Global Net Lease, Inc.

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

GNL$6.85-0.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets as of December 31, 202 and

(In thousands, except share and per share data)

	December 31,
	2025	2024
ASSETS
Real estate investments, at cost (Note 5):
Land	$659,086	$802,317
Buildings, fixtures and improvements	3,592,121	4,120,664
Construction in progress	2,993	3,364
Acquired intangible lease assets	523,406	695,597
Total real estate investments, at cost	4,777,606	5,621,942
Less accumulated depreciation and amortization	(966,982)	(999,909)
Total real estate investments, net	3,810,624	4,622,033
Assets held for sale	49,654	17,406
Assets related to discontinued operations (Note 3)	348	1,816,131
Cash and cash equivalents	180,114	159,698
Restricted cash	13,949	64,510
Derivative assets, at fair value (Note 10)	7	2,471
Unbilled straight-line rent	72,919	89,804
Operating lease right-of-use asset (Note 13)	63,362	66,163
Prepaid expenses and other assets	60,415	51,504
Multi-tenant disposition receivable, net (Note 3)	27,934	—
Deferred tax assets	5,167	4,866
Goodwill	45,898	51,370
Deferred financing costs, net	16,812	9,808
Total Assets	$4,347,203	$6,955,764
LIABILITIES AND EQUITY
Mortgage notes payable, net (Note 6)	$1,264,604	$1,768,608
Revolving credit facility (Note 7)	324,165	1,390,292
Senior notes, net (Note 8)	928,169	906,101
Acquired intangible lease liabilities, net	17,501	24,353
Derivative liabilities, at fair value (Note 10)	5,298	3,719
Accounts payable and accrued expenses	43,821	52,878
Operating lease liability (Note 13)	41,429	40,080
Prepaid rent	28,254	13,571
Deferred tax liability	17,796	5,477
Dividends payable	11,718	11,909
Real estate liabilities held for sale (Note 5)	60	—
Liabilities related to discontinued operations (Note 3)	890	551,818
Total Liabilities	2,683,705	4,768,806
Commitments and contingencies (Note 12)	—	—
Stockholders’ Equity (Note 11):
7.25% Series A cumulative redeemable preferred stock, $0.01 par value, liquidation preference $25.00 per share, 9,959,650 shares authorized, 6,799,467 shares issued and outstanding as of December 31, 2025 and 2024	68	68
6.875% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 11,450,000 shares authorized, 4,695,887 shares issued and outstanding as of December 31, 2025 and 2024	47	47
7.500% Series D cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 7,933,711 shares authorized, issued and outstanding as of December 31, 2025 and 2024	79	79
7.375% Series E cumulative redeemable perpetual preferred stock, $0.01 par value, liquidation preference $25.00 per share, 4,595,175 shares authorized, issued and outstanding as of December 31, 2025 and 2024	46	46
Common stock, $0.01 par value, 400,000,000 shares authorized, 216,016,247 and 231,051,139 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3,490	3,640
Additional paid-in capital	4,249,018	4,359,264
Accumulated other comprehensive income (loss)	22,169	(25,844)
Accumulated deficit	(2,611,419)	(2,150,342)
Total Stockholders’ Equity	1,663,498	2,186,958
Total Liabilities and Equity	$4,347,203	$6,955,764

ContentsView on SEC.gov

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