Global Net Lease, Inc. (NYSE: GNL)

Global Net Lease, Inc. is a real estate investment trust that focuses on acquiring and managing a global portfolio of income-producing net lease assets across the United States and Western and Northern Europe. As of December 31, 2025, the company owned 820 properties consisting of 40.7 million rentable square feet, which were 97% leased, with a weighted-average remaining lease term of 6.1 years. The portfolio is diversified across three reportable segments: Industrial & Distribution, Retail, and Office properties.

The company generates revenue primarily through rental income from its leased properties. The properties are leased to tenants across various industries, with a focus on "Investment Grade" rated tenants. As of December 31, 2025, 66% of the rental income was derived from Investment Grade rated tenants, including both actual investment grade ratings and implied investment grade ratings. The portfolio includes properties with rent escalation provisions, which increase the cash rent over time by an average cumulative increase of 1.4% per year.

• Industrial & Distribution: This segment comprises 46% of the portfolio and includes properties that cater to industrial and distribution activities. These properties are likely to be leased to tenants involved in manufacturing, logistics, and warehousing.

• Retail: The Retail segment accounts for 27% of the portfolio and includes properties that are leased to retail tenants. These properties are situated in well-established markets and cater to various retail businesses.

• Office: The Office segment also represents 27% of the portfolio and includes properties that are leased to office tenants. These properties are designed to accommodate office space for various business operations.

Global Net Lease, Inc. operates in a highly competitive commercial real estate market. The company competes with other REITs, specialty finance companies, banks, insurance companies, and various other entities for both tenants and acquisitions. The competitive landscape is influenced by factors such as location, rental rates, property design, and operational efficiency. The company's competitive advantages include its focus on acquiring properties with long lease terms, rigorous underwriting processes, and a diverse portfolio across different geographic regions and industries.

The company's tenant base is diverse, with properties leased to 231 different tenants doing business across 71 different industries. As of December 31, 2025, no single industry represented more than 10% of the portfolio's rental income. The tenants are primarily "Investment Grade" rated, ensuring a stable income stream. The company's strategic focus on reducing leverage through select dispositions and prioritizing non-core assets further strengthens its position in the market.