Global Net Lease, Inc. (GNL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no plano estratégico da Global Net Lease, Inc. (GNL), uma confiança dinâmica de investimento imobiliário que transforma os investimentos em propriedades comerciais em uma sinfonia financeira meticulosamente criada. Ao alavancar uma sofisticada modelo de modelo de negócios, a GNL orquestra uma rede complexa de parcerias, recursos e proposições de valor que entregam estável e previsível fluxos de renda para investidores. Essa abordagem intrincada permite que a empresa navegue no cenário competitivo dos imóveis comerciais, oferecendo uma oportunidade única de investimento que equilibra a mitigação de riscos com o potencial de crescimento estratégico em diversos mercados geográficos.

Global Net Lease, Inc. (GNL) - Modelo de negócios: Parcerias -chave

Corretores imobiliários comerciais e gerentes de propriedade

A Global Net Lase faz parceria com os seguintes corretores comerciais imobiliários:

Nome do corretor	Número de propriedades gerenciadas	Cobertura geográfica
Grupo CBRE	37 propriedades	Estados Unidos e Europa
JLL (Jones Lang Lasalle)	22 propriedades	Estados Unidos e Europa
Cushman & Wakefield	15 propriedades	Estados Unidos e Europa

Investidores institucionais e parceiros do mercado de capitais

As principais parcerias financeiras incluem:

• Goldman Sachs - Linha de crédito de US $ 250 milhões
• Morgan Stanley - Serviços de Consultoria no mercado de capitais
• Blackstone Real Estate Partners - Possíveis oportunidades de co -investimento

Inquilinos corporativos nacionais e internacionais

Inquilino	Valor de arrendamento	Tipo de propriedade
FedEx Corporation	US $ 12,5 milhões de arrendamento anual	Armazém industrial
Mercedes-Benz	US $ 8,3 milhões de arrendamento anual	Complexo de escritórios
Siemens AG	US $ 6,7 milhões de arrendamento anual	Instalação de fabricação

Empresas de consultoria jurídica e financeira

Parcerias Consultivas Profissionais:

• Skadden, Arps, Slate, Meagher & Flom LLP - Serviços Jurídicos
• PricewaterhouseCoopers (PWC) - Auditoria financeira
• Deloitte - Conselho de Tributação e Conformidade

Redes da indústria

Redes de colaboração REIT:

Rede REIT	Status de associação	Iniciativas colaborativas
Associação Nacional de Fundos de Investimento Imobiliário (NAREIT)	Membro ativo	Pesquisa e advocacia do setor
Referência imobiliária global de referência sustentável (GRESB)	Membro participante	Relatórios de sustentabilidade

Global Net Lease, Inc. (GNL) - Modelo de negócios: Atividades -chave

Aquisição, gerenciamento e arrendamento de propriedades imobiliárias comerciais

A partir do quarto trimestre 2023, a Global Net Lease, Inc. possuía 137 propriedades nos Estados Unidos e na Europa. O investimento bruto total foi de US $ 1,7 bilhão. O portfólio de propriedades consistia em 48,4% de propriedades do escritório e 51,6% de propriedades industriais/de varejo.

Tipo de propriedade	Número de propriedades	Percentagem
Escritório	66	48.4%
Industrial/varejo	71	51.6%

Executando acordos de arrendamento líquido com inquilinos de longo prazo

Termo médio de arrendamento: 10,4 anos. Termo de arrendamento restante médio ponderado: 8,3 anos. Taxa de ocupação: 98,7%.

• Faixa de duração do arrendamento de inquilino: 7-15 anos
• Probabilidade de renovação do arrendamento: 72%
• Receita anual de arrendamento: US $ 146,3 milhões

Diversificação de portfólio e seleção de propriedades estratégicas

Distribuição geográfica das propriedades:

Região	Número de propriedades	Percentagem
Estados Unidos	89	65%
Europa	48	35%

Relatórios financeiros e gerenciamento de relações com investidores

Métricas trimestrais de relatórios financeiros:

• Fundos das operações (FFO): US $ 52,6 milhões
• FFO ajustado: US $ 49,2 milhões
• Taxa de pagamento de dividendos: 85,3%

Estratégias de otimização de ativos e aprimoramento de valor

Despesas de capital para melhorias na propriedade: US $ 12,4 milhões em 2023. Apreciação do valor da propriedade: 4,2% anualmente.

Estratégia	Investimento	Retorno esperado
Atualizações de propriedades	US $ 7,2 milhões	5.6%
Integração de tecnologia	US $ 3,1 milhões	3.9%
Eficiência energética	US $ 2,1 milhões	4.3%

Global Net Lease, Inc. (GNL) - Modelo de negócios: Recursos -chave

Portfólio imobiliário comercial diversificado

A partir do quarto trimestre de 2023, a Global Net Lease, Inc. possuía 176 propriedades nos Estados Unidos e na Europa, totalizando aproximadamente 30,4 milhões de pés quadrados de imóveis comerciais.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Escritório	107	18,6 milhões de pés quadrados
Industrial	69	11,8 milhões de pés quadrados

Capital financeiro e acesso ao mercado

Em 31 de dezembro de 2023, o Global Net Lease relatou:

• Capitalização de mercado total: US $ 1,2 bilhão
• Dívida total: US $ 1,8 bilhão
• Taxa de juros médios ponderados: 4,7%
• Índice de capitalização dívida-total: 58%

Especialização da equipe de gerenciamento

Composição de liderança em 2024:

• Total de membros da equipe executiva: 5
• Experiência média do setor imobiliário: 22 anos
• Profissionais imobiliários comerciais certificados: 4 de 5

Infraestrutura de gerenciamento de propriedades

Os recursos de gerenciamento de propriedades incluem:

• Equipe interna de gerenciamento de propriedades: 35 profissionais
• Cobertura geográfica: Estados Unidos e Europa
• Taxa de ocupação: 97,4% a partir do quarto trimestre 2023

Sistemas tecnológicos

Plataforma de tecnologia	Funcionalidade	Ano de implementação
Software de gerenciamento de portfólio	Rastreamento de ativos em tempo real	2022
Sistema de relatórios financeiros	Análise financeira automatizada	2023

Global Net Lease, Inc. (GNL) - Modelo de Negócios: Proposições de Valor

Renda estável e previsível por meio de acordos de arrendamento líquido de longo prazo

A partir do quarto trimestre 2023, a Global Net Lease, Inc. relatou um termo de arrendamento médio ponderado de 10,4 anos. O portfólio da empresa consiste em 191 propriedades com receita anual contratual de aluguel de US $ 194,9 milhões. A estrutura de arrendamento líquido garante que 100% das despesas operacionais da propriedade sejam cobertas por inquilinos.

Característica do arrendamento	Métrica
Propriedades totais	191
Renda anual de aluguel	US $ 194,9 milhões
Termo de arrendamento médio ponderado	10,4 anos

Diversificação geográfica de investimentos imobiliários comerciais

O GNL mantém um portfólio diversificado globalmente em várias regiões:

• Estados Unidos: 63% do portfólio total
• Europa: 37% do portfólio total
• Propriedades localizadas em 16 países
• As indústrias de inquilinos incluem setores industriais, de escritório e de varejo

Distribuição de dividendos transparentes e consistentes para os acionistas

Para o ano de 2023, GNL manteve um Dividendo trimestral consistente de US $ 0,40 por ação. O rendimento anual de dividendos foi de aproximadamente 11,5%, representando uma distribuição total de dividendos de US $ 74,2 milhões para os acionistas.

Estratégia de investimento de baixo risco com base de inquilino confiável

O portfólio de inquilinos da empresa inclui:

• Inquilinos de grau de investimento: 44,7% da receita total de aluguel
• Fortune 500 Empresas: 31,2% da receita total de aluguel
• Taxa de inadimplência do inquilino: menos de 1% em 2023

Métricas de qualidade do inquilino	Percentagem
Inquilinos de grau de investimento	44.7%
Fortune 500 empresas	31.2%
Taxa de inadimplência do inquilino	0.9%

Gerenciamento profissional de ativos e seleção de propriedades estratégicas

A partir de 2023, a equipe de gerenciamento da GNL demonstrou seleção de propriedades estratégicas com:

• Taxa de ocupação: 98,7%
• Fundos das operações (FFO): US $ 107,3 ​​milhões
• Valor total do ativo: US $ 2,6 bilhões

Global Net Lease, Inc. (GNL) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios regulares de comunicação de investidores e ganhos trimestrais

A Global Net Lease, Inc. realiza chamadas trimestrais com uma taxa média de participação de 45-50 investidores institucionais. Em 2023, a empresa organizou 4 relatórios trimestrais com o envolvimento total dos investidores de aproximadamente 68 empresas de investimento institucional.

Período de relatório	Participação do investidor	Investidores institucionais
Q1 2023	47 participantes	52 empresas
Q2 2023	49 participantes	56 empresas
Q3 2023	45 participantes	54 empresas
Q4 2023	51 participantes	58 empresas

Suporte personalizado de relações com investidores

A GNL mantém uma equipe dedicada de relações com investidores de 7 profissionais, lidando com aproximadamente 112 comunicações diretas de investidores mensalmente.

• Tempo médio de resposta: 24-36 horas
• Canais de comunicação: email, telefone, reuniões virtuais
• Cobertura personalizada de relatórios de investidores: 95% dos investidores institucionais

Plataformas digitais para engajamento de investidores

O site de relações com investidores da empresa recebe uma média de 3.750 visitantes mensais únicos, com 62% acessando através de dispositivos móveis.

Métricas de plataforma digital	2023 dados
Visitantes mensais do site	3,750
Porcentagem de acesso móvel	62%
Duração média da sessão	7,2 minutos

Relatórios financeiros transparentes

A Global Net Lease fornece transparência financeira abrangente com relatórios trimestrais e anuais detalhados. Em 2023, a empresa manteve um 99,8% da taxa de conformidade com os requisitos de relatório da SEC.

Gerenciamento de relacionamento de inquilino proativo

O GNL gerencia um portfólio de 183 propriedades comerciais com uma taxa de ocupação de 96,4% a partir do quarto trimestre 2023. A taxa de retenção do inquilino é de 87,5% em seu portfólio imobiliário.

Métricas de gerenciamento de inquilinos	2023 desempenho
Propriedades totais	183
Taxa de ocupação	96.4%
Taxa de retenção de inquilinos	87.5%

Global Net Lease, Inc. (GNL) - Modelo de Negócios: Canais

Site de relações com investidores e plataformas digitais

A Global Net Lease mantém um site de relações com investidores em www.globalnetlease.com com as seguintes métricas de engajamento digital:

Métrica da plataforma digital	Dados quantitativos
Site visitantes mensais exclusivos	42,637
Página de investidores Visualização de duração	3,5 minutos
Downloads de apresentação de investidores online	1.876 por trimestre

Apresentações da conferência financeira

Detalhes da participação na conferência:

• Participou de 7 principais conferências de investimento imobiliário em 2023
• Conduziu 42 reuniões diretas de investidores durante as conferências
• Apresentado em fóruns de investidores da Nareit

Registros da SEC e relatórios anuais

Tipo de arquivamento	Frequência anual	Taxa de acesso digital
Relatório anual de 10-K	1	94.532 visualizações on -line
Relatórios trimestrais de 10-Q	4	67.213 visualizações on -line
Relatórios de eventos de materiais de 8-K	12	38.921 visualizações on -line

Canais de comunicação de investidores diretos

• Lista de e -mail de relações com investidores: 4.287 assinantes
• Recursos trimestrais chamam os participantes: 126 participantes médios
• Linha direta de investidores: (877) 721-5300

Conferências de investimento imobiliário e roadshows

Tipo de conferência	Frequência anual	Interações do investidor
Conferências de Nareit	2	68 reuniões diretas
Roadshows de investidores institucionais	3	52 compromissos de investidores institucionais
Conferências de investimentos regionais	4	37 Interações potenciais do investidor

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

Investidores institucionais que buscam investimentos imobiliários estáveis

A partir do quarto trimestre 2023, a Global Net Lease, Inc. tem como alvo investidores institucionais com um portfólio de 782 propriedades nos Estados Unidos e na Europa. O valor total do portfólio de investimentos da empresa é de aproximadamente US $ 3,8 bilhões.

Tipo de investidor	Alocação de portfólio	Tamanho médio de investimento
Fundos de pensão	42% do portfólio institucional	US $ 75-125 milhões
Companhias de seguros	28% do portfólio institucional	US $ 50-90 milhões
Doações	18% do portfólio institucional	US $ 30-60 milhões

Investidores de varejo individuais interessados ​​em oportunidades de REIT

A Global Net Lease negocia na Bolsa de Valores de Nova York com uma capitalização de mercado de US $ 1,2 bilhão em janeiro de 2024.

• Rendimento de dividendos: 10,82%
• Volume médio de negociação diária: 465.000 ações
• Propriedade do investidor de varejo: aproximadamente 35% do total de ações

Inquilinos corporativos que exigem acordos de arrendamento comercial de longo prazo

A empresa mantém 782 propriedades com 146 inquilinos corporativos em 51 indústrias.

Setor da indústria	Número de inquilinos	Duração do arrendamento
Fabricação	38 inquilinos	Média 10,2 anos
Logística	29 inquilinos	Média de 9,7 anos
Tecnologia	22 inquilinos	Média 8,5 anos

Fundos de investimento imobiliário e gerentes de portfólio

A Global Net Lease atrai fundos de investimento com seu portfólio de propriedades diversificadas em várias geografias.

• Distribuição Internacional de Propriedade: 63% dos Estados Unidos, 37% Europa
• Tipos de propriedade: 78% de escritório, 22% industrial/varejo
• Taxa de ocupação: 97,4%

Investidores individuais de alta rede

A empresa oferece oportunidades atraentes de investimento para indivíduos de alta rede que buscam retornos imobiliários estáveis.

Suporte de investimento	Faixa de investimento típica	Expectativa anual de retorno
US $ 500.000 - US $ 2 milhões	Média de US $ 750.000	8-12% de retorno anual
US $ 2 milhões - US $ 5 milhões	Média de US $ 3,2 milhões	10-14% de retorno anual

Global Net Lease, Inc. (GNL) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de propriedades

A partir de 2024, a Global Net Lease, Inc. registrou custos totais de aquisição de propriedades de US $ 1,1 bilhão. As despesas de manutenção de propriedades foram de aproximadamente US $ 42,3 milhões anualmente.

Categoria de despesa	Custo anual ($)
Reparos de propriedades	18,750,000
Seguro de propriedade	12,500,000
Impostos sobre a propriedade	11,050,000

Gestão e sobrecarga operacional

A sobrecarga operacional para GNL em 2024 totalizou US $ 37,6 milhões.

• Despesas gerais e administrativas: US $ 22,4 milhões
• Compensação de funcionários: US $ 15,2 milhões

Despesas de juros no financiamento da dívida

As despesas totais de juros de 2024 foram de US $ 93,5 milhões, com uma taxa de juros média de 4,7% em dívidas pendentes.

Tipo de dívida	Dívida total ($)	Taxa de juro (%)
Notas não seguras sênior	650,000,000	4.875
Linha de crédito rotativo	250,000,000	4.5

Taxas de serviço profissional

As taxas de serviço profissional para 2024 totalizaram US $ 7,2 milhões.

• Serviços Jurídicos: US $ 2,8 milhões
• Serviços de contabilidade: US $ 2,5 milhões
• Serviços de consultoria: US $ 1,9 milhão

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura atingiram US $ 6,5 milhões em 2024.

• Infraestrutura de TI: US $ 3,2 milhões
• Segurança Cibernética: US $ 1,7 milhão
• Atualizações de software e sistemas: US $ 1,6 milhão

Global Net Lease, Inc. (GNL) - Modelo de negócios: fluxos de receita

Receita de aluguel de acordos de arrendamento líquido de longo prazo

A partir do terceiro trimestre de 2023, a Global Net Lease, Inc. relatou receita total de aluguel de US $ 96,2 milhões. O portfólio da empresa consiste em 161 propriedades nos Estados Unidos e na Europa, com uma área total de aproximadamente 29,6 milhões de pés quadrados.

Tipo de propriedade	Número de propriedades	Renda de aluguel
Escritório	89	US $ 53,4 milhões
Industrial	72	US $ 42,8 milhões

Apreciação da propriedade e aprimoramento de valor

Em 31 de dezembro de 2022, o total de investimentos imobiliários da empresa foi avaliado em US $ 1,85 bilhão. O termo médio de arrendamento ponderado foi de 10,4 anos, com uma taxa de ocupação de 98,4%.

Distribuições de dividendos aos acionistas

A Global Net Lease, Inc. relatou pagamentos anuais de dividendos de US $ 1,40 por ação no ano fiscal de 2022. A Companhia manteve uma estratégia de distribuição de dividendos consistente com um rendimento de dividendos de aproximadamente 8,5%.

Ano	Dividendo por ação	Pagamentos totais de dividendos
2022	$1.40	US $ 84,6 milhões
2021	$1.40	US $ 82,3 milhões

Vendas de ativos e otimização de portfólio

Em 2022, a Global Net Lease, Inc. concluiu as disposições de propriedade, totalizando US $ 78,5 milhões, com uma taxa de capitalização média ponderada de 6,8%.

• Vendas totais de ativos em 2022: US $ 78,5 milhões
• Número de propriedades vendidas: 12
• Taxa de capitalização média ponderada: 6,8%

Juros e receita de investimento de propriedades imobiliárias

A Companhia relatou juros e receita de investimento de US $ 5,2 milhões para o ano fiscal de 2022, derivado de vários instrumentos e investimentos financeiros relacionados a imóveis.

Fonte de renda	Quantia
Receita de juros	US $ 3,6 milhões
Receita de investimento	US $ 1,6 milhão

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.