net Lease, Inc. (GNL) - Modelo de negocio: actividades clave

Adquirir, administrar y arrendar propiedades de bienes raíces comerciales

A partir del cuarto trimestre de 2023, Global Net Lease, Inc. poseía 137 propiedades en los Estados Unidos y Europa. La inversión bruta total fue de $ 1.7 mil millones. La cartera de propiedades consistió en 48.4% de propiedades de oficina y 51.6% de propiedades industriales/minoristas.

Tipo de propiedad	Número de propiedades	Porcentaje
Oficina	66	48.4%
Industrial/minorista	71	51.6%

Ejecución de contratos de arrendamiento neto con inquilinos a largo plazo

Término de arrendamiento promedio: 10.4 años. Término de arrendamiento promedio ponderado restante: 8.3 años. Tasa de ocupación: 98.7%.

• Rango de duración del arrendamiento del inquilino: 7-15 años
• Probabilidad de renovación de arrendamiento: 72%
• Ingresos anuales de arrendamiento: $ 146.3 millones

Diversificación de cartera y selección de propiedades estratégicas

Distribución geográfica de propiedades:

Región	Número de propiedades	Porcentaje
Estados Unidos	89	65%
Europa	48	35%

Información financiera y gestión de relaciones con los inversores

Métricas trimestrales de informes financieros:

• Fondos de Operaciones (FFO): $ 52.6 millones
• FFO ajustado: $ 49.2 millones
• Ratio de pago de dividendos: 85.3%

Optimización de activos y estrategias de mejora del valor

Gasto de capital para mejoras de propiedad: $ 12.4 millones en 2023. Apreciación del valor de la propiedad: 4.2% anual.

Estrategia	Inversión	Retorno esperado
Actualizaciones de propiedades	$ 7.2 millones	5.6%
Integración tecnológica	$ 3.1 millones	3.9%
Eficiencia energética	$ 2.1 millones	4.3%

Global Net Lease, Inc. (GNL) - Modelo de negocio: recursos clave

Diversas cartera de bienes raíces comerciales

A partir del cuarto trimestre de 2023, Global Net Lease, Inc. poseía 176 propiedades en los Estados Unidos y Europa, totalizando aproximadamente 30.4 millones de pies cuadrados de bienes raíces comerciales.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Oficina	107	18.6 millones de pies cuadrados
Industrial	69	11.8 millones de pies cuadrados

Capital financiero y acceso al mercado

Al 31 de diciembre de 2023, Global Net Lease informó:

• Capitalización de mercado total: $ 1.2 mil millones
• Deuda total: $ 1.8 mil millones
• Tasa de interés promedio ponderada: 4.7%
• Relación de capitalización de deuda / total: 58%

Experiencia del equipo de gestión

Composición de liderazgo a partir de 2024:

• Total de los miembros del equipo ejecutivo: 5
• Experiencia promedio de la industria de bienes raíces: 22 años
• Profesionales de bienes raíces comerciales certificados: 4 de 5

Infraestructura de administración de propiedades

Las capacidades de administración de la propiedad incluyen:

• Equipo interno de administración de propiedades: 35 profesionales
• Cobertura geográfica: Estados Unidos y Europa
• Tasa de ocupación: 97.4% a partir del cuarto trimestre 2023

Sistemas tecnológicos

Plataforma tecnológica	Funcionalidad	Año de implementación
Software de gestión de cartera	Seguimiento de activos en tiempo real	2022
Sistema de informes financieros	Análisis financiero automatizado	2023

Global Net Lease, Inc. (GNL) - Modelo de negocio: propuestas de valor

Ingresos estables y predecibles a través de contratos de arrendamiento neto a largo plazo

A partir del cuarto trimestre de 2023, Global Net Lease, Inc. informó un Term de arrendamiento promedio ponderado de 10.4 años. La cartera de la compañía consta de 191 propiedades con ingresos de alquiler anuales contractuales de $ 194.9 millones. La estructura de arrendamiento neto garantiza que el 100% de los gastos operativos de la propiedad estén cubiertos por inquilinos.

Característica de arrendamiento	Métrico
Propiedades totales	191
Ingresos de alquiler anuales	$ 194.9 millones
Término de arrendamiento promedio ponderado	10.4 años

Diversificación geográfica de inversiones inmobiliarias comerciales

GNL mantiene una cartera diversificada globalmente en múltiples regiones:

• Estados Unidos: 63% de la cartera total
• Europa: 37% de la cartera total
• Propiedades ubicadas en 16 países
• Las industrias de los inquilinos incluyen sectores industrial, de oficina y minorista

Distribución de dividendos transparente y consistente para los accionistas

Para el año 2023, GNL mantuvo un dividendo trimestral constante de $ 0.40 por acción. El rendimiento anual de dividendos fue de aproximadamente el 11.5%, lo que representa una distribución total de dividendos de $ 74.2 millones a los accionistas.

Estrategia de inversión de bajo riesgo con una base confiable de inquilinos

La cartera de inquilinos de la compañía incluye:

• Inquilinos de grado de inversión: 44.7% del ingreso total de alquiler
• Fortune 500 Empresas: 31.2% de los ingresos por alquiler total
• Tasa de incumplimiento del inquilino: menos del 1% en 2023

Métricas de calidad del inquilino	Porcentaje
Inquilinos de grado de inversión	44.7%
Fortune 500 Companies	31.2%
Tasa de incumplimiento del inquilino	0.9%

Gestión de activos profesionales y selección de propiedades estratégicas

A partir de 2023, el equipo de gestión de GNL demostró la selección de propiedades estratégicas con:

• Tasa de ocupación: 98.7%
• Fondos de Operaciones (FFO): $ 107.3 millones
• Valor de activo total: $ 2.6 mil millones

Global Net Lease, Inc. (GNL) - Modelo de negocios: relaciones con los clientes

Comunicaciones de inversores regulares e informes trimestrales de ganancias

Global Net Lease, Inc. realiza llamadas trimestrales de ganancias con una tasa de participación promedio de 45-50 inversores institucionales. En 2023, la compañía organizó 4 informes de ganancias trimestrales con la participación total de los inversores de aproximadamente 68 empresas de inversión institucional.

Periódico	Participación del inversor	Inversores institucionales
Q1 2023	47 participantes	52 empresas
Q2 2023	49 participantes	56 empresas
P3 2023	45 participantes	54 empresas
P4 2023	51 participantes	58 empresas

Apoyo a las relaciones con los inversores personalizados

GNL mantiene un equipo dedicado de relaciones con los inversores de 7 profesionales, manejando aproximadamente 112 directores de comunicaciones de inversores.

• Tiempo de respuesta promedio: 24-36 horas
• Canales de comunicación: correo electrónico, teléfono, reuniones virtuales
• Cobertura personalizada de informes de inversores: 95% de los inversores institucionales

Plataformas digitales para la participación de los inversores

El sitio web de relaciones con los inversores de la compañía recibe un promedio de 3.750 visitantes mensuales únicos, con un 62% accediendo a través de dispositivos móviles.

Métricas de plataforma digital	2023 datos
Visitantes mensuales del sitio web	3,750
Porcentaje de acceso móvil	62%
Duración de la sesión promedio	7.2 minutos

Información financiera transparente

Global Net Lease proporciona transparencia financiera integral con informes detallados trimestrales y anuales. En 2023, la compañía mantuvo un Tasa de cumplimiento del 99.8% con requisitos de informes de la SEC.

Gestión de la relación de inquilinos proactivos

GNL administra una cartera de 183 propiedades comerciales con una tasa de ocupación del 96.4% a partir del cuarto trimestre de 2023. La tasa de retención de inquilinos es del 87.5% en su cartera de bienes raíces.

Métricas de gestión de inquilinos	2023 rendimiento
Propiedades totales	183
Tasa de ocupación	96.4%
Tasa de retención de inquilinos	87.5%

Global Net Lease, Inc. (GNL) - Modelo de negocios: canales

Sitio web de relaciones con los inversores y plataformas digitales

Global Net Lease mantiene un sitio web de relaciones con los inversores en www.globalnetlease.com con las siguientes métricas de participación digital:

Métrica de plataforma digital	Datos cuantitativos
Sitio web Visitantes mensuales únicos	42,637
Duración de la vista de la página del inversor	3.5 minutos
Descargas de presentación de inversores en línea	1.876 por trimestre

Presentaciones de conferencia financiera

Detalles de participación de la conferencia:

• Asistió a 7 principales conferencias de inversión inmobiliaria en 2023
• Realizó 42 reuniones directas de inversores durante las conferencias
• Presentado en Nareit Investor Forums

Presentaciones de la SEC e informes anuales

Tipo de archivo	Frecuencia anual	Tasa de acceso digital
Informe anual de 10-K	1	94,532 Vistas en línea
Informes trimestrales de 10-Q	4	67,213 vistas en línea
Informes de eventos materiales de 8 K	12	38,921 vistas en línea

Canales de comunicación de inversores directos

• Lista de correo electrónico de relaciones con los inversores: 4,287 suscriptores
• Ganancias trimestrales Llame a los participantes: 126 participantes promedio
• Direct Investor Hotline: (877) 721-5300

Conferencias de inversión inmobiliaria y roadshows

Tipo de conferencia	Frecuencia anual	Interacciones de los inversores
Conferencias nareit	2	68 reuniones directas
Roadswows de inversores institucionales	3	52 compromisos de inversores institucionales
Conferencias de inversión regionales	4	37 interacciones potenciales de los inversores

Global Net Lease, Inc. (GNL) - Modelo de negocio: segmentos de clientes

Inversores institucionales que buscan inversiones inmobiliarias estables

A partir del cuarto trimestre de 2023, Global Net Lease, Inc. se dirige a inversores institucionales con una cartera de 782 propiedades en los Estados Unidos y Europa. El valor total de la cartera de inversiones de la compañía es de aproximadamente $ 3.8 mil millones.

Tipo de inversor	Asignación de cartera	Tamaño de inversión promedio
Fondos de pensiones	42% de la cartera institucional	$ 75-125 millones
Compañías de seguros	28% de la cartera institucional	$ 50-90 millones
Dotación	18% de la cartera institucional	$ 30-60 millones

Inversores minoristas individuales interesados ​​en oportunidades de REIT

Global Net Lease cotiza en la Bolsa de Nueva York con una capitalización de mercado de $ 1.2 mil millones a partir de enero de 2024.

• Rendimiento de dividendos: 10.82%
• Volumen de negociación diario promedio: 465,000 acciones
• Propiedad de los inversores minoristas: aproximadamente el 35% de las acciones totales

Inquilinos corporativos que requieren acuerdos de arrendamiento comercial a largo plazo

La compañía mantiene 782 propiedades con 146 inquilinos corporativos en 51 industrias.

Sector industrial	Número de inquilinos	Duración del arrendamiento
Fabricación	38 inquilinos	Promedio de 10.2 años
Logística	29 inquilinos	Promedio de 9.7 años
Tecnología	22 inquilinos	Promedio de 8.5 años

Fondos de inversión inmobiliaria y gerentes de cartera

Global Net Lease atrae fondos de inversión con su cartera de propiedades diversificadas en múltiples geografías.

• Distribución de propiedades internacionales: 63% Estados Unidos, 37% Europa
• Tipos de propiedades: 78% de oficina, 22% industrial/minorista
• Tasa de ocupación: 97.4%

Inversores individuales de alto nivel de red

La compañía ofrece oportunidades de inversión atractivas para personas de alto nivel de red que buscan rendimientos inmobiliarios estables.

Soporte de inversión	Rango de inversión típico	Expectativa de retorno anual
$ 500,000 - $ 2 millones	Promedio de $ 750,000	8-12% de retorno anual
$ 2 millones - $ 5 millones	Promedio de $ 3.2 millones	10-14% de retorno anual

Global Net Lease, Inc. (GNL) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de la propiedad

A partir de 2024, Global Net Lease, Inc. informó costos totales de adquisición de propiedades de $ 1.1 mil millones. Los gastos de mantenimiento de la propiedad fueron de aproximadamente $ 42.3 millones anuales.

Categoría de gastos	Costo anual ($)
Reparaciones de propiedades	18,750,000
Seguro de propiedad	12,500,000
Impuestos a la propiedad	11,050,000

Gestión y gastos generales operativos

La sobrecarga operativa para GNL en 2024 totalizó $ 37.6 millones.

• Gastos generales y administrativos: $ 22.4 millones
• Compensación de empleados: $ 15.2 millones

Gastos de intereses sobre financiamiento de la deuda

Los gastos de intereses totales para 2024 fueron de $ 93.5 millones, con una tasa de interés promedio de 4.7% en deuda pendiente.

Tipo de deuda	Deuda total ($)	Tasa de interés (%)
Notas senior no seguras	650,000,000	4.875
Facilidad de crédito giratorio	250,000,000	4.5

Tarifas de servicio profesional

Las tarifas de servicio profesional para 2024 ascendieron a $ 7.2 millones.

• Servicios legales: $ 2.8 millones
• Servicios de contabilidad: $ 2.5 millones
• Servicios de asesoramiento: $ 1.9 millones

Inversiones de tecnología e infraestructura

Las inversiones de tecnología e infraestructura alcanzaron $ 6.5 millones en 2024.

• Infraestructura: $ 3.2 millones
• Ciberseguridad: $ 1.7 millones
• Actualizaciones de software y sistemas: $ 1.6 millones

Global Net Lease, Inc. (GNL) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de contratos de arrendamiento neto a largo plazo

A partir del tercer trimestre de 2023, Global Net Lease, Inc. reportó ingresos por alquiler totales de $ 96.2 millones. La cartera de la compañía consta de 161 propiedades en los Estados Unidos y Europa, con un área total de aproximadamente 29.6 millones de pies cuadrados.

Tipo de propiedad	Número de propiedades	Ingreso de alquiler
Oficina	89	$ 53.4 millones
Industrial	72	$ 42.8 millones

Apreciación de la propiedad y mejora del valor

Al 31 de diciembre de 2022, las inversiones inmobiliarias totales de la compañía estaban valoradas en $ 1.85 mil millones. El término de arrendamiento promedio ponderado fue de 10.4 años, con una tasa de ocupación del 98.4%.

Distribuciones de dividendos a los accionistas

Global Net Lease, Inc. reportó pagos anuales de dividendos de $ 1.40 por acción para el año fiscal 2022. La Compañía mantuvo una estrategia de distribución de dividendos consistente con un rendimiento de dividendos de aproximadamente 8.5%.

Año	Dividendo por acción	Pagos de dividendos totales
2022	$1.40	$ 84.6 millones
2021	$1.40	$ 82.3 millones

Ventas de activos y optimización de cartera

En 2022, Global Net Lease, Inc. completó las disposiciones de la propiedad por un total de $ 78.5 millones, con una tasa de capitalización promedio ponderada del 6.8%.

• Ventas de activos totales en 2022: $ 78.5 millones
• Número de propiedades vendidas: 12
• Tasa de capitalización promedio ponderada: 6.8%

Ingresos de intereses e inversiones de las tenencias inmobiliarias

La Compañía informó de ingresos por intereses e inversiones de $ 5.2 millones para el año fiscal 2022, derivado de varios instrumentos financieros e inversiones relacionados con los bienes inmuebles.

Fuente de ingresos	Cantidad
Ingresos por intereses	$ 3.6 millones
Ingresos de inversión	$ 1.6 millones

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.