Short answer
Global Net Lease, Inc. (GNL) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $495M (−38.5% year over year) and net income of −$269M.
- Top risk flagged: Interest rate risk with 20% Finland mortgage variable exposure despite 80% fixed via pay-fixed swaps
FY2025 key financial metrics · XBRL
- Revenue
- $495M
- −38.5% YoY
- Net income
- −$269M
- −53.6% YoY
- Operating margin
- 22.4%
- −3.2 pp YoY
- EPS (diluted)
- −$1.21
- −59.2% YoY
- ROE
- -16.2%
- −8.2 pp YoY
- Operating cash flow
- $223M
- −25.6% YoY
Source: XBRL data from the Global Net Lease, Inc. (GNL) FY2025 10-K on SEC EDGAR. USD.
Global Net Lease, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: REIT focusing on global portfolio of net lease income-producing properties in U.S., Canada, Western and Northern Europe
- New emphasized segment: Strategic disposition of 99 multi-tenant retail properties sold for $3.3 billion, reported as discontinued operations
- Strategic shift: Prioritized leverage reduction via select dispositions including Multi-Tenant Retail Portfolio sale, maintaining focus on investment grade tenants and stable cash flows
- Quantitative metric: Portfolio 820 properties, 40.7 million rentable sq ft, 97% leased, weighted-average lease term 6.1 years, 66% rental income from investment grade tenants
- Noteworthy fact: Operates in ten countries with tenant base across 71 industries, no single industry exceeds 10% of rental income on straight-line basis
Management Discussion & Analysis
- No profitability or margin % changes reported in this section
- No cash flow, buybacks, dividends, or capex amounts mentioned
- Interest rate sensitivity: 1% change shifts debt fair value by +$53.5M/-$51.8M; unhedged variable debt interest expense changes by ~$480.3M per 1% rate move
- Foreign currency risk management noted; net foreign currency forward contracts liability $4.3M as of Dec 31, 2025; future minimum foreign rents $606.3M (EUR, GBP, CAD combined)
Risk Factors
- Interest rate risk with 20% Finland mortgage variable exposure despite 80% fixed via pay-fixed swaps
- Geopolitical risk from Finland properties’ mortgage subject to EUR interest rate variability on Revolving Credit Facility
- Operational risk from reliance on Revolving Credit Facility with 100% USD portion variable interest exposure
- Competitive threat from potential changes in borrowing costs impacting acquisition financing and leverage management
- Leverage risk from total consolidated debt $2.6B with mix of fixed-rate 2.2%-5.8% and variable-rate 3.4%-5.1% obligations
Generated from the filing text; verify against the original. How to read a 10-K
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