Global Net Lease (GNL) is a REIT that owns and leases commercial real estate on a net lease basis, where tenants pay base rent plus most operating costs (taxes, insurance, maintenance), keeping GNL's overhead low and cash flows predictable. As of year-end 2025, GNL owns 820 properties (~40.7M rentable sq ft) across the U.S., Canada, and Western and Northern Europe, with 97% occupancy and a weighted-average remaining lease term of 6.1 years. The portfolio spans 231 tenants across 71 industries, with 66% of annualized rental income from investment-grade or implied investment-grade tenants. The portfolio breaks down into three segments: Industrial & Distribution (~46% of rent), Office (~27%), and single-tenant Retail (~27%). GNL has undergone a significant transformation since its 2023 merger with The Necessity Retail REIT, most notably completing the ~$1.8B sale of 99 multi-tenant retail properties in 2025 to become a pure-play single-tenant net lease REIT. Combined with broader dispositions of non-core assets, GNL has directed proceeds primarily toward debt reduction, cutting total debt from ~$5B to ~$3B between Q3 2024 and Q3 2025. GNL's earnings are driven by occupancy, tenant credit quality, built-in lease escalators (averaging ~1.4% annually, with some CPI-linked), and cost of capital. GNL recently received an investment-grade rating from Fitch, and has been repurchasing shares rather than acquiring new assets, citing unattractive cap rate spreads in the current environment.