Global Net Lease, Inc. (GNL): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of Global Net Lease, Inc. (GNL) after its massive strategic cleanup, and honestly, the new pure-play single-tenant net lease model is a big shift from what you might remember. After shedding that $1.8 billion multi-tenant portfolio, the focus is now razor-sharp: locking in stable, predictable income from high-credit tenants over a 6.2-year weighted-average lease term, all while sporting a solid BBB- investment-grade rating from Fitch. I've broken down exactly how this leaner, de-risked operation functions across all nine building blocks of their Business Model Canvas, so you can see the precise mechanics of their current strategy. Check out the full map below to see where the value is really being created now.

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

You're looking at the critical external relationships Global Net Lease, Inc. (GNL) relies on to execute its pure-play, single-tenant net lease strategy as of late 2025. These partnerships are key to both raising capital and executing major portfolio shifts, like the recent disposition of non-core assets.

The relationships with financial institutions are central to GNL's balance sheet management. A major recent example is the refinancing of the Revolving Credit Facility, which closed in August 2025. This facility is a substantial $1.8 billion commitment from a syndicate of lenders.

Here are the key terms of that debt partnership:

• Maturity Date extended to August 2030 (from October 2026).
• Immediate interest rate spread reduction of 35 basis points.
• Estimated annual interest savings of approximately $2 million.
• The facility involves a total of eight lenders.
• BMO Bank N.A. acts as the Administrative Agent.

The most transformative partnership in the recent period was the sale of the multi-tenant portfolio. GNL entered into a binding agreement to sell its 100 non-core properties to a subsidiary of RCG Ventures Holdings, LLC for approximately $1.8 billion, reflecting an 8.4% cash cap rate. This deal included a $25 million non-refundable deposit paid by RCG Ventures at signing.

This disposition was part of a larger goal:

• GNL expects to have completed nearly $3 billion in total property dispositions since the start of 2024 by the end of 2025.
• The net proceeds from the sale were earmarked to significantly reduce the outstanding balance on the Revolving Credit Facility.

Executing large transactions like the $1.8 billion sale requires expert advisory support. For that specific portfolio sale, GNL partnered with several high-profile firms:

For capital markets activities, GNL established a new at-the-market (ATM) equity program in November 2025, allowing for the sale of common stock up to an aggregate gross sales price of $300.0 million. This facility includes master forward confirmations with multiple banks, where agent commissions are capped at 2.0% of the gross sales price. Separately, on February 20, 2025, the Board approved a share repurchase program authorizing up to $300 million of common stock buybacks.

Credit rating agencies are crucial partners in lowering the cost of capital. Following the deleveraging efforts, Fitch Ratings upgraded GNL's corporate credit rating to investment-grade status on October 17, 2025. The upgrade moved the rating to BBB- from BB+. Similarly, S&P Global raised its issue-level rating on GNL's unsecured notes to investment-grade BBB- from BB+ following the $1.8 billion portfolio sale.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Global Net Lease, Inc. (GNL) is taking right now to reshape its balance sheet and focus its operations. The primary activity has been a massive, disciplined exit from non-core assets to fund a strategic pivot. This culminated in the completion of the $1.8 billion multi-tenant portfolio sale to RCG Ventures, with the final phase closing in June 2025 for approximately $313 million in gross proceeds. Honestly, this divestiture is the linchpin of their current strategy, which also included nearly $3 billion in total dispositions since the start of 2024, all aimed at streamlining the business into a pure-play single-tenant net lease REIT. This shift is projected to generate recurring annual general and administrative savings of about $6.5 million.

Active debt management is the direct result of those sales. GNL has successfully reduced its outstanding net debt balance by $2.0 billion since the third quarter of 2024. As of September 30, 2025, the net debt stood at $2.9 billion. This deleveraging success was recognized when Fitch Ratings upgraded GNL's corporate credit rating to investment-grade BBB- from BB+. That upgrade is a big deal; it reflects improved financial positioning and opens the door to a lower cost of capital, which is crucial for future acquisitions. They also executed a $1.8 billion refinancing of their Revolving Credit Facility to lock in better terms.

The move to an internally managed structure supports efficiency, which is key to offsetting revenue dips from asset sales. Internalizing asset and property management operations was a move to gain direct control and drive down overhead costs, directly contributing to those anticipated $6.5 million in annual G&A savings. This operational tightening, combined with the balance sheet repair, is what management points to as driving the recent credit rating upgrade. It's about running a leaner ship now that the portfolio is more focused.

The final, ongoing key activity is managing the remaining, high-quality, single-tenant portfolio and sourcing new, mission-critical assets. As of the third quarter of 2025, the portfolio is comprised of 852 net lease properties across ten countries and territories. A significant portion of the revenue stream is locked in for the long term, with 87% of the portfolio containing contractual rent increases based on annualized straight-line rent. This built-in rent growth is a major feature of the current asset base.

Here's a quick look at the portfolio metrics as of September 30, 2025, which shows where that activity is focused:

You can see the focus is now on stability and predictable cash flow growth from the existing assets, which is supported by these figures:

• Weighted-average debt maturity was 3.2 years as of September 30, 2025.
• Total combined debt had a weighted average interest rate of 4.2%.
• The interest coverage ratio was 2.9 times.
• The percentage of debt that was fixed rate was 87%.

Finance: draft 13-week cash view by Friday.

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

The Key Resources for Global Net Lease, Inc. (GNL) as of late 2025 are anchored in the scale, quality, and financial strength of its real estate portfolio and capital structure.

The physical asset base is extensive and geographically spread, which is a primary resource for generating rental income.

• Diversified portfolio of 852 net lease properties across ten countries.
• Portfolio spans approximately 43 million rentable square feet.
• High occupancy rate of 97% as of September 30, 2025.
• Long weighted-average remaining lease term of 6.2 years.

The quality of the tenant base and lease structure further solidifies the revenue stream. A significant portion of the annualized straight-line rent comes from creditworthy counterparties.

Here's the quick math on tenant quality:

The capital structure provides the necessary financial flexibility and stability, evidenced by the recent credit rating upgrade. This investment-grade status is a crucial intangible resource for future financing activities.

• Investment-grade corporate credit rating of BBB- from Fitch Ratings.
• Strong liquidity position of $1.1 billion as of Q3 2025.
• Net Debt stood at $2.9 billion, reduced by $2.0 billion since Q3 2024.
• Total combined debt carried a weighted average interest rate of 4.2%.

The debt profile itself is managed for stability, with a significant portion locked into fixed rates and a manageable near-term maturity schedule. This structure helps insulate cash flows from immediate interest rate volatility.

The portfolio's composition across property types also represents a resource for diversification, though the focus is clearly shifting.

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

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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.