AFFO of $41.6M in 2026Q2 covered only 90% of dividends paid, while operating cash flow exceeded FFO by $61.8M, suggesting working capital inflows from asset sales may be masking underlying cash generation.
Global Net Lease, Inc. (GNL) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 218.39M | 222.79M | 299.47M | 143.74M | 181.82M | 192.49M | 176.85M | 146M | 144.6M | 130.95M | 114.39M | 102.16M | -9.69M | -3.65M | -418K |
| Operating CF Growth % | -39.47% | -25.61% | 108.34% | -20.94% | -5.54% | 8.84% | 21.13% | 0.97% | 10.42% | 14.48% | 11.98% | 1153.9% | -165.78% | -772.49% | - |
| Operating CF / Revenue % | 47.5% | 44.75% | 37.2% | 27.91% | 47.99% | 49.2% | 53.57% | 47.68% | 51.24% | 50.5% | 53.41% | 49.75% | -10.38% | -92.31% | -1393.33% |
| Net Income | -13.53M | -225.46M | -131.57M | -211.91M | 12.02M | 11.37M | 10.78M | 46.48M | 10.9M | 23.59M | 47.58M | -2.02M | -53.59M | -6.99M | -413K |
| Depreciation & Amortization | 178.8M | 230.7M | 369.08M | 233.74M | 158.86M | 167.68M | 142.78M | 131.17M | 125.17M | 118.34M | 96.97M | 92.46M | 41.5M | 2.11M | 30K |
| Stock-Based Compensation | 14.07M | 12.51M | 8.93M | 39.19M | 12.07M | 11.03M | 10.06M | 9.53M | 2.65M | -3.79M | 3.75M | 2.35M | 106K | 24K | 11K |
| Other Non-Cash Items | 32.66M | 221.08M | 84.12M | 75.12M | 12.35M | -16.93M | 8.65M | -5.28M | 5.8M | 3.21M | -32.54M | -2.81M | 1M | 48K | 1K |
| Working Capital Changes | 6.39M | -16.05M | -31.51M | 7.6M | -13.48M | 8.43M | 4.58M | -22.6M | 2.34M | -10.94M | -2.71M | 12.63M | 3.39M | 1.16M | -47K |
| Cash from Investing | 708.51M | 1.8B | 759.9M | -551.9M | -16.54M | -436.57M | -470.53M | -294.48M | -457.95M | -78.98M | 134.15M | -222.28M | -1.52B | -111.5M | -1.36M |
| Acquisitions (Net) | 0 | 0 | 0 | -451.38M | 0 | 477.39M | 0 | 565.53M | 0 | 0 | 18.98M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -477.39M | 0 | -565.53M | -480.21M | -98.78M | -4.18M | -223.07M | -490K | 0 | 0 |
| Sale of Investments | 161.27M | 0 | 803.41M | 0 | 0 | 48.75M | 0 | 288.4M | 23.72M | 10.63M | 107.79M | 10.52M | 0 | 0 | 0 |
| Other Investing | 566.01M | 1.84B | 2.12M | -53.22M | 13.4M | -477.39M | -464.14M | -565.53M | -480.21M | -86.48M | 7.58M | -222.3M | -1.51B | -111.5M | -1.36M |
| Cash from Financing | -932.02M | -2.06B | -995.36M | 469.01M | -149.74M | 218.32M | 140.68M | 300M | 312.19M | -30.66M | -240.88M | 121.6M | 1.58B | 124.21M | 2.03M |
| Dividends Paid | -210.28M | -235.8M | -316.18M | -233.23M | -187.14M | -176.05M | -172.49M | -161.51M | -157.26M | -143.12M | -120.39M | -97.73M | -35.41M | -1.77M | -1K |
| Common Dividends | -166.53M | -192.06M | -272.44M | -206.99M | -166.84M | -156.22M | -155.06M | -150.78M | -147.44M | -142.74M | -120.39M | -97.73M | -35.41M | -1.77M | -1K |
| Debt Issuance (Net) | -4M | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 0 | 0 |
| Share Repurchases | -134.86M | -122.08M | -1.04M | -1.19M | -686K | -156K | -470K | 0 | 0 | 0 | 0 | -127.31M | 0 | 0 | 0 |
| Other Financing | 20.03M | -15.29M | -7.74M | -10.09M | -10.52M | -17.47M | -14.68M | -19.61M | 160.36M | -10.21M | 178K | -3.94M | -190.63M | -22.89M | -3K |
| Net Change in Cash | -14.16M | -30.14M | 61.81M | 57.95M | 11.13M | -32.38M | -148.59M | 170.59M | -4.03M | 30.4M | -107K | 5.25M | 53.18M | 11.24M | 262K |
| Exchange Rate Effect | -9.02M | 5.81M | -2.21M | -2.9M | -4.41M | -6.63M | 4.4M | 19.07M | -2.88M | 9.08M | -7.77M | 3.77M | -2.85M | 2.18M | 10K |
| Cash at Beginning | 137.46M | 224.21M | 162.4M | 104.44M | 93.31M | 125.69M | 274.29M | 103.69M | 107.73M | 77.33M | 69.94M | 64.68M | 11.5M | 262K | 0 |
| Cash at End | 167.99M | 194.06M | 224.21M | 162.4M | 104.44M | 93.31M | 125.69M | 274.29M | 103.69M | 107.73M | 69.83M | 69.94M | 64.68M | 11.5M | 262K |
| Free Cash Flow | 201.18M | 189.4M | 253.84M | 96.45M | 151.88M | 184.57M | 170.47M | 128.65M | 143.14M | 127.84M | 114.19M | 91.66M | -18.53M | -3.65M | -418K |
| FCF Growth % | -0.1% | -25.39% | 163.19% | -36.5% | -17.71% | 8.27% | 32.5% | -10.12% | 11.97% | 11.95% | 24.58% | 594.63% | -408.12% | -772.49% | - |
| FCF / Revenue % | 43.76% | 38.04% | 31.53% | 18.73% | 40.09% | 47.18% | 51.64% | 42.01% | 50.72% | 49.3% | 53.32% | 44.64% | -19.84% | -92.31% | -1393.33% |
Quick answers to the most common questions about buying GNL stock.
Global Net Lease, Inc. (GNL) generated $222.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Global Net Lease, Inc. (GNL) generated $189.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Global Net Lease, Inc. (GNL) spent $33.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Global Net Lease, Inc. (GNL) returned $235.8M to shareholders via cash dividends and spent $122.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent portfolio contraction and losses
Metrics are mathematically derived from official filings.
AFFO Coverage Remains Thin
In 2026Q2, GNL's AFFO of $41.6M covered only 81% of dividends paid, based on reported figures, indicating a persistent shortfall that may pressure the distribution.
The dividend payout ratio (Div/AFFO) has exceeded 100% in several quarters, including 1.13x in 2026Q1 and 1.85x in 2025Q2, suggesting that GNL is funding part of its dividend with external sources or cash reserves. Even in the strongest recent quarter (2025Q4), AFFO of $85.4M covered dividends at 0.46x, but this was an outlier. The trend implies that the dividend is not fully supported by recurring cash earnings, which may be unsustainable without further asset sales or financing.
Capex Minimal but Portfolio Aging
Quarterly maintenance capex averaged roughly $8M over the last year, according to cash flow data, which appears low relative to the portfolio size and may understate future capital needs.
CapEx has been consistently small, ranging from $1.6M to $14.3M per quarter, which is typical for triple-net leases where tenants cover most maintenance. However, given the significant office exposure and the potential for tenant vacancies, investors should monitor whether this low capex reflects true tenant obligations or deferred maintenance that could surface as assets are released. The recent merger and portfolio repositioning may also lead to higher disposition-related capex.
Working Capital Swings Signal Noise
Operating cash flow exceeded FFO by $61.8M in 2026Q2, based on reported figures, suggesting large working capital inflows that may be tied to asset sales or lease terminations.
The gap between OCF and FFO is highly volatile, ranging from -$20M to +$60M, indicating that non-cash items and working capital changes are distorting cash flow. In 2026Q2, OCF of $106.8M versus FFO of $45.0M implies a significant release of receivables or other current assets, possibly from dispositions. This volatility makes it difficult to assess underlying rent collections, but the absence of a consistent receivable build-up suggests collections are not a major concern.
Dividend Funded by External Sources
With AFFO covering only 90% of dividends in 2026Q2, GNL appears to rely on external financing or asset sales to bridge the gap, according to cash flow data.
The company has consistently paid dividends exceeding AFFO in several quarters, including 2026Q1 and 2025Q2, indicating a structural shortfall. Given the negative net income and ongoing portfolio contraction, it is likely that GNL is using proceeds from dispositions or drawing on credit facilities to maintain the dividend. This raises questions about the sustainability of the payout and the company's ability to deleverage while supporting distributions.
Depreciation Masks Cash Generation
GNL's net income is deeply negative despite positive FFO in most quarters, with a TTM net margin of -45.3%, based on reported figures, highlighting the impact of non-cash charges.
The gap between net income and FFO is substantial, with FFO/NI ratios swinging from -11.47 to 19.55, reflecting large depreciation and impairment charges. For example, in 2025Q4, net income was $48.2M while FFO was $92.6M, indicating $44.4M of non-cash deductions. This distortion underscores that GAAP earnings understate the cash-generative capacity of the portfolio, but the persistence of impairments also suggests asset values may be declining.
Cash Flow Statement Hides Risks
The low reported capex and high OCF relative to FFO may obscure deferred maintenance and off-balance-sheet obligations, according to cash flow data, warranting scrutiny.
While GNL's cash flow appears strong on the surface, the minimal capex and volatile working capital adjustments could be masking the true cost of maintaining aging office assets. Additionally, the company's use of joint ventures and international operations may involve off-balance-sheet commitments not visible in the cash flow statement. Investors should monitor whether the low capex is sustainable or if a wave of capital expenditures will emerge as leases expire.