Global Net Lease, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Item 2. Properties
The following table represents a summary by segment of our portfolio of real estate properties as of December 31, 2025:
| Annualized Straight-Line Rent · Annualized Base Rent · Square Feet | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Segment | Number of Properties | Amount | % | Amount | % | Amount | % | Occupancy | Weighted-Average Remaining Lease Term (Years) (1) |
| (In thousands) · (In thousands) · (In thousands) | |||||||||
| Industrial & Distribution | 187 | $188,221 | 46% | $185,270 | 46% | 28,236 | 70% | 97% | 6.2 |
| Retail | 578 | 110,458 | 27% | 108,408 | 27% | 6,594 | 16% | 97% | 6.9 |
| Office | 55 | 110,622 | 27% | 110,581 | 27% | 5,854 | 14% | 97% | 4.3 |
| Total | 820 | $409,301 | 100% | $404,259 | 100% | 40,684 | 100% | 97% | 6.1 |
(1)If the portfolio has multiple properties with varying lease expirations, average remaining lease term is calculated on a weighted-average basis. Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2025.
The following table details distribution of our portfolio by country/location as of December 31, 2025:
| Country | Acquisition Period | Number ofProperties | SquareFeet | Percentage of Properties by Square Feet | Average Remaining Lease Term (1) |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Canada | Dec. 2019 - Dec. 2021 | 7 | 372 | 0.9% | 14.5 |
| Channel Islands | Sept. 2021 | 1 | 114 | 0.3% | 5.0 |
| Finland | Nov. 2014 - Sep. 2015 | 5 | 1,457 | 3.6% | 6.5 |
| France | Dec. 2016 - Dec. 2020 | 6 | 1,305 | 3.2% | 2.8 |
| Germany | Jan. 2014 - Dec. 2016 | 5 | 1,558 | 3.8% | 4.8 |
| Italy | Feb. 2020 | 2 | 196 | 0.5% | 6.2 |
| Luxembourg | Dec. 2016 | 1 | 156 | 0.4% | 1.0 |
| The Netherlands | Nov. 2014 - Dec. 2021 | 4 | 1,007 | 2.5% | 3.3 |
| United Kingdom | Oct. 2012 - Jan. 2023 | 47 | 3,781 | 9.3% | 5.9 |
| United States | Aug. 2013 - Oct. 2023 | 742 | 30,738 | 75.6% | 6.0 |
| Total | 820 | 40,684 | 100% | 6.0 | |
(1)If the portfolio has multiple properties with varying lease expirations, average remaining lease term is calculated on a weighted-average basis. Weighted-average remaining lease term in years is calculated based on square feet as of December 31, 2025.
The following table details the tenant industry distribution of our portfolio as of December 31, 2025:
| Industry | Annualized Straight-Line Rent (1) | Annualized Straight-Line Rent as a Percentage of the Total Portfolio | Leased Square Feet | Square Feet as a Percentage of the Total Portfolio |
|---|---|---|---|---|
| (In thousands) · (In thousands) | ||||
| Financial Services | $37,822 | 9% | 2,173 | 6% |
| Freight & Logistics | 30,746 | 8% | 4,039 | 10% |
| Healthcare | 25,512 | 6% | 1,133 | 3% |
| Auto Manufacturing | 22,306 | 5% | 3,193 | 8% |
| Consumer Goods | 22,254 | 5% | 4,705 | 12% |
| Distribution | 17,464 | 4% | 1,770 | 4% |
| Aerospace | 16,337 | 4% | 1,405 | 4% |
| Discount Retail | 16,261 | 4% | 1,880 | 5% |
| Technology | 14,468 | 4% | 733 | 2% |
| Pharmacy | 13,624 | 3% | 549 | 1% |
| Government | 13,521 | 3% | 488 | 1% |
| Retail Banking | 12,024 | 3% | 419 | 1% |
| Home Improvement | 11,744 | 3% | 1,987 | 5% |
| Auto Services | 10,580 | 3% | 225 | 1% |
| Automotive Parts Supplier | 10,366 | 3% | 964 | 2% |
| Other (2) | 134,272 | 33% | 13,730 | 35% |
| Total | $409,301 | 100% | $39,393 | 100% |
(1)Annualized straight-line rent converted from local currency into USD as of December 31, 2025 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable. Assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for Canadian Dollar (“CAD”), as of December 31, 2025 for illustrative purposes, as applicable.
(2) Other includes 56 industry types as of December 31, 2025.
The following table details the geographic distribution of our portfolio as of December 31, 2025:
| Region | Number of Properties | Annualized Straight-Line Rent (1) (in thousands) | Annualized Straight-Line Rent as a Percentage of the Total Portfolio (2) | Square Feet (in thousands) (2) | Square Feet as a Percentage of the Total Portfolio (2) |
|---|---|---|---|---|---|
| United States | 742 | $298,860 | 73.0% | 30,735 | 75.8% |
| Michigan | 83 | 51,077 | 12.5% | 4,675 | 11.5% |
| Texas | 46 | 24,197 | 5.9% | 1,868 | 4.6% |
| Ohio | 45 | 23,007 | 5.6% | 4,355 | 10.7% |
| Georgia | 51 | 16,139 | 3.9% | 1,672 | 4.1% |
| Illinois | 41 | 14,029 | 3.4% | 1,395 | 3.4% |
| South Carolina | 31 | 13,636 | 3.3% | 1,562 | 3.8% |
| Alabama | 21 | 12,256 | 3.0% | 1,053 | 2.6% |
| Tennessee | 26 | 10,116 | 2.5% | 1,127 | 2.8% |
| North Carolina | 26 | 9,678 | 2.4% | 1,520 | 3.7% |
| Florida | 43 | 9,548 | 2.3% | 444 | 1.1% |
| Missouri | 14 | 9,248 | 2.3% | 876 | 2.2% |
| New York | 21 | 8,352 | 2.0% | 1,049 | 2.6% |
| California | 6 | 7,699 | 1.9% | 1,002 | 2.5% |
| Massachusetts | 13 | 6,656 | 1.6% | 673 | 1.7% |
| Kentucky | 17 | 6,338 | 1.5% | 634 | 1.6% |
| Pennsylvania | 21 | 6,051 | 1.5% | 413 | 1.0% |
| New Jersey | 3 | 5,884 | 1.4% | 271 | 0.7% |
| Indiana | 14 | 5,764 | 1.4% | 1,221 | 3.0% |
| Mississippi | 29 | 4,848 | 1.2% | 479 | 1.2% |
| Connecticut | 5 | 4,598 | 1.1% | 402 | 1.0% |
| Kansas | 14 | 3,759 | 0.9% | 316 | 0.8% |
| Arkansas | 6 | 3,571 | 0.9% | 137 | 0.3% |
| Minnesota | 8 | 3,223 | 0.8% | 330 | 0.8% |
| Colorado | 4 | 3,047 | 0.7% | 115 | 0.3% |
| West Virginia | 28 | 3,005 | 0.7% | 334 | 0.8% |
| Louisiana | 18 | 2,846 | 0.7% | 250 | 0.6% |
| New Hampshire | 4 | 2,779 | 0.7% | 339 | 0.8% |
| Virginia | 13 | 2,663 | 0.7% | 173 | 0.4% |
| Wisconsin | 9 | 2,602 | 0.6% | 227 | 0.6% |
| Iowa | 12 | 2,576 | 0.6% | 369 | 0.9% |
| Maine | 4 | 2,021 | 0.5% | 64 | 0.2% |
| Oklahoma | 16 | 1,921 | 0.5% | 144 | 0.4% |
| North Dakota | 5 | 1,906 | 0.5% | 193 | 0.5% |
| South Dakota | 4 | 1,489 | 0.4% | 101 | 0.2% |
| Nebraska | 6 | 1,482 | 0.4% | 106 | 0.3% |
| Rhode Island | 1 | 1,436 | 0.4% | 86 | 0.2% |
| Vermont | 4 | 1,319 | 0.3% | 235 | 0.6% |
| Maryland | 4 | 1,288 | 0.3% | 135 | 0.3% |
| Utah | 3 | 1,249 | 0.3% | 47 | 0.1% |
| New Mexico | 8 | 1,178 | 0.3% | 93 | 0.2% |
| Wyoming | 4 | 1,158 | 0.3% | 84 | 0.2% |
| Idaho | 3 | 731 | 0.2% | 35 | 0.1% |
| Nevada | 2 | 596 | 0.1% | 24 | 0.1% |
| Montana | 2 | 520 | 0.1% | 62 | 0.2% |
| Alaska | 1 | 418 | 0.1% | 9 | —% |
| Arizona | 1 | 366 | 0.1% | 22 | 0.1% |
| Delaware | 1 | 341 | 0.1% | 10 | —% |
| Washington, DC | 1 | 249 | 0.1% | 4 | —% |
| United Kingdom | 47 | 40,891 | 10.0% | 3,784 | 9.3% |
| Netherlands | 4 | 18,765 | 4.6% | 1,007 | 2.5% |
| Finland | 5 | 14,497 | 3.5% | 1,457 | 3.6% |
| Germany | 5 | 11,285 | 2.8% | 1,558 | 3.8% |
| France | 6 | 7,371 | 1.8% | 1,305 | 3.2% |
| Luxembourg | 1 | 6,266 | 1.5% | 156 | 0.4% |
| Channel Islands | 1 | 6,077 | 1.5% | 114 | 0.3% |
| Canada | 7 | 3,049 | 0.7% | 372 | 0.9% |
| Italy | 2 | 2,240 | 0.6% | 196 | 0.5% |
| Total | 820 | $409,301 | 100% | 40,684 | 100% |
(1) Annualized straight-line rent converted from local currency into USD as of December 31, 2025 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable. Assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 for illustrative purposes, as applicable.
(2) Totals may not foot due to rounding.
Future Minimum Lease Payments
For a summary of future minimum base rent payments, on a cash basis, due to us over the next five calendar years and thereafter (as of December 31, 2025), see Note 2 — Summary of Significant Accounting Polices to our consolidated financial statements included in this Annual Report on Form 10-K.
Future Lease Expirations
The following is a summary of lease expirations for the next ten calendar years on the properties we owned as of December 31, 2025:
| Year of Expiration | Number of Leases Expiring | Annualized Straight-Line Rent (1) | Annualized Straight-Line Rent as a Percentage of the Total Portfolio | Leased Rentable Square Feet | Percent of Leased Square Feet Expiring |
|---|---|---|---|---|---|
| (In thousands) · (In thousands) | |||||
| 2026 | 40 | $34,626 | 8.5% | 2,216 | 5.6% |
| 2027 | 93 | 30,895 | 7.5% | 2,562 | 6.5% |
| 2028 | 135 | 45,959 | 11.2% | 4,328 | 11.0% |
| 2029 | 131 | 60,352 | 14.7% | 6,221 | 15.8% |
| 2030 | 107 | 47,776 | 11.7% | 3,895 | 9.9% |
| 2031 | 64 | 34,257 | 8.4% | 5,460 | 13.9% |
| 2032 | 57 | 35,308 | 8.6% | 3,663 | 9.3% |
| 2033 | 29 | 28,903 | 7.1% | 2,427 | 6.2% |
| 2034 | 28 | 18,072 | 4.4% | 1,220 | 3.1% |
| 2035 | 10 | 10,238 | 2.5% | 1,216 | 3.1% |
| Total | 694 | $346,386 | 84.6% | 33,208 | 84.4% |
(1)Assumes exchange rates of £1.00 to $1.35 for GBP, €1.00 to $1.17 for EUR and C$1.00 to $0.73 for CAD as of December 31, 2025 for the in-place lease in the property on a straight-line basis, which includes tenant concessions such as free rent, as applicable.
Tenant Concentration
As of December 31, 2025, we did not have any tenant whose rentable square footage or annualized straight-line rent represented greater than 10% of total portfolio rentable square footage or annualized straight-line rent, respectively.
Significant Properties
As of December 31, 2025, we did not have any properties whose rentable square footage or annualized rental income represented greater than 5% of total portfolio rentable square footage or annualized straight-line rent, respectively.
Property Financings
See Note 6 — Mortgage Notes Payable, Net, Note 7— Revolving Credit Facilityand Note 8 — Senior Notes, Netto our consolidated financial statements included in this Annual Report on Form 10-K for property financings as of December 31, 2025 and 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.