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Global Net Lease

NYSE:GNL
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GNL
NYSE
$2B
Market Cap
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Last updated 2019/05/22 06:50
Company description

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe. The last earnings update was 12 days ago. More info.

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GNL Share Price and Events
7 Day Returns
-2.4%
NYSE:GNL
1.2%
US REITs
1.6%
US Market
1 Year Returns
-1.2%
NYSE:GNL
15.2%
US REITs
2.6%
US Market
GNL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Global Net Lease (GNL) -2.4% 4.2% -2.9% -1.2% -22.4% -
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • GNL underperformed the REITs industry which returned 15.2% over the past year.
  • GNL underperformed the Market in United States of America which returned 2.6% over the past year.
Price Volatility
GNL
Industry
5yr Volatility vs Market

GNL Value

 Is Global Net Lease undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Global Net Lease to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Global Net Lease.

NYSE:GNL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:GNL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (104.67%)) 		0.98
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)		 0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.98 * 5.96%) 		8.57%

Discounted Cash Flow Calculation for NYSE:GNL using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Global Net Lease is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Global Net Lease is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:GNL DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (USD, Millions) Source Present Value
Discounted (@ 8.57%)
2019 163.71 Analyst x1 150.78
2020 174.04 Analyst x1 147.65
2021 183.36 Analyst x1 143.27
2022 192.12 Est @ 4.78% 138.26
2023 200.12 Est @ 4.16% 132.65
2024 207.59 Est @ 3.73% 126.74
2025 214.71 Est @ 3.43% 120.74
2026 221.63 Est @ 3.22% 114.79
2027 228.44 Est @ 3.07% 108.98
2028 235.23 Est @ 2.97% 103.36
Present value of next 10 years cash flows $1,287.22
NYSE:GNL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $235.23 × (1 + 2.73%) ÷ (8.57% – 2.73%) 		$4,136.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,136.89 ÷ (1 + 8.57%)10 		$1,817.70
NYSE:GNL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,287.22 + $1,817.70 		$3,104.92
Equity Value per Share
(USD)		 = Total value / Shares Outstanding
= $3,104.92 / 83.79 		$37.05
NYSE:GNL Discount to Share Price
Calculation Result
Value per share (USD) From above. $37.05
Current discount Discount to share price of $19.05
= -1 x ($19.05 - $37.05) / $37.05 		48.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Global Net Lease is available for.
Intrinsic value
49%
Share price is $19.05 vs Future cash flow value of $37.05
Current Discount Checks
For Global Net Lease to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Global Net Lease's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Global Net Lease's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Global Net Lease's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Global Net Lease's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:GNL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.05
NYSE:GNL Share Price ** NYSE (2019-05-21) in USD $19.05
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Global Net Lease.

NYSE:GNL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:GNL Share Price ÷ EPS (both in USD)

= 19.05 ÷ 0.05

 361.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Global Net Lease is overvalued based on earnings compared to the US REITs industry average.
  • Global Net Lease is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Global Net Lease's expected growth come at a high price?
Raw Data
NYSE:GNL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 361.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts		 44.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:GNL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 361.28x ÷ 44.5%

 8.11x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Global Net Lease is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Global Net Lease's assets?
Raw Data
NYSE:GNL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $18.29
NYSE:GNL Share Price * NYSE (2019-05-21) in USD $19.05
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
NYSE:GNL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:GNL Share Price ÷ Book Value per Share (both in USD)

= 19.05 ÷ 18.29

 1.04x

* Primary Listing of Global Net Lease.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Global Net Lease is good value based on assets compared to the US REITs industry average.
Show me more potentially undervalued companies in the REITs industry
X
Value checks
We assess Global Net Lease's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
    5. Global Net Lease has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

GNL Future Performance

 How is Global Net Lease expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
44.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Global Net Lease expected to grow at an attractive rate?
  • Global Net Lease's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Global Net Lease's earnings growth is expected to exceed the United States of America market average.
  • Global Net Lease's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:GNL Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:GNL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 44.5%
NYSE:GNL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 6.4%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:GNL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:GNL Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 347 42 1
2020-12-31 332 36 1
2019-12-31 312 30 1
NYSE:GNL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 290 129 4
2018-12-31 282 145 0
2018-09-30 278 132 13
2018-06-30 271 132 15
2018-03-31 265 139 15
2017-12-31 259 131 20
2017-09-30 245 127 30
2017-06-30 234 123 37
2017-03-31 222 119 47
2016-12-31 214 114 46
2016-09-30 217 126 43
2016-06-30 214 118 39

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Global Net Lease's earnings are expected to grow significantly at over 20% yearly.
  • Global Net Lease's revenue is expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:GNL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Global Net Lease Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GNL Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
NYSE:GNL Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.05
2018-12-31 0.01
2018-09-30 0.19
2018-06-30 0.23
2018-03-31 0.22
2017-12-31 0.30
2017-09-30 0.46
2017-06-30 0.59
2017-03-31 0.80
2016-12-31 0.82
2016-09-30 0.76
2016-06-30 0.70

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Global Net Lease will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Show me more growth companies in the REITs industry
X
Future performance checks
We assess Global Net Lease's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Global Net Lease has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

GNL Past Performance

  How has Global Net Lease performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Global Net Lease's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Global Net Lease has delivered over 20% year on year earnings growth in the past 5 years.
  • Global Net Lease's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Global Net Lease's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Global Net Lease's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Global Net Lease Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GNL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 289.59 3.85 17.18
2018-12-31 282.21 0.39 13.09
2018-09-30 277.58 13.11 10.20
2018-06-30 270.53 15.17 7.01
2018-03-31 264.54 14.92 4.29
2017-12-31 259.30 19.99 4.86
2017-09-30 245.47 29.93 6.83
2017-06-30 233.85 36.76 7.76
2017-03-31 222.06 47.32 9.89
2016-12-31 214.17 46.37 10.86
2016-09-30 217.44 42.74 9.06
2016-06-30 214.45 39.17 10.08
2016-03-31 210.32 -22.07 25.00
2015-12-31 205.33 -2.51 24.00
2015-09-30 195.60 -19.83 24.74
2015-06-30 171.25 -49.58 21.52
2015-03-31 135.81 -11.39 5.09
2014-12-31 93.38 -53.59 4.31
2014-09-30 49.55 -50.99 2.25
2014-06-30 24.88 -29.52 1.46
2014-03-31 11.45 -23.34 1.03
2013-12-31 3.95 -6.99 0.06
2013-09-30 1.51 -4.64 0.06
2013-06-30 0.28 -1.65 0.13
2013-03-31 0.08 -0.41 0.19
2012-12-31 0.03 -0.41 0.18

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Global Net Lease has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Global Net Lease used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Global Net Lease's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Global Net Lease's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Global Net Lease has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

GNL Health

 How is Global Net Lease's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Global Net Lease's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Global Net Lease is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Global Net Lease's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Global Net Lease's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Global Net Lease Company Filings, last reported 1 month ago.

NYSE:GNL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,537.56 1,670.80 97.02
2018-12-31 1,428.75 1,776.31 103.58
2018-09-30 1,405.95 1,715.61 161.57
2018-06-30 1,348.60 1,665.30 98.73
2018-03-31 1,394.50 1,637.44 111.23
2017-12-31 1,414.24 1,529.48 104.52
2017-09-30 1,401.65 1,453.28 71.85
2017-06-30 1,327.58 1,508.27 67.41
2017-03-31 1,331.22 1,470.32 72.35
2016-12-31 1,355.98 1,434.84 69.83
2016-09-30 1,150.80 1,189.92 50.27
2016-06-30 1,170.42 1,197.99 40.50
2016-03-31 1,188.91 1,242.68 45.79
2015-12-31 1,220.12 1,247.58 70.51
2015-09-30 1,237.20 1,252.04 32.08
2015-06-30 1,266.07 936.99 61.68
2015-03-31 1,420.36 901.06 76.34
2014-12-31 1,416.67 946.12 64.70
2014-09-30 1,441.68 473.94 264.30
2014-06-30 1,469.11 251.59 937.56
2014-03-31 571.32 220.42 280.93
2013-12-31 122.72 79.47 12.23
2013-09-30 67.28 31.71 14.89
2013-06-30 38.37 10.20 28.20
2013-03-31 5.51 1.18 6.36
2012-12-31 -0.80 1.25 0.26
  • Global Net Lease's level of debt (108.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (38% vs 108.7% today).
  • Debt is not well covered by operating cash flow (7.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Global Net Lease's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
    7. Global Net Lease has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

GNL Dividends

 What is Global Net Lease's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
11.18%
Current annual income from Global Net Lease dividends. Estimated to be 11.18% next year.
If you bought $2,000 of Global Net Lease shares you are expected to receive $224 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Global Net Lease's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Global Net Lease's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:GNL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:GNL Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.13 1.00
2020-12-31 2.13 2.00
2019-12-31 2.13 2.00
NYSE:GNL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-02 2.130 11.226
2019-01-02 2.130 11.179
2018-10-01 2.130 10.759
2018-07-02 2.130 10.093
2018-03-26 2.130 11.380
2017-12-26 2.130 12.048
2017-09-26 2.130 9.870
2017-06-23 2.130 9.815
2017-03-27 2.130 9.234
2016-12-29 2.130 8.989
2016-09-27 2.130 9.278
2016-06-28 2.130 8.530
2016-03-29 2.130 8.420
2015-12-29 2.130 9.397
2015-09-25 2.130 7.989
2015-08-10 2.130 8.253

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Global Net Lease has been paying a dividend for less than 10 years.
  • Global Net Lease has only been paying a dividend for 4 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Global Net Lease's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (82.8x coverage).
X
Income/ dividend checks
We assess Global Net Lease's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Global Net Lease afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
    7. Global Net Lease has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

GNL Management

 What is the CEO of Global Net Lease's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jim Nelson
COMPENSATION $0
AGE 68
TENURE AS CEO 1.8 years
CEO Bio

Mr. James L. Nelson, also known as Jim, has been Chief Executive Officer and President at Global Net Lease, Inc since August 08, 2017. Mr. Nelson served as an Advisor and Consultant at Theorem Capital, LLC. Mr. Nelson served as the Chairman and Chief Executive Officer at Eaglescliff Corporation from 1986 to 2009. From March 1998 to 2003, he served as the Chairman and Chief Executive Officer of Orbit Aviation, Inc. He served as the Chairman, Chief Executive Officer and President of Orbit Capital Corp. From August 1995 to July 1999, he served as the Chief Executive Officer and Co-Chairman of Orbitex Management Inc. From January 1992 to August 1994, He served as the President of AVIC, Inc. He served as the Chairman of Voltari Corporation from January 13, 2012 to September 25, 2015. He served as the Chairman of Orbitex Financial Services Group, Inc., from August 1995 to March 2001. He serves as Director of Herbalife International of America, Inc. He has been a Director of Caesars Entertainment Corporation since March 1, 2019. He has been an Independent Director of Global Net Lease, Inc., since March 23, 2017. He has been Director of American Property Investors, Inc., General Partner of American Real Estate Partners L P since June 12, 2001, Cross Media Marketing Corp. since September 2002 and Herbalife Ltd since April 29, 2014. He has been a Member of Business Advisory Board at Oxis Biotech, Inc. since September 15, 2015. He served as a Member of Business Advisory Board at OXIS International, Inc. He served as a Director of Voltari Corporation from June 29, 2011 to September 25, 2015 and SITO Mobile Ltd from May 1, 2013 to April 07, 2014. Mr. Nelson has been a director of IEH Auto Parts LLC since June 2015. He served as an Independent Director of Ubiquity, Inc. (Alternate Name: Ubiquity Broadcasting Corporation) from April 9, 2014 to August 29, 2014. He served as a Director of Icahn Enterprises GP Inc., General Partner of Icahn Enterprises, L.P. since June 12, 2001 until March 8, 2019. He served as an Independent Director of New York REIT, Inc. from November 9, 2015 to June 8, 2017. From May 2013 to April 2014, Mr. Nelson was a director and member of the Governance and Nominating Committee of Single Touch Systems, Inc. He served as a Director at SHFL entertainment, Inc. from January 2008 to May 23, 2008 and Viskase Companies Inc. from April 2003 to April 2010. He served as a Director of Tropicana Entertainment Inc, from March 2010 to May 27, 2014. He served as a Director of Take-Two Interactive Software Inc. from April 2010 to November 2013. From January 2008 to June 2008, Mr. Nelson served as a Director of Shuffle Master, Inc. From April 2010 to November 2013, Mr. Nelson served as a Director of Take Two Interactive Software, Inc. From November 2013 to August 2014, Mr. Nelson served as a Director of VII Peaks Co- Optivist Income BDC II, Inc. and from April 2014 to August 2014 as a Director of Ubiquity Corp. He served as Director at Atlantic Coast Entertainment Holdings, Inc. from May 2005 to November 15, 2007 and Pacific Energy Resources Ltd., from March 12, 2007 to February 2010. He served as a Director of Transtexas Gas Corp., Eaglescliff Corporation, Orbitex Management Inc. and Orbit Aviation. Since December 29, 2003, he served as Director of American Entertainment Properties Corp., ACEF and ACEP Finance since December 29, 2003. He served on the Board of Orbitex Financial Services Group, Inc. from August 1995 to March 2001. He served as an Independent Director of Cequel Communications Holdings I, LLC from April 2008 to November 2012. He was licensed by the New Jersey State Casino Control Commission and the Nevada State Gaming Control Commission.

CEO Compensation
  • Jim's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jim's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Global Net Lease management team in years:

1.5
Average Tenure
52
Average Age
  • The average tenure for the Global Net Lease management team is less than 2 years, this suggests a new team.
Management Team

Jim Nelson

TITLE
President
AGE
68
TENURE
1.8 yrs

Chris Masterson

TITLE
CFO, Treasurer & Secretary
AGE
35
TENURE
1.5 yrs

Brian Mansouri

TITLE
Senior Vice President of Investments

Jon Trump Trump

TITLE
Vice President

Jason Slear

TITLE
Executive Vice President of Acquisitions

Akomea Poku-Kankam

TITLE
Senior Vice President & US Counsel

Jacqui Shimmin

TITLE
Managing Director
TENURE
1.4 yrs

Nick Radesca

TITLE
AGE
52
TENURE
1.5 yrs
Board of Directors Tenure

Average tenure and age of the Global Net Lease board of directors in years:

3.3
Average Tenure
66
Average Age
  • The tenure for the Global Net Lease board of directors is about average.
Board of Directors

Portia Perrotty

TITLE
Non-Executive Chairwoman of the Board
COMPENSATION
$336K
AGE
64
TENURE
4.2 yrs

Jim Nelson

TITLE
President
AGE
68
TENURE
2.2 yrs

Ed Rendell

TITLE
Independent Director
COMPENSATION
$214K
AGE
74
TENURE
7.2 yrs

Lee Elman

TITLE
Independent Director
COMPENSATION
$209K
AGE
81
TENURE
2.4 yrs

Mike Weil

TITLE
Director
AGE
51
TENURE
2.3 yrs

Abby Wenzel

TITLE
Independent Director
COMPENSATION
$216K
AGE
58
TENURE
7.2 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Global Net Lease insiders in the past 3 months.
Show me more companies with insider buying in the REITs industry
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Mar 19 Buy James Nelson Individual 05. Mar 19 05. Mar 19 6,000 $18.41 $110,430
X
Management checks
We assess Global Net Lease's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
    5. Global Net Lease has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

GNL News

Simply Wall St News

Have Insiders Been Buying Global Net Lease, Inc. (NYSE:GNL) Shares This Year?

Check out our latest analysis for Global Net Lease The Last 12 Months Of Insider Transactions At Global Net Lease Over the last year, we can see that the biggest insider purchase was by President James Nelson for US$110k worth of shares, at about US$18.41 per share. … NYSE:GNL Recent Insider Trading, May 17th 2019 Global Net Lease is not the only stock insiders are buying. … We would certainly prefer see higher levels of insider ownership but analysis of the insider transactions suggests that Global Net Lease insiders are expecting a bright future.

Simply Wall St - –

Read This Before Judging Global Net Lease, Inc.'s (NYSE:GNL) ROE

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.0076 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - –

If You Had Bought Global Net Lease Stock Three Years Ago, You'd Be Sitting On A 24% Loss, Today

(NYSE:GNL) shareholders have had that experience, with the share price dropping 24% in three years, versus a market return of about 50%. … In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

Simply Wall St - –

How To Look At Global Net Lease, Inc. (NYSE:GNL)

real estate investment trust (REIT) based in New York, United States. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St - –

Can Global Net Lease, Inc. (NYSE:GNL) Improve Its Returns?

Global Net Lease has a ROE of 1.7%, based on the last twelve months. … That means that for every $1 worth of shareholders' equity, it generated $0.017 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St - –

Have Insiders Been Buying Global Net Lease Inc (NYSE:GNL) Shares?

So before you buy or sell Global Net Lease Inc (NYSE:GNL), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In the last twelve months there was more buying than selling by Global Net Lease insiders

Simply Wall St - –

One Metric To Rule Them All: Global Net Lease Inc (NYSE:GNL)

This impacts how GNL’s business operates and also how we should analyse its stock. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of GNL’s daily operations.

Simply Wall St - –

What Kind Of Shareholders Own Global Net Lease Inc (NYSE:GNL)?

In this article, I will take a quick look at Global Net Lease Inc’s (NYSE:GNL) recent ownership structure – an unconventional investing subject, but an important one. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … NYSE:GNL Ownership Summary August 30th 18

Simply Wall St - –

You May Have Been Looking At Global Net Lease Inc (NYSE:GNL) All Wrong

Global Net Lease Inc is a US$1.35b. … real estate investment trust (REIT) based in New York, United States. … Check out our latest analysis for Global Net Lease

Simply Wall St - –

How Did Global Net Lease Inc's (NYSE:GNL) 1.50% ROE Fare Against The Industry?

and want to begin learning the link between Global Net Lease Inc (NYSE:GNL)’s return fundamentals and stock market performance. … Global Net Lease Inc (NYSE:GNL) delivered a less impressive 1.50% ROE over the past year, compared to the 7.65% return generated by its industry. … Return on Equity (ROE) weighs Global Net Lease’s profit against the level of its shareholders’ equity.

Simply Wall St - –

GNL Company Info

Description

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe.

Details
Name: Global Net Lease, Inc.
GNL
Exchange: NYSE
Founded: 2011
$1,596,282,024
83,794,332
Website: http://www.globalnetlease.com
Address: Global Net Lease, Inc.
405 Park Avenue,
3rd Floor,
New York,
New York, 10022,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE GNL Common Stock New York Stock Exchange US USD 02. Jun 2015
DB 2N8 Common Stock Deutsche Boerse AG DE EUR 02. Jun 2015
LSE 0IW3 Common Stock London Stock Exchange GB USD 02. Jun 2015
NYSE GNL.PRA 7.25% CUM PFD A New York Stock Exchange US USD 07. Sep 2017
Number of employees
Current staff
Staff numbers
1
Global Net Lease employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 06:50
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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